N-Q 1 wasmer_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS wasmer_n-q.htm  
As filed with the Securities and Exchange Commission on 1/29/16 
 
 

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)


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




Date of fiscal year end:  February 29, 2016



Date of reporting period:  November 30, 2015

 
 
 
 
Item 1. Schedules of Investments.
 
   
Wasmer Schroeder High Yield Municipal Fund
            
Schedule of Investments
            
November 30, 2015 (Unaudited)
            
     
Principal
        
     
Amount
    
Value
  
MUNICIPAL BONDS - 96.19%
            
Alabama - 4.68%
            
County of Jefferson Alabama Revenue Bonds
            
    5.25%, 1/1/2016 (Callable 12/31/2015)
   $ 90,000     $ 90,630  
    5.25%, 1/1/2019 (Callable 12/31/2015)
     500,000       503,510  
    5.25%, 1/1/2020 (Callable 12/31/2015)
     300,000       302,106  
    5.50%, 1/1/2021 (Callable 12/31/2015) (AGM Insured)
     275,000       276,931  
    5.50%, 1/1/2022 (Callable 12/31/2015)
     145,000       146,019  
    5.25%, 1/1/2023 (Callable 12/31/2015) (AGM Insured)
     100,000       100,704  
    5.25%, 1/1/2023 (Callable 12/31/2015)
     100,000       100,704  
    5.00%, 1/1/2024 (Callable 12/31/2015)
     500,000       503,520  
    4.75%, 1/1/2025 (Callable 12/31/2015) (AMBAC Insured)
     655,000       659,434  
    4.75%, 1/1/2025 (Callable 12/31/2015) (AGM Insured)
     800,000       800,168  
    4.75%, 1/1/2025 (Callable 12/31/2015)
     1,000,000       1,006,770  
                4,490,496  
Arizona - 1.78%
                
Salt Verde Financial Corp. Revenue Bonds
                
    5.00%, 12/1/2037
     1,525,000       1,710,791  
California - 5.44%
                
Bay Area Toll Authority Revenue Bonds
                
    5.00%, 10/1/2054 (Callable 10/1/2024)
     1,000,000       1,108,220  
California Pollution Control Financing Authority Revenue Bonds
                
    5.00%, 7/1/2037 (Callable 7/1/2017) (f)
     1,000,000       1,030,100  
California Statewide Communities Development Revenue Bonds
                
    5.25%, 12/1/2044 (Callable 12/1/2024)
     500,000       516,645  
Ceres Redevelopment Agency Tax Allocation Refunding Bonds
                
    4.00%, 11/1/2031 (Callable 11/1/2016) (AMBAC Insured)
     500,000       497,655  
Hercules Redevelopment Agency Tax Allocation
                
    5.00%, 8/1/2025 (Callable 2/1/2018) (AMBAC Insured)
     200,000       205,092  
San Joaquin Hills Transportation Corridor Agency Revenue Bonds
                
    5.25%, 1/15/2049 (Callable 1/15/2025)
     1,000,000       1,078,800  
Soledad Redevelopment Agency Tax Allocation Bonds
                
    5.00%, 12/1/2032 (Callable 12/1/2017) (XLCA Insured)
     600,000       567,906  
Stockton Public Financing Authority Revenue Bonds
                
    5.25%, 9/1/2037 (Callable 9/1/2016) (AGC Insured)
     215,000       216,496  
                5,220,914  
Colorado - 2.88%
                
Denver Convention Center Hotel Authority Revenue Bonds
                
    5.00%, 12/1/2035 (Callable 11/1/2016) (XLCA Insured)
     750,000       761,737  
Public Authority for Colorado Energy Revenue Bonds
                
    6.50%, 11/15/2038
     1,500,000       2,004,945  
                2,766,682  
District of Columbia - 1.65%
                
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Bonds
                
    5.00%, 10/1/2053 (Callable 4/1/2022)
     1,500,000       1,586,475  
Florida - 13.45%
                
Alachua County Health Facilities Authority Revenue Bonds
                
    5.00%, 12/1/2036 (Callable 12/1/2024)
     1,000,000       1,096,290  
Capital Trust Agency Inc. Revenue Bonds
                
