pho-reit_93010nq.htm

As filed with the Securities and Exchange Commission on November 24, 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, WI 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

615 East Michigan Street

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, 2010

Date of reporting period: September 30, 2010

Item 1. Schedules of Investments.

Phocas Real Estate Fund
Schedule of Investments
September 30, 2010 (Unaudited)


Shares		COMMON STOCKS - 97.84%	Value
		Apartments - 11.97%
	1,843	AvalonBay Communities, Inc.	$	191,543
	5,165	Equity Residential		245,699
	710	Mid-America Apartment Communities, Inc.		41,379
				478,621
		Diversified - 7.87%
	4,603	Colonial Properties Trust		74,523
	1,680	Entertainment Properties Trust		72,543
	1,961	Vornado Realty Trust		167,724
				314,790
		Health Care - 7.85%
	19,328	Cogdell Spencer, Inc.		122,153
	3,715	Ventas, Inc.		191,582
				313,735
		Hotels - 5.28%
	7,015	LaSalle Hotel Properties		164,081
	11,111	Strategic Hotels & Resorts, Inc. (a)		47,111
				211,192
		Office Property - 22.03%
	5,254	Alexandria Real Estate Equities, Inc.		367,780
	3,058	Boston Properties, Inc.		254,181
	2,012	Kilroy Reallty Corp.		66,678
	3,032	SL Green Realty Corp.		192,016
				880,655
		Regional Malls - 14.75%
	5,593	Glimcher Realty Trust		34,397
	2,661	Macerich Co.		114,290
	4,755	Simon Property Group, Inc.		440,979
				589,666
		Shopping Centers - 7.74%
	4,424	Acadia Realty Trust		84,056
	1,819	Federal Realty Investment Trust		148,539
	4,873	Kimco Realty Corp.		76,750
				309,345
		Specialty - 9.63%
	1,299	Digital Realty Trust, Inc.		80,148
	12,128	DuPont Fabros Technology, Inc.		305,019
				385,167
		Storage - 3.86%
	1,592	Public Storage, Inc.		154,488
		Warehouse/Industrial - 6.86%
	2,297	AMB Property Corp.		60,801
	4,819	First Potomac Realty Trust		72,285
	11,973	ProLogis		141,042
				274,128

		TOTAL COMMON STOCKS (Cost $3,077,557)		3,911,787


Shares		SHORT-TERM INVESTMENTS - 2.29%	Value
	91,755	AIM STIT-STIC Prime Portfolio - Institutional Class, 0.15% (b)		91,755
		TOTAL SHORT-TERM INVESTMENTS (Cost $91,755)		91,755

		TOTAL INVESTMENTS IN SECURITIES (Cost $3,169,312) - 100.13%		4,003,542
		Liabilities in Excess of Other Assets - (0.13)%		(5,183	)
		NET ASSETS - 100.00%	$	3,998,359

(a) Non-income producing security.
(b) Rate shown is the 7-day yield as of September 30, 2010.

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

Cost of investments	$ 3,274,795

Gross unrealized appreciation	$ 880,242
Gross unrealized depreciation	(151,495	)
Net unrealized appreciation	$ 728,747

* 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, 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 majority 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 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, 2010:

	Level 1		Level 2		Level 3		Total
Equity (REITS)
Apartments	$	478,621	$	—	$	—	$	478,621
Diversified		314,790		—		—		314,790
Health Care		313,735		—		—		313,735
Hotels		211,192		—		—		211,192
Office Property		880,655		—		—		880,655
Regional Malls		589,666		—		—		589,666
Shopping Centers		309,345		—		—		309,345
Specialty		385,167		—		—		385,167
Storage		154,488		—		—		154,488
Warehouse/Industrial		274,128		—		—		274,128
Total Equity (REITS)		3,911,787		—		—		3,911,787

Short-Term Investments		91,755		—		—		91,755

Total Investments in Securities	$	4,003,542	$	—	$	—	$	4,003,542

Transfers between levels are recognized at the end of the reporting period. During the period ended September 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 11/19/2010

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 11/19/2010

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

Cheryl L. King, Treasurer

Date 11/19/2010

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