N-CSRS

As filed with the Securities and Exchange Commission on December 11, 2006

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

615 East Michigan St.

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-5340

(Registrant's telephone number, including area code)

Date of fiscal year end: March 31, 2007

Date of reporting period: September 30, 2006

Item 1. Report to Stockholders.

McIntyre, Freedman & Flynn

Investment Advisers, Inc.

McIntyre

Global Equity Fund

A no-load growth fund

Semi-Annual Report

For the Six Months Ended

September 30, 2006

Expense Example at September 30, 2006 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (4/1/06 - 9/30/06).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses, with actual net expenses being limited to 1.75% per the advisory agreement. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The example below includes, but is not limited to, management fees, shareholder servicing fees, fund accounting, custody and transfer agent fees. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EXPENSE EXAMPLE

	Beginning Account Value 4/1/06	Ending Account Value 9/30/06	Expenses Paid During Period 4/1/06 - 9/30/06
Actual	$1,000.00	$957.90	$8.59
Hypothetical (5% return before expenses)	$1,000.00	$1,016.29	$8.85

*Expenses are equal to the Fund’s annualized expense ratio of 1.75%, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year)/365 days to reflect the one-half year expense.

McIntyre Global Equity Fund

Allocation of Portfolio Assets at September 30, 2006 (Unaudited)

McIntyre Global Equity Fund

Portfolio of Investments by Industry at September 30, 2006 (Unaudited)

COMMON STOCKS - 62.1%	Shares		Value
Communications Equipment - 7.4%
Juniper Networks, Inc. (United States)*		10,000	$	172,800
Motorola, Inc. (United States)		20,000		500,000
				672,800
Drilling Oil & Gas Wells - 7.1%
Pioneer Drilling Co. (United States)*		50,000		642,000
Financial Services - 15.3%
Citigroup, Inc. (United States)		18,389		913,382
J.P. Morgan Chase & Co. (United States)		10,000		469,600
				1,382,982
Hotels, Restaurants & Leisure - 9.2%
Harrah's Entertainment, Inc. (United States)		9,950		660,978
Wyndham Worldwide Corp. (United States)*		6,000		167,820
				828,798
Media - 8.1%
Time Warner, Inc. (United States)		40,000		729,200
Mortgage Banking - 7.7%
Countrywide Financial Corp. (United States)		20,000		700,800
Rental Equipment - 0.6%
Avis Budget Group, Inc. (United States)		3,000		54,870
Telecommunication Services - 6.7%
Qwest Communications International, Inc. (United States)*		70,000		610,400
TOTAL COMMON STOCKS (Cost $4,406,218)				5,621,850
WARRANTS - 0.0%
Lucent Technologies, Inc. (United States)*
Expiration December 2007, Exercise Price $2.75
(Acquired 2/22/2005, Cost $12,042)		3,169		602
SHORT-TERM INVESTMENTS - 38.1%
Federated Cash Trust Treasury Money Market Fund		3,452,048		3,452,048
(Cost $3,452,048)
Total Investments in Securities (Cost $7,870,308) - 100.2%				9,074,500
Liabilities in Excess of Cash and Other Assets - (0.2)%				(14,843	)
NET ASSETS - 100.0%			$	9,059,657
* Non-income producing security.
Portfolio of Investments by Country at September 30, 2006 (Unaudited)
				Percent of
Country				Net Assets
Canada				0.0	%
United Kingdom				0.0	%
United States				100.0	%
Total Investments in Securities				100.0	%
Cash and Other Assets in Excess of Liabilities				0.0	%
NET ASSETS				100.0	%
See accompanying Notes to Financial Statements.

