ast-piaf_nq.htm

As filed with the Securities and Exchange Commission on October 30, 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 5th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-6609

Registrant's telephone number, including area code

Date of fiscal year end: November 30, 2013

Date of reporting period: August 31, 2013

Item 1. Schedules of Investments.

PACIFIC INCOME ADVISERS BBB BOND FUND
Schedule of Investments - August 31, 2013 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	82.9	%
		Agricultural Chemicals	0.3	%
		Mosaic Co.
$	885,000	3.75%, due 11/15/21			$	856,149
		Agriculture	0.5	%
		Bunge Limited Finance Corp.
	1,150,000	8.50%, due 6/15/19				1,401,072
		Airlines	0.9	%
	605,300	Continental Airlines, Inc.
		5.983%, due 10/19/23				644,644
	714,223	Delta Air Lines, Inc.
		7.75%, due 12/17/19				837,427
	1,098,018	US Airways
		5.90%, due 4/1/26				1,147,429
						2,629,500
		Auto Parts	1.3	%
	1,600,000	Advance Auto Parts, Inc.
		5.75%, due 5/1/20				1,683,366
	600,000	Autozone, Inc.
		3.125%, due 7/15/23				552,673
	1,480,000	Johnson Controls, Inc.
		4.25%, due 3/1/21				1,523,620
						3,759,659
		Autos	2.0	%
		Ford Motor Co.
	1,475,000	7.45%, due 7/16/31				1,785,013
		Ford Motor Credit Co. LLC
	2,500,000	7.00%, due 4/15/15				2,710,585
	1,450,000	5.875%, due 8/2/21				1,578,944
						6,074,542
		Banks	3.6	%
		Barclays Bank PLC
	1,000,000	5.14%, due 10/14/20				1,039,499
		Capital One Financial Corp.
	1,915,000	6.15%, due 9/1/16				2,129,036
		Citigroup, Inc.
	1,350,000	5.50%, due 2/15/17				1,466,439
	1,100,000	6.125%, due 8/25/36				1,106,061
		Discover Financial Services
	450,000	3.85%, due 11/21/22				425,380
		Fifth Third Bancorp
	1,030,000	4.50%, due 6/1/18				1,103,735
	225,000	8.25%, due 3/1/38				291,982
		KeyCorp
	900,000	5.10%, due 3/24/21				988,308
		SunTrust Banks Inc.
	1,200,000	6.00%, due 9/11/17				1,366,818
		UBS AG
	750,000	5.875%, due 7/15/16				829,708
						10,746,966
		Biotech	2.0	%
		Amgen, Inc.
	2,350,000	3.875%, due 11/15/21				2,362,909
	1,350,000	5.15%, due 11/15/41				1,318,499
		Biogen Idec, Inc.
	1,210,000	6.875%, due 3/1/18				1,422,073
		Gilead Sciences, Inc.
	750,000	5.65%, due 12/1/41				832,319
						5,935,800
		Broker	2.9	%
		Credit Suisse Group
	700,000	5.40%, due 1/14/20				760,884
		Goldman Sachs Group, Inc.
	1,700,000	5.625%, due 1/15/17				1,852,825
	1,050,000	6.75%, due 10/1/37				1,086,867
		Merrill Lynch & Co., Inc.
	1,610,000	5.70%, due 5/2/17				1,752,920
	1,250,000	6.11%, due 1/29/37				1,276,595
		Morgan Stanley
	1,000,000	4.875%, due 11/1/22				989,098
		Nomura Holdings, Inc.
	850,000	6.70%, due 3/4/20				958,377
						8,677,566
		Building Materials	0.2	%
		Owens Corning Inc.
	775,000	4.20%, due 12/15/22				751,521

