teberg_63011nq.htm

As filed with the Securities and Exchange Commission on August 29, 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, 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, Wisconsin 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, 2012

Date of reporting period: June 30, 2011

Item 1. Schedules of Investments.

The Teberg Fund
Schedule of Investments
at June 30, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS - 1.95%
	6	Berkshire Hathaway, Inc. - Class A*	$	696,630
		TOTAL COMMON STOCKS (Cost $714,296)		696,630


		EQUITY FUNDS - 9.81%
	1,724	American EuroPacific Growth Fund - Class A		74,519
	7,517	BlackRock Energy & Resources Portfolio - Class A		300,301
	18,950	Brandywine Fund*		540,073
	25,835	Columbia Seligman Communications and Information Fund - Class A*		1,193,836
	3,669	FPA Capital Fund, Inc.*		167,709
	14,946	MFS Mid Cap Growth Fund - Class A*		144,231
	3,477	The Parnassus Fund		141,361
	10,710	Perkins Small Cap Value Fund - Class A		266,579
	6,614	Prudential Jennison Mid-Cap Growth Fund, Inc. - Class A*		197,953
	24,897	Royce Low-Priced Stock Fund - Investment Class		471,305
		TOTAL EQUITY FUNDS (Cost $2,803,306)		3,497,867


		EXCHANGE-TRADED FUNDS - 8.61%
	16,245	Ultra Dow30 ProShares		1,024,572
	11,595	Ultra QQQ ProShares*		1,025,346
	19,278	Ultra S&P500 ProShares		1,019,613
		TOTAL EXCHANGE-TRADED FUNDS (Cost $3,002,209)		3,069,531


		MONEY MARKET FUNDS - 80.32%
	28,645,645	Invesco STIT - Liquid Assets Portfolio, Class I, 0.06%+		28,645,645
		TOTAL MONEY MARKET FUNDS (Cost $28,645,645)		28,645,645
		Total Investments (Cost $35,165,456) - 100.69%		35,909,673
		Liabilities in Excess of Other Assets - ( 0.69)%		(246,334	)
		NET ASSETS - 100.00%	$	35,663,339

* Non-income producing security.
+ Rate shown is the 7-day yield as of June 30, 2011.

The Teberg Fund

Notes to Schedule of Investments

June 30, 2011 (Unaudited)

Note 1 – Securities Valuation

The Teberg 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. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds are valued at their net asset value per share (“NAV”). Most underlying fund securities are valued primarily on the basis of current market quotations or on the basis of information furnished by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Short-term securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

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. When the Fund is unable to receive an NAV from an underlying fund, shares of the underlying fund will be valued at its fair market value as determined in good faith by the Advisor and the Trust’s Valuation Committee. Fair valuation may also be used for securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid. 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 June 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	696,630	$	—	$	—	$	696,630
Total Common Stocks		696,630		—		—		696,630
Equity Funds		3,497,867		—		—		3,497,867
Exchange-Traded Funds		3,069,531		—		—		3,069,531
Money Market Funds		28,645,645		—		—		28,645,645
Total Investments	$	35,909,673	$	—	$	—	$	35,909,673

Refer to the Fund’s Schedule of Investments for a detailed break-out of securities. Transfers between levels are recognized at June 30, 2011, the end of the reporting period. 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 June 30, 2011.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at June 30, 2011 was as follows*:

Cost of investments	$	35,165,456

Gross unrealized appreciation	$	788,371
Gross unrealized depreciation		(44,154	)
Net unrealized appreciation	$	744,217

*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.

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 8/16/2011

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 8/16/2011

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

Cheryl L. King, Treasurer

Date 8/16/2011

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