sim_073111nq.htm

As filed with the Securities and Exchange Commission on September 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, 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: April 30, 2012

Date of reporting period: July 31, 2011

Item 1. Schedules of Investments.

SiM Dynamic Allocation Diversified Income Fund
Schedule of Investments
July 31, 2011 (Unaudited)

Shares			Value
		EQUITIES - 12.3%
		Real Estate Investment Trusts - 12.3%
	2,341	American Capital Agency Corp.	$	65,361
	7,683	Annaly Capital Management, Inc.		128,921
	3,026	Hatteras Financial Corp.		81,157
	3,178	Invesco Mortgage Capital Inc.		62,225
	10,463	MFA Financial, Inc.		78,368
		TOTAL EQUITIES (Cost $445,787)		416,032

		EXCHANGE-TRADED FUNDS - 86.3%
		Equity ETFs - 18.7%
	562	Consumer Staples Select Sector SPDR Fund		17,310
	850	Health Care Select Sector SPDR Fund		29,028
	918	iShares Cohen & Steers Realty Majors Index Fund		67,794
	562	iShares MSCI EAFE Index Fund		32,961
	687	iShares MSCI Emerging Markets Index		32,392
	970	iShares Russell 1000 Growth Index Fund		58,278
	667	iShares Russell 1000 Value Index Fund		43,755
	367	iShares Russell 2000 Growth Index Fund		33,459
	462	iShares Russell 2000 Value Index Fund		32,677
	523	iShares Russell Midcap Growth Index Fund		31,077
	370	iShares Russell Midcap Value Index Fund		16,972
	2,103	SPDR Barclays Capital Convertible Securities ETF		84,814
	1,281	Technology Select Sector SPDR Fund		33,063
	905	Vanguard Growth ETF		58,164
	1,111	Vanguard Value ETF		60,116
				631,860
		Fixed Income ETFs - 67.6%
	1,193	iShares Barclays 7-10 Year Treasury Bond Fund		117,701
	3,578	iShares Barclays Credit Bond Fund		384,814
	2,300	iShares Barclays MBS Bond Fund		246,859
	1,050	iShares Barclays US Treasury Inflation Protected Securities Fund		119,878
	3,553	iShares iBoxx $ High Yield Corporate Bond Fund		323,501
	3,403	iShares iBoxx $ Investment Grade Corporate Bond Fund		382,565
	1,326	iShares JP Morgan USD Emerging Markets Bond Fund		147,213
	6,073	iShares S&P U.S. Preferred Stock Index Fund		235,025
	8,275	SPDR Barclays Capital High Yield Bond ETF		333,069
				2,290,625
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,899,658)		2,922,485

		SHORT-TERM INVESTMENTS - 1.5%
	50,583	Fidelity Institutional Money Market Portfolio - Class I, 0.12% (a)		50,583
		TOTAL SHORT-TERM INVESTMENTS (Cost $50,583)		50,583

		Total Investments in Securities (Cost $3,396,028) - 100.1%		3,389,100
		Liabilities in Excess of Other Assets - (0.1)%		(1,870	)
		TOTAL NET ASSETS - 100.0%	$	3,387,230

ETF - Exchange-Traded Fund
(a) Rate shown is the 7-day yield as of July 31, 2011.

SiM Dynamic Allocation Balanced Income Fund
Schedule of Investments
July 31, 2011 (Unaudited)

Shares			Value
		EQUITIES - 7.2%
		Real Estate Investmen Trusts - 7.2%
	1,144	American Capital Agency Corp.	$	31,940
	6,835	Annaly Capital Management, Inc.		114,691
	1,183	Hatteras Financial Corp.		31,728
	1,553	Invesco Mortgage Capital Inc.		30,408
	4,091	MFA Financial, Inc.		30,642
		TOTAL EQUITIES (Cost $258,368)		239,409

