UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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: May 31, 2015

Item 1. Reports to Stockholders.

PIA Funds

PIA BBB Bond Fund

Managed Account Completion Shares (MACS)

PIA MBS Bond Fund

Managed Account Completion Shares (MACS)

Semi-Annual Report

May 31, 2015

PIA Funds

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six month fiscal period from December 1, 2014 through May 31, 2015 regarding the PIA BBB Bond Fund and the PIA MBS Bond Fund (each, a “Fund” and together, the “Funds”) for which Pacific Income Advisers, Inc. (“PIA”) is the investment adviser.

During the six months ended May 31, 2015, the total returns, including the reinvestment of dividends and capital gains, were as follows:

PIA BBB Bond Fund	0.71%
PIA MBS Bond Fund	1.31%

As stated in the current prospectus, the PIA BBB Bond Fund’s gross expense ratio is 0.15% and the PIA MBS Bond Fund’s gross expense ratio is 0.30%.

PIA has agreed to temporarily pay for all operating expenses (excluding acquired fund fees and expenses) incurred by each Fund through at least March 28, 2016 to the extent necessary to limit Net Annual Fund Operating Expenses for each Fund to 0.15% of average daily net assets.

PIA BBB Bond Fund

As indicated above, the return for the PIA BBB Bond Fund for the six month period ended May 31, 2015 was 0.71%.  This was modestly lower than the 0.75% return of the Fund’s benchmark, the Barclays U.S. Credit Baa Bond Index and in line with the Fund’s objective of approximating the returns of the index.  The Fund has a strategy of using a broad diversification of BBB rated issuers, industry sectors and range of maturities.  The bonds held in the Fund represent over 160 different issuers.  The Barclays U.S. Credit Baa Bond Index has over 500 issuers.  The Fund is structured so as to approximate the returns of its benchmark, while holding a smaller number of issuers.  In order to achieve this objective, the overall duration, the partial durations, as well as the sector allocations of the Fund approximate those of its benchmark.  While the top 20 issuers in the Barclays U.S. Credit Baa Bond Index are represented in the Fund, for the remainder issuers in the benchmark, only a subset is represented in the Fund, based on market conditions and liquidity.  This will cause some modest variability in the returns of the Fund relative to those of its benchmark.  For the six month period ended May 31, 2015, the issuers represented in the Fund had on average a modestly lower performance than the ones that the Fund was not invested in, which contributed to the small underperformance by the Fund.

PIA MBS Bond Fund

The return of the PIA MBS Bond Fund for the six month period ended May 31, 2015 of 1.31% exceeded the return of 1.24% of its benchmark, the Barclays U.S. MBS Fixed Rate Index.  The Fund has a broad diversification of coupons and mortgage sectors.  The Fund’s shorter duration structure, due to its emphasis on higher coupon securities was the main reason for the higher performance relative to the benchmark, as interest rates at the intermediate part of the curve rose and the yield curve modestly flattened during the period.  The Fund was overweighted in the 30 year Fannie Mae and Freddie Mac mortgage-backed securities (“MBS”) sector, and was underweighted in the 30 year Ginnie Mae MBS sector due to the better risk-adjusted yield of Fannie Mae and Freddie Macs, which was a positive factor for returns, as both sectors produced better excess returns than Ginnie Mae securities for the period.  The use of dollar rolls for selective coupons that offered attractive breakeven rates modestly added to returns.  The Fund had an allocation to non-agency AAA and AA rated floating

1

PIA Funds

rate securities with shorter durations that outperformed the returns on the Index, as short rates rose.  We expect these securities to continue to add value to the Fund during a period of rising interest rates, as their coupons adjust higher.

Bond Market in Review

The gross domestic product’s (“GDP”) quarter-over-quarter rate of growth was -0.2% for the first quarter of 2015, lower than the 2.2% during the fourth quarter of 2014.  With the unemployment rate at 5.5% and inflation under control, aided by the decline in oil prices, the U.S. Federal Reserve Board maintained its easier monetary policy by keeping the federal funds rate close to zero.  Inflation, as measured by the Consumer Price Index, was 0% year over year as of May 2015.  All this economic data, along with fears about Greece exiting the Euro are likely to cause the U.S. Federal Reserve Board to start raising interest rates by year end, instead of September, as many market participants believe.

Yields on 2-year and 5-year Treasury notes rose by 14 basis points (“bps”) and 1 bps, respectively, from November 30, 2014 to May 31, 2015.  Yields on 30-year Treasury bonds decreased by 1 bps during the same period.  Inflation being under control, as well as the decline in oil prices, the strengthening of the U.S. dollar and geopolitical uncertainties, all contributed to the modest flattening of the yield curve.

Spreads on BBB rated bonds over Treasuries increased during the period from 164 bps to 178 bps.  Option adjusted spreads on fixed rate agency mortgage-backed securities fell from 29 bps to 18 bps, as their average life decreased from 6.7 years to 6.5 years.

We believe that the PIA BBB Bond Fund and the PIA MBS Bond Fund provide our clients with a means of efficiently investing in a broadly diversified portfolio of BBB rated bonds and mortgage-backed bonds, respectively.

Please take a moment to review the Funds’ statements of assets and liabilities and the results of operations for the six month period ended May 31, 2015.  We look forward to reporting to you again with the annual report dated November 30, 2015.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

2

PIA Funds

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Funds’ investment adviser, and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security and should not be considered investment advice.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk.  Principal loss is possible.  Investments in debt securities typically decrease in value when interest rates rise.  This risk is usually greater for longer-term debt securities.  Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

Investment by the PIA BBB Bond Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.  These risks are greater for emerging markets.

The Funds may also use options, futures contracts, and swaps, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency rates.  Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments.  These risks are fully disclosed in the Prospectus.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential.  Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Services, Inc., and Fitch Ratings, Inc.  Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default).  In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Diversification does not assure a profit or protect against risk in a declining market.

The Barclays U.S. Credit Baa Bond Index is an unmanaged index consisting of bonds rated Baa.  The issues must be publicly traded and meet certain maturity and issue size requirements.  Bonds are represented by the Industrial, Utility, Finance and non-corporate sectors.  Non-corporate sectors include sovereign, supranational, foreign agency and foreign local government issuers.  The Barclays U.S. MBS Fixed Rate Index (the “MBS Index”) is an unmanaged index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).  The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates.  Each aggregate is a proxy for the outstanding pools for a given agency, program, issue year and coupon.  The index maturity and liquidity criteria are then applied to these aggregates to determine which qualify for inclusion in the index.  About 600 of these generic aggregates meet the criteria.  You cannot invest directly in an index.

Gross domestic product is the amount of goods and services produced in a year, in a country.

Consumer Price Index measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.

Duration is the measure of the sensitivity of the price of a fixed income security to a change in interest rates, expressed in number of years.

Basis point equals 1/100th of 1%.

Please refer to the schedule of investments in the report for complete holdings information.  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.  Investment performance reflects fee waivers and/or expense reimbursements in effect.  In the absence of such waivers or reimbursements, total return would be reduced.

Quasar Distributors, LLC, Distributor

3

PIA Funds

Expense Example – May 31, 2015

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses.  This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA Funds and to compare these costs with the ongoing costs of investing in other mutual funds.  The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/14 – 5/31/15).

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses.  Pacific Income Advisers, Inc. (“PIA”) has voluntarily agreed to pay each Fund’s operating expenses in order to limit total expenses to 0.15% of the Fund’s average daily net assets through at least March 28, 2016.  Although the Funds charge no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  The Example below includes, but is not limited to, fund accounting, custody and transfer agent fees.  You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is different from the Funds’ actual returns.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Funds and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees.  Therefore, the second line of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.  In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account	Ending Account	Expenses Paid During
	Value 12/1/14	Value 5/31/15	Period 12/1/14 – 5/31/15*
PIA BBB Bond Fund
Actual	$1,000.00	$1,007.10	$0.75
Hypothetical (5% return before expenses)	$1,000.00	$1,024.18	$0.76
PIA MBS Bond Fund
Actual	$1,000.00	$1,013.10	$0.75
Hypothetical (5% return before expenses)	$1,000.00	$1,024.18	$0.76

* Expenses are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.  The annualized expense ratio of the PIA BBB Bond Fund and the PIA MBS Bond Fund was 0.15% and 0.15%, respectively.

4

PIA Funds

PIA BBB BOND FUND

Allocation of Portfolio Assets – May 31, 2015

(Unaudited)

Investments by Sector

As a Percentage of Total Investments

5

PIA Funds

PIA MBS BOND FUND

Allocation of Portfolio Assets – May 31, 2015

(Unaudited)

Investments by Issuer

As a Percentage of Total Investments

6

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 85.3%
Agricultural Chemicals 0.3%
		Mosaic Co.
$	785,000	3.75%, due 11/15/21	$	826,081
Agriculture 0.3%
		Bunge Limited Finance Corp.
	550,000	8.50%, due 6/15/19		672,625
Auto Parts 1.3%
		Advance Auto Parts, Inc.
	1,100,000	5.75%, due 5/1/20		1,237,458
		Autozone, Inc.
	600,000	3.125%, due 7/15/23		596,300
		Johnson Controls, Inc.
	1,230,000	4.25%, due 3/1/21		1,327,786
				3,161,544
Autos 1.6%
		Ford Motor Co.
	675,000	7.45%, due 7/16/31		881,634
		Ford Motor Credit Co. LLC
	1,200,000	1.50%, due 1/17/17		1,201,757
	1,000,000	5.00%, due 5/15/18		1,084,555
	600,000	5.875%, due 8/2/21		696,235
				3,864,181
Banks 3.9%
		Associated Banc-Corp
	400,000	2.75%, due 11/15/19		403,213
		Barclays Bank PLC
	700,000	5.14%, due 10/14/20		775,543
		Capital One Bank USA N.A.
	1,100,000	3.375%, due 2/15/23		1,096,876
		Capital One Financial Corp.
	815,000	6.15%, due 9/1/16		865,156
		Citigroup, Inc.
	1,000,000	3.50%, due 5/15/23		995,743
		Credit Suisse Group
	700,000	5.40%, due 1/14/20		780,834
		Discover Bank
	700,000	3.20%, due 8/9/21		699,913
		Fifth Third Bancorp
	930,000	4.50%, due 6/1/18		1,000,885
	225,000	8.25%, due 3/1/38		330,629
		First Tennessee Bank
	500,000	2.95%, due 12/1/19		504,772
		KeyCorp
	900,000	5.10%, due 3/24/21		1,015,146
		UBS AG
	750,000	5.875%, due 7/15/16		789,169
				9,257,879
Biotechnology 2.0%
		Amgen, Inc.
	1,520,000	3.875%, due 11/15/21		1,619,192
	900,000	5.15%, due 11/15/41		967,192
		Biogen Idec, Inc.
	1,110,000	6.875%, due 3/1/18		1,269,243
		Celgene Corp.
	800,000	4.625%, due 5/15/44		809,320
				4,664,947
Broker 2.6%
		Goldman Sachs Group, Inc.
	800,000	5.625%, due 1/15/17		852,059
	950,000	6.75%, due 10/1/37		1,170,345
		Merrill Lynch & Co., Inc.
	1,010,000	5.70%, due 5/2/17		1,083,699
	1,050,000	6.11%, due 1/29/37		1,226,627
		Morgan Stanley
	900,000	4.875%, due 11/1/22		972,712
		Nomura Holdings, Inc.
	700,000	6.70%, due 3/4/20		833,039
				6,138,481
Building Materials 0.3%
		Owens Corning Inc.
	775,000	4.20%, due 12/15/22		798,476

The accompanying notes are an integral part of these financial statements.

