N-Q 1 semper_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS semper_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, 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, 2015

 
Date of reporting period:  August 31, 2015
 
 
 
 
 
Item 1. Schedules of Investments.
 
SEMPER MBS TOTAL RETURN FUND
      
Schedule of Investments - August 31, 2015 (Unaudited)
      
           
Principal
          
Amount/Shares
      
Value
  
   
ASSET-BACKED SECURITIES - 6.8%
      
   
Access Financial Manufactured Housing Contract Trust
      
$ 339,989  
7.650%, due 5/15/21, Series 1995-1, Class B1
   $ 202,843  
     
ALESCO Preferred Funding III Ltd.
        
  2,152,941  
1.939%, due 5/1/34, Series 2004-3, Class B1 (a)(d)(f)
     1,038,794  
  2,745,000  
1.939%, due 5/1/34, Series 2004-3, Class B2 (a)(d)
     1,317,600  
     
Arbor Realty Collateralized Loan Obligation
        
  2,500,000  
5.148%, due 5/15/24, Series 2014-1A, Class C (a)(d)(f)
     2,525,000  
     
Business Loan Express
        
  375,200  
0.749%, due 7/25/28, Series 2002-1A, Class A (a)(d)
     353,782  
  387,252  
1.199%, due 4/25/29, Series 2003-1A, Class A (a)(d)(f)
     364,017  
  389,366  
0.999%, due 6/27/33, Series 2005-1A, Class M (a)(d)(f)
     338,748  
     
Cajun Global, LLC
        
  836,864  
5.955%, due 2/20/41, Series 2011-1, Class A2 (d)
     853,810  
     
Capitalsource Real Estate Loan Trust
        
  1,975,309  
0.543%, due 1/20/37, Series 2006-1A, Class A1A (a)(d)
     1,974,237  
     
INCAPS Funding I Ltd.
        
  5,523,928  
2.283%, due 6/1/33 (a)(d)(f)
     4,805,817  
  846,356  
2.283%, due 6/1/33 (a)(d)(f)
     736,330  
     
Invitation Homes Trust
        
  2,000,000  
4.705%, due 12/18/31, Series 2014-SFR3, Class E (a)(d)
     2,028,898  
     
KeyCorp Student Loan Trust
        
  808,334  
0.807%, due 1/25/37, Series 2003-A, Class 2B (a)
     700,056  
     
MM Community Funding III
        
  856,371  
2.458%, due 5/1/32, Series 2002 (a)(f)
     754,677  
     
Oakwood Mortgage Investors, Inc.
        
  244,944  
0.448%, due 9/15/17, Series 2002-A, Class A1 (a)
     218,338  
     
Ocwen Financial Corp.
        
  770,000  
7.125%, due 5/15/19 (d)
     704,550  
     
Structured Asset Securities Corp.
        
  991,647  
3.357%, due 1/25/31, Series 2003-AL2, Class A (d)
     968,517  
     
TPref Funding I Ltd.
        
  927,308  
1.189%, due 1/15/33, Series 2002 (a)(d)(f)
     862,397  
     
Velocity Commerical Capital Loan Trust
        
  1,500,000  
5.880%, due 6/25/45, Series 2015-1, Class M2 (a)(d)(f)
     1,498,950  
     
Total Asset-Backed Securities (cost $22,244,214)
     22,247,361  
               
     
COLLATERALIZED DEBT OBLIGATIONS - 1.1%
        
     
Trapeza LLC
        
  1,428,368  
0.924%, due 11/30/32, Series 2002-1A, Class B1 (a)(d)(f)
     1,192,688  
  1,477,746  
0.705%, due 1/25/35, Series 2004-7A, Class A1 (a)(d)(f)
     1,226,529  
  1,643,231  
0.561%, due 4/6/42, Series 2007-12A, Class A1 (a)(d)(f)
     1,269,396  
     
Total Collateralized Debt Obligations (cost $3,737,664)
     3,688,613  
               
     
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 1.6%
        
     
FREMF Mortgage Trust
        
  4,768,500  
4.187%, due 9/25/21, Series 2014-KF05, Class B (a)(d)
     4,794,411  
     
GNMA REMIC Trust
        
  95,071  
1.885%, due 3/16/46, Series 2013-46, Class AC (a)
     92,954  
  5,414,231  
0.882%, due 8/16/52, Series 2012-25, Class IO (a)
     271,305  
     
Total Commercial Mortgage-Backed Securities - Agency (cost $5,268,311)
     5,158,670  
               
     
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 13.0%
        
     
Banc of America Commercial Mortgage Trust
        
  570,000  
5.508%, due 12/10/42, Series 2004-6, Class G (a)(d)(f)
     85,500  
  600,000  
5.741%, due 6/10/49, Series 2007-3, Class AJ (a)
     619,293  
     
Bayview Commercial Asset Trust
        
  565,848  
0.649%, due 4/25/35, Series 2005-1, Class M2 (a)(d)
     498,458  
  2,038,129  
0.689%, due 11/25/35, Series 2005-3A, Class M2 (a)(d)
     1,732,410  
  473,728  
0.599%, due 4/25/36, Series 2006-1A, Class M2 (a)(d)
     386,172  
  10,369,096  
4.521%, due 12/25/37, Series 2007-6A, Class IO (d)(h)
     145,167  
  19,586,941  
4.234%, due 4/25/38, Series 2008-2, Class SIO (a)(d)
     454,467  
     
Bayview Financial Asset Trust
        
  684,772  
0.999%, due 3/25/37, Series 2007-SR1A, Class M1 (a)(d)
     600,202  
 
 
 
 
 
     
Bear Stearns Commercial Mortgage Securities Trust
        
  1,800,000  
5.603%, due 3/11/39, Series 2006-PW11, Class D (d)
     1,721,955  
  478,000  
4.898%, due 6/11/41, Series 2005-PWR8, Class D
     477,888  
  586,068  
5.611%, due 9/11/41, Series 2006-PW13, Class AJ (a)
     594,492  
     
CFCRE Commercial Mortgage Trust
        
  2,570,000  
3.998%, due 7/15/30, Series 2015-RUM, Class D (a)(d)
     2,582,739  
     
CNL Commercial Mortgage Loan Trust
        
  214,277  
0.843%, due 10/20/27, Series 2001-1A, Class A (a)(d)
     198,517  
  154,498  
2.703%, due 10/20/27, Series 2001-1A, Class B (a)(d)
     139,431  
  420,748  
0.920%, due 3/23/28, Series 2001-2A, Class A (a)(d)
     388,154  
  156,773  
0.799%, due 10/25/28, Series 2002-1A, Class A (a)(d)
     138,922  
  336,452  
0.998%, due 3/27/29, Series 2002-2A, Class A (a)(d)
     308,033  
  396,030  
0.698%, due 5/15/31, Series 2003-1A, Class A1 (a)(d)
     364,978  
     
Comm Mortgage Trust
        
  1,600,000  
5.377%, due 12/10/46, Series 2006-C8, Class AJ
     1,603,290  
     
Credit Suisse Commercial Mortgage Trust
        
  2,000,000  
5.538%, due 9/15/39, Series 2006-C4, Class AJ (a)
     2,014,520  
  1,170,000  
6.147%, due 9/15/39, Series 2007-C4, Class AJ (a)
     1,201,769  
     
Credit Suisse First Boston Mortgage Securities Corp.
        
  1,450,000  
5.792%, due 1/15/37, Series 2004-C1, Class H (a)(d)
     1,410,376  
  348,237  
5.717%, due 11/15/37, Series 2004-C5, Class H (a)(d)
     266,753  
  4,000,000  
4.231%, due 5/15/38, Series 2003-C3, Class J (a)(d)
     3,872,814  
  646,745  
5.319%, due 8/15/38, Series 2005-C4, Class E (a)(d)
     645,683  
     
Fannie Mae-Aces
        
  2,240,534  
6.191%, due 9/25/20, Series 2010-M6, Class SA (a)
     464,631  
     
GCCFC Commercial Mortgage Trust
        
  3,000,000  
5.287%, due 8/12/42, Series 2005-GG3, Class F (a)(d)
     2,994,382  
     
GE Commercial Mortgage Corp.
        
  2,300,000  
5.524%, due 11/10/45, Series 2005-C4, Class AJ (a)
     2,300,294  
     
JP Morgan Chase Commercial Mortgage Securities Trust
        
  1,240,000  
5.384%, due 9/12/37, Series 2005-CB12, Class B (a)
     1,219,599  
  800,000  
5.352%, due 7/15/41, Series 2004-LN2, Class D (a)
     663,148  
  100,000  
6.095%, due 4/15/45, Series 2006-LDP7, Class B (a)
     71,760  
  805,000  
6.208%, due 2/15/51, Series 2007-LDP12, Class B (a)
     777,815  
     
Key Commercial Mortgage Pass Through Certificates
        
  770,000  
5.950%, due 12/15/40, Series 2007-SL1, Class B (a)(d)
     777,355  
     
LB-UBS Commercial Mortgage Trust
        
  2,672,500  
4.979%, due 1/15/36, Series 2004-C1, Class E (a)
     2,682,178  
  440,000  
5.094%, due 12/15/39, Series 2004-C8, Class G (a)(d)
     446,448  
     
Lehman Brothers Small Balance Commericial
        
  438,633  
1.149%, due 2/25/30, Series 2005-1A, Class B (a)(d)
     348,902  
     
ML-CFC Commercial Mortgage Trust
        
  190,000  
6.028%, due 6/12/46, Series 2006-2, Class B (a)(d)
     188,757  
  2,000,000  
0.374%, due 8/12/48, Series 2007-5, Class AMFL (a)(d)
     1,881,685  
     
Morgan Stanley Bank of America Merrill Lynch Trust
        
  1,000,000  
3.732%, due 5/15/45, Series 2015-C24, Class A4 (f)
     1,031,875  
     
Morgan Stanley Capital I Trust
        
  660,000  
5.070%, due 12/13/41, Series 2005-T17, Class E (a)(d)(f)
     33,000  
  1,000,000  
5.749%, due 6/12/47, Series 2005-T19, Class G (a)(d)
     990,977  
     
