kellner_n-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

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

777 East Wisconsin Avenue, 5th Floor

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2015

Date of reporting period: March 31, 2015

Item 1. Schedules of Investments.

Kellner Merger Fund
Schedule of Investments
at March 31, 2015 (Unaudited)

Shares			Value
		COMMON STOCKS - 86.2%
		Administrative and Support Services - 4.8%
	22,100	Baker Hughes, Inc.	$	1,405,118
	136,900	Orbitz Worldwide, Inc. (a)		1,596,254
				3,001,372

		Beverage and Tobacco Product Manufacturing - 0.8%
	8,039	Lorillard, Inc. (c)		525,349

		Broadcasting (except Internet) - 2.5%
	10,700	DIRECTV (a)(c)		910,570
	67,400	Sirius XM Holdings, Inc. (a)(c)		257,468
	2,500	Time Warner Cable, Inc.		374,700
				1,542,738

		Chemical Manufacturing - 13.2%
	0	Actavis plc (a)(b)		86
	900	AstraZeneca PLC - ADR		61,587
	1	Endo International plc (a)(b)		90
	4,700	Pharmacyclics, Inc. (a)		1,202,965
	50,800	Polypore International, Inc. (a)		2,992,120
	22,900	Salix Pharmaceuticals, Inc. (a)		3,957,349
				8,214,197

		Computer and Electronic Product Manufacturing - 7.2%
	23,400	Aruba Networks, Inc. (a)		573,066
	91,400	Exelis, Inc.		2,227,418
	32,400	Freescale Semiconductor Ltd. (a)(b)		1,320,624
	22,800	Tokyo Electron Ltd. - ADR (a)		396,036
				4,517,144

		Credit Intermediation and Related Activities - 15.1%
	36,300	City National Corp.		3,233,604
	305,000	Hudson City Bancorp, Inc. (c)		3,196,400
	218,800	Susquehanna Bancshares, Inc. (c)		2,999,748
				9,429,752

		Data Processing, Hosting, and Related Services - 3.0%
	90,100	Riverbed Technology, Inc. (a)(c)		1,883,991

		General Merchandise Stores - 11.7%
	91,900	Family Dollar Stores, Inc. (c)		7,282,156

		Insurance Carriers and Related Activities- 0.0%
	600	Montpelier Re Holdings Ltd. (b)		23,064

		Machinery Manufacturing - 0.3%
	2,200	Dresser-Rand Group, Inc. (a)		176,770

		Merchant Wholesalers, Nondurable Goods - 5.8%
	26,300	Sigma-Aldrich Corp. (c)		3,635,975

		Miscellaneous Manufacturing - 2.2%
	1	Becton, Dickinson and Co.		207
	77,500	International Game Technology (c)		1,349,275
				1,349,482

		Miscellaneous Store Retailers - 1.7%
	114,200	Office Depot, Inc. (a)		1,050,640

		Oil and Gas Extraction - 2.1%
	167,900	Talisman Energy, Inc. (b)		1,289,472

		Paper Manufacturing - 6.1%
	76,300	MeadWestvaco Corp.		3,805,081

		Performing Arts and Spectator Sports - 1.0%
	9,300	Life Time Fitness, Inc. (a)		659,928


		Primary Metal Manufacturing - 2.7%
	46,200	RTI International Metals, Inc. (a)		1,659,042

		Professional, Scientific, and Technical Services - 0.8%
	11,100	Advent Software, Inc.		489,621

		Publishing Industries (Except Internet) - 1.8%
	18,800	Catamaran Corp. (a)(b)		1,119,352

		Telecommunications - 0.9%
	7,798	Covisint Corp. (a)		15,830
	31,000	Mavenir Systems, Inc. (a)		549,940
				565,770

		Transportation Equipment Manufacturing - 2.0%
	11,800	TRW Automotive Holdings Corp. (a)		1,237,230

		Utilities - 0.5%
	12,900	Pepco Holdings, Inc.		346,107
		TOTAL COMMON STOCKS (Cost $53,037,478)		53,804,233

		RIGHTS - 0.0%
		Hospitals - 0.0%
	6,500	Community Health Systems, Inc. (a)		143
		TOTAL RIGHTS (Cost $0)		143

Contracts
		PURCHASED OPTIONS - 0.0%
		Put Options - 0.0%
	123	Time Warner Cable, Inc.
		Expiration: April 2015, Exercise Price: $135.00		7,134
		TOTAL PURCHASED OPTIONS (Cost $105,332)		7,134

