N-Q 1 ast-semper_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-semper_nq.htm
As filed with the Securities and Exchange Commission on October 30, 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, 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, 2014



Date of reporting period:  August 31, 2014

 
 
 
 
 
 
Item 1. Schedules of Investments.
 
SEMPER MBS TOTAL RETURN FUND
  
Schedule of Investments - August 31, 2014 (Unaudited)
  
           
Principal
          
Amount/Shares
      
Value
  
   
ASSET-BACKED SECURITIES - 4.3%
      
   
American Residential Properties Trust
      
 $             890,000
  
1.904%, due 9/17/31, Series 2014-SFR1, Class B (a)(d)
   $ 884,715  
770,000
  
2.504%, due 9/17/31, Series 2014-SFR1, Class C (a)(d)
     769,519  
   
Cajun Global, LLC
        
668,500
  
5.955%, due 2/20/41, Series 2011-1A, Class A2 (d)
     690,001  
   
KeyCorp Student Loan Trust
        
552,492
  
0.764%, due 1/25/37, Series 2003-A, Class 2B (a)
     485,101  
   
Oakwood Mortgage Investors, Inc.
        
283,440
  
0.405%, due 9/15/14, Series 2002-A, Class A1 (a)
     246,141  
   
Structured Asset Securities Corp.
        
1,059,795
  
3.357%, due 1/25/31, Series 2003-AL2, Class A (d)
     1,039,253  
   
Total Asset-Backed Securities (cost $4,080,694)
     4,114,730  
             
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.6%
        
   
GNMA REMIC Trust
        
97,154
  
1.881%, due 3/16/46, Series 2013-46, Class AC (a)
     93,912  
6,436,657
  
1.057%, due 8/16/52, Series 2012-25, Class IO (a)
     422,695  
   
Total Commercial Mortgage-Backed Securities - Agency (cost $515,810)
     516,607  
             
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 28.7%
        
   
American Homes 4 Rent
        
500,000
  
2.750%, due 6/17/31, Series 2014-SFR1, Class E (a)(d)
     470,938  
   
Banc of America Commercial Mortgage Trust
        
660,000
  
5.790%, due 6/10/49, Series 2007-3, Class AJ (a)
     683,509  
   
Banc of America Large Loan, Inc.
        
535,565
  
2.154%, due 3/15/22, Series 2005-MIB1, Class K (a)(d)
     472,580  
   
Banc of America Merrill Lynch Commercial Mortgage, Inc.
        
570,000
  
5.488%, due 12/10/42, Series 2004-6, Class G (a)(d)
     541,162  
150,000
  
5.388%, due 10/10/45, Series 2005-5, Class G (a)(d)
     138,710  
   
Barclays Commercial Mortgage Securities, LLC
        
770,000
  
3.155%, due 8/15/27, Series 2014-BXO, Class D (a)(d)
     771,404  
   
Bayview Commercial Asset Trust
        
679,317
  
0.605%, due 4/25/35, Series 2005-1, Class M2 (a)(d)
     597,408  
553,515
  
0.555%, due 4/25/36, Series 2006-1, Class M2 (a)(d)
     427,895  
   
Bear Stearns Commercial Mortgage Securities Trust
        
686,000
  
5.600%, due 3/11/39, Series 2006-PW11, Class D (a)(d)
     620,967  
1,000,000
  
5.897%, due 6/11/40, Series 2007-PW16, Class AJ (a)
     1,026,456  
478,000
  
4.898%, due 6/11/41, Series 2005-PWR8, Class D
     445,119  
510,000
  
5.611%, due 9/11/41, Series 2006-PW13, Class AJ (a)
     528,915  
36,465,093
  
0.129%, due 6/11/50, Series 2007-PW18, Class X1 (a)(d)
     249,895  
   
Business Loan Express Business Loan Trust
        
45,083
  
1.105%, due 5/15/29, Series 2003-AA, Class A (a)(d)(f)
     41,476  
172,985
  
0.585%, due 2/25/31, Series 2004-A, Class A (a)(d)
     141,547  
515,094
  
0.445%, due 9/25/38, Series 2005-AA, Class A (a)(d)
     404,043  
   
Business Loan Express SBA Loan Trust
        
25,845
  
1.155%, due 4/25/29, Series 2003-1A, Class A (a)(d)(f)
     24,553  
210,588
  
0.955%, due 1/25/32, Series 2003-2A, Class A (a)(d)(f)
     197,952  
349,892
  
0.955%, due 6/27/33, Series 2005-1A, Class M (a)(d)(f)
     297,408  
659,482
  
0.396%, due 10/20/38, Series 2006-AA, Class A (a)(d)
     564,365  
   
CBA Commercial Small Balance Commercial Mortgage
        
1,031,996
  
0.405%, due 6/25/38, Series 2006-1A, Class A (a)(d)
     654,273  
   
CNL Commercial Mortgage Loan Trust
        
113,386
  
0.796%, due 10/20/27, Series 2001-1A, Class A (a)(d)
     104,863  
174,627
  
2.656%, due 10/20/27, Series 2001-1A, Class B (a)(d)(f)
     155,418  
473,175
  
0.875%, due 3/23/28, Series 2001-2A, Class A (a)(d)
     439,217  
174,874
  
0.755%, due 10/25/28, Series 2002-1A, Class A (a)(d)(f)
     164,819  
185,982
  
0.955%, due 3/27/29, Series 2002-2A, Class A (a)(d)
     170,778  
186,989
  
0.595%, due 10/25/30, Series 2003-2A, Class A1 (a)(d)
     160,809  
561,873
  
0.655%, due 5/15/31, Series 2003-1A, Class A1 (a)(d)
     510,616  
   
Comm Mortgage Trust
        
1,600,000
  
5.377%, due 12/10/46, Series 2006-C8, Class AJ
     1,607,754  
   
Credit Suisse First Boston Mortgage Securities
        
1,450,000
  
5.792%, due 1/15/37, Series 2004-C1, Class H (a)(d)
     1,386,089  
350,000
  
5.766%, due 11/15/37, Series 2004-C5, Class H (a)(d)
     329,825  
980,000
  
5.447%, due 8/15/38, Series 2005-C4, Class E (a)(d)
     926,517  
   
Credit Suisse Commercial Mortgage Trust
        
1,000,000
  
5.538%, due 9/15/39, Series 2006-C4, Class AJ (a)
     1,006,082  
1,170,000
  
6.097%, due 9/15/39, Series 2007-C4, Class AJ (a)
     1,229,681  
   
GE Business Loan Trust
        
110,051
  
0.445%, due 5/15/32, Series 2004-1, Class A (a)(d)
     106,378  
24,324
  
0.855%, due 5/15/32, Series 2004-1, Class B (a)(d)
     23,247  
229,746
  
0.655%, due 11/15/33, Series 2005-2A, Class B (a)(d)
     216,693  
   
GE Commercial Mortgage Corp.
        
500,000
  
5.490%, due 11/10/45, Series 2005-C4, Class AJ (a)
     505,863  
   
Invitation Homes Trust
        
300,000
  
2.400%, due 12/17/30, Series 2013-SFR1, Class D (a)(d)
     292,500  
910,000
  
1.655%, due 6/17/31, Series 2014-SFR1, Class B (a)(d)
     896,634  
   
JP Morgan Chase Commercial Mortgage Securities Trust
        
1,240,000
  
5.147%, due 9/12/37, Series 2005-CB12, Class B (a)
     1,215,178  
800,000
  
5.491%, due 7/15/41, Series 2004-LN2, Class D (a)
     745,261  
100,000
  
6.058%, due 4/15/45, Series 2006-LDP7, Class B (a)
     84,363  
805,000
  
6.197%, due 2/15/51, Series 2007-LDP12, Class B (a)
     776,722  
   
LB-UBS Commercial Mortgage Trust
        
440,000
  
5.094%, due 12/15/39, Series 2004-C8, Class G (d)
     436,042  
   
Lehman Brothers Small Balance Commercial
        
440,546
  
0.405%, due 2/25/30, Series 2005-1A, Class A (a)(d)
     401,493  
568,467
  
1.105%, due 2/25/30, Series 2005-1A, Class B (a)(d)
     486,497  
133,857
  
0.405%, due 9/25/30, Series 2005-2A, Class 1A (a)(d)
     120,058  
62,186
  
0.375%, due 4/25/31, Series 2006-1A, Class 1A (a)(d)
     57,648  
115,020
  
0.385%, due 4/25/31, Series 2006-1A, Class 2A (a)(d)
     99,442  
321,210
  
0.465%, due 4/25/31, Series 2006-1A, Class M1 (a)(d)
     242,626  
175,222
  
0.585%, due 4/25/31, Series 2006-1A, Class M2 (a)(d)
     135,012  
   
ML-CFC Commercial Mortgage Trust
        
190,000
  
6.073%, due 6/12/46, Series 2006-2, Class B (a)(d)
     189,793  
   
Morgan Stanley Capital I Trust
        
660,000
  
5.070%, due 12/13/41, Series 2005-T17, Class E (a)(d)
     378,525  
380,000
  
5.587%, due 2/12/44, Series 2007-HQ11, Class D (a)
     345,456  
   
VFC LLC
        
608,709
  
2.750%, due 7/20/30, Series 2014-2, Class A (d)(f)
     608,709  
   
Wachovia Bank Commercial Mortgage Trust
        
150,000
  
5.429%, due 7/15/42, Series 2005-C20, Class E (a)(d)
     149,179  
400,000
  
5.545%, due 12/15/44, Series 2005-C22, Class B (a)
     392,124  
690,000
  
5.672%, due 10/15/48, Series 2006-C28, Class B (a)
     669,583  
220,000
  
5.368%, due 11/15/48, Series 2006-C29, Class AJ (a)
     218,429  
   
Total Commercial Mortgage-Backed Securities - Non-Agency (cost $27,050,514)
     27,286,498  
             
