As filed with the Securities and Exchange Commission on May 28, 2009

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)

Jeanine M. Bajczyk

Advisors Series Trust

615 East Michigan St.

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-6609

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2009

Date of reporting period:  March 31, 2009

Item 1. Schedules of Investments.

Al Frank Fund
SCHEDULE OF INVESTMENTS at March 31, 2009 (Unaudited)
Shares			Value
	COMMON STOCKS: 96.07%
	COMMERCIAL SERVICES: 0.87%
	Advertising/Marketing Services: 0.41%
45,000	Valueclick, Inc. (a)	$	382,950
	Miscellaneous Commercial Services: 0.46%
83,000	Kratos Defense & Security Solutions, Inc. (a)		64,740
97,196	Onvia.com, Inc. (a) (c)		371,289
			436,029
	Total Commercial Services (Cost $821,500)		818,979
	COMMUNICATIONS: 0.64%
	Major Telecommunications: 0.64%
20,000	Verizon Communications, Inc.		604,000
	Total Communications (Cost $646,437)		604,000
	CONSUMER DURABLES: 6.09%
	Automotive Aftermarket: 0.30%
23,000	Cooper Tire & Rubber Co.		92,920
30,000	Goodyear Tire & Rubber Co. (a)		187,800
			280,720
	Electronics/Appliances: 0.48%
19,025	Global Tech Advanced Innovations, Inc. (a) (b)		140,214
10,000	Helen of Troy Ltd. (a) (b)		137,500
6,000	Whirlpool Corp.		177,540
			455,254
	Homebuilding: 2.79%
20,000	Cavco Industries, Inc. (a)		472,000
43,000	D.R. Horton, Inc.		417,100
20,000	KB Home		263,600
12,000	M.D.C. Holdings, Inc.		373,680
30,000	Pulte Homes, Inc.		327,900
15,000	Ryland Group, Inc.		249,900
28,000	Toll Brothers, Inc. (a)		508,480
			2,612,660
	Motor Vehicles: 0.41%
15,000	Daimler AG (b)		383,100
	Recreational Products: 2.11%
45,000	Activision Blizzard, Inc. (a)		470,700
25,000	Hasbro, Inc.		626,750
20,000	JAKKS Pacific, Inc. (a)		247,000
55,000	Mattel, Inc.		634,150
			1,978,600
	Total Consumer Durables (Cost $8,375,529)		5,710,334
	CONSUMER NON-DURABLES: 3.50%
	Apparel/Footwear: 1.04%
40,000	Delta Apparel, Inc. (a)		173,200
10,000	Oxford Industries, Inc.		61,700
80,000	Quiksilver, Inc. (a)		102,400
21,000	Steven Madden, Ltd. (a)		394,380
20,000	Timberland Co. - Class A (a)		238,800
			970,480
	Food: Major Diversified: 0.53%
6,920	Kraft Foods, Inc. - Class A		154,247
43,000	Sara Lee Corp.		347,440
			501,687
	Tobacco: 1.93%
90,000	Alliance One International, Inc. (a)		345,600
20,000	Altria Group, Inc.		320,400
10,000	Philip Morris International Inc.		355,800
22,000	Reynolds American, Inc.		788,480
			1,810,280
	Total Consumer Non-Durables (Cost $4,195,926)		3,282,447
	CONSUMER SERVICES: 2.42%
	Casinos/Gaming: 0.29%
30,000	International Game Technology		276,600
	Hotels/Resorts/Cruiselines: 0.28%
12,000	Carnival Corp. (b)		259,200
	Media Conglomerates: 0.77%
40,000	Walt Disney Co.		726,400
	Other Consumer Services: 0.78%
40,000	H & R Block, Inc.		727,600
	Restaurants: 0.30%
25,000	Starbucks Corp. (a)		277,750
	Total Consumer Services (Cost $3,395,525)		2,267,550