7

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Cable/Satellite 0.9%
		Direct TV Holdings
$	700,000	1.75%, due 1/15/18	$	699,691
	685,000	5.00%, due 3/1/21		755,276
	700,000	6.00%, due 8/15/40		765,138
				2,220,105
Chemicals 2.3%
		CF Industries, Inc.
	800,000	3.45%, due 6/1/23		798,793
		Cytec Industries Inc.
	880,000	3.95%, due 5/1/25		891,910
		Dow Chemical Co.
	1,075,000	4.25%, due 11/15/20		1,166,332
	865,000	7.375%, due 11/1/29		1,156,857
		Eastman Chemical Co.
	900,000	2.40%, due 6/1/17		918,657
		RPM International, Inc.
	500,000	6.125%, due 10/15/19		567,334
				5,499,883
Communications 1.1%
		Telefonica Emisiones SAU
	1,735,000	5.462%, due 2/16/21		1,966,605
	475,000	7.045%, due 6/20/36		616,298
				2,582,903
Communications Equipment 0.6%
		Harris Corp.
	500,000	6.15%, due 12/15/40		587,719
		L-3 Communications Corp.
	775,000	4.75%, due 7/15/20		829,775
				1,417,494
Diversified Manufacturing 0.3%
		Ingersoll-Rand Global
		Holding Company Ltd.
	560,000	6.875%, due 8/15/18		643,309
Drugs and Druggists’ Sundries
Merchant Wholesalers 1.0%
		Actavis Funding SCS
	700,000	3.00%, due 3/12/20		711,425
	850,000	3.45%, due 3/15/22		858,659
	800,000	4.75%, due 3/15/45		795,342
				2,365,426
Electric Utilities 3.8%
		Dominion Resources, Inc.
	470,000	4.90%, due 8/1/41		500,166
		Duke Energy Corp.
	1,270,000	6.25%, due 6/15/18		1,445,073
		Exelon Corp.
	1,015,000	5.625%, due 6/15/35		1,170,333
		Indiana Michigan Power
	750,000	6.05%, due 3/15/37		926,567
		Jersey Central Power & Light
	700,000	7.35%, due 2/1/19		818,193
		NiSource Finance Corp.
	900,000	6.125%, due 3/1/22		1,059,946
	400,000	5.25%, due 2/15/43		448,024
		Ohio Power Co.
	1,100,000	5.375%, due 10/1/21		1,279,499
		Oncor Electric Delivery
	595,000	7.00%, due 5/1/32		801,203
		Teco Finance, Inc.
	550,000	5.15%, due 3/15/20		618,522
				9,067,526
Exploration & Production 0.3%
		Continental Resources, Inc.
	700,000	4.50%, due 4/15/23		690,766
Finance 0.4%
		Block Financial Corp.
	900,000	5.50%, due 11/1/22		986,083
Finance – Credit Cards 0.7%
		American Express Co.
	1,555,000	6.80%, due 9/1/66 (a)		1,619,144

The accompanying notes are an integral part of these financial statements.

8

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Financial Services 0.5%
		Legg Mason, Inc.
$	500,000	5.625%, due 1/15/44	$	561,987
		Leucadia National Corp.
	700,000	5.50%, due 10/18/23		729,085
				1,291,072
Food 2.8%
		ConAgra Foods, Inc.
	1,300,000	7.00%, due 10/1/28		1,612,426
		Kellogg Co.
	1,200,000	3.25%, due 5/21/18		1,253,582
		Kraft Foods Group, Inc.
	1,690,000	2.25%, due 6/5/17		1,717,701
		Kroger Co.
	780,000	6.15%, due 1/15/20		905,998
		Mondelez International, Inc.
	1,200,000	2.25%, due 2/1/19		1,215,529
				6,705,236
Gas Pipelines 0.5%
		Plains All American Pipeline, L.P.
	1,100,000	6.50%, due 5/1/18		1,244,880
Health Care 1.1%
		Cardinal Health, Inc.
	500,000	2.40%, due 11/15/19		502,856
		Humana, Inc.
	955,000	7.20%, due 6/15/18		1,101,754
		Laboratory Corporation of
		America Holdings
	1,000,000	2.20%, due 8/23/17		1,014,286
				2,618,896
Health Care Facilities and Services 0.4%
		McKesson Corp.
	800,000	4.883%, due 3/15/44		849,836
Information Technology 1.2%
		Hewlett Packard Co.
	1,150,000	2.60%, due 9/15/17		1,177,413
	800,000	4.65%, due 12/9/21		864,114
		Ingram Micro, Inc.
	775,000	5.00%, due 8/10/22		824,650
				2,866,177
Insurance 4.8%
		American International
		Group, Inc.
	1,000,000	3.375%, due 8/15/20		1,041,689
	1,050,000	4.875%, due 6/1/22		1,173,611
	100,000	6.25%, due 3/15/87		110,379
		Aon Corp.
	600,000	5.00%, due 9/30/20		669,758
		AXA SA
	500,000	8.60%, due 12/15/30		696,250
		CIGNA Corp.
	315,000	6.15%, due 11/15/36		394,496
		Fidelity National Financial, Inc.
	1,275,000	5.50%, due 9/1/22		1,384,887
	105,000	3.50%, due 4/15/23		104,164
		Hartford Financial Services Group
	1,350,000	5.125%, due 4/15/22		1,517,844
		Markel Corp.
	20,000	4.90%, due 7/1/22		21,943
		Metlife, Inc.
	855,000	6.40%, due 12/15/66		979,403
		Protective Life Corp.
	350,000	7.375%, due 10/15/19		418,325
		Prudential Financial, Inc.
	1,075,000	6.625%, due 12/1/37		1,373,848
		Unum Group
	700,000	5.625%, due 9/15/20		796,396
		Wellpoint, Inc.
	600,000	4.65%, due 8/15/44		610,442
				11,293,435
Lodging 0.3%
		Host Hotels & Resorts LP
	600,000	4.75%, due 3/1/23		640,039

The accompanying notes are an integral part of these financial statements.

9

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Machinery 0.4%
		Flowserve Corp.
$	900,000	3.50%, due 9/15/22	$	908,855
Manufacturing 0.9%
		Boston Scientific Corp.
	985,000	2.85%, due 5/15/20		989,554
	1,000,000	4.125%, due 10/1/23		1,047,129
				2,036,683
Media 3.8%
		CBS Corp.
	1,220,000	5.75%, due 4/15/20		1,394,318
		Discover Communications LLC
	500,000	3.30%, due 5/15/22		498,458
		Expedia, Inc.
	800,000	5.95%, due 8/15/20		899,510
		Omnicom Group, Inc.
	400,000	3.625%, due 5/1/22		410,163
		Time Warner Cable, Inc.
	900,000	5.85%, due 5/1/17		966,692
		Time Warner Entertainment
		Company, L.P.
	810,000	8.375%, due 7/15/33		1,027,876
		Time Warner, Inc.
	500,000	4.05%, due 12/15/23		526,288
	1,965,000	7.625%, due 4/15/31		2,639,372
		Viacom Inc.
	610,000	4.375%, due 3/15/43		524,318
				8,886,995
Medical Equipment 0.1%
		Agilent Technologies, Inc.
	150,000	6.50%, due 11/1/17		166,454
Medical Equipment and
Supplies Manufacturing 0.4%
		Becton Dickinson & Co.
	800,000	4.685%, due 12/15/44		818,413
Metals 0.3%
		Southern Copper Corp.
	750,000	6.75%, due 4/16/40		797,782
Metals and Mining 1.4%
		Freeport-McMoRan Inc.
	900,000	3.875%, due 3/15/23		848,267
		Goldcorp Inc.
	500,000	3.70%, due 3/15/23		491,449
		Reliance Steel & Aluminum Co.
	500,000	4.50%, due 4/15/23		498,613
		Teck Resources Ltd.
	700,000	4.75%, due 1/15/22		687,629
	800,000	5.40%, due 2/1/43		666,170
				3,192,128
Metalworking Machinery 0.5%
		Kennametal, Inc.
	1,150,000	2.65%, due 11/1/19		1,157,291
Mining 1.1%
		Newmont Mining Corp.
	800,000	4.875%, due 3/15/42		708,702
		Vale Overseas Limited
	560,000	6.25%, due 1/23/17		597,222
	700,000	4.375%, due 1/11/22		689,661
	700,000	6.875%, due 11/21/36		691,873
				2,687,458
Navigational, Measuring, Electromedical, and
Control Instruments Manufacturing 0.2%
		Northrop Grumman Corp.
	500,000	4.75%, due 6/1/43		526,233
Newspaper, Periodical, Book, and
Directory Publishers 0.8%
		21st Century Fox America, Inc.
	1,460,000	6.20%, due 12/15/34		1,773,526
Office Equipment 0.4%
		Xerox Corp.
	900,000	6.75%, due 2/1/17		979,184
Oil and Gas 11.1%
		Anadarko Petroleum Corp.
	650,000	5.95%, due 9/15/16		689,076
	900,000	6.45%, due 9/15/36		1,084,829

The accompanying notes are an integral part of these financial statements.

10

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Oil and Gas 11.1% (continued)
		Cameron International Corp.
$	700,000	6.375%, due 7/15/18	$	782,421
		Canadian Natural Resources
	835,000	6.00%, due 8/15/16		883,697
		Devon Energy Corp.
	665,000	7.95%, due 4/15/32		893,013
		Encana Corp.
	450,000	3.90%, due 11/15/21		468,259
	750,000	6.50%, due 8/15/34		858,380
		Enterprise Products
		Operating LLC
	1,850,000	4.85%, due 8/15/42		1,866,102
		Hess Corp.
	575,000	8.125%, due 2/15/19		690,530
	800,000	5.60%, due 2/15/41		857,894
		Kinder Morgan Energy Partners
	600,000	3.05%, due 12/1/19		603,481
	750,000	3.95%, due 9/1/22		758,374
	1,270,000	5.80%, due 3/15/35		1,302,874
	700,000	5.55%, due 6/1/45		686,822
		Marathon Oil Corp.
	1,050,000	6.00%, due 10/1/17		1,155,174
		Pemex Master Trust
	1,500,000	5.75%, due 3/1/18		1,653,750
	1,150,000	6.625%, due 6/15/35		1,297,200
		Petrobras International
		Finance Co.
	1,885,000	5.875%, due 3/1/18		1,943,473
	1,750,000	5.375%, due 1/27/21		1,711,500
	390,000	6.875%, due 1/20/40		368,550
		Petroleos Mexicanos
	700,000	5.50%, due 1/21/21		767,627
		Pioneer Natural Resource Co.
	400,000	3.95%, due 7/15/22		411,970
		Southwestern Energy Co.
	1,325,000	4.10%, due 3/15/22		1,329,378
		Talisman Energy
	685,000	6.25%, due 2/1/38		715,440
		Valero Energy Corp.
	655,000	6.625%, due 6/15/37		777,385
		Weatherford International, Ltd.
	800,000	4.50%, due 4/15/22		775,966
	800,000	6.75%, due 9/15/40		772,532
				26,105,697
Other Telecommunications 2.8%
		AT&T, Inc.
	1,000,000	5.50%, due 2/1/18		1,100,441
	1,500,000	3.00%, due 2/15/22		1,493,935
	600,000	3.40%, due 5/15/25		584,782
	1,200,000	4.50%, due 5/15/35		1,141,261
	2,500,000	4.80%, due 6/15/44		2,390,102
				6,710,521
Paper 1.2%
		International Paper Co.
	900,000	4.75%, due 2/15/22		992,794
	700,000	6.00%, due 11/15/41		789,915
		Weyerhaeuser Co.
	800,000	7.375%, due 3/15/32		1,026,676
				2,809,385
Pharmaceuticals 1.3%
		AbbVie, Inc.
	1,650,000	1.75%, due 11/6/17		1,656,910
	100,000	4.40%, due 11/6/42		97,485
		Perrigo Co. Ltd.
	500,000	4.00%, due 11/15/23		516,203
		Watson Pharmaceuticals, Inc.
	775,000	1.875%, due 10/1/17		777,579
				3,048,177
Pipeline Transportation of Crude Oil 0.4%
		Magellan Midstream Partners LP
	500,000	3.20%, due 3/15/25		492,059
		Sunoco Logistics Partners
	500,000	4.25%, due 4/1/24		507,842
				999,901

The accompanying notes are an integral part of these financial statements.

