ast-lc_nq.htm

As filed with the Securities and Exchange Commission on March 4, 2014

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: April 30, 2014

Date of reporting period: January 31, 2014

Item 1. Schedules of Investments.

Logan Capital Large Cap Growth Fund
Schedule of Investments
January 31, 2014 (Unaudited)

	Shares	Value
COMMON STOCKS - 100.2%
Consumer Discretionary - 25.1%
Amazon.com, Inc. (a)	1,798	$	644,925
Borgwarner, Inc.	2,930		157,341
Home Depot, Inc.	3,673		282,270
Netflix, Inc. (a)	1,557		637,327
Polaris Industries, Inc.	2,693		337,164
Priceline.com, Inc. (a)	661		756,772
Starbucks Corp.	6,821		485,110
Tiffany & Co.	2,661		221,369
Wynn Resorts Ltd.	1,455		316,346
			3,838,624
Consumer Staples - 4.3%
Estee Lauder Companies, Inc.	5,298		364,185
Monster Beverage Corp. (a)	4,189		284,433
			648,618
Energy - 1.1%
Halliburton Co.	3,391		166,193
			166,193
Financials - 1.7%
CBRE Group, Inc. (a)	9,934		263,648

Health Care - 11.7%
Agilent Technologies, Inc.	4,635		269,525
AmerisourceBergen Corp.	4,999		336,033
Celgene Corp. (a)	1,854		281,678
Mettler-Toledo International, Inc. (a)	993		244,576
Perrigo Co. (a)(c)	2,421		376,853
Waters Corp. (a)	2,628		284,534
			1,793,199
Industrials - 14.5%
Cummins, Inc.	3,119		396,051
Deere & Co.	3,491		300,086
Flowserve Corp.	7,133		515,930
Jacobs Engineering Group, Inc. (a)	4,302		261,174
Precision Castparts Corp.	2,086		531,408
Stericycle, Inc. (a)	1,764		206,494
			2,211,143
Information Technology - 38.0%
Accenture PLC (c)	3,543		283,015
Alliance Data Systems Corp. (a)	1,166		279,444
Amphenol Corp.	5,504		478,188
Apple, Inc.	1,098		549,659
Avago Technologies Ltd.	3,400		185,776
Citrix Systems, Inc. (a)	5,304		286,787
Cognizant Technology Solutions (a)	3,422		331,660
F5 Networks, Inc. (a)	1,978		211,646
Fleetcor Technologies, Inc. (a)	2,592		275,581
Google, Inc. (a)	358		422,787
Intuit, Inc.	2,912		213,304
Mastercard, Inc.	6,610		500,245
NCR Corp. (a)	7,580		266,740
NetApp, Inc.	6,753		285,922
NXP Semiconductors NV (a)(c)	4,350		210,322
Oracle Corp.	6,782		250,256
Qualcomm, Inc.	3,638		270,012
3D Systems Corp. (a)	4,143		322,035
Trimble Navigation Ltd. (a)	5,695		184,119
			5,807,498
Materials - 3.8%
Airgas, Inc.	2,118		218,662
Sherwin-Williams Co.	1,934		354,425
			573,087
TOTAL COMMON STOCKS (Cost $12,597,448)			15,302,010

SHORT-TERM INVESTMENTS - 0.2%
MONEY MARKET FUNDS - 0.2%
Fidelity Government Portfolio - Class I, 0.01% (b)	34,947		34,947
TOTAL SHORT-TERM INVESTMENTS (Cost $34,947)			34,947
TOTAL INVESTMENTS (Cost $12,632,395) - 100.4%			15,336,957
Liabilities in Excess of Other Assets - (0.4)%			(58,594	)
TOTAL NET ASSETS - 100.00%		$	15,278,363

	Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate shown represents the fund's 7-day yield as of January 31, 2014.
(c)	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 US Bancorp Fund Services, LLC.