Shares
		MONEY MARKET FUNDS - 13.8%
	8,615,004	Fidelity Institutional Money Market Portfolio - Class I, 0.10% (d)(e)		8,615,004
		TOTAL MONEY MARKET FUNDS (Cost $8,615,004)		8,615,004

		Total Investments in Securities (Cost $61,757,814) - 100.0%		62,426,514
		Liabilities in Excess of Other Assets - (0.0)%		(10,866	)
		NET ASSETS - 100.0%	$	62,415,648

(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		All or a portion of the security has been segregated for open short positions.
(d)		Rate shown is the 7-day annualized yield as of March 31, 2015.
(e)		All or a portion of the shares have been committed as collateral for the total return swaps.
ADR		American Depository Receipt

Kellner Merger Fund
Schedule of Securities Sold Short
at March 31, 2015 (Unaudited)

Shares			Value
		COMMON STOCKS - 40.7%
		Beverage and Tobacco Product Manufacturing - 0.3%
	2,339	Reynolds American, Inc.	$	161,180

		Broadcasting (except Internet) - 9.7%
	107,526	Comcast Corp. - Class A		6,071,993

		Chemical Manufacturing - 0.2%
	3,684	Pfizer, Inc.		128,166

		Computer and Electronic Product Manufacturing - 4.0%
	18,526	Applied Materials, Inc.		417,947
	9,368	Harris Corp.		737,824
	20,926	Mitel Networks Corp. (a)(b)		212,817
	11,408	NXP Semiconductors NV (a)(b)		1,144,907
				2,513,495

		Credit Intermediation and Related Activities - 11.3%
	55,357	BB&T Corp.		2,158,369
	25,627	M&T Bank Corp.		3,254,629
	27,185	Royal Bank of Canada (b)		1,640,887
				7,053,885

		General Merchandise Stores - 3.0%
	22,827	Dollar Tree, Inc. (a)		1,852,297

		Insurance Carriers and Related Activities - 0.0%
	283	Endurance Specialty Holdings Ltd.		17,303

		Miscellaneous Store Retailers - 0.6%
	24,987	Staples, Inc.		406,913

		Paper Manufacturing - 6.2%
	59,558	Rock-Tenn Co. - Class A		3,841,491

		Primary Metal Manufacturing - 2.7%
	130,815	Alcoa, Inc.		1,690,130

		Support Activities for Mining - 1.7%
	24,752	Halliburton Co.		1,086,118

		Telecommunications - 1.0%
	18,249	AT&T, Inc.		595,830
		TOTAL COMMON STOCKS (Proceeds $25,021,130)		25,418,801
		Total Securities Sold Short (Proceeds $25,021,130)	$	25,418,801

(a)		Non-income producing security.
(b)		Foreign issued security.

Kellner Merger Fund

Schedule of Swap Contracts

at March 31, 2015 (Unaudited)

Security

Total Return Received

Termination Date

Notional

Amount

Net Unrealized Appreciation/(Depreciation)

Counterparty

LONG TOTAL RETURN SWAP CONTRACTS

Dresser-Rand Group

Total return of security

11/19/2024

20,000

1,607,000

25,400

Goldman Sachs & Co.

Hospira, Inc.

Total return of security

3/11/2025

34,800

3,056,832

(348

)

Goldman Sachs & Co.

Time Warner Cable, Inc.

Total return of security

10/18/2024

34,900

5,230,812

74,337

Goldman Sachs & Co.

TRW Automotive Holdings Corp.

Total return of security

10/21/2024

49,300

5,169,105

493

Goldman Sachs & Co.

99,882

Kellner Event Fund
Schedule of Investments
at March 31, 2015 (Unaudited)

Shares			Value
		COMMON STOCKS - 63.9%
		Administrative and Support Services - 2.4%
	1,700	Baker Hughes, Inc.	$	108,086
	12,000	Orbitz Worldwide, Inc. (a)		139,920
				248,006

		Broadcasting (except Internet) - 6.7%
	805	Cumulus Media, Inc. - Class A (a)		1,988
	56,000	Sirius XM Holdings, Inc. (a)(c)		213,920
	34,708	Spanish Broadcasting System, Inc. - Class A (a)		139,526
	2,200	Time Warner Cable, Inc.		329,736
				685,170

		Chemical Manufacturing - 9.6%
	1	Actavis plc (a)(b)		274
	3,100	Hospira, Inc. (a)		272,304
	400	Pharmacyclics, Inc. (a)		102,380
	4,400	Polypore International, Inc. (a)		259,160
	2,000	Salix Pharmaceuticals, Inc. (a)		345,620
				979,738

