capital_n-q.htm

As filed with the Securities and Exchange Commission on May 28, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 5th Floor

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

Registrant's telephone number, including area code: (414) 765-6609

Date of fiscal year end: December 31, 2015

Date of reporting period: March 31, 2015

Item 1. Schedules of Investments.

Capital Advisors Growth Fund
Schedule of Investments
at March 31, 2015 (Unaudited)

Shares			Value
		COMMON STOCKS - 90.74%

		Asset Management - 2.64%
	2,890	BlackRock, Inc.	$	1,057,277

		Auto Manufacturers - Major - 2.72%
	29,000	General Motors Co.		1,087,500

		Biotechnology - 5.06%
	8,000	Amgen, Inc.		1,278,800
	7,600	Gilead Sciences, Inc. *		745,788
				2,024,588

		Business Services - 4.47%
	640	The Priceline Group, Inc. *		745,056
	15,960	Visa, Inc. - Class A		1,043,944
				1,789,000

		Catalog & Mail Order Houses - 2.74%
	2,950	Amazon.com, Inc. *		1,097,695

		CATV Systems - 2.73%
	37,000	Discovery Communications, Inc. - Class C *		1,090,575

		Conglomerates - 2.06%
	33,200	General Electric Co.		823,692

		Credit Services - 2.80%
	14,200	Capital One Financial Corp.		1,119,244

		Drug Manufacturers - 3.81%
	12,100	Bristol-Myers Squibb Co.		780,450
	7,400	Johnson & Johnson		744,440
				1,524,890

		Electric Utilities - 3.65%
	63,900	Calpine Corp. *		1,461,393

		Grocery Stores - 3.26%
	25,000	Whole Foods Market, Inc.		1,302,000

		Health Care Plans - 2.99%
	13,800	Express Scripts Holding Co. *		1,197,426

		Independent Oil & Gas - 6.26%
	15,000	Continental Resources, Inc. *		655,050
	35,500	Range Resources Corp.		1,847,420
				2,502,470

		Industrial Electrical Equipment - 2.57%
	15,130	Eaton Corp. PLC #		1,027,932

		Internet Information Providers - 3.01%
	1,090	Google, Inc. - Class A *		604,623
	1,090	Google, Inc. - Class C *		597,320
				1,201,943

		Medical Appliances & Equipment - 2.75%
	23,700	Abbott Laboratories		1,098,021

		Medical Laboratories & Research - 3.03%
	9,600	Laboratory Corp. of America Holdings *		1,210,464

		Money Center Banks - 3.86%
	28,400	Wells Fargo & Co.		1,544,960

		Personal Computers - 3.56%
	11,430	Apple, Inc.		1,422,235

		Personal Products - 4.93%
	8,400	Procter & Gamble Co.		688,296
	30,800	Unilever PLC - ADR		1,284,668
				1,972,964


	Processed & Packaged Goods - 2.97%
12,400	PepsiCo, Inc.		1,185,688

	Railroads - 2.63%
31,700	CSX Corp.		1,049,904

	Real Estate Development - 6.27%
46,800	Brookfield Asset Manangement, Inc. - Class A #		2,508,948

	Restaurants - 2.22%
9,100	McDonald's Corp.		886,704

	Semiconductor - Integrated Circuits - 2.43%
14,000	Qualcomm, Inc.		970,760

	Semiconductor - Specialized - 2.53%
23,600	Altera Corp.		1,012,676

	Specialty Retail, Other - 2.79%
13,400	Alibaba Group Holding Ltd. - ADR *		1,115,416

	Total Common Stocks (Cost $26,657,937)		36,286,365

	SHORT-TERM INVESTMENTS - 11.12%
4,446,805	Fidelity Institutional Money Market Government Portfolio, Class I, 0.01%† (Cost $4,446,805)		4,446,805
	Total Investments in Securities (Cost $31,104,742) - 101.86%		40,733,170
	Liabilities in Excess of Other Assets - (1.86)%		(742,426	)
	Net Assets - 100.00%	$	39,990,744

