UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD 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 Street
Milwaukee, Wisconsin 53202
(Address of Principal Executive Offices) (Zip Code)

(Registrants Telephone Numbers, Including Area Code) (414) 765-5340

Eric M. Banhazl
Advisors Series Trust
2020 E. Financial Way, Suite 100
Glendora, California 91741
(Name and Address of Agent for Service)

Copies to:
Julie Allecta, Esq.
Paul, Hastings, Janofsky & Walker LLP
55 Second  Street
San Francisco, California 94105


Date of fiscal year end:	November 30


Date of reporting period:  	June 30, 2004



Item 1. Proxy Voting Record.


Name of Fund:		Hollencrest Equity Fund
Period:			July 1, 2003 - June 30, 2004


Company Name		Meeting Date	CUSIP		Ticker

Brinker International	11/13/03	109641100	EAT

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 11 persons		Issuer

For	For	2. Ratification of Appointment of KPMG	Issuer
		LLP as Independent Auditors for 2004

Against	Against	3. Report on Genetically Engineered
		Ingredients in Food Products		Shareholder



Company Name		Meeting Date	CUSIP		Ticker

Boston Scientific	10/6/03		101137107	BSX

Vote	MRV	Proposal				Proposed by

For	For	1. To Approve an Amendment to the	Issuer
		Company's Second Restated Certificate
		of Incorporation



Company Name		Meeting Date	CUSIP		Ticker

CACI International	11/20/03	127190304	CAI

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 11 persons		Issuer

For	For	2. Ratification of the appointment	Issuer
		of Ernst & Young LLP as
		Independent Auditors



Company Name		Meeting Date	CUSIP		Ticker

Cardinal Health		11/5/03		14149Y108	CAH

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 5 persons		Issuer



Company Name		Meeting Date	CUSIP		Ticker

First Data Corp		10/28/03	319963104	FDC

Vote	MRV	Proposal				Proposed by

For	For	1. To approve the issueance of shares	Issuer
		of First Data common stock as
		contemplated by the Agreemnt and Plan
		of Merger, dated 4/1/03, among First
		Data Corp, Monaco Subsidiary Corp,
		and Concord EFS Inc.



Company Name		Meeting Date	CUSIP		Ticker

Medtronic Inc		8/28/03		585055106	MDT

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. To ratify the appointment of		Issuer
		PriceWaterhouseCoopers LLP as
		Medtronic's independent auditors

Against	For	3. To approve Medtronic's long term	Issuer
		incentive plan

Against	For	4. To approve Medtronic's executive	Issuer
		incentive plan



Company Name		Meeting Date	CUSIP		Ticker

Network Appliance Inc	9/2/03		64120L104	NTAP

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 8 persons		Issuer

Against	For	2. Approve an amendment to the		Issuer
		Company's 1999 stock option plan to
		create a stock issuance program

Against	For	3. Approve an amendment to the		Issuer
		Company's employee stock purchase
		plan to increase the share reserve
		under the purchase plan by an
		additoinal 1,000,000 shares
		of common stock

For	For	4. Ratify the appointment of		Issuer
		Deloitte & Touche LLP as independent
		auditors of the Company for the fiscal
		year ending 4/30/04



Company Name		Meeting Date	CUSIP		Ticker

Take-Two Interactive	11/17/03	874054109	TTWO
Software

Vote	MRV	Proposal				Proposed by

For	For	1. Approval of amendment to Company's	Issuer
		certificate of incorporation to
		increase the authorized commom stock



Company Name		Meeting Date	CUSIP		Ticker

Symantec Corp		8/21/03		871503108	SYMC

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 9 persons		Issuer

For	For	2. Adoption of Symantec's Amended	Issuer
		and Restated Certificate of
		Incorporation

For	For	3. Amendment of Symantec's 1996		Issuer
		Equity Incentive Plan to allow
		grants of Restricted Stock

For	For	4. Adoption of Symantec's Senior	Issuer
		Executive Incentive Plan

For	For	5. Ratification of the selection	Issuer
		of KPMG LLP as the independent auditors



Company Name		Meeting Date	CUSIP		Ticker

Qlogic Corp		8/26/03		747277101	QLGC

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 6 persons		Issuer

For	For	2. Amendment to the Qlogic Corp		Issuer
		stock awards plan to extend the
		expiration date of the awards
		plan to 7/31/06

For	For	3. Ratification of KPMG LLP as		Issuer
		Independent auditors



Company Name		Meeting Date	CUSIP		Ticker

Utstarcom Inc		9/24/03		918076100	UTSI

Vote	MRV	Proposal				Proposed by

For	For	1. To approve an amendment to the	Issuer
		Company's 13th amended and restated
		certificate of incorporation to
		increase the number of authorized
		shares of common stock, par value
		$0.00125 per share, of the company
		from 250,000,000 shares to
		750,000,000 shares