   
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.5%
        
   
FHLMC
        
181,417
  
0.435%, due 9/25/31, Series T-35, Class A (a)
     169,972  
   
FNMA REMIC Trust
        
227,333
  
2.000%, due 10/25/40, Series 2013-53, Class CB
     222,929  
   
GNMA II Pool
        
87,155
  
2.518%, due 9/20/63, Pool #899223 (a)
     95,577  
   
Total Residential Mortgage-Backed Securities - Agency (cost $464,935)
     488,478  
             
   
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 61.3%
        
   
ABSC Long Beach Home Equity Loan Trust
        
582,183
  
8.229%, due 9/21/30, Series 2000-LB1, Class AF5 (a)
     590,343  
   
Accredited Mortgage Loan Trust
        
478,542
  
4.330%, due 6/25/33, Series 2003-1, Class A1
     433,527  
   
ACE Securities Corp. Home Equity Loan Trust
        
418,767
  
1.325%, due 7/25/33, Series 2003-NC1, Class M1 (a)
     401,022  
   
Adjustable Rate Mortgage Trust
        
49,209
  
2.753%, due 8/25/35, Series 2005-4, Class 3A1 (a)
     43,179  
423,588
  
0.695%, due 11/25/35, Series 2005-6A, Class 1A1 (a)
     351,720  
   
AFC Home Equity Loan Trust
        
151,600
  
1.085%, due 11/24/28, Series 1998-4, Class 2A2 (a)
     135,758  
350,698
  
1.035%, due 2/25/29, Series 1999-1, Class 1A1 (a)
     304,080  
   
AFC Trust Series
        
196,371
  
0.905%, due 10/25/30, Series 2000-3, Class 1A (a)(d)
     173,578  
   
American Home Mortgage Investment Trust
        
114,718
  
5.064%, due 9/25/35, Series 2005-2, Class 5A1
     114,214  
353,135
  
6.100%, due 1/25/37, Series 2007-A, Class 13A1 (d)
     222,134  
254,322
  
1.919%, due 4/25/44, Series 2004-1, Class 3A (a)
     250,975  
   
Asset Backed Securities Corp.
        
101,479
  
2.255%, due 2/25/32, Series 2002-WF2, Class M2 (a)
     100,260  
   
Banc of America Alternative Loan Trust
        
249,239
  
6.000%, due 7/25/34, Series 2004-6, Class 3A3
     255,919  
1,527,528
  
6.000%, due 1/25/37, Series 2006-9, Class 2NC1
     996,133  
   
Banc of America Funding Corp.
        
82,273
  
2.601%, due 12/20/34, Series 2004-B, Class 1A1 (a)
     69,950  
189,862
  
2.601%, due 12/20/34, Series 2004-B, Class 1A2 (a)
     161,423  
46,456
  
5.045%, due 12/20/34, Series 2004-C, Class 1B2 (a)
     41,767  
109,308
  
0.406%, due 5/20/35, Series 2005-C, Class A2 (a)
     95,522  
2,772,139
  
2.419%, due 9/20/35, Series 2005-F, Class 1X (a)
     220,120  
241,334
  
45.137%, due 7/25/47, Series 2007-5, Class 7A2 (a)(g)
     387,495  
   
Banc of America Mortgage Securities
        
179,665
  
5.500%, due 1/25/34, Series 2003-10, Class 1A2
     180,555  
   
Bayview Financial Asset Trust
        
853,966
  
0.605%, due 3/25/37, Series 2007-SR1A, Class A (a)(d)
     742,132  
426,983
  
1.055%, due 3/25/37, Series 2007-SR1A, Class M2 (a)(d)(f)
     358,666  
   
Bear Stearns Adjustable Rate Mortgage Trust
        
87,107
  
5.605%, due 2/25/36, Series 2005-12, Class 24A1 (a)
     85,555  
   
Bear Stearns Asset Backed Securities Trust
        
175,835
  
5.500%, due 11/25/33, Series 2003-AC6, Class A3
     165,386  
14,420,053
  
0.526%, due 9/25/35, Series 2005-SD4, Class 1X (a)
     409,335  
   
Bella Vista Mortgage Trust
        
321,756
  
0.695%, due 2/22/35, Series 2005-1, Class 2A (a)
     282,672  
   
Carrington Mortgage Loan Trust
        
97,661
  
0.255%, due 6/25/37, Series 2007-HE1, Class A1 (a)
     96,811  
   
CDC Mortgage Capital Trust
        
366,667
  
0.775%, due 1/25/33, Series 2002-HE1, Class A (a)
     352,665  
197,317
  
2.630%, due 3/25/34, Series 2003-HE4, Class M2 (a)
     184,094  
   
Chase Funding Mortgage Loan Asset-Backed Certificates
        
208,476
  
6.333%, due 4/25/32, Series 2002-2, Class 1A5
     213,372  
357,187
  
5.159%, due 11/25/32, Series 2003-4, Class 1M1
     331,519  
   
Cit Group Home Equity Loan Trust
        
533,019
  
6.710%, due 2/25/33, Series 2002-1, Class AF5
     534,067  
   
Citicorp Mortgage Securities Trust
        
479,554
  
5.500%, due 6/25/36, Series 2006-3, Class 3A1
     482,563  
   
Citigroup Mortgage Loan Trust, Inc.
        
537,366
  
6.000%, due 7/25/34, Series 2004-NCM1, Class 2A2
     557,486  
603,786
  
2.770%, due 10/25/35, Series 2005-8, Class 1A2A (a)
     515,768  
260,677
  
2.804%, due 7/25/36, Series 2006-AR5, Class 1A3A (a)
     218,288  
272,203
  
6.333%, due 1/25/37, Series 2007-OPX1, Class A4B
     170,640  
   
CitiMortgage Alternative Loan Trust
        
299,683
  
6.000%, due 10/25/36, Series 2006-A5, Class 3A1
     243,541  
   
Conseco Finance Home Loan Trust
        
360,320
  
10.260%, due 8/15/31, Series 2000-E, Class B1 (a)(f)
     372,931  
   
Countrywide Alternative Loan Trust
        
404,998
  
5.500%, due 12/25/35, Series 2005-57CB, Class 3A3
     354,837  
322,495
  
6.000%, due 2/25/37, Series 2006-45T1, Class 1A15
     243,471  
   
Countrywide Asset-Backed Certificates
        
11,822
  
4.456%, due 10/25/35, Series 2005-4, Class AF3 (a)
     11,871  
   
Countrywide Home Equity Loan Trust
        
341,281
  
0.375%, due 12/15/29, Series 2004-G, Class 2A (a)
     307,449  
   
Countrywide Home Loans
        
258,115
  
5.000%, due 6/25/18, Series 2003-15, Class 2A1
     263,853  
399,125
  
2.363%, due 10/20/34, Series 2004-15, Class 3A (a)
     313,452  
117,491
  
5.500%, due 10/25/34, Series 2004-19, Class A15
     109,795  
186,419
  
6.000%, due 10/25/34, Series 2005-8R, Class A3
     187,572  
89,553
  
0.575%, due 11/25/34, Series 2004-R2, Class 1AF1 (a)(d)
     79,312  
94,920
  
18.411%, due 1/25/36, Series 2005-30, Class A2 (a)(g)
     123,221  
191,627
  
2.533%, due 4/20/36, Series 2006-HYB2, Class 3A1 (a)
     157,961  
131,933
  
6.250%, due 10/25/36, Series 2006-15, Class A1
     116,986  
161,098
  
6.000%, due 12/25/36, Series 2008-2R, Class A1
     157,724  
240,145
  
2.551%, due 3/25/37, Series 2007-HYB1, Class 3A1 (a)
     179,890  
   
Credit Suisse First Boston Mortgage Securities Corp.
        
79,227
  
7.500%, due 6/25/20, Series 1997-2, Class A (d)
     79,766  
563,228
  
7.500% due 5/25/32, Series 2002-10, Class 1M2 (a)
     538,290  
226,119
  
2.234%, due 3/25/33, Series 2003-AR9, Class CB1 (a)
     184,084  
1,040,870
  
1.755%, due 2/25/34, Series 2004-AR1, Class 6M2 (a)
     865,751  
96,580
  
5.500%, due 2/25/35, Series 2005-1, Class 2A6
     95,347  
247,831
  
7.000%, due 9/25/35, Series 2005-8, Class 7A1
     200,617  
   
Credit Suisse Mortgage Trust
        
472,101
  
5.000%, due 4/25/29, Series 07-5, Class 9A2
     466,482  
254,379
  
5.750%, due 12/26/35, Series 2005-1R, Class 2A5 (d)
     229,244  
666,644
  
6.000%, due 5/27/36, Series 2009-12R, Class 15A1 (d)
     706,519  
101,664
  
6.500%, due 7/26/36, Series 2007-5R, Class A5
     59,444  
258,147
  
5.691%, due 10/26/36, Series 2007-4R, Class 1A1 (a)(d)
     200,726  
   
Credit-Based Asset Servicing and Securitization
        
363,000
  
6.231%, due 12/25/36, Series 2007-MX1, Class A4 (d)
     313,257  
   
CSAB Mortgage Backed Trust
        
114,430
  
5.898%, due 5/25/37, Series 2007-1, Class 1A1A (a)
     68,799  
   
Delta Funding Home Equity Loan Trust
        
688,452
  
8.590%, due 5/15/30, Series 2000-1, Class M2
     691,671  
   
Deutsche Alt-A Securities, Inc.
        
