N-Q 1 ast-oshaughnessy_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-oshaughnessy_nq.htm
 
As filed with the Securities and Exchange Commission on [date]



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:  July 31, 2013



Date of reporting period:  October 31, 2012
 
 
 
 
 
 
 
Item 1. Schedules of Investments.
 
O'Shaughnessy All Cap Core Fund
Schedule of Investments
at October 31, 2012 (Unaudited)
       
Shares
    
Value
   
COMMON STOCKS - 97.47%
  
   
Aerospace & Defense - 3.14%
  
3,759
  
Astronics Corp. *
 $  
              87,246
438
  
Astronics Corp. - Class B *
10,001
8,273
  
Exelis, Inc.
91,499
2,312
  
HEICO Corp.
89,313
4,839
  
Hexcel Corp. *
123,685
10,320
  
L-3 Communications Holdings, Inc.
761,616
8,339
  
Lockheed Martin Corp.
781,114
9,587
  
Northrop Grumman Corp.
658,531
2,537
  
Triumph Group, Inc.
165,971
     
2,768,976
   
Automobiles - 0.44%
  
8,365
  
Harley-Davidson, Inc.
391,147
       
   
Beverages - 0.99%
  
4,842
  
Brown-Forman Corp. - Class B
310,179
12,663
  
Monster Beverage Corp. *
565,656
     
875,835
   
Biotechnology - 2.16%
  
16,942
  
Amgen, Inc.
1,466,245
4,966
  
Celgene Corp. *
364,107
10,780
  
PDL BioPharma, Inc.
80,311
     
1,910,663
   
Building Products - 0.13%
  
3,081
  
Universal Forest Products, Inc.
118,618
       
   
Chemicals - 0.50%
  
2,546
  
American Vanguard Corp.
90,969
18,210
  
Landec Corp. *
197,032
2,786
  
Valspar Corp.
156,100
     
444,101
   
Commercial Services & Supplies - 2.67%
  
4,319
  
Cintas Corp.
180,577
11,098
  
Kimball International, Inc. - Class B
132,510
4,025
  
McGrath RentCorp.
105,697
193,533
  
R.R. Donnelley & Sons Co.
1,939,201
     
2,357,985
   
Communications Equipment - 0.81%
  
13,775
  
Motorola Solutions, Inc.
711,892
       
   
Computers & Peripherals - 6.77%
  
2,183
  
Apple, Inc.
1,299,103
113,993
  
Hewlett-Packard Co.
1,578,803
61,198
  
Iron Mountain, Inc.
2,117,451
35,659
  
Lexmark International, Inc.
758,110
8,110
  
Seagate Technology PLC #
221,565
     
5,975,032
   
Construction & Engineering - 0.12%
  
5,084
  
AECOM Technology Corp. *
109,153
       
   
Consumer Finance - 1.48%
  
31,970
  
Discover Financial Services
1,310,770
       
   
Containers & Packaging - 0.17%
  
9,802
  
Myers Industries, Inc.
145,364
       
   
Diversified Consumer Services - 0.94%
  
23,018
  
Apollo Group, Inc. - Class A *
462,201
20,713
  
H&R Block, Inc.
366,620
     
828,821
   
Diversified Financial Services - 0.38%
  
7,977
  
JPMorgan Chase & Co.
332,481
       
   
Diversified Telecommunication Services - 1.86%
  
22,867
  
AT&T, Inc.
790,970
11,282
  
Neutral Tandem, Inc. *
52,123
8,410
  
Verizon Communications, Inc.
375,422
186,121
  
Vonage Holdings Corp. *
422,495
     
1,641,010
   
Electric Utilities - 0.74%
  
21,987
  
PNM Resources, Inc.
487,232
3,784
  
UNS Energy Corp.
161,350
     
648,582
   
Electronic Equipment, Instruments & Components - 1.12%
  
4,212
  
SYNNEX Corp. *
136,427
19,268
  
Tech Data Corp. *
853,765
     
990,192
   
Energy Equipment & Services - 0.12%
  
9,360
  
RPC, Inc.
107,266
       
   
Food & Staples Retailing - 4.24%
  
2,435
  
The Andersons, Inc.
95,647
4,111
  
CVS Caremark Corp.
190,750
16,882
  
Roundys, Inc.
88,462
160,692
  
Safeway, Inc.