		Computer and Electronic Product Manufacturing - 3.9%
	2,000	Aruba Networks, Inc. (a)		48,980
	8,000	Exelis, Inc.		194,960
	2,800	Freescale Semiconductor Ltd. (a)(b)		114,128
	2,000	Tokyo Electron Ltd. - ADR		34,740
				392,808

		Credit Intermediation and Related Activities - 8.2%
	3,200	City National Corp.		285,056
	27,000	Hudson City Bancorp, Inc. (c)		282,960
	19,400	Susquehanna Bancshares, Inc.		265,974
				833,990

		Data Processing, Hosting, and Related Services - 1.7%
	8,000	Riverbed Technology, Inc. (a)(c)		167,280

		General Merchandise Stores - 6.2%
	8,000	Family Dollar Stores, Inc. (c)		633,920

		Machinery Manufacturing - 1.6%
	2,000	Dresser-Rand Group, Inc. (a)		160,700

		Merchant Wholesalers, Nondurable Goods - 3.3%
	4,150	Alliance One International, Inc. (a)		4,565
	2,400	Sigma-Aldrich Corp. (c)		331,800
				336,365

		Mining (except Oil and Gas) - 1.4%
	10,375	Alpha Natural Resources, Inc. (a)		10,374
	6,079	SunCoke Energy Partners LP		129,422
				139,796

		Miscellaneous Manufacturing - 1.2%
	7,200	International Game Technology (c)		125,352

		Miscellaneous Store Retailers - 0.9%
	10,000	Office Depot, Inc. (a)		92,000


	Oil and Gas Extraction - 1.1%
14,800	Talisman Energy, Inc. (b)	113,664

	Paper Manufacturing - 3.3%
6,800	MeadWestvaco Corp.	339,116

	Performing Arts and Spectator Sports - 0.6%
800	Life Time Fitness, Inc. (a)	56,768

	Primary Metal Manufacturing - 1.4%
4,000	RTI International Metals, Inc. (a)	143,640

	Professional, Scientific, and Technical Services - 2.0%
1,000	Advent Software, Inc.	44,110
3,600	Yahoo!, Inc. (a)	159,966
		204,076

	Publishing Industries (except Internet) - 0.9%
1,600	Catamaran Corp. (a)(b)	95,264

	Telecommunications - 1.3%
26,515	Globalstar, Inc. (a)	88,295
2,400	Mavenir Systems, Inc. (a)	42,576
		130,871

	Transportation Equipment Manufacturing - 5.8%
5,600	TRW Automotive Holdings Corp. (a)(c)	587,160

	Utilities - 0.4%
1,400	Pepco Holdings, Inc. (c)	37,562
	TOTAL COMMON STOCKS (Cost $6,394,978)	6,503,246

	PREFERRED STOCKS - 2.8%
	Real Estate - 2.3%
10,000	American Realty Capital Properties, Inc.	236,000

	Telecommunications - 0.5%
2,050	United States Cellular Corp.	51,906
	TOTAL PREFERRED STOCKS (Cost $270,988)	287,906

	CLOSED-END FUNDS - 3.5%
33,000	BlackRock Debt Strategies Fund, Inc.	123,090
20,026	Nuveen Floating Rate Income Opportunity Fund	232,902
	TOTAL CLOSED-END FUNDS (Cost $344,595)	355,992


Principal Amount
		CONVERTIBLE BONDS - 0.2%
		Goodrich Petroleum Corp.
$	41,500	5.00%, 10/1/2032		21,839
		TOTAL CONVERTIBLE BONDS (Cost $18,923)		21,839

		CORPORATE BONDS - 1.8%
		Arch Coal, Inc.
	171,814	9.875%, 6/15/2019		51,544
		Alaska Communications Systems Group, Inc.
	130,000	6.25%, 5/1/2018		128,132
		TOTAL CORPORATE BONDS (Cost $179,556)		179,676

		MUNICIPAL BONDS - 1.9%
		Commonwealth of Puerto Rico Public Improvement Funding Bonds, Series 2012 A, General Obligation
	250,000	4.00%, 7/1/2020		191,413
		TOTAL MUNICIPAL BONDS (Cost $183,840)		191,413

Contracts
		PURCHASED OPTIONS - 0.0%
		Put Options - 0.0%
	7	Time Warner Cable, Inc.
		Expiration: April 2015, Exercise Price: $135.00		406
		TOTAL PURCHASED OPTIONS (Cost $5,995)		406