199,053
  
5.500%, due 12/25/35, Series 2005-6, Class 1A3
     178,203  
850,773
  
0.365%, due 6/25/37, Series 2007-AR3, Class 1A2 (a)
     684,314  
   
Encore Credit Receivables Trust
        
210,000
  
0.645%, due 10/25/35, Series 2005-3, Class M2 (a)
     205,085  
   
Equity One ABS, Inc.
        
84,956
  
6.039%, due 11/25/32, Series 2002-3, Class M1
     81,692  
   
First Franklin Mortgage Loan Trust
        
758,470
  
0.775%, due 11/25/31, Series 2001-FF2, Class A1 (a)
     685,941  
   
First Horizon Alternative Mortgage Securities
        
240,680
  
2.239%, due 9/25/35, Series 2005-AA7, Class 2A1 (a)
     213,861  
   
First Horizon Mortgage Pass-Through Trust
        
189,244
  
6.000%, due 8/25/36, Series 2006-2, Class 1A7
     188,328  
239,686
  
2.396%, due 7/25/37, Series 2007-AR2, Class 2A1 (a)
     199,985  
   
GS Mortgage Securities Corp.
        
106,709
  
7.500%, due 9/25/36, Series 2008-2R, Class 1A1 (a)(d)
     88,533  
891,857
  
7.500%, due 10/25/36, Series 2008-2R, Class 2A1 (a)(d)
     739,533  
   
GSAA Home Equity Trust
        
189,587
  
0.425%, due 7/25/37, Series 2007-7, Class A4 (a)
     159,063  
   
GSMPS Mortgage Loan Trust
        
225,196
  
7.601%, due 5/19/27, Series 1998-2, Class A (a)(d)
     229,018  
26,535
  
8.500%, due 1/25/35, Series 2005-RP1, Class 1A4 (d)
     27,622  
115,785
  
8.000%, due 1/25/36, Series 2006-RP1, Class 1A3 (d)
     120,158  
54,066
  
8.500%, due 1/25/36, Series 2006-RP1, Class 1A4 (d)
     57,310  
   
GSR Mortgage Loan Trust
        
249,580
  
7.495%, due 1/25/34, Series 2004-2F, Class 7A2 (a)
     44,128  
178,930
  
0.485%, due 12/25/34, Series 2004-14, Class 2A1 (a)
     159,255  
556,788
  
2.674%, due 10/25/35, Series 2005-AR5, Class 1A1 (a)
     491,154  
163,450
  
5.500%, due 3/25/36, Series 2006-3F, Class 1A2
     148,955  
403,109
  
6.250%, due 8/25/36, Series 2006-7F, Class 3A5
     341,872  
   
HarborView Mortgage Loan Trust
        
246,385
  
2.695%, due 2/25/36, Series 2006-2, Class 1A (a)
     192,030  
395,129
  
3.431%, due 6/19/36, Series 2006-3, Class 1A1A (a)
     269,849  
   
Home Equity Asset Trust
        
200,000
  
0.585%, due 2/25/36, Series 2005-8, Class M1 (a)
     164,478  
   
IMC Home Equity Loan Trust
        
766,460
  
6.724%, due 8/20/29, Series 1998-3, Class A7
     776,658  
   
Impac CMB Trust
        
385,941
  
5.216%, due 12/25/32, Series 2002-9F, Class A1
     390,617  
154,520
  
0.995%, due 10/25/33, Series 2003-11, Class 2A1 (a)
     156,219  
387,694
  
1.055%, due 10/25/33, Series 2003-8, Class 2A1 (a)
     389,455  
168,328
  
0.975%, due 8/25/34, Series 2004-8, Class 3A (a)
     159,346  
200,984
  
1.805%, due 10/25/34, Series 2004-5, Class 1M4 (a)
     188,178  
780,277
  
1.805%, due 5/25/35, Series 2005-4, Class 2B1 (a)
     778,220  
46,052
  
0.905%, due 2/25/36, Series 2005-8, Class 2M2 (a)
     40,665  
   
IndyMac INDX Mortgage Loan Trust
        
112,564
  
0.955%, due 5/25/34, Series 2004-AR10, Class 2A1 (a)
     103,788  
354,467
  
2.375%, due 6/25/35, Series 2005-AR7, Class 1A1 (a)
     264,491  
1,818,733
  
1.435%, due 8/25/35, Series 2005-AR13, Class 3A1 (a)
     1,395,446  
907,259
  
4.637%, due 12/25/35, Series 2006-R1, Class A3 (a)
     708,018  
262,695
  
2.595%, due 9/25/36, Series 2006-AR25, Class 6A1 (a)
     239,158  
   
Irwin Home Equity
        
196,476
  
2.030%, due 1/25/34, Series 2004-A, Class M2 (a)
     190,231  
485,878
  
5.900%, due 9/25/37, Series 2006-3, Class 2A4 (d)
     490,369  
   
Jefferies Securitization Trust
        
83,000
  
5.122%, due 7/26/37, Series 2009-R7, Class 9A1 (a)
     83,521  
   
JP Morgan Mortgage Trust
        
81,280
  
2.604%, due 2/25/35, Series 2005-A1, Class 4A1 (a)
     81,488  
111,347
  
2.613%, due 5/25/36, Series 2006-A3, Class 3A2 (a)
     101,439  
   
Lavender Trust
        
400,000
  
5.500%, due 9/26/35, Series 2010-RR6A, Class A3 (d)
     405,281  
445,000
  
6.250%, due 9/26/36, Series 2010-RR10A, Class A3 (d)
     460,575  
223,000
  
6.000%, due 8/26/37, Series 2010-RR15A, Class A3 (d)
     224,683  
   
Lehman Mortgage Trust
        
769,017
  
5.800%, due 1/25/36, Series 2005-3, Class 2A5
     734,091  
157,739
  
0.000%, due 6/25/37, Series 2007-5, Class PO1 (e)
     114,073  
   
Lehman Structured Securities Corp.
        
156,464
  
0.000%, due 7/26/24, Series 2002-GE1, Class A (a)(d)(f)
     122,042  
   
Long Beach Mortgage Loan Trust
        
782,872
  
0.676%, due 1/21/31, Series 2000-1, Class AV1 (a)
     734,044  
   
MASTR Adjustable Rate Mortgages Trust
        
405,534
  
0.485%, due 12/25/34, Series 2004-15, Class 6A1 (a)
     349,608  
30,081
  
2.415%, due 7/25/35, Series 2005-6, Class 5A1 (a)
     25,782  
   
MASTR Alternative Loan Trust
        
208,160
  
4.500%, due 9/25/19, Series 2004-10, Class 1A1
     206,538  
   
MASTR Asset Backed Securities Trust
        
460,959
  
1.880%, due 2/25/34, Series 2004-WMC1, Class M2 (a)
     457,406  
   
MASTR Reperforming Loan Trust
        
109,027
  
6.000%, due 8/25/34, Series 2005-1, Class 1A1 (d)
     111,581  
706,691
  
0.505%, due 5/25/35, Series 2005-2, Class 1A1F (a)(d)
     603,164  
   
Merrill Lynch Alternative Note Asset Trust
        
209,226
  
6.000%, due 3/25/37, Series 2007-F1, Class 2A6
     159,918  
354,016
  
6.000%, due 3/25/37, Series 2007-F1, Class 1A2
     226,938  
   
Merrill Lynch Mortgage Investors Trust
        
97,184
  
2.138%, due 3/25/33, Series 2003-A2, Class 2M1 (a)
     82,873  
   
Merrill Lynch Mortgage Synthetic
        
1,563,222
  
0.921%, due 6/28/35, Series 2005-ACR1, Class M2 (a)(d)
     1,419,445  
310,000
  
0.966%, due 6/28/35, Series 2005-ACR1, Class M3 (a)(d)
     250,816  
   
Morgan Stanley Dean Witter Capital I Trust
        
218,342
  
1.580%, due 10/25/31, Series 2001-NC3, Class M1 (a)
     214,001  
100,054
  
1.430%, due 2/25/32, Series 2001-AM1, Class M1 (a)
     92,820  
   
Morgan Stanley Mortgage Loan Trust
        
334,126
  
2.445%, due 9/25/34, Series 2004-7AR, Class 2A7 (a)
     331,613  
506,606
  
6.000%, due 6/25/36, Series 2006-7, Class 4A2
     465,457  
1,453,604
  
5.962%, due 6/25/36, Series 2006-7, Class 5A2
     866,790  
   
NAAC Reperforming Loan REMIC Trust
        
247,320
  
0.605%, due 2/25/35, Series 2004-R3, Class AF (a)(d)
     206,331  
   
New Century Alternative Mortgage Loan Trust
        
117,367
  
5.651%, due 10/25/36, Series 2006-ALT2, Class AF2 (a)
     74,358  
   
Nomura Asset Acceptance Corp.
        
456,318
  
6.918%, due 2/19/30, Series 2001-R1A, Class A (a)(d)
     454,536  
   
Option One Mortgage Loan Trust
        
39,872
  
1.355%, due 1/25/32, Series 2001-4, Class M1 (a)
     34,372  
   
People's Choice Home Loan Securities Trust
        
275,000
  
0.495%, due 12/25/35, Series 2005-4, Class 1A3 (a)
     171,406  
   
Prime Mortgage Trust
        
713,780
  
7.000%, due 7/25/34, Series 2005-5, Class 1A1
     706,825  
167,882
  
8.000%, due 7/25/34, Series 2005-5, Class 1A3
     174,387  
301,399
  
6.000%, due 5/25/35, Series 2006-DR1, Class 2A2 (d)
     304,139  
   
Provident Bank Home Equity Loan Trust
        
408,000
  
2.154%, due 1/25/30, Series 1998-4, Class A9 (a)
     323,380  
   
RBSGC Mortgage Pass-Through Certificates
        
478,202
  
6.000%, due 6/25/37, Series 2008-B, Class A1 (d)
     428,669  
   
RBSSP Resecuritization Trust
        
2,418,304
  
1.500%, due 7/26/37, Series 2010-4, Class 7A1X (d)
     33,425  
   
Residential Accredit Loans, Inc.
        