	DISTRIBUTION SERVICES: 2.49%
	Electronics Distributors: 1.59%
30,000	Avnet, Inc. (a)		525,300
84,000	Brightpoint, Inc. (a)		359,520
40,000	GTSI Corp. (a)		154,400
71,000	Nu Horizons Electronics Corp. (a)		142,000
45,000	Wayside Technology Group, Inc.		312,750
			1,493,970
	Medical Distributors: 0.90%
24,000	McKesson Corp.		840,960
	Total Distribution Services (Cost $3,238,993)		2,334,930
	ELECTRONIC TECHNOLOGY: 22.88%
	Aerospace & Defense: 5.36%
24,100	AAR Corp. (a)		302,214
67,500	Allied Defense Group, Inc. (a)		265,950
5,000	American Science and Engineering, Inc.		279,000
22,500	BE Aerospace, Inc. (a)		195,075
15,500	Boeing Co.		551,490
40,000	Ducommun, Inc.		581,600
50,000	Kaman Corp. - Class A		627,000
72,000	LMI Aerospace, Inc. (a)		521,280
11,000	Lockheed Martin Corp.		759,330
13,000	Raytheon Co.		506,220
75,000	SIFCO Industries, Inc. (a)		435,000
			5,024,159
	Computer Communications: 1.63%
17,000	Cisco Systems, Inc. (a)		285,090
65,000	Digi International, Inc. (a)		498,550
120,000	Network Equipment Technologies, Inc. (a) (c)		424,800
89,568	Soapstone Networks, Inc. (a)		320,654
			1,529,094
	Computer Components & Software: 0.68%
20,000	Hewlett Packard Co.		641,200
	Computer Peripherals: 1.81%
25,000	Electronics for Imaging, Inc. (a)		245,000
150,000	Peerless Systems Corp. (a)		270,000
35,000	Seagate Technology (b)		210,350
50,000	Western Digital Corp. (a)		967,000
			1,692,350
	Computer Processing Hardware: 0.78%
7,000	Apple Inc. (a)		735,840
	Electronic Components: 1.25%
370,000	Alliance Fiber Optic Products, Inc. (a)		255,300
45,000	AVX Corp.		408,600
143,750	Orbit International Corp. (a)		365,125
40,000	Vishay Intertechnology, Inc. (a)		139,200
			1,168,225
	Electronic Equipment/Instruments: 2.04%
137,000	ActivIdentity Corp. (a)		280,850
53,544	AU Optronics Corp. - ADR (c)		449,234
26,650	Cogent Inc. (a)		317,135
41,700	Frequency Electronics, Inc. (a)		138,444
30,000	Nam Tai Electronics, Inc. (b)		111,600
40,000	OSI Systems, Inc. (a)		610,400
			1,907,663
	Electronic Production Equipment: 2.32%
130,000	Aetrium, Inc. (a)		191,100
40,000	Cohu, Inc.		288,000
25,000	Lam Research Corp. (a)		569,250
60,000	Trio-Tech International (a)		93,000
35,976	Ultratech, Inc. (a)		449,340
27,000	Varian Semiconductor Equipment Associates, Inc. (a)		584,820
			2,175,510
	Semiconductors: 4.11%
75,000	Ceva, Inc. (a)		546,000
70,000	Diodes, Inc. (a) (c)		742,700
40,000	Exar Corp. (a)		249,600
45,000	Integrated Device Technology, Inc. (a)		204,750
35,000	Intel Corp.		526,750
35,000	National Semiconductor Corp.		359,450
70,000	Pericom Semiconductor Corp. (a)		511,700
57,219	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		512,110
80,000	TriQuint Semiconductor, Inc. (a)		197,600
			3,850,660
	Telecommunications Equipment: 2.90%
350,000	Clearfield, Inc. (a)		395,500
65,000	Communications Systems, Inc.		497,900
45,000	Corning, Inc.		597,150
