As filed with the Securities and Exchange Commission on March 28, 2013
 
 
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 Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)



Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5 th Floor
Milwaukee, Wisconsin 53202
(Name and address of agent for service)


Registrant's telephone number, including area code: (414) 765-6609




Date of fiscal year end:   April 30, 2013



Date of reporting period:   January 31, 2013

 
 
 
 
 
Item 1. Schedules of Investments.
 
Logan Capital Large Cap Growth Fund
           
Schedule of Investments
           
January 31, 2013 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS - 98.8%
           
Aerospace & Defense - 3.1%
           
Precision Castparts Corp.
    824     $ 151,122  
                 
Beverages - 0.8%
               
Monster Beverage Corp. (a)
    829       39,709  
                 
Biotechnology - 1.5%
               
Celgene Corp. (a)
    733       72,538  
                 
Chemicals - 4.1%
               
Airgas, Inc.
    837       79,716  
Sherwin-Williams Co.
    764       123,875  
              203,591  
Communications Equipment - 3.4%
               
F5 Networks, Inc. (a)
    782       82,016  
Qualcomm, Inc.
    1,321       87,226  
              169,242  
Computers & Peripherals - 5.4%
               
Apple, Inc.
    367       167,098  
NetApp, Inc. (a)
    2,669       96,084  
              263,182  
Construction & Engineering - 1.7%
               
Jacobs Engineering Group, Inc. (a)
    1,701       81,835  
                 
Electronic Equipment, Instruments & Components - 4.4%
               
Amphenol Corp.
    2,174       146,897  
Trimble Navigation Ltd. (a)
    1,125       70,313  
              217,210  
Energy Equipment & Services - 2.7%
               
FMC Technologies, Inc. (a)
    1,663       78,743  
Halliburton Co.
    1,339       54,471  
              133,214  
Health Care Equipment & Supplies - 4.4%
               
Edwards Lifesciences Corp. (a)
    706       63,491  
Intuitive Surgical, Inc. (a)
    266       152,785  
              216,276  
Health Care Providers & Services - 3.3%
               
AmerisourceBergen Corp.
    1,975       89,606  
Express Scripts Holding Co. (a)
    1,319       70,461  
              160,067  
Hotels, Restaurants & Leisure - 4.5%
               
Starbucks Corp.
    2,695       151,243  
Wynn Resorts Ltd.
    576       72,127  
              223,370  
Internet Software & Services - 2.2%
               
Google, Inc. (a)
    141       106,552  
                 
Internet & Catalog Retail - 9.3%
               
Amazon.com, Inc. (a)
    678       180,009  
Netflix, Inc. (a)
    576       95,178  
Priceline.com, Inc. (a)
    261       178,908  
              454,095  
IT Services - 8.5%
               
Accenture Plc (c)
    1,400       100,646  
Cognizant Technology Solutions (a)
    1,352       105,699  
Mastercard, Inc.
    262       135,821  
Teradata Corp. (a)
    1,104       73,593  
              415,759  
Leisure Equipment & Services - 1.9%
               
Polaris Industries, Inc.
    1,073       93,448  
                 
Life Sciences Tools & Services - 5.3%
               
Agilent Technologies, Inc.
    1,831       81,992  
Mettler Toledo International Co. (a)
    392       83,312  
Waters Corp. (a)
    1,039       95,141  
              260,445  
Machinery - 11.0%
               
Cummins, Inc.
    1,232       141,471  
Deere & Co.
    1,379       129,708  
Flowserve Corp.
    939       147,207  
Joy Global, Inc.
    1,910       120,655  
              539,041  
Personal Products - 2.6%
               
Estee Lauder Companies, Inc.
    2,093       127,526  
                 
Pharmaceuticals - 2.0%
               
Perrigo Co.
    958       96,288  
                 
Real Estate Management & Development - 1.7%
               
CBRE Group, Inc. (a)
    3,924       84,680  
                 
Software - 5.1%
               
Citrix Systems, Inc. (a)
    2,096       153,344  
Oracle Corp.
    2,679       95,131  
              248,475  
Specialty Retail - 4.8%
               
