logan_n-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

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

777 East Wisconsin Avenue, 5th Floor

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

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

Date of fiscal year end: April 30, 2016

Date of reporting period: January 31, 2016

Item 1. Schedules of Investments.

Logan Capital Large Cap Growth Fund
Schedule of Investments
January 31, 2016 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 98.1%
Consumer Discretionary - 23.9%
Amazon.com, Inc. (a)		1,455	$	854,085
BorgWarner, Inc.		4,278		125,602
Hanesbrands, Inc.		7,660		234,166
Harman International Industries, Inc.		3,539		263,266
Home Depot, Inc.		4,802		603,900
Netflix, Inc. (a)		8,697		798,732
Nike, Inc.		6,913		428,675
Priceline Group, Inc. (a)		602		641,112
Starbucks Corp.		12,444		756,222
TripAdvisor, Inc. (a)		3,268		218,172
Williams-Sonoma, Inc.		5,818		300,558
				5,224,490
Consumer Staples - 7.9%
Constellation Brands, Inc.		2,598		396,143
Estee Lauder Companies, Inc.		6,931		590,868
Monster Beverage Corp. (a)		5,483		740,369
				1,727,380
Financials - 1.7%
CBRE Group, Inc. (a)		13,002		363,666

Health Care - 13.0%
Agilent Technologies, Inc.		6,072		228,611
AmerisourceBergen Corp.		6,534		585,185
Celgene Corp. (a)		4,850		486,552
Mettler-Toledo International, Inc. (a)		1,290		403,576
Perrigo Co. PLC (c)		3,169		458,174
Waters Corp. (a)		3,436		416,477
Zoetis, Inc.		6,332		272,593
				2,851,168
Industrials - 10.7%
Acuity Brands, Inc.		2,355		476,723
Flowserve Corp.		4,860		187,790
Middleby Corp. (a)		2,899		261,954
Robert Half International, Inc.		6,246		273,387
Stericycle, Inc. (a)		2,307		277,648
United Continental Holdings, Inc. (a)		4,723		228,026
United Rentals, Inc. (a)		2,926		140,185
Verisk Analytics, Inc. (a)		6,674		487,202
				2,332,915
Information Technology - 38.0%
Alliance Data Systems Corp. (a)		1,530		305,679
Alphabet, Inc. - Class A (a)		465		354,028

	Alphabet, Inc. - Class C (a)	465		345,471
	Amphenol Corp.	14,405		714,056
	Apple, Inc.	10,059		979,143
	Avago Technologies Ltd.	5,784		773,379
	Cognizant Technology Solutions - Class A (a)	8,946		566,371
	Electronic Arts, Inc. (a)	7,690		496,351
	Facebook, Inc. (a)	6,554		735,424
	Fleetcor Technologies, Inc. (a)	3,388		416,182
	Global Payments, Inc.	12,595		742,475
	Keysight Technologies, Inc. (a)	3,104		72,634
	Mastercard, Inc.	8,642		769,397
	NCR Corp. (a)	9,918		211,650
	NXP Semiconductors NV (a)(c)	9,018		674,366
	Trimble Navigation Ltd. (a)	7,619		146,971
				8,303,577
	Materials - 2.9%
	Sherwin-Williams Co.	2,522		644,800
	TOTAL COMMON STOCKS (Cost $17,345,654)			21,447,996

	SHORT-TERM INVESTMENTS - 2.2%
	MONEY MARKET FUNDS - 2.2%
	Fidelity Government Portfolio - Class I, 0.18% (b)	470,926		470,926
	TOTAL SHORT-TERM INVESTMENTS (Cost $470,926)			470,926
	TOTAL INVESTMENTS (Cost $17,816,580) - 100.3%			21,918,922
	Liabilities in Excess of Other Assets - (0.3)%			(67,182	)
	TOTAL NET ASSETS - 100.00%		$	21,851,740

	Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate shown represents the fund's 7-day yield as of January 31, 2016.
(c)	U.S. traded security of a foreign issuer or corporation.

	The Global Industry Classification Standard (GICS®) was developed by and/or is the
	exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").
	GICS is a service mark of MSCI and S&P and has been licensed for use by US Bancorp
	Fund Services, LLC.