	* Non-income producing security.
	# U.S. traded security of a foreign issuer.
	† Rate shown is the 7-day annualized yield as of March 31, 2015.
	ADR - American Depository Receipt

C Tactical Dynamic Fund
Schedule of Investments
at March 31, 2015 (Unaudited)

Shares			Value
		EXCHANGE-TRADED FUNDS - 97.83%

		Treasuries/Investment Grade Bonds - 23.87%
	13,505	iShares Intermediate Government/Credit Bond ETF	$	1,509,859
	64,712	Vanguard Short-Term Government Bond ETF		3,955,845
				5,465,704

		U.S. Equity Sectors - 73.96%
	91,957	iShares Core MSCI EAFE ETF		5,378,565
	182,400	Schwab U.S. Broad Market ETF		9,207,552
	24,800	SPDR Dow Jones REIT ETF		2,345,336
				16,931,453

		Total Exchange-Traded Funds (Cost $22,274,038)		22,397,157

		SHORT-TERM INVESTMENTS - 2.31%
	529,913	Fidelity Institutional Money Market Government Portfolio, Class I, 0.01%† (Cost $529,913)		529,913
		Total Investments in Securities (Cost $22,803,951) - 100.14%		22,927,070
		Liabilities in Excess of Other Assets - (0.14)%		(33,179	)
		Net Assets - 100.00%	$	22,893,891

		† Rate shown is the 7-day annualized yield as of March 31, 2015.
		ETF - Exchange-Traded Fund

Capital Advisors Growth Fund

C Tactical Dynamic Fund

Notes to Schedule of Investments

March 31, 2015 (Unaudited)

Note 1 – Securities Valuation

The Capital Advisors Growth Fund’s and the C Tactical Dynamic Fund’s (the “Funds”) investments in securities are carried at their fair value. Equity securities, including common stocks and exchange-traded funds, that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

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.

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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ securities as of March 31, 2015:

Capital Advisors Growth Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Basic Materials	$	2,502,470	$	-	$	-	$	2,502,470
Conglomerates		823,692		-		-		823,692
Consumer Goods		4,246,152		-		-		4,246,152
Financial		6,230,429		-		-		6,230,429
Healthcare		7,055,389		-		-		7,055,389
Industrial Goods		1,027,932		-		-		1,027,932
Services		8,331,294		-		-		8,331,294
Technology		4,607,614		-		-		4,607,614
Utilities		1,461,393		-		-		1,461,393
Total Common Stocks		36,286,365		-		-		36,286,365
Short-Term Investments		4,446,805		-		-		4,446,805
Total Investments in Securities	$	40,733,170	$	-	$	-	$	40,733,170

C Tactical Dynamic Fund

	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	22,397,157	$	-	$	-	$	22,397,157
Short-Term Investments		529,913		-		-		529,913
Total Investments in Securities	$	22,927,070	$	-	$	-	$	22,927,070

Refer to each Fund’s Schedule of Investments for a detailed break-out of securities. Transfers between levels are recognized at March 31, 2015, 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 March 31, 2015.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at March 31, 2015 was as follows*:

Capital Advisors Growth Fund

Cost of investments	$	31,104,742

Gross unrealized appreciation	$	9,936,058
Gross unrealized depreciation		(307,630	)
Net unrealized appreciation	$	9,628,428

C Tactical Dynamic Fund

Cost of investments	$	22,808,096

Gross unrealized appreciation	$	128,328
Gross unrealized depreciation		(9,354	)
Net unrealized appreciation	$	118,974

* Because tax adjustments are calculated annually, the above tables reflect 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 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”)), as amended, (17 CFR270.30a-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 5/20/2015

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 5/20/2015

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

Cheryl L. King, Treasurer

Date 5/20/2015

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