    5.00%, 11/1/2047 (Callable 11/1/2022)
     1,055,000       1,090,427  
Collier County Educational Facilities Authority Revenue Bonds
                
    6.125%, 11/1/2043 (Callable 11/1/2023)
     1,000,000       1,123,380  
Collier County Health Facilities Authority Revenue Bonds
                
    5.00%, 5/1/2045 (Callable 5/1/2025)
     1,100,000       1,201,948  
Florida Gulf Coast University Financing Corp. Revenue Bonds
                
    5.00%, 2/1/2043 (Callable 2/1/2023)
     600,000       649,434  
Florida Higher Educational Facilities Financial Authority Revenue Bonds
                
    5.00%, 4/1/2032 (Callable 4/1/2022)
     500,000       544,290  
Lee County Industrial Development Authority Revenue Bonds
                
    4.50%, 10/1/2032 (Callable 10/1/2022)
     500,000       495,895  
    5.50%, 10/1/2047 (Callable 10/1/2022)
     1,000,000       1,050,550  
Midtown Miami Community Development District Special Assessment
                
    5.00%, 5/1/2037 (Callable 5/1/2023)
     350,000       366,072  
Palm Beach County Health Facilities Authority Revenue Bonds
                
    7.25%, 6/1/2034 (Callable 6/1/2022)
     750,000       890,295  
Talis Park Community Development District Special Assessment
                
    5.25%, 5/1/2016
     600,000       602,916  
    5.55%, 5/1/2036 (Callable 12/31/2015)
     1,435,000       1,439,434  
Town of Davie Florida Revenue Bonds
                
    6.00%, 4/1/2042 (Callable 4/1/2023)
     500,000       582,610  
 
 
 
 
 
            
Villagewalk of Bonita Springs Community Development District Special Assessment
                
    5.15%, 5/1/2038 (Callable 5/1/2017)
     860,000       867,757  
Winter Garden Village at Fowler Groves Community Development District Special Assessment
                
    5.65%, 5/1/2037 (Callable 5/1/2016)
     895,000       899,215  
                12,900,513  
Georgia - 2.20%
                
Municipal Electric Authority of Georgia Revenue Bonds
                
    5.00%, 7/1/2060 (Callable 7/1/2025)
     2,000,000       2,105,680  
Guam - 1.13%
                
Guam Government Waterworks Authority Revenue Bonds
                
    5.00%, 7/1/2035 (Callable 7/1/2024)
     500,000       544,595  
Guam Power Authority Revenue Bonds
                
    5.00%, 10/1/2034 (Callable 10/1/2022)
     500,000       538,415  
                1,083,010  
Illinois - 12.61%
                
Chicago Board of Education General Obligation Bonds
                
    5.00%, 12/1/2022 (Callable 12/1/2017) (AGM Insured)
     220,000       225,364  
    5.00%, 12/1/2042 (Callable 12/1/2022) (AGM Insured)
     1,000,000       1,002,920  
Chicago Park District General Obligation Bonds
                
    4.00%, 1/1/2022 (Callable 1/1/2018)
     50,000       51,202  
    5.50%, 1/1/2033 (Callable 1/1/2019)
     350,000       370,457  
City of Chicago Illinois Sales Tax Revenue Bonds
                
    5.00%, 1/1/2032 (Callable 1/1/2025)
     250,000       258,092  
City of Chicago Illinois General Obligation Bonds
                
    4.00%, 1/1/2017 (Callable 12/31/2015) (AMBAC Insured)
     280,000       280,778  
    4.00%, 1/1/2020 (Callable 1/1/2018)
     75,000       75,698  
    5.00%, 1/1/2025
     1,000,000       1,049,820  
    5.00%, 1/1/2029 (Callable 1/1/2020) (AGM Insured)
     500,000       515,020  
    5.25%, 1/1/2033 (Callable 1/1/2018)
     340,000       343,448  
    5.50%, 1/1/2039 (Callable 1/1/2025)
     1,000,000       1,052,480  
City of Chicago Illinois Waterworks Revenue Bonds
                
    5.00%, 11/1/2044 (Callable 11/1/2024)
     1,000,000       1,043,050  
Metropolitan Pier & Exposition Authority Revenue Bonds
                