40,000	Nokia Corp. - ADR		466,800
18,000	Polycom, Inc. (a)		277,020
105,000	Tellabs, Inc. (a)		480,900
			2,715,270
	Total Electronic Technology (Cost $25,510,189)		21,439,971
	ENERGY MINERALS: 8.85%
	Integrated Oil: 2.94%
11,000	Chevron Corp.		739,640
10,000	ConocoPhillips		391,600
10,000	Exxon Mobil Corp.		681,000
36,000	Marathon Oil Corp.		946,440
			2,758,680
	Oil & Gas Production: 4.01%
20,000	Anadarko Petroleum Corp.		777,800
10,000	Apache Corp.		640,900
20,000	Chesapeake Energy Corp.		341,200
9,000	Devon Energy Corp.		402,210
11,000	Noble Energy, Inc.		592,680
18,000	Occidental Petroleum Corp.		1,001,700
			3,756,490
	Oil Refining/Marketing: 1.90%
26,150	Holly Corp.		554,380
37,500	Tesoro Petroleum Corp.		505,125
40,000	Valero Energy Corp.		716,000
			1,775,505
	Total Energy Minerals (Cost $5,798,830)		8,290,675
	FINANCE: 7.85%
	Financial Conglomerates: 0.37%
13,200	JPMorgan Chase & Co.		350,856
	Investment Banks/Brokers: 0.42%
20,000	The NASDAQ OMX Group, Inc. (a)		391,600
	Life/Health Insurance: 1.27%
15,000	MetLife, Inc.		341,550
2,500	National Western Life Insurance Co. - Class A		282,500
45,000	Unum Group		562,500
			1,186,550
	Major Banks: 1.76%
20,000	Bank of America Corp.		136,400
13,000	Bank of New York Mellon Corp.		367,250
30,000	BB&T Corp. (c)		507,600
3,332	PNC Financial Services Group, Inc. (c)		97,594
10,000	SunTrust Banks, Inc.		117,400
30,000	Wells Fargo & Co.		427,200
			1,653,444
	Multi-Line Insurance: 0.08%
10,000	Hartford Financial Services Group, Inc.		78,500
	Property/Casualty Insurance: 2.02%
20,000	Allstate Corp.		383,000
15,000	Endurance Specialty Holdings Ltd. (b)		374,100
37,000	Old Republic International Corp.		400,340
18,000	Travelers Companies, Inc.		731,520
			1,888,960
	Real Estate Investment Trusts: 1.38%
29,000	Annaly Capital Management, Inc.		402,230
65,000	Capstead Mortgage Corp.		698,100
60,000	HRPT Properties Trust		191,400
			1,291,730
	Regional Banks: 0.48%
100,000	Citizens Republic Bancorp, Inc. (a) (c)		155,000
25,000	TCF Financial Corp. (c)		294,000
			449,000
	Savings Banks: 0.07%
29,524	PVF Capital Corp.		68,496
	Total Finance (Cost $10,758,700)		7,359,136
	HEALTH SERVICES: 3.18%
	Hospital/Nursing Management: 0.93%
60,000	Res-Care, Inc. (a)		873,600
	Managed Health Care: 1.93%
26,000	Aetna, Inc.		632,580
21,000	Humana, Inc. (a)		547,680
30,000	UnitedHealth Group, Inc.		627,900
			1,808,160
	Services to the Health Industry: 0.32%
151,100	HealthStream, Inc. (a)		302,200
	Total Health Services (Cost $2,148,777)		2,983,960
	HEALTH TECHNOLOGY: 8.35%
	Medical Specialties: 2.32%
18,000	Baxter International, Inc.		921,960
25,000	Palomar Medical Technologies, Inc. (a)		181,500
55,000	Syneron Medical Ltd. (a) (b)		326,150
15,074	Utah Medical Products, Inc.		346,702
65,000	Vascular Solutions, Inc. (a) (c)		397,800
			2,174,112
	Pharmaceuticals: Generic: 0.57%
40,000	Mylan Laboratories, Inc. (a) (c)		536,400