MCINTYRE GLOBAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES at September 30, 2006 (Unaudited)

ASSETS
Investments in securities, at value (cost $7,870,308)	$	9,074,500
Receivables for:
Due from advisor		6,662
Dividends and interest		5,331
Fund shares sold		20,000
Prepaid expenses		10,030
Other assets		18,575
Total assets		9,135,098
LIABILITIES
Payables for:
Fund shares redeemed		18,499
Administration fees		2,466
Audit fees		24,273
Due to custodian		500
Custody fees		324
Fund accounting fees		4,236
Legal fees		2,304
Shareholder servicing fees		3,773
Shareholder reporting fees		7,556
Transfer agent fees and expenses		7,694
Chief Compliance Officer fee		841
Accrued expenses		2,975
Total liabilities		75,441
NET ASSETS	$	9,059,657
Net asset value, offering and redemption price per share
[$9,059,657/1,136,470 shares outstanding; unlimited number
of shares (par value $0.01) authorized]	$	7.97
COMPONENTS OF NET ASSETS
Paid-in capital	$	9,633,446
Undistributed net investment loss		(3,768	)
Accumulated net realized loss on investments		(1,774,213	)
Net unrealized appreciation on investments		1,204,192
Net assets	$	9,059,657

See accompanying Notes to Financial Statements.

MCINTYRE GLOBAL EQUITY FUND

STATEMENT OF OPERATIONS

	For the Six
	Months Ended
	September 30, 2006
	(Unaudited)
INVESTMENT INCOME
Income
Dividends	$	74,639
Interest		5,151
Total income		79,790
Expenses
Advisory fees (Note 3)		35,810
Transfer agent fees and expenses (Note 3)		20,790
Administration fees (Note 3)		15,041
Professional fees		14,648
Fund accounting fees (Note 3)		12,433
Shareholder servicing fees (Note 3)		11,937
Registration expense		8,030
Reports to shareholders		5,425
Trustee fees		3,839
Chief Compliance Officer fee (Note 3)		2,840
Insurance expense		2,330
Custody fees (Note 3)		1,773
Miscellaneous		1,512
Total expenses		136,408
Less: expenses waived and reimbursed by Advisor (Note 3)		(52,850	)
Net expenses		83,558
Net investment loss		(3,768	)
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments		261,226
Net change in unrealized depreciation on investments		(698,308	)
Net realized and unrealized loss on investments		(437,082	)
Net Decrease in Net Assets Resulting from Operations	$	(440,850	)

See accompanying Notes to Financial Statements.

MCINTYRE GLOBAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six
	Months Ended			For the
	September 30, 2006			Year Ended
	(Unaudited)			March 31, 2006
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment loss	$	(3,768	)	$	(31,052	)
Net realized gain on investments		261,226			1,045,011
Net change in unrealized appreciation/(depreciation) on investments		(698,308	)		862,050
Net increase/(decrease) in net assets resulting
from operations		(440,850	)		1,876,009
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived
from net change in outstanding shares (a)		(801,925	)		(1,712,599	)
Total increase/(decrease) in net assets		(1,242,775	)		163,410
NET ASSETS
Beginning of period		10,302,432			10,139,022
End of period	$	9,059,657		$	10,302,432
Includes undistributed net investment loss of	$	(3,768	)	$	-

(a) A summary of share transactions is as follows:

	For the Six Months Ended			For the
	September 30, 2006			Year Ended
	(Unaudited)			March 31, 2006
	Shares		Paid-in Capital	Shares		Paid-in Capital
Shares sold	19,973	$	161,666	174,954	$	1,350,708
Shares redeemed*	(121,834)		(963,591)	(400,915)		(3,063,307)
Net decrease	(101,861)	$	(801,925)	(225,961)	$	(1,712,599)
* Net of redemption fees of		$	10		$	136

See accompanying Notes to Financial Statements.

