chase-grmc_123110nq.htm

As filed with the Securities and Exchange Commission on March 1, 2011

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

777 East Wisconsin Avenue, 5th Floor

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: September 30, 2011

Date of reporting period: December 31, 2010

Item 1. Schedules of Investments.

Chase Growth Fund
Schedule of Investments
at December 31, 2010 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.2%
		Auto/Auto Parts - 1.6%
	94,590	O'Reilly Automotive, Inc.*	$	5,715,128
		Beverage - 4.6%
	141,800	Coca-Cola Co.		9,326,186
	229,250	Companhia de Bebidas das Americas - ADR		7,113,628
				16,439,814
		Broadcast Media - 1.8%
	164,550	DIRECTV - Class A*		6,570,482
		Chemicals - Specialty - 1.9%
	71,800	Praxair, Inc.		6,854,746
		Computer Hardware - 7.6%
	62,270	Apple Inc.*		20,085,811
	49,630	International Business Machines Corp.		7,283,699
				27,369,510
		Computer - Semiconductors - 2.8%
	279,290	Altera Corp.		9,937,138
		Computer - Storage - 7.6%
	622,180	EMC Corp.*		14,247,922
	235,540	NetApp, Inc.*		12,945,278
				27,193,200
		Computer Software - Desktop/Small Business - 2.5%
	182,880	Intuit Inc.*		9,015,984
		Computer Software - Enterprise - 3.8%
	437,300	Oracle Corp.		13,687,490
		Containers - 1.0%
	53,700	Ball Corp.		3,654,285
		Drugs - Generic - 1.7%
	118,700	Watson Pharmaceuticals, Inc.*		6,130,855
		Drugs - Proprietary - 3.2%
	55,080	Novo Nordisk A/S - ADR		6,200,356
	74,430	Shire PLC - ADR		5,387,243
				11,587,599
		Electrical Instruments - 0.9%
	43,480	Waters Corp.*		3,378,831
		Electronics - 1.0%
	69,450	Amphenol Corp. - Class A		3,665,571
		Energy/Integrated - 2.6%
	101,740	Chevron Corp.		9,283,775
		Energy/Oil Service - 3.6%
	84,800	Cameron International Corp.*		4,301,904
	118,600	Halliburton Co.		4,842,438
	44,100	Schlumberger Ltd.		3,682,350
				12,826,692
		Finance/Banks - 1.9%
	328,020	Banco Bradesco S.A. - ADR		6,655,526
		Footwear - 2.7%
	111,160	NIKE, Inc. - Class B		9,495,287
		Health Care Distribution - 2.2%
	230,250	AmerisourceBergen Corp.		7,856,130
		Industrial Distributors - 2.5%
	65,170	W.W. Grainger, Inc.		9,000,629
		Machinery - 7.6%
	37,750	Cummins Inc.		4,152,877
	166,630	Danaher Corp.		7,859,937
	185,390	Deere & Co.		15,396,640
				27,409,454
		Metals - 3.9%
	79,760	BHP Billiton Ltd. - ADR		7,411,299
	56,000	Freeport-McMoRan Copper & Gold Inc.		6,725,040
				14,136,339
		Metals - Precious - 3.4%
	79,530	Barrick Gold Corp.+		4,229,405
	131,500	Newmont Mining Corp.		8,078,045
				12,307,450
		Railroad - 4.2%
	164,440	Union Pacific Corp.		15,237,010
		Restaurants - 8.7%
	143,270	McDonald's Corp.		10,997,405
	332,650	Starbucks Corp.		10,688,044
	196,910	Yum! Brands, Inc.		9,658,435
				31,343,884
		Retail - Discount - 4.0%
	153,600	Dollar Tree, Inc.*		8,613,888
	91,900	Ross Stores, Inc.		5,812,675
				14,426,563
		Service Companies - 3.7%
	179,010	Cognizant Technology Solutions - Class A*		13,119,643
		Telecommunication Equipment - 2.2%
	152,890	American Tower Corp. - Class A*		7,895,240
		Tobacco - 3.0%
	181,760	Philip Morris International Inc.		10,638,413


		TOTAL COMMON STOCKS (Cost $272,869,688)		352,832,668

		SHORT-TERM INVESTMENTS - 1.3%
	4,570,838	AIM STIT Treasury Portfolio - Institutional Class, 0.04%#		4,570,838
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,570,838)		4,570,838
		Total Investments in Securities (Cost $277,440,526) - 99.5%		357,403,506
		Other Assets in Excess of Liabilities - 0.5%		1,741,869
		NET ASSETS - 100.0%	$	359,145,375

ADR - American Depositary Receipt
* Non-income producing security.
+ U.S. traded security of a foreign issuer.
# Rate shown is the 7-day yield as of December 31, 2010.

The cost basis of investments for federal tax purposes at December 31, 2010 was as follows**:

Cost of investments	$276,803,655
Gross unrealized appreciation	$80,679,011
Gross unrealized depreciation	(79,160	)
Net unrealized appreciation	$80,599,851

**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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at December 31, 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 December 31, 2010:

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	67,551,344	$	-	$	-	$	67,551,344
Consumer Staples		27,078,226		-		-		27,078,226
Energy		22,110,467		-		-		22,110,467
Financials		6,655,526		-		-		6,655,526
Health Care		28,953,415		-		-		28,953,415
Industrials		51,647,093		-		-		51,647,093
Information Technology		103,988,536		-		-		103,988,536
Materials		36,952,821		-		-		36,952,821
Telecommunication Services		7,895,240		-		-		7,895,240
Total Equity		352,832,668		-		-		352,832,668
Short-Term Investments		4,570,838		-		-		4,570,838
Total Investments in Securities	$	357,403,506	$	-	$	-	$	357,403,506

Transfers between levels are recognized at the end of the reporting period. During the period ended December 31, 2010, the Fund recognized no significant transfers to/from Level 1 or Level 2.

