N-Q 1 osmm_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS osmm_nq.htm
As filed with the Securities and Exchange Commission on July 27, 2012
 
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:  February 28, 2013



Date of reporting period:  May 31, 2012
 
 
 
 
 
 
 
Item 1. Schedules of Investments.
 
Orinda SkyView Multi-Manager Hedged Equity Fund
Schedule of Investments
May 31, 2012 (Unaudited)
 
 
Shares
    
Value
  
COMMON STOCKS - 72.0%
          
Consumer Discretionary - 13.5%
          
Abercrombie & Fitch Co.*
   12,000     $ 402,480  
Acquity Group Ltd. - ADR ^†
   49,272       443,941  
American Eagle Outfitters, Inc.*
   40,000       772,400  
BJ's Restaurants, Inc. ^*
   11,341       496,622  
Black Diamond, Inc. ^*
   33,042       297,378  
Brinker International, Inc.*
   9,378       303,003  
Carter's, Inc. ^*
   23,510       1,267,894  
Chico's FAS, Inc.*
   70,590       1,031,320  
Christopher & Banks Corp.
   200,000       240,000  
Darden Restaurants, Inc.*
   4,531       234,389  
DIRECTV ^*
   21,500       955,675  
Francesca's Holdings Corp. ^*
   17,950       421,107  
Jones Group, Inc.*
   89,040       858,346  
LKQ Corp. ^*
   33,936       1,236,628  
Monro Muffler Brake, Inc.*
   6,786       229,299  
National CineMedia, Inc.*
   92,960       1,254,030  
Penske Automotive Group*
   12,329       303,047  
Rue21, Inc. ^*
   45,227       1,197,611  
Scientific Games Corp. ^*
   147,640       1,260,845  
Shuffle Master, Inc. ^*
   11,000       174,460  
Shutterfly, Inc. ^*
   59,018       1,627,126  
Steiner Leisure Ltd. ^†*
   4,501       206,281  
Target Corp.*
   30,000       1,737,300  
Teavana Holdings, Inc. ^*
   32,621       433,207  
Tempur-Pedic International, Inc. ^*
   17,500       808,675  
The Goodyear Tire & Rubber Co. ^*
   17,000       177,650  
Under Armour, Inc. ^*
   7,942       799,998  
Xueda Education Group - ADR ^†*
   128,307       460,622  
Total Consumer Discretionary
           19,631,334  
               
Consumer Staples - 1.3%
              
Anheuser Busch Inbev NV - ADR †*
   4,729       320,153  
Campbell Soup Co.*
   6,282       199,140  
CVS Caremark Corp.*
   24,600       1,105,524  
John B. Sanfilippo & Son, Inc. ^
   4,910       71,146  
The Fresh Market, Inc. ^*
   3,643       211,731  
Total Consumer Staples
           1,907,694  
               
Energy - 2.8%
              
BP PLC - ADR †*
   10,285       374,991  
C&J Energy Services, Inc. ^*
   9,955       177,996  
Core Laboratories NV †*
   5,329       681,579  
Dril-Quip, Inc. ^*
   7,524       455,879  
Helix Energy Solutions Group, Inc. ^
   12,078       206,896  
World Fuel Services Corp.*
   59,370       2,226,375  
Total Energy
           4,123,716  
               