		Cable/Satellite	1.3	%
		Direct TV Holdings
	2,760,000	5.00%, due 3/1/21				2,825,023
	300,000	6.00%, due 8/15/40				287,264
		Viacom Inc.
	810,000	4.375%, due 3/15/43				667,490
						3,779,777
		Chemicals	2.7	%
		Dow Chemical Co.
	2,025,000	4.25%, due 11/15/20				2,114,331
	865,000	7.375%, due 11/1/29				1,112,737
		Eastman Chemical Co.
	1,000,000	2.40%, due 6/1/17				1,005,959
		Ecolab, Inc.
	1,500,000	3.00%, due 12/8/16				1,569,729
		PPG Industries, Inc.
	1,500,000	6.65%, due 3/15/18				1,757,719
		RPM International, Inc.
	500,000	6.125%, due 10/15/19				568,607
						8,129,082
		Communications	0.9	%
		Telefonica Emisiones SAU
	1,935,000	5.462%, due 2/16/21				1,982,835
	600,000	7.05%, due 6/20/36				641,149
						2,623,984
		Communications Equipment	0.8	%
		Harris Corp.
	1,600,000	6.15%, due 12/15/40				1,715,117
		L-3 Communications Corp.
	775,000	4.75%, due 7/15/20				806,984
						2,522,101
		Computer Hardware	0.1	%
		Dell, Inc.
	450,000	5.65%, due 4/15/18				467,466
		Consumer Products	0.1	%
		Fortune Brands, Inc.
	181,000	5.375%, due 1/15/16				197,289
		Diversified Manufacturing	0.2	%
	560,000	Ingersoll-Rand Global Holding Company Ltd.
		6.875%, due 8/15/18				657,819
		Electric Utilities	5.6	%
		Dominion Resources, Inc.
	1,230,000	5.15%, due 7/15/15				1,326,288
	570,000	4.90%, due 8/1/41				576,932
		Duke Energy Corp.
	1,370,000	6.25%, due 6/15/18				1,599,781
		Entergy Texas, Inc.
	1,404,000	7.125%, due 2/1/19				1,656,216
		Exelon Corp.
	845,000	4.90%, due 6/15/15				899,841
	1,315,000	5.625%, due 6/15/35				1,364,516
		FirstEnergy Corp.
	1,165,000	7.375%, due 11/15/31				1,181,768
		Indiana Michigan Power
	850,000	6.05%, due 3/15/37				938,793
		Jersey Central Power & Light
	1,300,000	7.35%, due 2/1/19				1,544,317
		Nevada Power Co.
	1,210,000	6.50%, due 8/1/18				1,444,290
		NiSource Finance Corp.
	900,000	6.125%, due 3/1/22				1,014,137
	400,000	5.25%, due 2/15/43				387,838
		Ohio Power Co.
	1,200,000	5.375%, due 10/1/21				1,354,831
		Oncor Electric Delivery
	695,000	7.00%, due 5/1/32				874,045
		Teco Finance, Inc.
	550,000	5.15%, due 3/15/20				598,391
						16,761,984
		Finance	0.7	%
		Block Financial Corp.
	2,000,000	5.50%, due 11/1/22				2,019,844
		Finance - Credit Cards	0.6	%
		American Express Co.
	1,555,000	6.80%, due 9/1/66 (a)				1,666,571
		Food	2.6	%
		ConAgra Foods, Inc.
	1,500,000	7.00%, due 10/1/28				1,810,592
		Kraft Foods, Inc.
	1,785,000	6.50%, due 8/11/17				2,069,554
	900,000	6.875%, due 2/1/38				1,091,373
		Kraft Foods Group, Inc.
	1,890,000	2.25%, due 6/5/17				1,917,070
		Kroger Co.
	780,000	6.15%, due 1/15/20				896,246
						7,784,835
		Gas Pipelines	0.5	%
		Plains All American Pipeline, L.P.
	1,200,000	6.50%, due 5/1/18				1,411,832
		Health Care	1.5	%
		Cardinal Health, Inc.
	1,500,000	5.80%, due 10/15/16				1,694,261
		Humana, Inc.
	1,355,000	7.20%, due 6/15/18				1,609,629
		Laboratory Corporation of America Holdings
	1,100,000	2.20%, due 8/23/17				1,089,558
						4,393,448
		Information Technology	1.3	%
		Hewlett Packard Co.
	2,350,000	2.60%, due 9/15/17				2,358,716
	800,000	4.65%, due 12/9/21				785,206
		Ingram Micro, Inc.
	775,000	5.00%, due 8/10/22				763,785
						3,907,707
		Insurance	5.7	%
		American International Group, Inc.
	2,175,000	5.05%, due 10/1/15				2,351,136
	1,150,000	8.25%, due 8/15/18				1,425,638
	700,000	6.25%, due 3/15/87				698,250
		Aon Corp.
	700,000	5.00%, due 9/30/20				764,134
		AXA SA
	500,000	8.60%, due 12/15/30				593,750
		CIGNA Corp.
	315,000	6.15%, due 11/15/36				363,902
		Cincinnati Financial Corp.
	1,200,000	6.92%, due 5/15/28				1,410,916
		CNA Financial Corp.
	700,000	5.85%, due 12/15/14				742,537
		Fidelity National Financial, Inc.
	1,775,000	5.50%, due 9/1/22				1,848,515
		Hartford Financial Services Group
	1,700,000	5.125%, due 4/15/22				1,854,373
		Markel Corp.
	120,000	4.90%, due 7/1/22				126,639
		Marsh & McLennan Cos., Inc.
	633,000	5.75%, due 9/15/15				690,412
		Metlife, Inc.
	855,000	6.40%, due 12/15/66				864,619
		Protective Life Corp.
	350,000	7.375%, due 10/15/19				419,704
		Prudential Financial, Inc.
	650,000	6.625%, due 12/1/37				782,843
		Transatlantic Holdings, Inc.
	850,000	8.00%, due 11/30/39				1,069,139
		Unum Group
	1,000,000	5.625%, due 9/15/20				1,090,749
						17,097,256
		Lodging	0.2	%
		Host Hotels & Resorts LP
	600,000	4.75%, due 3/1/23				597,997
		Machinery	0.5	%
		Flowserve Corp.
	1,500,000	3.50%, due 9/15/22				1,404,120
		Media	5.1	%
		CBS Corp.
	1,220,000	5.75%, due 4/15/20				1,356,056
		Discover Communications LLC
	500,000	3.30%, due 5/15/22				472,934
		Expedia, Inc.
	800,000	5.95%, due 8/15/20				833,430
		Interpublic Group of Companies
	1,030,000	6.25%, due 11/15/14				1,082,787
		News America, Inc.
	750,000	5.30%, due 12/15/14				793,123
	1,710,000	6.20%, due 12/15/34				1,840,916
		Omnicom Group, Inc.
	400,000	3.625%, due 5/1/22				386,991
		Time Warner, Inc.
	3,315,000	7.625%, due 4/15/31				4,176,880
		Time Warner Cable, Inc.
	2,825,000	5.85%, due 5/1/17				3,077,883
		Time Warner Entertainment Company, L.P.
	1,010,000	8.375%, due 7/15/33				1,130,777
						15,151,777
		Medical Equipment	0.4	%
		Agilent Technologies, Inc.
	1,000,000	6.50%, due 11/1/17				1,147,005
		Metals	0.6	%
		Alcoa, Inc.
	810,000	5.55%, due 2/1/17				861,439
		Southern Copper Corp.
	850,000	6.75%, due 4/16/40				796,859
						1,658,298
		Metals and Mining	0.3	%
		Teck Resources Ltd.
	900,000	5.40%, due 2/1/43				778,196
		Metalworking Machinery	0.4	%
		Kennametal, Inc.
	1,400,000	2.65%, due 11/1/19				1,330,654
		Mining	3.0	%
		Barrick Gold Corp.
	1,470,000	6.95%, due 4/1/19				1,627,960
		Freeport-McMoRan Copper & Gold Inc.
	3,700,000	3.55%, due 3/1/22				3,307,830
		Newmont Mining Corp.
	900,000	4.875%, due 3/15/42				700,702
		Vale Overseas Limited
	1,460,000	6.25%, due 1/23/17				1,619,937
	1,600,000	6.875%, due 11/21/36				1,557,400
						8,813,829
		Office Equipment	0.4	%
		Xerox Corp.
	1,000,000	6.75%, due 2/1/17				1,140,261
		Oil and Gas	13.2	%
		Anadarko Petroleum Corp.
	800,000	5.95%, due 9/15/16				897,866
	1,100,000	6.45%, due 9/15/36				1,288,251
		Cameron International Corp.
	1,000,000	6.375%, due 7/15/18				1,164,716
		Canadian Natural Resources
	835,000	6.00%, due 8/15/16				944,330
	725,000	6.50%, due 2/15/37				838,821
		Devon Energy Corp.
	665,000	7.95%, due 4/15/32				873,733
		Encana Corp.
	450,000	3.90%, due 11/15/21				446,733
	750,000	6.50%, due 8/15/34				824,741
		Enterprise Products Operating LLC
	950,000	3.20%, due 2/1/16				996,265
	2,250,000	4.85%, due 8/15/42				2,158,751
		Hess Corp.
	575,000	8.125%, due 2/15/19				716,998
	900,000	5.60%, due 2/15/41				928,200
		Kinder Morgan Energy Partners
	850,000	3.95%, due 9/1/22				832,096
	1,520,000	5.80%, due 3/15/35				1,582,977
		Marathon Oil Corp.
	1,300,000	6.00%, due 10/1/17				1,490,159
		Marathon Petroleum Corp.
	1,306,000	3.50%, due 3/1/16				1,371,163
		Pemex Master Trust
	2,000,000	5.75%, due 3/1/18				2,205,000
	1,400,000	6.625%, due 6/15/35				1,445,500
		Petrobras International Finance Co.
	3,085,000	5.875%, due 3/1/18				3,277,828
	2,200,000	5.375%, due 1/27/21				2,159,263
	390,000	6.875%, due 1/20/40				372,191
		Petro-Canada
	1,000,000	6.80%, due 5/15/38				1,203,580
		Petroleos Mexicanos
	750,000	5.50%, due 1/21/21				798,000
		Pioneer Natural Resource Co.
	1,500,000	3.95%, due 7/15/22				1,484,008
		Southwestern Energy Co.
	1,700,000	4.10%, due 3/15/22				1,673,046
		Suncor Energy, Inc.
	500,000	6.10%, due 6/1/18				579,887
		Talisman Energy
	685,000	6.25%, due 2/1/38				713,039
		Transocean, Inc.
	820,000	6.00%, due 3/15/18				914,134
	700,000	6.375%, due 12/15/21				773,307
	450,000	6.80%, due 3/15/38				482,018
		Valero Energy Corp.
	255,000	6.625%, due 6/15/37				279,829
		Weatherford International Ltd.
	900,000	4.50%, due 4/15/22				879,600
	900,000	6.75%, due 9/15/40				934,310
		Williams Companies, Inc.
	1,400,000	8.75%, due 3/15/32				1,743,430
						39,273,770
		Paper	0.9	%
		International Paper Co.
	1,000,000	4.75%, due 2/15/22				1,053,118
	700,000	6.00%, due 11/15/41				762,062
		Weyerhaeuser Co.
	800,000	7.375%, due 3/15/32				967,641
						2,782,821
		Pharmaceuticals	1.3	%
		Abbvie, Inc.
	1,800,000	1.75%, due 11/6/17				1,776,199
	200,000	4.40%, due 11/6/42				187,500
		Watson Pharmaceuticals, Inc.
	2,000,000	1.875%, due 10/1/17				1,970,766
						3,934,465
		Pipelines	2.4	%
		El Paso Electric Co.
	1,000,000	6.00%, due 5/15/35				1,065,430
		Enbridge Energy Partners, L.P.
	590,000	5.20%, due 3/15/20				634,732
		Energen Corp.
	750,000	4.625%, due 9/1/21				737,267
		Energy Transfer Partners L.P.
	700,000	5.20%, due 2/1/22				738,812
	1,000,000	7.60%, due 2/1/24 (b)				1,211,842
		Oneok Partners LP
	1,600,000	3.375%, due 10/1/22				1,455,456
		Tennessee Gas Pipeline
	1,225,000	7.50%, due 4/1/17				1,449,387
						7,292,926
		Real Estate Investment Trusts	3.9	%
		Boston Properties LP
	1,700,000	4.125%, due 5/15/21				1,741,149
		Duke Realty LP
	1,050,000	8.25%, due 8/15/19				1,293,197
		ERP Operating LP
	1,000,000	5.75%, due 6/15/17				1,122,114
		Health Care Property Investors, Inc.
	850,000	6.00%, due 1/30/17				951,682
		Health Care REIT, Inc.
	1,350,000	5.25%, due 1/15/22				1,436,848
		Healthcare Realty Trust
	775,000	6.50%, due 1/17/17				865,625
		Hospitality Properties Trust
	620,000	5.625%, due 3/15/17				669,075
		ProLogis
	1,550,000	6.875%, due 3/15/20				1,817,877
		Ventas Realty LP
	1,700,000	4.75%, due 6/1/21				1,775,726
						11,673,293
		Restaurants	0.3	%
		Yum! Brands, Inc.
	800,000	3.75%, due 11/1/21				793,082
		Retail	1.6	%
		CVS Caremark Corp.
	2,200,000	5.75%, due 6/1/17				2,510,858
		Gap, Inc.
	1,000,000	5.95%, due 4/12/21				1,111,187
		Macy's Retail Holdings, Inc.
	800,000	2.875%, due 2/15/23				723,057
		May Dept Stores Co.
	400,000	6.70%, due 7/15/34				454,781
						4,799,883
		Scientific Instruments	0.3	%
		Thermo Fisher Scientific, Inc.
	900,000	3.60%, due 8/15/21				877,237
		Software	0.7	%
		Jabil Circuit, Inc.
	2,200,000	4.70%, due 9/15/22				2,123,000
		Technology	0.6	%
		Tech Data Corp.
	1,900,000	3.75%, due 9/21/17				1,921,141
		Telecommunications	2.9	%
		American Tower Corp.
	1,350,000	5.05%, due 9/1/20				1,401,135
		British Telecommunications PLC
	1,130,000	9.625%, due 12/15/30				1,712,443
		Deutsche Telekom International Finance
	1,045,000	6.75%, due 8/20/18				1,248,060
	445,000	8.75%, due 6/15/30				624,720
		Embarq Corp.
	600,000	7.082%, due 6/1/16				675,172
		France Telecom SA
	700,000	5.375%, due 1/13/42				694,412
		Grupo Televisa SAB
	400,000	6.625%, due 3/18/25				456,726
		Telecom Italia Capital
	1,000,000	5.25%, due 10/1/15				1,045,625
	710,000	7.721%, due 6/4/38				703,107
						8,561,400
		Tobacco	1.5	%
		Altria Group, Inc.
	1,859,000	9.70%, due 11/10/18				2,438,506
	455,000	9.95%, due 11/10/38				674,896
		Reynolds American, Inc.
	1,185,000	7.75%, due 6/1/18				1,437,535
						4,550,937
		Toys and Games	0.6	%
		Mattel, Inc.
	1,720,000	5.45%, due 11/1/41				1,767,223
		Transportation	1.9	%
		Burlington Northern Santa Fe
	1,425,000	4.70%, due 10/1/19				1,582,551
	1,485,000	6.15%, due 5/1/37				1,688,839
		CSX Corp.
	1,640,000	6.22%, due 4/30/40				1,913,916
		Union Pacific Corp.
	515,000	4.821%, due 2/1/44 (b)				521,688
						5,706,994
		Utilities - Gas	0.6	%
		National Fuel Gas Co.
	1,780,000	4.90%, due 12/1/21				1,873,158
		Waste Disposal	1.0	%
		Republic Services, Inc.
	1,850,000	5.00%, due 3/1/20				2,001,561
		Waste Management, Inc.
	660,000	7.75%, due 5/15/32				871,015
						2,872,576
		Total Corporate Bonds (cost $247,509,255)				247,079,813

		SOVEREIGN BONDS	11.7	%
		Federal Republic of Brazil
	1,600,000	6.00%, due 1/17/17				1,785,600
	1,600,000	4.875%, due 1/22/21				1,684,000
	2,840,000	7.125%, due 1/20/37				3,244,700
		Republic of Colombia
	1,700,000	7.375%, due 3/18/19				2,052,750
	890,000	7.375%, due 9/18/37				1,083,575
		Republic of Italy
	3,050,000	6.875%, due 9/27/23				3,602,416
		Republic of Panama
	800,000	5.20%, due 1/30/20				868,000
	500,000	6.70%, due 1/26/36				557,500
		Republic of Peru
	830,000	8.375%, due 5/3/16				966,950
	1,150,000	6.55%, due 3/14/37				1,305,250
		Republic of Philippines
	1,200,000	6.50%, due 1/20/20				1,396,500
	2,575,000	5.00%, due 1/13/37				2,681,219
		Republic of Turkey
	1,400,000	7.50%, due 7/14/17				1,566,600
	2,900,000	5.125%, due 3/25/22				2,791,975
	2,900,000	6.00%, due 1/14/41				2,602,750
		Republic of Uruguay
	359,742	8.00%, due 11/18/22				444,281
		United Mexican States
	3,534,000	3.625%, due 3/15/22				3,452,718
	3,140,000	4.75%, due 3/8/44				2,752,210
		Total Sovereign Bonds (cost $38,648,726)				34,838,994

		U.S. GOVERNMENT INSTRUMENTALITIES	0.7	%
		U.S. Treasury Bonds
	2,400,000	2.875%, due 5/15/43				2,043,374
		Total U.S. Government Instrumentalities (cost $2,107,194)				2,043,374

		SHORT-TERM INVESTMENTS	4.2	%
	12,413,636	Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c)				12,413,636
		Total Short-Term Investments (cost $12,413,636)				12,413,636

		Total Investments (cost $300,678,811)	99.5	%		296,375,817
		Other Assets less Liabilities	0.5	%		1,570,306
		TOTAL NET ASSETS	100.0	%	$	297,946,123

(a)		Variable rate security. Rate shown reflects the rate in effect as of August 31, 2013.
(b)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2013, the value of these investments was $1,733,530 or 0.6% of total net assets.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.