11

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Pipeline Transportation of Natural Gas 0.7%
		Williams Partners L.P.
$	500,000	3.60%, due 3/15/22	$	497,852
	800,000	3.90%, due 1/15/25		789,754
	500,000	5.10%, due 9/15/45		474,746
				1,762,352
Pipelines 2.7%
		El Paso Electric Co.
	850,000	6.00%, due 5/15/35		1,035,255
		Enbridge Energy Partners, L.P.
	590,000	5.20%, due 3/15/20		646,193
		Energy Transfer Partners L.P.
	700,000	5.20%, due 2/1/22		749,466
	1,000,000	7.60%, due 2/1/24		1,223,183
		Oneok Partners L.P.
	1,200,000	3.375%, due 10/1/22		1,155,181
		Tennessee Gas Pipeline
	725,000	7.50%, due 4/1/17		796,971
		Williams Companies, Inc.
	600,000	7.50%, due 1/15/31		695,593
				6,301,842
Real Estate Investment Trusts 3.0%
		Boston Properties LP
	1,400,000	4.125%, due 5/15/21		1,523,484
		Health Care Property
		Investors, Inc.
	850,000	6.00%, due 1/30/17		914,611
		Health Care REIT, Inc.
	1,050,000	5.25%, due 1/15/22		1,170,024
		Hospitality Properties Trust
	620,000	5.625%, due 3/15/17		658,113
		ProLogis
	559,000	6.875%, due 3/15/20		659,731
		Ventas Realty LP
	1,500,000	4.75%, due 6/1/21		1,648,902
	500,000	3.75%, due 5/1/24		506,779
				7,081,644
Restaurants 0.3%
		Yum! Brands, Inc.
	800,000	3.75%, due 11/1/21		822,440
Retail 2.0%
		CVS Caremark Corp.
	1,268,000	5.75%, due 6/1/17		1,382,599
		Gap, Inc.
	1,000,000	5.95%, due 4/12/21		1,151,899
		Macy’s Retail Holdings, Inc.
	800,000	2.875%, due 2/15/23		787,638
	400,000	6.70%, due 7/15/34		516,009
		Walgreens Boots Alliance
	1,000,000	4.80%, due 11/18/44		993,514
				4,831,659
Scientific Instruments 0.4%
		Thermo Fisher Scientific, Inc.
	900,000	3.60%, due 8/15/21		932,244
Software 1.4%
		Fiserv, Inc.
	700,000	3.50%, due 10/1/22		713,584
	600,000	3.85%, due 6/1/25		609,440
		Jabil Circuit, Inc.
	1,800,000	4.70%, due 9/15/22		1,872,000
				3,195,024
Technology 0.3%
		Tech Data Corp.
	700,000	3.75%, due 9/21/17		724,138
Telecommunications 2.2%
		American Tower Corp.
	1,350,000	5.05%, due 9/1/20		1,487,156
		British Telecommunications PLC
	855,000	9.625%, due 12/15/30 (c)		1,350,396
		Deutsche Telekom
		International Finance
	345,000	8.75%, due 6/15/30 (c)		510,399
		Embarq Corp.
	600,000	7.082%, due 6/1/16		632,456

The accompanying notes are an integral part of these financial statements.

12

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Telecommunications 2.2% (continued)
		France Telecom SA
$	575,000	5.375%, due 1/13/42	$	638,333
		Grupo Televisa SAB
	400,000	6.625%, due 3/18/25		496,560
				5,115,300
Tobacco 1.0%
		Altria Group, Inc.
	1,100,000	5.375%, due 1/31/44		1,183,226
		Lorillard Tobacco Co.
	1,200,000	3.75%, due 5/20/23		1,202,714
				2,385,940
Toys and Games 0.4%
		Mattel, Inc.
	820,000	5.45%, due 11/1/41		853,255
Transportation 1.7%
		Burlington Northern Santa Fe
	475,000	4.70%, due 10/1/19		529,069
	1,285,000	6.15%, due 5/1/37		1,654,314
		CSX Corp.
	1,390,000	6.22%, due 4/30/40		1,782,543
				3,965,926
Transportation and Logistics 0.5%
		Fedex Corp.
	1,000,000	4.00%, due 1/15/24		1,061,991
Travel and Lodging 0.3%
		Starwood Hotels &
		Resorts Worldwide
	600,000	3.75%, due 3/15/25		588,558
Utilities 0.2%
		PSEG Power LLC
	500,000	4.30%, due11/15/23		529,525
Utilities – Gas 0.3%
		National Fuel Gas Co.
	680,000	4.90%, due 12/1/21		741,732
Waste Disposal 0.7%
		Republic Services, Inc.
	1,450,000	5.00%, due 3/1/20		1,614,320
Wired Telecommunications Carriers 4.4%
		Verizon Communications, Inc.
	3,112,000	2.625%, due 2/21/20		3,142,407
	2,200,000	5.15%, due 9/15/23		2,461,175
	3,950,000	6.55%, due 9/15/43		4,815,046
				10,418,628
Wireless Telecommunications Services 0.4%
		Vodafone Group PLC
	1,000,000	2.95%, due 2/19/23		942,537
Total Corporate Bonds
(cost $195,020,163)				201,460,162
SOVEREIGN BONDS 10.7%
		Federal Republic of Brazil
	550,000	6.00%, due 1/17/17		590,700
	500,000	4.875%, due 1/22/21		532,500
	2,040,000	7.125%, due 1/20/37		2,453,100
		Republic of Colombia
	1,000,000	7.375%, due 3/18/19		1,177,500
	890,000	7.375%, due 9/18/37		1,158,112
		Republic of Italy
	1,100,000	5.375%, due 6/12/17		1,188,250
	1,050,000	6.875%, due 9/27/23		1,348,147
		Republic of Panama
	200,000	5.20%, due 1/30/20		222,000
	750,000	6.70%, due 1/26/36		958,125
		Republic of Peru
	1,050,000	6.55%, due 3/14/37		1,367,625
		Republic of Philippines
	950,000	6.50%, due 1/20/20		1,135,250
	2,125,000	5.00%, due 1/13/37		2,576,562
		Republic Of Turkey
	1,300,000	7.50%, due 7/14/17		1,447,615
	1,500,000	5.125%, due 3/25/22		1,594,500
	1,950,000	6.00%, due 1/14/41		2,157,188

The accompanying notes are an integral part of these financial statements.

13

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount				Value
SOVEREIGN BONDS 10.7% (continued)
		Republic of Uruguay
$	209,742	8.00%, due 11/18/22		$	273,451
		United Mexican States
	700,000	5.625%, due 1/15/17			751,100
	1,684,000	3.625%, due 3/15/22			1,726,942
	2,490,000	4.75%, due 3/8/44			2,521,748
					25,180,415
Total Sovereign Bonds
(cost $25,728,597)					25,180,415
U.S. GOVERNMENT
INSTRUMENTALITIES 2.4%
		U.S. Treasury Bonds
	300,000	2.25%, due 11/15/24			304,265
	5,250,000	2.875%, due 5/15/43			5,252,053
					5,556,318
Total U.S. Government Instrumentalities
(cost $5,464,612)					5,556,318
SHORT-TERM INVESTMENTS 0.5%
	1,293,023	Invesco STIT – Treasury
		Portfolio – Institutional
		Class, 0.02% (b)			1,293,023
Total Short-Term Investments
(cost $1,293,023)					1,293,023
Total Investments
(cost $227,506,395)			98.9%		233,489,918
Other Assets less Liabilities			1.1%		2,610,330
TOTAL NET ASSETS			100.0%	$	236,100,248

(a)	Variable rate security.  Rate shown reflects the rate in effect as of May 31, 2015.
(b)	Rate shown is the 7-day annualized yield as of May 31, 2015.
(c)	Step-up bond; the interest rate shown is the rate in effect as of May 31, 2015.

Country Allocation
Country	% of Net Assets
United States		76.4	%
Brazil		4.0	%
Mexico		3.9	%
Turkey		2.2	%
Canada		2.0	%
United Kingdom		1.6	%
Philippines		1.6	%
Switzerland		1.3	%
Spain		1.1	%
Italy		1.1	%
Luxembourg		1.0	%
Colombia		1.0	%
Peru		0.6	%
France		0.6	%
Panama		0.5	%
Ireland		0.5	%
Japan		0.3	%
Netherlands		0.2	%
Uruguay		0.1	%
		100.0	%

The accompanying notes are an integral part of these financial statements.

14

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PIA MBS BOND FUND

Schedule of Investments – May 31, 2015

(Unaudited)