Shares
		MONEY MARKET FUNDS - 23.1%
	2,350,837	Fidelity Institutional Money Market Portfolio - Class I, 0.10% (d)		2,350,837
		TOTAL MONEY MARKET FUNDS (Cost $2,350,837)		2,350,837

		Total Investments in Securities (Cost $9,749,712) - 97.2%		9,891,315
		Other Assets in Excess of Liabilities - 2.8%		284,764
		NET ASSETS - 100.0%	$	10,176,079

(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		All or a portion of the security has been segregated for open short positions.
(d)		Rate shown is the 7-day annualized yield as of March 31, 2015.
ADR		American Depository Receipt

Kellner Event Fund
Schedule of Securities Sold Short
at March 31, 2015 (Unaudited)

Shares			Value
		COMMON STOCKS - 20.6%
		Broadcasting (except Internet) - 3.5%
	6,325	Comcast Corp. - Class A	$	357,173

		Computer and Electronic Product Manufacturing - 2.1%
	1,625	Applied Materials, Inc.		36,660
	820	Harris Corp.		64,583
	1,620	Mitel Networks Corp. (a)(b)		16,475
	986	NXP Semiconductors NV (a)(b)		98,955
				216,673

		Credit Intermediation and Related Activities - 6.3%
	4,908	BB&T Corp.		191,363
	830	Canadian Western Bank (b)		18,172
	2,269	M&T Bank Corp.		288,163
	2,397	Royal Bank of Canada (b)		144,683
				642,381

		General Merchandise Stores - 1.6%
	1,988	Dollar Tree, Inc. (a)		161,316

		Miscellaneous Store Retailers - 0.4%
	2,189	Staples, Inc.		35,648

		Paper Manufacturing - 3.4%
	5,288	Rock-Tenn Co. - Class A		341,076

		Primary Metal Manufacturing - 1.4%
	11,326	Alcoa, Inc.		146,332

		Securities, Commodity Contracts and Other Financial Investment Activities - 1.1%
	1,386	Alibaba Group Holding Ltd. - ADR (a)		115,371

		Support Activities for Mining - 0.8%
	1,904	Halliburton Co.		83,547
		TOTAL COMMON STOCKS (Proceeds $2,087,301)		2,099,517

Principal Amount
		CORPORATE BONDS - 1.1%
		Vallourec SA (b)
$	100,000	2.25%, 9/30/2024		109,367
		TOTAL CORPORATE BONDS (Proceeds $113,960)		109,367
		Total Securities Sold Short (Proceeds $2,201,261)	$	2,208,884

(a)		Non-income producing security.
(b)		Foreign issued security.
ADR		American Depository Receipt

Note 1 – Securities Valuation

The Kellner Funds’ (the “Funds”) investments in securities are carried at their fair value. 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).

Equity securities, including common stocks, preferred stocks, and closed-end 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.

Debt securities, such as corporate bonds, asset-backed securities, municipal bonds, and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate 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. These securities will generally be classified in level 2 of the fair value hierarchy.

Options are valued using the composite pricing via the National Best Bid and Offer quotes. Composite pricing looks at the last trade on the exchange where the option is traded. If there are no trades for an option on a given business day, as of closing, the Funds will value the option at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Options that are valued based on quoted prices from the exchange are categorized in level 1 of the fair value hierarchy. Options that are valued at the mean of the highest bid price and lowest asked price are categorized in level 2.

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 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 March 31, 2015:

Kellner Merger Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Administrative Support and Waste Management	$	3,001,372	$	-	$	-	$	3,001,372
Arts, Entertainment and Recreation		659,928		-		-		659,928
Finance and Insurance		9,452,816		-		-		9,452,816
Information		5,111,851		-		-		5,111,851
Manufacturing		21,484,295		-		-		21,484,295
Mining, Quarrying, and Oil and Gas Extraction		1,289,472		-		-		1,289,472
Professional, Scientific, and Technical Services		489,621		-		-		489,621
Retail Trade		8,332,796		-		-		8,332,796
Utilities		346,107		-		-		346,107
Wholesale Trade		3,635,975		-		-		3,635,975
Total Common Stocks		53,804,233		-		-		53,804,233
Rights		143		-		-		143
Purchased Options
Put Options		7,134		-		-		7,134
Total Purchased Options		7,134		-		-		7,134
Money Market Funds		8,615,004		-		-		8,615,004
Total Investments in Securities	$	62,426,514	$	-	$	-	$	62,426,514
Swap Contracts*	$	-	$	99,882	$	-	$	99,882
Securities Sold Short	$	25,418,801	$	-	$	-	$	25,418,801