    5.20%, 6/15/2050 (Callable 6/15/2020)
     2,000,000       2,070,900  
State of Illinois General Obligation Bonds
                
    5.00%, 2/1/2021
     600,000       657,858  
    5.25%, 7/1/2030 (Callable 7/1/2023)
     500,000       538,125  
    5.00%, 3/1/2034 (Callable 12/31/2015) (AMBAC Insured)
     1,000,000       999,930  
    5.00%, 5/1/2034 (Callable 5/1/2024)
     500,000       522,310  
    5.00%, 2/1/2039 (Callable 2/1/2024)
     1,000,000       1,035,160  
                12,092,612  
Iowa - 2.18%
                
Iowa Finance Authority Revenue Bonds
                
    4.75%, 8/1/2042 (Callable 8/1/2022)
     1,000,000       995,440  
Iowa Higher Education Loan Authority Revenue Bonds
                
    5.00%, 10/1/2037 (Callable 10/1/2025)
     1,105,000       1,091,906  
                2,087,346  
Louisiana - 2.97%
                
Juban Crossing Economic Development District Revenue Bonds
                
    7.00%, 9/15/2044 (Callable 3/15/2025) (f)
     1,500,000       1,506,630  
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds
                
    6.30%, 7/1/2030 (AMBAC Insured)
     215,000       244,999  
Louisiana Public Facilities Authority Revenue Bonds
                
    5.00%, 7/1/2017 (Callable 7/1/2016) (CIFG Insured)
     100,000       101,210  
    5.00%, 7/1/2030 (Callable 7/1/2016) (CIFG Insured)
     425,000       426,543  
    4.50%, 7/1/2038 (Callable 7/1/2016) (CIFG Insured)
     655,000       574,835  
                2,854,217  
Maryland - 2.01%
                
City of Baltimore Maryland Revenue Bonds
                
    5.25%, 9/1/2023 (Callable 9/1/2016) (XLCA Insured)
     205,000       210,154  
    5.25%, 9/1/2025 (Callable 9/1/2016) (XLCA Insured)
     50,000       51,032  
    5.25%, 9/1/2026 (Callable 9/1/2016) (XLCA Insured)
     50,000       50,938  
    5.00%, 9/1/2032 (Callable 9/1/2016) (XLCA Insured)
     55,000       55,708  
    5.25%, 9/1/2039 (Callable 9/1/2016) (XLCA Insured)
     505,000       510,888  
State of Maryland Economic Development Corp. Revenue Bonds
                
    5.00%, 7/1/2039 (Callable 7/1/2025)
     1,000,000       1,044,860  
                1,923,580  
Massachusetts - 0.53%
                
Massachusetts Development Finance Agency Revenue Bonds
                
    5.125%, 7/1/2044 (Callable 7/1/2024)
     500,000       510,590  
Michigan - 6.36%
                
City of Detroit Michigan General Obligation Bonds
                
    5.00%, 4/1/2020 (Callable 12/31/2015) (NATL Insured)
     22,475       22,514  
    5.25%, 4/1/2023 (Callable 12/31/2015) (AMBAC Insured)
     58,900       56,322  
 
 
 
 
 
      
City of Detroit Michigan Sewage Disposal System Revenue Bonds
                
    7.00%, 7/1/2027 (Callable 7/1/2019) (AGM Insured)
     1,000,000       1,175,960  
City of Detroit Michigan Water Supply System Revenue Bonds
                
    5.00%, 7/1/2034 (Callable 12/31/2015) (NATL Insured)
     145,000       145,536  
    5.00%, 7/1/2034 (Callable 7/1/2016) (AGM Insured)
     290,000       292,259  
County of Wayne Michigan General Obligation Bonds
                
    5.00%, 12/1/2030 (Callable 12/1/2015) (NATL Insured)
     1,000,000       1,000,000  
    5.00%, 2/1/2038 (Callable 2/1/2018) (AGM Insured)
     1,000,000       1,016,720  
Detroit Wayne County Stadium Authority Revenue Bonds
                
    5.00%, 10/1/2026 (Callable 10/1/2022) (AGM Insured)
     250,000       275,943  
Michigan Finance Authority Revenue Bonds
                
