ast-orinda_nq.htm

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: November 30, 2012

Item 1. Schedules of Investments.

Orinda SkyView Multi-Manager Hedged Equity Fund
Schedule of Investments
November 30, 2012 (Unaudited)

		Shares		Value
COMMON STOCKS - 76.7%
Consumer Discretionary - 13.3%
Acquity Group Ltd. - ADR ^†			11,876	$	74,225
Advance Auto Parts, Inc. *			12,700		929,005
Aeropostale ^*			10,000		138,100
American Eagle Outfitters, Inc.			30,000		636,000
Arbitron, Inc. *			14,500		527,365
BJ's Restaurants, Inc. ^*			11,388		390,495
Brinker International, Inc. *			5,259		157,507
Chico's FAS, Inc. *			47,290		881,959
Christopher & Banks Corp.			117,346		536,271
Coinstar, Inc. ^*			2,611		122,821
Cooper Tire & Rubber Co.			772		19,285
Deckers Outdoor Corp. ^*			25,929		992,821
DIRECTV ^*			10,000		497,000
Expedia, Inc.			5,000		309,300
Francesca's Holdings Corp. ^*			10,078		262,330
Grand Canyon Education, Inc. ^			5,504		130,335
Jones Group, Inc. *			58,720		690,547
Leapfrog Enterprises, Inc. ^*			14,822		135,028
LKQ Corp. ^*			48,477		1,062,616
National CineMedia, Inc. *			63,010		901,043
Ruby Tuesday, Inc. ^*			49,782		388,797
Rue21, Inc. ^*			38,720		1,111,651
Scientific Games Corp. ^*			132,010		1,099,643
Shutterfly, Inc. ^*			38,608		1,040,486
Target Corp. *			13,500		852,255
TravelCenters Of America LLC ^			15,867		70,291
Under Armour, Inc. ^*			11,723		607,603
Xueda Education Group - ADR ^†*~			121,070		359,578
					14,924,357

Consumer Staples - 1.5%
Adecoagro SA ^†			26,853		238,992
CVS Caremark Corp. *			24,600		1,144,146
The Fresh Market, Inc. ^*			3,163		163,938
Usana Health Sciences, Inc. ^			2,988		123,345
					1,670,421

Energy - 4.5%
Core Laboratories NV †*			4,914		507,027
Dril-Quip, Inc. ^*			6,883		484,357
Forum Energy Technologies, Inc. ^			9,728		245,535
HollyFrontier Corp.			5,792		262,551
Marathon Petroleum Corp.			4,297		255,843
National Oilwell Varco, Inc.			3,345		228,464
Oceaneering International, Inc.			4,984		262,557
Seadrill Ltd. †			4,980		191,879
Suncor Energy, Inc. †			3,961		129,168
Tesoro Corp.			9,648		407,917
Valero Energy Corp. *			11,935		385,023
Western Refining, Inc. *			5,423		157,538
World Fuel Services Corp. *			39,850		1,552,158
					5,070,017

Financials - 9.6%
Affiliated Managers Group, Inc. ^*			9,480		1,221,688
American Financial Group, Inc. *			3,410		135,207
Argo Group International Holdings Ltd. †			1,362		45,205
Assured Guaranty Ltd. †*			9,056		126,331
Berkshire Hathaway, Inc. - Class B ^*			6,000		528,480
BNC Bancorp *			6,363		53,895
Broadway Financial Corp. ^			3,470		2,811
Carolina Bank Holdings, Inc. ^*			3,286		24,316
Carrollton Bancorp ^*			1,519		8,279
Colony Bankcorp, Inc. ^*			5,391		20,540
ECB Bancorp, Inc. *			5,316		75,700
EMC Insurance Group, Inc.			2,643		57,987
Farmers National Banc Corp. *			14,734		90,172
Federal Agricultural Mortgage Corp. *			5,306		178,706
Financial Engines, Inc. ^*			44,250		1,160,235
First Bancorp - Puerto Rico ^†*			33,009		133,686
First Community Bancshares, Inc. *			9,933		152,968
First Financial Holdings, Inc. *			12,288		165,765
First South Bancorp, Inc. ^*			40,019		208,099
First United Corp. ^*			135		1,062
Firstbank Corp.			110		1,206
FirstService Corp. ^†*			11,127		320,903
FXCM, Inc. *			11,974		119,860
Greenlight Capital Re Ltd. ^†*			31,193		721,494
Hopfed Bancorp, Inc. *			1,672		14,312
Intervest Bancshares Corp. ^*			17,100		66,519
JPMorgan Chase & Co. *			3,770		154,872
Lincoln National Corp. *			3,360		82,992
LNB Bancorp, Inc. *			6,371		41,284
Metlife, Inc. *			3,613		119,915
MetroCorp Bancshares, Inc. ^*			173		1,682
Nelnet, Inc. *			4,869		139,205
New Hampshire Thrift Bancshares, Inc. *			3,070		38,467
Oak Ridge Financial Services, Inc. ^			15,257		64,079
Och-Ziff Capital Management Group *			14,624		139,220
Oriental Financial Group †*			12,230		147,249
Parke Bancorp, Inc. ^*			23,653		118,738
Peoples Bancorp of North Carolina *			271		2,677
QCR Holdings, Inc. *			427		5,965
Republic Bancorp, Inc. *			5,551		113,629
Shore Bancshares, Inc. *			21,716		116,832
Signature Bank ^*			16,200		1,136,592
Southwest Bancorp, Inc. ^*			11,492		125,263
Suffolk Bancorp ^*			2,875		35,851
Summit Financial Group, Inc. ^*			14,012		69,079
SunTrust Banks, Inc. *			7,618		206,829
The Hartford Financial Services Group, Inc. *			12,533		265,449
Timberland Bancorp, Inc. ^*			35,435		220,760
Torchmark Corp. *			2,838		147,548
Union First Market Bankshares Corp.			7,361		112,550
United Fire Group, Inc.			6,080		126,038
Virtus Investment Partners, Inc. ^*			10,455		1,200,861
VSB Bancorp, Inc. *~			3,328		35,011
W.R. Berkley Corp. *			3,492		138,807
Zillow, Inc. ^			2,302		63,351
					10,806,221