Financials - 9.9%
              
Affiliated Managers Group, Inc. ^*
   11,732       1,209,217  
Berkshire Hathaway, Inc. - Class B ^*
   5,000       396,800  
BNC Bancorp*
   12,642       97,723  
Broadway Financial Corp. ^*
   46,624       60,844  
Capital One Financial Corp.*
   4,579       235,223  
Carolina Bank Holdings, Inc. ^
   5,693       31,653  
Carrollton Bancorp ^*
   1,774       9,349  
Citigroup, Inc.*
   6,968       184,722  
Colony Bankcorp, Inc. ^*
   6,634       33,833  
Community Financial Corp. ^*
   16,114       60,911  
ECB Bancorp, Inc.*
   6,616       62,190  
Enterprise Financial Services Corp.*
   17,556       189,780  
Farmers Cap Bank Corp. ^*
   18,496       135,021  
Financial Engines, Inc. ^*
   76,636       1,607,823  
First Bancorp*
   20,386       189,386  
First Bancorp - Puerto Rico ^†*
   57,324       209,233  
First Community Bancshares, Inc.
   17,842       221,062  
First Defiance Financial Corp.*
   15,483       247,573  
First Financial Holdings, Inc.
   22,066       211,834  
First South Bancorp, Inc. ^*
   63,149       295,537  
First United Corp. ^*
   204       1,114  
Firstbank Corp.*
   9,793       96,951  
FirstService Corp. ^†*
   14,809       387,107  
FXCM, Inc.*
   38,950       400,406  
Greenlight Capital Re Ltd. ^†*
   32,364       801,333  
Home Federal Bancorp, Inc.
   20,639       184,719  
Hopfed Bancorp, Inc.*
   2,691       18,729  
Hudson City Bancorp, Inc.*
   34,896       216,355  
Intervest Bancshares Corp. ^*
   22,610       85,692  
JPMorgan Chase & Co.*
   6,692       221,840  
Lincoln National Corp.*
   4,467       92,333  
LNB Bancorp, Inc.*
   11,658       72,746  
MainSource Financial Group, Inc.*
   16,033       177,325  
Manulife Financial Corp. †*
   21,628       231,852  
Metlife, Inc.
   6,490       189,573  
MetroCorp Bancshares, Inc. ^
   23,697       225,121  
MSCI, Inc. ^*
   8,570       289,752  
Nelnet, Inc.*
   8,737       203,922  
New Hampshire Thrift Bancshares, Inc.*
   5,510       70,032  
Och-Ziff Capital Management Group*
   25,722       186,485  
Parke Bancorp, Inc. ^*
   11,767       63,424  
Peoples Bancorp of North Carolina*
   674       5,325  
Plumas Bancorp ^*
   79       280  
Princeton National Bancorp, Inc. ^*
   10,236       7,677  
QCR Holdings, Inc.*
   803       9,628  
Riverview Bancorp, Inc. ^*
   54,383       71,786  
Rouse Properties, Inc. ^*
   11,252       143,913  
Signature Bank ^*
   20,858       1,280,890  
Southwest Bancorp, Inc. ^
   16,261       155,455  
Suffolk Bancorp ^*
   5,750       68,023  
Summit Financial Group, Inc. ^*
   8,470       44,722  
Sun Life Financial, Inc. †*
   11,992       247,035  
SunTrust Banks, Inc.*
   13,496       309,328  
The Hartford Financial Services Group, Inc.*
   12,836       215,902  
The Savannah Bancorp, Inc. ^*
   13,459       67,833  
Timberland Bancorp, Inc. ^*
   35,435       169,025  
Torchmark Corp.*
   5,103       238,106  
Universal Insurance Holdings, Inc.
   58,633       205,215  
Virtus Investment Partners, Inc. ^*
   12,478       884,441  
VSB Bancorp, Inc.*
   1,946       20,929  
Wilshire Bancorp, Inc. ^*
   62,179       311,517  
Total Financials
           14,363,555  
               
Health Care - 10.2%
              
Abbott Laboratories*
   4,016       248,149  
Abiomed, Inc. ^*
   66,690       1,355,808  
Accuray, Inc. ^*
   96,336       604,027  
Affymetrix, Inc. ^*
   206,860       980,516  
Align Technology, Inc. ^*
   37,590       1,173,936  
AmerisourceBergen Corp.*
   5,671       209,770  
AstraZeneca PLC - ADR †*
   4,440       179,420  
Baxter International, Inc.*
   3,716       188,104  
BioMarin Pharmaceutical, Inc. ^*
   36,124       1,287,459  
C.R. Bard, Inc.*
   2,425       235,686  
Cardinal Health, Inc.*
   5,059       209,341  
Celgene Corp. ^*
   3,390       231,367  
DepoMed, Inc. ^*
   82,321       423,130  
Endo Pharmaceuticals Holdings, Inc. ^
   9,872       321,037  
Forest Laboratories, Inc. ^*
   14,938       522,830  
Gilead Sciences, Inc. ^*
   5,348       267,133  
Hologic, Inc. ^*
   80,470       1,348,677  
IPC The Hospitalist Co. ^*
   8,733       305,568  
Johnson & Johnson*
   3,739       233,426  
Ligand Pharmaceuticals, Inc. ^*
   14,664       183,740  
Masimo Corp. ^*
   15,826       297,687  
McKesson Corp.*
   2,712       236,703  
Merck & Co., Inc.*
   6,035       226,795  
Myrexis, Inc. ^*
   189,632       457,013  
Novartis AG - ADR †*
   3,964       206,247  
PDL BioPharma, Inc.*
   35,331       229,298  
PSS World Medical, Inc. ^*
   14,859       300,598  
UnitedHealth Group, Inc.*
   5,861       326,868  
VCA Antech, Inc. ^*
   22,419       482,905  
Vertex Pharmaceuticals, Inc. ^
   14,270       856,771  
Wellcare Health Plans, Inc. ^
   3,766       212,666  
Wright Medical Group, Inc. ^*
   3,410       67,484  
Zimmer Holdings, Inc.
   3,632       220,281  
Zogenix, Inc. ^*
   82,321       148,178  
Total Health Care
           14,778,618  
               
