phocas_93009nq.htm

As filed with the Securities and Exchange Commission on November 27, 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: September 30, 2009

Item 1. Schedules of Investments.

Phocas Real Estate Fund
Schedule of Investments
September 30, 2009 (Unaudited)



Shares		COMMON STOCKS - 98.17%	Value
		Apartments - 7.02%
	3,440	American Campus Communities, Inc.	$	92,364
	597	AvalonBay Communities, Inc.		43,420
	1,026	Equity Residential		31,498
	694	Mid-America Apartment Communities, Inc.		31,320
				198,602
		Diversifed - 5.35%
	5,364	Lexington Realty Trust		27,356
	1,925	Vornado Realty Trust		123,989
				151,345
		Health Care - 6.80%
	1,657	Nationwide Health Properties, Inc.		51,350
	3,661	Ventas, Inc.		140,949
				192,299
		Hotels - 3.63%
	8,718	Host Hotels & Resorts, Inc.		102,611
		Manufactured Homes - 1.35%
	889	Equity Lifestyle Properties, Inc.		38,040
		Office Property - 21.97%
	3,926	Alexandria Real Estate Equities, Inc.		213,378
	3,001	Boston Properties, Inc.		196,716
	5,191	Brandywine Realty Trust		57,309
	3,506	SL Green Realty Corp.		153,738
				621,141
		Regional Malls - 16.39%
	4,639	Macerich Co.		140,701
	4,649	Simon Property Group, Inc.		322,780
				463,481
		Shopping Centers - 15.55%
	8,171	Acadia Realty Trust		123,137
	1,760	Federal Realty Investment Trust		108,011
	9,936	Kimco Realty Corp.		129,565
	2,133	Regency Centers Corp.		79,028
				439,741
		Specialty - 8.27%
	3,812	Digital Realty Trust, Inc.		174,247
	4,481	Dupont Fabros Technology, Inc.		59,732
				233,979
		Warehouse/Industrial - 11.84%
	5,054	AMB Property Corp.		115,989
	1,433	EastGroup Properties, Inc.		54,769
	13,753	ProLogis		163,936
				334,694

		TOTAL COMMON STOCKS (Cost $2,550,240)		2,775,933


Shares		SHORT-TERM INVESTMENTS - 2.20%	Value
	62,296	AIM STIT-STIC Prime Portfolio - Institutional Class, 0.20% (a)		62,296
		TOTAL SHORT-TERM INVESTMENTS (Cost $62,296)		62,296

		TOTAL INVESTMENTS IN SECURITIES (Cost $2,612,536) - 100.37%		2,838,229
		Liabilities in Excess of Other Assets - (0.37)%		(10,385	)
		NET ASSETS - 100.00%	$	2,827,844

(a) Rate shown is the 7-day yield as of September 30, 2009.

The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows*:

Cost of investments	$	2,621,375

Gross unrealized appreciation	$	509,778
Gross unrealized depreciation		(292,924	)
Net unrealized appreciation	$	216,854

* 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 or semi-annual report.

FAS 157 – Summary of Fair Value Exposure at September 30, 2009

The Fund has adopted authoritative fair value 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 - 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 Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily 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 September 30, 2009:

Real Estate Fund	Level 1		Level 2		Level 3		Total
Equity (REITS)
Apartments	$	198,602	$	—	$	—	$	198,602
Diversified		151,345		—		—		151,345
Health Care		192,299		—		—		192,299
Hotels		102,611		—		—		102,611
Manufactured Homes		38,040		—		—		38,040
Office Property		621,141		—		—		621,141
Regional Malls		463,481		—		—		463,481
Shopping Centers		439,741		—		—		439,741
Specialty		233,979		—		—		233,979
Warehouse/Industrial		334,694		—		—		334,694
Total Equity (REITS)		2,775,933		—		—		2,775,933

Short-Term Investments		62,296		—		—		62,296

Total Investments in Securities	$	2,838,229	$	—	$	—	$	2,838,229

Phocas Small Cap Value Fund
Schedule of Investments
September 30, 2009 (Unaudited)