Health Care - 7.3%
Abiomed, Inc. ^*			61,810		825,163
Accuray, Inc. ^*			80,829		507,606
Affymetrix, Inc. ^*			122,630		408,358
Align Technology, Inc. ^*			29,770		815,400
AmerisourceBergen Corp. *			3,201		135,146
Anika Therapeutics, Inc. ^			12,266		145,107
Astex Pharmaceuticals, Inc. ^			40,481		112,537
AstraZeneca PLC - ADR †*			2,507		119,183
BioMarin Pharmaceutical, Inc. ^*			23,879		1,160,519
Cambrex Corp. ^*			11,374		124,773
Community Health Systems, Inc. ^*			5,007		147,506
Conceptus, Inc. ^			11,641		242,249
DepoMed, Inc. ^*			22,084		132,946
Five Star Quality Care, Inc. ^			24,959		122,798
Hologic, Inc. ^*			53,380		1,018,490
Johnson & Johnson *			2,111		147,200
Masimo Corp. ^*			11,525		238,798
McKesson Corp. *			1,531		144,634
Merck & Co., Inc. *			3,357		148,715
Novartis AG - ADR †*			2,234		138,620
Puma Biotechnology, Inc. ^			15,536		320,042
Surmodics, Inc. ^			6,893		138,825
Synergy Pharmaceuticals, Inc. ^			27,360		152,122
Transcept Pharmaceuticals, Inc. ^*			19,236		103,682
Vertex Pharmaceuticals, Inc. ^			7,616		303,041
Wellcare Health Plans, Inc. ^*			2,095		101,126
Zimmer Holdings, Inc. *			2,021		133,325
Zogenix, Inc. ^*			46,417		122,541
					8,210,452

Industrials - 12.7%
51job, Inc. - ADR ^†			4,561		241,140
Acuity Brands, Inc.			3,204		211,945
Aerovironment, Inc. ^			5,586		114,010
Air Transport Services Group, Inc. ^*			55,820		211,558
Aircastle Ltd. †			12,052		137,031
American Reprographics Co. ^*			100,872		254,197
Atlas Air Worldwide Holdings, Inc. ^*			9,370		405,534
Barrett Business Services, Inc. *			4,914		163,391
Blount International, Inc. ^*			40,000		570,800
Echo Global Logistics, Inc. ^			17,921		314,872
Enersys ^*			3,611		125,807
Equifax, Inc. *			3,314		169,809
ESCO Technologies, Inc. *			14,170		520,039
Expeditors International of Washington, Inc. *			3,365		125,918
General Cable Corp. ^*			4,145		119,003
Graco, Inc. *			25,601		1,264,945
H & E Equipment Services, Inc. *			15,237		236,935
HEICO Corp. *			18,090		744,946
Huron Consulting Group, Inc. ^*			15,872		522,824
IHS, Inc. ^*			11,597		1,068,548
II-VI, Inc. ^*			3,118		53,349
Innerworkings, Inc. ^*			28,475		370,460
Landstar System, Inc. *			25,714		1,300,357
Lydall, Inc. ^			4,629		60,594
MasTec, Inc. ^*			47,620		1,087,641
Northrop Grumman Corp. *			1,857		123,862
Northwest Pipe Co. ^			651		13,411
Owens Corning, Inc. ^*			7,000		242,060
Portfolio Recovery Associates, Inc. ^*			1,822		180,050
Raytheon Co. *			2,649		151,337
Republic Airways Holdings, Inc. ^*			26,410		153,442
Rexnord Corp. ^			1,804		38,570
Snap-On, Inc. *			4,000		317,760
Stantec, Inc. †			3,045		114,157
The ADT Corporation ^*			3,687		169,233
The Middleby Corp. ^*			2,200		280,258
TransDigm Group, Inc. *			5,507		749,062
Trinity Industries, Inc. *			4,917		156,213
URS Corp. *			7,131		268,696
Waste Connections, Inc. *			16,633		547,558
Xylem, Inc. *			12,000		313,080
					14,214,402

Information Technology - 22.0%
Accenture PLC †*			2,364		160,563
ANSYS, Inc. ^*			5,405		358,514
Apple, Inc.			908		531,434
Arris Group, Inc. ^*			70,990		991,730
ASML Holding NV - ADR †			4,323		270,476
Broadridge Financial Solutions, Inc. *			22,410		529,100
Brocade Communications Systems, Inc. ^*			193,920		1,101,466
Cardtronics, Inc. ^*			31,320		718,481
Computer Sciences Corp. *			4,663		177,474
Concur Technologies, Inc. ^*			6,772		444,988
Ericsson - ADR ^†			14,854		139,479
FARO Technologies, Inc. ^*			6,246		220,359
Google, Inc. ^			718		501,430
Hittite Microwave Corp. ^*			13,520		820,394
Hollysys Automation Technologies Ltd. ^†			55,003		597,332
IAC InterActiveCorp *			2,931		138,197
Informatica Corp. ^*			29,260		786,216
InterDigital, Inc. *			8,994		383,864
International Rectifier Corp. ^*			46,980		802,418
IPG Photonics Corp. ^*			1,070		63,237
j2 Global, Inc.			4,392		132,814
Kulicke & Soffa Industries, Inc. ^*			20,527		234,624
Liquidity Services, Inc. ^*			26,287		1,079,344
Magnachip Semiconductor Corp. ^			10,385		130,851
Microsoft Corp. *			58,008		1,544,173
Monster Worldwide, Inc. ^*			77,816		423,319
National Instruments Corp. *			16,839		409,524
NCR Corp. ^			11,720		280,460
Newport Corp. ^			61,020		777,395
NIC, Inc. *			9,668		145,117
Oracle Corp.			17,700		568,170
Plantronics, Inc.			25,390		853,866
Polycom, Inc. ^*			82,306		860,921
Power-One, Inc. ^			20,035		83,145
Qualcomm, Inc.			13,365		850,281
RealPage, Inc. ^*			17,565		347,611
Rovi Corp. ^*			50,220		770,375
Rudolph Technologies, Inc. ^*			12,393		137,066
ServiceSource International, Inc. ^*			79,184		406,214
Solera Holdings, Inc. *			12,782		661,596
Spreadtrum Communications, Inc. - ADR †			20,717		384,922
SPS Commerce, Inc. ^			6,585		242,723
Stamps.com, Inc. ^			13,483		342,064
Taiwan Semiconductor - ADR †			27,237		470,383
The Ultimate Software Group, Inc. ^*			5,111		483,041
VeriFone Systems, Inc. ^*			39,377		1,196,667
Wayside Technology Group, Inc.			948		10,570
XO Group, Inc. ^			14,983		118,366
Yahoo, Inc. ^			54,641		1,025,611
					24,708,365