Bed, Bath & Beyond, Inc. (a)
    1,190       69,853  
Home Depot, Inc.
    1,452       97,168  
Tiffany & Co.
    1,052       69,169  
              236,190  
Textiles, Apparel & Luxury Goods - 5.1%
               
Fossil, Inc. (a)
    811       85,625  
Ralph Lauren Corp.
    984       163,816  
              249,441  
                 
TOTAL COMMON STOCKS (Cost $4,592,947)
            4,843,296  
                 
SHORT-TERM INVESTMENTS - 1.2%
               
MONEY MARKET FUNDS - 1.2%
               
Fidelity Government Portfolio - Class I, 0.01% (b)
    60,847       60,847  
TOTAL SHORT-TERM INVESTMENTS (Cost $60,847)
            60,847  
TOTAL INVESTMENTS (Cost $4,653,794) - 100.0%
            4,904,143  
Liabilities in Excess of Other Assets - (0.0)%
            (2,045 )
TOTAL NET ASSETS - 100.00%
          $ 4,902,098  
                 
Percentages are stated as a percent of net assets.
               
                 
Non-income producing security.
               
The rate shown represents the fund's 7-day yield as of January 31, 2013.
               
U.S. traded security of a foreign issuer or corporation.
               
                 
The accompanying notes are an integral part of these financial statements
               
 
The cost basis of investments for federal income tax purposes at January 31, 2013 was as follows*:
 
               
 
Cost of investments
 
$
4,653,794
     
 
Gross unrealized appreciation
   
304,437
     
 
Gross unrealized depreciation
   
(54,088)
     
 
Net unrealized appreciation
 
$
250,349
     
               
*Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments. Please refer to the Notes to Financial Statements section in the Fund’s upcoming annual report for federal tax information.
 

 
 
 
 
 
Summary of Fair Value Measurements at January 31, 2013 (Unaudited)
 
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
 
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
   
Level 2 -
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
   
Level 3 -
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.
           
 
Equity Securities - Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation 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 securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price.  To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
 
Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.
 
Exchange Traded Notes – Investments in exchange traded notes are actively traded on a national securities exchange and are valued based on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.
 
Derivative Instruments – Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
 
Short-Term Debt Securities - Short-term securities having a maturity of less than 60 days are valued at amortized cost, which approximates market value.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
 
Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees ("Board").  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  Depending on the relative significance of the valuation inputs, these securities may be classified in either level 2 or level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the Board of Trustees.
 
 
 
 
 
 
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's net assets as of January 31, 2013 (Unaudited):
       
                       
                       
Common Stock
 
Level 1
   
Level 2
   
Level 3
   
Total
Aerospace & Defense
  $ 151,122     $ -     $ -     $ 151,122
Beverages
    39,709       -       -       39,709
Biotechnology
    72,538       -       -       72,538
Chemicals
    203,591       -       -       203,591
Communications Equipment
    169,242       -       -       169,242
Computers & Peripherals
    263,182       -       -       263,182
Construction & Engineering
    81,835       -       -       81,835
Electronic Equipment, Instruments & Components
    217,210       -       -       217,210
Energy Equipment & Services
    133,214       -       -       133,214
Health Care Equipment & Supplies
    216,276       -       -       216,276
Health Care Providers & Services
    160,067       -       -       160,067
Hotels, Restaurants & Leisure
    223,370       -       -       223,370
Internet Software & Services
    106,552       -       -       106,552
Internet & Catalog Retail
    454,095       -       -       454,095
IT Services
    415,759       -       -       415,759
Leisure Equipment & Services
    93,448       -       -       93,448
Life Sciences Tools & Services
    260,445       -       -       260,445
Machinery
    539,041       -       -       539,041
Personal Products
    127,526       -       -       127,526
Pharmaceuticals
    96,288       -       -       96,288
Real Estate Management & Development
    84,680       -       -       84,680
Software
    248,475       -       -       248,475
Specialty Retail
    236,190       -       -       236,190
Textiles, Apparel & Luxury Goods
    249,441       -       -       249,441
Total Common Stock
    4,843,296       -       -       4,843,296
Short-Term Investments
    60,847       -       -       60,847
Total Investments in Securities
  $ 4,904,143     $ -     $ -     $ 4,904,143
                               
Transfers between levels are recognized at the end of the reporting period. There were no transfers of securities between levels during the reporting period. During the period ended January 31, 2013, the Fund
recognized no transfers to/from level 1 or level 2. There were no level 3 securities held in the Fund during the period ended January 31, 2013.
 