Principal Amount			Value
MORTGAGE-BACKED SECURITIES 103.1%
Commercial Mortgage-Backed Securities 2.2%
		Aventura Mall Trust
$	800,000	3.867%, due 12/5/32, Series
		2013-AVM, Class A (a)(d)	$	859,503
		Banc of America
	45,426	5.898%, due 5/10/45, Series
		2006-2, Class AAB (a)		45,433
		Hilton USA Trust
	1,300,000	2.662%, due 11/7/30, Series
		2013-HLT, Class AFX (d)		1,303,216
				2,208,152
Residential Mortgage-Backed Securities 10.0%
		American Residential Property Trust
	1,000,000	1.936%, due 9/17/31, Series
		2014-SFR1, Class B (a)(d)		1,006,831
		Colony American Homes
	2,937,532	1.40%, due 5/17/31, Series
		2014-1A, Class A (a)(d)		2,939,545
		Invitation Homes Trust
	2,926,935	1.40%, due 12/17/30, Series
		2013-SFR1, Class A (a)(d)		2,937,182
	3,000,000	1.685%, due 6/17/31,
		Series 2014-SFR1,
		Class B (a)(d)		3,007,264
				9,890,822
U.S. Government Agencies 90.9%
		FHLMC Pool
	32,024	4.50%, due 5/1/20, #G18052		33,671
	30,317	4.50%, due 3/1/21, #G18119		31,899
	28,963	5.00%, due 3/1/21, #G18105		31,032
	142,732	4.50%, due 5/1/21, #J01723		149,305
	26,742	6.00%, due 6/1/21, #G18124		29,413
	83,623	4.50%, due 9/1/21, #G12378		87,982
	26,124	5.00%, due 11/1/21, #G18160		27,997
	20,775	5.00%, due 2/1/22, #G12522		22,263
	28,227	5.00%, due 2/1/22, #J04411		30,095
	85,563	5.50%, due 3/1/22, #G12577		93,580
	23,664	5.00%, due 7/1/22, #J05243		24,927
	619,206	4.00%, due 3/1/26, #J14785		663,066
	1,613,481	3.00%, due 11/1/26, #G18409		1,689,134
	590,958	3.00%, due 6/1/27, #G14497		618,687
	952,238	3.00%, due 12/1/29, #G18534		996,278
	14,503	5.50%, due 5/1/35, #B31639		16,357
	201,924	5.00%, due 8/1/35, #A36351		224,397
	41,288	4.50%, due 9/1/35, #A37616		44,844
	192,484	4.50%, due 10/1/35, #A37869		210,220
	110,439	4.50%, due 10/1/35, #A38023		119,889
	59,846	4.50%, due 10/1/35, #G01890		65,337
	106,100	5.00%, due 10/1/35, #G01940		118,288
	116,171	6.00%, due 1/1/36, #A42208		132,324
	18,435	7.00%, due 1/1/36, #G02048		22,983
	148,413	5.50%, due 2/1/36, #G02031		167,596
	102,733	7.00%, due 8/1/36, #G08148		125,335
	314,461	6.50%, due 9/1/36, #A54908		375,665
	127,477	6.50%, due 11/1/36, #A54094		154,812
	77,399	5.50%, due 2/1/37, #A57840		87,269
	157,850	5.00%, due 5/1/37, #A60268		174,994
	121,451	5.00%, due 6/1/37, #G03094		134,617
	291,707	5.50%, due 6/1/37, #A61982		328,770
	381,232	6.00%, due 6/1/37, #A62176		434,512
	358,954	6.00%, due 6/1/37, #A62444		408,970
	92,087	5.00%, due 7/1/37, #A63187		102,075
	179,223	5.50%, due 8/1/37, #G03156		202,023
	35,971	6.50%, due 8/1/37, #A70413		41,363
	11,792	7.00%, due 8/1/37, #A70079		13,684
	9,951	7.00%, due 9/1/37, #A65335		10,863
	19,420	7.00%, due 9/1/37, #A65670		21,487
	6,614	7.00%, due 9/1/37, #A65941		7,225
	3,993	7.00%, due 9/1/37, #A66041		4,606
	71,119	7.00%, due 9/1/37, #G03207		87,822
	14,478	6.50%, due 11/1/37, #A68726		16,646
	165,518	5.00%, due 2/1/38, #A73370		183,491
	7,546	5.00%, due 2/1/38, #G03836		8,371
	15,921	5.00%, due 3/1/38, #A73704		17,644

The accompanying notes are an integral part of these financial statements.

15

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
U.S. Government Agencies 90.9% (continued)
		FHLMC Pool (continued)
$	167,548	5.00%, due 4/1/38, #A76335	$	185,745
	67,644	5.50%, due 4/1/38, #G04121		76,280
	9,376	5.00%, due 5/1/38, #A77463		10,391
	33,949	5.50%, due 5/1/38, #A77265		38,285
	71,335	5.50%, due 5/1/38, #G04215		80,443
	39,101	5.00%, due 6/1/38, #A77986		43,335
	16,260	5.00%, due 6/1/38, #G04522		18,021
	15,338	5.00%, due 7/1/38, #A79197		16,998
	91,904	4.50%, due 9/1/38, #G04773		99,889
	23,180	5.00%, due 9/1/38, #G04690		25,687
	408,959	5.00%, due 10/1/38, #G04832		453,215
	5,855	5.00%, due 11/1/38, #A82849		6,488
	23,658	5.00%, due 12/1/38, #G05683		26,217
	238,845	5.00%, due 2/1/39, #G05507		264,801
	41,507	4.50%, due 4/1/39, #A85612		45,154
	112,835	5.00%, due 5/1/39, #G08345		125,266
	117,324	4.50%, due 9/1/39, #A88357		127,602
	37,656	5.00%, due 9/1/39, #G05904		41,734
	199,257	4.50%, due 11/1/39, #G05748		216,730
	162,363	4.50%, due 12/1/39, #A90175		176,586
	50,647	4.50%, due 4/1/40, #C03464		55,050
	134,455	4.50%, due 5/1/40, #A92269		145,960
	764,130	4.50%, due 5/1/40, #G06047		830,855
	463,229	4.50%, due 6/1/40, #A92533		503,783
	82,361	4.50%, due 6/1/40, #A92594		89,559
	22,400	4.50%, due 8/1/40, #A93437		24,670
	720,820	4.50%, due 8/1/40, #A93505		783,808
	1,979,618	3.50%, due 1/1/41, #A96409		2,068,998
	246,078	4.50%, due 1/1/41, #A96176		268,098
	72,308	4.50%, due 2/1/41, #A97013		78,642
	48,990	4.50%, due 4/1/41, #Q00285		53,295
	711,801	4.50%, due 9/1/41, #C03701		774,089
	142,638	3.50%, due 10/1/41, #Q04087		149,127
	61,572	4.50%, due 11/1/41, #Q04699		67,140
	179,361	3.50%, due 1/1/42, #Q05410		187,478
	708,324	3.50%, due 2/1/42, #Q05996		740,668
	427,349	3.50%, due 3/1/42, #G08479		446,821
	1,809,299	3.50%, due 4/1/42, #Q07654		1,891,963
	1,193,049	3.50%, due 5/1/42, #G08491		1,247,448
	2,025,572	3.50%, due 6/1/42, #C09000		2,117,963
	1,810,077	3.50%, due 6/1/42, #Q08641		1,892,341
	17,275	3.50%, due 6/1/42, #Q08998		18,064
	50,166	3.50%, due 7/1/42, #C09004		52,448
	643,752	3.50%, due 8/1/42, #Q10324		673,524
	60,206	3.00%, due 4/1/43, #V80025		61,088
	296,173	3.00%, due 5/1/43, #Q18436		300,329
	181,238	3.00%, due 6/1/43, #Q19697		183,786
	692,954	3.50%, due 6/1/43, #V80161		723,877
	23,443	3.50%, due 7/1/43, #Q19628		24,489
	758,252	3.50%, due 7/1/43, #Q19914		796,650
	668,098	3.00%, due 8/1/43, #G08540		677,493
	373,375	3.00%, due 8/1/43, #Q20559		378,626
	198,517	3.00%, due 8/1/43, #Q21026		201,348
	820,254	3.50%, due 8/1/43, #Q21351		857,345
	250,005	3.50%, due 8/1/43, #Q21435		261,135
	107,107	3.50%, due 9/1/43, #G08545		111,876
	834,370	3.50%, due 2/1/44, #Q24712		871,517
	2,826,667	4.00%, due 8/1/44, #G08601		3,015,404
	2,000,000	3.00%, due 5/1/45, #G08640		2,026,335
	1,000,000	3.00%, due 5/1/45, #Q33337		1,013,168
		FHLMC TBA (b)
	3,000,000	3.00%, due 6/15/43		3,035,975
		FNMA Pool
	15,349	4.50%, due 10/1/20, #842732		16,087
	85,185	3.00%, due 12/1/20, #MA0605		89,098
	35,212	4.50%, due 12/1/20, #813954		37,029
	16,010	4.50%, due 2/1/21, #845437		16,728
	37,369	5.00%, due 2/1/21, #865191		39,927
	13,994	5.00%, due 5/1/21, #879112		14,926
	73,025	4.50%, due 7/1/21, #845515		76,322
	1,476,314	3.00%, due 8/1/21, #AL0579		1,544,122
	67,183	5.50%, due 10/1/21, #905090		71,784
	151,530	3.00%, due 1/1/22, #MA0957		158,490
	23,650	5.00%, due 2/1/22, #900946		25,262

The accompanying notes are an integral part of these financial statements.

16

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
U.S. Government Agencies 90.9% (continued)
		FNMA Pool (continued)
$	76,455	6.00%, due 2/1/22, #912522	$	82,120
	77,136	5.00%, due 6/1/22, #937709		82,380
	37,899	5.00%, due 7/1/22, #938033		40,482
	66,903	5.00%, due 7/1/22, #944887		70,249
	284,595	5.50%, due 7/1/22, #905040		306,957
	12,028	4.00%, due 7/1/25, #AE1318		12,802
	12,323	4.00%, due 10/1/25, #AE1601		13,116
	485,349	4.00%, due 12/1/25, #AH6058		516,820
	353,893	4.00%, due 1/1/26, #AH3925		377,722
	13,385	4.00%, due 1/1/26, #MA0624		14,248
	45,224	4.00%, due 3/1/26, #AH8485		48,249
	586,644	4.00%, due 5/1/26, #AH8174		625,945
	66,926	3.00%, due 10/1/26, #AJ0049		70,000
	26,800	3.00%, due 10/1/26, #AJ5474		28,047
	88,908	3.00%, due 2/1/27, #AK4047		93,058
	205,066	3.00%, due 4/1/27, #AB4997		214,699
	673,661	3.00%, due 9/1/27, #AQ0333		705,294
	101,238	4.50%, due 4/1/29, #MA0022		109,998
	3,482	7.00%, due 8/1/32, #650101		4,220
	50,074	4.50%, due 3/1/35, #814433		54,432
	51,797	4.50%, due 4/1/35, #735396		56,694
	21,428	4.50%, due 5/1/35, #822854		23,362
	40,851	4.50%, due 7/1/35, #826584		44,627
	4,749	5.00%, due 7/1/35, #833958		5,285
	26,672	7.00%, due 7/1/35, #826251		30,555
	45,890	4.50%, due 8/1/35, #835751		50,127
	28,613	7.00%, due 9/1/35, #842290		33,800
	17,685	4.50%, due 11/1/35, #256032		19,321
	25,725	5.00%, due 12/1/35, #852482		28,651
	10,908	7.00%, due 2/1/36, #865190		13,374
	304,712	5.00%, due 5/1/36, #745515		339,369
	7,505	5.00%, due 7/1/36, #888789		8,367
	20,861	6.50%, due 7/1/36, #897100		25,251
	13,529	7.00%, due 7/1/36, #887793		14,169
	23,270	6.00%, due 8/1/36, #892925		26,562
	71,195	6.50%, due 8/1/36, #878187		86,157
	70,202	5.00%, due 9/1/36, #893621		78,188
	90,084	5.50%, due 10/1/36, #831845		103,121
	33,830	5.50%, due 10/1/36, #893087		38,274
	35,400	6.00%, due 10/1/36, #897174		40,455
	45,078	5.50%, due 12/1/36, #256513		50,983
	1,660	6.50%, due 12/1/36, #920162		1,912
	42,661	7.00%, due 1/1/37, #256567		50,629
	109,745	5.50%, due 2/1/37, #256597		124,201
	53,853	6.00%, due 2/1/37, #909357		61,519
	3,289	7.00%, due 2/1/37, #915904		3,567
	83,803	5.00%, due 3/1/37, #913007		93,151
	77,703	5.50%, due 3/1/37, #256636		87,929
	4,264	5.00%, due 4/1/37, #914599		4,740
	283,426	5.50%, due 6/1/37, #918554		320,558
	65,026	5.50%, due 6/1/37, #918705		73,545
	325,107	6.00%, due 6/1/37, #888413		372,220
	234,446	6.00%, due 6/1/37, #917129		268,315
	35,314	7.00%, due 6/1/37, #256774		40,280
	42,920	7.00%, due 6/1/37, #940234		50,806
	25,448	5.00%, due 7/1/37, #944534		28,286
	125,584	5.50%, due 10/1/37, #954939		142,037
	38,300	6.00%, due 12/1/37, #965488		43,718
	185,209	5.50%, due 2/1/38, #961691		209,473
	77,131	5.00%, due 1/1/39, #AA0835		85,734
	20,874	5.00%, due 1/1/39, #AA0840		23,202
	1,105	5.00%, due 1/1/39, #AA0862		1,228
	126,952	5.00%, due 3/1/39, #930635		141,145
	3,154	5.00%, due 3/1/39, #930760		3,506
	15,954	5.00%, due 3/1/39, #995948		17,733
	3,892	5.00%, due 3/1/39, #AA4461		4,326
	18,848	4.00%, due 4/1/39, #AA0777		20,127
	66,040	4.50%, due 4/1/39, #AA4590		71,909
	141,926	5.00%, due 4/1/39, #930871		157,766
	105,088	5.00%, due 4/1/39, #930992		116,809
	80,919	5.00%, due 4/1/39, #995930		89,944
	308,865	4.50%, due 6/1/39, #AA7681		335,784
	110,855	5.00%, due 6/1/39, #995896		123,220
	222,758	4.50%, due 7/1/39, #AE8152		241,957

The accompanying notes are an integral part of these financial statements.

