UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan St.

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Eric M. Banhazl

Advisors Series Trust

2020 East Financial Way, Suite 100

Glendora, CA 91741

(Name and address of agent for service)

(414) 765-5340

Registrant's telephone number, including area code

Date of fiscal year end: February 28, 2006

Date of reporting period: November 30, 2005

Item 1. Schedule of Investments.

American Trust Allegiance Fund
Schedule of Investments at November 30, 2005 (Unaudited)
Shares	COMMON STOCKS - 96.8%		Market Value
	Aerospace & Defense - 2.1%
2,400	L-3 Communications Holdings, Inc.	$	178,800
5,400	United Technologies Corp.		290,736
			469,536
	Auto Systems/Building Controls - 0.9%
2,800	Johnson Controls, Inc.		194,460
	Banks - 13.0%
9,800	Bank of America Corp.		449,722
10,200	Citigroup, Inc.		495,210
8,700	J.P. Morgan Chase & Co.		332,775
8,600	Marshall & Ilsley Corp.		369,628
7,300	Wachovia Corp.		389,820
5,800	Wells Fargo & Co.		364,530
5,700	Zions Bancorporation		431,091
			2,832,776
	Broadcasting & Cable - 1.2%
9,800	Comcast Corp. - Class A*		255,192
	Chemicals - Specialty - 1.2%
7,700	Ecolab, Inc.		256,179
	Communications - 2.1%
13,308	Sprint Nextel Corp.		333,232
4,200	Verizon Communications, Inc.		134,316
			467,548
	Communications Equipment - 1.9%
7,500	Corning, Inc.*		151,875
6,000	QUALCOMM, Inc.		272,820
			424,695
	Computer Hardware - 4.6%
6,100	Apple Computer, Inc.*		413,702
9,000	Dell, Inc.*		271,440
3,500	International Business Machines Corp.		311,150
			996,292
	Computer Software - 5.2%
11,800	Adobe Systems, Inc.		384,798
7,300	Autodesk, Inc.		304,556
16,300	Microsoft Corp.		451,673
			1,141,027
	Containers & Packaging - 1.0%
5,400	Ball Corp.		222,588
	Diversified Financial Services - 7.5%
5,300	American Express Co.		272,526
1,060	Ameriprise Financial, Inc.		44,573
2,000	Capital One Financial Corp.		166,120
2,700	The Goldman Sachs Group, Inc.		348,192
2,925	Legg Mason, Inc.		358,751
4,600	Merrill Lynch & Co., Inc.		305,532
2,700	State Street Corp.		155,763
			1,651,457
	Electric Utilities - 3.1%
1,700	Dominion Resources, Inc.		129,115
7,700	Exelon Corp.		400,708
1,400	TXU Corp.		143,682
			673,505
	Electrical Equipment - 1.6%
4,600	Emerson Electric Co.		347,806
	Energy Equipment & Services - 4.4%
2,250	Baker Hughes, Inc.		129,037
1,600	Cal Dive International, Inc.*		116,176
2,500	Halliburton Co.		159,125
1,900	Nabors Industries Ltd.*#		133,019
2,000	Oceaneering International, Inc.*		102,000
1,550	Schlumberger Ltd.#		148,382
2,600	Transocean, Inc.*#		165,984
			953,723
	Food Distributors - 1.1%
7,200	Sysco Corp.		232,704
	Food Products - 5.0%
2,600	Bunge Ltd.#		139,100
2,500	General Mills, Inc.		118,825
7,100	Hershey Foods Corp.		384,962
2,700	Kellogg Co.		118,989
4,700	Wm. Wrigley Jr. Co.		322,373
			1,084,249
	Household Products & Personal Care - 1.3%
5,300	Colgate-Palmolive Co.		288,956
	Industrial Gases - 0.9%
3,600	Praxair, Inc.		187,200
	Industrial Machinery - 2.7%
3,200	Caterpillar, Inc.		184,896
2,200	Deere & Co.		152,570
1,125	Illinois Tool Works, Inc.		99,304
3,900	Ingersoll-Rand Co. Ltd. - Class A#		154,557
			591,327
	Insurance - Multi-Line - 0.9%
2,900	American International Group, Inc.		194,706
	Internet Software & Services - 1.5%
450	Google, Inc. - Class A*		182,246