Velocity Commercial Capital Loan Trust
        
  1,869,000  
6.052%, due 9/25/44, Series 2014-1, Class M2 (a)(d)(f)
     1,878,345  
     
Wachovia Bank Commercial Mortgage Trust
        
  400,000  
5.559%, due 12/15/44, Series 2005-C22, Class B (a)
     400,729  
  690,000  
5.672%, due 10/15/48, Series 2006-C28, Class B (a)
     689,603  
  220,000  
5.368%, due 11/15/48, Series 2006-C29, Class AJ (a)
     222,564  
     
Total Commercial Mortgage-Backed Securities - Non-Agency (cost $43,740,730)
     42,516,030  
               
     
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 1.5%
        
     
Fannie Mae Connecticut Avenue Securities
        
  5,000,000  
4.199%, due 5/27/25, Series 2015-C02, Class 1M2 (a)
     4,801,430  
     
FNMA REMIC Trust
        
  204,289  
2.000%, due 10/25/40, Series 2013-53, Class CB
     204,318  
     
GNMA II Pool
        
  81,463  
2.549%, due 9/20/63, Series #899223 (a)
     87,746  
     
Total Residential Mortgage-Backed Securities - Agency (cost $5,094,831)
     5,093,494  
               
     
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 59.4%
        
     
ABSC Long Beach Home Equity Loan Trust
        
  582,183  
8.550%, due 9/21/30, Series 2000-LB1, Class AF5 (a)
     611,326  
 
 
 
 
 
     
ACE Security Corp. Home Equity Loan Trust
        
  357,352  
1.369%, due 7/25/33, Series 2003-NC1, Class M1 (a)
     338,306  
     
Adjustable Rate Mortgage Trust
        
  472,883  
2.761%, due 9/25/35, Series 2005-5, Class 2A1 (a)
     417,996  
  400,347  
0.739%, due 11/25/35, Series 2005-6A, Class 1A1 (a)
     334,758  
  2,578,716  
0.349%, due 3/25/37, Series 2007-1, Class 5A1 (a)
     1,969,548  
     
Aegis Asset Backed Securities Trust
        
  3,250,533  
0.369%, due 1/25/37, Series 2006-1, Class A2 (a)
     2,272,376  
     
AFC Home Equity Loan Trust
        
  481,882  
1.129%, due 11/24/28, Series 1998-4, Class 2A2 (a)
     440,836  
  658,886  
1.079%, due 2/25/29, Series 1999-1, Class 1A1 (a)
     570,398  
  850,917  
0.899%, due 6/25/30, Series 2000-2, Class 2A (a)
     715,618  
  158,902  
0.949%, due 10/25/30, Series 2000-3, Class 1A (a)(d)
     144,446  
     
American Home Mortgage Investment Trust
        
  317,667  
6.100%, due 1/25/37, Series 2007-A, Class 13A1 (d)(g)
     176,266  
  208,022  
2.164%, due 4/25/44, Series 2004-1, Class 3A (a)
     203,940  
     
Amresco Residential Securities Mortgage Loan Trust
        
  2,002,438  
6.156%, due 11/25/29, Series 1999-1, Class M1 (a)
     1,819,401  
     
Asset Backed Funding Certificates
        
  84,605  
2.299%, due 2/25/32, Series 2002-WF2, Class M2 (a)
     82,616  
  6,345,226  
0.979%, due 9/25/33, Series 2004-AHL1, Class M1 (a)
     5,416,963  
     
Banc of America Alternative Loan Trust
        
  601,956  
5.500%, due 12/25/33, Series 2003-10, Class 3A1
     618,164  
  1,358,474  
6.000%, due 1/25/37, Series 2006-9, Class 2NC1
     883,660  
     
Banc of America Funding Corp.
        
  1,646,450  
5.500%, due 2/26/20, Series 2009-R17, Class 3A2 (d)
     1,656,762  
  1,098,380  
5.500%, due 6/26/21, Series 2009-R15, Class 5A3 (d)
     1,082,825  
  85,005   2.614%, due 12/20/34, Series 2004-B, Class 1A1 (a)     73,245  
  159,384  
2.614%, due 12/20/34, Series 2004-B, Class 1A2 (a)
     137,334  
  35,772  
2.862%, due 12/20/34, Series 2004-C, Class 1B2 (a)
     34,161  
  1,310,358  
2.944%, due 12/20/34, Series 2004-B, Class 3A2 (a)
     716,848  
  2,546,835  
3.210%, due 9/20/35, Series 2005-F, Class 1X (a)
     207,351  
  3,590,674  
0.641%, due 7/25/37, Series 2008-R4, Class 1A4 (a)(d)
     2,515,838  
  204,446  
44.925%, due 7/25/47, Series 2007-5, Class 7A2 (a)
     362,267  
     
Banc of America Mortgage Securities
        
  190,890  
4.757%, due 12/26/22, Series 2007-4, Class 2A3 (a)
     185,213  
  124,472  
5.500%, due 1/25/34, Series 2003-10, Class 1A2
     120,067  
  262,277  
5.500%, due 3/25/34, Series 2004-2, Class 1A8
     269,203  
     
Bayview Financial Acquisition Trust
        
  12,526,000  
6.725%, due 5/28/37, Series 2007-A, Class 1A4 (g)
     12,336,425  
  3,037,000  
0.998%, due 6/28/44, Series 2005-C, Class M4 (a)
     2,379,016  
     
Bayview Financial Asset Trust
        
  1,088,130  
0.649%, due 3/25/37, Series 2007-SR1A, Class A (a)(d)
     930,247  
  372,091  
1.099%, due 3/25/37, Series 2007-SR1A, Class M2 (a)(d)
     317,728  
     
Bayview Financial Revolving Asset Trust
        
  3,301,494  
1.128%, due 12/28/40, Series 2005-E, Class A2A (a)(d)
     2,564,683  
  4,231,106  
1.198%, due 12/28/40, Series 2005-E, Class A1 (a)(d)
     3,235,719  
     
Bear Stearns Adjustable Rate Mortgage Trust
        
  356,489  
2.940%, due 9/25/34, Series 2004-6, Class 2A2 (a)
     300,919  
  49,905  
5.261%, due 2/25/36, Series 2005-12, Class 24A1 (a)
     45,444  
     
Bear Stearns ALT-A Trust
        
  692,800  
2.665%, due 11/25/34, Series 2004-11, Class 2A6A (a)
     651,358  
     
Bear Stearns Asset Backed Securities Trust
        
  147,560  
5.500%, due 11/25/33, Series 2003-AC6, Class A3 (g)
     146,033  
  2,436,525  
0.699%, due 9/25/34, Series 2005-CL1, Class A1 (a)
     2,348,927  
  12,518,782  
0.533%, due 9/25/35, Series 2005-SD4, Class 1X (a)
     343,284  
     
Chase Funding Mortgage Loan Asset-Backed Certificates
        
  168,896  
6.333%, due 4/25/32, Series 2002-2, Class 1A5 (g)
     172,555  
  357,187  
5.159%, due 11/25/32, Series 2003-4, Class 1M1 (a)
     353,576  
     
Chase Mortgage Finance Corp.
        
  588,336  
2.593%, due 12/25/37, Series 2007-A3, Class 1A7 (a)
     506,557  
     
Chevy Chase Mortgage Funding Corp.
        
  557,781  
0.399%, due 1/25/36, Series 2005-1, Class A2 (a)(d)
     503,394  
  783,195  
0.479%, due 10/25/46, Series 2005-C, Class A2 (a)(d)
     608,732  
     
CIT Group Home Equity Loan Trust
        
  530,645  
7.210%, due 2/25/33, Series 2002-1, Class AF5 (g)
     531,440  
     
Citicorp Mortgage Securities Trust
        
  356,160  
5.500%, due 6/25/36, Series 2006-3, Class 3A1
     360,378  
  493,323  
5.500%, due 4/25/37, Series 2007-3, Class 3A1
     495,766  
 
 
 
 
 
  137,902  
5.500%, due 7/25/37, Series 2007-6, Class 3A1
     134,740  
  974,028  
6.000%, due 9/25/37, Series 2007-8, Class 1A4
     974,805  
     
Citigroup Mortgage Loan Trust
        
  1,573,487  
5.750%, due 4/25/23, Series 2009-8, Class 6A2 (a)(d)
     1,579,846  
  449,887  
6.000%, due 7/25/34, Series 2004-NCM1, Class 2A2
     465,940  
  1,538,387  
2.642%, due 9/25/35, Series 2005-7, Class 1A1 (a)
     1,124,982  
  7,794,317  
2.566%, due 6/25/36, Series 2006-AR3, Class 2A1A (a)
     6,227,620  
  338,340  
2.849%, due 7/25/36, Series 2006-AR5, Class 1A3A (a)
     281,768  
  250,357  
6.333%, due 1/25/37, Series 2007-OPX1, Class A4B (g)
     171,036  
  911,360  
3.067%, due 9/25/37, Series 2007-10, Class 2A3A (a)
     765,254  
  714,981  
1.199%, due 10/25/37, Series 2007-FS1, Class 2A1A (a)(d)
     518,200  
     
CitiMortgage Alternative Loan Trust
        
  224,633  
6.000%, due 10/25/36, Series 2006-A5, Class 3A1
     187,960  
     
Conseco Finance Home Loan Trust
        
  360,320  
10.260%, due 8/15/31, Series 2000-E, Class B1 (a)
     361,031  
     
Countrywide Alternative Loan Trust
        
  1,144,046  
2.669%, due 9/25/34, Series 2004-15, Class 2A2 (a)
     922,682  
  373,826  
7.000%, due 9/25/34, Series 2004-J8, Class 1A1
     383,087  
  134,129  
6.000%, due 8/25/37, Series 2008-2R, Class 3A1
     110,994  
  175,451  
6.000%, due 8/25/37, Series 2008-2R, Class 2A1
     141,464  
     