470,305
  
0.425%, due 5/25/46, Series 2006-QO5, Class 3A4 (a)
     232,116  
   
Residential Asset Mortgage Products, Inc.
        
306,262
  
5.700%, due 10/25/31, Series 2001-RS3, Class AI5 (a)
     311,073  
221,367
  
5.910%, due 1/25/32, Series 2002-RS1, Class AI5 (a)
     224,273  
282,206
  
0.775%, due 6/25/33, Series 2003-RS5, Class AIIB (a)
     260,392  
533,925
  
5.683%, due 9/25/33, Series 2003-RS8, Class MI1
     452,968  
   
Residential Asset Securities Corp.
        
135,882
  
7.279%, due 4/25/32, Series 2002-KS2, Class AI5
     140,910  
800,790
  
5.310%, due 10/25/33, Series 2003-KS8, Class MI1
     780,039  
   
Residential Asset Securitization Trust
        
477,323
  
5.000%, due 8/25/19, Series 2004-A6, Class A1
     474,698  
   
Residential Funding Mortgage Securities I, Inc.
        
340,000
  
4.750%, due 6/25/33, Series 2003-S13, Class A1
     344,848  
104,442
  
5.500%, due 9/25/33, Series 2003-S17, Class A3
     105,800  
377,898
  
5.500%, due 9/25/33, Series 2003-S17, Class A5
     392,810  
657,799
  
2.704%, due 8/25/35, Series 2005-SA3, Class 1A (a)
     534,103  
234,529
  
3.532%, due 11/25/36, Series 2006-SA4, Class 2A1 (a)
     209,739  
   
Residential Fundings Securities Corp.
        
848,540
  
1.015%, due 3/25/33, Series 2002-RP1, Class A1 (a)(d)
     727,108  
   
Saxon Asset Securities Trust
        
364,915
  
7.170%, due 3/25/29, Series 2001-2, Class AF5
     380,670  
   
Securitized Asset Backed Receivables LLC Trust
        
1,020,000
  
1.205%, due 3/25/35, Series 2005-FR2, Class M3 (a)
     742,644  
   
Security National Mortgage Loan Trust
        
189,184
  
0.805%, due 11/25/34, Series 2004-2, Class AV (a)(d)
     169,507  
504,810
  
0.435%, due 1/25/37, Series 2006-3A, Class A1 (a)(d)
     480,369  
272,672
  
0.505%, due 4/25/37, Series 2007-1, Class 2A (a)(d)
     231,447  
   
Southern Pacific Secured Assets Corp.
        
468,848
  
7.080%, due 3/25/28, Series 1998-1, Class A6
     469,037  
   
Structured Adjustable Rate Mortgage Loan Trust
        
578,030
  
2.391%, due 7/25/34, Series 2004-8, Class 2A2 (a)
     548,471  
157,881
  
2.451%, due 3/25/35, Series 2005-4, Class 1A1 (a)
     145,330  
257,491
  
2.592%, due 11/25/35, Series 2005-21, Class 3A1 (a)
     208,566  
628,014
  
2.540%, due 6/25/37, Series 2007-5, Class 2A1 (a)
     557,395  
   
Structured Asset Investment Loan Trust
        
455,841
  
1.205%, due 8/25/33, Series 2003-BC9, Class M1 (a)
     425,470  
   
Structured Asset Securities Corp.
        
161,708
  
8.567%, due 12/25/29, Series 2004-SC1, Class A (a)(d)
     159,232  
607,361
  
2.536%, due 7/25/32, Series 2002-14A, Class 1A1 (a)
     584,625  
296,564
  
2.378%, due 7/25/33, Series 2003-24A, Class 5A (a)
     292,507  
244,673
  
2.478%, due 11/25/33, Series 2003-34A, Class 3A6 (a)
     234,181  
30,383
  
4.920%, due 3/25/34, Series 2004-6XS, Class M1
     30,423  
345,738
  
5.500%, due 2/25/35, Series 2005-1, Class 7A6
     325,897  
468,813
  
0.505%, due 4/25/35, Series 2005-RF2, Class A (a)(d)
     393,328  
377,948
  
0.595%, due 6/25/35, Series 2005-9XS, Class 2A3 (a)
     311,611  
   
Terwin Mortgage Trust
        
425,079
  
1.555%, due 7/25/34, Series 2004-7HE, Class A3 (a)(d)
     392,301  
460,000
  
1.505%, due 3/25/35, Series 2005-4HE, Class M3 (a)(d)
     362,270  
888,179
  
0.465%, due 7/25/36, Series 2005-12AL, Class AV2 (a)
     850,067  
   
Truman Capital Mortgage Loan Trust
        
541,000
  
3.655%, due 3/25/37, Series 2005-1, Class M2 (a)(d)
     513,531  
   
Wachovia Mortgage Loan Trust, LLC
        
172,559
  
2.665%, due 8/20/35, Series 2005-A, Class 1A1 (a)
     151,214  
   
WAMU Mortgage Pass-Through Certificates
        
356,664
  
2.374%, due 10/25/36, Series 2006-AR12, Class 1A1 (a)
     312,134  
215,104
  
1.917%, due 7/25/42, Series 2002-AR9, Class 2A (a)
     203,942  
   
Washington Mutual Mortgage Pass-Through Certificates
        
91,004
  
5.500%, due 4/25/22, Series 2007-2, Class 3A1
     80,769  
   
Washington Mutual MSC Mortgage Pass-Through Certificates
        
171,753
  
7.500%, due 7/25/34, Series 2004-RA4, Class 3A
     180,591  
   
Wells Fargo Mortgage Backed Securities Trust
        
182,353
  
5.000%, due 5/25/20, Series 2005-5, Class 1A1
     186,835  
155,465
  
2.615%, due 1/25/35, Series 2004-DD, Class 1A1 (a)
     156,243  
   
Total Residential Mortgage-Backed Securities - Non-Agency (cost $57,369,094)
     58,205,081  
             
   
U.S. GOVERNMENT AGENCY - 2.3%
        
   
FNMA TBA
        
2,000,000
  
4.000%, due 9/1/40 (b)
     2,120,313  
   
Total U.S. Government Agency (cost $2,109,922)
     2,120,313  
             
   
SHORT-TERM INVESTMENTS - 2.1%
        
2,030,985
  
First American Government Obligations Fund - Class Z, 0.01% (c)
     2,030,985  
   
Total Short-Term Investments (cost $2,030,985)
     2,030,985  
             
   
Total Investments (cost $93,621,954) - 99.8%
     94,762,692  
   
Other Assets less Liabilities - 0.2%
     227,305  
   
TOTAL NET ASSETS - 100.0%
   $ 94,989,997  

   (a)
  
Variable rate security.  Rate shown reflects the rate in effect at August 31, 2014.
(b)
  
Security purchased on a when-issued basis.  As of August 31, 2014, the total cost of investments purchased on a when-issued basis was $2,109,922 or 2.2% of total net assets.
(c)
  
Rate shown is the 7-day annualized yield as of August 31, 2014.
(d)
  
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 a security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.  As of  August 31, 2014, the value of these investments was $32,501,148 or 34.2% of total net assets.
(e)
  
Security is a zero coupon bond. Zero coupon bonds are issued at the substantial discount from their value at maturity.
(f)
  
Security valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees of Advisors Series Trust.
 (g)   Inverse floating rate instrument.
   
FHLMC - Federal Home Loan Mortgage Corporation
   
FNMA - Federal National Mortgage Association
   
GNMA - Government National Mortgage Association
   
REMIC - Real Estate Mortgage Investment Conduit
   
TBA - To Be Announced

 
 
 
 
SEMPER SHORT DURATION FUND
  
Schedule of Investments - August 31, 2014 (Unaudited)
  
           
Principal
          
Amount/Shares
      
Value
  
   
ASSET-BACKED SECURITIES - 10.4%
      
   
American Residential Properties Trust
      
 $             610,000
  
1.904%, due 9/17/31, Series 2014-SFR1, Class B (a)(c)
   $ 606,378  
   
Avis Budget Rental Car Funding AESOP, LLC
        
620,000
  
2.100%, due 3/20/19, Series 2012-3A, Class A (c)
     624,271  
   
Bush Truck Leasing, LLC
        
345,873
  
5.000%, due 9/25/18, Series 2011-AA, Class B (c)
     344,845  
54,018
  
5.000%, due 9/25/18, Series 2011-AA, Class C (c)
     46,234  
   
Conseco Financial Corp.
        
81,234
  
6.820%, due 5/15/29, Series 1997-5, Class A6
     82,472  
   
CPS Auto Receivables Trust
        
179,633
  
2.820%, due 4/16/18, Series 2011-A, Class A (c)
     181,114  
   
Educational Services of America, Inc.
        