 
 
 
 
 
 
Logan Capital Long/Short Fund
           
Schedule of Investments
           
January 31, 2013 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS - 95.5%
           
Aerospace & Defense - 1.7%
           
Precision Castparts Corp. (d)
    443     $ 81,246  
                 
Beverages - 0.5%
               
Monster Beverage Corp. (a)(d)
    541       25,914  
                 
Capital Markets - 4.2%
               
Affiliated Managers Group, Inc. (a)(d)
    776       111,690  
T. Rowe Price Group, Inc. (d)
    1,276       91,170  
              202,860  
Chemicals - 7.3%
               
Airgas, Inc. (d)
    858       81,716  
E.I. du Pont de Nemours & Co. (d)
    4,058       192,552  
Ecolab, Inc. (d)
    1,157       83,767  
              358,035  
Communications Equipment - 2.2%
               
F5 Networks, Inc. (a)(d)
    474       49,713  
Qualcomm, Inc. (d)
    879       58,040  
              107,753  
Computers & Peripherals - 2.8%
               
Apple, Inc. (d)
    139       63,288  
3D Systems Corp. (a)
    1,250       72,313  
              135,601  
Diversified Telecommunication Services - 3.7%
               
AT&T, Inc. (d)
    5,142       178,890  
                 
Electronic Equipment, Instruments & Components - 1.9%
               
IPG Photonics Corp. (a)(d)
    1,389       90,952  
                 
Energy Equipment & Services - 1.4%
               
FMC Technologies, Inc. (a)(d)
    1,411       66,811  
                 
Health Care Equipment & Supplies - 1.1%
               
Edwards Lifesciences Corp. (a)(d)
    619       55,667  
                 
Hotels, Restaurants & Leisure - 5.2%
               
McDonald's Corp. (d)
    2,053       195,630  
Starbucks Corp. (d)
    1,032       57,916  
              253,546  
Industrial Conglomerates - 4.1%
               
General Electric Co. (d)
    8,959       199,607  
                 
Internet Software & Services - 1.2%
               
Google, Inc. (a)(d)
    78       58,944  
                 
Internet & Catalog Retail - 2.0%
               
Priceline.com, Inc. (a)(d)
    144       98,708  
                 
IT Services - 6.0%
               
Cognizant Technology Solutions Corp. (a)(d)
    1,072       83,809  
Fiserv, Inc. (a)(d)
    1,234       99,103  
MasterCard, Inc. (d)
    213       110,419  
              293,331  
Machinery - 7.4%
               
Caterpillar, Inc. (d)
    756       74,383  
Cummins, Inc. (d)
    793       91,060  
Deere & Co. (d)
    913       85,877  
Middleby Corp. (a)(d)
    760       107,433  
              358,753  
Media - 2.8%
               
DIRECTV (a)
    1,648       84,278  
Scripps Networks Interactive, Inc. (d)
    880       54,358  
              138,636  
Oil, Gas & Consumable Fuels - 8.1%
               
Chevron Corp. (d)
    1,761       202,778  
Royal Dutch Shell Plc - ADR (c)(d)
    2,673       194,381  
              397,159  
Pharmaceuticals - 8.1%
               
GlaxoSmithKline Plc - ADR (c)(d)
    1,950       88,940  
Johnson & Johnson (d)
    1,352       99,940  
Merck & Co., Inc. (d)
    2,176       94,112  
Pfizer, Inc. (d)
    4,052       110,538  
              393,530  
Real Estate Management & Development - 1.9%
               
CBRE Group, Inc. (a)(d)
    4,415       95,276  
                 
Road & Rail - 1.4%
               
CSX Corp. (d)
    3,041       66,993  
                 
Semiconductors & Semiconductor Equipment - 3.8%
               
Intel Corp. (d)
    8,741       183,911  
                 
Software - 2.8%
               
Citrix Systems, Inc. (a)(d)
    701       51,285  
Oracle Corp. (d)
    2,340       83,093  
              134,378  
Specialty Retail - 6.9%
               