Chase Mid-Cap Growth Fund
Schedule of Investments
at December 31, 2010 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.4%
		Auto/Auto Parts - 4.1%
	9,500	LKQ Corp.*	$	215,840
	3,900	O'Reilly Automotive Inc.*		235,638
				451,478
		Chemicals - 5.0%
	5,900	Albemarle Corp.		329,102
	2,800	FMC Corp.		223,692
				552,794
		Chemicals - Specialty - 3.8%
	2,000	Lubrizol Corp.		213,760
	1,670	NewMarket Corp.		206,028
				419,788
		Computer - Networking - 2.5%
	7,600	ADTRAN, Inc.		275,196
		Computer - Semiconductors - 2.5%
	7,900	Altera Corp.		281,082
		Computer - Storage - 6.4%
	6,000	Informatica Corp.*		264,180
	4,200	NetApp, Inc.*		230,832
	5,200	Teradata Corp.*		214,032
				709,044
		Computer Software - Enterprise - 7.7%
	10,800	CommVault Systems, Inc.*		309,096
	6,300	Solera Holdings, Inc.		323,316
	10,900	TIBCO Software Inc.*		214,839
				847,251
		Drugs - Generic - 3.9%
	3,500	Perrigo Co.		221,655
	4,100	Watson Pharmaceucticals, Inc.*		211,765
				433,420
		Electrical Equipment - 4.7%
	6,150	AMETEK, Inc.		241,388
	4,700	Cooper Industries PLC		273,963
				515,351
		Electrical Instruments - 4.3%
	18,500	Bruker Corp.*		307,100
	2,100	Waters Corp.*		163,191
				470,291
		Electronics - 2.5%
	5,300	Amphenol Corp. - Class A		279,734
		Energy/Oil & Gas Exploration & Production - 1.3%
	1,700	Concho Resources Inc.*		149,039
		Energy/Oil Service - 2.2%
	2,300	CARBO Ceramics Inc.		238,142
		Finance/Information Systems - 2.2%
	5,400	Wright Express Corp.*		248,400
		Food - 2.4%
	5,800	McCormick & Co., Inc.		269,874
		Footwear - 4.0%
	2,810	Deckers Outdoor Corp.*		224,069
	11,500	Iconix Brand Group, Inc.*		222,065
				446,134
		Industrial Distributors - 2.9%
	2,300	W.W. Grainger, Inc.		317,653
		Luxury Goods - 1.9%
	3,010	Fossil, Inc.*		212,145
		Media & Advertising - 1.9%
	4,000	Scripps Networks Interactive, Inc. - Class A		207,000
		Personal Care - 4.0%
	9,200	Nu Skin Enterprises, Inc. - Class A		278,392
	4,800	Ulta Salon, Cosmetics & Fragrance, Inc.*		163,200
				441,592
		Railroad - 2.8%
	5,800	Genesee & Wyoming Inc.*		307,110
		Restaurants - 2.2%
	2,400	Panera Bread Co. - Class A*		242,904
		Retail - Discount - 5.2%
	6,310	Dollar Tree, Inc.*		353,865
	3,570	Ross Stores, Inc.		225,802
				579,667
		Retail - Specialty - 6.3%
	4,300	Dick's Sporting Goods, Inc.*		161,250
	5,600	PetSmart, Inc.		222,992
	6,500	Tractor Supply Co.		315,185
				699,427
		Semiconductors - 3.0%
	11,500	Skyworks Solutions, Inc.*		329,245
		Service Companies - 1.2%
	6,700	iGATE Corp.		132,057
		Telecommunication Services - 5.2%
	9,400	MasTec Inc.*		137,146
	18,400	MetroPCS Communications, Inc.*		232,392
	7,800	NeuStar, Inc. - Class A*		203,190
				572,728
		Waste Disposal - 2.3%
	9,400	Waste Connections, Inc.		258,782
		TOTAL COMMON STOCKS (Cost $8,295,929)		10,887,328

		SHORT-TERM INVESTMENTS - 1.9%
	207,866	AIM STIT Treasury Portfolio - Institutional Class, 0.04%#		207,866
		TOTAL SHORT-TERM INVESTMENTS (Cost $207,866)		207,866
		Total Investments in Securities (Cost $8,503,795) - 100.3%		11,095,194
		Liabilities in Excess of Other Assets - (0.3%)		(35,814	)
		NET ASSETS - 100.0%	$	11,059,380

* Non-income producing security.
# Rate shown is the 7-day yield as of December 31, 2010.


The cost basis of investments for federal tax purposes at December 31, 2010 was as follows**:

Cost of investments	$8,503,795
Gross unrealized appreciation	$2,604,216
Gross unrealized depreciation	(12,817	)
Net unrealized appreciation	$2,591,399

**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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at December 31, 2010 (Unaudited)

·	Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

·	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.

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	3,001,956	$	-	$	-	$	3,001,956
Consumer Staples		548,266		-		-		548,266
Energy		387,181		-		-		387,181
Health Care		903,711		-		-		903,711
Industrials		1,536,041		-		-		1,536,041
Information Technology		3,305,199		-		-		3,305,199
Materials		972,582		-		-		972,582
Telecommunication Services		232,392		-		-		232,392
Total Equity		10,887,328		-		-		10,887,328
Short-Term Investments		207,866		-		-		207,866
Total Investments in Securities	$	11,095,194	$	-	$	-	$	11,095,194

Transfers between levels are recognized at the end of the reporting period. During the period ended December 31, 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 2/21/2011

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 2/21/2011

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

Cheryl L. King, Treasurer

Date 2/21/2011

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