MCINTYRE GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

for a capital share outstanding throughout the period

		For the Six
		Months Ended
		September 30, 2006		For the Year Ended March 31,
		(Unaudited)		2006		2005		2004		2003		2002
Net asset value, beginning of period	$	8.32		$6.92		$7.51		$4.46		$6.57		$12.69
INCOME FROM INVESTMENT OPERATIONS
Net investment loss		0.00	#(1)	(0.02)	#	(0.02)		(0.07)		(0.04)		(0.15)
Net realized and unrealized gain/(loss)
on investments		(0.35)		1.42		(0.57)		3.12		(2.07)		(3.72)
Total from investment operations		(0.35)		1.40		(0.59)		3.05		(2.11)		(3.87)
LESS DISTRIBUTIONS
Distributions from net realized gain		—		—		—		—		—		(2.25)
Total distributions		—		—		—		—		—		(2.25)
Paid-in capital from redemption fees		0.00	#(1)	0.00	#(1)	0.00	(1)	0.00	(1)	—		—
Net asset value, end of period		$7.97		$8.32		$6.92		$7.51		$4.46		$6.57
Total return (2)		(4.21%)	+	20.23%		(7.86%)		68.39%		(32.12%)		(33.07%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (millions)		$9.1		$10.3		$10.1		$14.0		$9.7		$18.8
Ratio of expenses to average net assets:
Before fees waived and expenses recouped by Advisor		2.86%	++	2.75%		2.58%		2.60%		3.39%		2.40%
After fees waived and expenses recouped by Advisor		1.75%	++	1.75%		1.77%	(5)	1.90%	(5)	1.77%	(3)	1.78%
Ratio of net investment loss to average net assets:
Before fees waived and expenses recouped by Advisor		(1.19%)	++	(1.31%)		(1.00%)		(1.65%)		(2.29%)		(1.98%)
After fees waived and expenses recouped by Advisor		(0.08%)	++	(0.30%)		(0.19%)	(6)	(0.95%)	(6)	(0.67%)	(4)	(1.36%)
Portfolio turnover rate		5.73%	+	34.10%		35.24%		187.98%		36.98%		57.90%

+ Not annualized.

++ Annualized.

# Based on average shares outstanding.

(1) Amount is less than $0.01.

(2) Based on net asset value per share and including the reinvestment of dividends and distributions.

(3) The annualized expense ratio included interest expense. The ratio excluding interest expense

would have been 1.75% for the year ended March 31, 2003.

(4) The net investment loss ratio included interest expense. The ratio excluding interest expense

would have been (0.66%) for the year ended March 31, 2003.

(5) The annualized expense after reimbursement ratio includes extraordinary expenses relating to the October 1, 2003 name change.

For the years ended March 31, 2004 and March 31, 2005, the ratio would have been 1.75% excluding this expense.

(6) The net investment loss after reimbursement ratio includes extraordinary expenses relating to the October 1, 2003 name change.

For the years ended March 31, 2004 and March 31, 2005, the ratio would have been (0.80%) and (0.17%) excluding this expense, respectively.

See accompanying Notes to Financial Statements.

McIntyre Global Equity Fund

NOTES TO FINANCIAL STATEMENTS at September 30, 2006 (Unaudited)

NOTE 1 - ORGANIZATION

The McIntyre Global Equity Fund (the "Fund"), formerly known as The Dessauer Global Equity Fund, is a series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund commenced operations on May 30, 1997 and has, as its objective, long-term capital appreciation. On April 22, 1999 the Fund ceased to operate as a closed-end fund and commenced operations as an open-end fund.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America.

A. Security Valuation. The Fund’s investments are carried at fair value. Securities that are primarily traded on a national securites exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valutation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent trade price. Securities for which market quotations are not readily available, or if the closing price doesn’t represent fair value, are valued following procedures approved by the Board of Trustees. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Short-term investments are valued at amortized cost, which approximates market value.

Securities with less than 60 days remaining to maturity when acquired by the Fund are valued on an amortized cost basis. Securities with more than 60 days remaining to maturity are valued at their current market value (using the mean between the bid and asked price) until the 60th day prior to maturity, and are then valued at amortized cost based upon the value on such date unless the Board of Trustees determines during such 60-day period that amortized cost does not represent fair value.

Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Fund does not isolate that portion of the results of operations arising as a result of changes in the currency exchange rate from the fluctuations arising as a result of changes in the market prices of investments during the period.

Interest income is translated at the exchange rates, which existed at the dates the income was accrued. Exchange gains and losses related to interest income are included in interest income on the accompanying Statement of Operations.

B. Federal Income Taxes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

C. Security Transactions, Dividends and Distributions. Securities transactions are accounted for on the trade date. Realized gains and losses from security transactions are calculated using the specific identification method. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America.

D. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

E. Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s NAV per share. The Fund charges a 1.00% redemption fee on shares held less than sixty days. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as paid-in capital and such fees become part of the Fund’s daily NAV calculation.

F. Reclassification of Capital Accounts. Accouting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

G. New Accounting Pronouncements. On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. The Fund is currently evaluating the impact, if any, of applying the various provisions of FIN 48.

In September 2006, FASB issued FASB Statement No. 157, “Fair Value Measurement” (“SFAS 157”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Fund believes the adoption of SFAS 157 will have no material impact on its financial statements.

NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH

AFFILIATES

The Fund entered into an Investment Advisory Agreement with McIntyre, Freedman & Flynn Investment Advisers, Inc. (the “Advisor”), pursuant to which the Advisor is responsible for providing investment advisory services to the Fund. Effective June 27, 1998 the Fund pays the Advisor a monthly fee at an annual rate of 0.75% of its average daily net assets. For the six months ended September 30, 2006, the Fund incurred $35,810 in advisory fees.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to limit the Fund’s total operating expenses by reducing all or a portion of its fees and reimbursing the Fund’s total operating expenses so that its ratio of expenses to average daily net assets, excluding extraordinary expenses, will not exceed 1.75%. Any such reductions made by the Advisor in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, any time before the end of the third fiscal year following the year in which the fees waived and expense absorbed relate, provided the aggregate amount of the Fund’s current operation for such fiscal year does not exceed the applicable limitation of Fund’s expenses.

For the six months ended September 30, 2006, the Advisor absorbed expenses of $52,850. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Cumulative expenses subject to recapture amount to $342,595 at September 30, 2006. Any such reimbursement is also contingent upon Board of Trustees review and approval prior to the time the reimbursement is initiated.

Cumulative expenses subject to recapture expire as follows:

Year		Amount
2007	$	91,561
2008	$	95,789
2009	$	102,395
2010	$	52,850
	$	342,595

The Fund has entered into a Shareholder Servicing Agreement with the Advisor, under which the Fund pays servicing fees at an annual rate of 0.25% of the average daily net assets of the Fund. Payments to the Advisor under the Shareholder Servicing Agreement may reimburse the Advisor for payments it makes to selected brokers, dealers and administrators which have entered into Service Agreements with the Advisor for services provided to shareholders of the Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the six months ended September 30, 2006 the Fund incurred shareholder servicing fees of $11,937, under the agreement.

U.S. Bancorp Fund Services, LLC, (the "Administrator") acts as administrator for the Fund. The Administrator prepares various federal and state regulatory filings, reports, and returns; prepares reports and materials to be supplied to the trustees; monitors the activities of the Fund’s custodian, transfer agent and accountant; coordinates the preparation and payment of Fund expenses and reviews the Fund’s expense accruals. For the six months ended September 30, 2006, the Fund incurred $15,041 in administration fees.

U.S. Bancorp Fund Services, LLC provides fund accounting and transfer agency services for the Fund. For the six months ended September 30, 2006, the Fund incurred $12,433 and $12,033 in fund accounting and transfer agency fees, respectively.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. The Distributor is an affiliate of the Administrator.