17

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
U.S. Government Agencies 90.9% (continued)
		FNMA Pool (continued)
$	78,721	5.00%, due 7/1/39, #995895	$	87,501
	476,353	4.50%, due 8/1/39, #931837		519,579
	381,351	5.00%, due 8/1/39, #AC3221		424,037
	1,312,852	4.00%, due 12/1/39, #AE0215		1,402,919
	134,178	4.50%, due 12/1/39, #932324		146,348
	21,410	4.50%, due 2/1/40, #AC8494		23,353
	69,708	4.50%, due 2/1/40, #AD1045		76,014
	70,595	4.50%, due 2/1/40, #AD2832		77,009
	30,588	5.00%, due 3/1/40, #AB1186		34,010
	1,572,451	5.00%, due 5/1/40, #AD6374		1,748,402
	21,486	5.00%, due 6/1/40, #AD8058		23,911
	250,953	5.00%, due 7/1/40, #AD4634		279,277
	318,098	5.00%, due 7/1/40, #AD4994		353,972
	24,704	5.00%, due 7/1/40, #AD7565		27,487
	175,849	4.50%, due 8/1/40, #890236		191,770
	720,132	4.50%, due 8/1/40, #AD8035		784,184
	117,672	4.50%, due 8/1/40, #AD8397		128,304
	227,675	4.00%, due 9/1/40, #AE4311		243,575
	27,391	4.00%, due 9/1/40, #AE4312		29,309
	509,835	4.50%, due 9/1/40, #AE1500		555,192
	63,934	4.00%, due 10/1/40, #AE4124		68,433
	224,986	4.00%, due 10/1/40, #AE6057		241,105
	18,003	4.00%, due 11/1/40, #AE5156		19,292
	93,770	4.50%, due 11/1/40, #AE5162		102,294
	421,176	4.00%, due 12/1/40, #MA0583		451,288
	123,421	4.00%, due 1/1/41, #AE4583		132,248
	181,143	4.00%, due 2/1/41, #AH3200		194,074
	318,238	4.50%, due 3/1/41, #AH7009		347,212
	1,164,763	4.50%, due 4/1/41, #AH9054		1,270,490
	38,121	4.50%, due 5/1/41, #AI1364		41,608
	227,111	4.50%, due 5/1/41, #AI1888		247,683
	1,491,102	4.50%, due 5/1/41, #AL0160		1,626,670
	146,500	4.50%, due 6/1/41, #AI4815		159,758
	15,493	4.00%, due 8/1/41, #AI8218		16,577
	20,618	4.50%, due 9/1/41, #AH3865		22,510
	69,553	4.50%, due 9/1/41, #AI4050		75,921
	19,809	4.50%, due 9/1/41, #AJ0729		21,632
	187,734	4.00%, due 10/1/41, #AJ4052		201,187
	249,988	4.00%, due 11/1/41, #AJ4668		266,922
	475,814	4.00%, due 11/1/41, #AJ5643		508,455
	155,456	4.00%, due 12/1/41, #AJ3097		166,436
	301,897	4.00%, due 4/1/42, #MA1028		323,383
	1,740,132	3.50%, due 7/1/43, #AB9774		1,821,109
	1,830,644	3.00%, due 8/1/43, #AU3363		1,859,568
	31,776	4.00%, due 9/1/43, #AU6009		34,081
	35,877	4.00%, due 9/1/43, #AU8524		38,494
	845,397	4.00%, due 6/1/44, #AW4979		902,755
	939,855	4.00%, due 9/1/44, #AS3392		1,004,469
	33,611	4.00%, due 9/1/44, #AX4209		35,917
	33,753	4.00%, due 10/1/44, #AW8456		36,062
	951,584	4.00%, due 11/1/44, #AS3903		1,017,329
	880,770	4.00%, due 11/1/44, #AS3906		941,459
		FNMA TBA (b)
	6,000,000	3.50%, due 6/15/41		6,271,873
	7,000,000	3.00%, due 6/15/42		7,098,028
		GNMA Pool
	18,688	7.00%, due 9/15/35, #647831		21,564
	72,239	5.00%, due 10/15/35, #642220		81,367
	56,325	5.00%, due 11/15/35, #550718		63,232
	72,224	5.50%, due 11/15/35, #650091		82,681
	30,206	5.50%, due 12/15/35, #646307		34,247
	52,633	5.50%, due 4/15/36, #652534		60,182
	45,187	6.50%, due 6/15/36, #652593		53,746
	24,726	5.50%, due 7/15/36, #608993		28,255
	67,118	6.50%, due 10/15/36, #646564		76,787
	41,102	6.00%, due 11/15/36, #617294		46,782
	93,610	6.50%, due 12/15/36, #618753		107,057
	69,922	5.50%, due 2/15/37, #658419		79,876
	182,059	6.00%, due 4/15/37, #668411		208,823
	181,234	5.00%, due 8/15/37, #6714633		202,370
	106,531	6.00%, due 10/15/37, #664379		122,157
	20,055	5.50%, due 8/15/38, #677224		22,729
	91,585	5.50%, due 8/15/38, #691314		103,797
	3,957	5.50%, due 12/15/38, #705632		4,503

The accompanying notes are an integral part of these financial statements.

18

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount					Value
U.S. Government Agencies 90.9% (continued)
		GNMA Pool (continued)
$	648,620	4.50%, due 5/15/39, #717066			$	711,562
	16,839	5.50%, due 6/15/39, #714262				19,095
	583,045	5.50%, due 6/15/39, #714720				660,783
	558,839	4.50%, due 7/15/39, #720160				612,280
	1,530,403	5.00%, due 9/15/39, #726311				1,711,660
	11,625	5.50%, due 1/15/40, #723631				13,183
	17,259	5.50%, due 2/15/40, #680537				19,560
						90,334,242
Total Mortgage-Backed Securities
(cost $98,654,735)						102,433,216
Shares
SHORT-TERM INVESTMENTS 13.2%
	9,904,257	Fidelity Institutional
		Money Market Government
		Portfolio – Class I, 0.01% (c)			$	9,904,257
	3,218,841	Invesco STIT – Treasury
		Portfolio – Institutional
		Class, 0.02% (c)				3,218,841
Total Short-Term Investments
(cost $13,123,098)						13,123,098
Total Investments
(cost $111,777,833)			116.3	%		115,556,314
Liabilities less Other Assets			(16.3	)%		(16,183,612	)
TOTAL NET ASSETS			100.0	%	$	99,372,702

(a)	Variable rate security.  Rate shown reflects the rate in effect as of May 31, 2015.
(b)	Security purchased on a when-issued basis.  As of May 31, 2015, the total cost of investments purchased on a when-issued basis was $16,295,781 or 16.4% of total net assets.
(c)	Rate shown is the 7-day annualized yield as of May 31, 2015.
(d)	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.”  Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.  As of May 31, 2015, the value of these investments was $12,053,541 or 12.1% of total net assets.

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

TBA – To Be Announced

The accompanying notes are an integral part of these financial statements.

19

PIA Funds

Statements of Assets and Liabilities – May 31, 2015

(Unaudited)

	BBB		MBS
	Bond Fund		Bond Fund
Assets:
Investments in securities, at value (cost $227,506,395 and $111,777,833, respectively)	$	233,489,918	$	115,556,314
Receivable for fund shares sold		360,033		55,442
Interest receivable		2,811,187		247,213
Due from investment adviser (Note 4)		2,222		10,624
Prepaid expenses		19,207		15,385
Total assets		236,682,567		115,884,978
Liabilities:
Payable for securities purchased		—		16,295,781
Payable for fund shares redeemed		492,855		155,798
Administration fees		14,589		10,342
Custody fees		5,292		6,021
Transfer agent fees and expenses		23,863		11,370
Fund accounting fees		23,212		16,366
Audit fees		8,670		8,670
Chief Compliance Officer fee		1,896		1,752
Accrued expenses		11,942		6,176
Total liabilities		582,319		16,512,276
Net Assets	$	236,100,248	$	99,372,702
Net Assets Consist of:
Paid-in capital	$	229,704,000	$	96,599,601
Undistributed net investment income/(loss)		94,402		(97,408	)
Accumulated net realized gain/(loss) on investments		318,323		(907,972	)
Net unrealized appreciation on investments		5,983,523		3,778,481
Net Assets	$	236,100,248	$	99,372,702
Net Asset Value, Offering Price and Redemption Price Per Share	$	9.41	$	9.81
Shares Issued and Outstanding
(Unlimited number of shares authorized, par value $0.01)		25,080,636		10,125,242

The accompanying notes are an integral part of these financial statements.

20

PIA Funds

Statements of Operations – Six Months Ended May 31, 2015

(Unaudited)

	BBB			MBS
	Bond Fund			Bond Fund
Investment Income:
Interest	$	4,671,089		$	1,247,136
Total investment income		4,671,089			1,247,136
Expenses:
Fund accounting fees (Note 4)		52,367			37,613
Transfer agent fees and expenses (Note 4)		44,868			21,803
Administration fees (Note 4)		33,010			23,601
Registration fees		12,678			11,585
Custody fees (Note 4)		10,476			13,914
Audit fees		9,506			9,507
Trustees’ fees		5,363			4,714
Reports to shareholders		4,618			2,127
Chief Compliance Officer fee (Note 4)		4,607			4,661
Legal fees		4,464			3,595
Insurance		1,510			492
Miscellaneous		4,803			2,537
Total expenses		188,270			136,149
Less: Expense reimbursement from adviser (Note 4)		(8,534	)		(63,021	)
Net expenses		179,736			73,128
Net investment income		4,491,353			1,174,008
Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain on investments		392,333			335,508
Net change in unrealized appreciation/(depreciation) on investments		(3,141,923	)		(242,645	)
Net gain/(loss) on investments		(2,749,590	)		92,863
Net increase in net assets resulting from operations	$	1,741,763		$	1,266,871

The accompanying notes are an integral part of these financial statements.

