teberg_63010nq.htm

As filed with the Securities and Exchange Commission on August 27, 2010

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, 5th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

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

Date of fiscal year end: March 31, 2011

Date of reporting period: June 30, 2010

Item 1. Schedules of Investments.

The Teberg Fund
Schedule of Investments
at June 30, 2010 (Unaudited)

Shares			Value
		COMMON STOCKS - 1.78%
	5	Berkshire Hathaway, Inc. - Class A*	$	600,000
		TOTAL COMMON STOCKS (Cost $590,955)		600,000


		EQUITY FUNDS - 5.80%
	1,700	American EuroPacific Growth Fund - Class A		57,753
	7,446	BlackRock Energy & Resources Portfolio - Class A*		200,000
	18,950	Brandywine Fund*		382,410
	3,669	FPA Capital Fund		114,803
	3,331	Mairs & Power Growth Fund		205,076
	14,946	MFS Mid Cap Growth Fund - Class A*		105,072
	3,464	The Parnassus Fund		111,992
	10,399	Perkins Small Cap Value Fund - Class A		217,554
	6,614	Prudential Jennison Mid-Cap Growth Fund, Inc. - Class A		147,820
	11,664	Seligman Communications & Information Fund - Class A*		411,623
		TOTAL EQUITY FUNDS (Cost $2,015,434)		1,954,103


		FIXED INCOME FUNDS - 72.87%
	2,001,114	BlackRock High Income Fund - Class I		8,924,969
	658,278	DWS High Income Fund - Institutional Class		3,008,330
	546,255	Eaton Vance Income Fund of Boston - Class I		3,026,252
	243,947	Invesco High Yield Fund - Class A		978,225
	2,444,720	John Hancock High Yield Fund - Class A		8,606,214
		TOTAL FIXED INCOME FUNDS (Cost $25,512,426)		24,543,990


		MONEY MARKET FUNDS - 4.76%
	1,601,885	Fidelity Institutional Money Market Portfolio, Class I, 0.20% +		1,601,885
		TOTAL MONEY MARKET FUNDS (Cost $1,601,885)		1,601,885
		Total Investments (Cost $29,720,700) - 85.21%		28,699,978
		Other Assets in Excess of Liabilities - 14.79%		4,982,628
		NET ASSETS - 100.00%	$	33,682,606

* Non-income producing security.
+ Rate shown is the 7-day yield as of June 30, 2010.

The cost basis of investments for federal income tax purposes at June 30, 2010 was as follows**:

Cost of investments	$	29,766,287

Gross unrealized appreciation	$	123,122
Gross unrealized depreciation		(1,189,431	)
Net unrealized depreciation	$	(1,066,309	)

**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 June 30, 2010 (Unaudited)

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 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s 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.

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 June 30, 2010:

	Level 1		Level 2		Level 3		Total
Equity
Finance and Insurance	$	600,000	$	—	$	—	$	600,000
Total Equity		600,000		—		—		600,000

Open-End Funds		26,498,093		—		—		26,498,093

Short-Term Investments		1,601,885		—		—		1,601,885

Total Investments in Securities	$	28,699,978	$	—	$	—	$	28,699,978

Transfers between levels are recognized at the end of the reporting period. During the period ended June 30, 2010, the Fund recognized no significant transfers to/from Level 1 or Level 2.

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 8/12/2010

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 8/12/2010

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

Cheryl L. King, Treasurer

Date 8/12/2010

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