	Pharmaceuticals: Major: 4.73%
17,500	Abbott Laboratories		834,750
25,000	Bristol-Myers Squibb Co.		548,000
11,000	Eli Lilly & Co.		367,510
6,000	GlaxoSmithKline plc - ADR		186,420
16,000	Johnson & Johnson		841,600
17,000	Merck & Co., Inc.		454,750
25,000	Pfizer, Inc.		340,500
20,000	Wyeth		860,800
			4,434,330
	Pharmaceuticals: Other: 0.73%
18,000	Forest Laboratories, Inc. (a)		395,280
40,000	King Pharmaceuticals, Inc. (a)		282,800
			678,080
	Total Health Technology (Cost $8,784,751)		7,822,922
	INDUSTRIAL SERVICES: 3.79%
	Contract Drilling: 1.30%
33,000	Nabors Industries Ltd. (a) (b)		329,670
19,000	Patterson-UTI Energy, Inc.		170,240
10,000	Rowan Companies, Inc.		119,700
10,500	Transocean Ltd. (a) (b)		617,820
			1,237,430
	Engineering & Construction: 0.59%
31,000	KBR, Inc.		428,110
10,000	Perini Corp. (a)		123,000
			551,110
	Environmental Services: 0.33%
22,000	American Ecology Corp.		306,680
	Oilfield Services/Equipment: 1.55%
20,000	Bristow Group, Inc. (a) (c)		428,600
45,000	Key Energy Services, Inc. (a)		129,600
24,500	Oceaneering International, Inc. (a)		903,315
			1,461,515
	Total Industrial Services (Cost $3,864,383)		3,556,735
	NON-ENERGY MINERALS: 2.74%
	Aluminum: 0.24%
30,000	Alcoa, Inc.		220,200
	Construction Materials: 1.02%
7,500	Ameron International Corp.		394,950
26,400	Ready Mix, Inc. (a)		65,208
62,500	Rock of Ages Corp. (a)		106,875
440,000	Smith-Midland Corp. (a) (d)		385,000
			952,033
	Other Metals/Minerals: 0.71%
15,000	BHP Billiton Ltd. - ADR		669,000
	Precious Metals: 0.65%
10,720	Freeport-McMoRan Copper & Gold, Inc.		408,539
55,000	Stillwater Mining Co. (a) (c)		203,500
			612,039
	Steel: 0.12%
5,333	United States Steel Corp. (c)		112,686
	Total Non-Energy Minerals (Cost $4,143,273)		2,565,958
	PROCESS INDUSTRIES: 3.71%
	Agricultural Commodities/Milling: 1.52%
38,000	Archer-Daniels-Midland Co.		1,055,640
100,000	Darling International, Inc. (a)		371,000
			1,426,640
	Chemicals: Agricultural: 0.45%
10,000	Mosaic Co.		419,800
	Chemicals: Major Diversified: 0.36%
15,000	E.I. Du Pont de Nemours and Co.		334,950
	Chemicals: Specialty: 0.41%
20,000	OM Group, Inc. (a)		386,400
	Industrial Specialties: 0.84%
55,000	Olin Corp.		784,850
	Pulp & Paper: 0.13%
17,000	International Paper Co.		119,680
	Total Process Industries (Cost $3,424,194)		3,472,320
	PRODUCER MANUFACTURING: 3.42%
	Auto Parts: O.E.M.: 0.27%
7,000	Eaton Corp.		258,020
	Electrical Products: 0.36%
56,500	Technology Research Corp.		106,220
355,000	TII Network Technologies, Inc. (a)		227,200
			333,420
	Industrial Conglomerates: 0.21%
20,000	General Electric Co.		202,200
	Miscellaneous Manufacturing: 0.66%
76,200	O.I. Corp.		618,744
	Office Equipment/Supplies: 0.50%
35,000	McRae Industries, Inc. - Class A		468,300
	Trucks/Construction/Farm Machinery: 1.42%
7,700	Joy Global, Inc.		164,010
45,000	Manitowoc Co.		147,150
10,000	Navistar International Corp. (a)		334,600