2,620,887
6,548
  
Spartan Stores, Inc.
94,029
4,519
  
Susser Holdings Corp. *
162,413
6,577
  
Wal-Mart Stores, Inc.
493,407
     
3,745,595
   
Food Products - 0.10%
  
5,339
  
Tyson Foods, Inc. - Class A
89,749
       
   
Gas Utilities - 0.31%
  
6,663
  
The Laclede Group, Inc.
277,447
       
   
Health Care Equipment & Supplies - 0.80%
  
10,534
  
Cyberonics, Inc. *
487,198
3,845
  
Cynosure, Inc. - Class A *
101,277
2,137
  
West Pharmaceutical Services, Inc.
115,120
     
703,595
   
Health Care Providers & Services - 1.69%
  
3,627
  
Centene Corp. *
137,753
4,503
  
Hanger, Inc. *
114,151
16,881
  
Health Net, Inc. *
363,279
3,022
  
Humana, Inc.
224,444
8,774
  
Magellan Health Services, Inc. *
440,016
1,024
  
McKesson Corp.
95,549
6,616
  
Triple-S Management Corp. - Class B *#
119,353
     
1,494,545
   
Hotels, Restaurants & Leisure - 4.14%
  
5,756
  
Brinker International, Inc.
177,285
2,982
  
Cracker Barrel Old Country Store, Inc.
189,804
3,424
  
Jack in the Box, Inc. *
89,058
5,308
  
Papa John's International, Inc. *
283,023
6,311
  
SHFL Entertainment, Inc. *
89,174
14,973
  
Wyndham Worldwide Corp.
754,639
17,091
  
Wynn Resorts Ltd.
2,069,036
     
3,652,019
   
Household Durables - 1.05%
  
8,547
  
Garmin Ltd. #
324,701
5,812
  
Jarden Corp.
289,438
3,163
  
Whirlpool Corp.
308,962
     
923,101
   
Household Products - 0.31%
  
3,188
  
Church & Dwight Co., Inc.
161,823
2,545
  
Spectrum Brands Holdings, Inc.
115,772
     
277,595
   
Independent Power Producers & Energy Traders - 0.56%
  
15,143
  
Ameren Corp.
497,902
       
   
Insurance - 6.72%
  
9,344
  
The Allstate Corp.
373,573
3,565
  
American Financial Group, Inc.
138,322
26,779
  
Assurant, Inc.
1,012,514
25,788
  
CNO Financial Group, Inc.
247,049
3,491
  
Protective Life Corp.
95,304
19,675
  
Torchmark Corp.
995,358
43,248
  
The Travelers Companies, Inc.
3,068,013
     
5,930,133
   
Internet & Catalog Retail - 0.72%
  
3,508
  
Expedia, Inc.
207,498
750
  
priceline.com, Inc. *
430,328
     
637,826
   
Internet Software & Services - 2.16%
  
12,060
  
Blucora, Inc. *
211,653
8,679
  
Ebay, Inc. *
419,109
2,906
  
IAC/InterActiveCorp.
140,505
30,662
  
VeriSign, Inc. *
1,136,640
     
1,907,907
   
IT Services - 1.79%
  
4,377
  
Cardtronics, Inc. *
124,351
5,119
  
CoreLogic, Inc. *
121,832
3,299
  
Heartland Payment Systems, Inc.
86,038
8,986
  
Visa, Inc. - Class A
1,246,897
     
1,579,118
   
Life Sciences Tools & Services - 0.13%
  
9,625
  
Cambrex Corp. *
116,270
       
   
Machinery - 0.64%
  
923
  
Hyster-Yale Materials Handling, Inc. - Class B
37,917
7,306
  
Ingersoll-Rand PLC #
343,601
3,575
  
NACCO Industries, Inc. - Class A
181,038
     
562,556
   
Media - 2.71%
  
1,713
  
Charter Communications, Inc. - Class A *
132,603
12,699
  
Comcast Corp. - Class A
476,339
8,279
  
Discovery Communications, Inc. - Class A *
488,627
15,415
  
Lions Gate Entertainment Corp. *#
257,122
2,673
  
The Madison Square Garden Co. - Class A *
110,021
18,944
  
The Walt Disney Co.
929,582
     
2,394,294
   
Multi-line Retail - 3.57%
  
11,452
  
Big Lots, Inc. *
333,597
32,525
  
Dollar Tree, Inc. *
1,296,772
28,526
  
Kohl's Corp.
1,519,865
     
3,150,234
   
Multi-Utilities - 0.34%
  
5,961
  