Industrials - 12.4%
              
AGCO Corp. ^*
   4,999       201,010  
Air Transport Services Group, Inc. ^*
   110,820       561,857  
American Reprographics Co. ^*
   105,801       546,991  
Atlas Air Worldwide Holdings, Inc. ^*
   14,290       649,052  
Blount International, Inc. ^
   91,385       1,244,664  
Brady Corp.*
   7,711       211,590  
Ceradyne, Inc.*
   7,388       186,104  
CRA International, Inc. ^*
   4,519       85,002  
CSX Corp.*
   9,060       189,263  
Equifax, Inc.*
   5,897       266,368  
ESCO Technologies, Inc.*
   14,020       489,298  
FreightCar America, Inc.
   10,652       211,229  
General Cable Corp. ^
   7,444       211,856  
Geoeye, Inc. ^
   11,290       216,316  
Graco, Inc.*
   37,389       1,801,028  
H & E Equipment Services, Inc. ^*
   18,628       295,626  
HEICO Corp.*
   25,188       1,049,332  
Hurco Companies, Inc. ^*
   729       16,082  
Huron Consulting Group, Inc. ^*
   12,168       380,372  
IHS, Inc. ^*
   11,136       1,102,353  
II-VI, Inc. ^*
   11,141       210,565  
Innerworkings, Inc. ^*
   49,379       582,179  
Kelly Services, Inc.*
   17,071       199,560  
Landstar System, Inc.*
   30,906       1,628,746  
Manpower, Inc.
   5,376       193,267  
MasTec, Inc. ^*
   84,530       1,382,066  
Portfolio Recovery Associates, Inc. ^*
   4,043       279,412  
Raytheon Co.*
   4,763       239,674  
Snap-On, Inc.*
   9,000       544,590  
The Middleby Corp. ^*
   5,237       535,588  
TransDigm Group, Inc. ^*
   8,287       1,019,301  
Trinity Industries, Inc.
   8,836       218,249  
Twin Disc, Inc.*
   9,750       185,835  
Verisk Analytics, Inc. ^*
   3,589       171,913  
Waste Connections, Inc.*
   21,240       657,378  
Total Industrials
           17,963,716  
               
Information Technology - 18.6%
              
Accenture PLC †*
   4,186       239,021  
Activision Blizzard, Inc.*
   23,657       277,733  
Alliance Data Systems Corp. ^*
   15,320       1,930,320  
Amdocs Ltd. ^†*
   8,109       233,134  
ANSYS, Inc. ^*
   11,049       683,657  
Apple, Inc. ^*
   519       299,842  
Arris Group, Inc. ^*
   105,060       1,295,390  
Bottomline Technologies, Inc. ^*
   8,496       151,908  
Broadridge Financial Solutions, Inc.*
   33,680       681,346  
Brocade Communications Systems, Inc. ^*
   284,510       1,322,972  
CA, Inc.*
   10,092       250,988  
Cardtronics, Inc. ^*
   46,470       1,302,089  
Computer Sciences Corp.*
   8,260       220,046  
Concur Technologies, Inc. ^*
   14,138       874,435  
Diebold, Inc.
   6,019       222,763  
DST Systems, Inc.*
   5,144       262,858  
FARO Technologies, Inc. ^*
   12,049       555,820  
Global Payments, Inc.*
   4,719       200,463  
Hittite Microwave Corp. ^*
   11,492       566,326  
Informatica Corp. ^*
   18,870       781,784  
InterDigital, Inc.*
   10,035       247,764  
International Business Machines Corp.*
   1,352       260,801  
International Rectifier Corp. ^*
   68,710       1,294,496  
IPG Photonics Corp. ^*
   11,328       484,838  
Jabil Circuit, Inc.
   11,215       214,543  
KVH Industries, Inc. ^*
   60,230       579,413  
Liquidity Services, Inc. ^*
   27,882       1,781,381  
Microsoft Corp.*
   7,724       225,464  
Monster Worldwide, Inc. ^*
   88,105       757,703  
National Instruments Corp.*
   11,472       298,731  
Newport Corp. ^*
   110,100       1,309,089  
NIC, Inc.*
   9,887       107,472  
Oracle Corp.*
   7,067       187,063  
Plantronics, Inc.*
   37,770       1,136,499  
Polycom, Inc. ^*
   77,990       892,206  
RealPage, Inc. ^*
   24,154       431,149  
Rovi Corp. ^*
   43,040       1,051,467  
ServiceSource International, Inc. ^*
   37,476       449,712  
Solera Holdings, Inc.*
   13,827       613,919  
Sourcefire, Inc. ^*
   4,762       262,672  
SPS Commerce, Inc. ^
   3,037       83,943  
The Ultimate Software Group, Inc. ^*
   11,426       917,851  
Vantiv, Inc. ^*
   12,281       272,393  
VeriFone Systems, Inc. ^*
   14,284       515,795  
Wayside Technology Group, Inc.*
   16,066       212,232  
Western Union Co.*
   11,042       181,089  
Total Information Technology
           27,122,580  
               