Logan Capital Long/Short Fund
Schedule of Investments
January 31, 2016 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 91.8%
Consumer Discretionary - 16.0%
Ford Motor Co. (c)		36,899	$	440,574
Home Depot, Inc. (c)		2,164		272,145
Nike, Inc. (c)		5,301		328,715
O'Reilly Automotive, Inc. (a)(c)		798		208,198
Starbucks Corp. (c)		3,649		221,750
Tractor Supply Co. (c)		2,668		235,611
Ulta Salon, Cosmetics & Fragrance, Inc. (a)(c)		1,166		211,244
Williams-Sonoma, Inc.		2,428		125,430
				2,043,667
Consumer Staples - 10.0%
Philip Morris International, Inc. (c)		5,981		538,350
The Procter & Gamble Co. (c)		6,654		543,565
WhiteWave Foods Co. (a)(c)		5,257		198,452
				1,280,367
Energy - 7.9%
Chevron Corp. (c)		5,885		508,876
Royal Dutch Shell PLC - ADR (b)(c)		11,477		506,480
				1,015,356
Financials - 4.1%
CBRE Group, Inc. (a)(c)		8,350		233,549
McGraw Hill Financial, Inc. (c)		1,317		111,971
SEI Investments Co. (c)		4,523		177,483
				523,003
Health Care - 13.0%
AbbVie, Inc. (c)		5,825		319,792
Allergan PLC (a)(b)(c)		807		229,535
Gilead Sciences, Inc. (c)		2,043		169,569
McKesson Corp. (c)		673		108,340
Merck & Co., Inc. (c)		6,574		333,105
Pfizer, Inc. (c)		10,807		329,505
Zoetis, Inc. (c)		4,200		180,810
				1,670,656
Industrials - 8.9%
Acuity Brands, Inc. (c)		822		166,398
CSX Corp. (c)		5,346		123,065
Cummins, Inc. (c)		1,354		121,711
Middleby Corp. (a)(c)		2,754		248,851
United Continental Holdings, Inc. (a)(c)		2,650		127,942
Verisk Analytics, Inc. (a)(c)		2,710		197,830
Wabtec Corp. (c)		2,327		148,812
				1,134,609
Information Technology - 21.4%

	Alliance Data Systems Corp. (a)(c)	662		132,261
	Alphabet, Inc. - Class A (a)(c)	146		111,157
	Alphabet, Inc. - Class C (a)(c)	149		110,700
	Apple, Inc. (c)	2,937		285,887
	Avago Technologies Ltd. (c)	1,497		200,164
	Cognizant Technology Solutions - Class A (a)(c)	3,513		222,408
	Facebook, Inc. (a)(c)	2,852		320,023
	Fiserv, Inc. (a)(c)	3,422		323,584
	Global Payments, Inc. (c)	2,155		127,037
	International Business Machines Co. (c)	3,830		477,946
	Mastercard, Inc. (c)	2,925		260,413
	NXP Semiconductors NV (a)(b)(c)	2,211		165,339
				2,736,919
	Materials - 6.2%
	Ecolab, Inc. (c)	1,272		137,210
	Sherwin-Williams Co. (c)	913		233,427
	The Dow Chemical Co. (c)	10,113		424,746
				795,383
	Telecommunication Services - 4.3%
	AT&T, Inc. (c)	15,215		548,653
	TOTAL COMMON STOCKS (Cost $11,222,198)			11,748,613

	EXCHANGE-TRADED FUNDS - 12.8%
	iShares Russell 2000 ETF	15,919		1,638,224
	TOTAL EXCHANGE-TRADED FUNDS (Cost $1,622,619)			1,638,224
	TOTAL INVESTMENTS (Cost $12,844,817) - 104.6%			13,386,837
	Liabilities in Excess of Other Assets - (4.6)%			(592,831	)
	TOTAL NET ASSETS - 100.00%		$	12,794,006

	Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
(a)	Non-income producing security.
(b)	U.S. traded security of a foreign issuer or corporation.
(c)	All or a portion of the security has been segregated for open short positions.

	The Global Industry Classification Standard (GICS®) was developed by and/or is the
	exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").
	GICS is a service mark of MSCI and S&P and has been licensed for use by US Bancorp
	Fund Services, LLC.