    5.00%, 4/1/2020 (Callable 12/31/2015) (NATL Insured)
     122,525       122,231  
    5.125%, 4/1/2022 (Callable 4/1/2016) (NATL Insured)
     29,575       29,648  
    5.25%, 4/1/2023 (Callable 12/31/2015) (AMBAC Insured)
     321,100       321,954  
    5.00%, 7/1/2032 (Callable 7/1/2024) (AGM Insured)
     1,000,000       1,104,830  
    5.00%, 7/1/2044 (Callable 7/1/2024)
     500,000       533,740  
                6,097,657  
Minnesota - 8.15%
                
City of Cologne Minnesota Revenue Bonds
                
    5.00%, 7/1/2045 (Callable 7/1/2024)
     1,500,000       1,556,070  
Southcentral Minnesota Multi-County Housing & Redevelopment Authority Revenue Bonds
                
    3.294%, 2/1/2000 (b) (c)
     15,000       9,300  
    3.294%, 2/1/2002 (b) (c)
     30,000       18,600  
    3.294%, 2/1/2005 (b) (c)
     20,000       12,400  
    3.294%, 2/1/2006 (b) (c)
     20,000       12,400  
    3.294%, 2/1/2007 (b) (c)
     65,000       40,300  
    3.294%, 6/1/2008 (b) (c)
     10,000       6,200  
    3.294%, 2/1/2017 (b) (c)
     450,000       279,000  
    3.294%, 2/1/2025 (b) (c)
     9,500,000       5,890,000  
                7,824,270  
New Jersey - 7.83%
                
Atlantic City Municipal Utilities Authority Revenue Bonds
                
    4.00%, 6/1/2016 (AMBAC Insured)
     380,000       380,517  
    4.125%, 6/1/2024 (Callable 6/1/2017) (AMBAC Insured)
     530,000       515,398  
    4.00%, 6/1/2025 (Callable 6/1/2017) (AMBAC Insured)
     100,000       95,905  
New Jersey Economic Development Authority Revenue Bonds
                
    5.00%, 6/15/2025
     500,000       538,890  
    5.00%, 3/1/2030 (Callable 3/1/2023)
     750,000       785,190  
    5.00%, 6/15/2034 (Callable 6/15/2024)
     1,000,000       1,032,230  
New Jersey Transportation Trust Fund Authority Revenue Bonds
                
    5.00%, 6/15/2025 (Callable 6/15/2023)
     1,000,000       1,065,820  
    4.625%, 6/15/2030 (Callable 6/15/2025)
     1,000,000       1,012,680  
    5.00%, 6/15/2044 (Callable 6/15/2024)
     1,000,000       1,028,660  
South Jersey Transportation Authority Revenue Bonds
                
    5.00%, 11/1/2039 (Callable 11/1/2024)
     1,000,000       1,061,980  
                7,517,270  
New Mexico - 0.53%
                
City of Farmington New Mexico Revenue Bonds
                
    4.875%, 4/1/2033 (Callable 4/1/2016) (e)
     500,000       507,255  
New York - 4.01%
                
City of Niagara Falls New York General Obligation Bonds
                
    4.50%, 5/15/2028 (Callable 5/15/2017) (AMBAC Insured)
     625,000       630,050  
New York City Industrial Development Agency Revenue Bonds
                
    5.00%, 1/1/2046 (Callable 1/1/2017) (AMBAC Insured)
     1,400,000       1,431,696  
New York Liberty Development Corp. Revenue Bonds
                
    5.25%, 10/1/2035
     1,500,000       1,786,965  
                3,848,711  
Ohio - 1.39%
                
City of Cleveland Ohio Airport System Revenue Bonds
                
    5.00%, 1/1/2031 (Callable 1/1/2022)
     1,230,000       1,337,207  
Pennsylvania - 0.71%
                
City of Harrisburg Pennsylvania General Obligation Bonds
                
    0.00%, 3/15/2016 (AMBAC Insured) (d)
     100,000       98,988  
    0.00%, 3/15/2017 (AMBAC Insured) (d)
     525,000       496,545  
    0.00%, 9/15/2018 (AMBAC Insured) (d)
     100,000       88,471  
                684,004  
Puerto Rico - 4.67%
                