Shares		COMMON STOCKS - 98.16%	Value
		Aerospace & Defense - 3.61%
	4,355	AAR Corp. (a)	$	95,549
	4,891	Esterline Technologies Corp. (a)		191,776
	16,649	Herley Industries, Inc. (a)		217,269
	3,702	Triumph Group, Inc.		177,659
				682,253
		Air Freight & Logistics - 0.54%
	3,170	Atlas Air Worldwide Holdings, Inc. (a)		101,345
		Capital Markets - 2.95%
	5,141	Affiliated Managers Group, Inc. (a)		334,216
	14,922	National Financial Partners Corp.		130,120
	8,514	Safeguard Scientifics, Inc. (a)		93,399
				557,735
		Chemicals - 3.37%
	6,037	Ashland, Inc.		260,919
	7,500	Innospec, Inc.		110,625
	2,528	OM Group, Inc. (a)		76,826
	6,809	Sensient Technologies Corp.		189,086
				637,456
		Commercial Banks - 10.10%
	17,672	Banco Latinoamericano de Exportaciones S.A. (b)		251,296
	14,983	First Commonwealth Financial Corp.		85,103
	19,989	First Horizon National Corp. (a)		264,453
	15,882	FNB United Corp.		42,246
	5,017	IBERIABANK Corp.		228,575
	24,915	National Penn Bancshares, Inc.		152,231
	6,818	Republic Bancorp Inc. - Class A		136,087
	4,537	Sandy Spring Bancorp, Inc.		73,862
	5,828	SVB Financial Group (a)		252,178
	11,060	TCF Financial Corp.		144,222
	16,048	Washington Banking Co.		148,605
	9,143	Whitney Holding Corp.		87,224
	1,649	Wintrust Financial Corp.		46,106
				1,912,188
		Commercial Services & Supplies - 8.28%
	5,380	The Brink's Co.		144,776
	9,069	Corrections Corp. of America (a)		205,413
	8,287	Huron Consulting Group, Inc. (a)		214,053
	13,678	Monster Worldwide, Inc. (a)		239,091
	3,873	School Specialty, Inc. (a)		91,867
	9,133	Steiner Leisure Ltd. (a)(b)		326,596
	5,396	United Stationers, Inc. (a)		256,904
	2,041	Watson Wyatt Worldwide, Inc - Class A		88,906
				1,567,606
		Communications Equipment - 1.71%
	17,567	Arris Group, Inc. (a)		228,547
	13,781	Tellabs, Inc. (a)		95,364
				323,911
		Computers & Peripherals - 0.86%
	6,477	Synaptics, Inc. (a)		163,220
		Construction & Engineering - 1.09%
	4,741	URS Corp. (a)		206,945
		Electric Utilities - 1.85%
	7,508	Great Plains Energy, Inc.		134,769
	5,771	Portland General Electric Co.		113,804
	4,560	Unitil Corp.		102,372
				350,945
		Electrical Equipment - 0.80%
	3,934	Powell Industries, Inc. (a)		151,026
		Electromedical & Electrotherapeutic Apparatus - 0.67%
	11,182	Syneron Medical Ltd. (a)(b)		127,587
		Electronic Equipment & Instruments - 2.43%
	3,994	ScanSource, Inc. (a)		113,110
	7,696	SYNNEX Corp. (a)		234,574
	3,715	Watts Water Technologies, Inc. - Class A		112,379
				460,063
		Food & Staples Retailing - 0.43%
	2,953	Nash Finch Co.		80,735
		Food Products - 1.38%
	12,170	Darling International, Inc. (a)		89,449
	4,825	Treehouse Foods, Inc. (a)		172,108
				261,557
		Gas Utilities - 1.66%
	6,580	Atmos Energy Corp.		185,424
	4,015	Laclede Group, Inc.		129,123
				314,547
		Health Care Equipment & Supplies - 1.25%
	8,076	Orthofix International N.V. (a)(b)		237,354
		Health Care Providers & Services - 1.45%
	16,010	eResearchTechnology, Inc. (a)		112,070
	13,259	Healthspring, Inc. (a)		162,423
				274,493
		Household Durables - 0.46%
	1,898	Black & Decker Corp.		87,858
		Industrial Conglomerates - 0.42%
	5,413	Tredegar Corp.		78,489
		Insurance - 5.85%
	6,017	American Physicians Capital, Inc.		173,350
	35,015	Conseco, Inc. (a)		184,179
	7,589	Fidelity National Title Group, Inc. - Class A		114,442
	4,779	Infinity Property & Casualty Corp.		203,012
	4,317	Max Capital Group Ltd. (b)		92,254
	6,117	Safety Insurance Group, Inc.		201,372
	5,338	Validus Holdings Ltd. (b)		137,720
				1,106,329
		Internet & Catalog Retail - 1.17%
	4,899	Expedia, Inc. (a)		117,331
	8,654	Systemax, Inc. (a)		104,973
				222,304
		Internet Software & Services - 2.68%
	4,962	Avocent Corp. (a)		100,580
	35,599	Internet Capital Group, Inc. - Class A (a)		297,608
	8,212	ValueClick, Inc. (a)		108,316
				506,504
		IT Services - 1.06%
	6,638	ICF International, Inc. (a)		201,264
		Leisure Equipment & Products - 0.67%
	8,897	JAKKS Pacific, Inc. (a)		127,405
		Machinery - 1.74%
	14,878	Colfax Corp. (a)		158,153
	7,326	Timken Co.		171,648
				329,801
		Media - 1.36%
	9,196	Corus Entertainment, Inc. - Class B (b)		156,240
	13,335	Interpublic Group of Companies, Inc. (a)		100,279
				256,519
		Metals & Mining - 2.61%
	6,664	Brush Engineered Materials, Inc. (a)		163,001
	12,116	Coeur d'Alene Mines Corp. (a)		248,378
	1,547	Schnitzer Steel Industries, Inc. - Class A		82,378
				493,757
		Multi-line Retail - 0.58%
	9,686	Conn's, Inc. (a)		109,355
		Oil & Gas - 1.15%
	3,765	Whiting Petroleum Corp. (a)		216,789
		Oil & Gas Exploration & Production - 1.40%
	11,171	Swift Energy Co. (a)		264,529
		Oil, Gas & Consumable Fuels - 3.35%
	12,872	Mariner Energy, Inc. (a)		182,525
	6,765	Pioneer Natural Resources Co.		245,502
	14,003	Rosetta Resources, Inc. (a)		205,704
				633,731
		Paper & Forest Products - 1.03%
	29,210	Louisiana-Pacific Corp. (a)		194,831
		Personal Products - 1.52%
	7,250	NBTY, Inc. (a)		286,955
		Pharmaceutical Preparations - 0.73%
	14,335	ViroPharma, Inc. (a)		137,903
		Pharmaceuticals - 0.95%
	8,380	Par Pharmaceutical Companies, Inc. (a)		180,254
		Professional, Scientific, and Technical Services - 1.24%
	29,017	ModusLink Global Solutions, Inc. (a)		234,748
		Real Estate Investment Trusts - 9.31%
	6,280	Alexandria Real Estate Equities, Inc.		341,318
	25,100	Brandywine Realty Trust		277,104
	6,163	Digital Realty Trust, Inc.		281,711
	6,408	Kilroy Realty Corp.		177,758
	18,495	Lexington Realty Trust		94,324
	10,356	Macerich Co.		314,097
	11,974	Medical Properties Trust, Inc.		93,517
	15,331	ProLogis		182,746
				1,762,575
		Road & Rail - 0.68%
	4,829	Kansas City Southern (a)		127,920
		Semiconductor & Semiconductor Equipment - 2.44%
	25,291	Fairchild Semiconductor International, Inc. - Class A (a)		258,727
	12,861	Microsemi Corp. (a)		203,075
				461,802
		Software - 3.58%
	13,974	Compuware Corp. (a)		102,429
	19,725	i2 Technologies, Inc. (a)		316,389
	11,773	JDA Software Group, Inc. (a)		258,300
				677,118
		Textiles, Apparel & Luxury Goods - 2.73%
	16,991	Perry Ellis International, Inc. (a)		272,536
	9,817	Wolverine World Wide, Inc.		243,854
				516,390
		Thrifts & Mortgage Finance - 1.72%
	13,579	First Niagara Financial Group, Inc.		167,429
	5,911	WSFS Financial Corp.		157,469
				324,898
		Water Utilities - 0.82%
	7,812	American Water Works Co., Inc.		155,771
		Wireless Telecommunication Services - 2.48%
	8,383	NII Holdings, Inc. (a)		251,322
	12,484	Syniverse Holdings, Inc. (a)		218,470
				469,792