Countrywide Home Loans
        
  157,003  
5.000%, due 6/25/18, Series 2003-15, Class 2A1
     156,830  
  544,574  
2.664%, due 9/25/33, Series 2003-37, Class 2A1 (a)
     520,066  
  124,742  
2.684%, due 8/25/34, Series 2004-12, Class 12A1 (a)
     114,247  
  937,065  
2.330%, due 10/20/34, Series 2004-15, Class 3A (a)
     801,022  
  103,291  
5.500%, due 10/25/34, Series 2004-19, Class A15
     102,076  
  4,618,492  
6.000%, due 10/25/34, Series 2005-8R, Class A3
     4,668,968  
  744,207  
6.000%, due 3/25/35, Series 2005-R1, Class 2A1 (d)
     748,321  
  740,676  
2.827%, due 4/25/35, Series 2005-11, Class 1A2 (a)
     674,077  
  73,615  
18.289%, due 1/25/36, Series 2005-30, Class A2 (a)
     94,081  
  2,578,228  
5.500%, due 2/25/36, Series 2006-J1, Class 2A1
     2,408,377  
  158,267  
2.505%, due 4/20/36, Series 2006-HYB2, Class 3A1 (a)
     135,222  
  225,480  
2.509%, due 3/25/37, Series 2007-HYB1, Class 3A1 (a)
     189,959  
  1,313,019  
6.000%, due 7/25/37, Series 2007-J3, Class A4
     1,114,241  
     
Credit Suisse First Boston Mortgage Securities Corp.
        
  50,849  
7.500%, due 6/25/20, Series 1997-2, Class A (d)
     52,793  
  563,228  
7.000%, due 5/25/32, Series 2002-10, Class 1M2 (a)
     528,888  
  202,531  
2.311%, due 3/25/33, Series 2003-AR9, Class CB1 (a)
     169,923  
  1,285,730  
3.099%, due 7/25/33, Series 2003-AR18, Class 4M3 (a)
     1,004,447  
  1,041,471  
1.799%, due 2/25/34, Series 2004-AR1, Class 6M2 (a)
     873,709  
     
Credit Suisse Mortgage Trust
        
  384,022  
5.000%, due 4/25/29, Series 2007-5, Class 9A2
     378,652  
  208,621  
5.750%, due 12/26/35, Series 2005-1R, Class 2A5 (d)
     192,267  
  279,767  
6.500%, due 7/26/36, Series 2007-5R, Class A5
     167,942  
  3,788,000  
1.199%, due 10/25/36, Series 2006-CF3, Class M2 (a)(d)
     2,943,295  
  975,346  
5.500%, due 11/25/36, Series 2006-9, Class 2A1
     947,759  
  2,911,503  
6.500%, due 11/25/36, Series 2006-9, Class 4A13
     2,833,949  
  756,527  
2.727%, due 4/30/37, Series 2011-6R, Class 4A2 (a)(d)
     552,501  
  483,476  
5.383%, due 2/15/40, Series 2010-RR4, Class 1BA (a)(d)
     495,318  
     
Deutsche Alt-A Securities, Inc.
        
  1,973,584  
0.409%, due 6/25/37, Series 2007-AR3, Class 1A2 (a)
     1,559,390  
     
Encore Credit Receivables Trust
        
  210,000  
0.689%, due 10/25/35, Series 2005-3, Class M2 (a)
     206,275  
     
EquiFirst Mortgage Loan Trust
        
  886,526  
0.679%, due 1/25/34, Series 2004-1, Class 1A1 (a)
     817,992  
  20,381  
0.919%, due 4/25/35, Series 2005-1, Class M3 (a)
     17,756  
     
Equity One ABS, Inc.
        
  1,394,355  
0.839%, due 5/25/32, Series 2001-3, Class AV1 (a)
     1,169,552  
  84,956  
6.039%, due 11/25/32, Series 2002-3, Class M1 (a)
     85,044  
  970,320  
5.658%, due 9/25/33, Series 2003-2, Class M2 (a)
     969,475  
     
First Franklin Mortgage Loan Trust
        
  615,161  
0.819%, due 11/25/31, Series 2001-FF2, Class A1 (a)
     556,997  
     
First Horizon Alternative Mortgage Securities
        
  2,091,351  
2.250%, due 5/25/35, Series 2005-AA3, Class 2A1 (a)
     1,592,462  
  505,772  
2.250%, due 7/25/36, Series 2006-AA4, Class 1A1 (a)
     388,341  
     
First Horizon Mortgage Pass-Through Trust
        
  146,215  
6.000%, due 8/25/36, Series 2006-2, Class 1A7
     140,897  
  332,695  
6.000%, due 2/25/37, Series 2006-4, Class 1A11
     301,267  
  317,870  
2.452%, due 7/25/37, Series 2007-AR2, Class 2A1 (a)
     263,266  
 
 
 
 
 
     
GMACM Home Equity Loan Trust
        
  1,041,309  
5.120%, due 4/25/33, Series 2003-HE2, Class A4 (g)
     1,054,063  
     
GS Mortgage Securities Corp.
        
  98,515  
7.500%, due 9/25/36, Series 2008-2R, Class 1A1 (a)(d)
     80,663  
  1,330,141  
7.500%, due 10/25/36, Series 2008-2R, Class 2A1 (a)(d)
     1,088,409  
     
GS Mortgage Securities Trust
        
  2,500,000  
5.988%, due 8/10/45, Series 2007-GG10, Class AM (a)
     2,508,492  
     
GSAA Home Equity Trust
        
  158,848  
0.469%, due 7/25/37, Series 2007-7, Class A4 (a)
     129,668  
     
GSMPS Mortgage Loan Trust
        
  184,542  
7.269%, due 5/19/27, Series 1998-2, Class A (a)(d)
     197,753  
  660,809  
8.500%, due 1/25/36, Series 2006-RP1, Class 1A4 (d)
     720,668  
     
GSR Mortgage Loan Trust
        
  105,712  
4.500%, due 1/25/21, Series 2006-2F, Class 5A1
     101,331  
  1,362,772  
0.499%, due 4/25/32, Series 2004-4, Class 2A4 (a)
     1,166,600  
  432,432  
2.785%, due 9/25/34, Series 2004-11, Class 1A1 (a)
     413,049  
  146,649  
0.529%, due 12/25/34, Series 2004-14, Class 2A1 (a)
     133,227  
  127,757  
5.500%, due 3/25/36, Series 2006-3F, Class 1A2
     114,773  
     
HarborView Mortgage Loan Trust
        
  294,171  
2.690%, due 2/25/36, Series 2006-2, Class 1A (a)
     246,704  
  362,463  
3.499%, due 6/19/36, Series 2006-3, Class 1A (a)
     239,025  
  5,942,712  
0.425%, due 5/19/46, Series 2006-4, Class 3A1A (a)
     2,558,462  
     
HomeBanc Mortgage Trust
        
  1,315,000  
0.689%, due 10/25/35, Series 2005-4, Class M2 (a)
     912,062  
     
HSI Asset Loan Obligation Trust
        
  766,840  
2.567%, due 1/25/37, Series 2007-AR1, Class 2A1 (a)
     605,614  
  813,750  
6.500%, due 6/25/37, Series 2007-1, Class 2A12
     565,435  
     
IMC Home Equity Loan Trust
        
  697,549  
6.482%, due 8/20/29, Series 1998-3, Class A7 (g)
     720,431  
     
Impac CMB Trust
        
  325,730  
5.216%, due 12/25/32, Series 2002-9F, Class A1 (g)
     325,467  
  89,471  
1.039%, due 10/25/33, Series 2003-11, Class 2A1 (a)
     87,796  
  375,903  
1.099%, due 10/25/33, Series 2003-8, Class 2A1 (a)
     364,343  
  143,245  
1.019%, due 8/25/34, Series 2004-8, Class 3A (a)
     135,328  
  737,676  
1.849%, due 10/25/34, Series 2004-5, Class 1M4 (a)
     655,018  
  370,244  
1.924%, due 10/25/34, Series 2004-6, Class M4 (a)
     322,533  
  664,397  
1.849%, due 5/25/35, Series 2005-4, Class 2B1 (a)
     667,942  
     
IndyMac INDX Mortgage Loan Trust
        
  109,274  
0.999%, due 5/25/34, Series 2004-AR10, Class 2A1 (a)
     100,525  
  428,407  
3.279%, due 11/25/34, Series 2004-AR9, Class 1A (a)
     366,482  
  326,386  
2.524%, due 6/25/35, Series 2005-AR7, Class 1A1 (a)
     230,252  
  244,061  
2.851%, due 9/25/36, Series 2006-AR25, Class 6A1 (a)
     225,509  
     
IndyMac Residential Asset Backed Trust
        
  459,419  
0.359%, due 7/25/37, Series 2007-B, Class 2A2 (a)
     291,776  
     
Irwin Home Equity
        
  148,847  
2.074%, due 1/25/34, Series 2004-A, Class M2 (a)
     146,024  
  263,386  
5.900%, due 9/25/37, Series 2006-3, Class 2A4 (d)(g)
     265,867  
     
Lavender Trust
        
  400,000  
5.500%, due 9/26/35, Series 2010-R6A, Class A3 (d)
     405,773  
  445,000  
6.250%, due 9/26/36, Series 2010-R10A, Class A3 (d)
     451,751  
  223,000  
6.000%, due 8/26/37, Series 2010-RR15A, Class A3 (d)
     226,778  
     
Lehman Mortgage Trust
        
  566,609  
5.800%, due 1/25/36, Series 2005-3, Class 2A5
     562,545  
  650,212  
5.000%, due 4/25/36, Series 2006-2, Class 4A1
     643,258  
  3,702,027  
0.619%, due 12/25/36, Series 2006-8, Class 2A1 (a)
     1,778,435  
  154,295  
0.000%, due 6/25/37, Series 2007-5, Class PO1 (e)
     118,936  
  332,299  
0.000%, due 10/25/37, Series 2007-9, Class AP (e)
     242,343  
     
Lehman Structured Securities Corp.
        