Bed, Bath & Beyond, Inc. (a)(d)
    766       44,964  
Home Depot, Inc. (d)
    1,575       105,399  
PetSmart, Inc. (d)
    685       44,806  
Tractor Supply Co. (d)
    770       79,826  
Ulta Salon, Cosmetics & Fragrance, Inc. (d)
    655       64,072  
              339,067  
Textiles, Apparel & Luxury Goods - 3.3%
               
Nike, Inc. (d)
    1,456       78,697  
Ralph Lauren Corp. (d)
    484       80,576  
              159,273  
Tobacco - 3.70%
               
Philip Morris International, Inc. (d)
    2,044       180,199  
                 
TOTAL COMMON STOCKS (Cost $4,467,912)
            4,655,040  
                 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.4%
               
American Tower Corp. (d)
    1,230       93,665  
Public Storage (d)
    453       69,730  
TOTAL REITS (Cost $156,515)
            163,395  
                 
EXCHANGE-TRADED FUNDS - 10.2%
               
iShares Russell 2000 Index (d)
    5,554       497,749  
TOTAL EXCHANGE-TRADED FUNDS (Cost $469,252)
            497,749  
                 
SHORT-TERM INVESTMENTS - 1.3%
               
MONEY MARKET FUNDS - 1.3%
               
Fidelity Government Portfolio - Class I, 0.01% (b)(d)
    64,970       64,970  
TOTAL SHORT-TERM INVESTMENTS (Cost $64,970)
            64,970  
TOTAL INVESTMENTS (Cost $5,158,649) - 110.4%
            5,381,154  
Liabilities in Excess of Other Assets - (10.4)%
            (506,356 )
TOTAL NET ASSETS - 100.00%
          $ 4,874,798  
                 
Percentages are stated as a percent of net assets.
               
                 
 
ADR -
American Depository Receipt
(a)
Non-income producing security.
(b)
The rate shown represents the fund's 7-day yield as of January 31, 2013.
(c)
U.S. traded security of a foreign issuer or corporation.
(d)
All or a portion of the security has been segregated for open short positions.
 
The accompanying notes are an integral part of these financial statements
 
 
The cost basis of investments for federal income tax purposes at January 31, 2013 was as follows*:
 
             
Cost of investments
 
$
5,158,649
     
Gross unrealized appreciation
   
280,527
     
Gross unrealized depreciation
   
(58,022)
     
Net unrealized appreciation
 
$
222,505
     
             
*Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments. Please refer to the Notes to Financial Statements section in the Fund’s upcoming annual report for federal tax information.
 
 
 
 
 
 
 
Summary of Fair Value Measurements at January 31, 2013 (Unaudited)
           
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
 
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
   
Level 2 -
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
     
         
Level 3 -
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.
 
 
Equity Securities - Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation 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 securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
   
Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.
         
Exchange Traded Notes – Investments in exchange traded notes are actively traded on a national securities exchange and are valued based on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.
         
Derivative Instruments – Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
               
Short-Term Debt Securities - Short-term securities having a maturity of less than 60 days are valued at amortized cost, which approximates market value. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
   
Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees ("Board"). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in either level 2 or level 3 of the fair value hierarchy.
                           
The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the Board of Trustees.
 
 
 
 
 
 
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's net assets as of January 31, 2013 (Unaudited):
       