Materials - 3.2%
CF Industries Holdings, Inc. *			3,001		642,304
Companhia Siderurgica Nacional SA - ADR †*			36,825		177,865
Eldorado Gold Corp. †*			9,729		140,876
Georgia Gulf Corp. *			3,482		159,684
Headwaters, Inc. ^*			29,911		227,324
Monsanto Co.			7,430		680,514
New Gold, Inc. ^†*			29,208		310,481
NovaGold Resources Inc. ^†*			21,399		95,012
Pan American Silver Corp. †*			11,924		227,152
Potash Corp. of Saskatchewan - ADR †			9,215		354,962
Royal Gold, Inc. *			1,732		139,876
First Trust Morningstar Dividend Leaders Index Fund			31,329		93,047
The Mosaic Co.			7,007		378,798
					3,627,895

Telecommunication Services - 1.9%
AT&T, Inc.			27,849		950,486
MetroPCS Communications, Inc. ^			2,191		23,334
Telephone & Data Systems, Inc. *			5,026		115,648
US Cellular Corp. ^*			3,022		105,317
Verizon Communications, Inc.			22,179		978,538
					2,173,323

Utilities - 0.7%
Genie Energy Ltd. *			13,497		92,185
ITC Holdings Corp. *			8,588		674,587
					766,772

TOTAL COMMON STOCKS (Cost $80,011,793)					86,172,225

PREFERRED STOCKS - 0.1%
Genie Energy Ltd. ^			13,498		94,216
TOTAL PREFERRED STOCKS (Cost $106,160)					94,216

EXCHANGE-TRADED FUNDS - 5.3%
Guggenheim China Real Estate *			9,527		213,500
First Trust Morningstar Dividend Leaders Index Fund			16,803		315,392
Guggenheim S&P 500 Pure Growth ETF			7,754		378,550
iShares DJ Select Dividend Index Fund			6,498		374,545
iShares S&P 500 Growth Index Fund			5,676		433,079
iShares S&P GSCI Commodity-Indexed Trust ^			8,932		294,399
Market Vectors India Small Cap Index			24,831		278,604
PowerShares DB Commodity Index Tracking Fund ^			10,530		295,893
PowerShares DB G10 Currency Harvest Fund ^*			30,206		778,711
PowerShares S&P 500 Low Volatility *			32,898		920,486
SPDR S&P 500 ETF Trust *			1,920		272,755
Vanguard High Dividend Yield ETF			7,550		375,461
Vanguard U.S. Total Stock Market Shares Index ETF			4,487		327,013
WisdomTree Dividend ex-Financials Fund			6,717		374,674
WisdomTree LargeCap Dividend Fund			5,932		317,837
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,424,839)					5,950,899

WARRANTS - 0.0%
Tile Shop Holdings, Inc.
Expiration: November 2015, Exercise Price: $11.50			10,000		40,800
TOTAL WARRANTS (Cost $15,560)					40,800

PURCHASED OPTIONS - 2.2%
		Contracts
Call Options - 1.3%
DIRECTV
Expiration: January 2013, Exercise Price: $28.00			200		433,500
Express, Inc.
Expiration: January 2013, Exercise Price: $12.50			1,200		318,000
Monster Worldwide, Inc.
Expiration: January 2013, Exercise Price: $10.00			37		278
Expiration: January 2013, Exercise Price: $15.00			26		65
Expiration: January 2013, Exercise Price: $17.50			20		50
Expiration: January 2013, Exercise Price: $20.00			26		65
Expiration: January 2013, Exercise Price: $25.00			39		97
S&P 500 Index
Expiration: December 2012, Exercise Price: $1,325.00			10		89,800
SPDR S&P 500 ETF Trust
Expiration: March 2013, Exercise Price: $140.00			1,000		545,000
Verifone Systems, Inc.
Expiration: January 2013, Exercise Price: $60.00			16		120
Expiration: January 2014, Exercise Price: $30.00			37		22,015
Expiration: January 2014, Exercise Price: $35.00			100		39,500
Expiration: January 2015, Exercise Price: $32.00			32		23,360
Vertex Pharmaceuticals, Inc.
Expiration: January 2014, Exercise Price: $60.00			35		7,962
Expiration: January 2014, Exercise Price: $80.00			6		330
Total Call Options					1,480,142

Put Options - 0.9%
Blue Nile, Inc.
Expiration: February 2013, Exercise Price: $45.00			109		92,650
Expiration: February 2013, Exercise Price: $60.00			8		17,400
iShares Russell 2000 Index Fund
Expiration: December 2012, Exercise Price: $77.00			37		1,073
Solazyme, Inc.
Expiration: December 2012, Exercise Price: $15.00			36		26,820
Expiration: March 2013, Exercise Price: $25.00			12		21,180
SPDR S&P 500 ETF Trust
Expiration: March 2013, Exercise Price: $140.00			1,250		630,000
Tesla Motors, Inc.
Expiration: March 2013, Exercise Price: $46.00			102		153,510
Expiration: January 2014, Exercise Price: $40.00			24		34,320
Total Put Options					976,953

TOTAL PURCHASED OPTIONS (Cost $2,424,441)					2,457,095

SHORT-TERM INVESTMENTS - 25.0%		Shares
MONEY MARKET FUNDS - 25.0%
Fidelity Institutional Treasury Only Portfolio - Class I, 0.01% +			28,136,792		28,136,792
TOTAL SHORT-TERM INVESTMENTS (Cost $28,136,792)
TOTAL INVESTMENTS (Cost $116,119,585) - 109.3%					122,852,027
Liabilities in Excess of Other Assets - (9.3)%					(10,494,634	)
TOTAL NET ASSETS - 100.0%				$	112,357,393

Percentages are stated as a percent of net assets.