  125,755  
0.000%, due 7/26/24, Series 2002-GE1, Class A (a)(d)(f)
     100,604  
     
Long Beach Mortgage Loan Trust
        
  506,705  
0.759%, due 9/25/34, Series 2004-5, Class A5 (a)
     452,294  
     
MASTR Adjustable Rate Mortgages Trust
        
  379,932  
0.529%, due 12/25/34, Series 2004-15, Class 6A1 (a)
     324,297  
  23,494  
2.607%, due 7/25/35, Series 2005-6, Class 5A1 (a)
     20,473  
     
MASTR Asset Backed Securities Trust
        
  372,292  
1.924%, due 2/25/34, Series 2004-WMC1, Class M2 (a)
     370,581  
     
MASTR Asset Securitization Trust
        
  4,235,275  
0.699%, due 6/25/36, Series 2006-2, Class 2A2 (a)
     2,332,620  
 
 
 
 
 
     
MASTR Reperforming Loan Trust
        
  123,572  
6.000%, due 8/25/34, Series 2005-1, Class 1A1 (d)
     122,306  
  628,054  
0.549%, due 5/25/35, Series 2005-2, Class 1A1F (a)(d)
     517,791  
     
Merrill Lynch Mortgage Backed Securities Trust
        
  890,907  
3.073%, due 4/25/37, Series 2007-1, Class 2A1 (a)
     765,235  
     
Merrill Lynch Mortgage Investors Trust
        
  85,077  
2.151%, due 3/25/33, Series 2003-A2, Class 2M1 (a)
     78,511  
     
Merrill Lynch Mortgage Synthetic
        
  1,235,714  
0.963%, due 6/28/35, Series 2005-ACR1, Class M2 (a)(d)
     1,143,035  
     
MESA Trust Asset Backed Certificates
        
  1,164,522  
3.450%, due 2/18/33, Series 2002-1, Class B1 (a)(d)
     1,148,551  
     
MLCC Mortgage Investors, Inc.
        
  631,592  
1.887%, due 1/25/29, Series 2003-G, Class B1 (a)(d)
     540,940  
  397,553  
2.130%, due 4/25/35, Series 2005-1, Class 2A3 (a)
     351,936  
  256,379  
2.330%, due 9/25/37, Series 2007-3, Class 1A2 (a)
     229,064  
     
Morgan Stanley Dean Witter Capital I Trust
        
  179,604  
1.624%, due 10/25/31, Series 2001-NC3, Class M1 (a)
     171,945  
  85,390  
1.474%, due 2/25/32, Series 2001-AM1, Class M1 (a)
     79,488  
  1,395,972  
2.149%, due 7/25/32, Series 2002-HE1, Class M2 (a)
     1,504,898  
     
Morgan Stanley Mortgage Loan Trust
        
  273,980  
2.464%, due 9/25/34, Series 2004-7AR, Class 2A7 (a)
     243,102  
  465,829  
6.000%, due 6/25/36, Series 2006-7, Class 4A4
     416,352  
     
New Century Alternative Mortgage Loan Trust
        
  304,636  
5.712%, due 10/25/36, Series 2006-ALT2, Class AF2 (a)
     173,281  
     
New York Mortgage Trust
        
  3,104,329  
0.799%, due 8/25/35, Series 2005-2, Class M1 (a)
     2,763,160  
  1,338,025  
1.199%, due 8/25/35, Series 2005-2, Class M2 (a)
     1,176,209  
     
Nomura Asset Acceptance Corp.
        
  416,783  
6.863%, due 2/19/30, Series 2001-R1A, Class A (a)(d)
     413,048  
  1,196,279  
7.500%, due 3/25/34, Series 2004-R1, Class A2 (d)
     1,238,611  
  226,598  
0.649%, due 2/25/35, Series 2004-R3, Class AF (a)(d)
     190,360  
  2,683,448  
0.459%, due 7/25/35, Series 2005-AR3, Class 1A1 (a)
     2,119,057  
  3,303,263  
0.489%, due 8/25/35, Series 2005-AR4, Class 5A3 (a)
     2,360,558  
  600,489  
5.318%, due 8/25/35, Series 2005-AP3, Class A3 (a)
     436,377  
  2,162,763  
2.678%, due 2/25/36, Series 2006-AR1, Class 3A (a)
     1,887,209  
  1,093,389  
5.383%, due 6/25/36, Series 2006-AF1, Class 5A (a)
     967,924  
     
Option One Mortgage Loan Trust
        
  39,872  
1.399%, due 1/25/32, Series 2001-4, Class M1 (a)
     29,962  
     
PAMEX Mortgage Trust
        
  197,561  
1.899%, due 7/25/29, Series 1999-A, Class M2 (a)(d)(f)
     161,329  
     
PHH Alternative Mortgage Trust
        
  1,289,645  
6.000%, due 5/25/37, Series 2007-2, Class 3A1
     1,142,949  
     
Prime Mortgage Trust
        
  687,899  
7.000%, due 7/25/34, Series 2005-5, Class 1A1
     693,886  
  156,302  
8.000%, due 7/25/34, Series 2005-5, Class 1A3
     150,648  
  4,985,526  
6.000%, due 5/25/35, Series 2006-DR1, Class 2A2 (d)
     4,871,038  
  143,529  
5.500%, due 6/25/36, Series 2006-1, Class 1A1
     113,971  
  575,659  
6.250%, due 11/25/36, Series 2006-2, Class 1A15
     492,315  
  3,932,146  
6.000%, due 4/25/37, Series 2007-2, Class A2
     3,302,566  
     
Provident Bank Home Equity Loan Trust
        
  408,000  
3.698%, due 1/25/30, Series 1998-4, Class A9 (a)
     316,706  
  567,203  
0.719%, due 3/25/30, Series 2000-1, Class A1 (a)
     493,814  
     
RBSGC Mortgage Pass-Through Certificates
        
  424,181  
6.000%, due 6/25/37, Series 2008-B, Class A1 (d)
     368,835  
     
RBSSP Resecuritization Trust
        
  1,321,985  
1.500%, due 7/26/37, Series 2010-4, Class 7A1X (d)
     12,149  
     
Residential Asset Mortgage Products, Inc.
        
  259,341  
5.700%, due 10/25/31, Series 2001-RS3, Class AI5 (a)
     262,767  
  189,548  
5.910%, due 1/25/32, Series 2002-RS1, Class AI5 (a)
     195,570  
  4,481  
5.350%, due 6/25/32, Series 2004-RS7, Class AI4 (a)
     4,463  
  222,394  
0.819%, due 6/25/33, Series 2003-RS5, Class AIIB (a)
     203,004  
  1,013,975  
1.924%, due 8/25/34, Series 2004-RS8, Class MII2 (a)
     767,288  
  5,000,000  
0.829%, due 9/25/35, Series 2005-EFC4, Class M5 (a)
     3,674,515  
  2,570,000  
0.579%, due 3/25/36, Series 2006-RS2, Class A3B (a)
     2,089,326  
     
Residential Asset Securities Corp.
        
  1,302,921  
6.980%, due 9/25/31, Series 2001-KS3, Class AI5 (g)
     1,322,146  
  214,491  
7.279%, due 4/25/32, Series 2002-KS2, Class AI5 (g)
     219,588  
  365,636  
4.620%, due 10/25/34, Series 2004-KS9, Class AI6 (a)
     323,219  
     
Residential Asset Securitization Trust
        
  297,538  
5.000%, due 8/25/19, Series 2004-A6, Class A1
     296,262  
 
 
 
 
 
     
Residential Funding Mortgage Securities I, Inc.
        
  284,307  
5.500%, due 9/25/33, Series 2003-S17, Class A5
     300,364  
  78,695  
5.500%, due 9/25/33, Series 2003-S17, Class A3
     79,231  
  565,802  
2.855%, due 8/25/35, Series 2005-SA3, Class 1A (a)
     461,804  
  174,877  
0.000%, due 6/25/36, Series 2006-S5, Class A4 (e)
     112,076  
  219,112  
3.499%, due 11/25/36, Series 2006-SA4, Class 2A1 (a)
     190,793  
  865,147  
0.000%, due 5/25/37, Series 2007-S5, Class AP (e)
     632,774  
     
Residential Funding Securities Corp.
        
  1,143,672  
1.059%, due 3/25/33, Series 2002-RP1, Class A1 (a)(d)
     1,044,627  
  1,481,193  
3.941%, due 7/25/41, Series 2003-RP2, Class M2 (a)(d)
     1,533,114  
     
Salomon Brothers Mortgage Securities VII
        
  355,102  
2.374%, due 3/25/32, Series 2002-CIT1, Class M3 (a)
     310,209  
     
Saxon Asset Securities Trust
        
  1,903,721  
2.299%, due 7/25/30, Series 2000-2, Class BV2 (a)
     1,922,661  
     
Security National Mortgage Loan Trust
        
  523,568  
0.849%, due 11/25/34, Series 2004-2, Class AV (a)(d)
     474,724  
  300,053  
0.479%, due 1/25/37, Series 2006-3A, Class A1 (a)(d)
     293,886  
  1,272,183  
0.549%, due 4/25/37, Series 2007-1, Class 2A (a)(d)
     1,080,281  
     
Sequoia Mortgage Trust
        
  669,874  
0.573%, due 10/20/35, Series 2005-4, Class 1A2 (a)
     589,642  
  1,820,777  
3.902%, due 9/20/46, Series 2007-1, Class 4A1 (a)
     1,470,441  
     
Southern Pacific Secured Assets Corp.
        