*Swap contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

Kellner Event Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Administrative Support and Waste Management	$	248,006	$	-	$	-	$	248,006
Arts, Entertainment and Recreation		56,768		-		-		56,768

Finance and Insurance		833,990		-		-		833,990
Information		1,078,585		-		-		1,078,585
Manufacturing		2,728,514		-		-		2,728,514
Mining, Quarrying, and Oil and Gas Extraction		253,460		-		-		253,460
Professional, Scientific, and Technical Services		204,076		-		-		204,076
Retail Trade		725,920		-		-		725,920
Utilities		37,562		-		-		37,562
Wholesale Trade		336,365		-		-		336,365
Total Common Stocks		6,503,246		-		-		6,503,246
Preferred Stocks
Information		51,906		-		-		51,906
Real Estate, Rental and Leasing		236,000		-		-		236,000
Total Preferred Stocks		287,906		-		-		287,906
Closed-End Funds		355,992		-		-		355,992
Fixed Income
Convertible Bonds		-		21,839		-		21,839
Corporate Bonds		-		179,676		-		179,676
Municipal Bonds		-		191,413		-		191,413
Total Fixed Income		-		392,928		-		392,928
Purchased Options
Put Options		406		-		-		406
Total Purchased Options		406		-		-		406
Money Market Funds		2,350,837		-		-		2,350,837
Total Investments in Securities	$	9,498,387	$	392,928	$	-	$	9,891,315
Securities Sold Short	$	2,099,517	$	109,367	$	-	$	2,208,884

Refer to the Funds’ Schedule of Investments for a detailed break-out of securities by industry classification. 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 – Derivative Transactions

The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

The Funds may utilize options for hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to hedge the Funds’ investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of the Funds’ overall strategy in a manner deemed appropriate to the Adviser and consistent with the Funds’ investment objective and policies. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current fair value of the written option. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon the exercise of the option.

With options, there is minimal counterparty credit risk to the Funds since the options are covered or secured, which means that the Funds will own the underlying security or, to the extent it does not hold the security, will maintain liquid assets consisting of cash, short-term securities, or equity or debt securities equal to the market value of the security underlying the option, marked to market daily.

Options purchased are recorded as investments and marked-to-market daily to reflect the current fair value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option contract. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchase put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.

The Funds may invest in total return swaps to obtain exposure to the underlying referenced instrument, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the counterparty to a total return swaps defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Total return swaps are derivatives and their value can be volatile. To the extent that an advisor does not accurately analyze and predict future market trends, the values of assets or economic factors, a fund may suffer a loss, which may exceed the related amounts shown in the statement of assets and liabilities. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Total return swap contracts outstanding at period end are listed after the Kellner Merger Fund’s schedule of investments. The Kellner Event Fund did not invest in total return swaps during the period ended March 31, 2015.

Average Balance Information

The average monthly market values of purchased and written options during the period ended March 31, 2015 for the Kellner Merger Fund were $125,082 and $18,860, respectively. The average notional value of total return swap contracts held by the Kellner Merger Fund during the period ended March 31, 2015 was $14,780,057.

Transactions in written options contracts for the period ended March 31, 2015 are as follows:

Kellner Merger Fund
	Contracts			Premiums Received
Beginning Balance		326		$	41,878
Options written		123			52,755
Options closed		(123	)		(52,755	)
Options expired		(326	)		(41,878	)
Outstanding at March 31, 2015		-		$	-

Average Balance Information

The average monthly market values of purchased and written options during the period ended March 31, 2015 for the Kellner Event Fund were $2,790 and $1,073, respectively.

Transactions in written options contracts for the period ended March 31, 2015 are as follows:

Kellner Event Fund
	Contracts			Premiums Received
Beginning Balance		-		$	-
Options written		7			3,002
Options closed		(7	)		(3,002	)
Outstanding at March 31, 2015		-		$	-

Note 3 – Federal Income Taxes

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

Kellner Merger Fund

Cost of investments	$	61,771,137

Gross unrealized appreciation	$	1,273,721
Gross unrealized depreciation		(618,344	)
Net unrealized appreciation	$	655,377

Kellner Event Fund

Cost of investments	$	9,749,712

Gross unrealized appreciation	$	230,349
Gross unrealized depreciation		(88,746	)
Net unrealized appreciation	$	141,603

* 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 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 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 5/27/2015

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 5/27/2015

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

Cheryl L. King, Treasurer

Date 5/27/2015

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