ADR -	American Depository Receipt
^	Non-income producing.
+	The rate shown represents the fund's 7-day yield at November 30, 2012.
†	U.S. traded security of a foreign issuer or corporation.
*	All or a portion of the security has been segregated for open short positions.
~	Illiquid security, a security may be considered illiquid if it lacks a readily available market. As of November 30, 2012, the value of these securities was $394,589 or 0.35% of total net assets.

	The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's 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
November 30, 2012 (Unaudited)

		Shares		Value
COMMON STOCKS - 30.5%
Consumer Discretionary - 5.6%
Ambow Education Holding - ADR †~			323,808	$	922,853
Blue Nile, Inc.			17,122		673,580
Buckle, Inc.			3,000		153,450
Conns, Inc.			3,028		85,632
Ctrip.com International Ltd. - ADR †			2,637		50,367
Digital Generation, Inc.			20,105		213,515
Focus Media Holding - ADR †			6,355		154,363
Francesca's Holdings Corp.			5,780		150,453
Fred's, Inc.			43,502		578,577
Groupon, Inc.			68,492		286,981
Hibbett Sports, Inc.			2,279		122,473
Homeaway, Inc.			15,633		320,164
iRobot Corp.			12,228		230,376
Lululemon Athletica, Inc.			1,918		137,674
Lumber Liquidators Holdings, Inc.			2,301		123,518
Morgans Hotel Group			9,810		57,389
Netflix, Inc.			3,114		254,445
Nutrisystem, Inc.			8,370		66,876
PVH Corp.			2,210		253,244
Radioshack Corp.			85,596		173,760
ReachLocal, Inc.			27,125		297,290
Sony Corp. - ADR †			36,033		350,961
TAL Education Group - ADR †			15,654		140,886
Tesla Motors, Inc.			9,903		334,919
Tripadvisor, Inc.			894		34,142
Ulta Salon Cosmetics & Fragrance, Inc.			1,060		106,297
					6,274,185

Consumer Staples - 1.0%
Adecoagro SA			7,905		70,355
Calavo Growers, Inc.			2,965		71,338
Lifeway Foods, Inc.			8,853		73,214
Post Holdings, Inc.			3,976		136,933
Ralcorp Holdings, Inc.			1,184		105,542
Spectrum Brands Holdings, Inc.			2,460		117,662
Sysco Corp.			2,882		91,215
United Natural Foods, Inc.			6,334		327,911
Usana Health Sciences, Inc.			2,937		121,239
					1,115,409

Energy - 1.2%
Amyris, Inc.			138,225		391,177
Cheniere Energy, Inc.			5,219		87,679
Cimarex Energy Co.			1,216		73,106
Gulfport Energy Corp.			2,398		91,220
Isramco, Inc.			298		31,886
Kior, Inc.			47,406		305,769
Kodiak Oil & Gas Corp. †			10,518		90,244
Renewable Energy Group, Inc.			14,619		86,544
Solazyme, Inc.			27,389		204,322
					1,361,947

Financials - 1.5%
Calamos Asset Management, Inc.			24,183		236,993
Duff & Phelps Corp.			7,729		93,830
Coresite Realty Corp.			22,210		568,576
Protective Life Corp.			25,660		696,669
Zillow, Inc.			4,498		123,785
					1,719,853

Health Care - 6.7%
Abaxis, Inc.			21,090		795,937
Abiomed, Inc.			19,489		260,178
Acorda Therapeutics, Inc.			26,505		667,396
Chemed Corp.			4,157		283,009
Exact Sciences Corp.			17,561		172,273
Insulet Corp.			21,360		468,852
Ironwood Pharmaceuticals, Inc.			10,083		108,896
OPKO Health, Inc.			50,196		219,859
Questcor Pharmaceuticals, Inc.			21,982		570,433
Quidel Corp.			4,318		75,695
Regeneron Pharmaceuticals, Inc.			2,700		476,685
Sirona Dental Systems, Inc.			2,580		161,534
Spectrum Pharmaceuticals, Inc.			4,181		49,503
Synageva Biopharma Corp.			11,040		540,187
United Therapeutics Corp.			17,151		901,285
Valeant Pharmaceuticals International, Inc. †			14,396		795,811
Vivus, Inc.			76,741		867,173
Volcano Corp.			4,924		134,228
					7,548,934

Industrials - 2.5%
Asta Funding, Inc.			2,283		21,095
First Solar, Inc.			12,855		346,956
Fushi Copperweld, Inc.			14,040		130,151
Healthcare Services Group, Inc.			15,650		368,088
Meritor, Inc.			20,970		89,752
Polypore International, Inc.			2,036		83,578
Quad Graphics, Inc.			15,620		253,044
Rand Logistics, Inc.			7,632		48,997
Ritchie Bros. Auctioneers, Inc. †			7,010		160,599
RR Donnelley & Sons Co.			32,736		307,718
Smith (A.O.) Corp.			4,188		263,635
Tennant Co.			7,580		289,101
Thermon Group Holdings, Inc.			8,108		200,511
WESCO International, Inc.			4,100		265,065
					2,828,290

