ast-fpctrf_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: October 31, 2014

Date of reporting period: January 31, 2014

Item 1. Schedules of Investments.

Fort Pitt Capital Total Return Fund
SCHEDULE OF INVESTMENTS
at January 31, 2014 (Unaudited)

COMMON STOCKS - 82.91%	Shares		Value
Apparel Manufacturing - 3.21%
VF Corp.		27,200	$	1,589,840

Chemical Manufacturing - 5.56%
Allergan, Inc.		15,700		1,799,220
Pfizer, Inc.		23,964		728,506
Zoetis, Inc.		7,553		229,309
				2,757,035

Computer and Electronic Product Manufacturing - 6.98%
SanDisk Corp.		28,350		1,971,743
Texas Instruments, Inc.		35,100		1,488,240
				3,459,983

Credit Intermediation and Related Activities - 5.24%
Bank of New York Mellon Corp.		16,300		520,948
F.N.B. Corp.		33,700		399,008
PNC Financial Services Group, Inc.		21,000		1,677,480
				2,597,436

Fabricated Metal Product Manufacturing - 2.29%
Parker Hannifin Corp.		10,000		1,133,700

Insurance Carriers and Related Activities - 6.69%
Arthur J. Gallagher & Co.		33,300		1,539,459
Erie Indemnity Co. - Class A		6,800		477,156
Loews Corp.		29,100		1,297,569
				3,314,184

Machinery Manufacturing - 3.53%
General Electric Co.		25,700		645,841
II-VI, Inc.*		40,950		625,306
Joy Global, Inc.		9,000		475,110
				1,746,257

Miscellaneous Manufacturing - 6.81%
Medtronic, Inc.		27,100		1,532,776
Rockwell Automation, Inc.		16,050		1,843,182
				3,375,958

Nonmetallic Mineral Product Manufacturing - 1.88%
Headwaters, Inc.*		83,900		932,968

Paper Manufacturing - 3.19%
Kimberly-Clark Corp.		14,450		1,580,396

Petroleum and Coal Products Manufacturing - 3.12%
BP PLC - ADR		33,000		1,547,370

Primary Metal Manufacturing - 1.12%
Matthews International Corp. - Class A		13,000		552,760

Professional, Scientific, and Technical Services - 4.86%
Amgen, Inc.		8,150		969,443
NetScout Systems, Inc.*		40,700		1,437,524
				2,406,967
Publishing Industries (except Internet) - 6.45%
CA, Inc.		49,100		1,575,128
Microsoft Corp.		42,800		1,619,980
				3,195,108

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.00%
The Charles Schwab Corp.		40,000		992,800

Telecommunications - 7.33%
AT&T, Inc.		55,000		1,832,600
Verizon Communications, Inc.		32,600		1,565,452
Windstream Corp.		31,339		234,416
				3,632,468

Transportation Equipment Manufacturing - 7.93%
The Boeing Co.		15,000		1,878,900
Honeywell International, Inc.		22,450		2,048,113
				3,927,013

Utilities - 4.72%
FirstEnergy Corp.		26,200		825,038
Kinder Morgan, Inc.		44,500		1,513,445
				2,338,483
Total Common Stocks (Cost $25,751,101)				41,080,726

EXCHANGE-TRADED FUNDS - 4.46%
iShares iBoxx $ Investment Grade Corporate Bond Fund		13,150		1,529,871
iShares MSCI Japan Index Fund		60,000		679,800
Total Exchange-Traded Funds (Cost $2,086,395)				2,209,671

SHORT-TERM INVESTMENTS - 12.41%
Money Market Funds - 5.35%
Goldman Sachs Financial Square Funds – Prime Obligations Fund - Institutional Class, 0.01%†		187,602		187,602
Invesco STIC - Liquid Assets Portfolio - Institutional Class, 0.07% †		2,460,000		2,460,000
				2,647,602
U.S. Treasury Bills - 7.06%	Principal Amount
U.S. Treasury Bill, 0.04%, due 6/26/14 +	$	3,500,000		3,499,461
Total Short-Term Investments (Cost $6,146,914)				6,147,063

Total Investments (Cost $33,984,410) - 99.78%				49,437,460
Other Assets in Excess of Liabilities - 0.22%				108,977
Net Assets - 100.00%			$	49,546,437

ADR - American Depository Receipt
* Non-income producing security.
† Rate shown is the 7-day annualized yield at January 31, 2014.
+ Rate shown is the discount rate at January 31, 2014.

Fort Pitt Capital Total Return Fund

Notes to Schedule of Investments

January 31, 2014 (Unaudited)

Note 1 – Securities Valuation

The Fort Pitt Capital Total Return Fund’s (the “Fund”) investments in securities are carried at their fair value. Equity securities, including common stocks and exchange-traded funds, 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. Investments in open-end mutual funds are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Short-term securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Fund’s administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The Fund has 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 Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

·	Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s securities as of January 31, 2014:

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	6,904,420	$	-	$	-	$	6,904,420
Information		6,827,576		-		-		6,827,576
Manufacturing		22,603,280		-		-		22,603,280
Professional, Scientific, and Technical Services		2,406,967		-		-		2,406,967
Utilities		2,338,483		-		-		2,338,483
Total Common Stocks		41,080,726		-		-		41,080,726
Exchange-Traded Funds		2,209,671		-		-		2,209,671
Short-Term Investments
Money Market Funds		2,647,602		-		-		2,647,602
U.S. Treasury Bill		-		3,499,461		-		3,499,461
Total Short-Term Investments		2,647,602		3,499,461		-		6,147,063
Total Investments	$	45,937,999	$	3,499,461	$	-	$	49,437,460

Refer to the Fund’s Schedule of Investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at January 31, 2014, the end of the reporting period. The Fund recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the period ended January 31, 2014.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at January 31, 2014 was as follows*:

Cost of investments	$	33,984,422

Gross unrealized appreciation	$	15,980,735
Gross unrealized depreciation		(527,697	)
Net unrealized appreciation	$	15,453,038

* Because tax adjustments are calculated annually, 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.

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.