CenterPoint Energy, Inc.
129,175
7,776
  
MDU Resources Group, Inc.
168,972
     
298,147
   
Oil, Gas & Consumable Fuels - 6.79%
  
26,941
  
Exxon Mobil Corp.
2,456,211
2,352
  
HollyFrontier Corp.
90,858
2,589
  
Kinder Morgan, Inc.
89,864
14,462
  
Marathon Petroleum Corp.
794,398
5,287
  
Targa Resources Corp.
269,267
45,975
  
Tesoro Corp.
1,733,717
6,662
  
Western Refining, Inc.
165,684
11,263
  
The Williams Companies, Inc.
394,092
     
5,994,091
   
Paper & Forest Products - 1.12%
  
12,374
  
Domtar Corp.
986,827
       
   
Personal Products - 0.96%
  
6,379
  
The Estee Lauder Companies, Inc. - Class A
393,074
12,272
  
Medifast, Inc. *
313,181
3,340
  
Usana Health Sciences, Inc. *
144,088
     
850,343
   
Pharmaceuticals - 5.22%
  
16,405
  
Bristol-Myers Squibb Co.
545,466
7,134
  
Obagi Medical Products, Inc. *
87,962
151,962
  
Pfizer, Inc.
3,779,295
7,897
  
Viropharma, Inc. *
199,399
     
4,612,122
   
Professional Services - 0.33%
  
4,112
  
Equifax, Inc.
205,764
4,651
  
GP Strategies Corp. *
89,532
     
295,296
   
Semiconductors & Semiconductor Equipment - 3.50%
  
143,039
  
Intel Corp.
3,093,218
       
   
Software - 0.65%
  
16,096
  
American Software, Inc. - Class A
131,826
3,718
  
SS&C Technologies Holdings, Inc. *
89,344
7,355
  
Tyler Technologies, Inc. *
351,643
     
572,813
   
Specialty Retail - 18.91%
  
3,920
  
Advance Auto Parts, Inc.
278,085
2,118
  
America's Car-Mart, Inc. *
88,659
2,969
  
Asbury Automotive Group, Inc. *
94,177
5,850
  
Ascena Retail Group, Inc. *
115,830
2,310
  
Bed Bath & Beyond, Inc. *
133,241
13,841
  
Best Buy Co., Inc.
210,522
11,817
  
Foot Locker, Inc.
395,870
64,321
  
GameStop Corp. - Class A
1,468,448
86,319
  
The Gap, Inc.
3,083,315
2,906
  
Genesco, Inc. *
166,514
2,300
  
GNC Holdings, Inc. - Class A
88,941
69,965
  
Home Depot, Inc.
4,294,452
5,369
  
O'Reilly Automotive, Inc. *
460,016
5,558
  
PetSmart, Inc.
368,996
32,513
  
Ross Stores, Inc.
1,981,667
7,822
  
The Sherwin-Williams Co.
1,115,261
5,388
  
Stage Stores, Inc.
132,006
49,166
  
The TJX Companies, Inc.
2,046,781
3,068
  
Vitamin Shoppe, Inc. *
175,612
     
16,698,393
   
Textiles, Apparel & Luxury Goods - 0.50%
  
2,877
  
Coach, Inc.
161,256
1,831
  
Ralph Lauren Corp.
281,406
     
442,662
   
Tobacco - 1.25%
  
12,220
  
Altria Group, Inc.
388,596
8,022
  
Philip Morris International, Inc.
710,428
     
1,099,024
   
Trading Companies & Distributors - 0.84%
  
16,741
  
Aceto Corp.
167,745
10,935
  
Fastenal Co.
488,795
669
  
TransDigm Group, Inc. *
89,117
     
745,657
   
Wireless Telecommunication Services - 0.88%
  
21,479
  
MetroPCS Communications, Inc. *
219,301
8,085
  
Telephone & Data Systems, Inc.
201,074
31,990
  
USA Mobility, Inc.
353,489
     
773,864
   
Total Common Stocks (Cost $82,501,761)
86,070,231
       
   
Total Investments in Securities (Cost $82,501,761) - 97.47%
86,070,231
   
Other Assets in Excess of Liabilities - 2.53%
2,233,285
   
Net Assets - 100.00%
  $ 
       88,303,516
 
 * Non-income producing security.
  
 # U.S. traded security of a foreign issuer.
  
       
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.
 
 
 
 
 
 
O'Shaughnessy Enhanced Dividend Fund
Schedule of Investments
at October 31, 2012 (Unaudited)
       