Logan Capital Long/Short Fund
Schedule of Investments
January 31, 2014 (Unaudited)

	Shares	Value
COMMON STOCKS - 98.3%
Consumer Discretionary - 20.4%
DIRECTV (a)(d)	1,261	$	87,551
Homeaway, Inc. (a)(d)	2,006		81,965
Home Depot, Inc. (d)	1,004		77,157
LKQ Corp. (a)(d)	1,790		48,455
McDonald's Corp. (d)	2,112		198,887
Nike, Inc. (d)	1,199		87,347
Priceline.com, Inc. (a)(d)	89		101,895
Ralph Lauren Corp. (d)	442		69,345
Scripps Networks Interactive, Inc. (d)	740		53,665
Starbucks Corp. (d)	834		59,314
Tractor Supply Co. (d)	1,236		82,206
Ulta Salon, Cosmetics & Fragrance, Inc. (a)(d)	552		47,312
			995,099
Consumer Staples - 3.8%
Philip Morris International, Inc. (d)	2,383		186,208
			186,208
Energy - 9.1%
Chevron Corp. (d)	1,660		185,306
FMC Technologies, Inc. (a)(d)	1,122		55,472
Royal Dutch Shell PLC - ADR (c)(d)	2,797		203,706
			444,484
Financials - 5.6%
Affiliated Managers Group (a)(d)	454		90,455
CBRE Group, Inc. (a)(d)	3,715		98,596
T. Rowe Price Group, Inc. (a)(d)	1,044		81,891
			270,942
Health Care - 9.4%
Actavis PLC (a)(c)(d)	380		71,812
GlaxoSmithKline PLC - ADR (c)(d)	2,434		125,448
Merck & Co., Inc. (d)	2,534		134,226
Pfizer, Inc. (d)	4,138		125,795
			457,281
Industrials - 14.6%
Caterpillar, Inc. (d)	626		58,788
Chicago Bridge & Iron Co. NV (c)(d)	757		56,768
CSX Corp. (d)	2,532		68,136
Cummins, Inc. (d)	629		79,870
Deere & Co. (d)	755		64,900
General Electric Co. (d)	7,451		187,244
Middleby Corp. (a)(d)	424		104,550
Precision Castparts Corp. (d)	358		91,201
			711,457
Information Technology - 23.0%
Apple, Inc. (d)	191		95,615
Avago Technologies Ltd. (d)	1,375		75,130
Cognizant Technology Solutions (a)(d)	820		79,474
F5 Networks, Inc. (a)(d)	787		84,209
Fiserv, Inc. (a)(d)	1,602		89,792
Google, Inc. (a)(d)	64		75,582
Intel Corp. (d)	8,135		199,633
IPG Photonics Corp. (d)	1,117		74,694
Mastercard, Inc. (d)	1,280		96,870
NXP Semiconductors NV (a)(c)(d)	1,998		96,603
Oracle Corp. (d)	2,040		75,276
3D Systems Corp. (a)(d)	1,037		80,606
			1,123,484
Materials - 8.4%
Airgas, Inc. (d)	703		72,578
Ecolab, Inc. (d)	562		56,504
E. I. du Pont de Nemours & Co. (d)	3,347		204,201
Sherwin-Williams Co. (d)	424		77,702
			410,985
Telecommunication Services - 4.0%
AT&T, Inc. (d)	5,944		198,054
TOTAL COMMON STOCKS (Cost $4,111,983)			4,797,994

REITS - 1.2%
Public Storage (d)	368		57,993
TOTAL REITS (Cost $51,822)			57,993

SHORT-TERM INVESTMENTS - 3.7%
MONEY MARKET FUNDS - 3.7%
Fidelity Government Portfolio - Class I, 0.01% (b)(d)	180,398		180,398
TOTAL SHORT-TERM INVESTMENTS (Cost $180,398)			180,398
TOTAL INVESTMENTS (Cost $4,344,203) - 103.2%			5,036,385
Liabilities in Excess of Other Assets - (3.2)%			(155,286	)
TOTAL NET ASSETS - 100.00%		$	4,881,099

	Percentages are stated as a percent of net assets.

ADR- American Depositary Receipt
(a)	Non-income producing security.
(b)	The rate shown represents the fund's 7-day yield as of January 31, 2014.
(c)	U.S. traded security of a foreign issuer or corporation.
(d)	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 US Bancorp Fund Services, LLC.