21

PIA Funds

Statements of Changes in Net Assets

	BBB						MBS
	Bond Fund						Bond Fund
	Six Months						Six Months
	Ended						Ended
	May 31, 2015			Year Ended			May 31, 2015			Year Ended
	(Unaudited)			Nov. 30, 2014			(Unaudited)			Nov. 30, 2014
Increase/(Decrease) in Net Assets From
Operations:
Net investment income	$	4,491,353		$	9,325,869		$	1,174,008		$	2,731,106
Net realized gain on investments		392,333			1,244,224			335,508			576,924
Net change in unrealized appreciation/(depreciation)
on investments		(3,141,923	)		10,030,150			(242,645	)		1,356,991
Net increase in net assets
resulting from operations		1,741,763			20,600,243			1,266,871			4,665,021
Distributions Paid to Shareholders:
Distributions from net investment income		(4,546,783	)		(9,328,231	)		(1,372,406	)		(3,053,904	)
Distributions from net realized gains on investments		(1,225,464	)		(9,477,507	)		—			—
Total distributions		(5,772,247	)		(18,805,738	)		(1,372,406	)		(3,053,904	)
Capital Share Transactions:
Net proceeds from shares sold		24,859,715			48,004,132			12,762,875			15,852,500
Distributions reinvested		2,187,956			4,923,178			702,065			1,260,531
Payment for shares redeemed		(26,650,469	)		(84,065,851	)		(11,332,031	)		(18,818,241	)
Net increase/(decrease) in net assets
from capital share transactions		397,202			(31,138,541	)		2,132,909			(1,705,210	)
Total increase/(decrease) in net assets		(3,633,282	)		(29,344,036	)		2,027,374			(94,093	)
Net Assets, Beginning of Period		239,733,530			269,077,566			97,345,328			97,439,421
Net Assets, End of Period	$	236,100,248		$	239,733,530		$	99,372,702		$	97,345,328
Includes Undistributed Net Investment Income/(Loss) of	$	94,402		$	149,832		$	(97,408	)	$	100,990
Transactions in Shares:
Shares sold		2,609,242			5,078,035			1,296,385			1,626,200
Shares issued on reinvestment of distributions		230,161			531,782			71,441			130,029
Shares redeemed		(2,800,806	)		(8,952,372	)		(1,154,320	)		(1,943,413	)
Net increase/(decrease) in shares outstanding		38,597			(3,342,555	)		213,506			(187,184	)

The accompanying notes are an integral part of these financial statements.

22

PIA Funds

BBB BOND FUND

Financial Highlights

	Six Months
	Ended
	May 31, 2015			Year Ended November 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
(For a fund share outstanding throughout each period)
Net asset value, beginning of period	$	9.57		$	9.48		$	10.41		$	10.18		$	10.14		$	9.70
Income From Investment Operations:
Net investment income		0.18			0.37			0.39			0.46			0.53			0.54
Net realized and unrealized gain/(loss)
on investments and swap contracts		(0.11	)		0.43			(0.64	)		0.77			0.05			0.44
Total from investment operations		0.07			0.80			(0.25	)		1.23			0.58			0.98
Less Distributions:
Distributions from net investment income		(0.18	)		(0.37	)		(0.39	)		(0.46	)		(0.54	)		(0.54	)
Distributions from net realized gains on investments		(0.05	)		(0.34	)		(0.29	)		(0.54	)		—			—
Total distributions		(0.23	)		(0.71	)		(0.68	)		(1.00	)		(0.54	)		(0.54	)
Net asset value, end of period	$	9.41		$	9.57		$	9.48		$	10.41		$	10.18		$	10.14
Total Return		0.71	%++		8.85	%		-2.49	%		12.89	%		5.88	%		10.33	%
Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	236,100		$	239,734		$	269,078		$	382,911		$	273,938		$	337,421
Ratio of expenses to average net assets:
Net of expense reimbursement		0.15	%+		0.02	%*		0.00	%		0.00	%		0.00	%		0.00	%
Before expense reimbursement		0.16	%+		0.15	%		0.14	%		0.13	%		0.13	%		0.12	%
Ratio of net investment income to average net assets:
Net of expense reimbursement		3.74	%+		3.86	%		3.99	%		4.61	%		5.13	%		5.41	%
Before expense reimbursement		3.73	%+		3.73	%		3.85	%		4.48	%		5.00	%		5.29	%
Portfolio turnover rate		10	%++		18	%		47	%		75	%		58	%		45	%

+	Annualized for periods less than one year.
++	Not annualized for periods less than one year.
*	Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.

The accompanying notes are an integral part of these financial statements.

23

PIA Funds

MBS BOND FUND

Financial Highlights

	Six Months
	Ended
	May 31, 2015			Year Ended November 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
(For a fund share outstanding throughout each period)
Net asset value, beginning of period	$	9.82		$	9.65		$	10.04		$	9.99		$	10.14		$	10.14
Income From Investment Operations:
Net investment income		0.12			0.29			0.15			0.19			0.28			0.32
Net realized and unrealized gain/(loss)   on investments		0.01			0.20			(0.23	)		0.14			0.13			0.11
Total from investment operations		0.13			0.49			(0.08	)		0.33			0.41			0.43
Less Distributions:
Distributions from net investment income		(0.14	)		(0.32	)		(0.24	)		(0.26	)		(0.35	)		(0.34	)
Distributions from net realized   gains on investments		—			—			(0.07	)		(0.02	)		(0.21	)		(0.09	)
Total distributions		(0.14	)		(0.32	)		(0.31	)		(0.28	)		(0.56	)		(0.43	)
Net asset value, end of period	$	9.81		$	9.82		$	9.65		$	10.04		$	9.99		$	10.14
Total Return		1.31	%++		5.17	%		-0.74	%		3.37	%		4.32	%		4.37	%
Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	99,373		$	97,345		$	97,439		$	184,502		$	148,370		$	122,332
Ratio of expenses to average net assets:
Net of expense reimbursement		0.15	%+		0.03	%*		0.00	%		0.00	%		0.00	%		0.00	%
Before expense reimbursement		0.28	%+		0.29	%		0.22	%		0.17	%		0.18	%		0.19	%
Ratio of net investment income   to average net assets:
Net of expense reimbursement		2.41	%+		2.94	%		1.65	%		1.90	%		2.83	%		3.22	%
Before expense reimbursement		2.28	%+		2.68	%		1.43	%		1.73	%		2.65	%		3.03	%
Portfolio turnover rate		107	%++		160	%		290	%		278	%		122	%		388	%

+	Annualized for periods less than one year.
++	Not annualized for periods less than one year.
*	Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.

The accompanying notes are an integral part of these financial statements.

24

PIA Funds

Notes to Financial Statements – May 31, 2015

(Unaudited)

Note 1 – Organization

The PIA BBB Bond Fund and the PIA MBS Bond Fund (the “Funds”) are each a series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.  Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Currently, the Funds offer the Managed Account Completion Shares (MACS) class.  Each of the Funds is diversified and has separate assets and liabilities and differing investment objectives.  The investment objective of the PIA BBB Bond Fund (the “BBB Bond Fund”) is to seek to provide a total rate of return that approximates that of bonds rated within the BBB category by Standard and Poor’s Ratings Services, the Baa category by Moody’s Investors Services, Inc. or the BBB category by Fitch Ratings, Inc.  The investment objective of the PIA MBS Bond Fund (the “MBS Bond Fund”) is to seek to provide a total rate of return that approximates that of mortgage-backed securities (“MBS”) included in the Barclays U.S. MBS Fixed Rate Index.  The BBB Bond Fund and the MBS Bond Fund commenced operations on September 25, 2003 and February 28, 2006, respectively.  Only authorized investment advisory clients of Pacific Income Advisers, Inc. are eligible to invest in the Funds.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Funds on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date.  During this period, such securities are subject to market fluctuations.  The Funds are required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price.  The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Funds’ net asset values if the Funds make such purchases while remaining substantially fully invested.  In connection with the ability to purchase securities on a when-issued basis, the Funds may also enter into dollar rolls in which the Funds sell securities purchased on a forward-commitment basis and simultaneously contract with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date.  As an inducement for the Funds to “rollover” their purchase commitments, the Funds receive negotiated amounts in the form of reductions of the purchase price of the commitment.  Dollar rolls are considered a form of leverage.

Federal Income Taxes – It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders.  Therefore, no Federal income or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has analyzed the Funds’ tax positions, and has

25

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2012 – 2014, or expected to be taken in the Funds’ 2015 tax returns.  The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – Each Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees.  Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis.  Realized gains and losses on sales of securities are calculated on the basis of identified cost.  Interest income is recorded on an accrual basis.  Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date.  The Funds distribute substantially all net investment income, if any, monthly and net realized gains, if any, annually.  Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America.  To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  These reclassifications have no effect on net assets or net asset value per share.

Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses.  The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims against the Funds that have not yet occurred.  Based on experience, the Funds expect the risk of loss to be remote.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period.  Actual results could differ from those estimates.

Events Subsequent to the Fiscal Period End – In preparing the financial statements as of May 31, 2015, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements.

26

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Note 3 – Securities Valuation

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 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.  The Funds’ investments are carried at fair value.

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

Investment Companies – Investments in open-end mutual funds are valued at their net asset value per share.  To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  Most corporate bonds are categorized in level 2 of the fair value hierarchy.

Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers.  Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers.  There is frequently less government regulation of broker-dealers and issuers than in the United States.  In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

27

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

All foreign securities owned by the BBB Bond Fund are U.S. dollar denominated.

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.

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 the 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 inputs used to value the Funds’ securities as of May 31, 2015:

BBB Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	201,460,162	$	—	$	201,460,162
Sovereign Bonds		—		25,180,415		—		25,180,415
U.S. Government
Instrumentalities		—		5,556,318		—		5,556,318
Total Fixed Income		—		232,196,895		—		232,196,895
Short-Term Investments		1,293,023		—		—		1,293,023
Total Investments	$	1,293,023	$	232,196,895	$	—	$	233,489,918

28

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

MBS Bond Fund
	Level 1		Level 2		Level 3		Total
Fixed Income
Commercial Mortgage-Backed Securities	$	—	$	2,208,152	$	—	$	2,208,152
Residential Mortgage-Backed Securities		—		9,890,822		—		9,890,822
Mortgage-Backed Securities –
U.S. Government Agencies		—		90,334,242		—		90,334,242
Total Fixed Income		—		102,433,216		—		102,433,216
Short-Term Investments		13,123,098		—		—		13,123,098
Total Investments	$	13,123,098	$	102,433,216	$	—	$	115,556,314

Refer to the Funds’ schedule of investments for a detailed break-out of securities.  Transfers between levels are recognized at May 31, 2015, the end of the reporting period.  The Funds recognized no transfers to/from level 1 or level 2.  The Funds held no level 3 securities during the six months ended May 31, 2015.

Note 4 – Investment Advisory Fee and Other Transactions with Affiliates

The Funds have investment advisory agreements with Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) pursuant to which the Adviser is responsible for providing investment management services to the Funds.  The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Funds.  Under the agreement, the Funds do not pay the Adviser an investment advisory fee.  However, investors in the Funds will be charged investment advisory fees by the Adviser and persons other than the Adviser.  Clients of PIA pay PIA an investment advisory fee to manage their assets, including assets invested in the Funds.  Participants in “wrap-fee” programs pay fees to the program sponsor, who in turn pays fees to the Adviser.

The Funds are responsible for their own operating expenses.  PIA has voluntarily agreed to limit the total expenses of each Fund to an annual rate of 0.15% of the Fund’s average daily net assets through at least March 29, 2016.  The Adviser may not recoup expense reimbursements in future periods.  For the six months ended May 31, 2015, the Adviser absorbed Fund expenses in the amount of $8,534 and $63,021 for the BBB Bond Fund and the MBS Bond Fund, respectively.

U.S. Bancorp Fund Services, LLC (the “Administrator” or “USBFS”) acts as the Funds’ Administrator under an Administration Agreement.  The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals.

USBFS also serves as the fund accountant and transfer agent to the Funds.  U.S. Bank N.A., an affiliate of USBFS, serves as the Funds’ custodian.

