As filed with the Securities and Exchange Commission on March 29, 2017

UNITED STATESSECURITIES 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, 5^th 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, 2017

Date of reporting period:  January 31, 2017

Item 1. Schedules of Investments.

Logan Capital Large Cap Growth Fund
Schedule of Investments
January 31, 2017 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 98.7%
Consumer Discretionary - 20.5%
Amazon.com, Inc. (a)		1,221	$	1,005,469
Foot Locker, Inc.		8,037		550,856
Hanesbrands, Inc.		6,424		152,313
Netflix, Inc. (a)		7,294		1,026,339
Nike, Inc.		5,799		306,767
Starbucks Corp.		10,439		576,441
The Home Depot, Inc.		4,028		554,172
Williams-Sonoma, Inc.		4,879		235,217
				4,407,574
Consumer Staples - 9.2%
Constellation Brands, Inc.		3,111		465,904
Estee Lauder Companies, Inc.		5,811		471,911
Monster Beverage Corp. (a)		13,798		587,795
Spectrum Brands Holdings, Inc.		3,372		449,791
				1,975,401
Health Care - 13.0%
Agilent Technologies, Inc.		5,094		249,453
Align Technology, Inc. (a)		4,736		434,244
AmerisourceBergen Corp.		5,479		478,207
Celgene Corp. (a)		4,068		472,498
Mettler-Toledo International, Inc. (a)		1,081		461,187
Waters Corp. (a)		2,881		408,094
Zoetis, Inc.		5,311		291,786
				2,795,469
Industrials - 10.9%
Acuity Brands, Inc.		1,973		408,865
Cintas Corp.		2,638		306,298
Flowserve Corp.		4,077		200,425
Nordson Corp.		3,030		343,996
The Middleby Corp. (a)		2,430		326,058
United Rentals, Inc. (a)		2,455		310,582
Verisk Analytics, Inc. (a)		5,597		462,536
				2,358,760
Information Technology - 43.5%
Alliance Data Systems Corp.		1,283		293,012
Alphabet, Inc. - Class A (a)		392		321,514
Alphabet, Inc. - Class C (a)		392		312,342
Amphenol Corp.		12,083		815,482
Apple, Inc.		8,438		1,023,951
Broadcom Ltd. (c)		4,851		967,774
Cognizant Technology Solutions - Class A (a)		7,505		394,688
Electronic Arts, Inc. (a)		6,452		538,290
Facebook, Inc. (a)		5,498		716,499
Fiserv, Inc. (a)		3,875		416,291
FleetCor Technologies, Inc. (a)		2,840		418,872
Global Payments, Inc.		10,563		816,309
IPG Photonics Corp. (a)		2,525		290,350
MasterCard, Inc.		7,247		770,574
NCR Corp. (a)		8,319		357,883
NXP Semiconductors NV (a)(c)		7,564		740,137
Trimble, Inc. (a)		6,390		189,272
				9,383,240

Materials - 1.6%
Sherwin-Williams Co.	1,116		339,052
TOTAL COMMON STOCKS (Cost $13,559,038)			21,259,496
SHORT-TERM INVESTMENTS - 1.5%
MONEY MARKET FUNDS - 1.5%
Fidelity Government Portfolio - Class I, 0.43% (b)	337,751		337,751
TOTAL SHORT-TERM INVESTMENTS (Cost $337,751)			337,751
TOTAL INVESTMENTS (Cost $13,896,789) - 100.2%			21,597,247
Liabilities in Excess of Other Assets - (0.2)%			(52,120	)
TOTAL NET ASSETS - 100.00%		$	21,545,127
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, 2017.
(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 Logan Capital
	Management, Inc.