Country Allocation Country	% of Net Assets
United States	74.9	%
Brazil	5.3	%
Mexico	3.7	%
Canada	2.7	%
Turkey	2.3	%
Switzerland	1.9	%
Philippines	1.4	%
Italy	1.2	%
United Kingdom	1.2	%
Colombia	1.0	%
Spain	0.9	%
Peru	0.8	%
Netherlands	0.6	%
Luxembourg	0.6	%
Panama	0.5	%
France	0.4	%
Japan	0.3	%
Ireland	0.2	%
Uruguay	0.1	%
	100.0	%

PACIFIC INCOME ADVISERS HIGH YIELD FUND
Schedule of Investments - August 31, 2013 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	90.3	%

		Aerospace/Defense	1.5	%
		Gencorp, Inc.
$	500,000	7.125%, due 3/15/21 (b)			$	526,250
		Ducommun, Inc.
	200,000	9.75%, due 7/15/18				222,000
						748,250
		Automotive	4.6	%
		Accuride Corp.
	676,000	9.50%, due 8/1/18				699,660
		Affinia Group, Inc.
	500,000	7.75%, due 5/1/21 (b)				516,250
		Schaeffler Finance BV
	20,000	6.875%, due 8/15/18 (b)				20,900
	480,000	8.50%, due 2/15/19 (b)				535,200
		Stoneridge, Inc.
	125,000	9.50%, due 10/15/17 (b)				134,375
		UCI International, Inc.
	350,000	8.625%, due 2/15/19				360,500
						2,266,885
		Building Materials	1.5	%
		Associated Asphalt Partners LLC
	600,000	8.50%, due 2/15/18 (b)				603,000
		Roofing Supply Group LLC
	125,000	10.00%, due 6/1/20 (b)				138,125
						741,125
		Chemicals	12.6	%
		Cornerstone Chemical Co.
	600,000	9.375%, due 3/15/18 (b)				626,999
		Ferro Corp.
	300,000	7.875%, due 8/15/18				318,750
		Hexion U.S. Finance Corp.
	650,000	6.625%, due 4/15/20				645,124
		Ineos Finance PLC
	50,000	7.50%, due 5/1/20 (b)				53,750
		Kraton Polymers LLC
	620,000	6.75%, due 3/1/19				632,400
		LSB Industries, Inc.
	200,000	7.75%, due 8/1/19 (b)				208,000
		Momentive Performance Materials, Inc.
	165,000	8.875%, due 10/15/20				172,013
		Nexeo Solutions LLC
	550,000	8.375%, due 3/1/18				550,000
		Nova Chemicals Corp.
	350,000	5.25%, due 8/1/23 (b)				350,219
		Olin Corp.
	500,000	8.875%, due 8/15/19				551,250
		Omnova Solutions, Inc.
	265,000	7.875%, due 11/1/18				279,575
		Perstorp Holding AB
	495,000	8.75%, due 5/15/17 (b)				508,613
		Rentech Nitrogen Partners L.P.
	500,000	6.50%, due 4/15/21 (b)				492,500
		TPC Group, Inc.
	225,000	8.75%, due 12/15/20 (b)				230,625
		Trinseo Materials Operating S.C.A.
	250,000	8.75%, due 2/1/19 (b)				245,625
		Tronox Finance LLC
	350,000	6.375%, due 8/15/20 (b)				336,000
						6,201,443
		Construction Machinery	1.1	%
		H & E Equipment Services, Inc.
	440,000	7.00%, due 9/1/22				469,700
		NES Rentals Holding, Inc.
	50,000	7.875%, due 5/1/18 (b)				51,750
						521,450
		Consumer Cyclical Services	3.7	%
		APX Group, Inc.
	175,000	6.375%, due 12/1/19 (b)				165,813
	310,000	8.75%, due 12/1/20 (b)				306,900
		Garda World Security Corp.
	45,000	9.75%, due 3/15/17 (b)				48,375
	400,000	9.75%, due 3/15/17 (b)				430,000
		Live Nation Entertainment, Inc.
	350,000	7.00%, due 9/1/20 (b)				365,750
		Reliance Intermediate Holdings
	475,000	9.50%, due 12/15/19 (b)				520,125
						1,836,963
		Consumer Products	1.1	%
		Serta Simmons Holdings LLC
	220,000	8.125%, due 10/1/20 (b)				232,650
		Visant Corp.
	350,000	10.00%, due 10/1/17				328,125
						560,775
		Distributors	0.8	%
		Amerigas Partners Financial Corp.
	200,000	6.25%, due 8/20/19				209,000
		Ferrellgas Partners LP
	200,000	8.625%, due 6/15/20				210,000
						419,000
		Diversified Manufacturing	2.7	%
		Constellation Enterprises LLC
	375,000	10.625%, due 2/1/16 (b)				311,250
		Dynacast International LLC
	500,000	9.25%, due 7/15/19				547,500
		Mcron Finance Sub LLC
	435,000	8.375%, due 5/15/19 (b)				469,800
						1,328,550
		Electric	0.5	%
		NRG Energy, Inc.
	245,000	6.625%, due 3/15/23				244,388
		Environmental	2.6	%
		Casella Waste Systems, Inc.
	800,000	7.75%, due 2/15/19				802,000
		EnergySolutions, Inc.
	150,000	10.75%, due 8/15/18				162,750
		Heckmann Corp.
	300,000	9.875%, due 4/15/18	1.5	%		298,500
						1,263,250
		Finance
		National Financial Partners Corp.
	360,000	9.00%, due 7/15/21 (b)				372,600
		National Money Mart Co.
	350,000	10.375%, due 12/15/16				366,625
						739,225
		Food and Beverage	3.5	%
		Aramark Corp.
	500,000	5.75%, due 3/15/20 (b)				512,500
		Bumble Bee Acquisition Corp.
	768,000	9.00%, due 12/15/17 (b)				839,040
		Carolina Beverage Group, LLC
	370,000	10.625%, due 8/1/18 (b)				372,775
						1,724,315
		Gaming	2.1	%
		MGM Resorts International
	500,000	6.625%, due 12/15/21				508,125
		Scientific Games Corp.
	135,000	8.125%, due 9/15/18				145,969
		Scientific Games International, Inc.
	370,000	6.25%, due 9/1/20				366,300
						1,020,394
		Healthcare	2.0	%
		Examworks Group, Inc.
	575,000	9.00%, due 7/15/19				622,438
		Physio-Control International Corp.
	333,000	9.875%, due 1/15/19 (b)				369,630
						992,068
		Industrial - Other	8.2	%
		American Tire Distributors, Inc.
	400,000	9.75%, due 6/1/17				423,000
		Cleaver-Brooks, Inc.
	275,000	8.75%, due 12/15/19 (b)				292,531
		Dycom Investments, Inc.
	520,000	7.125%, due 1/15/21				549,900
		Interline Brands, Inc.
	375,000	10.00%, due 11/15/18				405,938
		RSC Equipment Rental, Inc.
	610,000	8.25%, due 2/1/21				677,100
		Safway Group Holding
	500,000	7.00%, due 5/15/18 (b)				505,000
		SPL Logistics Escrow LLC
	450,000	8.875%, due 8/1/20 (b)				474,750
		Stonemor Partners L.P.
	300,000	7.875%, due 6/1/21 (b)				303,750
		Zachry Holdings, Inc.
	375,000	7.50%, due 2/1/20 (b)				386,250
						4,018,219
		Lodging	0.0	%
		RHP Hotel Property
	10,000	5.00%, due 4/15/21 (b)				9,350
		Media Non-Cable	3.3	%
		Coinstar, Inc.
	600,000	6.00%, due 3/15/19 (b)				601,500
		RR Donnelley & Sons Co.
	50,000	8.25%, due 3/15/19				55,375
		SGS International, Inc.
	600,000	8.375%, due 10/15/20 (b)				622,500
		Valassis Communications, Inc.
	350,000	6.625%, due 2/1/21				346,500
						1,625,875
		Metals and Mining	5.2	%
		American Gilsonite Co.
	850,000	11.50%, due 9/1/17 (b)				894,625
		American Rock Salt Company LLC
	300,000	8.25%, due 5/1/18 (b)				291,750
		Castle (AM) & Co.
	250,000	12.75%, due 12/15/16				289,375
		Graftech International Ltd.
	240,000	6.375%, due 11/15/20				241,200
		Rain CII Carbon LLC
	450,000	8.00%, due 12/1/18 (b)				456,750
		Suncoke Energy, Inc.
	50,000	7.625%, due 8/1/19				53,375
	300,000	7.375%, due 2/1/20 (b)				312,000
						2,539,075
		Oil Field Services	4.1	%
		Calfrac Holdings LP
	300,000	7.50%, due 12/1/20 (b)				303,750
		CHC Helicopter SA
	500,000	9.25%, due 10/15/20				515,000
		Drill Rig Holdings, Inc.
	405,000	6.50%, due 10/1/17 (b)				415,125
		Petroleum Geo-Services
	200,000	7.375%, due 12/15/18 (b)				220,000
		Platinum Energy Solutions, Inc.
	250,000	14.25%, due 3/1/15 (c)				126,250
		Welltec A/S
	400,000	8.00%, due 2/1/19 (b)				428,000
						2,008,125
		Packaging	8.4	%
		AEP Industries, Inc.
	606,000	8.25%, due 4/15/19				651,449
		Boe Intermediate Holding Corp.
	600,000	9.00%, due 11/1/17 (b)				615,000
		Bway Parent Company, Inc.
	165,000	9.50%, due 11/1/17 (b)				175,725
		Cons Container Co.
	470,000	10.125%, due 7/15/20 (b)				509,950
		Crown Americas LLC
	100,000	4.50%, due 1/15/23 (b)				92,750
		Dispensing Dynamics International, Inc.
	500,000	12.50%, due 1/1/18 (b)				512,500
		Mustang Merger Corp.
	410,000	8.50%, due 8/15/21 (b)				405,900
		Pretium Packaging LLC
	175,000	11.50%, due 4/1/16				188,125
		Reynolds Group Issuer LLC
	110,000	5.75%, due 10/15/20				109,588
		Sealed Air Corp.
	470,000	6.50%, due 12/1/20 (b)				500,550
		Tekni-Plex, Inc.
	289,000	9.75%, due 6/1/19 (b)				325,125
		Tenneco Packaging, Inc.
	50,000	8.125%, due 6/15/17				51,000
						4,137,662
		Paper	6.9	%
		Cascades, Inc.
	653,000	7.75%, due 12/15/17				686,465
	205,000	7.875%, due 1/15/20				216,788
		Clearwater Paper Corp.
	430,000	4.50%, due 2/1/23				391,300
		Mercer International, Inc.
	400,000	9.50%, due 12/1/17				429,000
		Neenah Paper, Inc.
	500,000	5.25%, due 5/15/21				477,500
		P.H. Glatfelter Co.
	400,000	5.375%, due 10/15/20				400,000
		Verso Paper Holdings LLC
	325,000	11.75%, due 1/15/19				334,750
		Xerium Technologies, Inc.
	450,000	8.875%, due 6/15/18				461,250
						3,397,053
		Pharmaceuticals	0.6	%
		Sky Growth Acquisition
	300,000	7.375%, due 10/15/20 (b)				312,000
		Pipelines	0.8	%
		Atlas Pipeline Partners LP
	420,000	5.875%, due 8/1/23 (b)				395,850
		Summit Midstream Holdings, LLC
	10,000	7.50%, due 7/1/21 (b)				10,200
						406,050
		Retailers	3.1	%
		Party City Holdings, Inc.
	550,000	8.875%, due 8/1/20 (b)				591,938
		Petco Animal Supplies, Inc.
	275,000	8.50%, due 10/15/17 (b)				281,875
	250,000	9.25%, due 12/1/18 (b)				270,625
		Rent-A-Center, Inc.
	350,000	6.625%, due 11/15/20				370,125
						1,514,563
		Technology	5.6	%
		ACI Worldwide, Inc.
	20,000	6.375%, due 8/15/20 (b)				20,250
		Brightstar Corp.
	200,000	7.25%, due 8/1/18 (b)				198,000
		First Data Corp.
	500,000	7.375%, due 6/15/19 (b)				521,250
		Kemet Corp.
	370,000	10.50%, due 5/1/18				355,200
		Sophia L.P./Sophia Finance, Inc.
	550,000	9.75%, due 1/15/19 (b)				599,500
		Sungard Data Systems, Inc.
	250,000	6.625%, due 11/1/19				255,000
		Transunion Holding Co.
	750,000	9.625%, due 6/15/18				813,749
						2,762,949
		Transportation Services	0.1	%
		LBC Tank Terminal Holding
	40,000	6.875%, due 5/15/23 (b)				40,400