Company Name		Meeting Date	CUSIP		Ticker

UTI Worldwide Inc	6/25/04		G87210103	UTIW

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. Approve 2004 UTI non-employee	Issuer
		directors share incentive plan



Company Name		Meeting Date	CUSIP		Ticker

Progressive Corp	4/16/04		743315103	PGR

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. Approve amendment to company		Issuer
		code of regulations to allow Board
		of Directors to authorize Company
		to issue shares without issuing
		physical certificate

For	For	3. Approve Progressive Corp 2004	Issuer
		Executive Compensation Plan

For	For	4. Ratify appointment of		Issuer
		PriceWaterhouseCoopers LLP as
		independent auditor for 2004



Company Name		Meeting Date	CUSIP		Ticker

Select Medical Corp	5/10/04		816196109	SEM

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. Ratify appointment of		Issuer
		PriceWaterhouseCoopers LLP as
		independent auditor for 2004



Company Name		Meeting Date	CUSIP		Ticker

Schlumberger Limited	4/14/04		806857108	SLB

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 10 persons		Issuer

For	For	2. Adoption and approval of		Issuer
		financials and dividends

For	For	3. Approval of adoption of 2004		Issuer
		stock and deferral plan for
		non-employee directors

For	For	4. Approval of auditors			Issuer
		PriceWaterhouseCoopers LLP



Company Name		Meeting Date	CUSIP		Ticker

QLT Inc			5/26/04		746927102	QLTI

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 8 persons		Issuer

For	For	2. Approval of auditors			Issuer
		Deloitte & Touche

For	For	3. To fix the number of directors	Issuer
		for next year at 8



Company Name		Meeting Date	CUSIP		Ticker

Pfizer Inc		4/22/04		717081103	PFE

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 8 persons		Issuer

For	For	2. Approval of auditors KPMG		Issuer

For	For	3. To approve Pfizer Inc 2004		Issuer
		Stock Plan

For	Against	4. Shareholder proposal requesting	Shareholder
		review of economic effects of HIV/AIDS,
		TB, and Malaria pandemic on the
		company's business strategy

For	Against	5. Shareholder proposal relating	Shareholder
		to political contributions

For	Against	6. Shareholder proposal relating to	Shareholder
		annual report on corporate resources
		devoted to supporting political
		candidates

For	Against	7. Shareholder proposal seeking to	Shareholder
		impose term limits on directors

For	Against	8. Shareholder proposal requesting	Shareholder
		report in increasing acces to
		Pfizer products

For	Against	9. Shareholder proposal on stock	Shareholder
		options

For	Against	10. Shareholder proposal on		Shareholder
		in vitro testing



Company Name		Meeting Date	CUSIP		Ticker

Overseas Shipholding	6/1/04		690368105	OSG

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 12 persons		Issuer

For	For	2. Ratificaiton of appointment of	Issuer
		Ernst & Young LLP independent auditors

For	For	3. Approval of Overseas Shipholding	Issuer
		Group Inc 2004 stock incentive plan

For	For	4. Approval of Overseas Shipholding	Issuer
		Group Inc 2004 executive performance
		incentive plan



Company Name		Meeting Date	CUSIP		Ticker

Omnicare Inc		5/18/04		681904108	OCR

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 9 persons		Issuer

For	For	2. Approval of stock and incentive plan	Issuer

For	For	3. Ratify selection of independent	Issuer
		accountants PriceWaterhouseCoopers LLP



Company Name		Meeting Date	CUSIP		Ticker

MBNA Corp		5/3/04		55262l100	KRB

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 7 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Ernst & Young LLP

For	Against	3. Shareholder proposal that the	Shareholder
		cost of stock options be recognized
		in the income statement

For	Against	4. Shareholder proposal that at		Shareholder
		least 2/3 of the Directors on the
		Board be independent of any
		significant personal or financial
		ties to the company



Company Name		Meeting Date	CUSIP		Ticker

Lehman Brothers		4/2/04		524908100	LEH
Holdings Inc

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 4 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Ernst & Young LLP



Company Name		Meeting Date	CUSIP		Ticker

K-Swiss Inc		5/6/04		482686102	KSWS

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 2 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Grant Thornton LLP for 2004



Company Name		Meeting Date	CUSIP		Ticker

International Game	3/2/04		459902102	IGT
Technology

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 9 persons		Issuer

For	For	2. Approval of amendment to IGT		Issuer
		employee stock purchase plan

For	For	3. Ratify selection of independent	Issuer
		accountants Deloitte & Touche LLP
		for 2004