  400,997  
7.080%, due 3/25/28, Series 1998-1, Class A6 (a)
     401,873  
     
Sovereign Bank Home Equity Loan Trust
        
  726,804  
7.250%, due 12/25/30, Series 2000-1, Class A6 (f)
     472,423  
     
Structured Adjustable Rate Mortgage Loan Trust
        
  469,708  
2.417%, due 7/25/34, Series 2004-8, Class 2A2 (a)
     458,819  
  142,381  
2.458%, due 3/25/35, Series 2005-4, Class 1A1 (a)
     127,739  
  214,640  
2.507%, due 11/25/35, Series 2005-21, Class 3A1 (a)
     171,292  
     
Structured Asset Investment Loan Trust
        
  305,349  
1.249%, due 8/25/33, Series 2003-BC9, Class M1 (a)
     292,488  
     
Structured Asset Securities Corp.
        
  146,163  
8.495%, due 12/25/29, Series 2004-SC1, Class A (a)(d)
     155,621  
  689,054  
2.721%, due 7/25/32, Series 2002-14A, Class 1A1 (a)
     662,607  
  277,258  
2.378%, due 7/25/33, Series 2003-24A, Class 5A (a)
     272,471  
  201,348  
2.515%, due 11/25/33, Series 2003-34A, Class 3A6 (a)
     192,343  
  380,071  
4.920%, due 3/25/34, Series 2004-6XS, Class M1 (g)
     388,641  
  407,954  
0.549%, due 4/25/35, Series 2005-RF2, Class A (a)(d)
     341,303  
  1,720,000  
0.499%, due 1/25/37, Series 2007-GEL1, Class A3 (a)(d)
     1,096,369  
  1,397,664  
0.479%, due 5/25/47, Series 2007-RM1, Class A1 (a)(d)(f)
     1,146,084  
     
SunTrust Adjustable Rate Mortgage Loan Trust
        
  458,798  
2.623%, due 2/25/37, Series 2007-1, Class 1A1 (a)
     380,860  
     
Terwin Mortgage Trust
        
  731,302  
8.000%, due 3/25/34, Series 2004-4SL, Class B3 (a)(d)
     649,774  
  378,723  
0.899%, due 7/25/34, Series 2004-7HE, Class A3 (a)(d)
     349,693  
  438,615  
1.049%, due 7/25/34, Series 2004-7HE, Class M1 (a)(d)
     402,084  
  784,373  
3.049%, due 10/25/34, Series 2004-16SL, Class B1 (a)(d)
     710,835  
  606,993  
2.699%, due 10/25/35, Series 2004-11HE, Class B1 (a)
     624,717  
  591,601  
0.509%, due 7/25/36, Series 2005-12AL, Class AV2 (a)
     577,448  
     
Truman Capital Mortgage Loan Trust
        
  1,750,942  
2.974%, due 11/25/31, Series 2002-1, Class M2 (a)(d)
     1,699,052  
     
Wachovia Mortgage Loan Trust, LLC
        
  235,832  
2.749%, due 8/20/35, Series 2005-A, Class 1A1 (a)
     206,184  
  659,626  
2.622%, due 10/20/35, Series 2005-B, Class 1A1 (a)
     558,047  
     
WaMu Mortgage Pass-Through Certificates
        
  2,242,040  
1.600%, due 11/25/41, Series 2001-AR3, Class 2A (a)
     2,107,592  
  187,963  
1.872%, due 7/25/42, Series 2002-AR9, Class 2A (a)
     177,033  
     
Wells Fargo Alternative Loan Trust
        
  1,051,172  
6.250%, due 8/25/32, Series 2002-1, Class 1A1
     1,062,619  
     
Wells Fargo Mortgage Backed Securities Trust
        
  131,473  
2.617%, due 1/25/35, Series 2004-DD, Class 1A1 (a)
     132,325  
  409,254  
2.740%, due 6/26/35, Series 2008-1R, Class A2 (a)(d)
     387,102  
  400,404  
5.250%, due 9/25/35, Series 2005-7, Class A2
     389,540  
     
Total Residential Mortgage-Backed Securities - Non-Agency (cost $193,433,028)
     194,209,814  
               
     
U.S. GOVERNMENT AGENCIES - 10.8%
        
     
FNMA TBA
        
  3,000,000  
3.500%, due 9/15/25 (b)
     3,161,836  
  8,000,000  
3.500%, due 10/1/40 (b)
     8,278,812  
 
 
 
 
 
  10,000,000  
3.500%, due 9/15/41 (b)
     10,373,515  
  3,000,000  
5.000%, due 9/15/41 (b)
     3,309,551  
  10,000,000  
3.000%, due 9/15/42 (b)
     10,057,030  
     
Total U.S. Government Agencies (cost $35,218,437)
     35,180,744  
               
     
SHORT-TERM INVESTMENTS - 10.7%
        
  34,952,342  
First American Government Obligations Fund - Class Z, 0.01% (c)
     34,952,342  
     
Total Short-Term Investments (cost $34,952,342)
     34,952,342  
               
     
Total Investments (cost $343,689,557) - 104.9%
     343,047,068  
     
Liabilities less Other Assets - (4.9)%
     (16,070,973 )
     
TOTAL NET ASSETS - 100.0%
   $ 326,976,095  
               
               
(a) 
 
Variable rate security. Rate shown reflects the rate in effect at August 31, 2015.
  
(b) 
   
Security purchased on a when-issued basis. As of August 31, 2015, the total cost of investments purchased on a when-issued basis was $35,218,437 or 10.8% of total net assets.
  
(c) 
 
Rate shown is the 7-day annualized yield as of August 31, 2015.
        
(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, 2015, the value of these investments
  
     
was $100,785,042 or 30.8% of total net assets.
        
(e) 
 
Security is a zero coupon bond. Zero coupon bonds are issued at a 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) 
 
Step-up bond; the interest rate shown is the rate in effect as of August 31, 2015.
  
     
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, 2015 (Unaudited)
      
           
Principal
          
Amount/Shares
      
Value
  
   
ASSET-BACKED SECURITIES - 19.5%
      
   
American Homes 4 Rent
      
$ 400,000  
1.798%, due 6/17/31, Series 2014-SFR1, Class B (a)(c)
   $ 394,205  
     
Amresco Independence Funding, Inc.
        
  288,103  
1.750%, due 7/15/26, Series 1999-1A, Class A (a)(c)(d)
     266,496  
     
Aurora Military Housing LLC
        
  500,000  
5.350%, due 12/15/25 (c)
     548,430  
     
Avis Budget Rental Car Funding AESOP, LLC
        
  620,000  
2.100%, due 3/20/19, Series 2012-3A, Class A (c)
     622,899  
     
Bush Truck Leasing, LLC
        
  122,355  
5.000%, due 9/25/18, Series 2011-AA, Class B (c)
     121,234  
  54,017  
5.000%, due 9/25/18, Series 2011-AA, Class C (c)
     50,496  
     
FFCA Secured Lending Corp.
        
  678,141  
7.850%, due 5/18/26, Series 1999-2, Class WA1C (c)(d)
     707,810  
     
Invitation Homes Trust
        
  90,000  
1.698%, due 6/17/31, Series 2014-SFR1, Class B (a)(c)
     89,128  
  1,000,000  
1.798%, due 9/18/31, Series 2014-SFR2, Class B (a)(c)
     993,122  
     
KeyCorp Student Loan Trust
        
  427,485  
0.807%, due 1/25/37, Series 2003-A, Class 2B (a)
     370,222  
     
Montefiore Medical Center
        
  890,000  
3.896%, due 5/20/27 (c)
     939,446  
     
New Residential Advance Receivables Trust Advance
        
  380,000  
2.315%, due 8/15/46, Series 2015-T1, Class AT1 (c)
     380,182  
     
Silver Bay Realty Trust
        
  500,000  
1.648%, due 9/17/31, Series 2014-1, Class B (a)(c)
     492,694  
     
SLM Student Loan Trust
        
  204,416  
0.479%, due 9/25/19, Series 2012-7, Class A2 (a)
     202,543  
  304,151  
0.375%, due 4/25/20, Series 2005-1, Class A2 (a)
     301,127  
  400,000  
1.493%, due 9/15/32, Series 2003-C, Class A3 (a)
     393,818  
  200,000  
3.177%, due 9/15/32, Series 2003-C, Class A4 (a)
     196,909  
     
Small Business Administration Participation Certificates
        
  108,503  
4.727%, due 2/10/19, Series 2009-P10A, Class 1
     115,411  
  163,619  
3.080%, due 9/1/19, Series 2009-10E, Class 1
     167,962  
  146,315  
4.233%, due 9/10/19, Series 2009-10B, Class 1
     153,738  
  351  
0.980%, due 9/1/22, Series 2012-10E, Class 1
     348  
     
Structured Asset Securities Corp.
        
  266,435  
3.357%, due 1/25/31, Series 2003-AL2, Class A (c)
     260,221  
     
Tricon American Homes Trust
        
  260,000  
1.836%, due 5/19/32, Series 2015-SFR1, Class B (a)(c)
     257,049  
     
Velocity Commercial Capital Loan Trust
        
  478,702  
2.629%, due 6/25/45, Series 2015-1, Class AFL (a)(c)(d)
     478,702  
     
Total Asset-Backed Securities (cost $8,532,708)
     8,504,192  
               
     
COLLATERALIZED DEBT OBLIGATIONS - 2.7%
        
     
Latitude Management Real Estate Capital, Inc.
        