60,000	Tata Motors Ltd. - ADR (c)		295,800
15,000	Terex Corp. (a) (c)		138,750
27,000	Trinity Industries, Inc.		246,780
			1,327,090
	Total Producer Manufacturing (Cost $5,234,765)		3,207,774
	RETAIL TRADE: 4.51%
	Apparel/Footwear Retail: 1.83%
15,000	Abercrombie & Fitch Co. - Class A (c)		357,000
75,000	American Eagle Outfitters, Inc.		918,000
20,000	AnnTaylor Stores Corp. (a)		104,000
20,000	Nordstrom, Inc.		335,000
			1,714,000
	Department Stores: 0.52%
24,000	J.C. Penney Company, Inc.		481,680
	Discount Stores: 0.37%
10,000	Target Corp.		343,900
	Drugstore Chains: 0.44%
16,000	Walgreen Co.		415,360
	Food Retail: 0.24%
16,000	Supervalu, Inc.		228,480
	Home Improvement Chains: 0.50%
20,000	Home Depot, Inc.		471,200
	Specialty Stores: 0.61%
20,000	Jo-Ann Stores, Inc. - Class B (a)		326,800
24,000	Williams-Sonoma, Inc. (c)		241,920
			568,720
	Total Retail Trade (Cost $4,488,422)		4,223,340
	TECHNOLOGY SERVICES: 5.42%
	Data Processing Services: 0.00%
10	Axion International Holdings, Inc. (a)		9
	Information Technology Services: 1.79%
170,500	American Software, Inc. - Class A		898,535
8,000	International Business Machines Corp.		775,120
			1,673,655
	Internet Software/Services: 1.36%
110,000	Edgewater Technology, Inc. (a)		308,000
77,574	Keynote Systems, Inc. (a) (c)		615,162
55,000	SonicWALL, Inc. (a)		245,300
25,000	United Online, Inc.		111,500
			1,279,962
	Packaged Software: 2.27%
100,000	Compuware Corp. (a)		659,000
30,000	Microsoft Corp.		551,100
75,000	Novell, Inc. (a)		319,500
40,000	Symantec Corp. (a)		597,600
			2,127,200
	Total Technology Services (Cost $5,807,602)		5,080,826
	TRANSPORTATION: 4.93%
	Airlines: 0.49%
22,000	Air France - ADR		194,700
15,000	Alaska Air Group, Inc. (a)		263,550
			458,250
	Marine Shipping: 2.51%
20,000	Dryships, Inc. (b) (c)		101,800
16,000	Frontline Ltd. (b) (c)		278,240
20,000	Nordic American Tanker Shipping Ltd. (b) (c)		586,000
15,000	Overseas Shipholding Group, Inc. (c)		340,050
15,000	Tidewater, Inc.		556,950
35,000	Tsakos Energy Navigation Ltd. (b)		493,150
			2,356,190
	Railroads: 1.62%
20,000	CSX Corp.		517,000
17,500	Norfolk Southern Corp.		590,625
10,000	Union Pacific Corp.		411,100
			1,518,725
	Trucking: 0.31%
15,000	Arkansas Best Corp. (c)		285,300
	Total Transportation (Cost $4,772,070)		4,618,465
	UTILITIES: 0.43%
	Electric Utilities: 0.43%
14,000	Edison International		403,340
	Total Utilities (Cost $394,435)		403,340
	TOTAL COMMON STOCKS (Cost $105,804,301)		90,043,662
	SHORT-TERM INVESTMENTS: 4.06%
	Money Market Funds: 4.06%
3,807,505	AIM STIT-STIC Prime Portfolio (Cost $3,807,505)		3,807,505
	INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL: 5.91%
5,534,018	AIM STIT-STIC Prime Portfolio (Cost $5,534,018)		5,534,018
	Total Investments in Securities  (Cost $115,145,824): 106.04%		99,385,185
	Liabilities in Excess of Other Assets: (6.04%)		(5,658,028	)
	Net Assets: 100.00%	$	93,727,157