Common Stock
 
Level 1
   
Level 2
   
Level 3
   
Total
Aerospace & Defense
  $ 81,246     $ -     $ -     $ 81,246
Beverages
    25,914       -       -       25,914
Capital Markets
    202,860       -       -       202,860
Chemicals
    358,035       -       -       358,035
Communications Equipment
    107,753       -       -       107,753
Computers & Peripherals
    135,601       -       -       135,601
Diversified Telecommunication Services
    178,890       -       -       178,890
Electronic Equipment, Instruments & Components
    90,952       -       -       90,952
Energy Equipment & Services
    66,811       -       -       66,811
Health Care Equipment & Supplies
    55,667       -       -       55,667
Hotels, Restaurants & Leisure
    253,546       -       -       253,546
Industrial Conglomerates
    199,607       -       -       199,607
Internet Software & Services
    58,944       -       -       58,944
Internet & Catalog Retail
    98,708       -       -       98,708
IT Services
    293,331       -       -       293,331
Machinery
    358,753       -       -       358,753
Media
    138,636       -       -       138,636
Oil, Gas & Consumable Fuels
    397,159       -       -       397,159
Pharmaceuticals
    393,530       -       -       393,530
Real Estate Management & Development
    95,276       -       -       95,276
Road & Rail
    66,993       -       -       66,993
Semiconductors & Semiconductor Equipment
    183,911       -       -       183,911
Software
    134,378       -       -       134,378
Specialty Retail
    339,067       -       -       339,067
Textiles, Apparel & Luxury Goods
    159,273       -       -       159,273
Tobacco
    180,199       -       -       180,199
Total Common Stock
    4,655,040       -       -       4,655,040
REITs
    163,395       -       -       163,395
Exchange-Traded Funds
    497,749       -       -       497,749
Short-Term Investments
    64,970       -       -       64,970
Total Investments in Securities
  $ 5,381,154     $ -     $ -     $ 5,381,154
Total Securities Sold Short
  $ 1,870,038     $ -     $ -     $ 1,870,038
                               
Transfers between levels are recognized at the end of the reporting period. There were no transfers of securities between levels during the reporting period. During the period ended January 31, 2013, the Fund
recognized no transfers to/from level 1 or level 2. There were no level 3 securities held in the Fund during the period ended January 31, 2013.

 
 
 

Logan Capital Long/Short Fund
       
Schedule of Securities Sold Short
       
January 31, 2013 (Unaudited)
       
         
 
Shares
   
Value
COMMON STOCKS - 38.4%
       
Commercial Services & Supplies - 1.7%
       
Mine Safety Appliances Co.
1,793     $ 82,873
           
Communications Equipment - 1.3%
         
Adtran, Inc.
3,186       64,357
           
Diversified Consumer Services - 3.1%
         
New Oriental Education & Technology Group, Inc. - ADR (b)
7,034       120,071
K12, Inc. (a)
1,659       30,625
          150,696
Electronic Equipment, Instruments & Components - 4.6%
         
Coherent, Inc.
1,679       93,033
Plexus Corp. (a)
5,124       130,765
          223,798
Food Products - 1.5%
         
Mead Johnson Nutrition Co.
945       71,820
           
Health Care Equipment & Supplies - 3.3%
         
Masimo Corp. (a)
1,826       37,068
Mindray Medical International Ltd. - ADR  (b)
3,226       121,943
          159,011
Household Durables - 2.1%
         
Helen Of Troy Ltd. (a)(b)
2,891       104,654
           
IT Services - 5.0%
         
Verifone Systems, Inc. (a)
3,906       135,616
Teradata Corp. (a)
1,593       106,189
          241,805
Life Sciences Tools & Services - 2.6%
         
Waters Corp. (a)
1,370       125,451
           
Semiconductors & Semiconductor Equipment - 4.8%
         
Cabot Microelectronics Corp. (a)
3,951       146,029
First Solar, Inc. (a)
3,185       89,753
          235,782
Software - 1.3%
         
BroadSoft, Inc. (a)
1,919       65,188
           
Specialty Retail - 5.7%
         
Cabela's, Inc. (a)
1,917       98,956
Rue21, Inc. (a)
3,345       99,380
Sally Beauty Holdings, Inc. (a)
3,001       79,646
          277,982
Textiles, Apparel & Luxury Goods - 1.4%
         
Fossil, Inc. (a)
631       66,621
           
TOTAL SECURITIES SOLD SHORT (Proceeds $1,762,428)
      $ 1,870,038
 
ADR -    American Depository Receipt
               
(a)
Non-income producing security.
               
(b)
U.S. traded security of a foreign issuer or corporation.
               

 
 
 
 
 
 
tem 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal 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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d))   that occurred during the Registrant's last fiscal quarter that has materially affected, or are 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 1940 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/ Douglas G. Hess                                                                                                                         
           Douglas G. Hess, President

Date _______________________________________­­


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/ Douglas G. Hess                                                                                                                                       
   Douglas G. Hess, President

Date _______________________________________                                                                          

 
By (Signature and Title)* /s/ Cheryl L. King                                                                                                            
   Cheryl L. King, Treasurer

Date _______________________________________

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