Materials - 1.4%
              
Companhia Siderurgica Nacional SA - ADR †*
   29,167       189,002  
Goldcorp, Inc. †*
   4,599       166,622  
Headwaters, Inc. ^
   53,750       247,787  
New Gold, Inc. ^†*
   51,742       453,260  
NovaGold Resources Inc. ^†
   38,461       217,689  
Royal Gold, Inc.*
   3,049       206,234  
Rubicon Minerals Corp. ^†*
   55,793       154,547  
Yamana Gold, Inc. †*
   30,656       446,658  
Total Materials
           2,081,799  
               
Telecommunication Services - 1.0%
              
Abovenet, Inc. ^*
   16,860       1,404,775  
               
Utilities - 0.9%
              
Consolidated Water Co., Ltd. †*
   23,974       184,120  
Genie Energy Ltd.*
   29,540       197,623  
ITC Holdings Corp.*
   13,880       957,026  
Total Utilities
           1,338,769  
               
TOTAL COMMON STOCKS (Cost $103,894,436)
           104,716,556  
               
EXCHANGE TRADED FUNDS - 5.2%
              
First Trust Morningstar Dividend Leaders Index Fund
   21,907       391,259  
Guggenheim S&P 500 Pure Growth ETF
   10,629       482,982  
iShares DJ Select Dividend Index Fund
   8,473       465,168  
iShares S&P 500 Growth Index Fund
   6,787       483,710  
iShares S&P GSCI Commodity-Indexed Trust ^
   11,550       349,157  
PowerShares DB Commodity Index Tracking Fund ^
   14,077       355,303  
PowerShares DB G10 Currency Harvest Fund ^
   15,929       374,809  
PowerShares S&P 500 Low Volatility Portfolio
   23,568       625,730  
Russell 1000 Low Volatility ETF
   9,308       465,121  
SPDR Barclays Capital High Yield Bond ETF ^
   16,000       609,760  
SPDR Dow Jones Industrial Average ETF Trust ^*
   8,000       989,600  
SPDR S&P 500 ETF Trust
   1,990       261,665  
Vanguard High Dividend Yield ETF
   10,178       470,529  
Vanguard U.S. Total Stock Market Shares Index ETF
   5,962       401,421  
WisdomTree Dividend ex-Financials Fund
   8,883       459,873  
WisdomTree LargeCap Dividend Fund
   7,827       395,420  
TOTAL EXCHANGE TRADED FUNDS (Cost $7,420,598)
           7,581,507  
               
EXCHANGE TRADED NOTES - 0.4%
              
iPath Optimized Currency Carry ETN ^†
   11,509       528,148  
TOTAL EXCHANGE TRADED NOTES (Cost $524,317)
           528,148  
               
PURCHASED OPTIONS - 0.7%
              
 
Contracts
          
Call Options - 0.6%
              
American Eagle Outfitters, Inc.
              
Expiration January 2013, Exercise Price: $14.50
   700       392,000  
DIRECTV
              
Expiration January 2013, Exercise Price: $28.00
   200       342,000  
Expedia
              
Expiration October 2012, Exercise Price: $40.00
   50       42,000  
Francesca's Holdings Corp.
              
Expiration June 2012, Exercise Price: $30.00
   180       4,500  
InterDigital, Inc.
              
Expiration June 2012, Exercise Price: $45.00
   46       184  
Expiration September 2012, Exercise Price: $50.00
   13       130  
Monster Worldwide, Inc.
              
Expiration September 2012, Exercise Price: $11.00
   21       788  
Expiration January 2013, Exercise Price: $15.00
   26       260  
Expiration January 2013, Exercise Price: $17.50
   20       150  
Expiration January 2013, Exercise Price: $20.00
   26       260  
Expiration January 2013, Exercise Price: $25.00
   39       195  
Expiration January 2013, Exercise Price: $10.00
   28       2,240  
VeriFone Systems, Inc.
              
Expiration January 2013, Exercise Price: $60.00
   16       560  
Vertex Pharmaceuticals, Inc.
              
Expiration January 2014, Exercise Price: $60.00
   35       54,600  
Expiration January 2014, Exercise Price: $80.00
   6       5,730  
Walgreen Co.
              
Expiration July 2012, Exercise Price: $37.00
   1,000       7,000  
Total Call Options
           852,597  
               
Put Options - 0.1%
              
Angie's List, Inc.
              
Expiration August 2012, Exercise Price: $25.00
   6       8,190  
Expiration November 2012, Exercise Price: $20.00
   18       17,370  
iShares Russell 2000 Index Fund
              
Expiration August 2012, Exercise Price: $75.00
   54       20,412  
Ralph Lauren Corp.
              
Expiration June 2012, Exercise Price: $145.00
   100       25,500  
Solazyme, Inc.
              
Expiration December 2012, Exercise Price: $15.00
   36       19,800  
Tractor Supply Co.
              
Expiration July 2012, Exercise Price: $85.00
   200       55,000  
Youku.com, Inc.
              