Logan Capital Long/Short Fund
Schedule of Securities Sold Short
January 31, 2016 (Unaudited)
	Number of
	Shares		Value
COMMON STOCKS - 21.9%
Consumer Discretionary - 5.9%
Crocs, Inc.		15,000	$	138,150
Harley-Davidson, Inc.		1,300		52,000
Houghton Mifflin Harcourt Co.		5,600		99,904
PetMed Express, Inc.		12,200		219,844
StoneMor Partners LP		3,000		88,080
Whirlpool Corp.		1,200		161,268
				759,246
Consumer Staples - 2.0%
Mead Johnson Nutrition Co.		860		62,341
Nu Skin Enterprises, Inc.		6,000		189,900
				252,241
Health Care - 5.0%
Air Methods Corp.		3,500		136,290
Athenahealth, Inc.		2,500		354,500
ResMed, Inc.		2,701		153,147
				643,937
Industrials - 6.2%
Beacon Roofing Supply, Inc.		5,000		202,500
Fastenal Co.		4,600		186,576
Flowserve Corp.		6,000		231,840
HD Supply Holdings, Inc.		3,700		97,199
Trex Co., Inc.		2,000		75,120
				793,235
Information Technology - 2.8%
BroadSoft, Inc.		6,000		205,260
Multi-Fineline Electronix, Inc.		3,000		50,190
Zillow Group, Inc.		5,000		102,500
				357,950
TOTAL SECURITIES SOLD SHORT (Proceeds $3,040,461) - 21.9%			$	2,806,609

The Global Industry Classification Standard (GICS®) was developed by and/or is the
exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").
GICS is a service mark of MSCI and S&P and has been licensed for use by US Bancorp
Fund Services, LLC.

Federal Income Tax Information

The cost basis of investments for federal income tax purposes at January 31, 2016 was as follows:

Logan Capital

Large Cap Growth*

Long/Short*

Cost of investments

17,822,996

12,912,834

Gross unrealized appreciation

5,417,154

1,817,324

Gross unrealized depreciation

(1,321,228)

(1,343,321)

Net unrealized appreciation

4,095,926

474,003

*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 report.

Summary of Fair Value Measurements at January 31, 2016 (Unaudited)

The Funds have adopted authoritative fair valuation 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 major 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.

Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value

on a recurring basis.

Equity Securities - Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds,

closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued

at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day,

at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations

are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall

be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices.

Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the

extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Short-Term Debt 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.

Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value

per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.

Exchange-Traded Notes – Investments in exchange-traded notes are actively traded on a national securities exchange and are valued based

on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.

Derivative Instruments – Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted

prices from the exchange and are categorized in level 1 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The

following is a summary of the fair valuation hierarchy of the Large Cap Growth Fund's securities as of January 31, 2016:

Logan Capital Large Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	5,224,490	$	-	$	-	$	5,224,490
Consumer Staples		1,727,380		-		-		1,727,380
Financials		363,666		-		-		363,666
Health Care		2,851,168		-		-		2,851,168
Industrials		2,332,915		-		-		2,332,915
Information Technology		8,303,577		-		-		8,303,577
Materials		644,800		-		-		644,800
Total Common Stocks		21,447,996		-		-		21,447,996
Short-Term Investments		470,926		-		-		470,926
Total Investments in Securities	$	21,918,922	$	-	$	-	$	21,918,922

The following is a summary of the fair valuation hierarchy of the Long/Short Fund's securities as of January 31, 2016:

Logan Capital Long/Short Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	2,043,667	$	-	$	-	$	2,043,667
Consumer Staples		1,280,367		-		-		1,280,367
Energy		1,015,356		-		-		1,015,356
Financials		523,003		-		-		523,003
Health Care		1,670,656		-		-		1,670,656
Industrials		1,134,609		-		-		1,134,609
Information Technology		2,736,919		-		-		2,736,919
Materials		795,383		-		-		795,383
Telecommunication Services		548,653		-		-		548,653
Total Common Stocks		11,748,613		-		-		11,748,613
Exchange-Traded Funds		1,638,224		-		-		1,638,224
Total Investments in Securities	$	13,386,837	$	-	$	-	$	13,386,837
Total Securities Sold Short	$	2,806,609	$	-	$	-	$	2,806,609

Refer to the Funds' Schedules of Investments for a detailed breakout of securities by industry classification. Transfers between levels are
recognized at January 31, 2016, the end of the reporting period. The Funds recognized no transfers to/from level 1 or level 2. There were
no level 3 securities held in the Funds during the period ended January 31, 2016.

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 “Disclosure for
Investments in Certain Entities that Calculate Net Asset Value (“NAV”) per Share (or its equivalent).” The amendments in ASU No. 2015-07
remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also
removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient. The amendments in the
ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently
evaluating the impact these changes will have on the Funds’ financial statements and related disclosures.

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, as amended, 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 H. Hess

Douglas G. Hess, President

Date 2/18/2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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 2/18/2016

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

Cheryl L. King, Treasurer

Date 2/18/2016

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