Commonwealth of Puerto Rico General Obligation Bonds
                
    5.50%, 7/1/2020 (NATL Insured)
     665,000       676,757  
Puerto Rico Electric Power Authority Revenue Bonds
                
    5.00%, 7/1/2022 (Callable 12/31/2015) (NATL Insured)
     310,000       305,285  
    5.00%, 7/1/2023 (Callable 12/31/2015) (NATL Insured)
     135,000       132,322  
    5.00%, 7/1/2024 (Callable 7/1/2017) (AGM Insured)
     375,000       374,985  
    5.00%, 7/1/2024 (Callable 12/31/2015) (NATL Insured)
     400,000       389,988  
 
 
 
 
 
      
Puerto Rico Highways & Transportation Authority Revenue Bonds
                
    5.00%, 7/1/2018 (Callable 12/31/2015) (NATL Insured)
     195,000       195,211  
    5.50%, 7/1/2029 (AMBAC Insured)
     540,000       498,960  
    4.75%, 7/1/2038 (Callable 7/1/2018) (NATL Insured)
     650,000       553,573  
Puerto Rico Infrastructure Financing Authority Revenue Bonds
                
    5.50%, 7/1/2027 (AMBAC Insured)
     340,000       312,929  
Puerto Rico Municipal Finance Agency Revenue Bonds
                
    5.25%, 8/1/2022 (AGC Insured)
     815,000       815,171  
Puerto Rico Public Buildings Authority Revenue Bonds
                
    5.50%, 7/1/2035 (Callable 7/1/2017) (AMBAC Insured) (e)
     220,000       221,661  
                4,476,842  
South Carolina - 0.02%
                
Connector 2000 Association Inc. Revenue Bonds
                
    0.00%, 1/1/2016 (b) (d)
     2,408       2,375  
    0.00%, 1/1/2021 (b) (d)
     5,058       2,861  
    0.00%, 1/1/2022 (b) (d)
     5,349       2,485  
    0.00%, 1/1/2032 (Callable 4/1/2026) (b) (d)
     43,130       2,299  
    0.00%, 7/22/2051 (Callable 4/1/2026) (b) (d)
     151,083       799  
    0.00%, 7/22/2051 (Callable 4/1/2026) (b) (d)
     222,170       5,127  
                15,946  
Tennessee - 0.58%
                
Chattanooga Tennessee Health, Educational and Housing Facility Board Revenue Bonds
                
    5.00%, 10/1/2029 (Callable 10/1/2025)
     500,000       557,925  
Texas - 2.42%
                
Austin Convention Enterprises Inc. Revenue Bonds
                
    5.00%, 1/1/2034 (Callable 1/1/2017) (XLCA Insured)
     1,760,000       1,779,254  
Central Texas Turnpike System Revenue Bonds
                
    5.00%, 8/15/2041 (Callable 8/15/2022)
     500,000       544,425  
                2,323,679  
Vermont - 1.61%
                
City of Burlington Vermont General Obligation Bonds
                
    5.00%, 11/1/2035 (Callable 11/1/2022) (AGM Insured)
     715,000       792,778  
City of Burlington Vermont Airport Revenue Bonds
                
    4.00%, 7/1/2028 (Callable 7/1/2022)
     750,000       753,428  
                1,546,206  
Virginia - 1.51%
                
City of Chesapeake Virginia Expressway Toll Road Revenue Bonds
                
    4.125%, 7/15/2042 (Callable 7/15/2022)
     500,000       489,295  
    5.00%, 7/15/2047 (Callable 7/15/2022)
     905,000       957,653  
                1,446,948  
Washington - 1.84%
                
Greater Wenatchee Regional Events Center Public Facilities District Revenue Bonds
                
    4.50%, 9/1/2022
     190,000       200,150  
    5.25%, 9/1/2032 (Callable 9/1/2022)
     1,000,000       1,046,690  
Skagit County Public Hospital District No. 1 Revenue Bonds
                
    5.00%, 12/1/2037 (Callable 12/1/2023)
     500,000       523,120  
                1,769,960  
Wisconsin - 1.05%
                