ADR - American Depositary Receipt
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
(c) All or a portion of this security is on loan.  Total loaned securities had a market value of $5,499,468 at March 31, 2009.
(d) Affiliated Company; the Fund owns 5% or more of the outstanding voting securities of the issuer.
The activity for investments in common stocks of affiliates is as follows:
	Smith-Midland Corp.
Beginning Shares	440,000
Beginning Cost	$        454,448
Purchase Cost	—
Sales Cost	—
Ending Cost	$        454,448
Ending Shares	440,000
Dividend Income	$                —
Net Realized Gain/(Loss)	$                —

The cost basis of investments for federal income tax purposes at March 31, 2009 was as follows*:
Cost of investments	$	115,152,975
Gross unrealized appreciation	$	16,296,514
Gross unrealized depreciation		(32,064,304	)
Net unrealized depreciation	$	(15,767,790	)
*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
annual report.

FAS 157 – Summary of Fair Value Exposure at March 31, 2009

The Fund has adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”).  SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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 securities as of March 31, 2009:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Investments in Securities	$	99,385,185	$	99,385,185	$	—	$	—
Total	$	99,385,185	$	99,385,185	$	—	$	—

Al Frank Dividend Value Fund
SCHEDULE OF INVESTMENTS at March 31, 2009 (Unaudited)
Shares			Value
	COMMON STOCKS: 96.30%
	COMMUNICATIONS: 2.00%
	Major Telecommunications: 2.00%
6,000	AT&T, Inc.	$	151,200
3,300	Verizon Communications, Inc.		99,660
	Total Communications (Cost $229,187)		250,860
	CONSUMER DURABLES: 4.16%
	Automotive Aftermarket: 0.18%
5,500	Cooper Tire & Rubber Co.		22,220
	Electronics/Appliances: 0.73%
1,500	National Presto Industries, Inc.		91,515
	Homebuilding: 1.28%
4,400	D.R. Horton, Inc.		42,680
1,900	KB Home		25,042
1,950	M.D.C. Holdings, Inc.		60,723
1,900	Ryland Group, Inc.		31,654
			160,099
	Motor Vehicles: 0.93%
2,100	Harley-Davidson, Inc.		28,119
1,400	Toyota Motor Corp. - ADR		88,620
			116,739
	Other Consumer Specialties: 0.31%
1,585	Fortune Brands, Inc.		38,912
	Recreational Products: 0.73%
8,000	Mattel, Inc.		92,240
	Total Consumer Durables (Cost $1,045,947)		521,725
	CONSUMER NON-DURABLES: 6.31%
	Apparel/Footwear: 1.72%
2,400	Nike, Inc. - Class B		112,536
1,800	VF Corp.		102,798
			215,334
	Beverages: Non-Alcoholic: 1.05%
3,000	Coca-Cola Co.		131,850
	Food: Major Diversified: 0.59%
1,159	Kraft Foods, Inc. - Class A		25,834
6,000	Sara Lee Corp.		48,480
			74,314
	Household/Personal Care: 1.58%
2,200	Colgate-Palmolive Co.		129,756
1,460	Procter & Gamble Co.		68,751
			198,507
	Tobacco: 1.37%
7,000	Altria Group, Inc.		112,140
1,675	Philip Morris International Inc.		59,597
			171,737
	Total Consumer Non-Durables (Cost $791,774)		791,742
	CONSUMER SERVICES: 3.49%
	Casinos/Gaming: 0.74%
10,000	International Game Technology		92,200
	Media Conglomerates: 0.72%
5,000	Walt Disney Co.		90,800
	Other Consumer Services: 0.73%
5,000	H & R Block, Inc.		90,950
	Restaurants: 1.30%
3,000	McDonald's Corp.		163,710
	Total Consumer Services (Cost $535,029)		437,660
	DISTRIBUTION SERVICES: 1.34%
	Electronics Distributors: 0.50%
9,000	Wayside Technology Group, Inc.		62,550
	Medical Distributors: 0.84%
3,000	McKesson Corp.		105,120
	Total Distribution Services (Cost $191,342)		167,670
	ELECTRONIC TECHNOLOGY: 15.49%
	Aerospace & Defense: 3.99%
1,925	American Science and Engineering, Inc.		107,415
6,900	Applied Signal Technology, Inc.		139,587
2,300	Boeing Co.		81,834
5,500	Kaman Corp. - Class A		68,970
1,500	Lockheed Martin Corp.		103,545
			501,351
	Computer Components & Software: 0.89%
3,500	Hewlett Packard Co.		112,210
	Computer Peripherals: 0.30%
6,200	Seagate Technology (a)		37,262
	Electronic Components: 0.90%
9,700	AVX Corp.		88,076
4,400	Jabil Circuit, Inc.		24,464
			112,540
	Electronic Equipment/Instruments: 0.79%
11,782	AU Optronics Corp. - ADR		98,851
	Electronic Production Equipment: 2.17%
8,500	Applied Materials, Inc.		91,375
5,000	Cognex Corp.		66,750
7,500	Cohu, Inc.		54,000