Company Name		Meeting Date	CUSIP		Ticker

Glaxosmithkline Plc	5/17/04		37733W105	GSK

Vote	MRV	Proposal				Proposed by

For	For	1. To receive and adopt the		Issuer
		Directors' report and the
		financial statements

For	For	2. To approve the remuneration report	Issuer

For	For	3. To elect Mr. H. Lawrence Culp	Issuer
		as a Director

For	For	4. To elect Mr. Crispin Davis as	Issuer
		a Director

For	For	5. To elect Sir Robert Wilson as	Issuer
		a Director

For	For	6. To elect Dr. Tachi Yamada as		Issuer
		a Director

For	For	7. To re-elect Sir Christopher		Issuer
		Hogg as a Director

For	For	8. Re-appointment of auditors		Issuer
		PricewaterhouseCoopers LLP

For	For	9. Remuneration of auditors		Issuer
		PricewaterhouseCoopers LLP

Against	For	10. Authorize company to make		Issuer
		donations to EU political
		organizations and incur EU
		political expenditure

For	For	11. Disapplication of pre-emption	Issuer
		rights

For	For	12. Authority for company to purchase	Issuer
		own shares



Company Name		Meeting Date	CUSIP		Ticker

Gap Inc			5/12/04		364760108	GPS

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 13 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Deloitte & Touche LLP

For	For	3. Approve proposal to amend and	Issuer
		restate company's executive
		management incentive cash award plan

For	Against	4. Shareholder proposal for		Shareholder
		"commonsense" executive compensation



Company Name		Meeting Date	CUSIP		Ticker

Fiserve Inc		4/6/04		337738108	FISV

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Deloitte & Touche LLP

For	For	3. Approve company's stock option	Issuer
		and restricted stock plan, as
		amended and restated to permit
		grants of restricted stock



Company Name		Meeting Date	CUSIP		Ticker

Ebay Inc		6/24/04		278642103	EBAY

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer

For	For	2. Approval of 1999 global equity	Issuer
		incentive plan, including an amendment
		to increase by 6,000,000 the number of
		shares of common stock that may be
		issued under the 1999 plan

For	For	3. Approval of amendment to 2001	Issuer
		equity incentive plan to increase
		the number of shares of common stock
		that may be issued under the 2001 plan

For	For	4. Approval of amendment to		Issuer
		certificate of incorporation to
		increase authorized number of shares
		of common stock from 900,000,000
		to 1,790,000,000

For	For	5. Ratify selection of independent	Issuer
		accountants PriceWaterhouseCoopers LLP

For	Against	6. Stockholder proposal requesting	Shareholder
		expensing of stock options



Company Name		Meeting Date	CUSIP		Ticker

Deutsche Telekom AG	5/18/04		251566105	DT

Vote	MRV	Proposal				Proposed by

For	For	1. To receive and adopt the		Issuer
		Directors' report and the financial
		statements

For	For	2. To approve the appropriation of	Issuer
		net income

For	For	3. Approval of actions by the Board	Issuer
		of Management for Financial Year 2003

For	For	4. Approval of actions by the		Issuer
		Supervisory Board for Financial
		Year 2003

For	For	5. Appointment of independent		Issuer
		auditor and group auditor - joint
		appointment of PwC Deutsche Revision
		Aktiengesellschaft
		Wirtschaftsprufungsgesellschaft
		Frankfurt am Main, and Ernst & Young
		AG Wirtschaftsprufungsgesellschaft,
		Stuttgart

For	For	6. Approval for company to purchase	Issuer
		and use its own shares

For	For	7. Approval of rsolution on partial	Issuer
		revocation of as yet unused part of
		authorization to grant subscription
		rights

For	For	8. Approval of resolution on		Issuer
		cancellation of approved capital
		2000 and the creation of new
		approved capital 2004

For	For	9. Approval to conclude a profit	Issuer
		and loss transfer agreement with
		T-Punkt Vertriebsgesellschaft Mbh

Against	For	10. Approval to conclude a profit	Issuer
		and loss transfer agreement with
		Traviata Telekommunikationsdienste Gmbh

For	For	11. Approval to conclude a profit	Issuer
		and loss transfer agreement with
		Norma Telekommunikationsdienste Gmbh

For	For	12. Approval to conclude a profit	Issuer
		and loss transfer agreement with
		Carmen Telekommunikationsdienste Gmbh

For	For	13. Approval of resolution on		Issuer
		amendment of Section 13 of Articles
		of Incorporation