Wisconsin Health & Educational Facilities Authority Revenue Bonds
                
    5.25%, 12/1/2049 (Callable 12/1/2022)
     1,000,000       1,007,480  
TOTAL MUNICIPAL BONDS (Cost $88,385,812)
             92,294,266  
                   
MONEY MARKET FUNDS - 4.37%
                
Fidelity Institutional Tax-Exempt Portfolio - Institutional Class, 0.01% (a)
     4,197,548       4,197,548  
TOTAL MONEY MARKET FUNDS (Cost $4,197,548)
             4,197,548  
                   
Total Investments (Cost $92,583,360) - 100.56%
             96,491,814  
Liabilities in Excess of Other Assets - (0.56)%
             (538,519 )
TOTAL NET ASSETS - 100.00%
           $ 95,953,295  
                   
                   
 
Scheduled principal and interest payments are guaranteed by the following bond insurers.
  
 
AGC - Assured Guaranty Corp.
                
 
AGM - Assured Guaranty Municipal Corp.
                
 
AMBAC - Ambac Assurance Corp.
                
 
CIFG - CIFG Assurance North America, Inc.
                
 
NATL - National Public Finance Guarantee
                
 
XLCA - Syncora Guarantee Inc.
                
 
The insurance does not guarantee the market value of the municipal bonds.
  
(a)
Rate shown is the 7-day annualized yield at November 30, 2015.
  
(b)
Security is considered illiquid. As of November 30, 2015, the value of these investments was $6,284,147 or 6.55% of total net assets.
  
(c)
Security is in default.
                
(d)
Security is a zero coupon bond. Zero coupon bonds are issued at a substantial discount from their value at maturity.
  
(e)
Variable rate security. Rate shown reflects the rate in effect as of November 30, 2015.
  
(f)
Security purchased within the terms of a private placement memorandum, exempt from registration under rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Wasmer, Schroeder & Company, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustrees of Advisors Series Trust. As of November 30, 2015, the value of these investments was $2,536,730, or 2.64% of total net assets.
  
 
 
 
 
 
Wasmer Schroeder High Yield Municipal Fund
Notes to the Schedule of Investments
November 30, 2015 (Unaudited)

Note 1 – Securities Valuation

The Wasmer Schroeder High Yield Municipal Fund’s (the “Fund”) investments in securities are carried at their fair value.

The 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).

Debt securities are valued at their bid 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 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.  Most debt securities are categorized in level 2 of the fair value hierarchy.

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.

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.

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 the Fund.  Illiquid securities may be valued under methods approved by the Fund’s Board of Trustees as reflecting fair value.  The Fund intends to hold no more than 15% of its net assets in illiquid securities.  As of November 30, 2015, the Fund held illiquid securities with a value of $6,284,147 or 6.55% of total net assets.

Information concerning these illiquid securities is as follows:

 
PAR
Dates Acquired
Cost Basis
Connector 2000 Association Inc., due 2016-2051
$429,198
2/10
$32,741
Southcentral Minnesota Multi-County Housing & Redevelopment Authority, due 2000-2025
10,110,000
9/04 – 2/14
4,433,456
 
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 Fund’s 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 Fund has 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 Fund 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 Fund’s securities as of November 30, 2015:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
Municipal Securities
   $ -     $ 92,294,266     $ -     $ 92,294,266  
Total Fixed Income
     -       92,294,266       -       92,294,266  
Short-Term Investments
     4,197,548       -       -       4,197,548  
Total Investments
   $ 4,197,548     $ 92,294,266     $ -     $ 96,491,814  

Refer to the Fund’s schedule of investments for additional information. Transfers between levels are recognized at November 30, 2015, the end of the reporting period.  The Fund recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the period ended November 30, 2015.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at November 30, 2015 was as follows*:

Cost of investments
   $ 92,583,360  
         
Gross unrealized appreciation
   $ 4,290,169  
Gross unrealized depreciation
     (381,715 )
Net unrealized appreciation
   $ 3,908,454  


*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s 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 Fund’s 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, as amended, (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 1/26/16                                                                                                                                                                                              


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 1/26/16                                                                                                                                                                                               

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

Date 1/26/16                                                                                                                                                                                                 


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