		EXCHANGE-TRADED FUNDS - 91.4%
		Equity ETFs - 62.3%
	2,173	Consumer Staples Select Sector SPDR Fund		66,928
	3,054	Health Care Select Sector SPDR Fund		104,294
	1,731	iShares Cohen & Steers Realty Majors Index Fund		127,834
	2,194	iShares MSCI EAFE Index Fund		128,678
	2,701	iShares MSCI Emerging Markets Index		127,352
	3,619	iShares Russell 1000 Growth Index Fund		217,430
	2,990	iShares Russell 1000 Value Index Fund		196,144
	1,648	iShares Russell 2000 Growth Index Fund		150,248
	1,808	iShares Russell 2000 Value Index Fund		127,880
	1,974	iShares Russell Midcap Growth Index Fund		117,295
	1,436	iShares Russell Midcap Value Index Fund		65,869
	1,542	SPDR Barclays Capital Convertible Securities ETF		62,189
	5,040	Technology Select Sector SPDR Fund		130,083
	3,380	Vanguard Growth ETF		217,233
	4,247	Vanguard Value ETF		229,805
				2,069,262
		Fixed Income ETFs - 29.1%
	501	iShares Barclays 7-10 Year Treasury Bond Fund		49,429
	1,519	iShares Barclays Credit Bond Fund		163,368
	1,044	iShares Barclays MBS Bond Fund		112,053
	441	iShares Barclays US Treasury Inflation Protected Securities Fund		50,349
	1,404	iShares iBoxx $ High Yield Corporate Bond Fund		127,834
	1,284	iShares iBoxx $ Investment Grade Corporate Bond Fund		144,347
	583	iShares JP Morgan USD Emerging Markets Bond Fund		64,725
	3,228	iShares S&P U.S. Preferred Stock Index Fund		124,924
	3,254	SPDR Barclays Capital High Yield Bond ETF		130,973
				968,002
		TOTAL EXCHANGE-TRADED FUNDS (Cost $3,039,671)		3,037,264

		SHORT-TERM INVESTMENTS - 1.5%
	49,314	Fidelity Institutional Money Market Portfolio - Class I, 0.12% (a)		49,314
		TOTAL SHORT-TERM INVESTMENTS (Cost $49,314)		49,314

		Total Investments in Securities (Cost $3,347,353) - 100.1%		3,325,987
		Liabilities in Excess of Other Assets- (0.1)%		(1,819	)
		TOTAL NET ASSETS - 100.0%	$	3,324,168

ETF - Exchange-Traded Fund
(a) Rate shown is the 7-day yield as of July 31, 2011.

SiM Dynamic Allocation Equity Income Fund
Schedule of Investments
July 31, 2011 (Unaudited)

Shares			Value
		EQUITIES - 7.0%
		REAL ESTATE INVESTMENT TRUSTS - 7.0%
	2,401	American Capital Agency Corp.	$	67,036
	9,312	Annaly Capital Management, Inc.		156,255
	3,724	Hatteras Financial Corp.		99,877
	3,260	Invesco Mortgage Capital Inc.		63,831
	12,877	MFA Financial, Inc.		96,449
		TOTAL EQUITIES (Cost $518,587)		483,448

		EXCHANGE-TRADED FUNDS - 91.7%
		Equity ETFs - 80.5%
	6,106	Consumer Staples Select Sector SPDR Fund		188,065
	7,884	Health Care Select Sector SPDR Fund		269,239
	2,312	iShares Cohen & Steers Realty Majors Index Fund		170,741
	5,907	iShares MSCI EAFE Index Fund		346,446
	7,714	iShares MSCI Emerging Markets Index		363,715
	9,846	iShares Russell 1000 Growth Index Fund		591,548
	8,837	iShares Russell 1000 Value Index Fund		579,707
	4,572	iShares Russell 2000 Growth Index Fund		416,829
	5,170	iShares Russell 2000 Value Index Fund		365,674
	5,640	iShares Russell Midcap Growth Index Fund		335,129
	4,039	iShares Russell Midcap Value Index Fund		185,269
	4,847	SPDR Barclays Capital Convertible Securities ETF		195,479
	14,451	Technology Select Sector SPDR Fund		372,980
	9,628	Vanguard Growth ETF		618,792
	11,431	Vanguard Value ETF		618,531
				5,618,144
		Fixed Income ETFs - 11.2%
	345	iShares Barclays 7-10 Year Treasury Bond Fund		34,038
	1,264	iShares Barclays Credit Bond Fund		135,943
	708	iShares Barclays MBS Bond Fund		75,990
	309	iShares Barclays US Treasury Inflation Protected Securities Fund		35,278
	1,096	iShares iBoxx $ High Yield Corporate Bond Fund		99,791
	972	iShares iBoxx $ Investment Grade Corporate Bond Fund		109,272
	486	iShares JP Morgan USD Emerging Markets Bond Fund		53,956
	3,390	iShares S&P U.S. Preferred Stock Index Fund		131,193
	2,587	SPDR Barclays Capital High Yield Bond ETF		104,127
				779,588
		TOTAL EXCHANGE-TRADED FUNDS (Cost $6,426,647)		6,397,732