Logan Capital Long/Short Fund
Schedule of Securities Sold Short
January 31, 2014 (Unaudited)

	Shares	Value
COMMON STOCKS - 29.1%
Consumer Discretionary - 8.0%
Big 5 Sporting Goods Corp.	5,000	$	85,800
Dollar Tree, Inc.	1,400		70,728
Pier 1 Imports, Inc.	4,000		76,440
Sally Beauty Holdings, Inc.	3,500		99,330
Tile Shop Holdings, Inc.	4,000		56,520
			388,818
Consumer Staples - 2.8%
Energizer Holdings, Inc.	500		47,250
Medifast, Inc.	3,347		88,796
			136,046
Health Care - 4.7%
Abaxis, Inc.	2,800		106,876
Mindray Medical International Ltd. (a)	1,600		56,064
ResMed, Inc.	1,500		65,415
			228,355
Industrials - 5.9%
Beacon Roofing Supply	2,000		75,580
Cubic Corp.	1,500		74,295
Mine Safety Appliances Co.	1,500		75,570
Titan Machinery, Inc.	4,000		65,200
			290,645
Information Technology - 7.7%
International Business Machines Corp.	400		70,672
Itron, Inc.	2,000		80,760
NetGear, Inc.	3,000		95,730
Omnivision Technologies, Inc.	5,000		76,950
Qlik Technologies, Inc.	2,000		54,040
			378,152
TOTAL COMMON STOCKS (Proceeds $1,478,445)			1,422,016

EXCHANGE-TRADED FUNDS - 20.5%
iShares Russell 2000 Index	8,910		999,346
TOTAL EXCHANGE-TRADED FUNDS (Proceeds $991,683)			999,346
TOTAL SECURITIES SOLD SHORT (Proceeds $2,470,128) - 49.6%		$	2,421,362

(a)	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 US Bancorp Fund Services, LLC.

Federal Income Tax Information
The cost basis of investments for federal income tax purposes at January 31, 2014 was as follows:

	Logan Capital			Logan Capital
	Large Cap Growth*			Long/Short*

Cost of investments	$	12,638,761		$	4,347,271
Gross unrealized appreciation		2,859,003			764,766
Gross unrealized depreciation		(160,807	)		(75,652	)
Net unrealized appreciation	$	2,698,196		$	689,114

* 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.

Summary of Fair Value Measurements at January 31, 2014 (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.


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.


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.


The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the Board of Trustees.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Large Cap Growth Fund's securities as of January 31, 2014:

Logan Capital Large Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	3,838,624	$	-	$	-	$	3,838,624
Consumer Staples		648,618		-		-		648,618
Energy		166,193		-		-		166,193
Financials		263,648		-		-		263,648
Health Care		1,793,199		-		-		1,793,199
Industrials		2,211,143		-		-		2,211,143
Information Technology		5,807,498		-		-		5,807,498
Materials		573,087		-		-		573,087
Total Common Stocks		15,302,010		-		-		15,302,010
Short-Term Investments		34,947		-		-		34,947
Total Investments in Securities	$	15,336,957	$	-	$	-	$	15,336,957

The following is a summary of the fair valuation hierarchy of the Long/Short Fund's securities as of January 31, 2014:

Logan Capital Long/Short Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	995,099	$	-	$	-	$	995,099
Consumer Staples		186,208		-		-		186,208
Energy		444,484		-		-		444,484
Financials		270,942		-		-		270,942
Health Care		457,281		-		-		457,281
Industrials		711,457		-		-		711,457
Information Technology		1,123,484		-		-		1,123,484
Materials		410,985		-		-		410,985
Telecommunication Services		198,054		-		-		198,054
Total Common Stocks		4,797,994		-		-		4,797,994
REITs		57,993		-		-		57,993
Short-Term Investments		180,398		-		-		180,398
Total Investments in Securities	$	5,036,385	$	-	$	-	$	5,036,385
Total Securities Sold Short	$	2,421,362	$	-	$	-	$	2,421,362

Refer to the Funds' Schedules of Investments for a detailed breakout of common stocks by industry classification. Transfers between levels are recognized at January 31, 2014, 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 January 31, 2014.

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 2/19/2014

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 2/19/2014

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

Cheryl L. King, Treasurer

Date 2/19/2014

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