For	For	14. Approval of resolution on		Issuer
		amendment of Section 14 of Articles
		of Incorporation



Company Name		Meeting Date	CUSIP		Ticker

Dentsply International	5/10/04		249030107	XRAY

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 4 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants PriceWaterhouseCoopers LLP



Company Name		Meeting Date	CUSIP		Ticker

Davita Inc		5/24/04		23918K108	DVA

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 8 persons		Issuer



Company Name		Meeting Date	CUSIP		Ticker

Countrywide Fincl Corp	6/16/04		222372104	CFC

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 5 persons		Issuer

For	For	2. To approve and amend the Company's	Issuer
		2000 equity incentive plan



Company Name		Meeting Date	CUSIP		Ticker

Corning Inc		4/29/04		219350105	GLW

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 5 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants PriceWaterhouseCoopers LLP

For	Against	3. Shareholder proposal relating to	Shareholder
		severance agreements with senior
		executives



Company Name		Meeting Date	CUSIP		Ticker

Chicago Bridge & Iron	5/13/04		167250109	CBI

Vote	MRV	Proposal				Proposed by

For	For	1. To appoint members of Supervisory	Issuer
		Board until successors appointed

For	For	2. Authorize preparation of annual	Issuer
		accounts and annual report in English
		language and adopt Dutch statutory
		annual accounts of company for year
		ending 12/31/03

For	For	3. Discharge members of Management	Issuer
		Board and Supervisory Board from
		liability in exercise of duties
		during year ending 12/31/03

For	For	4. Resolve final dividend for year	Issuer
		12/31/03

For	For	5. Approve extension of authority	Issuer
		of Management Board to repurchase
		up to 30% of issued share capital
		until 11/13/05

For	For	6. Cancel shares to be acquired by	Issuer
		Company in its own share capital

For	For	7. Approve extension of authority	Issuer
		of Supervisory Board to issue and/or
		grant rights (including options to
		subscribe) on shares and to limit or
		exclude preemptive rights of
		shareholders of Company until 5/13/09

For	For	8. Amend Articles of Associatoin to	Issuer
		increase amount of authorized share
		capital	Issuer

For	For	9. Ratify selection of independent	Issuer
		accountants Deloitte & Touche LLP



Company Name		Meeting Date	CUSIP		Ticker

Coca-Cola Enterprises	4/30/04		191219104	CCE

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 5 persons		Issuer

For	For	2. Approve Executive Management		Issuer
		Incentive Plan (effective 1/1/04)

For	For	3. Approve 2004 Stock Award Plan	Issuer

For	For	4. Approve deferred compensation pan	Issuer
		for nonemployee Directors (as amended
		and restated effective 2/17/04)

For	For	5. Approve UK Employee Share Plan	Issuer

For	For	6. Approve Stock Savings Plan (Belgium)	Issuer

For	For	7. Ratify selection of independent	Issuer
		accountants Ernst & Young LLP

For	Against	8. Shareowner proposal to request	Shareholder
		shareowner approval of certain
		severance agreements

For	Against	9. Shareowner proposal to request	Shareholder
		adoption of publicly stated goals
		for enhanced rate of beverage
		container recovery in the US



Company Name		Meeting Date	CUSIP		Ticker

Cendant Corp		4/20/04		151313103	CD

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 5 persons		Issuer

For	For	2. Approve amendments to Articles	Issuer
		of Incorporation and By-Laws of
		Company to eliminate classification
		of the Board of Directors of the Company

For	For	3. Ratify selection of independent	Issuer
		accountants Deloitte & Touche LLP

For	Against	4. Stockholder proposal regarding	Shareholder
		separation of offices of CEO and
		Chairman

For	Against	5. Stockholder proposal regarding CEO	Shareholder
		compensation



Company Name		Meeting Date	CUSIP		Ticker

Boston Scientific Corp	5/11/04		101137107	BSX

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 4 persons		Issuer

For	For	2. Ratify selection of independent	Issuer
		accountants Ernst & Young LLP



Company Name		Meeting Date	CUSIP		Ticker

Ameristar Casinos Inc	7/16/04		03070Q101	ASCA

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer



Company Name		Meeting Date	CUSIP		Ticker

Amcol Intl Corp		5/13/04		02341W103	ACO

Vote	MRV	Proposal				Proposed by

For	For	1. Directors - 3 persons		Issuer



SIGNATURES


Pursuant to the requirements of 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.


Advisors Series Trust


By (Signature and Title)* Douglas G. Hess, Treasurer



Date:		September 2, 2004
* Print the name and title of each signing officer under his or her signature.