Information Technology - 11.4%
Accelrys, Inc.			10,478		92,311
Active Network, Inc.			15,493		83,043
Adtran, Inc.			3,463		68,013
Alcatel-Lucent - ADR †			315,090		346,599
Arm Holdings PLC - ADR †			4,172		155,699
Black Box Corp.			3,051		75,207
Brightcove, Inc.			11,555		112,315
Callidus Software, Inc.			17,403		73,267
Canon, Inc. - ADR †			8,106		285,169
Carbonite, Inc.			20,836		198,775
Cavium, Inc.			3,232		113,863
Compuware Corp.			17,158		160,427
Concur Technologies, Inc.			1,884		123,798
Dell, Inc.			44,838		432,238
DragonWave, Inc. †			122,530		297,748
Electronic Arts, Inc.			19,191		284,219
Extreme Networks, Inc.			75,507		271,825
EZchip Semiconductor Ltd. †			7,461		282,847
FARO Technologies, Inc.			2,150		75,852
GSI Group, Inc. †			6,970		52,902
Hittite Microwave Corp.			5,690		345,269
Ixys Corp.			6,183		50,082
j2 Global, Inc.			12,165		367,870
Jive Software, Inc.			20,908		302,330
Lexmark International, Inc.			19,334		470,396
Market Leader, Inc.			24,326		161,768
Mellanox Technologies Ltd. †			1,389		101,230
Nokia Corp. - ADR †			62,089		202,410
Numerex Corp.			6,495		73,264
NVE Corp.			4,920		261,252
Open Text Corp. †			16,180		928,894
PMC-Sierra, Inc.			10,910		56,187
Proofpoint, Inc.			16,193		178,123
QuinStreet, Inc.			4,626		28,913
Rackspace Hosting, Inc.			2,020		139,622
RealD, Inc.			7,148		75,483
Renren, Inc. - ADR †			67,989		233,202
Research In Motion †			35,389		410,512
Saba Software, Inc.			5,104		39,913
Salesforce.com, Inc.			1,852		292,005
SciQuest, Inc.			7,144		116,376
Seagate Technology †			14,829		372,208
Sigma Designs, Inc.			18,367		105,610
Sina Corp. †			1,435		65,321
Solarwinds, Inc.			1,142		63,986
SouFun Holdings Ltd. - ADR †			37,918		817,133
Spreadtrum Communications, Inc. - ADR			2,366		43,960
STmicroelectronics NV - ADR †			41,905		266,516
Tellabs, Inc.			69,704		248,146
TiVo, Inc.			7,681		89,868
Trulia, Inc.			649		11,539
Ultratech, Inc.			5,074		166,529
United Microelectronics - ADR †			146,391		279,607
Universal Display Corp.			3,075		73,431
Velti PLC, St. Helier †			24,814		84,616
VeriFone Systems, Inc.			5,663		172,099
Viasat, Inc.			1,717		65,641
Virnetx Holding Corp.			2,649		91,311
VistaPrint NV †			19,050		591,407
VMware, Inc.			2,980		271,031
Web.com Group, Inc.			19,930		301,142
Western Digital Corp.			3,594		120,183
Youku.com, Inc. - ADR †			3,470		59,198
					12,781,700

Materials - 0.3%
Avalon Rare Metals, Inc. †			37,060		52,255
Martin Marietta Materials			853		76,770
Sherwin-Williams Co.			1,400		213,528
					342,553

Telecommunication Services - 0.1%
Cogent Communications Group, Inc.			3,428		72,468

Utilities - 0.2%
Cadiz, Inc.			7,206		61,611
EQT Corp.			1,785		107,207
UIL Holdings Corp.			2,693		96,598
					265,416

TOTAL COMMON STOCKS (Proceeds $35,473,616)					34,310,755

EXCHANGE-TRADED FUNDS - 5.5%
iShares Barclays 20+ Year Treasury Bond Fund			15,000		1,871,850
iShares Russell 2000 Growth Index Fund			26,827		2,508,593
iShares Russell 2000 Index Fund			16,684		1,369,923
Direxion Daily Small Cap Bear 3x Shares			10,000		151,500
Direxion Daily Small Cap Bull3x Shares			4,000		231,320
TOTAL EXCHANGE-TRADED FUNDS (Proceeds $6,014,070)					6,133,186
TOTAL SECURITIES SOLD SHORT (Proceeds $41,487,701)				$	40,443,941

Percentages are stated as a percent of net assets.


ADR -	American Depository Receipt
†	U.S. traded security of a foreign issuer or corporation.
~	Illiquid security, a security may be considered illiquid if it lacks a readily available market. As of November 30, 2012, the value of this security was $922,853 or 0.82% of total net assets.

	The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's 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
November 30, 2012 (Unaudited)

	Contracts	Value
CALL OPTIONS
SPDR S&P 500
Expiration: March 2013, Exercise Price: $147.00	1,000	$	202,000
			202,000
PUT OPTIONS
iShares Russell 2000 Index Fund
Expiration: December 2012, Exercise Price: $69.00	37		111
SPDR S&P 500
Expiration: March 2013, Exercise Price: $132.00	1,000		245,000
			245,111

TOTAL OPTIONS WRITTEN (Premiums received $490,698)		$	447,111

Orinda SkyView Multi-Manager Hedged Equity Fund

Schedule of Open Futures Contracts

November 30, 2012 (Unaudited)

Description

Number of Contracts Purchased / (Sold)

Notional

Value

Settlement

Month

Unrealized

Appreciation (Depreciation)

S&P 500 E-mini Futures

2,475,200

December 2012

21,032

As of November 30, 2012, initial margin deposits of $122,500 have been pledged in connection with the open futures contracts.

Orinda SkyView Macro Opportunities Fund
Schedule of Investments
November 30, 2012 (Unaudited)

		Shares		Value
COMMON STOCKS - 52.1%
Consumer Discretionary - 3.6%
Amazon.com, Inc. ^*			400	$	100,820
American Axle & Manufacturing Holdings ^*			13,300		139,118
Comcast Corp. *			1,900		70,642
Ford Motor Co. *			27,200		311,440
Lennar Corp.			1,868		71,059
Liberty Interactive Corp. ^*			2,571		49,620
Liberty Ventures ^*			137		8,022
Mohawk Industries, Inc. ^			872		74,983
					825,704

Consumer Staples - 0.3%
Herbalife Ltd. †*			1,403		64,496

Energy - 17.7%
Approach Resources, Inc. ^*			4,800		112,752
Comstock Resources, Inc. ^*			12,550		205,820
Contango Oil & Gas Company ^			1,250		51,238
CVR Energy, Inc. ^*			1,604		73,367
Devon Energy Corp. *			5,400		279,018
Exxon Mobil Corp. *			5,775		509,008
Golar LNG Ltd. †*			1,134		44,317
Halliburton Co. *			2,072		69,101
Heckmann Corp. ^*			2,366		9,251
Helmerich & Payne, Inc. *			1,989		103,826
HollyFrontier Corp. *			8,942		405,341
Kinder Morgan, Inc. *			2,460		83,173
Marathon Oil Corp. *			8,400		259,140
Marathon Petroleum Corp. *			1,052		62,636
Newfield Exploration Co. ^			6,100		148,474
PDC Energy, Inc. ^*			7,425		266,409
Peabody Energy Corp.			2,000		50,220
Pioneer Natural Resources Co. *			1,200		128,400
Quicksilver Resources, Inc. ^			17,300		54,841
Rentech, Inc. ^*			5,792		16,333
Rex Energy Corp. ^*			16,750		220,262
RPC, Inc. *			6,237		72,100
Spectra Energy Corp. *			2,551		71,300
Suncor Energy, Inc. †*			6,175		201,367
Tesoro Corp. *			1,482		62,659
Transcanada Corp. †*			1,035		47,600
Valero Energy Corp. *			2,058		66,391
Weatherford International Ltd. ^†*			28,000		291,480
Williams Companies, Inc. *			2,342		76,911
					4,042,735