Shares
    
Value
   
COMMON STOCKS - 92.49%
  
   
Aerospace & Defense - 7.04%
  
90,369
  
BAE Systems PLC - ADR
 $  
         1,825,454
11,252
  
Lockheed Martin Corp.
1,053,975
     
2,879,429
   
Commercial Banks - 2.93%
  
13,717
  
Bank of Montreal #
810,949
7,829
  
HSBC Holdings PLC - ADR
386,440
     
1,197,389
   
Commercial Services & Supplies - 0.99%
  
12,378
  
Waste Management, Inc.
405,256
       
   
Computers & Peripherals - 1.00%
  
14,908
  
Seagate Technology PLC #
407,287
       
   
Construction Materials - 0.41%
  
9,061
  
CRH PLC - ADR
168,988
       
   
Diversified Financial Services - 2.10%
  
34,727
  
NYSE Euronext
859,841
       
   
Diversified Telecommunication Services - 22.77%
  
7,360
  
AT&T, Inc.
254,582
3,631
  
BCE, Inc.
156,437
1,249
  
BT Group PLC - ADR
42,941
150,856
  
Deutsche Telekom AG - ADR
1,727,301
122,140
  
France Telecom S.A. - ADR
1,370,411
52,214
  
KT Corp. - ADR
885,027
20,916
  
PT Telekomunikasi Indonesia Tbk - ADR
850,235
117,145
  
Telecom Italia S.p.A. - ADR
1,076,563
776
  
Telenor ASA - ADR
45,668
93,621
  
Telstra Corp., Ltd. - ADR
1,998,808
20,297
  
Verizon Communications, Inc.
906,058
     
9,314,031
   
Industrial Conglomerates - 0.26%
  
4,315
  
Koninklijke Philips Electronics N.V. - ADR
108,220
       
   
Insurance - 10.81%
  
62,811
  
Allianz SE - ADR
788,278
63,510
  
AXA S.A. - ADR
1,011,714
42,525
  
Manulife Financial Corp. #
526,460
3,606
  
Power Corporation of Canada #
87,608
30,256
  
Sun Life Financial, Inc. #
750,349
18,380
  
Swiss Re AG - ADR
1,260,684
     
4,425,093
   
Media - 0.21%
  
3,013
  
Thomson Reuters Corp. #
85,147
       
   
Metals & Mining - 1.67%
  
2,745
  
BHP Billiton PLC - ADR
175,625
10,616
  
Cliffs Natural Resources, Inc.
385,042
22,287
  
Companhia Siderurgica Nacional S.A. - ADR
121,241
     
681,908
   
Oil, Gas & Consumable Fuels - 21.94%
  
18,031
  
BP PLC - ADR
773,350
71,327
  
Canadian Oil Sands Ltd. #
1,517,125
11,602
  
China Petroleum & Chemical Corp. - ADR
1,220,646
9,421
  
ConocoPhillips
545,005
2,053
  
Ecopetrol S.A. - ADR
121,558
26,521
  
ENI S.p.A. - ADR
1,217,049
20,301
  
Gazprom OAO - ADR
185,551
22,671
  
Husky Energy, Inc. #
608,716
676
  
PetroChina Co., Ltd. - ADR
91,774
5,137
  
Royal Dutch Shell PLC - ADR
351,782
5,624
  
Sasol Ltd. - ADR
238,514
28,599
  
Total S.A. - ADR
1,441,390
44,746
  
Yanzhou Coal Mining Co., Ltd. - ADR
663,583
     
8,976,043
   
Paper & Forest Products - 0.36%
  
14,172
  
UPM-Kymmene Oyj - ADR
149,515
       
   
Pharmaceuticals - 10.93%
  
36,726
  
AstraZeneca PLC - ADR
1,704,086
10,620
  
Bristol-Myers Squibb Co.
353,115
6,430
  
Eisai Co., Ltd. - ADR
286,296
33,076
  
Eli Lilly & Co.
1,608,486
20,868
  
Pfizer, Inc.
518,987
     
4,470,970
   
Semiconductors & Semiconductor Equipment - 0.99%
  
45,033
  
STMicroelectronics N.V. - ADR
265,244
75,163
  
United Microelectronics Corp. - ADR
141,306
     
406,550
   
Trading Companies & Distributors - 0.45%
  
655
  
Mitsui & Co., Ltd. - ADR
184,297
       
   
Wireless Telecommunication Services - 7.63%
  
16,166
  
Mobile Telesystems - ADR
277,085
6,697
  
Rogers Communications, Inc. - Class B #
294,132
83,221
  
SK Telecom Co., Ltd. - ADR
1,300,744
45,913
  
Vodafone Group PLC - ADR
1,249,752
     
3,121,713
   
Total Common Stocks (Cost $36,346,957)
37,841,677
       
   
CONVERTIBLE PREFERRED STOCKS - 0.77%
  
   
Media - 0.77%
  
14,363
  
Shaw Communications, Inc. - Class B - ADR
313,688
       
   
Total Convertible Preferred Stocks (Cost $287,926)
313,688
       
   
PREFERRED STOCKS - 2.02%
  
   
Diversified Telecommunication Services - 2.02%
  
37,611
  
Telefonica Brasil S.A. - ADR
828,194
       
   
Total Preferred Stocks (Cost $893,079)
828,194
       
   
Total Investments in Securities (Cost $37,527,962) - 95.28%
38,983,559
   
Other Assets in Excess of Liabilities - 4.72%
1,933,983
   
Net Assets - 100.00%
 $ 
        40,917,542
 
 # U.S. traded security of a foreign issuer.
  
 ADR - American Depository Receipt
  
       
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.
 
 
Country Allocation
    
Country
  
% of Net Assets
United States
  
21.7%
United Kingdom
  
15.0%
Canada
  
12.6%
France
  
9.3%
Germany
  
6.1%
Italy
  
5.6%
Republic of Korea
  
5.3%
Australia
  
4.9%
China
  
4.8%
Switzerland
  
3.1%
Brazil
  
2.3%
Indonesia
  
2.1%
Netherlands
  
1.8%
Ireland
  
1.4%
Japan
  
1.2%
Russian Federation
  
1.1%
South Africa
  
0.6%
Finland
  
0.4%
Taiwan, Province of China
  
0.3%
Colombia
  
0.3%
Norway
  
0.1%
   
100.0%

 
 
 
 
 
 