Expiration January 2013, Exercise Price: $25.00
   33       21,780  
Total Put Options
           168,052  
               
TOTAL PURCHASED OPTIONS (Cost $921,616)
           1,020,649  
               
SHORT-TERM INVESTMENTS - 24.1%
              
 
Shares
          
MONEY MARKET FUNDS - 24.1%
              
Fidelity Institutional Treasury Only Portfolio - Class I, 0.01% +
   35,020,058       35,020,058  
Total Short-Term Investments (Cost $35,020,058)
              
Total Investments (Cost $147,781,025) - 102.4%
           148,866,918  
Liabilities in Excess of Other Assets - (2.4)%
           (3,432,762 )
TOTAL NET ASSETS - 100.0%
         $ 145,434,156  
 
Percentages are stated as a percent of net assets.
 
ADR
American Depository Receipt
^
Non-income producing.
+
Variable Rate Security.  The rate shown represents the rate at May 31, 2012.
†
U.S. traded security of a foreign corporation.
*
All or a portion of the security has been segregated for open short positions.
 
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
 

 
 
 
 
 
Orinda SkyView Multi-Manager Hedged Equity Fund
Schedule of Securities Sold Short
May 31, 2012 (Unaudited)
 
 
Shares
    
Value
  
COMMON STOCKS - 28.5%
          
Consumer Discretionary - 3.6%
          
Blue Nile, Inc.
   4,015     $ 129,644  
Bob Evans Farms, Inc.
   7,526       305,104  
Ctrip.com International, Ltd. - ADR †
   4,183       76,967  
Fred's, Inc.
   91,021       1,251,539  
Gaylord Entertainment Co.
   4,524       171,686  
Gentex Corp.
   5,366       119,662  
Hibbett Sports, Inc.
   5,444       305,027  
iRobot Corp.
   9,578       202,862  
Kona Grill, Inc.
   16,632       129,064  
Michael Kors Holdings Ltd. †
   9,460       372,535  
Morgans Hotel Group
   17,378       78,027  
Nutrisystem, Inc.
   11,130       114,083  
Pandora Media, Inc.
   17,282       185,609  
PVH Corp.
   5,340       432,540  
Shutterfly, Inc.
   5,206       143,529  
Teavana Holdings, Inc.
   11,023       146,385  
Tesla Motors, Inc.
   13,239       390,550  
Whirlpool Corp.
   4,690       290,217  
Williams Sonoma, Inc.
   10,900       380,519  
Total Consumer Discretionary
           5,225,549  
               
Consumer Staples - 1.6%
              
J & J Snack Foods Corp.
   3,146       173,250  
Medifast, Inc.
   22,330       403,280  
Post Holdings, Inc.
   17,885       537,802  
Spectrum Brands Holdings, Inc.
   4,385       151,370  
Sysco Corp.
   5,131       143,206  
United Natural Foods, Inc.
   12,521       634,815  
Usana Health Sciences, Inc.
   5,984       241,754  
Total Consumer Staples
           2,285,477  
               
Energy - 1.6%
              
Amyris, Inc.
   132,280       358,479  
FX Energy, Inc.
   24,465       119,145  
Gevo, Inc.
   14,834       90,042  
Gulf Island Fabrication, Inc.
   4,503       112,575  
Houston American Energy Corp.
   13,020       20,181  
Kior, Inc.
   725       6,561  
Noble Corp. †
   2,950       92,247  
North American Energy Partners, Inc. †
   21,806       66,072  
Northern Oil and Gas, Inc.
   14,610       261,957  
RPC, Inc.
   13,548       140,628  
Solazyme, Inc.
   91,459       1,002,391  
Total Energy
           2,270,278  
               
Financials - 1.4%
              
Capital City Bank Group, Inc.
   11,165       75,029  
Coresite Realty Corp.
   21,060       502,281  
GAMCO Investors, Inc.
   3,187       132,292  
M&T Bank Corp.
   3,020       245,586  
Protective Life Corp.
   34,120       899,403  
SCBT Financial Corp.
   5,062       171,551  
TriCo Bancshares
   3,775       57,946  
Total Financials
           2,084,088  
               
Health Care - 7.9%
              
Abaxis, Inc.
   28,050       918,357  
Abiomed, Inc.
   29,625       602,276  
Acorda Therapeutics, Inc.
   37,479       824,163  
Aveo Pharmaceuticals, Inc.
   5,570       70,906  
BioCryst Pharmaceuticals, Inc.
   49,770       154,287  
Chemed Corp.
   7,477       415,347  
DexCom, Inc.
   35,889       385,807  
Exact Sciences Corp.
   11,142       110,083  
Heartware International, Inc.
   1,815       147,687  
Incyte Corp.
   19,640       418,528  
Insulet Corp.
   28,690       528,470  
Ironwood Pharmaceuticals, Inc.
   18,115       215,931  
Lincare Holdings, Inc.
   8,704       199,583  
Omnicell, Inc.
   15,850       207,477  
Onyx Pharmaceuticals, Inc.
   22,706       1,039,481  
OPKO Health, Inc.
   88,291       406,139  
PhotoMedex, Inc.
   17,116       215,148  
Questcor Pharmaceuticals, Inc.
   11,330       469,062  
Regeneron Pharmaceuticals, Inc.
   7,890       1,070,279  
Sirona Dental Systems, Inc.
   21,559       922,294  
Spectrum Pharmaceuticals, Inc.
   6,629       76,830  
Synageva Biopharma Corp.
   14,180       553,162  
United Therapeutics Corp.
   18,861       834,411  
Valeant Pharmaceuticals International, Inc. †
   4,524       220,138  
Volcano Corp.
   15,038       429,936  
Total Health Care
           11,435,782  
               