		TOTAL COMMON STOCKS (Cost $17,735,103)		18,576,557

		CLOSED-END INVESTMENT COMPANIES - 0.59%
	10,160	Ares Capital Corp.		111,963
		TOTAL CLOSED-END INVESTMENT COMPANIES (Cost $82,588)		111,963

		SHORT-TERM INVESTMENTS - 1.07%
	203,214	AIM STIT-STIC Prime Portfolio - Institutional Class, 0.20% (c)		203,214
		TOTAL SHORT-TERM INVESTMENTS (Cost $203,214)		203,214

		TOTAL INVESTMENTS IN SECURITIES (Cost $18,020,905) - 99.82%		18,891,734
		Other Assets in Excess of Liabilities - 0.18%		33,209
		NET ASSETS - 100.00%	$	18,924,943

(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
(c) Rate shown is the 7-day yield as of September 30, 2009.

The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows*:

Cost of investments	$	18,212,404

Gross unrealized appreciation	$	3,184,620
Gross unrealized depreciation		(2,505,290	)
Net unrealized appreciation	$	679,330

* 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 or semi-annual report.

FAS 157 – Summary of Fair Value Exposure at September 30, 2009

·	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 Funds’ own assumptions in determining the fair value of investments).

Small Cap Value Fund	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	1,319,831	$	—	$	—	$	1,319,831
Consumer Staples		629,247		—		—		629,247
Energy		1,115,049		—		—		1,115,049
Financials		5,663,725		—		—		5,663,725
Health Care		957,591		—		—		957,591
Industrials		3,245,385		—		—		3,245,385
Information Technology		3,028,630		—		—		3,028,630
Materials		1,326,044		—		—		1,326,044
Telecommunication Services		469,792		—		—		469,792
Utilities		821,263		—		—		821,263
Closed-End Investment Companies		111,963		—		—		111,963
Total Equity		18,688,520		—		—		18,688,520

Short-Term Investments		203,214		—		—		203,214

Total Investments in Securities	$	18,891,734	$	—	$	—	$	18,891,734

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”)) (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 11/23/2009

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 11/23/2009

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

Cheryl L. King, Treasurer

Date 11/23/2009

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

Date: 11/23/2009	/s/ Douglas G. Hess
	Douglas G. Hess, President