3,000	KLA-Tencor Corp.		60,000
			272,125
	Semiconductors: 3.92%
3,200	Analog Devices, Inc.		61,664
5,600	Intel Corp.		84,280
7,100	National Semiconductor Corp.		72,917
10,922	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		97,752
5,200	Texas Instruments, Inc.		85,852
4,700	Xilinx, Inc.		90,052
			492,517
	Telecommunications Equipment: 2.53%
7,000	ADTRAN, Inc.		113,470
6,500	Nokia Corp. - ADR		75,855
3,300	QUALCOMM, Inc.		128,403
			317,728
	Total Electronic Technology (Cost $2,542,472)		1,944,584
	ENERGY MINERALS: 9.12%
	Integrated Oil: 4.71%
2,200	Chevron Corp.		147,928
2,800	ConocoPhillips		109,648
2,400	Exxon Mobil Corp.		163,440
1,200	Hess Corp.		65,040
4,000	Marathon Oil Corp.		105,160
			591,216
	Oil & Gas Production: 3.84%
2,800	Anadarko Petroleum Corp.		108,892
1,400	Apache Corp.		89,726
3,500	Chesapeake Energy Corp.		59,710
2,000	Devon Energy Corp.		89,380
2,500	Noble Energy, Inc.		134,700
			482,408
	Oil Refining/Marketing: 0.57%
4,000	Valero Energy Corp.		71,600
	Total Energy Minerals (Cost $1,015,492)		1,145,224
	FINANCE: 12.23%
	Finance/Rental/Leasing: 0.70%
13,000	Advanta Corp. - Class B		8,580
2,800	Ryder System, Inc.		79,268
			87,848
	Financial Conglomerates: 0.78%
3,700	JPMorgan Chase & Co.		98,346
	Investment Banks/Brokers: 1.33%
1,150	Goldman Sachs Group, Inc.		121,923
2,000	Morgan Stanley		45,540
			167,463
	Life/Health Insurance: 0.65%
6,500	Unum Group		81,250
	Major Banks: 1.86%
7,652	Bank of America Corp.		52,186
3,400	Bank of New York Mellon Corp.		96,050
5,000	BB&T Corp.		84,600
			232,836
	Multi-Line Insurance: 0.11%
1,800	Hartford Financial Services Group, Inc.		14,130
	Property/Casualty Insurance: 4.86%
2,400	Allstate Corp.		45,960
5,850	American Financial Group, Inc.		93,892
3,000	Chubb Corp.		126,960
3,300	Endurance Specialty Holdings Ltd. (a)		82,302
3,300	Travelers Companies, Inc.		134,112
5,625	W.R. Berkley Corp.		126,844
			610,070
	Real Estate Investment Trusts: 1.94%
7,500	Annaly Capital Management, Inc.		104,025
13,000	Capstead Mortgage Corp.		139,620
			243,645
	Total Finance (Cost $2,295,820)		1,535,588
	HEALTH TECHNOLOGY: 8.90%
	Medical Specialties: 1.84%
2,500	Baxter International, Inc.		128,050
3,500	Medtronic, Inc.		103,145
			231,195
	Pharmaceuticals: Major: 7.06%
2,800	Abbott Laboratories		133,560
5,050	Bristol-Myers Squibb Co.		110,696
2,500	Eli Lilly & Co.		83,525
2,300	GlaxoSmithKline plc - ADR		71,461
1,900	Johnson & Johnson		99,940
3,900	Merck & Co., Inc.		104,325
2,500	Novartis AG - ADR		94,575
5,000	Pfizer, Inc.		68,100
2,800	Wyeth		120,512
			886,694
	Total Health Technology (Cost $1,314,179)		1,117,889
	INDUSTRIAL SERVICES: 2.86%
	Contract Drilling: 0.29%
3,050	Rowan Companies, Inc.		36,509
	Engineering & Construction: 0.92%
8,400	KBR, Inc.		116,004
	Environmental Services: 1.28%
6,400	American Ecology Corp.		89,216
2,800	Waste Management, Inc.		71,680
			160,896
	Oilfield Services/Equipment: 0.37%
2,950	Halliburton Co.		45,636
	Total Industrial Services (Cost $513,547)		359,045
	NON-ENERGY MINERALS: 3.42%
	Aluminum: 0.26%
4,500	Alcoa, Inc.		33,030
	Construction Materials: 0.42%
1,000	Ameron International Corp.		52,660
	Other Metals/Minerals: 1.03%
2,900	BHP Billiton Ltd. - ADR		129,340
	Precious Metals: 0.74%
10,000	Yamana Gold, Inc. (a)		92,500
	Steel: 0.97%
3,200	Nucor Corp.		122,144
	Total Non-Energy Minerals (Cost $463,430)		429,674
	PROCESS INDUSTRIES: 2.35%
	Agricultural Commodities/Milling: 1.00%
4,500	Archer-Daniels-Midland Co.		125,010
	Chemicals: Major Diversified: 0.48%
2,700	E.I. Du Pont de Nemours and Co.		60,291
	Industrial Specialties: 0.68%
6,000	Olin Corp.		85,620
	Pulp & Paper: 0.19%
3,500	International Paper Co.		24,640
	Total Process Industries (Cost $460,346)		295,561
	PRODUCER MANUFACTURING: 6.32%
	Auto Parts: O.E.M.: 0.96%
1,800	Eaton Corp.		66,348
4,500	Superior Industries International, Inc.		53,325
			119,673
	Industrial Conglomerates: 1.13%
1,500	3M Co.		74,580
3,000	General Electric Co.		30,330
2,675	Ingersoll-Rand Company Ltd. - Class A (a)		36,915
			141,825
	Metal Fabrication: 0.96%
7,334	Insteel Industries, Inc.		51,045
5,000	Timken Co.		69,800
			120,845
