<SEC-DOCUMENT>0000898531-14-000322-index.html : 20140811
<SEC-HEADER>0000898531-14-000322.hdr.sgml : 20140811
<ACCEPTANCE-DATETIME>20140808145051
ACCESSION NUMBER:		0000898531-14-000322
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20140531
FILED AS OF DATE:		20140808
DATE AS OF CHANGE:		20140808
EFFECTIVENESS DATE:		20140808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVISORS SERIES TRUST
		CENTRAL INDEX KEY:			0001027596
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07959
		FILM NUMBER:		141027091

	BUSINESS ADDRESS:	
		STREET 1:		U.S BANCORP FUND SERVICES, LLC
		STREET 2:		615 E MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-5340

	MAIL ADDRESS:	
		STREET 1:		615 E MICHIGAN STREET
		STREET 2:		MK-WI-LC2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005064
<SERIES-NAME>PIA BBB Bond Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013849
<CLASS-CONTRACT-NAME>Managed Account Completion Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBBBX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005065
<SERIES-NAME>PIA Short-Term Securities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013850
<CLASS-CONTRACT-NAME>Advisor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PIASX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005067
<SERIES-NAME>PIA MBS Bond Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013852
<CLASS-CONTRACT-NAME>Managed Account Completion Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMTGX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000029824
<SERIES-NAME>PIA High Yield Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091708
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PHYSX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>piafunds-ncsrs.htm
<DESCRIPTION>PIA BBB BOND FUND, PIA MBS BOND FUND; PIA SHORT-TERM SECURITIES FUND; PIA HIGH YIELD FUND SEMIANNUAL REPORTS 5-31-14
<TEXT>
Document 1 - file: piafunds-ncsrs.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>piafunds-ex99cert302.htm
<DESCRIPTION>CERTIFICATION 302
<TEXT>
Document 2 - file: piafunds-ex99cert302.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>piafunds-ex99cert906.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>
Document 3 - file: piafunds-ex99cert906.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pia-logo.jpg
<DESCRIPTION>PIA FUNDS LOGO
<TEXT>
Document 4 - file: pia-logo.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>lmcadams-signature.jpg
<DESCRIPTION>LLOYD MCADAMS SIGNATURE
<TEXT>
Document 5 - file: lmcadams-signature.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>piabbbbf-piechart.jpg
<DESCRIPTION>PIA BBB BOND FUND PIE CHART
<TEXT>
Document 6 - file: piabbbbf-piechart.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>piambsbf-piechart.jpg
<DESCRIPTION>PIA MBS BOND FUND PIE CHART
<TEXT>
Document 7 - file: piambsbf-piechart.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>piastsf-piechart.jpg
<DESCRIPTION>PIA SHORT-TERM SECURITIES FUND PIE CHART
<TEXT>
Document 8 - file: piastsf-piechart.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>piahyf-piechart.jpg
<DESCRIPTION>PIA HIGH YIELD FUND PIE CHART
<TEXT>
Document 9 - file: piahyf-piechart.jpg

</DOCUMENT>
</SEC-DOCUMENT>