431,974
  
0.725%, due 2/26/29, Series 2013-1, Class A (a)(c)
     432,188  
   
GE Business Loan Trust
        
108,425
  
0.445%, due 5/15/32, Series 2004-1, Class A (a)(c)
     104,806  
60,067
  
0.855%, due 5/15/32, Series 2004-1, Class B (a)(c)
     57,408  
   
Hertz Vehicle Financing, LLC
        
670,000
  
1.120%, due 8/25/17, Series 2013-1A, Class A1 (c)
     669,692  
   
KeyCorp Student Loan Trust
        
472,403
  
0.555%, due 5/25/29, Series 2000-A, Class A2 (a)
     458,609  
427,485
  
0.764%, due 1/25/37, Series 2003-A, Class 2B (a)
     375,342  
   
Montefiore Medical Center
        
890,000
  
3.896%, due 5/20/27 (c)
     905,444  
   
SLM Student Loan Trust
        
400,000
  
2.977%, due 9/15/32, Series 2003-C, Class A3 (a)(d)
     396,000  
150,000
  
2.987%, due 9/15/32, Series 2003-C, Class A4 (a)
     151,466  
   
Small Business Administration Participation Certificates
        
145,542
  
4.727%, due 2/10/19, Series 2009-P10A, Class 1
     155,572  
208,804
  
3.080%, due 9/1/19, Series 2009-10E, Class 1
     215,749  
400
  
0.980%, due 9/1/22, Series 2012-10E, Class 1
     391  
   
SoFi Professional Loan Program
        
500,000
  
1.806%, due 6/25/25, Series 2014-A, Class A1 (a)(c)
     504,771  
   
Structured Asset Securities Corp.
        
314,406
  
3.357%, due 1/25/31, Series 2003-AL2, Class A (c)
     308,312  
   
U.S. Education Loan Trust IV, LLC
        
6,392
  
0.627%, due 9/1/22, Series 2007-1A, Class 1A3 (a)(c)
     6,392  
   
Total Asset-Backed Securities (cost $6,634,344)
     6,627,456  
             
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 13.3%
        
   
GNMA REMIC Trust
        
215,340
  
2.237%, due 3/16/33, Series 2011-110, Class A
     217,060  
254,897
  
1.738%, due 1/16/34, Series 2011-161, Class A
     255,559  
674,377
  
1.350%, due 6/16/37, Series 2013-57, Class A
     664,086  
24,909
  
6.000%, due 12/20/39, Series 2010-14, Class QP
     26,669  
684,214
  
2.500%, due 8/16/41, Series 2014-52, Class CA (a)
     692,713  
694,307
  
2.400%, due 11/16/41, Series 2014-40, Class AC (a)
     717,227  
502,751
  
1.723%, due 8/16/42, Series 2013-46, Class AB
     489,832  
786,173
  
1.300%, due 2/16/46, Series 2013-68, Class AC
     760,803  
505,202
  
1.881%, due 3/16/46, Series 2013-46, Class AC (a)
     488,341  
1,145,566
  
1.884%, due 5/16/46, Series 2013-72, Class AC
     1,108,228  
1,231,647
  
1.042%, due 7/16/46, Series 2012-123, Class A
     1,140,236  
507,071
  
2.426%, due 3/16/48, Series 2013-78, Class AF
     500,945  
1,261,651
  
1.838%, due 8/16/51, Series 2013-15, Class AC
     1,199,095  
   
Total Commercial Mortgage-Backed Securities - Agency (cost $8,425,882)
     8,260,794  
             
   
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 22.4%
        
   
American Homes 4 Rent
        
400,000
  
1.600%, due 6/17/31, Series 2014-SFR1, Class B (a)(b)
     392,250  
   
Banc of America Commercial Mortgage Trust
        
143,743
  
5.790%, due 6/10/49, Series 2007-3, Class A3 (a)
     143,839  
840,000
  
5.790%, due 6/10/49, Series 2007-3, Class AJ (a)
     869,921  
180,455
  
5.948%, due 2/10/51, Series 2007-4, Class A4 (a)
     199,375  
   
Banc of America Large Loan
        
300,000
  
4.870%, due 12/20/41, Series 2010-UB4, Class A4B (a)(c)(d)
     302,250  
   
Banc of America Merrill Lynch Commercial Mortgage, Inc.
        
40,834
  
5.347%, due 11/10/42, Series 2005-1, Class A4 (a)
     40,903  
   
Bear Stearns Commercial Mortgage Securities Trust
        
410,000
  
5.897%, due 6/11/40, Series 2007-PW16, Class AJ (a)
     420,847  
15,841,487
  
0.297%, due 1/12/45, Series 2007-T26, Class X1 (a)(c)
     74,598  
500,000
  
6.084%, due 6/11/50, Series 2007-PW17, Class AJ (a)
     509,502  
66,300,170
  
0.129%, due 6/11/50, Series 2007-PW18, Class X1 (a)(c)
     454,355  
   
Citigroup Commercial Mortgage Trust
        
140,000
  
5.865%, due 10/15/41, Series 2004-C2, Class H (a)(c)
     126,525  
   
Comm Mortgage Trust
        
195,815
  
6.850%, due 8/15/33, Series 2000-C1, Class G (a)(c)
     207,219  
   
Credit Suisse Commercial Mortgage Trust
        
17,774
  
5.857%, due 3/15/39, Series 2006-C2, Class A2 (a)
     17,773  
   
Credit Suisse First Boston Mortgage Securities Corp.
        
424,000
  
4.891%, due 3/15/35, Series 2003-CPN1, Class E
     423,871  
430,000
  
5.766%, due 11/15/37, Series 2004-C5, Class H (a)(c)
     405,214  
   
FFCA Secured Lending Corp.
        
838,528
  
7.850%, due 5/18/26, Series 1999-2, Class WA1C (c)(d)
     884,647  
5,283
  
7.770%, due 9/18/27, Series 2000-1, Class A2 (c)(d)
     5,376  
   
GCCFC Commercial Mortgage Trust
        
580,722
  
4.799%, due 8/12/42, Series 2005-GG3, Class A4 (a)
     583,610  
   
Invitation Homes Trust
        
296,562
  
1.400%, due 12/17/30, Series 2013-SFR1, Class A (a)(c)
     297,239  
90,000
  
1.655%, due 6/17/31, Series 2014-SFR1, Class B (a)(c)
     88,678  
1,000,000
  
1.756%, due 9/17/31, Series 2014-SFR2, Class B (a)(c)
     989,375  
   
JP Morgan Chase Commercial Mortgage Securities Trust
        
820,000
  
5.337%, due 5/15/47, Series 2006-LDP9, Class AMS
     824,162  
   
LB-UBS Commercial Mortgage Securities Trust
        
85,882
  
5.623%, due 11/15/30, Series 2005-C7, Class A3 (a)
     85,845  
2,413,683
  
0.849%, due 11/15/38, Series 2006-C7, Class XCL (a)(c)
     30,783  
267,000
  
4.856%, due 2/15/40, Series 2005-C1, Class D (a)
     269,869  
   
Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates
        
263,436
  
1.105%, due 2/25/30, Series 2005-1A, Class B (a)(c)
     225,450  
   
ML-CFC Commercial Mortgage Trust
        
500,000
  
6.073%, due 6/12/46, Series 2006-2, Class B (a)(c)
     499,455  
150,000
  
0.386%, due 6/12/50, Series 2007-7, Class AMFL (a)(c)
     118,789  
   
Morgan Stanley Capital I Trust
        
1,050,000
  
5.070%, due 12/13/41, Series 2005-T17, Class E (a)(c)
     602,199  
60,224
  
0.406%, due 4/12/49, Series 2007-HQ12, Class A2FL (a)
     59,962  
200,000
  
4.770%, due 7/15/56, Series 2005-IQ9, Class AJ
     202,329  
   
Morgan Stanley Dean Witter Capital I Trust
        
502,534
  
6.000%, due 1/15/39, Series 2002-TOP7, Class H (c)
     504,003  
   
Morgan Stanley Re-REMIC Trust
        
225,629
  
4.250%, due 12/19/40, Series 2011-KEY, Class 1A (c)
     225,777  
   
Silver Bay Realty Trust
        
500,000
  
1.604%, due 9/17/31, Series 2014-1, Class B (a)(c)
     489,844  
   
VFC LLC
        
465,585
  
2.750%, due 7/20/30, Series 2014-2, Class A (c)(d)
     465,585  
   
Wachovia Bank Commercial Mortgage Trust
        
28,926
  
0.235%, due 6/15/20, Series 2007-WHL8, Class A1 (a)(c)
     28,763  
1,500,000
  
5.306%, due 1/15/41, Series 2004-C11, Class B (a)
     1,502,735  
410,000
  
5.368%, due 11/15/48, Series 2006-C29, Class AJ (a)
     407,071  
   
WaMu Mortgage Pass-Through Certificates
        
87,039
  
1.918%, due 2/27/34, Series 2002-AR2, Class A (a)
     86,422  
   
Total Commercial Mortgage-Backed Securities - Non-Agency (cost $13,998,558)
     14,066,410  
             
   
CORPORATE NON-CONVERTIBLE BOND - 0.0%
        
   
Norfolk Southern Corp.
        