Industrials - 1.8%
              
Aerovironment, Inc.
   6,747       150,323  
AMETEK, Inc.
   734       37,221  
Asta Funding, Inc.
   7,960       69,730  
Chart Industries, Inc.
   1,862       116,301  
Duff & Phelps Corp.
   50,846       724,555  
Healthcare Services Group, Inc.
   20,810       406,835  
Meritor, Inc.
   27,890       150,885  
Polypore International, Inc.
   3,656       135,235  
Rand Logistics, Inc.
   13,698       102,735  
Ritchie Bros. Auctioneers, Inc. †
   9,320       184,722  
Tennant Co.
   10,080       425,376  
Thermon Group Holdings, Inc.
   4,816       97,813  
Total Industrials
           2,601,731  
               
Information Technology - 10.0%
              
Accelrys, Inc.
   18,563       144,791  
Acme Packet, Inc.
   3,182       72,804  
Aixtron SE - ADR †
   59,269       871,847  
Arm Holdings PLC - ADR †
   25,045       588,307  
Asure Software, Inc.
   41,670       185,015  
Carbonite, Inc.
   22,824       175,973  
Cavium, Inc.
   3,968       96,065  
Ciena Corp.
   9,823       133,102  
Cognex Corp.
   27,339       956,592  
comScore, Inc.
   48,770       885,175  
Constant Contact, Inc.
   40,850       827,212  
Cymer, Inc.
   4,892       265,000  
DragonWave, Inc. †
   154,840       478,456  
DTS, Inc.
   3,554       98,197  
Higher One Holdings, Inc.
   8,084       102,748  
Hittite Microwave Corp.
   7,560       372,557  
Informatica Corp.
   2,341       96,988  
Ixys Corp.
   11,104       115,037  
j2 Global, Inc.
   33,357       806,906  
Jive Software, Inc.
   10,360       173,530  
Lexmark International, Inc.
   15,250       381,403  
Mercury Computer Systems, Inc.
   10,002       118,524  
Netqin Mobile, Inc. - ADR †
   6,913       57,931  
Numerex Corp.
   13,258       120,913  
NVE Corp.
   6,540       340,015  
Open Text Corp. †
   21,510       1,040,009  
Power Integrations, Inc.
   2,866       116,961  
RealPage, Inc.
   6,524       116,453  
Saba Software, Inc.
   9,186       76,703  
Salesforce.com, Inc.
   3,274       453,842  
SciQuest, Inc.
   11,940       187,936  
Silicon Motion Technology Corp. - ADR †
   10,473       141,804  
SouFun Holdings Ltd. - ADR †
   74,450       1,174,821  
Spreadtrum Communications, Inc. - ADR †
   4,249       76,057  
Stratasys, Inc.
   6,739       320,237  
Sycamore Networks, Inc.
   7,393       98,031  
Ultratech, Inc.
   8,975       272,122  
VanceInfo Technologies, Inc. - ADR †
   30,570       280,633  
Veeco Instruments, Inc.
   1,309       45,396  
Viasat, Inc.
   3,088       129,758  
Virnetx Holding Corp.
   5,591       186,404  
VistaPrint NV †
   11,320       383,522  
Web Com Group, Inc.
   7,602       121,024  
Youku.com, Inc. - ADR †
   38,796       923,345  
Total Information Technology
           14,610,146  
               
Materials - 0.1%
              
Avalon Rare Metals, Inc. †
   48,650       72,488  
Martin Marietta Materials, Inc.
   1,509       101,812  
Total Materials
           174,300  
               
Telecommunication Services - 0.4%
              
Cogent Communications Group, Inc.
   6,164       109,349  
Level 3 Communications, Inc.
   5,300       112,519  
MagicJack VocalTec Ltd. †
   14,730       211,965  
Towerstream Corp.
   52,534       190,698  
Total Telecommunication Services
           624,531  
               
Utilities - 0.1%
              
UIL Holdings Corp.
   4,797       162,187  
TOTAL COMMON STOCKS (Proceeds $44,971,853)
           41,474,069  
               
EXCHANGE TRADED FUNDS - 3.7%
              
iShares Barclays 20+ Year Treasury Bond Fund
   12,000       1,531,200  
iShares Russell 2000 Growth Index Fund
   15,064       1,311,622  
iShares Russell 2000 Index Fund
   17,261       1,313,562  
Direxion Daily Small Cap Bull 3x Shares
   4,000       189,040  
iShares FTSE China 25 Index Fund
   16,195       542,371  
United States Oil Fund LP
   15,346       500,433  
TOTAL EXCHANGE TRADED FUNDS (Proceeds $5,544,901)
           5,388,228  
               
Total Securities Sold Short (Proceeds $50,516,754) - 32.2%
         $ 46,862,297  
 
Percentages are stated as a percent of net assets.
   