O'Shaughnessy Small/Mid Cap Growth Fund
Schedule of Investments
at October 31, 2012 (Unaudited)
       
Shares
    
Value
   
COMMON STOCKS - 97.80%
  
   
Aerospace & Defense - 1.45%
  
747
  
Curtiss-Wright Corp.
 $
                23,060
1,833
  
GenCorp, Inc. *
16,167
715
  
Hexcel Corp. *
18,275
2,022
  
Taser International, Inc. *
15,792
626
  
Triumph Group, Inc.
40,953
     
114,247
   
Airlines - 1.71%
  
438
  
Alaska Air Group, Inc. *
16,749
678
  
Allegiant Travel Co. *
49,318
568
  
Copa Holdings S.A. - Class A #
52,722
1,606
  
Delta Air Lines, Inc. *
15,466
     
134,255
   
Auto Components - 0.55%
  
2,315
  
Standard Motor Products, Inc.
43,476
       
   
Beverages - 0.92%
  
696
  
Brown-Forman Corp. - Class B
44,586
615
  
Monster Beverage Corp. *
27,472
     
72,058
   
Biotechnology - 0.92%
  
1,896
  
Neurocrine Biosciences, Inc. *
13,898
6,461
  
PDL BioPharma, Inc.
48,134
229
  
United Therapeutics Corp. *
10,458
     
72,490
   
Building Products - 1.31%
  
811
  
A.O. Smith Corp.
49,284
1,074
  
Lennox International, Inc.
53,754
     
103,038
       
   
Chemicals - 4.19%
  
3,703
  
American Vanguard Corp.
132,308
2,012
  
H.B. Fuller Co.
61,165
8,754
  
Landec Corp. *
94,718
729
  
Valspar Corp.
40,846
     
329,037
   
Commercial Services & Supplies - 4.43%
  
1,408
  
Acorn Energy, Inc.
11,982
1,448
  
Cintas Corp.
60,541
818
  
Copart, Inc. *
23,550
244
  
Corrections Corp. of America
8,211
1,279
  
The Geo Group, Inc. *
35,454
475
  
Healthcare Services Group, Inc.
11,353
517
  
KAR Auction Services, Inc. *
10,340
8,993
  
Kimball International, Inc. - Class B
107,376
773
  
McGrath RentCorp.
20,299
215
  
Mine Safety Appliances Co.
8,299
481
  
Portfolio Recovery Associates, Inc. *
50,337
     
347,742
   
Communications Equipment - 0.72%
  
879
  
Arris Group, Inc. *
12,077
562
  
Comtech Telecommunications Corp.
14,145
213
  
Loral Space & Communications, Inc.
16,755
407
  
RADWARE Ltd. *#
13,350
     
56,327
   
Construction Materials - 1.41%
  
1,301
  
Eagle Materials, Inc.
68,914
864
  
James Hardie Industries PLC - ADR
41,550
     
110,464
   
Containers & Packaging - 2.04%
  
541
  
AEP Industries, Inc. *
34,586
9,423
  
Intertape Polymer Group, Inc. #
65,773
4,038
  
Myers Industries, Inc.
59,884
     
160,243
   
Distributors - 1.19%
  
293
  
Core-Mark Holding Co., Inc.
14,026
955
  
Genuine Parts Co.
59,764
265
  
Pool Corp.
11,162
1,395
  
VOXX International Corp. *
8,677
     
93,629
   
Diversified Consumer Services - 0.40%
  
2,226
  
Service Corp. International
31,253
       
   
Diversified Telecommunication Services - 0.28%
  
2,236
  
Telecom Corp. of New Zealand Ltd. - ADR
21,801
       
   
Electrical Equipment - 1.21%
  
670
  
AZZ, Inc.
26,425
1,125
  
Generac Holdings, Inc.
38,250
1,217
  
Thermon Group Holdings, Inc. *
30,230
     
94,905
   
Electronic Equipment, Instruments & Components - 0.98%
  
1,463
  
Jabil Circuit, Inc.
25,368
155
  
MTS Systems Corp.
7,814
1,364
  
SYNNEX Corp. *
44,180
     
77,362
   
Energy Equipment & Services - 0.52%
  
75
  
Core Laboratories N.V. #
7,774
474
  
Gulfmark Offshore, Inc. - Class A *
15,320
339
  
Oceaneering International, Inc.
17,740
     
40,834
   
Food & Staples Retailing - 0.58%
  
11,442
  
Rite Aid Corp. *
13,273
907
  
Susser Holdings Corp. *
32,598
     
45,871
   
Food Products - 2.24%
  
1,119
  
Cal-Maine Foods, Inc.
48,262
2,222
  
Gruma S.A.B. de CV - ADR*
25,775
828
  
Lancaster Colony Corp.
60,262
646
  
Seneca Foods Corp. - Class A *
18,466
