davidson_33111nq.htm

As filed with the Securities and Exchange Commission on May 26, 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

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: June 30, 2011

Date of reporting period: March 31, 2011

Item 1. Schedules of Investments.

Davidson Multi-Cap Equity Fund
Schedule of Investments
March 31, 2011 (Unaudited)


Shares		COMMON STOCKS - 97.94%	Value
		Activities Related to Credit Intermediation - 1.48%
	25,310	Starwood Property Trust, Inc.	$	564,413
		Aerospace Product and Parts Manufacturing - 1.98%
	8,900	United Technologies Corp.		753,385
		Agencies, Brokerages, and Other Insurance Related Activities - 1.95%
	23,120	Principal Financial Group, Inc.		742,383
		Basic Chemical Manufacturing - 1.53%
	5,740	Praxair, Inc.		583,184
		Beverage Manufacturing - 1.81%
	10,685	PepsiCo, Inc.		688,221
		Communications Equipment Manufacturing - 4.16%
	44,160	Cisco Systems, Inc. (a)		757,344
	15,120	QUALCOMM, Inc.		829,030
				1,586,374
		Computer and Peripheral Equipment Manufacturing - 4.48%
	2,400	Apple, Inc. (a)		836,280
	5,355	International Business Machines Corp.		873,240
				1,709,520
		Computer Systems Design and Related Services - 1.68%
	5,745	Cerner Corp. (a)		638,844
		Couriers and Express Delivery Services - 1.74%
	7,100	FedEx Corp.		664,205
		Data Processing, Hosting, and Related Services - 2.03%
	12,350	Fiserv, Inc. (a)		774,592
		Depository Credit Intermediation - 6.30%
	18,735	JPMorgan Chase & Co.		863,683
	16,435	State Street Corp.		738,589
	25,255	Wells Fargo & Co.		800,584
				2,402,856
		Electric Lighting Equipment Manufacturing - 2.06%
	12,080	Cooper Industries PLC (b)		783,992
		Electric Power Generation, Transmission and Distribution - 1.56%
	17,790	Black Hills Corp.		594,898
		Electronics and Appliance Stores - 1.20%
	15,995	Best Buy Co., Inc.		459,376
		Engine, Turbine, and Power Transmission Equipment Manufacturing - 1.87%
	35,590	General Electric Co.		713,579
		Grain and Oilseed Milling - 1.68%
	17,760	Archer-Daniels-Midland Co.		639,538
		Health and Personal Care Stores - 2.82%
	9,110	Medco Health Solutions, Inc. (a)		511,617
	14,020	Walgreen Co.		562,763
				1,074,380
		Insurance Carriers - 1.95%
	16,085	StanCorp Financial Group, Inc.		741,840
		Jewelry, Luggage, and Leather Goods Stores - 1.29%
	9,140	Blue Nile, Inc. (a)		493,469
		Management of Companies and Enterprises - 1.79%
	25,025	Morgan Stanley		683,683
		Medical and Diagnostic Laboratories - 1.76%
	7,285	Laboratory Corporation of America Holdings (a)		671,167
		Medical Equipment and Supplies Manufacturing - 3.39%
	7,430	3M Co.		694,705
	7,500	Becton, Dickinson & Co.		597,150
				1,291,855
		Motor Vehicle Manufacturing - 1.74%
	44,560	Ford Motor Co. (a)		664,390
		Natural Gas Distribution - 1.73%
	12,360	Sempra Energy		661,260
		Newspaper, Periodical, Book, and Directory Publishers - 1.74%
	16,885	McGraw-Hill Companies, Inc.		665,269
		Office Furniture (including Fixtures) Manufacturing - 2.21%
	30,610	Herman Miller, Inc.		841,469
		Oil and Gas Extraction - 6.07%
	10,080	Baker Hughes, Inc.		740,174
	7,475	Devon Energy Corp.		685,981
	16,675	Marathon Oil Corp.		888,944
				2,315,099
		Other Electrical Equipment and Component Manufacturing - 1.81%
	9,705	Energizer Holdings, Inc. (a)		690,608
		Other Information Services - 1.78%
	1,155	Google, Inc. - Class A (a)		677,073
		Other Investment Pools and Funds - 1.91%
	46,940	Redwood Trust, Inc.		729,917
		Other Telecommunications - 1.55%
	14,195	NII Holdings, Inc. (a)		591,506
		Petroleum and Coal Products Manufacturing - 4.09%
	9,800	Exxon Mobil Corp.		824,474
	25,070	Frontier Oil Corp.		735,052
				1,559,526
		Pharmaceutical and Medicine Manufacturing - 3.06%
	9,860	Amgen, Inc. (a)		527,017
	15,080	Gilead Sciences, Inc. (a)		639,995
				1,167,012
		Residential Building Construction - 1.56%
	50,905	D.R. Horton, Inc.		593,043
		Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing - 2.16%
	14,985	E.I. du pont de Nemours & Co.		823,725
		Scientific Research and Development Services - 1.43%
	19,680	Pharmaceutical Product Development, Inc.		545,333
		Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 3.62%
	10,235	Church & Dwight Co., Inc.		812,045
	5,880	Estee Lauder Companies, Inc. - Class A		566,597
				1,378,642
		Software Publishers - 5.46%
	21,330	Ariba, Inc. (a)		728,206
	13,345	Intuit (a)		708,620
	13,005	MICRO Systems, Inc. (a)		642,837
				2,079,663
		Support Activities for Mining - 2.10%
	18,650	Pride International, Inc. (a)		801,017
		Wired Telecommunications Carriers - 3.41%
	9,700	Time Warner Cable, Inc.		691,998
	15,745	Verizon Communications, Inc.		606,812
				1,298,810