ADR
American Depository Receipt
†
U.S. traded security of a foreign corporation.
 
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
 

 
 
 
 
 
Orinda SkyView Multi-Manager Hedged Equity Fund
Schedule of Options Written
May 31, 2012 (Unaudited)
 
 
Contracts
    
Value
  
PUT OPTIONS
          
iShares Russell 2000 Index Fund
          
Expiration: August 2012, Exercise Price: $70.00
   54     $ 11,718  
Total Put Options
           11,718  
               
Total Options Written (Premiums received $7,867)
         $ 11,718  
 
 
 
 
 
 
 
Orinda SkyView Multi-Manager Hedged Equity Fund
Schedule of Open Futures Contracts
May 31, 2012 (Unaudited)
 
Description
  
Number of Contracts Purchased / (Sold)
    
Notional Value
    
Settlement Month
    
Unrealized Appreciation (Depreciation)
  
S&P 500 E-mini Futures
   90     $ 5,891,400    
June 2012
     $ (209,544 )
 
As of May 31, 2012, initial margin deposits of $315,000 have been pledged in connection with the open futures contracts.
 
 
 
 
 
 
 
Orinda SkyView Macro Opportunities Fund
Schedule of Investments
May 31, 2012 (Unaudited)
 
EXCHANGE TRADED FUNDS - 20.1%
CurrencyShares Swiss Franc Trust ^
   30     $ 3,044  
Greenhaven Continuous Commodity Index Fund
   93       2,504  
iShares Barclays 1-3 Year Credit Bond Fund ^
   34       3,564  
iShares Barclays 7-10 Year Credit Bond Fund ^
   35       3,800  
iShares Barclays Aggregate Bond Fund ^
   22       2,454  
iShares Barclays Intermediate Credit Bond Fund ^
   23       2,509  
iShares Floating Rate Note ETF ^
   67       3,337  
iShares iBoxx Investment Grade Corporate Bond Fund ^
   22       2,573  
PIMCO Total Return ETF
   36       3,780  
PowerShares Emerging Markets Sovereign Debt Portfolio
   121       3,352  
PowerShares S&P 500 Low Volatility Portfolio
   142       3,770  
ProShares Short QQQ ^
   89       2,468  
ProShares Short Russell 2000 ^
   87       2,447  
ProShares Short S&P 500 ^
   64       2,439  
Russell 1000 Low Volatility ETF
   62       3,098  
SPDR Barclays Capital Intermediate Term Corporate Bond ETF ^
   74       2,516  
Vanguard Intermediate-Term Corporate Bond ETF ^
   29       2,460  
TOTAL EXCHANGE TRADED FUNDS (Cost $50,069)
           50,115  
               
MONEY MARKET FUNDS - 99.8%
              
Fidelity Government Portfolio - Class I, 0.01% +
   248,989       248,989  
Total Short-Term Investments (Cost $248,989)
              
Total Investments (Cost $299,058) - 119.9%
           299,104  
Liabilities in Excess of Other Assets - (19.9)%
           (49,546 )
TOTAL NET ASSETS - 100.0%
         $ 249,558  
 
Percentages are stated as a percent of net assets.
 
^
Non-income producing.
+
Variable Rate Security.  The rate shown represents the rate at May 31, 2012.
 
 
 
 
 
 
 
Federal Income Tax Information
 
The cost basis of investments for federal income tax purposes at May 31, 2012 was as follows:
 
 
  Orinda SV
Hedged Equity*
  
Orinda SV
Macro Opps^
  
Cost of investments   148,725,525   299,058  
Gross unrealized appreciation $ 9,166,432   82  
Gross unrealized depreciation   (9,025,039 ) (36)  
Net unrealized depreciation $ 141,393   46  
 
*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.
 
^Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments.  Please refer to the Notes to
Financial Statements section in the Fund’s upcoming annual report for federal tax information.
 
 
Summary of Fair Value Measurements at May 31, 2012 (Unaudited)
 
The Funds have adopted authoritative fair valuation 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 major 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 Funds' 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.
 
 
Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.
 
Equity Securities - Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale 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.  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.
 
Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.
 
Exchange Traded Notes – Investments in exchange traded notes are actively traded on a national securities exchange and are valued based on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.
 