Quasar Distributors, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.  The Distributor is an affiliate of USBFS and U.S. Bank N.A.

29

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Certain officers of the Funds are employees of USBFS.  The Trust’s Chief Compliance Officer is also an employee of USBFS.  A Trustee of the Trust is affiliated with USBFS and U.S. Bank N.A.  This same Trustee is an interested person of the Distributor.

For the six months ended May 31, 2015, the Funds incurred the following expenses for administration, fund accounting, transfer agency, custody, and Chief Compliance Officer fees:

	BBB Bond Fund		MBS Bond Fund
Administration	$	33,010	$	23,601
Fund Accounting		52,367		37,613
Transfer Agency
(excludes out-of-pocket expenses and sub-ta fees)		40,380		19,294
Custody		10,476		13,914
Chief Compliance Officer		4,607		4,661

At May 31, 2015, the Funds had payables due to USBFS for administration, fund accounting, transfer agency and Chief Compliance Officer fees and to U.S. Bank N.A. for custody fees in the following amounts:

	BBB Bond Fund		MBS Bond Fund
Administration	$	14,589	$	10,342
Fund Accounting		23,212		16,366
Transfer Agency
(excludes out-of-pocket expenses and sub-ta fees)		20,468		9,579
Custody		5,292		6,021
Chief Compliance Officer		1,896		1,752

Note 5 – Purchases and Sales of Securities

	Non-Government				Government
	Purchases		Sales		Purchases		Sales
BBB Bond Fund	$	16,080,395	$	18,115,900	$	7,596,589	$	4,883,998
MBS Bond Fund		—		317,732		111,253,984		112,905,134

Note 6 – Line of Credit

The BBB Bond Fund has a line of credit in the amount of $18,400,000.  This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions.  The credit facility is with the BBB Bond Fund’s custodian, U.S. Bank N.A.  During the six months ended May 31, 2015, the Fund did not draw upon its line of credit.

30

PIA Funds

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Note 7 – Federal Income Tax Information

Net investment income and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatments of paydowns.

The tax character of distributions paid during the six months ended May 31, 2015 and the year ended November 30, 2014 was as follows:

	BBB Bond Fund				MBS Bond Fund
	May 31, 2015		Nov. 30, 2014		May 31, 2015		Nov. 30, 2014
Ordinary income	$	4,546,783	$	9,326,484	$	1,372,406	$	3,053,904
Long-term capital gains		1,225,464		9,479,254		—		—

As of November 30, 2014, the Funds’ most recently completed fiscal year end, the components of capital on a tax basis were as follows:

	BBB Bond Fund			MBS Bond Fund
Cost of investments (a)	$	226,763,357		$	113,533,550
Gross unrealized appreciation		11,802,043			4,110,595
Gross unrealized depreciation		(2,749,945	)		(89,469	)
Net unrealized appreciation (a)		9,052,098			4,021,126
Undistributed ordinary income		149,833			100,990
Undistributed long-term capital gain		1,224,801			—
Total distributable earnings		1,374,634			100,990
Other accumulated gains/(losses)		—			(1,243,480	)
Total accumulated earnings/(losses)	$	10,426,732		$	2,878,636

(a) The difference between book-basis and tax-basis net unrealized appreciation in the BBB Bond Fund is attributable primarily to wash sales.  The book-basis and tax-basis net unrealized appreciation is the same in the MBS Bond Fund.

At November 30, 2014, the MBS Bond Fund had tax short-term capital losses of $423,105 and tax long-term capital losses of $820,375 which may be carried over indefinitely to offset future gains.

31

PIA Funds

Notice to Shareholders – May 31, 2015

(Unaudited)

How to Obtain a Copy of the Funds’ Proxy Voting Policies

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-251-1970, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Funds’ Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-251-1970.  Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.  The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov.  The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.  Information included in the Funds’ Form N-Q is also available by calling 1-800-251-1970.

32

PIA Funds

Approval of Investment Advisory Agreements

(Unaudited)

At a meeting held on December 2-4, 2014, the Board (which is comprised of five persons, four of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) for another annual term for the PIA BBB Bond Fund, PIA MBS Bond Fund and PIA High Yield (MACS) Fund, which had not yet commenced operations at the time of this meeting (collectively, the “Funds”).  At this meeting, and at a prior meeting held on October 15-16, 2014, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreements.  This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations.  Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENTS.  The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds.  The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds.  The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer, the Adviser’s compliance record, and the Adviser’s disaster recovery/business continuity plan.  The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss Fund performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process.  The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that the nature, overall quality and extent of such management services are satisfactory.
2.	THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER.  In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Funds as of July 31, 2014 on both an absolute basis and in comparison to appropriate securities benchmarks and their peer funds utilizing Lipper and Morningstar classifications.  While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance.  When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of the Funds, as well as their level of risk tolerance, may differ significantly from funds in the peer universe.  The Board noted that the PIA High Yield (MACS) Fund had not yet commenced operations.
	PIA BBB Bond Fund:  The Board noted that the BBB Bond Fund’s performance, with regard to its Lipper comparative universe, was above the peer group median and average for the one-year, five-year and ten-year periods, and above the peer group median but below the peer group average for the three-year period.

33

PIA Funds

Approval of Investment Advisory Agreements (continued)

(Unaudited)

	The Board noted that the BBB Bond Fund’s performance, with regard to its Morningstar comparative universe, was above the peer group median and average for the one-year and ten-year periods, the same as the peer group median and below the peer group average for the three-year period, and below the peer group median and above the peer group average for the five-year period.
	The Board also reviewed the performance of the Fund against a broad-based securities market benchmark.
	PIA MBS Bond Fund: The Board noted that the MBS Bond Fund’s performance, with regard to its Lipper comparative universe, was above the peer group median and below the peer group average for the one-year period, below the peer group median and average for the three-year and five-year periods and above the peer group median and average for the since inception period.
	The Board noted that the MBS Bond Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median and average for all relevant periods.
	The Board also reviewed the performance of the Fund against a broad-based securities market benchmark.
3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENTS.  In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and similarly managed separate accounts for other types of clients advised by the Adviser, as well as expense waivers and reimbursements.  The Board also considered that the Adviser does not manage any separate accounts with a similar strategy to that of the BBB Bond Fund and MBS Bond Fund.
	PIA BBB Bond Fund:  The Board noted that the Adviser has temporarily agreed, through at least March 29, 2016, to maintain a minimal annual expense ratio for the Fund of 0.15%.  The Board noted that the Fund’s total expense ratio was significantly below its peer group median and average.  The Board noted that the Adviser does not charge management fees to the BBB Bond Fund.  The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including assets invested in the BBB Bond Fund.
	PIA MBS Bond Fund:  The Board noted that the Adviser has temporarily agreed, through at least March 29, 2016, to maintain a minimal annual expense ratio for the Fund of 0.15%.  The Board noted that the Fund’s total expense ratio was significantly below its peer group median and average.  The Board noted that the Adviser does not charge management fees to the MBS Bond Fund.  The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including assets invested in the MBS Bond Fund.
	PIA High Yield (MACS) Fund:  The Board noted that the Adviser has agreed once the Fund is launched, through at least March 29, 2016, to maintain a minimal annual expense ratio for the Fund of 0.15%.  The Board noted that the Fund’s total expense ratio would be significantly below its peer group median and average.  The Board noted that the Adviser will not charge management fees to the Fund.  The Board recognized that clients of the Adviser will pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including assets invested in the Fund.

34

PIA Funds

Approval of Investment Advisory Agreements (continued)

(Unaudited)

4.

ECONOMIES OF SCALE.  The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.  The Board noted that since the Adviser does not charge a management fee to the Funds, and has temporarily agreed to absorb all but 0.15% of the Funds’ ordinary operating expenses, it did not appear that there were any additional significant economies of scale being realized by the Adviser and concluded that it would continue to monitor in the future as circumstances changed.

5.

THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS.  The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds.  The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional benefits derived by the Adviser from its relationship with the Funds, including the advisory fees it received from the wrap programs and other advisory accounts associated with assets invested in the Funds.  The Board also considered that the Funds do not charge any Rule 12b-1 fees or utilize “soft dollars.”  After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreements was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the Funds.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreements for the PIA BBB Bond Fund, PIA MBS Bond and PIA High Yield (MACS) Fund, but rather the Board based its determination on the total combination of information available to them.  Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable.  The Board therefore determined that the continuance of the Advisory Agreements for the PIA BBB Bond Fund, PIA MBS Bond and PIA High Yield (MACS) Fund would be in the best interests of the Funds and their shareholders.

35

PRIVACY NOTICE

The Funds collect non-public information about you from the following sources:

•  Information we receive about you on applications or other forms;

•  Information you give us orally; and/or

•  Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities.  We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities.  We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA  90401

Distributor

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI  53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI  53202

(800) 251-1970

Custodian

U.S. Bank N.A.

1555 North River Center Drive, Suite 302

Milwaukee, WI  53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, PA  19103

Legal Counsel

Paul Hastings LLP

75 East 55th Street

New York, NY  10022

Past performance results shown in this report should not be considered a representation of future performance.  Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.  Statements and other information herein are dated and are subject to change.

PIA Funds

PIA Short-Term

Securities Fund

Semi-Annual Report

May 31, 2015

PIA Short-Term Securities Fund

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six month fiscal period December 1, 2014 through May 31, 2015 regarding the PIA Short-Term Securities Fund (the “Fund”) for which Pacific Income Advisers, Inc. (“PIA”) is the investment adviser.

For the six months ended May 31, 2015, the total return for the Fund, including the reinvestment of dividends and capital gains, was 0.60%.

The Fund’s return was higher than the Fund’s benchmark index, the BofA Merrill Lynch 1-Year U.S. Treasury Note Index, which returned 0.10% for the same period.  The Fund’s total return is net of 0.39% in Fund fees and expenses for the six months ended May 31, 2015, compared to the benchmark index, which does not incur fees and expenses.  As stated in the current prospectus, the Fund’s gross expense ratio is 0.40%.

PIA has contractually agreed to waive all or a portion of its management fees and pay Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) do not exceed 0.39% of the Fund’s average daily net assets through at least March 28, 2016.

During the six month period ended May 31, 2015, the Fund had a neutral duration position and a more barbelled structure, relative to the Fund’s benchmark index.  The Fund had a well-diversified allocation to investment grade corporate bonds, with maturities less than three years, which added yield to the portfolio.  The Fund was overweight in short average life/floating rate government mortgage-backed securities, which provided the portfolio with a more defensive positioning as short-term interest rates rose.  In addition, the portfolio had an allocation to floating rate private mortgage-backed securities, with enough credit support to carry a AAA or AA rating on the security, which also added yield to the portfolio, while providing support from potentially higher short-term interest rates in the future.

Bond Market in Review

The gross domestic product’s (“GDP”) quarter over quarter rate of growth was -0.2% for the first quarter of 2015, lower than the 2.2% during the fourth quarter of 2014.  With the unemployment rate at 5.5% and inflation under control, aided by the decline in oil prices, the U.S. Federal Reserve Board maintained its easier monetary policy by keeping the federal funds rate close to zero.  Inflation, as measured by the Consumer Price Index, was 0% year over year as of May 2015.  All this economic data, along with fears about Greece exiting the Euro are likely to cause the U.S. Federal Reserve Board to start raising interest rates by year end, instead of September, as many market participants believe.