		Wirelines	2.2	%
		Frontier Communications Corp.
	270,000	9.25%, due 7/1/21				307,800
	355,000	7.125%, due 1/15/23				347,013
		Windstream Corp.
	490,000	6.375%, due 8/1/23				445,288
						1,100,101
		Total Corporate Bonds (cost $43,780,594)				44,479,503

		SHORT-TERM INVESTMENTS	8.0	%
	3,967,433	Invesco STIT - Prime Portfolio - Institutional Class, 0.02% (a)				3,967,433
		Total Short-Term Investments (cost $3,967,433)				3,967,433

		Total Investments (cost $47,748,027)	98.3	%		48,446,936
		Other Assets less Liabilities	1.7	%		816,346
		TOTAL NET ASSETS	100.0	%	$	49,263,282

(a)		Rate shown is the 7-day annualized yield as of August 31, 2013.
(b)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2013, the value of these investments was $23,792,408 or 48.3% of total net assets.
(c)		Security is in default.

PACIFIC INCOME ADVISORS MBS BOND FUND
Schedule of Investments - August 31, 2013 (Unaudited)

Principal
Amount/Shares					Value
		MORTGAGE-BACKED SECURITIES	101.0	%
		Commercial Mortgage-Backed Securities	0.9	%
		Banc of America
$	864,819	5.906%, due 5/10/45, Series 2006-2, Class AAB (a)			$	895,466
		U.S. Government Agencies	100.1	%
		FHLMC Pool
	58,327	4.50%, due 5/1/20, #G18052				61,621
	49,754	4.50%, due 3/1/21, #G18119				52,529
	49,598	5.00%, due 3/1/21, #G18105				53,536
	201,396	4.50%, due 5/1/21, #J01723				214,697
	47,048	6.00%, due 6/1/21, #G18124				51,363
	142,220	4.50%, due 9/1/21, #G12378				150,252
	43,338	5.00%, due 11/1/21, #G18160				46,883
	36,053	5.00%, due 2/1/22, #G12522				38,916
	48,862	5.00%, due 2/1/22, #J04411				52,733
	150,417	5.50%, due 3/1/22, #G132577				162,712
	47,835	5.00%, due 7/1/22, #J05243				51,624
	951,386	4.00%, due 3/1/26, #J14785				1,003,366
	2,120,053	3.00%, due 11/1/26, #G18409				2,170,326
	772,614	3.00%, due 6/1/27, #G14497				791,884
	15,141	5.50%, due 5/1/35, #B31639				16,338
	334,994	5.00%, due 8/1/35, #A36351				358,531
	153,780	4.50%, due 9/1/35, #A37616				162,068
	337,328	4.50%, due 10/1/35, #A37869				355,506
	235,756	4.50%, due 10/1/35, #A38023				248,461
	98,897	4.50%, due 10/1/35, #G01890				104,227
	182,352	5.00%, due 10/1/35, #G01940				195,164
	292,506	6.00%, due 1/1/36, #A42208				318,427
	29,324	7.00%, due 1/1/36, #G02048				33,447
	278,306	5.50%, due 2/1/36, #G02031				300,290
	155,767	7.00%, due 8/1/36, #G08148				176,819
	620,546	6.50%, due 9/1/36, #A54908				693,821
	195,064	6.50%, due 11/1/36, #A54094				218,098
	120,222	5.50%, due 2/1/37, #A57840				129,469
	311,407	5.00%, due 5/1/37, #A60268				332,824
	220,501	5.00%, due 6/1/37, #G03094				235,665
	792,058	5.50%, due 6/1/37, #A61982				852,976
	726,588	6.00%, due 6/1/37, #A62176				790,973
	1,006,909	6.00%, due 6/1/37, #A62444				1,097,669
	186,609	5.00%, due 7/1/37, #A63187				199,442
	339,351	5.50%, due 8/1/37, #G03156				365,451
	102,019	6.50%, due 8/1/37, #A70413				114,170
	15,224	7.00%, due 8/1/37, #A70079				17,282
	21,853	7.00%, due 9/1/37, #A65335				24,733
	19,979	7.00%, due 9/1/37, #A65670				22,611
	46,850	7.00%, due 9/1/37, #A65780				53,024
	15,162	7.00%, due 9/1/37, #A65941				17,160
	4,109	7.00%, due 9/1/37, #A66041				4,645
	116,484	7.00%, due 9/1/37, #G03207				132,228
	43,579	6.50%, due 11/1/37, #A68726				48,769
	275,923	5.00%, due 2/1/38, #A73370				294,899
	10,527	5.00%, due 2/1/38, #G03836				11,251
	29,124	5.00%, due 3/1/38, #A73704				31,127
	304,884	5.00%, due 4/1/38, #A76335				325,852
	135,740	5.50%, due 4/1/38, #G04121				146,180
	14,819	5.00%, due 5/1/38, #A77463				15,839
	55,490	5.50%, due 5/1/38, #A77265				59,758
	142,762	5.50%, due 5/1/38, #G04215				153,742
	66,558	5.00%, due 6/1/38, #A77986				71,135
	29,342	5.00%, due 6/1/38, #G04522				31,360
	31,204	5.00%, due 7/1/38, #A79197				33,350
	151,795	4.50%, due 9/1/38, #G04773				159,630
	42,778	5.00%, due 9/1/38, #G04690				45,720
	753,146	5.00%, due 10/1/38, #G04832				804,942
	7,556	5.00%, due 11/1/38, #A82849				8,075
	42,834	5.00%, due 12/1/38, #G05683				45,780
	418,747	5.00%, due 2/1/39, #G05507				447,545
	63,462	4.50%, due 4/1/39, #A85612				66,801
	185,785	5.00%, due 5/1/39, #G08345				198,691
	163,108	4.50%, due 9/1/39, #A88357				171,691
	67,972	5.00%, due 9/1/39, #G05904				72,646
	269,842	4.50%, due 11/1/39, #G05748				284,041
	241,887	4.50%, due 12/1/39, #A90175				254,615
	73,871	4.50%, due 4/1/40, #C03464				77,835
	198,055	4.50%, due 5/1/40, #A92269				208,683
	1,133,460	4.50%, due 5/1/40, #G06047				1,193,105
	657,173	4.50%, due 6/1/40, #A92533				692,436
	121,650	4.50%, due 6/1/40, #A92594				128,177
	38,844	4.50%, due 8/1/40, #A93437				40,886
	1,052,519	4.50%, due 8/1/40, #A93505				1,108,996
	2,458,475	3.50%, due 1/1/41, #A96409				2,453,475
	312,479	4.50%, due 1/1/41, #A96176				330,344
	86,819	4.50%, due 2/1/41, #A97013				91,511
	68,310	4.50%, due 4/1/41, #Q00285				72,082
	1,081,481	4.50%, due 9/1/41, #C03701				1,141,197
	179,677	3.50%, due 10/1/41, #Q04087				179,312
	77,859	4.50%, due 11/1/41, #Q04699				82,160
	210,324	3.50%, due 1/1/42, #Q05410				209,896
	782,100	3.50%, due 2/1/42, #Q05996				780,509
	318,730	3.50%, due 3/1/42, #G08479				318,082
	3,098,945	3.50%, due 4/1/42, #Q07654				3,092,643
	1,407,044	3.50%, due 5/1/42, #G08491				1,404,183
	2,426,169	3.50%, due 6/1/42, #C09000				2,421,235
	2,161,567	3.50%, due 6/1/42, #Q08641				2,157,171
	67,370	3.00%, due 4/1/43, #V80025				64,662
	363,977	3.00%, due 5/1/43, #Q18436				348,777
	199,253	3.00%, due 6/1/43, #Q19697				190,901
	400,000	3.00%, due 8/1/43, #Q20559				383,234
	236,024	3.00%, due 8/1/43, #Q21026				226,168
	733,378	3.00%, due 8/1/43, #G08540				702,638
		FHLMC GOLD TBA (b)
	1,000,000	3.00%, due 9/15/27				1,022,969
	5,000,000	4.00%, due 9/15/40				5,156,250
	4,000,000	3.50%, due 9/15/42				3,987,970
		FNMA Pool
	29,299	4.50%, due 10/1/20, #842732				31,141
	147,734	3.00%, due 12/1/20, #MA0605				153,224
	70,269	4.50%, due 12/1/20, #813954				74,696
	36,301	4.50%, due 2/1/21, #845437				38,514
	74,558	5.00%, due 2/1/21, #865191				79,806
	27,107	5.00%, due 5/1/21, #879112				29,100
	132,589	4.50%, due 7/1/21, #845515				141,066
	2,410,598	3.00%, due 8/1/21, #AL0579				2,500,063
	86,395	5.50%, due 10/1/21, #905090				91,371
	238,607	3.00%, due 1/1/22, #MA0957				247,487
	46,396	5.00%, due 2/1/22, #900946				49,322
	130,596	6.00%, due 2/1/22, #912522				143,634
	156,829	5.00%, due 6/1/22, #937709				168,415
	78,967	5.00%, due 7/1/22, #938033				84,789
	107,615	5.00%, due 7/1/22, #944887				116,205
	367,373	5.50%, due 7/1/22, #905040				387,983
	18,700	4.00%, due 7/1/25, #AE1318				19,784
	18,153	4.00%, due 10/1/25, #AE1601				19,204
	622,212	4.00%, due 12/1/25, #AH6058				660,351
	499,926	4.00%, due 1/1/26, #AH3925				529,067
	20,780	4.00%, due 1/1/26, #MA0624				21,992
	58,620	4.00%, due 3/1/26, #AH8485				62,013