Derivative Instruments – Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
 
Short-Term Debt Securities - Short-term securities having a maturity of less than 60 days are valued at 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 ("Board").  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 Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the Board of Trustees.
 
 
 
 
 
 
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.  The following is a summary of the fair valuation hierarchy of the Funds' securities as of May 31, 2012:
 
Orinda SkyView Multi-Manager Hedged Equity Fund
 
Level 1
    
Level 2
    
Level 3
    
Total
  
                       
Common Stocks
 $ 104,716,556     $ -     $ -     $ 104,716,556  
Exchange-Traded Funds
   7,581,507       -       -       7,581,507  
Exchange-Traded Notes
   528,148       -       -       528,148  
Purchased Options
                              
Call Options
   852,597       -       -       852,597  
Put Options
   168,052       -       -       168,052  
Total Purchased Options
   1,020,649       -       -       1,020,649  
Short-Term Securities
   35,020,058       -       -       35,020,058  
Total Investments in Securities
 $ 148,866,918     $ -     $ -     $ 148,866,918  
                               
Securities Sold Short
                              
Common Stocks
 $ 41,474,069     $ -     $ -     $ 41,474,069  
Exchange Traded Funds
   5,388,228       -       -       5,388,228  
Total Securities Sold Short
   46,862,297       -       -       46,862,297  
Written Options
 $ 11,718     $ -     $ -     $ 11,718  
Other Financial Instruments*
                              
Long Futures Contracts
 $ (209,544 )   $ -     $ -     $ (209,544 )
 
 
Orinda SkyView Macro Opportunities Fund
 
Level 1
    
Level 2
    
Level 3
    
Total
  
                       
Exchange-Traded Funds
 $ 50,115     $ -     $ -     $ 50,115  
Short-Term Securities
   248,989       -       -       248,989  
Total Investments in Securities
 $ 299,104     $ -     $ -     $ 299,104  
 
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments which are presented at the unrealized appreciation (depreciation) on the instrument
 
Refer to the Funds' Schedule of Investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at May 31, 2012, the end of the reporting period.  The Funds recognized no transfers to/from Level 1 or Level 2. There were no level 3 securities held in the Funds during during the period ended May 31, 2012.
 
 
 
 
 
 
 
Derivatives Transactions
 
The Funds may use derivatives for different purposes, such as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk.  The various derivative instruments that the Funds may use are options, futures, swaps, and forward foreign currency contracts, among others.  The Funds may also use derivatives for leverage, in which case their use would involve leveraging risk.  The Funds use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.  Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk and management risk.  A fund that invests in a derivative instrument could lose more than the principal amount invested.
 
 
The Funds have adopted the disclosure provisions of FASB Accounting Standard Codification 815, Derivatives and Hedging (“ASC 815”).  ASC 815 requires enhanced disclosures about the Funds' use of and accounting for derivative instruments and the effect of derivative instruments on the Funds results of operations and financial position.  Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting.  Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Funds' derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.
 
 
Orinda SkyView Multi-Manager Hedged Equity Fund
 
Average Balance Information
 
The average monthly market value of purchased and written options during the period ended May 31, 2012 were $903,418 and $3,906, respectively.  The average monthly notional amount of long futures contracts during the period ended May 31, 2012 was $8,042,276.
 
Transactions in written options contracts for the period ended May 31, 2012, are as follows:
 
    Contracts     Premiums
Received
  
 Outstanding at February 29, 2012     -     $ -  
 Options written     90       8,792  
 Options closed     -       -  
 Options exercised     -       -  
 Options expired     (36 )     (925 )
 Outstanding at May 31, 2012     54     $ 7,867  
 
 
Values of Derivative Instruments as of May 31, 2012 on the Statement of Assets and Liabilities:
 
 
   
Assets
    
Liabilities
                       
Derivatives not accounted for as hedging instruments under ASC 815
    
Location
    
Fair Value
    
Location
    
Fair Value
Equity Contracts - Options   Investments, at fair value     $ 1,020,649    
Options Written, at fair value
     $ 11,718
                           
Equity Contracts - Futures*  
Net Assets -
unrealized depreciation
on futures contracts
       (209,544 )   N/A       -
Total         $ 811,105           $ 11,718
 
*Includes cumulative appreciation (depreciation) of futures contracts as reported in Schedule of Open Futures Contracts.
 
 
Orinda SkyView Macro Opportunities Fund
 
During the period ended May 31, 2012, the Orinda SkyView Macro Opportunities Fund did not hold any derivative instruments.
 
Other
The Orinda SkyView Multi-Manager Hedged Equity Fund changed its name from the "Orinda Multi-Manager Hedged Equity Fund" to the "Orinda SkyView Multi-Manager Hedged Equity Fund" effective June 28, 2012.
 
 
 
 
 
 
 
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 ­­7/xx/2012                                                                                                                                                                          



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 7/xx/2012                                                                          
                                                                                                

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

Date 7/xx/2012                                                                          

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