Logan Capital Long/Short Fund
Schedule of Investments
January 31, 2017 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 103.7%
Consumer Discretionary - 15.5%
Ford Motor Co. (d)		32,863	$	406,187
O'Reilly Automotive, Inc. (a)(d)		603		158,149
Starbucks Corp. (d)		2,924		161,463
Target Corp. (d)		5,809		374,564
The Home Depot, Inc. (d)		1,648		226,732
Ulta Beauty, Inc. (a)(d)		933		254,037
				1,581,132
Consumer Staples - 9.8%
Constellation Brands, Inc. (d)		933		139,726
Philip Morris International, Inc. (d)		4,572		439,507
The Coca-Cola Co. (d)		10,100		419,857
				999,090
Energy - 8.1%
Chevron Corp. (d)		3,652		406,650
Royal Dutch Shell PLC - ADR (c)(d)		7,210		414,359
				821,009
Financials - 4.4%
Marsh & McLennan Companies, Inc. (d)		2,199		149,576
S&P Global, Inc. (d)		1,033		124,146
SEI Investments Co. (d)		3,515		170,513
				444,235
Health Care - 8.4%
AbbVie, Inc. (d)		3,291		201,113
Align Technology, Inc. (a)(d)		1,554		142,486
Masimo Corp. (a)(d)		1,934		142,304
Pfizer, Inc. (d)		6,182		196,155
Zoetis, Inc. (d)		3,181		174,764
				856,822
Industrials - 16.9%
Acuity Brands, Inc. (d)		641		132,834
CSX Corp. (d)		4,446		206,250
Cummins, Inc. (d)		1,074		157,889
Dycom Industries, Inc. (a)(d)		1,630		131,476
Lennox International, Inc.		930		145,833
The Boeing Co. (d)		2,675		437,148
The Middleby Corp. (a)(d)		1,289		172,958
Verisk Analytics, Inc. (a)(d)		2,061		170,321
Wabtec Corp. (d)		1,871		162,103
				1,716,812
Information Technology - 28.8%
Alliance Data Systems Corp. (d)		543		124,010
Alphabet, Inc. - Class A (a)(d)		115		94,322
Alphabet, Inc. - Class C (a)(d)		105		83,663
Apple, Inc. (d)		2,222		269,640
Broadcom Ltd. (c)(d)		1,183		236,008
Broadridge Financial Solutions, Inc. (d)		2,242		149,160
Cisco Systems, Inc. (d)		7,050		216,576
Cognizant Technology Solutions - Class A (a)(d)		2,607		137,102
Electronic Arts, Inc. (a)(d)		1,464		122,142
Facebook, Inc. (a)(d)		2,263		294,914
Fiserv, Inc. (a)(d)		1,842		197,886
Global Payments, Inc. (d)		1,917		148,146
International Business Machines Co. (d)		1,262		220,244
Littelfuse, Inc.		918		144,778
MasterCard, Inc. (d)		2,148		228,397
NXP Semiconductors NV (a)(c)(d)		1,728		169,085
WebMD Health Corp. (a)(d)		1,879		93,743
				2,929,816

Materials - 5.5%
Air Products & Chemicals, Inc. (d)	1,091		152,478
Ecolab, Inc. (d)	1,608		193,169
Sherwin-Williams Co. (d)	712		216,313
			561,960
Real Estate - 2.0%
CBRE Group, Inc. (a)(d)	6,515		197,795
Telecommunication Services - 4.3%
AT&T, Inc. (d)	10,335		435,724
TOTAL COMMON STOCKS (Cost $8,501,390)			10,544,395
SHORT-TERM INVESTMENTS - 6.4%
MONEY MARKET FUNDS - 6.4%
Fidelity Government Portfolio - Class I, 0.43% (b)	658,727		658,727
TOTAL SHORT-TERM INVESTMENTS (Cost $658,727)			658,727
TOTAL INVESTMENTS (Cost $9,160,117) - 110.1%			11,203,122
Liabilities in Excess of Other Assets - (10.1)%			(1,031,429	)
TOTAL NET ASSETS - 100.00%		$	10,171,693
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, 2017.
(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 Logan Capital
	Management, Inc.