		TOTAL COMMON STOCKS (Cost $29,459,946)		37,339,116


Shares		SHORT-TERM INVESTMENTS - 2.19%	Value
	832,431	Fidelity Institutional Government Portfolio - Class I, 0.01% (c)		832,431
		TOTAL SHORT-TERM INVESTMENTS (Cost $832,431)		832,431

		TOTAL INVESTMENTS IN SECURITIES (Cost $30,292,377) - 100.13%		38,171,547
		Liabilities in Excess of Other Assets - (0.13)%		(47,924	)
		TOTAL NET ASSETS - 100.00%	$	38,123,623


(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
(c) Rate shown is the 7-day yield as of March 31, 2011.

Note 1 – Securities Valuation

The Davidson Multi-Cap Equity Fund’s (the “Fund”) investments in securities are carried at their fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Investments in other mutual funds are valued at their net asset value per share. Short-term securities having a maturity of less than 60 days are valued at their amortized cost, which approximates market value.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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 March 31, 2011:

	Level 1		Level 2		Level 3		Total
Common Stocks
Construction	$	593,043	$	—	$	—	$	593,043
Finance and Insurance		5,181,409		—		—		5,181,409
Healthcare and Social Assistance		671,167		—		—		671,167
Information		6,086,912		—		—		6,086,912
Management of Companies and Enterprises		683,683						683,683
Manufacturing		16,615,194		—		—		16,615,194
Mining		2,375,943		—		—		2,375,943
Professional, Scientific, and Technical Services		1,184,177		—		—		1,184,177
Retail Trade		2,027,225		—		—		2,027,225
Transportation and Warehousing		664,205		—		—		664,205
Utilities		1,256,158		—		—		1,256,158
Total Common Stocks		37,339,116		—		—		37,339,116
Short-Term Investments		832,431		—		—		832,431
Total Investments in Securities	$	38,171,547	$	—	$	—	$	38,171,547

Refer to the Fund’s Schedule of Investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at the end of the reporting period. During the period ended March 31, 2011, the Fund recognized no significant transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the quarter ended March 31, 2011.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:

Cost of investments	$	30,306,659

Gross unrealized appreciation	$	8,602,859
Gross unrealized depreciation		(737,971	)
Net unrealized appreciation	$	7,864,888

* 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.

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 5/25/11

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 Date 5/25/11

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

Cheryl L. King, Treasurer

Date Date 5/25/11

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