Financials - 4.7%
American Express Co.			900		50,310
BB&T Corp. *			1,474		41,523
Capital One Financial Corp. *			1,158		66,701
Comerica, Inc. *			2,349		69,507
Commerce Bancshares, Inc. *			2,055		73,522
Credit Suisse Group - ADR †*			3,748		88,490
Fidelity National Financial, Inc. *			2,870		69,483
Fifth Third Bancorp *			5,122		74,986
First American Financial Corp. *			5,009		119,214
Harris & Harris Group, Inc. ^*			3,955		12,775
Huntington Bancshares, Inc. *			10,388		63,886
JPMorgan Chase & Co.			1,200		49,296
KeyCorp *			8,932		72,171
Loews Corp.			1,500		61,320
Synovus Financial Corp. *			25,087		59,456
UBS AG †*			6,376		100,167
					1,072,807

Health Care - 3.0%
Abbott Laboratories *			922		59,930
Amgen, Inc.			535		47,508
Eli Lilly & Co. *			2,423		118,824
Johnson & Johnson			1,400		97,622
Merck & Co., Inc. *			2,110		93,473
Pfizer, Inc. *			8,766		219,325
ResMed, Inc.			1,157		47,541
					684,223

Industrials - 7.1%
Armstrong World Industries, Inc. *			1,400		70,714
Chart Industries, Inc. ^*			666		40,280
Chicago Bridge & Iron Co. NV †*			1,634		66,389
Danaher Corp. *			7,800		420,966
Dover Corp. *			2,300		146,257
L-3 Communications Holdings *			4,100		315,085
Nordson Corp.			773		47,300
Oshkosh Corp. ^*			2,875		84,381
Quanta Services, Inc. ^*			2,859		73,934
Triumph Group, Inc. *			4,300		282,123
United Parcel Service, Inc.			1,000		73,110
					1,620,539

Information Technology - 4.2%
Cisco Systems, Inc.			2,503		47,332
CVD Equipment Corp. ^*			3,084		27,262
Facebook, Inc. ^*			7,374		206,472
FEI Co. *			2,558		140,767
Google, Inc. ^*			150		104,755
Intel Corp.			2,500		48,925
International Business Machines Corp.			500		95,035
j2 Global, Inc. *			1,902		57,516
LinkedIn Corp. ^*			783		84,674
Qualcomm, Inc.			2,550		162,231
					974,969

Materials - 9.2%
Agnico-Eagle Mines Ltd. †*			1,565		87,327
Agrium, Inc. †*			571		58,254
Allied Nevada Gold Corp. ^			1,734		56,442
Anglogold Ashanti - ADR †*			2,570		79,593
AuRico Gold, Inc. ^†*			4,042		31,851
Barrick Gold Corp. †*			2,093		72,271
First Majestic Silver Corp. ^†*			4,279		98,417
Freeport-McMoRan Copper & Gold, Inc.			2,600		101,426
Goldcorp, Inc. †*			2,123		82,160
Hecla Mining Co.			8,880		51,504
Huntsman Corp. *			8,300		136,452
Kinross Gold Corp. †*			8,266		83,321
Louisiana Pacific Corp. ^			4,300		74,906
MAG Silver Corp. ^†*			4,117		40,100
Martin Marietta Materials *			3,575		321,750
New Gold, Inc. ^†*			7,146		75,962
Newmont Mining Corp. *			1,437		67,668
Pan American Silver Corp. †*			3,845		73,247
Rubicon Minerals Corp. ^†*			18,131		53,849
Sealed Air Corp. *			13,900		233,798
Silver Standard Resources ^†*			6,705		90,518
Timmins Gold Corp. ^†			15,570		49,824
Yamana Gold, Inc. †*			5,213		98,004
					2,118,644

Utilities - 2.3%
AGL Resources, Inc. *			1,585		61,783
Black Hills Corp. *			1,909		68,132
Centerpoint Energy, Inc. *			4,417		87,147
MDU Resources Group, Inc. *			4,667		96,700
National Fuel Gas Co. *			981		51,091
Questar Corp. *			3,972		77,931
Sempra Energy *			1,160		79,367
					522,151

TOTAL COMMON STOCKS (Cost $11,807,214)					11,926,268

REITS - 0.6%
Plum Creek Timber Co., Inc. *			1,753		75,116
Weyerhaeuser Co.			2,528		69,672
TOTAL REITS (Cost $146,853)					144,788


		Principal
		Amount
CORPORATE BONDS - 1.0%
Taseko Mines Ltd., 7.750%, 04/15/2019		$	250,000		237,500
TOTAL CORPORATE BONDS (Cost $238,438)					237,500

		Shares
EXCHANGE-TRADED FUNDS - 12.1%
Currencyshares Swiss Franc Trust ^*			780		82,813
Greenhaven Continuous Commodity Index Fund ^*			2,123		63,372
iShares Barclays 1-3 Year Credit Bond Fund *			760		80,165
iShares Barclays 7-10 Year Treasury Bond Fund *			885		96,288
iShares Core Total U.S. Bond Market *			571		64,095
iShares Barclays Intermediate Credit Bond Fund *			578		64,539
iShares Barclays MBS Fixed Rate Bond Fund *			735		79,630
iShares Floating Rate Note Fund *			1,591		80,361
iShares iBoxx Investment Grade Corporate Bond Fund *			533		65,095
iShares Silver Trust ^*			16,119		521,611
Pimco Total Return ETF *			892		98,236
Powershares Emerging Markets Sovereign Debt Portfolio *			2,651		83,294
Powershares S&P 500 Buywrite Portfolio *			3,095		62,798
PowerShares S&P 500 Low Volatility Portfolio *			4,039		113,011
Powershares Senior Loan Portfolio *			2,581		63,802
Proshares Short QQQ ^*			1,915		48,833
Proshares Short Russell 2000 ^*			1,850		46,712
Proshares Short S&P 500 ^*			1,365		46,956
Schwab Short-Term US Treasury *			950		48,009
SPDR Barclays Capital Aggregate Bond *			812		48,054
SPDR Barclays Capital Intermediate Term Corporate Bond *			1,852		64,876
SPDR Barclays Capital International Treasury Bond *			798		48,870
SPDR DB International Government Inflation-Protected Bond *			794		50,141
SPDR Gold Trust ^*			3,798		630,658
Vanguard Extended Duration Treasury *			371		47,017
Vanguard Intermediate-Term Corporate Bond ^*			735		65,018
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,703,056)					2,764,254