569
  
Snyders-Lance, Inc.
14,418
510
  
Tyson Foods, Inc. - Class A
8,573
     
175,756
   
Health Care Equipment & Supplies - 3.33%
  
613
  
Abaxis, Inc. *
22,546
105
  
Analogic Corp.
7,734
1,254
  
Cyberonics, Inc. *
57,997
1,053
  
ICU Medical, Inc. *
62,473
196
  
ResMed, Inc.
7,794
2,279
  
RTI Biologics, Inc. *
9,253
1,895
  
Spectranetics Corp. *
27,591
466
  
STERIS Corp.
16,498
1,215
  
Vascular Solutions, Inc. *
18,310
160
  
West Pharmaceutical Services, Inc.
8,619
658
  
Young Innovations, Inc.
22,471
     
261,286
   
Health Care Providers & Services - 1.62%
  
450
  
AMN Healthcare Services, Inc. *
4,464
358
  
Catamaran Corp. *#
16,883
1,161
  
Centene Corp. *
44,095
377
  
Omnicare, Inc.
13,018
1,080
  
Triple-S Management Corp. - Class B *#
19,483
1,112
  
U.S. Physical Therapy, Inc.
29,690
     
127,633
   
Hotels, Restaurants & Leisure - 9.10%
  
3,347
  
AFC Enterprises, Inc. *
84,746
1,934
  
Brinker International, Inc.
59,567
1,057
  
Churchill Downs, Inc.
69,054
1,272
  
Cracker Barrel Old Country Store, Inc.
80,963
3,356
  
Denny's Corp. *
15,438
429
  
Domino's Pizza, Inc.
17,426
1,461
  
Interval Leisure Group, Inc.
27,847
892
  
Jack in the Box, Inc. *
23,201
1,301
  
Marcus Corp.
14,181
2,142
  
Papa John's International, Inc. *
114,211
4,603
  
Ruth's Hospitality Group, Inc. *
30,610
2,851
  
SHFL Entertainment, Inc. *
40,285
759
  
Six Flags Entertainment Corp.
43,346
441
  
Tim Hortons, Inc. #
21,909
1,426
  
Wyndham Worldwide Corp.
71,870
     
714,654
   
Household Durables - 3.21%
  
1,551
  
D.R. Horton, Inc.
32,509
1,833
  
Garmin Ltd. #
69,636
451
  
Jarden Corp.
22,460
1,378
  
Lennar Corp. - Class A
51,634
4,386
  
PulteGroup, Inc. *
76,053
     
252,292
   
Household Products - 1.79%
  
1,351
  
Church & Dwight Co., Inc.
68,577
1,584
  
Spectrum Brands Holdings, Inc.
72,056
     
140,633
   
Insurance - 0.76%
  
2,748
  
eHealth, Inc. *
59,632
       
   
Internet & Catalog Retail - 0.76%
  
781
  
Expedia, Inc.
46,196
254
  
HSN, Inc.
13,163
     
59,359
   
Internet Software & Services - 3.28%
  
5,732
  
Blucora, Inc. *
100,597
732
  
Cornerstone OnDemand, Inc. *
20,489
971
  
IAC/InterActiveCorp.
46,948
295
  
Internet Initiative Japan, Inc. - ADR
3,903
319
  
Liquidity Services, Inc. *
13,152
282
  
Rackspace Hosting, Inc. *
17,961
1,471
  
VeriSign, Inc. *
54,530
     
257,580
   
IT Services - 4.71%
  
3,654
  
Acxiom Corp. *
66,686
639
  
Alliance Data Systems Corp. *
91,409
932
  
CGI Group, Inc. - Class A *#
24,325
485
  
Convergys Corp.
8,153
640
  
CoreLogic, Inc. *
15,232
2,001
  
CSG Systems International, Inc. *
41,241
1,202
  
Genpact Limited *
21,167
1,752
  
Heartland Payment Systems, Inc.
45,692
2,501
  
Total System Services, Inc.
56,247
     
370,152
   
Leisure Equipment & Products - 1.15%
  
543
  
Arctic Cat, Inc. *
19,695
1,059
  
Mattel, Inc.
38,950
371
  
Polaris Industries, Inc.
31,349
     
89,994
   
Life Sciences Tools & Services - 1.29%
  
6,776
  
Cambrex Corp. *
81,854
630
  
PAREXEL International Corp. *
19,335
     
101,189
   
Machinery - 1.77%
  
630
  
Actuant Corp. - Class A
17,791
464
  
Colfax Corp. *
15,957
1,122
  
Donaldson Co., Inc.
36,207
95
  
Middleby Corp. *
11,870
752
  
Miller Industries, Inc.
11,543
594
  
The Toro Co.
25,079
153
  
Valmont Industries, Inc.
20,670
     
139,117
   
Media - 2.48%
  
529
  
Aimia, Inc. #
7,909
827
  
Charter Communications, Inc. - Class A *
64,018
3,725
  
Lions Gate Entertainment Corp. *#
62,133
562
  
The Madison Square Garden Co. - Class A *