	914,604	4.00%, due 5/1/26, #AH8174				967,840
	88,749	3.00%, due 10/1/26, #AJ0049				91,087
	36,079	3.00%, due 10/1/26, #AJ5474				37,032
	117,630	3.00%, due 2/1/27, #AK4047				120,730
	266,006	3.00%, due 4/1/27, #AB4997				273,016
	870,622	3.00%, due 9/1/27, #AQ0333				893,679
	177,549	4.50%, due 4/1/29, #MA0022				189,575
	4,594	7.00%, due 8/1/32, #650101				5,141
	85,041	4.50%, due 3/1/35, #814433				90,149
	81,076	4.50%, due 4/1/35, #735396				85,958
	32,290	4.50%, due 5/1/35, #822854				34,149
	29,202	7.00%, due 6/1/35, #821610				32,880
	58,265	4.50%, due 7/1/35, #826584				61,603
	8,662	5.00%, due 7/1/35, #833958				9,333
	44,389	7.00%, due 7/1/35, #826251				50,416
	74,111	4.50%, due 8/1/35, #835751				78,485
	29,683	7.00%, due 9/1/35, #842290				33,845
	22,778	4.50%, due 11/1/35, #256032				24,110
	44,932	5.00%, due 12/1/35, #852482				48,359
	14,653	4.50%, due 1/1/36, #852510				15,499
	17,500	7.00%, due 2/1/36, #865190				20,084
	21,113	7.00%, due 4/1/36, #887709				23,075
	508,963	5.00%, due 5/1/36, #745515				549,478
	11,757	5.00%, due 7/1/36, #888789				12,675
	31,099	6.50%, due 7/1/36, #897100				34,196
	69,982	7.00%, due 7/1/36, #887793				79,567
	73,389	6.00%, due 8/1/36, #892925				81,276
	158,138	6.50%, due 8/1/36, #878187				175,234
	107,573	5.00%, due 9/1/36, #893621				115,684
	140,805	5.50%, due 10/1/36, #831845				152,741
	67,905	5.50%, due 10/1/36, #893087				73,778
	56,353	6.00%, due 10/1/36, #897174				61,626
	100,270	5.50%, due 12/1/36, #256513				108,942
	1,716	6.50%, due 12/1/36, #920162				1,806
	66,751	7.00%, due 1/1/37, #256567				75,794
	208,423	5.50%, due 2/1/37, #256597				226,449
	120,267	6.00%, due 2/1/37, #909357				131,521
	3,436	7.00%, due 2/1/37, #915904				3,747
	87,203	5.00%, due 3/1/37, #913007				93,778
	146,770	5.50%, due 3/1/37, #256636				159,476
	9,070	5.00%, due 4/1/37, #914599				9,753
	64,403	6.50%, due 5/1/37, #917052				69,432
	588,524	5.50%, due 6/1/37, #918554				639,476
	128,758	5.50%, due 6/1/37, #918705				139,894
	593,670	6.00%, due 6/1/37, #888413				650,514
	372,763	6.00%, due 6/1/37, #917129				407,996
	67,368	7.00%, due 6/1/37, #256774				75,561
	48,881	7.00%, due 6/1/37, #940234				55,697
	34,772	5.00%, due 7/1/37, #944534				37,394
	238,819	5.50%, due 10/1/37, #954939				259,473
	58,410	6.00%, due 12/1/37, #965488				63,876
	453,791	5.50%, due 2/1/38, #961691				493,038
	122,947	5.00%, due 1/1/39, #AA0835				132,217
	32,501	5.00%, due 1/1/39, #AA0840				34,951
	1,418	5.00%, due 1/1/39, #AA0862				1,525
	72,099	4.00%, due 2/1/39, #930606				74,645
	6,419	5.00%, due 3/1/39, #AA4461				6,903
	195,412	5.00%, due 3/1/39, #930635				210,146
	5,541	5.00%, due 3/1/39, #930760				5,959
	27,031	5.00%, due 3/1/39, #995948				29,078
	25,373	4.00%, due 4/1/39, #AA0777				26,264
	473,872	4.00%, due 4/1/39, #AO3504				490,132
	112,030	4.50%, due 4/1/39, #AA4590				118,447
	240,213	5.00%, due 4/1/39, #930871				258,612
	197,547	5.00%, due 4/1/39, #930992				212,442
	147,956	5.00%, due 4/1/39, #995930				159,112
	540,642	4.50%, due 6/1/39, #AA7681				571,801
	200,469	5.00%, due 6/1/39, #995896				215,585
	414,816	4.50%, due 7/1/39, #AE8152				438,578
	145,223	5.00%, due 7/1/39, #995895				156,173
	656,249	4.50%, due 8/1/39, #931837				694,273
	584,732	5.00%, due 8/1/39, #AC3221				629,645
	1,758,940	4.00%, due 12/1/39, #AE0215				1,822,297
	189,083	4.50%, due 12/1/39, #932324				200,088
	36,960	4.50%, due 2/1/40, #AC8494				39,077
	99,838	4.50%, due 2/1/40, #AD1045				105,626
	91,189	4.50%, due 2/1/40, #AD2832				96,466
	48,797	5.00%, due 3/1/40, #AB1186				52,547
	2,371,223	5.00%, due 5/1/40, #AD6374				2,568,371
	34,927	5.00%, due 6/1/40, #AD8058				37,710
	285,997	5.00%, due 7/1/40, #AD4634				308,152
	400,977	5.00%, due 7/1/40, #AD4994				432,194
	41,308	5.00%, due 7/1/40, #AD7565				44,467
	1,048,663	4.50%, due 8/1/40, #AD8035				1,110,524
	174,085	4.50%, due 8/1/40, #AD8397				184,344
	267,033	4.50%, due 8/1/40, #890236				282,808
	319,964	4.00%, due 9/1/40, #AE4311				331,267
	36,710	4.00%, due 9/1/40, #AE4312				37,996
	745,185	4.50%, due 9/1/40, #AE1500				788,714
	89,822	4.00%, due 10/1/40, #AE4124				92,996
	305,241	4.00%, due 10/1/40, #AE6057				315,982
	25,245	4.00%, due 11/1/40, #AE5156				26,129
	175,930	4.50%, due 11/1/40, #AE5162				186,342
	556,951	4.00%, due 12/1/40, #MA0583				576,630
	156,953	4.00%, due 1/1/41, #AE4583				162,491
	250,825	4.00%, due 2/1/41, #AH3200				259,700
	432,094	4.50%, due 3/1/41, #AH7009				457,801
	1,575,527	4.50%, due 4/1/41, #AH9054				1,669,227
	42,724	4.50%, due 5/1/41, #AI1364				45,285
	333,751	4.50%, due 5/1/41, #AI1888				353,642
	2,063,682	4.50%, due 5/1/41, #AL0160				2,191,610
	218,458	4.50%, due 6/1/41, #AI4815				231,480
	89,404	4.00%, due 7/1/41, #AI0038				92,558
	20,430	4.00%, due 8/1/41, #AI8218				21,151
	28,840	4.50%, due 9/1/41, #AH3865				30,578
	100,188	4.50%, due 9/1/41, #AI4050				106,150
	26,853	4.50%, due 9/1/41, #AJ0729				28,474
	252,046	4.00%, due 10/1/41, #AJ4052				260,933
	1,442,323	4.00%, due 11/1/41, #AJ4668				1,493,525
	667,298	4.00%, due 11/1/41, #AJ5643				690,698
	218,180	4.00%, due 12/1/41, #AJ3097				225,852
	480,406	4.00%, due 2/1/42, #AJ9774				500,980
	388,555	4.00%, due 4/1/42, #MA1028				402,336
	2,000,000	3.00%, due 8/1/43, #AU3363				1,924,239
		FNMA TBA (b)
	400,000	3.00%, due 9/15/26				409,438
	2,000,000	4.00%, due 9/1/40				2,066,563
	3,000,000	3.50%, due 9/15/41				3,000,000
		GNMA Pool
	25,722	7.00%, due 9/15/35, #647831				29,249
	97,872	5.00%, due 10/15/35, #642220				106,311
	79,308	5.00%, due 11/15/35, #550718				85,922
	88,639	5.50%, due 11/15/35, #650091				96,900
	49,390	5.50%, due 12/15/35, #646307				54,090
	76,699	5.50%, due 4/15/36, #652534				83,454
	66,699	6.50%, due 6/15/36, #652593				74,558
	38,900	5.50%, due 7/15/36, #608993				42,390
	85,497	6.50%, due 10/15/36, #646564				95,670
	42,569	6.00%, due 11/15/36, #617294				46,922
	140,231	6.50%, due 12/15/36, #618753				162,783
	118,483	5.50%, due 2/15/37, #658419				128,921
	365,877	6.00%, due 4/15/37, #668411				402,479
	336,179	5.00%, due 8/15/37, #671463				362,624
	166,893	6.00%, due 10/15/37, #664379				183,589
	34,322	5.50%, due 8/15/38, #677224				37,335
	206,216	5.50%, due 8/15/38, #691314				224,323
	9,087	5.50%, due 12/15/38, #705632				9,885
	1,130,705	4.50%, due 5/15/39, #717066				1,205,887
	24,003	5.50%, due 6/15/39, #714262				26,108
	1,011,968	5.50%, due 6/15/39, #714720				1,100,745
	946,903	4.50%, due 7/15/39, #720160				1,011,316
	2,756,766	5.00%, due 9/15/39, #726311				2,982,486
	15,034	5.50%, due 1/15/40, #723631				16,346
	63,685	5.50%, due 2/15/40, #680537				69,246
						99,771,496
		Total Mortgage-Backed Securities (cost $98,804,862)				100,666,962