  320,000  
1.950%, due 2/22/32, Series 2015-CRE1, Class A (a)(c)
     317,472  
     
Preferred Term Secs II
        
  112,950  
1.283%, due 3/1/31 (a)(c)(d)
     111,255  
     
Trapeza LLC
        
  282,252  
0.924%, due 11/30/32, Series 2002-1A, Class B1 (a)(c)(d)
     235,681  
  313,461  
0.705%, due 1/25/35, Series 2004-7A, Class A1 (a)(c)(d)
     260,173  
  328,646  
0.561%, due 4/6/42, Series 2007-12A, Class A1 (a)(c)(d)
     253,879  
     
Total Collateralized Debt Obligations (cost $1,191,304)
     1,178,460  
               
     
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 11.4%
        
     
FNMA
        
  8,696,125  
0.438%, due 1/25/22, Series 2012-M3, Class X1 (a)
     146,875  
     
GNMA REMIC Trust
        
  107,691  
2.237%, due 3/16/33, Series 2011-110, Class A
     108,113  
  185,143  
1.738%, due 1/16/34, Series 2011-161, Class A
     185,927  
  16,194  
6.000%, due 12/20/39, Series 2010-14, Class QP
     17,066  
  616,561  
2.500%, due 8/16/41, Series 2014-52, Class CA (a)
     627,254  
  537,195  
2.400%, due 11/16/41, Series 2014-40, Class AC (a)
     551,117  
  490,127  
1.723%, due 8/16/42, Series 2013-46, Class AB
     478,228  
  766,469  
1.300%, due 2/16/46, Series 2013-68, Class AC
     742,010  
 
 
 
 
 
 
  494,371  
1.885%, due 3/16/46, Series 2013-46, Class AC (a)
     483,361  
  1,109,178  
1.042%, due 7/16/46, Series 2012-123, Class A
     1,061,495  
  486,525  
2.426%, due 3/16/48, Series 2013-78, Class AF
     482,440  
  2,396,959  
0.877%, due 1/16/49, Series 2009-4, Class IO (a)
     95,201  
     
Total Commercial Mortgage-Backed Securities - Agency (cost $5,004,269)
     4,979,087  
               
     
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 17.2%
        
     
Banc of America Commercial Mortgage Trust
        
  830,000  
5.741%, due 6/10/49, Series 2007-3, Class AJ (a)
     856,688  
     
Banc of America Large Loan
        
  75,273  
5.108%, due 12/20/41, Series 2010-UB4, Class A4B (a)(c)(d)
     75,273  
     
CFCRE Commercial Mortgage Trust
        
  490,000  
1.907%, due 7/15/30, Series 2015-RUM, Class A (a)(c)
     491,685  
     
Citigroup Commercial Mortgage Trust
        
  140,000  
6.214%, due 10/15/41, Series 2004-C2, Class H (a)(c)
     135,451  
     
CNL Commercial Mortgage Loan Trust
        
  79,900  
0.799%, due 10/25/28, Series 2002-1A, Class A (a)(c)
     70,803  
     
Comm Mortgage Trust
        
  161,787  
6.850%, due 8/15/33, Series 2000-C1, Class G (a)(c)
     169,099  
     
Credit Suisse First Boston Mortgage Securities Corp.
        
  427,834  
5.717%, due 11/15/37, Series 2004-C5, Class H (a)(c)
     327,724  
  350,000  
5.135%, due 10/15/39, Series 2004-C4, Class E (a)(c)(d)
     364,766  
     
Invitation Homes Trust
        
  291,404  
1.400%, due 12/17/30, Series 2013-SFR1, Class A (a)(c)
     289,505  
     
JP Morgan Chase Commercial Mortgage Securities Trust
        
  945,000  
5.337%, due 5/15/47, Series 2006-LDP9, Class AMS
     944,150  
     
Lehman Brothers Small Balance Commericial
        
  203,269  
1.149%, due 2/25/30, Series 2005-1A, Class B (a)(c)
     161,686  
     
ML-CFC Commercial Mortgage Trust
        
  500,000  
6.028%, due 6/12/46, Series 2006-2, Class B (a)(c)
     496,729  
     
Morgan Stanley Capital I Trust
        
  1,050,000  
5.070%, due 12/13/41, Series 2005-T17, Class E (a)(c)(d)
     52,500  
  172,616  
4.770%, due 7/15/56, Series 2005-IQ9, Class AJ
     174,987  
     
Morgan Stanley Re-REMIC Trust
        
  91,445  
2.000%, due 7/27/49, Series 2012-XA, Class A (c)
     91,308  
     
STRIPs Ltd.
        
  885,353  
1.500%, due 12/25/44, Series 2012-1A, Class A (c)
     879,421  
     
Velocity Commercial Capital Loan Trust
        
  405,528  
1.185%, due 9/25/44, Series 2014-1, Class A (a)(c)
     401,472  
     
Wachovia Bank Commercial Mortgage Trust
        
  1,500,000  
5.306%, due 1/15/41, Series 2004-C11, Class B (a)
     1,509,822  
     
Total Commercial Mortgage-Backed Securities - Non-Agency (cost $8,067,287)
     7,493,069  
               
     
MUNICIPAL BONDS - 6.4%
        
     
Georgia - 0.50%
        
     
Georgia Housing & Finance Authority Revenue Bonds
        
  225,000  
4.250%, due 12/1/24  (Callable 6/1/19)
     235,370  
     
Indiana - 0.30%
        
     
Indiana Housing & Community Development Authority Revenue Bonds
        
  110,000  
4.550%, due 7/1/27 (Callable 7/1/16)
     111,452  
     
New Hampshire - 0.90%
        
     
New Hampshire Housing Finance Authority Revenue Bonds
        
  385,000  
3.750%, due 7/1/34 (Callable 7/1/23)
     412,531  
     
New Jersey - 1.80%
        
     
New Jersey Higher Education Assistance Authority Revenue Bonds
        
  300,000  
4.000%, due 12/1/23 (Callable 12/1/22)
     314,409  
     
New Jersey Housing & Mortgage Finance Agency
        
  240,000  
1.960%, due 11/1/18
     241,858  
  240,000  
2.164%, due 11/1/19
     239,664  
            795,931  
     
Oregon - 0.40%
        
     
State of Oregon Housing & Community Services Department Revenue Bonds
        
  145,000  
5.000%, due 1/1/42 (Callable 7/1/22)
     153,759  
     
Tennessee - 1.60%
        
     
Memphis Center City Revenue Finance Corp. Revenue Bonds
        
  445,000  
4.180%, due 11/1/21 (AGM Insured)
     490,586  
     
Tennessee Housing Development Agency Revenue Bonds
        
  190,000  
2.950%, due 1/1/17
     193,481  
            684,067  
 
 
 
 
 
     
Texas - 0.70%
        
     
Bexar County Housing Finance Corp. Revenue Bonds
        
  276,613  
5.375%, due 10/1/39 (Callable 10/1/16)
     288,305  
     
Wisconsin - 0.20%
        
     
Wisconsin Housing & Economic Devlopment Authority Revenue Bonds
        
  95,000  
3.450%, due 4/1/20
     99,341  
     
Total Municipal Bonds (cost $2,731,513)
     2,780,756  
               
     
PRINCIPAL ONLY BOND - 0.7%
        
     
South Carolina Student Loan Corp.
        
  311,179  
0.668%, due 1/25/41
     302,774  
     
Total Principal Only Bond (cost $310,366)
     302,774  
               
     
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 8.6%
        
     
FDIC Guaranteed Notes Trust
        
  274,923  
2.570%, due 7/29/47, Series 2010-S2, Class 2A (c)
     278,402  
     
FHLMC
        
  21,963  
8.850%, due 3/15/21, Series 129, Class H
     24,325  
  71,035  
3.250%, due 4/15/25, Series 3845, Class NA
     72,464  
  22,190  
3.500%, due 1/15/26, Series 3823, Class GA
     23,246  
  33,794  
3.500%, due 3/15/26, Series 3834, Class GA
     35,571  
  276,700  
2.000%, due 3/15/42, Series 4024, Class KP
     281,444  
  206,155  
2.000%, due 11/15/42, Series 4135, Class BQ
     202,159  
  356,505  
1.368%, due 10/25/44, Series T-62, Class 1A1 (a)
     364,967  
     
FNMA
        
  109,629  
3.000%, due 10/25/38, Series 2010-137, Class MC
     110,587  
  77,719  
2.500%, due 10/25/39, Series 2010-118, Class DJ
     79,084  
  28,050  
2.000%, due 10/25/40, Series 2012-113, Class PB
     28,009  
  313,010  
3.000%, due 1/25/42, Series 2012-80, Class HD
     315,884  
  347,786  
1.000%, due 3/25/43, Series 2013-14, Class PB
     344,438  
     
FNMA Grantor Trust
        
  573,409  
0.667%, due 5/28/35, Series 2004-T5, Class AB7 (a)
     505,614  
     
GNMA
        
  555,057   1.250%, due 12/16/27, Series 2012-143, Class XC     540,218  
  32,608  
5.349%, due 6/20/37, Series 2008-55, Class WT (a)
     35,317  
  25,022  
4.000%, due 10/20/38, Series 2009-75, Class LC
     25,798  
  234,672  
3.500%, due 9/16/39, Series 2010-144, Class DK
     241,512  
  99,429  
2.500%, due 9/20/39, Series 2010-150, Class GD
     100,464  
  159,312  
0.588%, due 3/20/63, Series 2013-H10, Class FA (a)
     159,012  
     
Total Residential Mortgage-Backed Securities - Agency (cost $3,762,233)
     3,768,515  
               
     
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 25.4%
        
     
Aames Mortgage Trust
        
  13,887  
5.000%, due 3/25/33, Series 2002-2, Class A2 (g)
     13,852  
     
Accredited Mortgage Loan Trust
        
  312,379  
1.199%, due 1/25/33, Series 2002-2, Class A3 (a)
     270,586  
  112,344  
0.939%, due 10/25/33, Series 2003-2, Class A3 (a)
     99,811  
     
Ameriquest Mortgage Securities, Inc.
        
  247,917  
5.210%, due 11/25/33, Series 2003-10, Class AF6 (g)
     256,344  
     
Amortizing Residential Collateral Trust
        
  12,688  
0.779%, due 7/25/32, Series 2002-BC4, Class A (a)
     11,843  
  26,729  
0.839%, due 8/25/32, Series 2002-BC6, Class A1 (a)
     25,852  
     
AMRESCO Residential Securities Corp. Mortgage Loan Trust
        
  309,421  
7.300%, due 2/25/28, Series 1998-2, Class A5 (g)
     310,705  
  150,057  
0.679%, due 7/25/28, Series 1998-3, Class A7 (a)
     134,456  
     
Argent Securities, Inc.
        