PURCHASED OPTIONS - 2.8%
		Contracts
Call Options - 1.2%
SPDR S&P 500
Expiration: March 2013, Exercise Price: $140.00			500		272,500
Total Call Options					272,500

Put Options - 1.6%
S&P 500 Index
Expiration: March 2013, Exercise Price: $1,400.00			12		58,080
SPDR S&P 500
Expiration: March 2013, Exercise Price: $140.00			600		302,400
Total Put Options					360,480

TOTAL PURCHASED OPTIONS (Cost $664,049)					632,980

SHORT-TERM INVESTMENTS - 42.1%		Shares
MONEY MARKET FUNDS - 42.1%
Fidelity Government Portfolio - Class I, 0.01% +			9,623,993		9,623,993
TOTAL SHORT-TERM INVESTMENTS (Cost $9,623,993)					9,623,993
TOTAL INVESTMENTS (Cost $25,183,603) - 110.7%					25,329,783
Liabilities in Excess of Other Assets - (10.7)%					(2,456,359	)
TOTAL NET ASSETS - 100.0%				$	22,873,424

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt
^	Non-income producing.
+	The rate shown represents the fund's 7-day yield at November 30, 2012.
†	U.S. traded security of a foreign issuer or 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's 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 Macro Opportunities Fund
Schedule of Securities Sold Short
November 30, 2012 (Unaudited)

		Shares		Value
COMMON STOCKS - 25.0%
Consumer Discretionary - 1.6%
Borgwarner, Inc. ^			5,700	$	377,910

Energy - 10.9%
Apache Corp.			2,650		204,288
Baker Hughes, Inc.			6,050		261,058
Carrizo Oil & Gas, Inc.			5,050		104,787
Chevron Corp.			2,400		253,656
CNOOC Ltd. - ADR †			436		92,938
Continental Resources, Inc.			5,125		352,087
Halcon Resources Corp.			32,800		202,704
Northern Oil and Gas, Inc.			14,125		221,762
Petrochina Co. Ltd. - ADR †			1,066		141,938
Petroleo Brasileiro SA - ADR †			2,870		51,574
Royal Dutch Shell PLC - ADR †			4,475		299,691
Valero Energy Corp.			9,175		295,986
					2,482,469
Financials - 0.7%
WestPac Banking Corp. - ADR †			1,129		150,959

Industrials - 7.4%
Caterpillar, Inc.			2,750		234,410
Eaton Corp.			6,775		353,384
Emerson Electric Co.			5,075		254,917
Kennametal, Inc.			3,700		141,044
Manitowoc, Company, Inc.			2,526		37,890
Northrop Grumman Corp.			5,450		363,515
Rockwell Collins, Inc.			4,650		265,887
Terex Corp. ^			1,799		43,518
					1,694,565

Materials - 4.4%
BHP Billiton Ltd. - ADR †			1,868		134,571
Dow Chemical Co.			10,580		319,410
Freeport-McMoRan Copper & Gold, Inc.			2,928		114,221
Sherwin-Williams Co.			925		141,081
Southern Copper Corp.			2,358		85,595
Teck Resources Ltd. †			1,855		62,458
Vale SA - ADR †			8,292		144,530
					1,001,866

TOTAL COMMON STOCKS (Proceeds $5,449,850)					5,707,769

EXCHANGE-TRADED FUNDS - 3.5%
iShares FTSE China 25 Index			6,341		235,441
iShares MSCI Australia Index			18,079		451,433
iShares MSCI Brazil			2,280		117,625
TOTAL EXCHANGE-TRADED FUNDS (Proceeds $770,005)					804,499
TOTAL SECURITIES SOLD SHORT (Proceeds $6,219,855)				$	6,512,268

ADR - American Depository Receipt
†	U.S. traded security of a foreign issuer or corporation.

	The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's 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 Macro Opportunities Fund
Schedule of Options Written
November 30, 2012 (Unaudited)

	Contracts		Value
CALL OPTIONS
SPDR S&P 500
Expiration: March 2013, Exercise Price: $147.00		500	$	101,000

PUT OPTIONS
SPDR S&P 500
Expiration: March 2013, Exercise Price: $132.00		500		122,500
S&P 500 Index
Expiration: March 2013, Exercise Price: $1,275.00		12		20,160
				142,660

TOTAL OPTIONS WRITTEN (Premiums received $278,567)			$	243,660

Orinda SkyView Macro Opportunities Fund
Schedule of Open Futures Contracts
November 30, 2012 (Unaudited)

Description	Number of Contracts Purchased / (Sold)		Notional Value		Settlement Month	Unrealized Appreciation (Depreciation)
Three Month Euro Euribor Interest Rate Futures		4		1,297,730	September 2013	$	(6	)
90-Day Euro Dollar Futures		3		747,375	September 2013		(82	)
90-Day Sterling Futures		3		597,355	June 2013		388
Australian Dollar Currency Futures		1		104,100	December 2012		(363	)
Australian 10-Year Bond Futures		1		129,947	December 2012		(1,098	)
Bank Acceptance Futures		2		493,305	March 2013		(54	)
British Pound Currency Futures		1		100,144	December 2012		(290	)
Canadian 10-Year Bond Futures		1		137,584	March 2013		1,065
Euro-Bobl Futures		2		326,611	December 2012		635
Euro-Schatz Futures		10		1,430,823	December 2012		1,297
Mexican Peso Futures		2		77,125	December 2012		232
MSCI Taiwan Index		1		27,450	December 2012		778
S&P 500 E-mini Futures		1		70,720	December 2012		(382	)
10-Year U.S. Treasury Note		1		133,641	March 2013		209
2-Year U.S. Treasury Note		5		1,102,266	March 2013		226
5-Year U.S. Treasury Note		2		249,438	March 2013		216
						$	2,772

As of November 30, 2012, initial margin deposits of $16,310 have been pledged in connection with the open futures contracts.