4,000
  
5.257%, due 9/17/14
     4,009  
   
Total Corporate Non-Convertible Bond (cost $4,005)
     4,009  
             
   
MUNICIPAL BONDS - 12.6%
        
   
Alaska - 0.30%
        
   
Alaska Housing Finance Corp. Revenue Bonds
        
155,000
  
5.200%, due 6/1/33 (Callable 6/1/17)
     155,463  
   
California - 0.30%
        
   
California Housing Finance Agency Revenue Bonds
        
175,000
  
4.700%, due 8/1/24 (Callable 2/1/17)
     177,338  
   
Florida - 1.30%
        
   
Capital Trust Agency, Inc. Revenue Bonds
        
525,000
  
3.750%, due 12/1/26 (Callable 12/1/22)
     494,366  
   
Florida HomeLoan Corp. Revenue Bonds
        
340,594
  
2.800%, due 7/1/41 (Callable 1/1/20)
     335,516  
   
Georgia - 0.40%
     829,882  
   
Georgia Housing & Finance Authority Revenue Bonds
        
225,000
  
4.250%, due 12/1/24 (Callable 6/1/19)
     237,845  
   
Indiana - 0.20%
        
   
Indiana Housing & Community Development Authority Revenue Bonds
        
120,000
  
4.550%, due 7/1/27 (Callable 7/1/16)
     122,489  
   
Maryland - 0.20%
        
   
Maryland Community Development Administration Revenue Bonds
        
120,000
  
4.000%, due 9/1/25 (Callable 3/1/22)
     123,605  
   
Massachusetts - 1.80%
        
   
Massachusetts Housing Finance Agency Revenue Bonds
        
400,000
  
4.782%, due 12/1/20 (Callable 6/1/20)
     433,876  
620,000
  
4.750%, due 12/1/23 (Callable 12/1/16) (AGM Insured)
     653,505  
          1,087,381  
   
Minnesota - 0.70%
        
   
Minnesota Housing Finance Agency Revenue Bonds
        
466,489
  
2.350%, due 3/1/43 (Callable 7/1/22)
     447,163  
   
New Hampshire - 0.80%
        
   
New Hampshire Housing Finance Authority Revenue Bonds
        
465,000
  
3.750%, due 7/1/34 (Callable 7/1/23)
     489,659  
   
New Jersey - 1.60%
        
   
New Jersey Higher Education Assistance Authority Revenue Bonds
        
300,000
  
4.000%, due 12/1/23 (Callable 12/1/22)
     314,370  
   
New Jersey Housing & Mortgage Finance Agency
        
350,000
  
1.960%, due 11/1/18
     349,685  
350,000
  
2.164%, due 11/1/19
     346,759  
          1,010,814  
   
North Carolina - 1.70%
        
   
City of Charlotte NC Airport Special Facilities Revenue Bonds
        
775,000
  
4.557%, due 7/1/21
     817,331  
   
North Carolina Housing Finance Agency Revenue Bonds
        
238,000
  
5.250%, due 7/1/38 (Callable 7/1/17)
     250,804  
          1,068,135  
   
Ohio - 0.70%
        
   
Columbus Regional Airport Authority Revenue Bonds
        
25,000
  
4.000%, due 10/20/14
     25,029  
   
Summit County Development Finance Authority Revenue Bonds
        
410,000
  
6.250%, due 5/15/26
     421,849  
          446,878  
   
Oregon - 0.30%
        
   
State of Oregon Housing & Community Services Department Revenue Bonds
        
175,000
  
5.000%, due 1/1/42 (Callable 7/1/22)
     187,378  
   
South Carolina - 0.50%
        
   
South Carolina State Housing Finance & Development Authority Revenue Bonds
        
300,000
  
5.150%, due 7/1/37 (Callable 7/1/15) (AMBAC Insured)
     309,669  
   
Tennessee - 1.10%
        
   
Memphis Center City Revenue Finance Corp. Revenue Bonds
        
445,000
  
4.180%, due 11/1/21 (AGM Insured)
     482,736  
   
Tennessee Housing Development Agency Revenue Bonds
        
220,000
  
2.950%, due 1/1/17
     227,055  
          709,791  
   
Texas - 0.50%
        
   
Bexar County Housing Finance Corp. Revenue Bonds
        
303,690
  
5.375%, due 10/1/39 (Callable 10/1/2016)
     319,066  
   
Wisconsin - 0.20%
        
   
Wisconsin Housing & Economic Devlopment Authority Revenue Bonds
        
100,000
  
3.450%, due 4/1/20
     105,020  
   
Total Municipal Bonds (cost $7,861,262)
     7,827,576  
             
   
PRINCIPAL ONLY BOND - 0.4%
        
   
South Carolina Student Loan Corp.
        
222,150
  
0.656%, due 1/25/41
     222,147  
   
Total Principal Only Bond (cost $222,149)
     222,147  
             
             
   
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 6.1%
        
   
FHLMC
        
27,474
  
8.850%, due 3/15/21, Series 129, Class H
     30,958  
130,838
  
3.250%, due 4/15/25, Series 3845, Class NA
     134,609  
29,478
  
3.500%, due 1/15/26, Series 3823, Class GA
     30,762  
44,791
  
3.500%, due 3/15/26, Series 3834, Class GA
     46,758  
448,914
  
2.000%, due 3/15/42, Series 4024, Class KP
     455,979  
323,124
  
2.000%, due 11/15/42, Series 4135, Class BQ
     280,842  
406,616
  
1.322%, due 10/25/44, Series T-62, Class 1A1 (a)
     414,834  
   
FNMA
        
14,559
  
3.000%, due 9/25/37, Series 2010-34, Class JD
     14,667  
157,361
  
3.000%, due 10/25/38, Series 2010-137, Class MC
     160,375  
99,346
  
2.500%, due 10/25/39, Series 2010-118, Class DJ
     101,329  
32,647
  
2.000%, due 10/25/40, Series 2012-113, Class PB
     31,639  
383,400
  
3.000%, due 1/25/42, Series 2012-80, Class HD
     388,951  
505,184
  
1.000%, due 3/25/43, Series 2013-14, Class PB
     492,011  
   
GNMA
        
674,391
  
1.250%, due 12/16/27, Series 2012-143, Class XC
     652,017  
42,701
  
5.464%, due 6/20/37, Series 2008-55, Class WT (a)
     45,839  
41,894
  
4.000%, due 10/20/38, Series 2009-75, Class LC
     43,816  
319,759
  
3.500%, due 9/16/39, Series 2010-144, Class DK
     330,013  
135,668
  
2.500%, due 9/20/39, Series 2010-150, Class GD
     136,524  
   
Total Residential Mortgage-Backed Securities - Agency (cost $3,840,368)
     3,791,923  
             
   
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 16.9%
        
   
Aames Mortgage Trust
        
15,209
  
4.500%, due 3/25/33, Series 2002-2, Class A2
     15,090  
   
Accredited Mortgage Loan Trust
        
122,137
  
0.895%, due 10/25/33, Series 2003-2, Class A3 (a)
     109,005  
   
Ameriquest Mortgage Securities, Inc.
        
3,109
  
0.895%, due 11/25/34, Series 2004-R11, Class A2 (a)
     3,103  
   
Amortizing Residential Collateral Trust
        
12,688
  
0.735%, due 7/25/32, Series 2002-BC4, Class A (a)
     11,753  
29,644
  
0.795%, due 8/25/32, Series 2002-BC6, Class A1 (a)
     28,621  
   
AMRECSO Residential Securities Corp. Mortgage Loan Trust
        
417,622
  
7.300%, due 2/25/28, Series 1998-2, Class A5
     417,519  
150,057
  
0.635%, due 7/25/28, Series 1998-3, Class A7 (a)
     141,450  
   
Argent Securities, Inc.
        
54,337
  
2.780%, due 3/25/34, Series 2003-W7, Class M2 (a)
     49,529  
234,833
  
0.795%, due 6/24/34, Series 2004-W9, Class A2 (a)
     218,574  
   
Asset Backed Funding Certificates
        
21,975
  
0.505%, due 7/25/35, Series 2005-OPT1, Class A1MZ (a)
     21,691  
   
Banc of America Funding Corp.
        
42,134
  
2.053%, due 1/26/37, Series 2009-R6, Class 3A1 (a)(c)
     42,267  
   
Banc of America Mortgage Securities, Inc.
        
58,148
  
4.965%, due 12/25/34, Series 2004-K, Class 4A1 (a)
     57,421  
   
Bear Stearns Asset Backed Securities Trust
        
7,708
  
0.815%, due 10/25/32, Series 2002-2, Class A1 (a)
     7,376  
10,822
  
5.500%, due 10/25/33, Series 2003-AC5, Class A2
     11,228  
430,138
  
0.895%, due 1/25/34, Series 2003-ABF1, Class A (a)
     416,317  
   
Bear Stearns Mortgage Securities, Inc.
        
131,451
  
6.379%, due 3/25/31, Series 1997-6, Class 1A (a)
     138,623  
   
Carrington Mortgage Loan Trust
        
375,618
  
0.255%, due 6/25/37, Series 2007-HE1, Class A1 (a)
     372,349  
   
Centex Home Equity Loan Trust
        
43,835
  
4.250%, due 12/25/31, Series 2003-A, Class AF4
     44,014  
7,753
  
4.660%, due 12/25/32, Series 2002-D, Class AF6 (a)
     7,871  
   
Citigroup Mortgage Loan Trust, Inc.
        