Logan Capital Long/Short Fund
Schedule of Securities Sold Short
January 31, 2017 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 24.9%
Consumer Discretionary - 11.6%
Columbia Sportswear Co.		2,000	$	108,740
Dollar General Corp.		1,500		110,730
Duluth Holdings, Inc.		4,700		106,314
Hibbett Sports, Inc.		3,000		99,000
Leggett & Platt, Inc.		3,000		143,160
Nautilus, Inc.		6,000		104,100
Sally Beauty Holdings, Inc.		6,000		142,800
Select Comfort Corp.		8,000		161,440
Universal Electronics, Inc.		1,500		89,250
Wolverine World Wide, Inc.		5,000		117,450
				1,182,984
Health Care - 10.3%
Abaxis, Inc.		4,500		229,298
Air Methods Corp.		4,500		160,650
Athenahealth, Inc.		1,800		226,782
Globus Medical, Inc.		7,000		184,520
Invacare Corp.		8,100		93,150
Wright Medical Group NV (a)		6,000		151,080
				1,045,480
Information Technology - 3.0%
j2 Global, Inc.		1,200		100,572
Trimble, Inc.		3,500		103,670
Tyler Technologies, Inc.		700		102,214
				306,456
TOTAL SECURITIES SOLD SHORT (Proceeds $2,637,578) - 24.9%			$	2,534,920

(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 Logan Capital
	Management, Inc.

Federal Income Tax Information
The cost basis of investments for federal income tax purposes at January 31, 2017 was as follows:
			Logan Capital		Logan Capital
			Large Cap Growth*		Long/Short*
	Cost of investments	$	13,896,789	$	9,160,117
	Gross unrealized appreciation		7,892,285		2,217,694
	Gross unrealized depreciation		(191,827)		(174,688)
	Net unrealized appreciation	$	7,700,458	$	2,043,005
*Because tax adjustments are calculated annually at the end of the Fund's fiscal year, the above table does not reflect tax adjustments
for the current fiscal year.  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, 2017 (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.
Short-Term Debt Securities - Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the
evaluated mean between the bid and asked prices.  To the extent the inputs are observable and timely, these securities would be classified in level 2
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.
The Board of Trustees ("Board") has delegated day-to-day valuation issues to a Valuation Committee of Advisors Series Trust which is comprised of
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 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 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, 2017:

Logan Capital Large Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	4,407,574	$	-	$	-	$	4,407,574
Consumer Staples		1,975,401		-		-		1,975,401
Health Care		2,795,469		-		-		2,795,469
Industrials		2,358,760		-		-		2,358,760
Information Technology		9,383,240		-		-		9,383,240
Materials		339,052		-		-		339,052
Total Common Stocks		21,259,496		-		-		21,259,496
Short-Term Investments		337,751		-		-		337,751
Total Investments in Securities	$	21,597,247	$	-	$	-	$	21,597,247
The following is a summary of the fair valuation hierarchy of the Long/Short Fund's securities as of January 31, 2017:
Logan Capital Long/Short Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	1,581,132	$	-	$	-	$	1,581,132
Consumer Staples		999,090		-		-		999,090
Energy		821,009		-		-		821,009
Financials		444,235		-		-		444,235
Health Care		856,822		-		-		856,822
Industrials		1,716,812		-		-		1,716,812
Information Technology		2,929,816		-		-		2,929,816
Materials		561,960		-		-		561,960
Real Estate		197,795		-		-		197,795
Telecommunication Services		435,724		-		-		435,724
Total Common Stocks		10,544,395		-		-		10,544,395
Short-Term Investments		658,727		-		-		658,727
Total Investments in Securities	$	11,203,122	$	-	$	-	$	11,203,122
Total Securities Sold Short	$	2,534,920	$	-	$	-	$	2,534,920

     Refer to the Funds' Schedules of Investments for a detailed breakout of securities by industry classification. Transfers between levels are

recognized at January 31, 2017, 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, 2017.

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, as amended, (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, as amended, 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 3/15/2017                                                                                     

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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 3/15/2017                                                                                     

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

                                             Cheryl L. King, Treasurer

Date  3/15/2017                                                                                     

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