3,500	Yahoo!, Inc.*		140,805
			323,051
	Media - 4.7%
4,600	The McGraw-Hill Companies, Inc.		244,030
16,400	Time Warner, Inc.		294,872
10,800	The Walt Disney Co.		269,244
3,400	Tribune Co.		108,698
3,800	XM Satellite Radio Holdings, Inc. - Class A*		111,188
			1,028,032
	Multiline Retail - 1.6%
9,600	Nordstrom, Inc.		354,048
	Networking Equipment - 1.0%
13,020	Cisco Systems, Inc.*		228,371
	Oil & Gas - 8.1%
1,850	Burlington Resources, Inc.		133,662
6,450	ChevronTexaco Corp.		369,650
4,800	ConocoPhillips		290,448
12,000	Exxon Mobil Corp.		696,360
2,625	Suncor Energy, Inc.#		149,336
1,400	Valero Energy Corp.		134,680
			1,774,136
	Real Estate - 0.6%
1,900	Boston Properties, Inc.		142,899
	Retail - Home Improvement - 2.9%
8,700	Fastenal Co.		345,390
3,425	Home Depot, Inc.		143,096
2,150	Lowe's Cos., Inc.		145,082
			633,568
	Semiconductors - 4.1%
10,100	Applied Materials, Inc.		182,911
10,800	Intel Corp.		288,144
1,900	Linear Technology Corp.		70,889
3,400	Marvell Technology Group Ltd.*#		188,836
1,700	Maxim Integrated Products, Inc.		62,135
3,200	Texas Instruments, Inc.		103,936
			896,851
	Services - Data Processing - 1.8%
5,100	First Data Corp.		220,677
3,850	Paychex, Inc.		163,279
			383,956
	Specialty Retail - 6.1%
2,650	Bed Bath & Beyond, Inc.*		113,049
7,650	Chico's FAS, Inc.*		337,441
8,100	Coach, Inc.*		278,883
3,800	Nike, Inc. - Class B		324,140
6,525	Staples, Inc.		150,727
3,250	Williams-Sonoma, Inc.*		141,018
			1,345,258
	Thrifts & Mortgage Finance - 0.6%
1,900	Golden West Financial Corp.		123,101
	Transportation - 2.1%
3,000	Expeditors International of Washington, Inc.		213,030
1,300	FedEx Corp.		126,906
1,600	United Parcel Service, Inc. - Class B		124,640
			464,576
	TOTAL COMMON STOCKS (Cost $17,180,361)		21,163,773
Shares	SHORT-TERM INVESTMENTS - 3.3%		Market Value
720,948	Federated Cash Trust Treasury Money Market Fund		720,948
	(Cost $720,948)
	Total Investments in Securities (Cost $17,901,309) - 100.1%		21,884,721
	Liabilities in Excess of Other Assets - (0.1)%		(19,355)
	Net Assets - 100.0%	$	21,865,366
* Non-income producing security.
# U.S. security of a foreign issuer.

The cost basis of investments for federal income tax purposes at November 30, 2005 was as follows*:

Cost of investments	$18,014,162
Gross unrealized appreciation	4,259,593
Gross unrealized depreciation	(389,034)
Net unrealized appreciation	$3,870,559

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

For additional federal income tax information, as well as information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual or annual report.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Advisors Series Trust                                     

By (Signature and Title)* /s/ Eric M. Banhazl                     

Eric M. Banhazl, President

Date 1/18/06                                                                    

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Eric M. Banhazl                     

Eric M. Banhazl, President

Date 1/18/06                                                                    

By (Signature and Title)* /s/ Douglas G. Hess                   

Douglas G. Hess, Treasurer

Date 1/20/06                                                                    

* Print the name and title of each signing officer under his or her signature.