10,634
  
0.565%, due 12/25/33, Series 2003-HE4, Class A (a)(c)
     10,638  
   
ContiMortgage Home Equity Loan Trust
        
279,267
  
7.420%, due 3/15/28, Series 1997-1, Class M1 (a)
     284,678  
   
Countrywide Alternative Loan Trust
        
20,605
  
5.500%, due 11/25/35, Series 2005-54CB, Class 1A7
     21,024  
65,608
  
5.500%, due 12/25/35, Series 2005-64CB, Class 1A7
     68,755  
   
Countrywide Home Loans
        
31,610
  
4.500%, due 1/25/19, Series 2004-J1, Class 1A1
     32,262  
   
Countywide Asset-Backed Certificates
        
17,257
  
1.760%, due 1/25/34, Series 2004-BC1, Class M2 (a)
     16,254  
   
Credit-Based Asset Servicing and Securitization LLC
        
26,819
  
3.950%, due 1/25/33, Series 2003-CB1, Class AF
     26,687  
   
Delta Funding Home Equity Loan Trust
        
40,972
  
0.575%, due 6/25/27, Series 1997-2, Class A7 (a)
     38,809  
   
Encore Credit Receivables Trust
        
630,000
  
0.645%, due 10/25/35, Series 2005-3, Class M2 (a)
     615,254  
   
Equity One Mortgage Pass-Through Trust
        
358,088
  
0.405%, due 7/25/34, Series 2004-2, Class AV2 (a)
     304,051  
   
GMACM Home Equity Loan Trust
        
321,497
  
0.595%, due 12/25/26, Series 2001-HE2, Class IA1 (a)
     281,962  
   
GSAA Trust
        
27,794
  
6.220%, due 4/25/34, Series 2004-3, Class M1
     26,491  
   
GSMPS Mortgage Loan Trust
        
67,844
  
7.500%, due 1/25/35, Series 2005-RP1, Class 1A2 (c)
     70,752  
   
HSI Asset Securitization Corp. Trust
        
25,000
  
0.445%, due 1/25/36, Series 2006-OPT2, Class 2A4 (a)
     23,861  
   
Impac CMB Trust
        
448,335
  
5.216%, due 12/25/32, Series 2002-9F, Class A1
     453,767  
72,364
  
5.867%, due 12/25/32, Series 2002-9F, Class M1
     73,245  
   
Irwin Home Equity Loan Trust
        
403,321
  
5.420%, due 6/25/35, Series 2005-1, Class M1
     406,649  
   
Mastr Resecuritization Trust
        
46,291
  
2.905%, due 8/25/35, Series 2005-3CI, Class N1 (a)(c)
     46,199  
   
Mastr Specialized Loan Trust
        
72,118
  
5.006%, due 7/25/35, Series 2005-2, Class A2 (a)(c)
     72,313  
   
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
        
136,826
  
2.609%, due 10/20/29, Series 1999-TBC3, Class A2 (a)
     139,325  
   
Merrill Lynch Mortgage Synthetic
        
1,000,000
  
0.921%, due 6/28/35, Series 2005-ACR1, Class M2 (a)(c)
     908,025  
   
RASC Trust
        
425,932
  
0.275%, due 2/25/37, Series 2007-KS2, Class AI2 (a)
     418,226  
   
Residential Asset Mortgage Products, Inc.
        
402,626
  
5.800%, due 10/25/33, Series 2003-RS9, Class MI1
     385,686  
173,832
  
1.055%, due 8/25/34, Series 2004-RS8, Class MII1 (a)
     164,032  
   
Residential Funding Mortgage Securities I, Inc.
        
79,153
  
3.532%, due 11/25/36, Series 06-SA4, Class 2A1 (a)
     70,787  
   
Saxon Asset Securities Trust
        
19,567
  
1.280%, due 12/25/32, Series 2002-3, Class M1 (a)
     18,327  
   
Specialty Underwriting & Residential Finance Trust
        
149,126
  
0.855%, due 8/25/34, Series 2003-BC3, Class A (a)
     139,161  
   
Structured Adjustable Rate Mortgage Loan Trust
        
134,848
  
0.800%, due 3/25/35, Series 2005-6XS, Class A4 (a)
     134,042  
   
Structured Asset Securities Corp. Mortgage Loan Trust
        
577,008
  
5.000%, due 3/25/35, Series 2005-4XS, Class 1A3
     592,529  
   
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
        
50,981
  
3.450%, due 2/25/32, Series 2002-AL1, Class A2
     50,874  
134,443
  
0.735%, due 1/25/33, Series 2002-HF1, Class A (a)
     125,525  
157,510
  
1.130%, due 12/25/33, Series 2003-S2, Class M1A (a)
     149,831  
472,529
  
5.370%, due 12/25/33, Series 2003-S2, Class M1F
     474,199  
   
Terwin Mortgage Trust
        
867,627
  
0.465%, due 7/25/36, Series 2005-12AL, Class AV2 (a)
     830,396  
   
UCFC Home Equity Loan
        
16,537
  
6.905%, due 4/15/30, Series 1998-D, Class MF1
     17,090  
   
Wells Fargo Mortgage Backed Securities Trust
        
444,185
  
2.615%, due 1/25/35, Series 2004-DD, Class 1A1 (a)
     446,409  
   
Total Residential Mortgage-Backed Securities - Non-Agency (cost $9,729,732)
     10,051,916  
             
   
U.S. GOVERNMENT AGENCIES - 0.9%
        
   
Aurora Military Housing LLC
        
500,000
  
5.350%, due 12/15/25(d)
     543,750  
   
Total U.S. Government Agencies (cost $552,338)
     543,750  
             
   
U.S. TREASURY SECURITIES - 10.4%
        
   
United States Treasury Note
        
3,400,000
  
2.125%, due 11/30/14
     3,417,333  
2,000,000
  
0.375%, due 4/15/15
     2,003,828  
1,000,000
  
0.250%, due 5/15/15
     1,001,289  
   
Total U.S. Treasury Securities (cost $6,422,403)
     6,422,450  
             
   
SHORT-TERM INVESTMENTS - 20.5%
        
   
Private Placement Participation Agreements - 6.0%
        
1,039,367
  
Abington Emerson Reo III, 9.000%, 12/31/16 (d)(e)
     1,039,367  
   
Basepoint Merchant Lending Trust
        
1,477,302
  
9.500%, due 5/31/15, Series SPL-II (d)(f)
     1,477,302  
1,166,465
  
BasePoint - BP GFM Trust, 10.000%, 5/5/17 (d)(g)
     1,166,465  
   
Total Private Placement Participation Agreements (cost $3,683,134)
     3,683,134  
             
   
Repurchase Agreements - 13.2%
        
3,135,000
  
RBC Capital Markets Corp.
        
   
0.000%, dated 8/19/14, matures 9/2/14, repurchase price $3,135,000,
        
   
collateralized by U.S. Treasury securities (h)
     3,135,000  
5,062,500
  
RBC Capital Markets Corp.
        
   
0.000%, dated 8/19/14, matures 9/2/14, repurchase price $5,062,500,
        
   
collateralized by U.S. Treasury securities (h)
     5,062,500  
   
Total Repurchase Agreements (cost $8,197,500)
     8,197,500  
             
   
Money Market Fund - 1.3%
        
814,448
  
First American Government Obligations Fund - Class Z, 0.01% (b)
     814,448  
   
Total Money Market Fund (cost $814,448)
     814,448  
   
Total Short-Term Investments (cost $12,695,082)
     12,695,082  
             
   
Total Investments (cost $70,386,123) - 113.9%
     70,513,513  
   
Liabilities less Other Assets - (13.9)%
     (8,598,917 )
   
TOTAL NET ASSETS - 100.0%
   $ 61,914,596  

(a)
  
Variable rate security.  Rate shown reflects the rate in effect at August 31, 2014.
(b)
  
Rate shown is the 7-day annualized yield as of August 31, 2014.
(c)
  
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 a security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.  As of August 31, 2014, the value of these investments was $12,968,173 or 20.9% of total net assets.
(d)
  
Security valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees of Advisors Series Trust.
(e)
  
Agreement is illiquid as of August 31, 2014.  The Fund cannot sell or otherwise transfer this agreement without prior written approval of Abington Emerson Reo III.
(f)
  
Agreement is illiquid as of August 31, 2014.  The Fund cannot sell or otherwise transfer this agreement without prior written approval of Basepoint Merchant Lending Trust, Series SPL-II.
(g)
  
Agreement is illiquid as of August 31, 2014.  The Fund cannot sell or otherwise transfer this agreement without prior written approval of Basepoint - BP GFM Trust.
(h)
  
The Fund has sold the collateral related to the repurchase agreements held, and with the proceeds, purchased a portion of the U.S. Treasury securities included in the schedule of investments.
   
AGM - Assured Guaranty Municipal Corp.
   
AMBAC - Ambac Assurance Corporation
   
FHLMC - Federal Home Loan Mortgage Corporation
   
FNMA - Federal National Mortgage Association
   
GNMA - Government National Mortgage Association
   
REMIC - Real Estate Mortgage Investment Conduit
 
SEMPER SHORT DURATION FUND
  
Schedule of Securities Sold Short - August 31, 2014 (Unaudited)
  
           
Principal
          
Amount
      
Value
  
   
U.S. TREASURY SECURITIES - 13.2%
      
   
United States Treasury Note
      
 $          5,000,000
  
2.000%, due 7/31/20
   $ 5,044,140  
3,000,000
  
2.750%, due 11/15/23
     3,115,194  
   
Total U.S. Treasury Securities (proceeds $7,972,063)
     8,159,334  
             
   
Total Securities Sold Short (proceeds $7,972,063)
   $ 8,159,334  
 
 
 
 
 
 
 
Semper Funds
Notes to the Schedule of Investments
August 31, 2014 (Unaudited)

Note 1 – Securities Valuation

The Semper Funds’ (the “Funds”) investments in securities are carried at their fair value.  Each Fund computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

Mortgage- and Asset-Backed Securities: Mortgage- and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal.  These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models.  The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available.  Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as level 2 of the fair value hierarchy.

Municipal Securities: Municipal securities are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

U.S. Government Securities: U.S. government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued principally using dealer quotations.  U.S. government securities are typically categorized in level 2 of the fair value hierarchy.

U.S. Government Agency Securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs.  Agency issued debt securities are generally valued in a manner similar to U.S. government securities.  Mortgage pass-throughs include to-be-announced (“TBAs”) securities and mortgage pass-through certificates.  TBA securities and mortgage pass-throughs are generally valued using dealer quotations.  These securities are typically categorized in level 2 of the fair value hierarchy.

Investment Companies: 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.

Short-Term Securities: 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.