U.S. Bank, N.A., an affiliate of U.S. Bancorp Fund Services, LLC, serves as custodian to the Fund. For the six months ended September 30, 2006, the Fund incurred $1,773 in custody fees.

Certain officers of the Fund are employees of the Administrator.

For the six months ended September 30, 2006, the Fund was allocated $2,840 of the Chief Compliance Officer fee.

NOTE 4 - CONCENTRATION OF RISK

The Fund invests a portion of its assets in foreign securities. Certain price and currency exchange fluctuations, as well as economic and political situations in the foreign jurisdictions, could have a significant impact on the Fund’s net assets.

NOTE 5 - PURCHASES AND SALES OF SECURITIES

During the six months ended September 30, 2006, the aggregate purchases and sales of securities (excluding short-term investments) were $519,071 and $4,555,793, respectively.

NOTE 6 - LINE OF CREDIT

The Fund has a line of credit in the amount of $2,750,000. This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund’s custodian, U.S. Bank, N.A. During the six months ended September 30, 2006, the Fund did not draw upon the line of credit.

NOTE 7 - CLOSING OF FUND

The investment advisor to the McIntyre Global Equity Fund and the Board of Trustees of Advisors Series Trust have decided to terminate the Fund. The Fund will be liquidating its assets on October 31, 2006.

NOTE 8 - INCOME TAXES

Net investment income/(loss) and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatments of wash sale losses deferred.

As of March 31, 2006, the Fund’s most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments (a)	$	8,585,211
Gross tax unrealized appreciation		$2,039,878
Gross tax unrealized depreciation		( 281,240)
Net tax unrealized appreciation	$	1,758,638
Undistributed ordinary income	$	—
Undistributed long-term capital gain		—
Total distributable earnings	$	—
Other accumulated gains/(losses)	$	(1,891,577)
Total accumulated gains/(losses)	$	( 132,939)

(a)   Represents cost for federal income tax purposes and differs from the cost for financial purposes due to wash sales.

At March 31, 2006, the Fund had a capital loss carryover of $1,891,577, which expires in 2010, available to offset future gains, if any. Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. As of March 31, 2006, the Fund had no post-October losses.

There were no distributions paid during the six months ended September 30, 2006 or the year ended March 31, 2006.

NOTICE TO SHAREHOLDERS at September 30, 2006 (Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-560-0086, on the Fund’s website at http://www.mcintyreinvestments.net, or on the SEC’s website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30, 2006

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-560-0086. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information included in the Fund’s Form N-Q is also available by calling 1-800-560-0086.

Advisor

McIntyre, Freedman & Flynn Investment Advisers, Inc.

4 Main Street

Orleans, MA 02653

Distributor

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(800) 560-0086

Custodian

U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, PA 19103

Legal Counsel

Paul, Hastings, Janofsky & Walker LLP

55 Second Street, 24^th Floor

San Francisco, CA 94105

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant’s independent trustees serve as its nominating committee, however they do not make use of a nominating committee charter. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

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Item 11. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)   (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

 (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 (3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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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 12/7/06                                                                                   

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 12/7/06                                                                                   

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

Douglas G. Hess, Treasurer

Date 12/7/06                                                                                   

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

EX-99.CERT

CERTIFICATIONS

I, Eric M. Banhazl, certify that:

1.   I have reviewed this report on Form N-CSR of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 12/7/06                      /s/ Eric M. Banhazl                  Eric M. Banhazl President

CERTIFICATIONS

I, Douglas G. Hess, certify that:

1.   I have reviewed this report on Form N-CSR of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 12/7/06                             /s/ Douglas G. Hess                        Douglas G. Hess Treasurer

EX-99.906 CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended September 30, 2006 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

/s/ Eric M. Banhazl                                Eric M. Banhazl President, Advisors Series Trust	/s/ Douglas G. Hess                         Douglas G. Hess Treasurer, Advisors Series Trust
Dated: 12/7/06

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of the Securities Exchange Act of 1934.