23,132
246
  
Scholastic Corp.
8,116
481
  
Scripps Networks Interactive, Inc. - Class A
29,206
     
194,514
   
Metals & Mining - 1.52%
  
9,851
  
Grupo Simec S.A.B. de CV - ADR*
119,591
       
   
Multi-line Retail - 1.96%
  
1,105
  
Dollar General Corp. *
53,725
878
  
Dollar Tree, Inc. *
35,006
10,885
  
Tuesday Morning Corp. *
64,983
     
153,714
   
Oil, Gas & Consumable Fuels - 2.03%
  
257
  
Adams Resources & Energy, Inc.
7,668
1,286
  
EPL Oil & Gas, Inc. *
27,829
524
  
Kinder Morgan, Inc.
18,188
393
  
Panhandle Oil And Gas, Inc. - Class A
10,642
990
  
SemGroup Corp. - Class A *
38,254
1,118
  
Targa Resources Corp.
56,940
     
159,521
   
Paper & Forest Products - 1.39%
  
580
  
Buckeye Technologies, Inc.
15,196
1,967
  
KapStone Paper & Packaging Corp. *
43,215
1,444
  
Neenah Paper, Inc.
37,400
760
  
P.H. Glatfelter Co.
13,536
     
109,347
   
Personal Products - 0.19%
  
345
  
Usana Health Sciences, Inc. *
14,883
       
   
Pharmaceuticals - 1.52%
  
3,076
  
Obagi Medical Products, Inc. *
37,927
3,409
  
Santarus, Inc. *
31,124
1,991
  
Viropharma, Inc. *
50,273
     
119,324
   
Professional Services - 2.01%
  
67
  
Barrett Business Services, Inc.
1,990
1,980
  
CDI Corp.
34,036
686
  
Equifax, Inc.
34,327
673
  
Exponent, Inc. *
37,002
2,151
  
GP Strategies Corp. *
41,407
323
  
Huron Consulting Group, Inc. *
9,319
     
158,081
   
Real Estate Management & Development - 3.13%
  
2,169
  
Altisource Portfolio Solutions S.A. *#
246,181
       
   
Road & Rail - 0.52%
  
354
  
J.B. Hunt Transport Services, Inc.
20,780
246
  
Kansas City Southern
19,793
     
40,573
   
Software - 5.74%
  
655
  
ACI Worldwide, Inc. *
25,610
1,369
  
Activision Blizzard, Inc.
14,908
2,079
  
American Software, Inc. - Class A
17,027
2,052
  
Aspen Technology, Inc. *
50,849
1,139
  
Manhattan Associates, Inc. *
68,340
1,173
  
Monotype Imaging Holdings, Inc.
17,959
1,086
  
Retalix Ltd. *#
21,286
325
  
SolarWinds, Inc. *
16,442
2,006
  
SS&C Technologies Holdings, Inc. *
48,204
3,565
  
Tyler Technologies, Inc. *
170,443
     
451,068
   
Specialty Retail - 12.36%
  
699
  
Advance Auto Parts, Inc.
49,587
374
  
American Eagle Outfitters, Inc.
7,805
924
  
America's Car-Mart, Inc. *
38,679
1,941
  
Asbury Automotive Group, Inc. *
61,569
479
  
Ascena Retail Group, Inc. *
9,484
170
  
AutoZone, Inc. *
63,750
3,059
  
Foot Locker, Inc.
102,477
1,730
  
The Gap, Inc.
61,796
872
  
Genesco, Inc. *
49,966
1,182
  
GNC Holdings, Inc. - Class A
45,708
1,087
  
Hibbett Sports, Inc. *
58,687
826
  
Kirkland's, Inc. *
7,921
440
  
O'Reilly Automotive, Inc. *
37,699
1,988
  
PetSmart, Inc.
131,983
2,835
  
Pier 1 Imports, Inc.
57,834
568
  
The Sherwin-Williams Co.
80,985
881
  
Systemax, Inc. *
9,638
711
  
Urban Outfitters, Inc. *
25,425
1,076
  
Vitamin Shoppe, Inc. *
61,590
171
  
Williams-Sonoma, Inc.
7,905
     
970,488
   
Tobacco - 0.20%
  
956
  
Vector Group Ltd.
15,736
       
   
Trading Companies & Distributors - 2.79%
  
6,127
  
Aceto Corp.
61,393
961
  
Bunzl PLC - ADR
77,956
832
  
DXP Enterprises, Inc. *
40,959
289
  
TransDigm Group, Inc. *
38,498
     
218,806
   
Wireless Telecommunication Services - 0.14%
  
706
  
Shenandoah Telecommunications Co.
11,098
       
   
Total Common Stocks (Cost $6,927,703)
7,681,234
       
   
Total Investments in Securities (Cost $6,927,703) - 97.80%
7,681,234
   
Other Assets in Excess of Liabilities - 2.20%
173,103
   
Net Assets - 100.00%
 $ 
          7,854,337
 
 * Non-income producing security.
  