		SHORT-TERM INVESTMENTS - 1.4%
	99,487	Fidelity Institutional Money Market Portfolio - Class I, 0.12% (a)		99,487
		TOTAL SHORT-TERM INVESTMENTS (Cost $99,487)		99,487

		Total Investments in Securities (Cost $7,044,721) - 100.1%		6,980,667
		Liabilities in Excess of Other Assets - (0.1)%		(5,373	)
		TOTAL NET ASSETS - 100.00%	$	6,975,294

ETF - Exchange-Traded Fund
(a) Rate shown is the 7-day yield as of July 31, 2011.

SiM Dynamic Allocation Funds

Notes to Schedule of Investments

July 31, 2011 (Unaudited)

Note 1 – Securities Valuation

The SiM Dynamic Allocation Funds’ (the “Funds”) 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. 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. 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 Funds have 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 Funds have 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 Funds’ securities as of July 31, 2011:

SiM Dynamic Allocation Diversified Income Fund

	Level 1		Level 2		Level 3		Total
Real Estate Investment Trusts	$	416,032	$	—	$	—	$	416,032
Exchange-Traded Funds - Equity		631,860		—		—		631,860
Exchange-Traded Funds – Fixed Income		2,290,625		—		—		2,290,625
Short-Term Investments		50,583		—		—		50,583
Total Investments in Securities	$	3,389,100	$	—	$	—	$	3,389,100

SiM Dynamic Allocation Balanced Income Fund

	Level 1		Level 2		Level 3		Total
Real Estate Investment Trusts	$	239,409	$	—	$	—	$	239,409
Exchange-Traded Funds - Equity		2,069,262		—		—		2,069,262
Exchange-Traded Funds – Fixed Income		968,002		—		—		968,002
Short-Term Investments		49,314		—		—		49,314
Total Investments in Securities	$	3,325,987	$	—	$	—	$	3,325,987

SiM Dynamic Allocation Equity Income Fund

	Level 1		Level 2		Level 3		Total
Real Estate Investment Trusts	$	483,448	$	—	$	—	$	483,448
Exchange-Traded Funds - Equity		5,618,144		—		—		5,618,144
Exchange-Traded Funds – Fixed Income		779,588		—		—		779,588
Short-Term Investments		99,487		—		—		99,487
Total Investments in Securities	$	6,980,667	$	—	$	—	$	6,980,667

Refer to the Funds’ Schedule of Investments for a detailed break-out of securities. Transfers between levels are recognized at July 31, 2011, the end of the reporting period. The Funds recognized no significant transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Funds during the period June 21, 2011, the Funds’ inception date, through July 31, 2011.

Note 2 – Federal Income Taxes

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

SiM Dynamic Allocation Diversified Income Fund

Cost of investments	$	3,396,028

Gross unrealized appreciation	$	33,392
Gross unrealized depreciation		(40,320	)
Net unrealized depreciation	$	(6,928	)

SiM Dynamic Allocation Balanced Income Fund

Cost of investments	$	3,347,353

Gross unrealized appreciation	$	24,914
Gross unrealized depreciation		(46,280	)
Net unrealized depreciation	$	(21,366	)

SiM Dynamic Allocation Equity Income Fund

Cost of investments	$	7,044,721

Gross unrealized appreciation	$	44,393
Gross unrealized depreciation		(108,447	)
Net unrealized depreciation	$	(64,054	)

*Because tax adjustments are calculated annually, the above tables do not include tax adjustments outstanding.

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 9/26/2011

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 9/26/2011

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

Cheryl L. King, Treasurer

Date 9/26/2011

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