Orinda SkyView Macro Opportunities Fund
Schedule of Short Futures Contracts
November 30, 2012 (Unaudited)

Description	Number of Contracts Purchased / (Sold)		Notional Value		Settlement Month	Unrealized Appreciation (Depreciation)
Australian Dollar Currency Futures		(4)		416,400	December 2012	$	(4,571	)
British Pound Currency Futures		(2)		200,288	December 2012		2,782
Canadian Dollar Currency Futures		(2)		201,320	December 2012		(2,758	)
Three Month Euro Swiss Franc (Euroswiss) Interest Rate Futures		(2)		535,523	March 2013		(4	)
Euro Fx Currency Futures		(5)		812,500	December 2012		(14,737	)
Japanese Yen Currency Futures		(4)		606,900	December 2012		29,276
30-Year U.S. Treasury Bond Futures		(1)		150,063	March 2013		(72	)
						$	9,916

As of November 30, 2012, margin deposits of $38,600 have been pledged in connection with open short futures contracts, a portion of which represents the required initial margin deposit on open short futures contracts.

Federal Income Tax Information

The cost basis of investments for federal income tax purposes at November 30, 2012 was as follows:

	Orinda SV Hedged Equity*			Orinda SV Macro Opps^

Cost of investments	$	117,064,085		$	25,183,603
Gross unrealized appreciation		10,861,751			527,900
Gross unrealized depreciation		(5,073,809	)		(381,720	)
Net unrealized appreciation (depreciation)	$	5,787,942		$	146,180

*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 November 30, 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 representativesfrom 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 Fund's securities as of November 30, 2012:

Orinda SkyView Multi-Manager Hedged Equity Fund
	Level 1		Level 2		Level 3		Total

Common Stocks	$	86,172,225	$	-	$	-	$	86,172,225
Preferred Stocks		94,216		-		-		94,216
Exchange-Traded Funds		5,950,899		-		-		5,950,899
Warrants		40,800		-		-		40,800
Purchased Options
Call Options		1,480,142		-		-		1,480,142
Put Options		976,953		-		-		976,953
Total Purchased Options		2,457,095		-		-		2,457,095
Short-Term Securities		28,136,792		-		-		28,136,792
Total Investments in Securities	$	122,852,027	$	-	$	-	$	122,852,027

Securities Sold Short
Common Stocks	$	34,310,755	$	-	$	-	$	34,310,755
Exchange-Traded Funds		6,133,186		-		-		6,133,186
Total Securities Sold Short		40,443,941		-		-		40,443,941
Written Options	$	447,111	$	-	$	-	$	447,111
Other Financial Instruments*
Long Futures Contracts	$	21,032	$	-	$	-	$	21,032

Orinda SkyView Macro Opportunities Fund
	Level 1		Level 2		Level 3		Total

Common Stocks	$	11,926,268	$	-	$	-	$	11,926,268
REITs		144,788		-		-		144,788
Corporate Bonds		-		237,500		-		237,500
Exchange-Traded Funds		2,764,254		-		-		2,764,254
Short-Term Securities		9,623,993		-		-		9,623,993
Purchased Options
Call Options		272,500		-		-		272,500
Put Options		360,480		-		-		360,480
Total Investments in Securities	$	25,092,283	$	237,500	$	-	$	25,329,783

Securities Sold Short
Common Stocks	$	5,707,769	$	-	$	-	$	5,707,769
Exchange-Traded Funds		804,499		-		-		804,499
Total Securities Sold Short		6,512,268		-		-		6,512,268
Written Options	$	243,660	$	-	$	-	$	243,660
Other Financial Instruments*
Long Futures Contracts		2,772		-		-		2,772
Short Futures Contracts	$	9,916	$	-	$	-	$	9,916

* 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' Schedules of Investments for a detailed break out of common stocks by industry classification. Transfers between levels are recognized at November 30, 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 November 30, 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.

Average Balance Information

The average monthly market values of purchased and written options during the period ended November 30, 2012 for the Hedged Equity Fund were $1,527,847 and $91,484, respectively. The average monthly notional amount of long futures contracts during the period ended November 30, 2012 was $5,183,391.

The average monthly market values of purchased and written options during the period ended November 30, 2012 for the Macro Opportunities Fund were $112,436 and $39,127, respectively. The average monthly notional amounts of long and short futures contracts during the period ended November 30, 2012 were $2,720,033 and $1,392,765, respectively.

Orinda SkyView Multi-Manager Hedged Equity Fund

Transactions in written options contracts for the period ended November 30, 2012, are as follows:
				Premiums
	Contracts			Received
Beginning Balance		-		$	-
Options written		(3,073	)		(668,060	)
Options closed		946			168,570
Options exercised		-			-
Options expired		90			8,792
Outstanding at November 30, 2012		(2,037	)	$	(490,698	)

Orinda SkyView Macro Opportunities Fund

Transactions in written options contracts for the period ended November 30, 2012, are as follows:
				Premiums
	Contracts			Received
Beginning Balance		-		$	-
Options written		(3,025	)		(820,619	)
Options closed		2,013			542,052
Options exercised		-			-
Options expired
Outstanding at November 30, 2012		(1,012	)	$	(278,567	)

Values of Derivative Instruments as of November 30, 2012 for the Orinda SkyView Multi-Manager Hedged Equity Fund:

	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	$	2,457,095	Options Written, at fair value	$	447,111
Equity Contracts - Futures*	Net Assets - unrealized appreciation on futures contracts		21,032	N/A		-
Total		$	2,478,127		$	447,111

*Includes cumulative appreciation (depreciation) of futures contracts as reported in Schedule of Open Futures Contracts.

Values of Derivative Instruments as of November 30, 2012 for the Orinda SkyView Macro Opportunities Fund:

	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	$	632,980	Options Written, at fair value	$	243,660
Equity Contracts - Futures*	Net Assets - unrealized appreciation on futures contracts		12,688	N/A		-
Total		$	645,668		$	243,660

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Open and Short Futures Contracts.

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.