  47,674  
2.824%, due 3/25/34, Series 2003-W7, Class M2 (a)
     46,842  
  204,352  
0.839%, due 6/24/34, Series 2004-W9, Class A2 (a)
     191,614  
     
Asset Backed Funding Certificates
        
  7,388  
0.549%, due 7/25/35, Series 2005-OPT1, Class A1MZ (a)
     7,359  
     
Banc of America Funding Corp.
        
  26,571  
2.046%, due 1/26/37, Series 2009-R6, Class 3A1 (a)(c)
     26,578  
     
Banc of America Mortgage Securities, Inc.
        
  92,855  
4.750%, due 6/25/19, Series 2004-5, Class 4A1
     93,373  
  50,518  
2.484%, due 12/25/34, Series 2004-K, Class 4A1 (a)
     49,475  
     
BCMSC Trust
        
  89,371  
7.180%, due 12/15/29, Series 1999-B, Class A3 (a)
     46,877  
     
Bear Stearns Asset Backed Securities Trust
        
  6,273  
0.859%, due 10/25/32, Series 2002-2, Class A-1 (a)
     6,008  
  8,535  
5.500%, due 10/25/33, Series 2003-AC5, Class A2 (g)
     8,839  
  952,242  
0.699%, due 9/25/34, Series 2005-CL1, Class A1 (a)
     918,007  
 
 
 
 
 
     
Bear Stearns Mortgage Securities, Inc.
        
  102,018  
6.349%, due 3/25/31, Series 1997-6, Class 1A (a)
     104,461  
     
CDC Mortgage Capital Trust
        
  172,390  
0.819%, due 3/25/34, Series 2003-HE4, Class A1 (a)
     139,398  
     
Centex Home Equity Loan Trust
        
  43,835  
4.250%, due 12/25/31, Series 2003-A, Class AF4 (g)
     43,984  
  4,345  
4.660%, due 12/25/32, Series 2002-D, Class AF6 (a)
     4,406  
     
Chase Funding Mortgage Loan Asset-Backed Certificates
        
  326,016  
0.699%, due 2/26/35, Series 2004-2, Class 2A2 (a)
     289,767  
     
ContiMortgage Home Equity Loan Trust
        
  279,267  
7.420%, due 3/15/28, Series 1997-1, Class M1 (a)
     279,534  
     
Countrywide Alternative Loan Trust
        
  80,365  
5.500%, due 4/25/34, Series 2004-J3, Class 1A1
     83,328  
  17,529  
5.500%, due 11/25/35, Series 2005-54CB, Class 1A7
     17,503  
  56,945  
5.500%, due 12/25/35, Series 2005-64CB, Class 1A7
     57,871  
     
Countrywide Home Loans
        
  10,546  
4.500%, due 1/25/19, Series 2004-J1, Class 1A1
     10,695  
     
Countywide Asset-Backed Certificates
        
  14,870  
1.804%, due 1/25/34, Series 2004-BC1, Class M2 (a)
     13,941  
     
Credit Suisse First Boston Mortgage Securities Corp.
        
  235,324  
4.500%, due 9/25/19, Series 2004-6, Class 5A1
     235,142  
     
Credit-Based Asset Servicing and Securitization
        
  21,341  
3.950%, due 1/25/33, Series 2003-CB1, Class AF (g)
     21,576  
     
Delta Funding Home Equity Loan Trust
        
  35,276  
0.619%, due 6/25/27, Series 1997-2, Class A7 (a)
     33,405  
     
Encore Credit Receivables Trust
        
  630,000  
0.689%, due 10/25/35, Series 2005-3, Class M2 (a)
     618,825  
     
Equity One Mortgage Pass-Through Trust
        
  351,588  
0.699%, due 7/25/34, Series 2004-2, Class AV2 (a)
     299,124  
     
GMACM Home Equity Loan Trust
        
  218,913  
0.639%, due 12/25/26, Series 2001-HE2, Class 1A1 (a)
     203,055  
  117,271  
4.590%, due 4/25/33, Series 2003-HE2, Class A5 (g)
     117,963  
     
GS Mortgage Securities Trust
        
  69,396  
5.374%, due 5/17/45, Series 2009-RR1, Class JPA
     70,094  
     
GSAA Trust
        
  27,794  
5.384%, due 4/25/34, Series 2004-3, Class M1 (g)
     26,367  
     
GSMPS Mortgage Loan Trust
        
  60,653  
7.500%, due 1/25/35, Series 2005-RP1, Class 1A2 (c)
     63,192  
     
HSI Asset Securitization Corp. Trust
        
  25,000  
0.489%, due 1/25/36, Series 2006-OPT2, Class 2A4 (a)
     24,045  
     
Impac CMB Trust
        
  378,390  
5.216%, due 12/25/32, Series 2002-9F, Class A1 (g)
     378,085  
  61,074  
5.867%, due 12/25/32, Series 2002-9F, Class M1 (g)
     61,751  
     
Irwin Home Equity Loan Trust
        
  309,878  
5.420%, due 6/25/35, Series 2005-1, Class M1 (g)
     313,776  
     
MASTR Alternative Loan Trust
        
  458,191  
5.500%, due 3/25/18, Series 2003-2, Class 5A1
     463,540  
     
MASTR Asset Securitization Trust
        
  54,798  
5.500%, due 7/25/33, Series 2003-6, Class 8A1
     55,820  
  331,519  
5.500%, due 11/25/33, Series 2003-10, Class 3A1
     337,927  
     
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
        
  144,323  
2.609%, due 10/20/29, Series 1999-TBC3, Class A2 (a)
     145,152  
     
RASC Trust
        
  127,017  
0.319%, due 1/25/34, Series 2007-KS2, Class AI2 (a)
     126,270  
  100,000  
0.679%, due 8/25/35, Series 2005-KS8, Class M3 (a)
     94,758  
     
Residential Asset Mortgage Products, Inc.
        
  144,017  
1.099%, due 8/25/34, Series 2004-RS8, Class MII1 (a)
     138,662  
     
Residential Funding Mortgage Securities I, Inc.
        
  73,950  
3.499%, due 11/25/36, Series 2006-SA4, Class 2A1 (a)
     64,393  
     
Saxon Asset Securities Trust
        
  19,567  
1.324%, due 12/25/32, Series 2002-3, Class M1 (a)
     18,411  
     
Specialty Unwriting & Residential Finance Trust
        
  167,732  
0.899%, due 8/25/34, Series 2003-BC3, Class A (a)
     119,615  
 
 
 
 
 
     
Structured Adjustable Rate Mortgage Loan Trust
        
  383,585  
2.429%, due 9/25/34, Series 2004-13, Class A1 (a)
     332,983  
  77,894  
0.844%, due 3/25/35, Series 2005-6XS, Class A4 (a)
     77,712  
     
Structured Asset Mortgage Investments, Inc.
        
  840,387  
0.509%, due 12/25/35, Series 2005-AR4, Class A1 (a)
     598,140  
  362,930  
2.372%, due 5/25/36, Series 2006-AR3, Class 24A1 (a)
     211,003  
     
Structured Asset Securities Corp. Mortgage Loan Trust
        
  246,725  
5.000%, due 3/25/35, Series 2005-4XS, Class 1A3 (g)
     248,208  
     
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
        
  44,987  
3.450%, due 2/25/32, Series 2002-AL1, Class A2
     44,883  
  106,237  
1.174%, due 12/25/33, Series 2003-S2, Class M1A (a)
     101,593  
  318,711  
5.370%, due 12/25/33, Series 2003-S2, Class M1F (g)
     319,536  
     
SunTrust Adjustable Rate Mortgage Loan Trust
        
  79,123  
6.013%, due 2/25/37, Series 2007-1, Class 3A1 (a)
     77,714  
     
Terwin Mortgage Trust
        
  577,911  
0.509%, due 7/25/36, Series 2005-12AL, Class AV2 (a)
     564,085  
     
UCFC Home Equity Loan
        
  11,754  
6.905%, due 4/15/30, Series 1998-D, Class MF1
     12,034  
     
WaMu Mortgage Pass-Through Certificates
        
  71,340  
1.909%, due 2/27/34, Series 2002-AR2, Class A (a)
     69,941  
  254,791  
1.570%, due 4/25/44, Series 2004-AR2, Class A (a)(d)
     224,853  
     
Washington Mutual MSC Mortgage Pass-Through Certificates
        
  230,951  
5.750%, due 2/25/33, Series 2003-MS2, Class 5A1
     236,883  
     
Wells Fargo Mortgage Backed Securities Trust
        
  375,637  
2.617%, due 1/25/35, Series 2004-DD, Class 1A1 (a)
     378,071  
     
Total Residential Mortgage-Backed Securities - Non-Agency (cost $10,907,453)
     11,091,896  
      SHORT TERM INVESTMENTS - 8.6%        
      Private Placement Participation Agreements - 2.4%        
  250,000  
Basepoint - BP Trust Series GFM-III Jr.
        
     
10.000%, due 5/5/17 (d)(e)
     250,000  
  149,572  
Basepoint - BP Trust Series GFM-III Sr.
        
     
8.000%, due 5/5/17 (d)(e)
     149,572  
  635,506  
BasePoint - BP GFM Trust I, 8.000%, due 5/5/17 (d)(f)
     635,506  
     
 Total Private Placements Participating Agreement (cost $1,035,078)
     1,035,078  
               
     
Money Market Fund - 6.2%
        
  2,688,720  
First American Government Obligations Fund - Class Z, 0.01% (b)
     2,688,720  
     
Total Money Market Fund (cost $2,688,720)
     2,688,720  
      Total Short -Term Investment (cost $3,723,798)     3,723,798  
     
Total Investments (cost $44,230,931) - 100.5%
     43,822,547  
     
Liabilities less Other Assets - (0.5)%
     (239,639 )
     
TOTAL NET ASSETS - 100.0%
   $ 43,582,908  
               
               
               
               
(a)  
 
Variable rate security. Rate shown reflects the rate in effect at August 31, 2015.
  