		U.S. GOVERNMENT INSTRUMENTALITIES	10.0	%
		U.S. Treasury Notes	10.0	%
		U.S. Treasury Note
	2,000,000	0.75%, due 9/15/13				2,000,468
	1,000,000	0.50%, due 10/15/13				1,000,547
	7,000,000	0.75%, due 12/15/13				7,013,671
		Total U.S. Government Instrumentalities (cost $10,013,983)				10,014,686

		SHORT-TERM INVESTMENTS	4.6	%
	4,584,361	Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c)				4,584,361
		Total Short-Term Investments (cost $4,584,361)				4,584,361

		Total Investments (cost $113,403,206)	115.6	%		115,266,009
		Liabilities less Other Assets	(15.6	)%		(15,565,259	)
		TOTAL NET ASSETS	100.0	%	$	99,700,750

(a)		Variable rate security. Rate shown reflects the rate in effect as of August 31, 2013.
(b)		Security purchased on a when-issued basis. As of August 31, 2013, the total cost of investments purchased on a when-issued basis was $15,701,859 or 15.7% of total net assets.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.
		FHLMC - Federal Home Loan Mortgage Corporation
		FNMA - Federal National Mortgage Association
		GNMA - Government National Mortgage Association
		TBA - To Be Announced

PACIFIC INCOME ADVISORS MODERATE DURATION BOND FUND
Schedule of Investments - August 31, 2013 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	44.0	%
		Agriculture	2.2	%
		Archer-Daniels-Midland Co.
$	275,000	5.375%, due 9/15/35			$	294,018
		Bunge Limited Finance Corp.
	400,000	8.50%, due 6/15/19				487,329
						781,347
		Auto Service	1.3	%
		American Axle & Manufacturing, Inc.
	200,000	6.625%, due 10/15/22				205,500
		Meritor, Inc.
	250,000	6.75%, due 6/15/21				245,313
						450,813
		Banks	3.9	%
		CIT Group, Inc.
	200,000	5.00%, due 8/15/22				189,826
		Citigroup, Inc.
	400,000	4.50%, due 1/14/22				416,842
		JPMorgan Chase & Co.
	370,000	4.50%, due 1/24/22				384,551
		Wells Fargo Co.
	400,000	1.50%, due 1/16/18				389,998
						1,381,217
		Beverages	1.2	%
		Anheuser-Busch Inbev Worldwide
	419,120	9.75%, due 11/17/15 (d)				417,025
		Brokers	1.7	%
		Goldman Sachs Group, Inc.
	400,000	5.25%, due 7/27/21				428,118
		Morgan Stanley
	150,000	6.625%, due 4/1/18				172,082
						600,200
		Chemicals	6.4	%
		Axiall Corp.
	100,000	4.875%, due 5/15/23 (e)				93,125
		Cabot Corp.
	400,000	2.55%, due 1/15/18				397,499
		CF Industries Holdings, Inc.
	400,000	6.875%, due 5/1/18				466,812
		Dow Chemical Co.
	380,000	3.00%, due 11/15/22				350,601
		Eastman Chemical Co.
	400,000	3.60%, due 8/15/22				387,940
		Methanex Corp.
	125,000	3.25%, due 12/15/19				121,853
		RPM International, Inc.
	400,000	6.125%, due 10/15/19				454,886
						2,272,716
		Commercial Finance	0.7	%
		GATX Corp.
	260,000	3.90%, due 3/30/23				249,258
		Construction Machinery	0.7	%
		Terex Corp.
	250,000	6.50%, due 4/1/20				261,875
		Construction and Engineering	0.7	%
		Mastec, Inc.
	250,000	4.875%, due 3/15/23				232,500
		Diversified Financial Services	1.1	%
		General Electric Capital Corp.
	350,000	5.00%, due 1/8/16				380,008
		Electric Utilities	1.5	%
		Duke Energy Carolinas
	450,000	6.10%, due 6/1/37				526,644
		Electrical Equipment	0.3	%
		General Cable Corp.
	100,000	5.75%, due 10/1/22 (e)				96,750
		Energy	0.6	%
		Calumet Specialty Products Partners
	200,000	9.375%, due 5/1/19				221,000
		Environmental Services	0.3	%
		Clean Harbors, Inc.
	125,000	5.125%, due 6/1/21				122,188
		Equipment Rental and Leasing	0.9	%
		H & E Equipment Services, Inc.
	200,000	7.00%, due 9/1/22				213,500
		TRAC Intermodal LLC
	100,000	11.00%, due 8/15/19				112,500
						326,000
		Financial Services	0.6	%
		Apollo Investment Corp.
	200,000	5.75%, due 1/15/16				211,250
		Food and Beverage	0.8	%
		Chiquita Brands International, Inc.
	250,000	7.875%, due 2/1/21 (e)				264,375
		Hardware	0.7	%
		NCR Corp.
	250,000	4.625%, due 2/15/21				239,375
		Healthcare	0.6	%
		Davita, Inc.
	200,000	5.75%, due 8/15/22				199,000
		Home Building	1.1	%
		NVR, Inc.
	400,000	3.95%, due 9/15/22				383,990
		Insurance	1.9	%
		American International Group, Inc.
	270,000	5.85%, due 1/16/18				305,166
		MetLife, Inc.
	350,000	5.00%, due 6/15/15				375,580
						680,746
		Medical Equipment	1.7	%
		Agilent Technologies, Inc.
	350,000	3.20%, due 10/1/22				324,463
		Thermo Fisher Scientific, Inc.
	320,000	3.15%, due 1/15/23				293,639
						618,102
		Medical/Drugs	2.2	%
		GlaxoSmithKline
	400,000	5.65%, due 5/15/18				461,554
		Wyeth
	275,000	5.45%, due 4/1/17				312,102
						773,656
		Metals and Mining	1.5	%
		FMG Resources
	250,000	6.875%, due 4/1/22 (e)				248,750
		Freeport-McMoRan Copper & Gold, Inc.
	300,000	3.10%, due 3/15/20 (e)				272,259
						521,009
		Mining	1.0	%
		Rio Tinto Finance USA Ltd.
	300,000	6.50%, due 7/15/18				348,884
		Oil and Gas	1.0	%
		Basic Energy Services, Inc.
	150,000	7.75%, due 10/15/22				146,250
		Statoil ASA
	210,000	2.65%, due 1/15/24				192,443
						338,693
		Oil and Gas Extraction	0.4	%
		Continental Resources, Inc.
	150,000	4.50%, due 4/15/23				148,125
		Paper	0.7	%
		Cascades, Inc.
	250,000	7.875%, due 1/15/20				264,375
		Retail	1.3	%
		Walgreen Co.
	500,000	3.10%, due 9/15/22				469,652
		Software	1.3	%
		Equifax, Inc.
	470,000	3.30%, due 12/15/22				438,643
		Software Publishers	1.4	%
		Oracle Corp.
	500,000	2.375%, due 1/15/19				498,556
		Telecommunications	1.1	%
		Sprint Nextel Corp.
	250,000	6.00%, due 12/1/16				265,625
		Verizon Communications, Inc.
	100,000	7.75%, due 12/1/30				127,851
						393,476
		Tools	1.2	%
		Stanley Black & Decker, Inc.
	400,000	5.20%, due 9/1/40				408,787
		Total Corporate Bonds (cost $15,404,787)				15,520,235

		SOVEREIGN BONDS	2.2	%
		Federal Republic of Brazil
	293,384	12.50%, due 1/5/16 (d)				313,481
		Republic of Chile
	460,559	5.50%, due 8/5/20 (d)				471,151
		Total Sovereign Bonds (cost $954,555)				784,632

		MORTGAGE-BACKED SECURITIES	33.4	%
		U.S. Government Agencies	33.4	%
		FHLMC Pool
	16,575	4.50%, due 12/1/14, #B17362				17,424
	12,011	4.50%, due 6/1/24, #G13584				12,673
	226,965	4.50%, due 10/1/24, #J10934				239,010
	16,614	4.50%, due 6/1/25, #G14013				17,488
	324,106	5.50%, due 5/1/26, #D96978				349,544
	55,075	5.00%, due 7/1/37, #A62994				58,863
	359,282	5.00%, due 4/1/38, #A75230				383,991
	88,412	5.50%, due 11/1/38, #G08300				95,212
	270,024	5.50%, due 1/1/39, #G05072				290,792
	49,424	5.00%, due 2/1/39, #G05518				52,823
	123,639	4.50%, due 7/1/39, #A87307				130,145
	66,820	4.00%, due 8/1/39, #A87714				68,920
	19,648	4.50%, due 11/1/39, #A89870				20,682
	521,772	5.00%, due 2/1/40, #A91627				558,018
	41,026	4.50%, due 5/1/40, #G06047				43,185
	45,878	5.50%, due 5/1/40, #G06091				49,407
	449,149	4.50%, due 6/1/40, #A92533				473,250
	17,073	4.50%, due 8/1/40, #G06024				18,071
	220,405	4.50%, due 10/1/40, #G06062				232,232
		FHLMC TBA
	800,000	4.00%, due 9/15/40 (f)				825,000
		FNMA Pool
	172,015	5.50%, due 1/1/38, #952038				186,892
	91,584	5.00%, due 4/1/38, #929301				98,489
	467,363	5.50%, due 8/1/38, #889988				514,795
	114,256	5.00%, due 3/1/39, #995906				122,871
	1,242,232	4.00%, due 12/1/39, #AE0215				1,286,976
	711,367	5.00%, due 5/1/40, #AD6374				770,511
	67,977	4.00%, due 10/1/40, #AE6083				70,348
	449,942	4.00%, due 11/1/41, #AB3946				465,844
		FNMA TBA
	1,000,000	4.00%, due 9/1/40 (f)				1,033,281
	1,000,000	3.50%, due 9/15/41 (f)				1,000,000
		GNMA Pool
	18,272	5.00%, due 1/15/34, #626039				19,839
	15,152	5.00%, due 6/15/37, #565183				16,344
	67,291	4.50%, due 10/15/38, #782441				71,754
	194,363	5.00%, due 1/15/39, #708121				210,277
	419,697	5.00%, due 6/15/39, #713464				454,061
	105,891	4.50%, due 9/15/40, #733483				113,530
	218,272	5.00%, due 9/15/40, #731669				237,730
	424,704	4.50%, due 6/15/41, #749259				455,964
	671,154	4.50%, due 6/15/41, #724138				715,202
						11,781,438
		Total Mortgage-Backed Securities (cost $11,479,070)				11,781,438