 # U.S. traded security of a foreign issuer.
  
 ADR - American Depository Receipt
  
   
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.
 
 
 
 
 
 
 
O’Shaughnessy Funds
Notes to Schedule of Investments
October 31, 2012 (Unaudited)

Note 1 – Securities Valuation

The O’Shaughnessy Funds’ (the “Funds”) investments in securities are carried at their fair value. Equity securities, including common stocks, convertible securities and preferred stocks, 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 (“Board”). 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 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.
 
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 October 31, 2012:

All Cap Core Fund

 
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks
                    
  Consumer Discretionary
 $ 29,118,497     $ -     $ -     $ 29,118,497
  Consumer Staples
   6,938,141       -       -       6,938,141
  Energy
   6,101,357       -       -       6,101,357
  Financials
   7,573,384       -       -       7,573,384
  Health Care
   8,837,195       -       -       8,837,195
  Industrials
   6,920,324       37,917       -       6,958,241
  Information Technology
   14,830,172       -       -       14,830,172
  Materials
   1,576,292       -       -       1,576,292
  Telecommunication Services
   2,414,874       -       -       2,414,874
  Utilities
   1,722,078       -       -       1,722,078
Total Common Stocks
   86,032,314       37,917       -       86,070,231
Total Investments in Securities
 $ 86,032,314     $ 37,917     $ -     $ 86,070,231

Enhanced Dividend Fund

 
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks
                    
  Consumer Discretionary
 $ 85,147     $ -     $ -     $ 85,147
  Energy
   8,976,043       -       -       8,976,043
  Financials
   6,482,323       -       -       6,482,323
  Health Care
   4,470,970       -       -       4,470,970
  Industrials
   3,577,202       -       -       3,577,202
  Information Technology
   813,837       -       -       813,837
  Materials
   1,000,411       -       -       1,000,411
  Telecommunication Services
   12,435,744       -       -       12,435,744
Total Common Stocks
   37,841,677       -       -       37,841,677
Convertible Preferred Stocks
                            
  Consumer Discretionary
   313,688       -       -       313,688
Total Convertible Preferred Stocks
   313,688       -       -       313,688
Preferred Stocks
                            
  Telecommunication Services
   828,194       -       -       828,194
Total Preferred Stocks
   828,194       -       -       828,194
Total Investments in Securities
 $ 38,983,559     $ -     $ -     $ 38,983,559

Small/Mid Cap Growth Fund

 
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks
                    
  Consumer Discretionary
 $ 2,603,373     $ -     $ -     $ 2,603,373
  Consumer Staples
   464,937       -       -       464,937
  Energy
   200,355       -       -       200,355
  Financials
   305,813       -       -       305,813
  Health Care
   681,922       -       -       681,922
  Industrials
   1,350,764       -       -       1,350,764
  Information Technology
   1,212,489       -       -       1,212,489
  Materials
   828,682       -       -       828,682
  Telecommunication Services
   32,899       -       -       32,899
Total Common Stocks
   7,681,234       -       -       7,681,234
Total Investments in Securities
 $ 7,681,234     $ -     $ -     $ 7,681,234

Refer to the Funds’ Schedules of Investments for a detailed break-out of common stocks and preferred stocks by industry classification. Transfers between levels are recognized at October 31, 2012, the end of the reporting period.  The Enhanced Dividend Fund and Small/Mid Cap Growth Fund recognized no transfers to/from Level 1 or Level 2. In the All Cap Core Fund, a transfer in the amount of $37,917 was made from Level 1 to Level 2 at the end of the reporting period due to the lack of availability of a closing price on the primary U.S. exchange.  There were no Level 3 securities held in the Funds during the period ended October 31, 2012.


 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at October 31, 2012 was as follows*:

All Cap Core Fund

Cost of investments
   $ 82,559,005  
         
Gross unrealized appreciation
   $ 8,569,387  
Gross unrealized depreciation
     (5,058,161 )
Net unrealized appreciation
   $ 3,511,226  

Enhanced Dividend Fund

Cost of investments
   $ 37,860,962  
         
Gross unrealized appreciation
   $ 2,502,320  
Gross unrealized depreciation
     (1,379,723 )
Net unrealized appreciation
   $ 1,122,597  

Small/Mid Cap Growth Fund

Cost of investments
   $ 6,928,865  
         
Gross unrealized appreciation
   $ 998,285  
Gross unrealized depreciation
     (245,916 )
Net unrealized appreciation
   $ 752,369  
 
* Because tax adjustments are calculated annually, the above tables reflect the tax adjustments outstanding at the Funds’ 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 Funds’ 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 12/27/2012                                                                                                                                                                       



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 12/27/2012                                                                                                                                                                       
 
 
By (Signature and Title)* /s/ Cheryl L. King                                                                                                                      
   Cheryl L. King, Treasurer

Date 12/27/2012                                                                                                                                                                       
 
 
* Print the name and title of each signing officer under his or her signature.