(b)  
   
Rate shown is the 7-day annualized yield as of August 31, 2015.
  
(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, 2015, the value of these investments
  
     
was $12,156,168 or 27.9% 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, 2015. The Fund cannot sell or otherwise transfer this agreement without prior written approval
  
     
of  BP Trust Series SLP-III.
        
(f)  
 
Agreement is illiquid as of August 31, 2015. The Fund cannot sell or otherwise transfer this agreement without prior written approval
  
     
of Basepoint - BP GFM Trust.
        
(g)  
 
Step-up bond; the interest rate shown is the rate in effect as of August 31, 2015.
  
     
AGM - Assured Guaranty Municipal Corp.
        
     
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, 2015 (Unaudited)
      
           
Principal
          
Amount
      
Value
  
   
U.S. GOVERNMENT AGENCIES - 18.3%
      
   
FNMA TBA
      
$ 7,700,000  
3.500%, due 9/15/41
   $ 7,987,607  
     
Total U.S. Government Agencies (proceeds $7,992,660)
   $ 7,987,607  
               
 
 
 
 
 
Semper Funds
Notes to the Schedule of Investments
August 31, 2015 (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.

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.

Other Debt Securities:  Other debt securities, including corporate and municipal bonds, are valued at their mean prices furnished by an independent pricing service using valuation methods that are designed to represent fair value. These valuation methods can include matrix pricing and other analytical pricing models, market transactions, and dealer-supplied valuations. The pricing service may consider yields or recently executed transactions of investments with comparable quality, type of issue, coupon maturity and rating, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  Most debt securities are 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 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 August 31, 2015:

MBS Total Return Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
Asset-Backed Securities
   $ -     $ 9,322,631     $ 12,924,730     $ 22,247,361  
Collateralized Debt Obligations
     -       -       3,688,613       3,688,613  
Commercial Mortgage-Backed Securities - Agency
     -       5,158,670       -       5,158,670  
Commercial Mortgage-Backed Securities – Non-Agency
     -       39,487,310       3,028,720       42,516,030  
Residential Mortgage-Backed Securities - Agency
     -       5,093,494       -       5,093,494  
Residential Mortgage-Backed Securities – Non-Agency
     -       192,329,374       1,880,440       194,209,814  
U.S. Government Agency
     -       35,180,744       -       35,180,744  
Total Fixed Income
     -       286,572,223       21,522,503          
Short-Term Investments
     34,952,342       -       -       34,952,342  
Total Investments
   $ 34,952,342     $ 286,572,223     $ 21,522,503     $ 343,047,068  
 
 
 
 
 
Short Duration Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Fixed Income
                        
Asset-Backed Securities
   $ -     $ 7,051,184     $ 1,453,008     $ 8,504,192  
Collateralized Debt Obligations
             317,472       860,988       1,178,460  
Commercial Mortgage-Backed Securities - Agency
     -       4,979,087       -       4,979,087  
Commercial Mortgage-Backed Securities – Non-Agency
     -       7,000,530       492,539       7,493,069  
Municipal Bonds
     -       2,780,756       -       2,780,756  
Principal Only Bond
     -       302,774       -       302,774  
Residential Mortgage-Backed Securities - Agency
     -       3,768,515       -       3,768,515  
Residential Mortgage-Backed Securities – Non-Agency
     -       10,867,043       224,853       11,091,896  
Total Fixed Income
     -       37,067,361       3,031,388       40,098,749  
Private Placement Participation Agreements
     -       -       1,035,078       1,035,078  
Money Market Fund
     2,688,720       -       -       2,688,720  
Total Assets
   $ 2,688,720     $ 37,067,361     $ 4,066,466     $ 43,822,547  
                                 
Liabilities:
                                
Securities Sold Short
   $ -     $ 7,987,607     $ -     $ 7,987,607  
Total Liabilities
   $ -     $ 7,987,607     $ -     $ 7,987,607  

Refer to the Funds’ schedule of investments for additional information. Transfers between levels are recognized at August 31, 2015, 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
              
   
Asset-Backed
    
Collateralized
    
Commercial MBS -
    
Residential MBS -
  
   
Securities
    
Debt Obligations
    
Non-Agency
    
Non-Agency
  
                         
Balance as of November 30, 2014
   $ 4,644,624     $ -     $ 2,062,479     $ 1,027,610  
                                 
Accrued discounts/premiums
     13,497       26,188       2,049       28,186  
Realized gain/(loss)
     34,092       4,031       3,754       29,989  
Change in unrealized appreciation/(depreciation)
     (73,423 )     (51,701 )     2,769       (28,080 )
Purchases
     12,824,168       3,731,260       1,031,875       1,672,640  
Sales
     (4,518,228 )     (21,165 )     (53,275 )     (171,146 )
Transfers in and/or out of Level 3
     -       -       (20,931 )     (678,759 )
                                 
Balance as of August 31, 2015
   $ 12,924,730     $ 3,688,613     $ 3,028,720     $ 1,880,440  
 
The change in unrealized appreciation/(depreciation) for level 3 securities still held at August 31, 2015, and still classified as level 3 was $(139,608).

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.
 
   
Asset-Backed
Securities
    
Collateralized Debt Obligations
    
Commerical MBS Non-Agency
    
Residential MBS Non-Agency
    
Private
Placement
Participation
Agreements
  
                               
Balance as of November 30, 2014
   $ 1,914,203     $ -     $ 637,584     $ -     $ 3,629,497  
                                         
Accrued discounts/premiums
     (6,668 )     5,328       22,041       70       -  
Realized gain/(loss)
     (4,022 )     825       (108 )     -       (765 )
Change in unrealized appreciation/(depreciation)
     1,766       (10,593 )     (572,058 )     (347)       -  
Purchases
     823,593       869,773       432,212       225130       12,997,196  
Sales
     (727,434 )     (4,345 )     (27,132 )     -       (15,590,850 )
Transfers in and/or out of Level 3
     (548,430 )     -       -       -       -  
                                         
Balance as of August 31, 2015
   $ 1,453,008     $ 860,988     $ 492,539     $ 224,853     $ 1,035,078  
 
The change in unrealized appreciation/(depreciation) for level 3 securities still held at August 31, 2015, and still classified as level 3 was $22,616.

The Funds’ primary pricing service was unable to provide a valuation for 21 securities held on August 31, 2015.  The Valuation Committee utilized indicative market quotations or broker quotes received from a broker-dealer considered by the Funds’ adviser to be a market participant.  The underlying inputs which support the broker quotes utilized by the Valuation Committee are not observable.  The primary pricing service was not able to provide a valuation for six securities held in the Funds which were then priced at cost on August 31, 2015.  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, 2015, are as follows:

Investments in
 Securities
Value at
 8/31/15
Valuation
Technique(s)
Unobservable
 Input
  
Input
Values
           
 
Private Placement Participation Agreements – Basepoint – BP GFM Trust I
$635,506
Valued at par
 
Fixed loan
participation
valued at par based
on deal cash flow,
illiquidity and short
maturity.
  
The loan participation’s projected yield to maturity at purchase was 8%, approximately 3.5% higher than the 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 short year average life.  Since purchase, cash flows have been as expected with no asset quality deterioration.  LTV is 70% and approximately 60% has paid down, with 5% to 10% paid down monthly at 100. The purchase yield spread remains appropriate, equal to a price of par.  
 
Private Placement Participation Agreements – Basepoint – BP Trust Series GFM-III Sr
 
 
 
 
 
$149,572
 
 
 
 
 
Valued at par
 
Fixed loan
participation
valued at par based
on deal cash flow,
illiquidity and short
maturity.
.
  
The loan participation’s projected yield to maturity at purchase was 8%, approximately 3.5% higher than the 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 short year average life.  Since purchase, cash flows have been as expected with no asset quality deterioration.  LTV is 66% and approximately 40% has paid down, with approximately 5% per month paying down at 100. The purchase yield spread remains appropriate, equal to a price of par.  
 
Private Placement Participation Agreements – Basepoint – BP Trust Series GFM-III Jr
 
 
 
 
$250,000
 
 
 
 
Valued at par
 
Fixed loan
participation
valued at par based
on deal cash flow,
illiquidity and short
maturity.
  
The loan participation’s projected yield to maturity at purchase was 10%, approximately 5.5% higher than the 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 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 short year average life.  Since purchase, cash flows have been as expected with no asset quality deterioration.  LTV is 66%.  The purchase yield spread remains appropriate, equal to a price of par.  
 
 
 
 
 
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 hold no more than 15% of its net assets in illiquid securities.  At August 31, 2015, the Short Duration Fund had investments in illiquid securities with a total value of $1,035,078 or 2.4% of total net assets.

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

Short Duration Fund
   
PAR
    
Dates Acquired
    
Cost Basis
  
Basepoint – BP GFM Trust I
   $ 635,506    
5/14 – 8/14
     $ 635,506  
Basepoint – BP Trust Series GFM-III Sr
     149,572       10/14       149,572  
Basepoint – BP Trust Series GFM-III Jr
     250,000       10/14       250,000  

Note 3 – Federal Income Taxes

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

MBS Total Return Fund

Cost of investments
   $ 343,689,557  
         
Gross unrealized appreciation
   $ 3,153,848  
Gross unrealized depreciation
     (3,796,337 )
Net unrealized depreciation
   $ (642,489 )

Short Duration Fund

Cost of investments
   $ 44,231,050  
         
Gross unrealized appreciation
   $ 497,637  
Gross unrealized depreciation
     (906,140 )
Net unrealized depreciation
   $ (408,503 )
 
 *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 10/26/2015                                                                                                                                                                                                  



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  10/26/2015                                                                                                                                                                                                 

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

 
Date  10/26/2015                                                                                                 

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