		U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES	23.2	%
		U.S. Government Agencies	8.2	%
		FNMA
	1,900,000	0.50%, due 9/28/15				1,901,442
	1,000,000	0.375%, due 12/21/15				996,099
						2,897,541
		U.S. Treasury Bonds	0.9	%
		U.S. Treasury Bond
	295,000	3.75%, due 8/15/41				300,600
		U.S. Treasury Notes	14.1	%
		U.S. Treasury Note
	1,800,000	0.75%, due 9/15/13				1,800,421
	2,300,000	0.75%, due 12/15/13				2,304,492
	500,000	2.50%, due 6/30/17				525,274
	380,000	2.00%, due 2/15/23				357,378
						4,987,565
		Total U.S. Government Agencies and Instrumentalities (cost $8,208,517)				8,185,706

		OPEN-END FUNDS	3.6	%
	135,892	PIA BBB Bond Fund (g)				1,271,947
		Total Open-End Funds (cost $1,346,687)				1,271,947

		RIGHTS	0.0	%
	1	Global Crossing North America, Inc.
		Liquidating Trust (a) (b) (cost $0)				-

		SHORT-TERM INVESTMENTS	1.4	%
	499,960	Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c)				499,960
	6	Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c)				6
		Total Short-Term Investments (cost $499,966)				499,966

		Total Investments (cost $37,893,582)	107.8	%		38,043,924
		Liabilities less Other Assets	(7.8	)%		(2,742,564	)
		TOTAL NET ASSETS	100.0	%	$	35,301,360

(a)		Restricted security. The interest in the liquidating trust was acquired through a distribution on December 9, 2003. As of August 31, 2013, the security had a cost and value of $0 (0.0% of total net assets).
(b)		Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.
(d)		Par and market value for foreign securities are shown in U.S. dollars.
(e)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." The Fund's adviser has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2013, the value of these investments was $975,259 or 2.8% of total net assets.
(f)		Security purchased on a when-issued basis. As of August 31, 2013, the total cost of investments purchased on a when-issued basis was $2,868,438 or 8.1% of total net assets.
(g)		Investment in affiliated security. This Fund is advised by Pacific Income Advisers, Inc.,
		which also serves as adviser to the Moderate Duration Bond Fund.
		FHLMC - Federal Home Loan Mortgage Corporation
		FNMA - Federal National Mortgage Association
		GNMA - Government National Mortgage Association
		TBA - To Be Announced

PACIFIC INCOME ADVISORS SHORT-TERM SECURITIES FUND
Schedule of Investments - August 31, 2013 (Unaudited)

Principal
Amount/ Shares					Value
		CORPORATE BONDS	41.0	%
		Agricultural Equipment	0.7	%
		John Deere Capital Corp.
$	1,000,000	0.75%, due 1/22/16			$	995,032
		Agriculture	0.7	%
		Bunge Limited
	1,000,000	4.10%, due 3/15/16				1,053,242
		Autos	1.5	%
		Daimler Finance North America LLC
	1,200,000	1.45%, due 8/1/16 (a)				1,196,208
		Ford Motor Credit Co. LLC
	1,000,000	1.70%, due 5/9/16				988,044
						2,184,252
		Banks	8.5	%
		Bank of America Corp.
	1,300,000	4.50%, due 4/1/15				1,363,930
		Bank of New York Mellon
	1,300,000	2.95%, due 6/18/15				1,350,440
		BB&T Corp.
	1,000,000	5.20%, due 12/23/15				1,088,585
		BMO Bank Of Montreal
	1,000,000	1.30%, due 7/15/16				1,000,233
		Capital One Financial Corp.
	1,000,000	2.15%, due 3/23/15				1,016,425
		Citigroup, Inc.
	1,000,000	2.65%, due 3/2/15				1,023,193
		JPMorgan Chase & Co.
	1,500,000	1.875%, due 3/20/15				1,520,295
		State Street Corp.
	1,550,000	4.30%, due 5/30/14				1,595,858
		Suntrust Banks, Inc.
	650,000	3.60%, due 4/15/16				685,991
		Wells Fargo & Co.
	1,500,000	3.75%, due 10/1/14				1,552,416
						12,197,366
		Biotech	0.5	%
		Amgen, Inc.
	700,000	2.30%, due 6/15/16				719,970
		Brokers	0.9	%
		Goldman Sachs Group, Inc.
	1,300,000	3.30%, due 5/3/15				1,346,097
		Chemicals	2.1	%
		Dow Chemical Co.
	700,000	2.50%, due 2/15/16				723,802
		Eastman Chemical Co.
	700,000	3.00%, due 12/15/15				729,211
		Ecolab, Inc.
	1,000,000	2.375%, due 12/8/14				1,019,441
	565,000	3.00%, due 12/8/16				591,265
						3,063,719
		Computer Equipment	0.9	%
		Cisco Systems, Inc.
	1,300,000	1.625%, due 3/14/14				1,308,217
		Computer Hardware	0.7	%
		Apple, Inc.
	1,000,000	0.45%, due 5/3/16				990,501
		Consumer Finance	0.9	%
		American Express Credit
	1,300,000	1.75%, due 6/12/15				1,321,687
		Diversified Financial Services	1.1	%
		General Electric Capital Corp.
	1,550,000	3.75%, due 11/14/14				1,607,153
		Diversified Minerals	0.6	%
		BHP Billiton Finance USA, Ltd.
	800,000	1.00%, due 2/24/15				805,750
		Electric Utilities	0.7	%
		Dominion Resources, Inc.
	700,000	1.95%, due 8/15/16				712,458
		Southern California Edison Co.
	255,000	5.75%, due 3/15/14				262,014
						974,472
		Electrical Equipment	0.7	%
		Tyco International Group SA
	1,000,000	3.375%, due 10/15/15				1,042,031
		Finance	0.8	%
		SLM Corp.
	1,000,000	6.25%, due 1/25/16				1,070,000
		Financial Services	0.9	%
		CME Group, Inc.
	1,200,000	5.75%, due 2/15/14				1,227,119
		Food	1.2	%
		Conagra Foods, Inc.
	930,000	1.30%, due 1/25/16				936,602
		Kraft Foods Group, Inc.
	700,000	1.625%, due 6/4/15				710,261
						1,646,863
		Food and Beverage	1.6	%
		Coca Cola Co.
	1,000,000	1.80%, due 9/1/16				1,021,966
		Pepsico, Inc.
	1,300,000	0.70%, due 8/13/15				1,301,290
						2,323,256
		Health Care	0.7	%
		McKesson Corp.
	1,000,000	0.95%, due 12/4/15				1,000,476
		Insurance	3.0	%
		Aetna Inc.
	1,000,000	6.00%, due 6/15/16				1,125,994
		American International Group, Inc.
	700,000	3.00%, due 3/20/15				720,400
		CNA Financial Corp.
	88,000	5.85%, due 12/15/14				93,348
		Metlife, Inc.
	850,000	2.375%, due 2/6/14				857,323
		Prudential Financial Inc.
	700,000	4.75%, due 9/17/15				753,463
		Wellpoint, Inc.
	650,000	5.25%, due 1/15/16				709,316
						4,259,844
		Life Sciences Equipment	0.6	%
		Thermo Fisher Scientific, Inc.
	800,000	3.20%, due 5/1/15				826,831
		Manufacturing	0.2	%
		ITT Corp.
	232,000	7.375%, due 11/15/15				260,510
		Media	1.4	%
		Time Warner, Inc.
	985,000	3.15%, due 7/15/15				1,025,835
		Viacom Inc.
	1,000,000	1.25%, due 2/27/15				1,003,094
						2,028,929
		Medical Equipment	1.2	%
		Agilent Technologies, Inc.
	425,000	5.50%, due 9/14/15				460,573
		Baxter International, Inc.
	450,000	0.95%, due 6/1/16				448,406
		Boston Scientific Corp.
	700,000	4.50%, due 1/15/15				735,981
						1,644,960
		Medical/Drugs	0.9	%
		Eli Lilly & Co.
	500,000	4.20%, due 3/6/14				509,538
		Wyeth
	800,000	5.50%, due 2/1/14				816,552
						1,326,090
		Metals and Mining	1.3	%
		Glencore Funding LLC
	500,000	1.70%, due 5/27/16 (a)				487,811
		Rio Tinto Finance USA Ltd.
	1,300,000	1.875%, due 11/2/15				1,318,957
						1,806,768
		Oil and Gas	1.0	%
		Anadarko Petroleum Corp.
	600,000	5.95%, due 9/15/16				673,399
		Ensco Plc
	700,000	3.25%, due 3/15/16				729,358
						1,402,757
		Retail	2.1	%
		Target Corp.
	1,300,000	1.125%, due 7/18/14				1,308,091
		Walgreen Co.
	700,000	1.00%, due 3/13/15				702,449
		Wal-Mart Stores, Inc.
	1,000,000	1.625%, due 4/15/14				1,007,601
						3,018,141
		Semiconductors	0.9	%
		Texas Instruments, Inc.
	1,300,000	1.375%, due 5/15/14				1,307,978
		Telecommunications	2.2	%
		American Tower Corp.
	233,000	4.625%, due 4/1/15				243,532
		AT&T, Inc.
	1,500,000	0.875%, due 2/13/15				1,503,141
		Verizon Communications, Inc.
	1,400,000	0.70%, due 11/2/15				1,395,265
						3,141,938
		Transportation	0.5	%
		Paccar Financial Corp.
	700,000	0.75%, due 5/16/16				692,003
		Total Corporate Bonds (cost $58,640,776)				58,593,952