	Trucks/Construction/Farm Machinery: 3.27%
2,600	Caterpillar, Inc.		72,696
3,000	Cummins, Inc.		76,350
2,000	Deere & Co.		65,740
2,500	Joy Global, Inc.		53,250
15,000	Tata Motors Ltd. - ADR		73,950
7,500	Trinity Industries, Inc.		68,550
			410,536
	Total Producer Manufacturing (Cost $1,317,641)		792,879
	RETAIL TRADE: 7.07%
	Apparel/Footwear Retail: 2.36%
2,000	Abercrombie & Fitch Co. - Class A		47,600
9,000	American Eagle Outfitters, Inc.		110,160
5,500	Gap Inc.		71,445
4,000	Nordstrom, Inc.		67,000
			296,205
	Department Stores: 0.41%
2,600	J.C. Penney Company, Inc.		52,182
	Discount Stores: 2.46%
4,100	Family Dollar Stores, Inc.		136,817
1,700	Target Corp.		58,463
2,170	Wal-Mart Stores, Inc.		113,057
			308,337
	Electronics/Appliances Stores: 0.91%
3,000	Best Buy Co., Inc.		113,880
	Home Improvement Chains: 0.66%
3,500	Home Depot, Inc.		82,460
	Specialty Stores: 0.27%
3,400	Williams-Sonoma, Inc.		34,272
	Total Retail Trade (Cost $1,220,555)		887,336
	TECHNOLOGY SERVICES: 3.34%
	Information Technology Services: 1.97%
23,000	American Software, Inc. - Class A		121,210
1,300	International Business Machines Corp.		125,957
			247,167
	Internet Software/Services: 0.64%
18,000	United Online, Inc.		80,280
	Packaged Software: 0.73%
5,000	Microsoft Corp.		91,850
	Total Technology Services (Cost $535,274)		419,297
	TRANSPORTATION: 6.62%
	Air Freight/Couriers: 0.55%
1,400	United Parcel Service, Inc. - Class B		68,908
	Marine Shipping: 3.01%
2,500	Frontline Ltd. (a)		43,475
4,422	General Maritime Corp. (a)		30,954
3,200	Nordic American Tanker Shipping Ltd. (a)		93,760
5,642	Ship Finance International Ltd. (a)		37,011
2,000	Tidewater, Inc.		74,260
7,000	Tsakos Energy Navigation Ltd. (a)		98,630
			378,090
	Railroads: 1.99%
3,200	CSX Corp.		82,720
2,500	Norfolk Southern Corp.		84,375
2,000	Union Pacific Corp.		82,220
			249,315
	Trucking: 1.07%
3,500	Arkansas Best Corp.		66,570
2,800	J.B. Hunt Transport Services, Inc.		67,508
			134,078
	Total Transportation (Cost $1,145,586)		830,391
	UTILITIES: 1.28%
	Electric Utilities: 1.28%
5,000	Duke Energy Corp.		71,600
3,100	Edison International		89,311
	Total Utilities (Cost $197,038)		160,911
	TOTAL COMMON STOCKS (Cost $15,814,659)		12,088,036
	SHORT-TERM INVESTMENTS: 4.80%
	Money Market Funds: 4.80%
602,032	AIM STIT-STIC Prime Portfolio (Cost $602,032)		602,032
	Total Investments in Securities (Cost $16,416,691): 101.10%		12,690,068
	Other Liabilities in Excess of Assets: (1.10)%		(138,430	)
	Net Assets: 100.00%	$	12,551,638

ADR - American Depositary Receipt
(a)  U.S. traded security of a foreign issuer.
The cost basis of investments for federal income tax purposes at March 31, 2009 was as follows*:
Cost of investments	$	16,416,691
Gross unrealized appreciation	$	1,063,206
Gross unrealized depreciation		(4,789,829	)
Net unrealized depreciation	$	(3,726,623	)
*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
annual report.

FAS 157 – Summary of Fair Value Exposure at March 31, 2009

The Fund has adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”).  SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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 securities as of March 31, 2009:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Investments in Securities	$	12,690,068	$	12,690,068	$	—	$	—
Total	$	12,690,068	$	12,690,068	$	—	$	—

Item 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”)) 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 Rule 13a-15(b) or Rule 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 1940 Act) that occurred during the Registrant's last fiscal quarter 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 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    5/20/2009                                                                 

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    5/20/2009                                                                 

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

Cheryl L. King, Treasurer

Date    5/20/2009                                                                 

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