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 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, 2014:

MBS Total Return Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
Asset-Backed Securities
   $ -     $ 4,114,730     $ -     $ 4,114,730  
Commercial Mortgage-Backed Securities - Agency
     -       516,607       -       516,607  
Commercial Mortgage-Backed Securities – Non-Agency
     -       25,796,163       1,490,335       27,286,498  
Residential Mortgage-Backed Securities - Agency
     -       488,478       -       488,478  
Residential Mortgage-Backed Securities – Non-Agency
     -       57,351,442       853,639       58,205,081  
U.S. Government Agency
     -       2,120,313       -       2,120,313  
Total Fixed Income
     -       90,387,733       2,343,974       92,731,707  
Short-Term Investments
     2,030,985       -       -       2,030,985  
Total Investments
   $ 2,030,985     $ 90,387,733     $ 2,343,974     $ 94,762,692  
 
 
 
 
 
 

Short Duration Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Fixed Income
                        
Asset-Backed Securities
   $ -     $ 6,231,456     $ 396,000     $ 6,627,456  
Commercial Mortgage-Backed Securities - Agency
     -       8,260,794       -       8,260,794  
Commercial Mortgage-Backed Securities – Non-Agency
     -       12,408,552       1,657,858       14,066,410  
Corporate Non-Convertible Bond
     -       4,009       -       4,009  
Municipal Bonds
     -       7,827,576       -       7,827,576  
Principal Only Bond
     -       222,147       -       222,147  
Residential Mortgage-Backed Securities - Agency
     -       3,791,923       -       3,791,923  
Residential Mortgage-Backed Securities – Non-Agency
     -       10,051,916       -       10,051,916  
U.S. Government Agencies
     -       -       543,750       543,750  
U.S. Treasury Securities
     -       6,422,450       -       6,422,450  
Total Fixed Income
     -       55,220,823       2,597,608       57,818,431  
Private Placement Participation Agreements
     -       -       3,683,134       3,683,134  
Repurchase Agreements
     -       8,197,500       -       8,197,500  
Money Market Fund
     814,448       -       -       814,448  
Total Assets
   $ 814,448     $ 63,418,323     $ 6,280,742     $ 70,513,513  
                                 
Liabilities:
                                
Securities Sold Short
   $ -     $ 8,159,334     $ -     $ 8,159,334  
Total Liabilities
   $ -     $ 8,159,334     $ -     $ 8,159,334  

Refer to the Funds’ Schedule of Investments for additional information. Transfers between levels are recognized at August 31, 2014, the end of the reporting period.  The Funds’ recognized no transfers to/from Level 1 or Level 2.

The following is a reconciliation of the Semper MBS Total Return Fund’s level 3 investments for which significant unobservable inputs were used in determining value.
       
    Investments in Securities, at Value  
   
Commercial Mortgage-Backed Securities –
Non-Agency
    
Residential Mortgage-Backed Securities - Agency
    
Residential Mortgage-Backed Securities –
Non-Agency
  
Balance as of November 30, 2013
   $ -     $ 101,378     $ 369,674  
Accrued discounts/premiums
     3,625       (296 )     11,499  
Realized gain/(loss)
     3,302       (468 )     7,444  
Change in unrealized appreciation/(depreciation)
     22,124       2,998       (85 )
Purchases
     1,587,750       317       499,318  
Sales
     (126,466 )     (8,352 )     (34,211 )
Transfers in and/or out of Level 3
     -       (95,577 )     -  
Balance as of August 31, 2014
   $ 1,490,335     $ -     $ 853,639  

The change in unrealized appreciation/(depreciation) for level 3 securities still held at August 31, 2014, and still classified as level 3 was $(206).

The following is a reconciliation of the Semper Short Duration Fund’s level 3 investments for which significant unobservable inputs were used in determining value.
 
    Investments in Securities, at Value  
   
Asset-Backed Securities
    
Commercial Mortgage-Backed Securities – Non-Agency
    
U.S. Government Agencies
    
Private Placement Participation Agreements
  
Balance as of November 30, 2013
   $ -     $ -     $ -     $ 1,668,741  
Accrued discounts/premiums
     -       (3,234 )     (1,220 )     -  
Realized gain/(loss)
     -       (8,656 )     -       (629 )
Change in unrealized appreciation/(depreciation)
     (2,050 )     (2,078 )     1,295       -  
Purchases
     597,300       1,897,812       543,675       3,600,000  
Sales
     (199,250 )     (225,985 )     -       (1,584,978 )
Transfers in and/or out of Level 3
     -       -       -       -  
Balance as of August 31, 2014
   $ 396,000     $ 1,657,858     $ 543,750     $ 3,683,134  

The change in unrealized appreciation/(depreciation) for level 3 securities still held at August 31, 2014, and still classified as level 3 was $0.

Transfers from level 3 to level 2 are a result of the availability of current market data provided by the Funds’ primary pricing service which utilizes observable inputs.  The Funds’ primary pricing service was unable to provide pricing for six asset-backed, commercial mortgage-backed and U.S. Government agency securities held on August 31, 2014.  The Valuation Committee utilized indicative market quotations or broker quotes received from a broker-dealer considered by the Adviser to be a market participant.  The underlying inputs which support the broker quote utilized by the Valuation Committee are not observable.  Since the securities’ fair value utilized significant unobservable inputs due to the lack of reliable market data, the securities are classified as level 3 of the fair value hierarchy.
 

 
 
 
 
 
Significant unobservable valuation inputs for the private placement participation agreements categorized as level 3 securities in the Short Duration Fund as of August 31, 2014, are as follows:

Investments in
Securities
Value at
8/31/14
Valuation
Technique(s)
Unobservable Input
Input Values
Private Placement Participation Agreements – Abington Emerson Reo III
$1,039,367
Valued at par
Fixed loan participation valued at par based on deal cash flow, illiquidity and short maturity.
At the time of purchase, the loan participation’s projected yield to maturity was 9.5%, which was approximately 5% higher than the current yield of the Barclays Capital High Yield Loan Index.  In our view, the credit quality of the loan participation is higher than the average quality of the Barclays Loan Index from a combination of 15% subordination, approximately 50% overcollateralization, and access to timely loan cash flow information.  The liquidity of the loan participation is materially lower than the Barclays Loan Index constituent liquidity, however, that is largely offset by the approximate 1.2 year average life.  A yield spread of 5% was appropriate at the time of purchase and remains appropriate.  Since purchase, cash flows have been as expected with no asset quality deterioration. As of 8/31/14, the Index current yield remains roughly unchanged and a price of par results in the same yield spread.
 
Private Placement Participation Agreements – Basepoint – BP GFM Trust
$1,166,465
Valued at par
Fixed loan participation valued at par based on deal cash flow, illiquidity and short maturity.
At the time of purchase, the loan participation’s projected yield to maturity was 8%, which was approximately 3.5% higher than the current yield of the Barclays Capital High Yield Loan Index.  In our view, the credit quality of the loan participation is higher than the average quality of the Index from a combination of significant subordination, overcollateralization, strong experience and financial wherewithal of sponsors, and uniquely diversified collateral consisting of consumer installment loans provided to government employees in Mexico. The liquidity of the loan participation is materially lower than the Index constituent liquidity, however, that is largely offset by the approximate 1.2 year average life.  A yield spread of 3.5% was appropriate at the time of purchase and remains appropriate.  Since purchase, cash flows have been as expected with no asset quality deterioration. As of 8/31/14, the Index current yield remains roughly unchanged and a price of par results in the same yield spread.
 
Private Placement Participation Agreements – Basepoint Merchant Lending Trust
$1,477,302
Valued at par
Fixed loan participation valued at par based on deal cash flow, illiquidity and short maturity.
At the time of purchase, the loan participation’s projected yield to maturity was 9%, which was approximately 4.5% higher than the current yield of the Barclays Capital High Yield Loan Index (“Barclays Loan Index”).  The credit quality of the loan participation is higher than the average quality of the Barclays Loan Index from a combination of 5% subordination, transaction structure allowing losses more than 3 times greater than base case before any interest rate impairment and over 4.5 times before any principal impairment.  The liquidity of the loan participation is materially lower than the Barclays Loan Index constituent liquidity, however, that is largely offset by the approximate 1.5 year average life.  A yield spread of 4.5% was appropriate at the time of purchase and remains appropriate.  Since purchase, cash flows have been as expected with no asset quality deterioration. As of 8/31/14, the Barclays Loan Index current yield remains approximately the same as the time of purchase (+444 basis point spread over its benchmark, LIBOR), and a price of par results in a very similar spread to the Barclays Loan Index.

 
 
 
 
 
 
Note 2 – Illiquid Securities

A security may be considered illiquid if it lacks a readily available market.  Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by a Fund.  Illiquid securities may be valued under methods approved by the Funds’ Board of Trustees as reflecting fair value.  Each Fund intends to invest no more than 15% of its net assets in illiquid securities.  At August 31, 2014, the Short Duration Fund had investments in illiquid securities with a total value of $3,683,134 or 6.0% of total net assets.

Information concerning these illiquid securities in the Fund is as follows:

Short Duration Fund
   
PAR
  
Dates Acquired
  
Cost Basis
  
Abington Emerson Reo III
   $ 1,039,367  
3/14 – 6/14
   $ 1,039,367  
Basepoint Merchant Lending Trust – Series SPL-II
     1,477,302  
7/13 – 4/14
     1,477,302  
Basepoint – BP GFM Trust
     1,166,465  
5/14 – 8/14
     1,166,465  
 

 
 
 
 
 
Note 3 – Federal Income Taxes

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

MBS Total Return Fund

Cost of investments
   $ 93,621,954  
         
Gross unrealized appreciation
   $ 1,781,415  
Gross unrealized depreciation
     (640,677 )
Net unrealized appreciation
   $ 1,140,738  
 
Short Duration Fund

Cost of investments
   $ 70,386,123  
         
Gross unrealized appreciation
   $ 735,152  
Gross unrealized depreciation
     (607,762 )
Net unrealized appreciation
   $ 127,390  

* 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.
 
 
 
 
 
 
 
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 10/24/2014                                                                                                                                                                       

 
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 10/24/2014                                                                       
                                                                                                

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

Date 10/24/2014                                                                       

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