		MORTGAGE-BACKED SECURITIES	14.2	%
		Commercial Mortgage-Backed Securities	4.1	%
		Banc of America Commercial Mortgage Trust
	1,825,728	5.90%, due 5/10/45, Series 2006-2, Class AAB (b)				1,890,428
		Credit Suisse Mortgage Capital
	1,500,000	5.567%, due 2/15/39, Series 2006-C1, Class A4 (b)				1,626,563
		LB-UBS Commercial Mortgage Trust
	1,170,000	5.71%, due 6/15/29, Series 2004-C4, Class A4 (b)				1,191,684
	1,000,000	5.661%, due 3/15/39, Series 2006-C3, Class A4 (b)				1,088,186
						5,796,861
		U.S. Government Agencies	10.1	%
		FHLMC ARM Pool (b)
	7,163	2.182%, due 8/1/15, #755204				7,163
	10,070	2.352%, due 2/1/22, #845113				10,748
	31,349	1.999%, due 10/1/22, #635206				31,680
	9,675	2.366%, due 6/1/23, #845755				9,890
	8,203	2.33%, due 2/1/24, #609231				8,274
	430,791	2.443%, due 1/1/25, #785726				452,228
	10,916	2.783%, due 1/1/33, #1B0668				10,942
	635,177	2.389%, due 10/1/34, #782784				666,942
	300,646	2.552%, due 12/1/34, #1G0018				318,894
	172,083	2.732%, due 4/1/36, #847671				182,971
		FHLMC Pool
	376,573	5.00%, due 10/1/38, #G04832				402,471
		FNMA ARM Pool (b)
	36,296	2.659%, due 7/1/25, #555206				36,549
	214,091	1.988%, due 7/1/27, #424953				217,614
	85,697	2.35%, due 3/1/28, #556438				86,478
	122,299	2.259%, due 6/1/29, #508399				130,386
	239,911	2.132%, due 4/1/30, #562912				253,289
	86,911	2.456%, due 10/1/30, #670317				88,667
	45,097	2.24%, due 9/1/31, #597196				47,541
	29,932	2.277%, due 11/1/31, #610547				30,022
	3,817	2.25%, due 4/1/32, #629098				3,823
	463,836	2.541%, due 10/1/33, #743454				492,298
	1,318,210	2.75%, due 11/1/33, #755253				1,382,103
	2,189,113	2.44%, due 5/1/34, #AC5719				2,320,101
	546,245	2.395%, due 7/1/34, #779693				575,677
	432,858	2.477%, due 10/1/34, #795136				457,694
	295,298	2.422%, due 1/1/35, #805391				314,147
	119,124	2.521%, due 10/1/35, #845041				126,290
	267,341	2.249%, due 10/1/35, #846171				280,465
	460,624	2.45%, due 1/1/36, #849264				490,081
	141,073	2.516%, due 6/1/36, #872502				149,704
	780,399	2.69%, due 1/1/37, #906389				834,537
	1,064,797	2.884%, due 3/1/37, #907868				1,141,744
	543,900	2.28%, due 8/1/37, #949772				556,400
	51,568	2.75%, due 10/1/37, #955963				52,391
	99,380	1.81%, due 11/1/37, #948183				103,477
	287,221	3.015%, due 11/1/37, #953653				286,594
		FNMA Pool
	772,189	5.00%, due 6/1/40, #AD5479				831,674
	81,749	4.00%, due 11/1/41, #AJ3797				84,661
		GNMA II ARM Pool (b)
	10,539	2.00%, due 11/20/21, #8871				10,990
	60,605	1.625%, due 10/20/22, #8062				62,976
	143,429	1.625%, due 11/20/26, #80011				149,057
	35,868	2.00%, due 11/20/26, #80013				37,409
	19,268	1.625%, due 12/20/26, #80021				20,024
	9,246	1.625%, due 1/20/27, #80029				9,622
	160,028	1.75%, due 7/20/27, #80094				166,220
	227,289	1.75%, due 8/20/27, #80104				236,084
	9,406	1.625%, due 10/20/27, #80122				9,775
	80,599	1.625%, due 1/20/28, #80154				83,873
	160,393	1.625%, due 10/20/29, #80331				166,694
	32,230	1.625%, due 11/20/29, #80344				33,497
						14,462,831
		Total Mortgage-Backed Securities (cost $19,793,837)				20,259,692

		U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES	39.9	%
		U.S. Government Agencies	22.0	%
		FHLMC
	5,000,000	0.375%, due 11/27/13				5,003,730
	2,500,000	0.45%, due 1/9/14				2,503,455
						7,507,185
		FNMA
	5,000,000	1.00%, due 9/23/13				5,002,570
	8,500,000	0.75%, due 12/18/13				8,517,969
	5,300,000	1.25%, due 2/27/14				5,330,115
	5,000,000	0.875%, due 8/28/14				5,035,195
						23,885,849
		U.S. Treasury Notes	17.9	%
		U.S. Treasury Note
	4,450,000	0.75%, due 9/15/13				4,451,041
	10,000,000	0.50%, due 11/15/13				10,008,980
	11,000,000	0.75%, due 12/15/13				11,021,483
						25,481,504
		Total U.S. Government Agencies and Instrumentalities (cost $56,841,705)				56,874,538

		SHORT-TERM INVESTMENTS	4.4	%
	3,312,272	Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c)				3,312,272
		U.S. Treasury Bill
$	3,000,000	0.038%, due 10/17/13 (d)				2,999,854
		Total Short-Term Investments (cost $6,312,126)				6,312,126

		Total Investments (cost $141,588,444)	99.5	%		142,040,308
		Other Assets less Liabilities	0.5	%		681,031
		TOTAL NET ASSETS	100.0	%	$	142,721,339

(a)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." The Fund's adviser has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2013, the value of these investments was $1,684,019 or 1.18% of total net assets.
(b)		Variable rate security. Rate shown reflects the rate in effect as of August 31, 2013.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.
(d)		Rate shown is the discount rate at August 31, 2013.
		ARM - Adjustable Rate Mortgage
		FHLMC - Federal Home Loan Mortgage Corporation
		FNMA - Federal National Mortgage Association
		GNMA - Government National Mortgage Association

PIA Funds

Notes to the Schedule of Investments

August 31, 2013 (Unaudited)

Note 1 – Securities Valuation

The PIA BBB Bond Fund, the PIA MBS Bond Fund, the PIA High Yield Fund, the PIA Moderate Duration Bond Fund and the PIA Short-Term Securities Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value.

Fixed income securities are valued at market on the basis of valuations furnished by an independent pricing service which utilizes dealer-supplied valuations, reported trades and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most fixed income securities are categorized in level 2 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. Short-term securities which mature after 60 days are valued at market. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

Investments in open-end mutual funds are valued at their net asset value per share and are typically categorized in level 1 of the fair value hierarchy.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Credit default swaps are valued daily based upon quotations from market makers and are typically categorized 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.

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 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.

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 August 31, 2013:

PIA BBB Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	247,079,813	$	-	$	247,079,813
Sovereign Bonds		-		34,838,994		-		34,838,994
U.S. Government Instrumentalities		-		2,043,374		-		2,043,374
Total Fixed Income		-		283,962,181		-		283,962,181
Short-Term Investments		12,413,636		-		-		12,413,636
Total Investments	$	12,413,636	$	283,962,181	$	-	$	296,375,817

PIA MBS Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Mortgage-Backed Securities – U.S. Government Agencies	$	-	$	100,666,962	$	-	$	100,666,962
U.S. Government Instrumentalities		-		10,014,686		-		10,014,686
Total Fixed Income		-		110,681,648		-		110,681,648
Short-Term Investments		4,584,361		-		-		4,584,361
Total Investments	$	4,584,361	$	110,681,648	$	-	$	115,266,009

PIA High Yield Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	44,479,503	$	-	$	44,479,503
Total Fixed Income		-		44,479,503		-		44,479,503
Short-Term Investments		3,967,433		-		-		3,967,433
Total Investments	$	3,967,433	$	44,479,503	$	-	$	48,446,936

PIA Moderate Duration Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	15,520,235	$	-	$	15,520,235
Sovereign Bonds		-		784,632		-		784,632
Mortgage-Backed Securities		-		11,781,438		-		11,781,438
U.S. Government Agencies and Instrumentalities		-		8,185,706		-		8,185,706
Open–End Funds		1,271,947		-		-		1,271,947
Total Fixed Income		1,271,947		36,272,011		-		37,543,958
Short-Term Investments		499,966		-		-		499,966
Total Investments	$	1,771,913	$	36,272,011	$	-	$	38,043,924

PIA Short-Term Securities Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	58,593,952	$	-	$	58,593,952
Mortgage-Backed Securities		-		20,259,692		-		20,259,692
U.S. Government Agencies and Instrumentalities		-		56,874,538		-		56,874,538
Total Fixed Income		-		135,728,182		-		135,728,182
Short-Term Investments		3,312,272		2,999,854		-		6,312,126
Total Investments	$	3,312,272	$	138,728,036	$	-	$	142,040,308

Refer to the Funds’ Schedule of Investments for additional information. Transfers between levels are recognized at August 31, 2013, 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 the period ended August 31, 2013.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at August 31, 2013 was as follows*:

PIA BBB Bond Fund

Cost of investments	$	300,737,120

Gross unrealized appreciation	$	8,796,042
Gross unrealized depreciation		(13,157,345	)
Net unrealized depreciation	$	(4,361,303	)

PIA MBS Bond Fund

Cost of investments	$	113,403,206

Gross unrealized appreciation	$	2,921,803
Gross unrealized depreciation		(1,059,000	)
Net unrealized appreciation	$	1,862,803

PIA High Yield Fund

Cost of investments	$	47,748,027

Gross unrealized appreciation	$	1,274,786
Gross unrealized depreciation		(575,877	)
Net unrealized appreciation	$	698,909

PIA Moderate Duration Bond Fund

Cost of investments	$	37,920,550

Gross unrealized appreciation	$	893,457
Gross unrealized depreciation		(770,083	)
Net unrealized appreciation	$	123,374

PIA Short-Term Securities Fund

Cost of investments	$	141,588,444

Gross unrealized appreciation	$	754,921
Gross unrealized depreciation		(303,057	)
Net unrealized appreciation	$	451,864

* Because tax adjustments are calculated annually, the above table reflects 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 or semi-annual report.

Note 3 – Other Affiliates

The PIA Moderate Duration Fund’s activity for investments in open-end mutual funds of affiliates is as follows:

	PIA BBB Bond Fund
Beginning Shares		195,644
Beginning Cost	$	1,946,825
Purchase Cost		-
Sales Cost		(600,138	)
Ending Cost	$	1,346,687
Ending Shares		135,892
Dividend Income	$	105,909
Net Realized Gain/(Loss)	$	(138	)

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 10/15/13

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 10/15/13

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

Cheryl L. King, Treasurer

Date 10/15/13

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