Yields on 2-year and 5-year Treasury notes rose by 14 basis points (“bps”) and 1 bps, respectively, from November 30, 2014 to May 31, 2015.  Yields on 30-year Treasury bonds decreased by 1 bps during the same period.  Inflation being under control, as well as the decline in oil prices, the strengthening of the U.S. dollar and geopolitical uncertainties, all contributed to the modest flattening of the yield curve.

Spreads on BBB rated bonds over Treasuries increased during the period from 164 bps to 178 bps.  Option adjusted spreads on fixed rate agency mortgage-backed securities fell from 29 bps to 18 bps, as their average life decreased from 6.7 years to 6.5 years.

1

PIA Short-Term Securities Fund

Please take a moment to review the Fund’s statement of assets and liabilities and the results of operations for the six month period ended May 31, 2015.  We look forward to reporting to you again with the annual report dated November 30, 2015.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Fund’s investment adviser and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk.  Principal loss is possible.  Investments in debt securities typically decrease in value when interest rates rise.  This risk is usually greater for longer-term debt securities.  Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.  The Fund may invest in derivatives, which may involve risks greater than the risks presented by more traditional investments.  The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds.  It will also bear additional expenses, including operating expenses, brokerage costs and the potential duplication of management fees.

Diversification does not assure a profit or protect against risk in a declining market.

The BofA Merrill Lynch 1-Year U.S. Treasury Note Index (the “Index”) is an unmanaged index presented for comparative purposes only.  The Index is comprised of a single U.S. Treasury issue with approximately one year to final maturity purchased at the beginning of each month and held for one full month.  At the end of the month, that issue is sold and rolled into a newly selected issue.  You cannot invest directly in an index.

Gross domestic product is the amount of goods and services produced in a year, in a country.

Consumer Price Index measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.

Duration is the measure of the sensitivity of the price of a fixed income security to a change in interest rates, expressed in number of years.

Basis point equals 1/100th of 1%.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential.  Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., and Fitch Ratings, Inc.  Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default).  In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Please refer to the schedule of investments in the report for complete holdings information.  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.  Investment performance reflects fee waivers in effect.  In the absence of such waivers, total return would be reduced.

Quasar Distributors, LLC, Distributor

2

PIA Short-Term Securities Fund

Expense Example – May 31, 2015

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA Short-Term Securities Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/14 –5/31/15).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses, with actual net expenses being limited to 0.39% per the operating expenses limitation agreement for the Fund.  Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent.  The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees.  You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is different from the Fund’s actual returns.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Fund and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees.  Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account	Ending Account	Expenses Paid During
	Value 12/1/14	Value 5/31/15	Period 12/1/14 – 5/31/15*
Actual	$1,000.00	$1,006.00	$1.95
Hypothetical (5% return before expenses)	$1,000.00	$1,022.99	$1.97

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.  The annualized expense ratio of the Fund is 0.39%.

3

PIA Short-Term Securities Fund

Allocation of Portfolio Assets – May 31, 2015

(Unaudited)

Investments by Type

As a Percentage of Total Investments

4

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 46.4%
Agricultural Equipment 0.6%
		John Deere Capital Corp.
$	1,000,000	0.75%, due 1/22/16	$	1,001,700
Agriculture 0.6%
		Bunge Limited
	1,000,000	4.10%, due 3/15/16		1,021,139
Autos 4.0%
		American Honda Finance Corp.
	1,250,000	1.125%, due 10/7/16		1,256,539
		Daimler Finance
		North America LLC
	1,200,000	1.45%, due 8/1/16 (a)		1,207,559
		Ford Motor Credit Co. LLC
	1,000,000	1.70%, due 5/9/16		1,005,968
		Hyundai Capital America, Inc.
	1,000,000	1.45%, due 2/6/17 (a)		999,448
		Volkswagen Group of
		America Finance LLC
	1,500,000	0.652%, due 5/23/17 (a) (b)		1,500,528
		Volkswagen International
		Finance N.V.
	500,000	1.125%, due 11/18/16 (a)		501,386
				6,471,428
Banks 5.0%
		Bank of New York Mellon
	1,300,000	2.95%, due 6/18/15		1,301,382
		BB&T Corp.
	1,000,000	5.20%, due 12/23/15		1,023,876
		Fifth Third Bank
	1,200,000	1.15%, due 11/18/16		1,202,371
		KeyBank NA
	1,200,000	1.10%, due 11/25/16		1,201,608
		PNC Bank NA
	1,600,000	0.578%, due 8/1/17 (b)		1,597,772
		Suntrust Banks, Inc.
	750,000	3.60%, due 4/15/16		765,581
		Toronto Dominion Bank
	1,250,000	1.50%, due 9/9/16		1,260,768
				8,353,358
Biotechnology 0.4%
		Amgen, Inc.
	700,000	2.30%, due 6/15/16		709,829
Brokers 1.4%
		Goldman Sachs Group, Inc.
	1,300,000	2.90%, due 7/19/18		1,338,997
		Morgan Stanley
	1,000,000	5.75%, due 10/18/16		1,062,302
				2,401,299
Cable/Satellite 0.5%
		Direct TV Holdings
	800,000	3.50%, due 3/1/16		815,495
Chemicals 1.5%
		Dow Chemical Co.
	1,200,000	2.50%, due 2/15/16		1,214,894
		Eastman Chemical Co.
	700,000	3.00%, due 12/15/15		708,399
		Ecolab, Inc.
	565,000	3.00%, due 12/8/16		581,046
				2,504,339
Commercial and Service Industry
Machinery Manufacturing 0.3%
		KLA-Tencor Corp.
	500,000	2.375%, due 11/1/17		506,714
Commercial Finance 1.3%
		Air Lease Corp.
	800,000	4.50%, due 1/15/16		817,000
		Gatx Corp.
	1,280,000	1.25%, due 3/4/17		1,276,393
				2,093,393

The accompanying notes are an integral part of these financial statements.

5

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Communications Equipment 0.6%
		L-3 Communications Corp.
$	1,000,000	1.50%, due 5/28/17	$	992,372
Computer and Peripheral
Equipment Manufacturing 1.2%
		Siemens Financial Services
	2,000,000	1.45%, due 5/25/18 (a)		2,002,786
Computer Equipment 0.3%
		Cisco Systems, Inc.
	500,000	1.10%, due 3/3/17		502,747
Construction Materials Manufacturing 0.6%
		Martin Marietta Materials, Inc.
	1,000,000	1.373%, due 6/30/17 (b)		997,222
Consumer Finance 0.8%
		American Express Credit
	1,300,000	1.75%, due 6/12/15		1,300,460
Data Processing, Hosting,
and Related Services 0.6%
		Fidelity National
		Information Services
	1,000,000	1.45%, due 6/5/17		1,000,628
Drugs and Druggists’ Sundries
Merchant Wholesalers 0.6%
		Actavis Funding SCS
	1,000,000	1.85%, due 3/1/17		1,006,116
Electric Utilities 0.4%
		Dominion Resources, Inc.
	700,000	1.95%, due 8/15/16		708,051
Electrical Equipment 0.6%
		Tyco International Group SA
	1,000,000	3.375%, due 10/15/15		1,009,323
Electrical Equipment Manufacturing 0.9%
		Amphenol Corp.
	1,430,000	1.55%, due 9/15/17		1,435,337
Finance 0.5%
		SLM Corp.
	831,000	6.25%, due 1/25/16		852,814
Financial Services 0.6%
		Principal Life
		Global Funding II
	1,000,000	1.50%, due 9/11/17 (a)		1,005,298
Food 1.8%
		Conagra Foods, Inc.
	930,000	1.30%, due 1/25/16		931,926
		Kraft Foods Group, Inc.
	1,200,000	1.625%, due 6/4/15		1,200,040
		Kroger Co.
	800,000	1.20%, due 10/17/16		802,302
				2,934,268
Food and Beverage 1.5%
		Anheuser-Busch InBev
		Finance Inc.
	500,000	1.125%, due 1/27/17		504,195
		Pepsico, Inc.
	1,300,000	0.70%, due 8/13/15		1,300,570
		Wm. Wrigley Jr. Co.
	700,000	1.40%, due 10/21/16 (a)		702,650
				2,507,415
Grocery and Related Product
Merchant Wholesalers 0.9%
		Sysco Corp.
	1,440,000	1.45%, due 10/2/17		1,446,816
Health Care 0.6%
		McKesson Corp.
	1,000,000	0.95%, due 12/4/15		1,001,290
Healthcare Facilities and Services 0.9%
		Express Scripts Holding Co.
	1,430,000	1.25%, due 6/2/17		1,427,385

The accompanying notes are an integral part of these financial statements.

6

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Home Improvement 0.5%
		Whirlpool Corp.
$	800,000	1.35%, due 3/1/17	$	801,605
Insurance 1.8%
		Metropolitan Life
		Global Funding I
	2,000,000	0.651%, due 4/10/17 (a) (b)		2,007,452
		Prudential Financial Inc.
	950,000	4.75%, due 9/17/15		961,368
				2,968,820
Lessors of Real Estate 0.3%
		Arc Properties Operating
	500,000	2.00%, due 2/6/17		490,000
Machinery Manufacturing 0.6%
		Caterpillar Financial Services
	1,000,000	1.25%, due 8/18/17		1,004,720
Manufacturing 0.3%
		ITT Corp.
	485,000	7.375%, due 11/15/15		498,693
Media 0.6%
		Time Warner, Inc.
	985,000	3.15%, due 7/15/15		987,906
Medical Equipment 0.3%
		Baxter International, Inc.
	450,000	0.95%, due 6/1/16		450,788
Medical Equipment and
Supplies Manufacturing 1.8%
		Becton Dickinson & Co.
	500,000	1.45%, due 5/15/17		501,361
	1,450,000	1.80%, due 12/15/17		1,461,019
		Zimmer Holdings, Inc.
	1,000,000	2.00%, due 4/1/18		1,008,041
				2,970,421
Metals and Mining 1.7%
		Freeport-McMoRan, Inc.
	500,000	2.30%, due 11/14/17		501,027
		Glencore Funding LLC
	1,000,000	1.70%, due 5/27/16 (a)		1,002,882
		Rio Tinto Finance USA Ltd.
	1,300,000	1.875%, due 11/2/15		1,306,465
				2,810,374
Navigational, Measuring,
Electromedical, and Control
Instruments Manufacturing 0.9%
		Harris Corp.
	1,000,000	1.999%, due 4/27/18		1,003,278
		Medtronic, Inc.
	500,000	1.50%, due 3/15/18 (a)		501,261
				1,504,539
Office Equipment 0.6%
		Xerox Corp.
	1,000,000	2.95%, due 3/15/17		1,028,210
Oil and Gas 0.4%
		Anadarko Petroleum Corp.
	700,000	5.95%, due 9/15/16		742,082
Other Electrical Equipment and
Component Manufacturing 0.6%
		Corning, Inc.
	1,000,000	1.50%, due 5/8/18		1,002,370
Other Food Manufacturing 0.3%
		J.M. Smucker Co.
	500,000	1.75%, due 3/15/18 (a)		500,984
Petroleum and Coal
Products Manufacturing 0.6%
		Chevron Corp.
	1,000,000	1.365%, due 3/2/18		1,003,171

The accompanying notes are an integral part of these financial statements.

7

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Pharmaceuticals 1.7%
		Abbvie, Inc.
$	500,000	1.80%, due 5/14/18	$	500,971
		Bayer U.S. Finance LLC
	500,000	0.521%, due 10/7/16 (a) (b)		500,678
		Mylan, Inc.
	800,000	1.80%, due 6/24/16		804,151
		Perrigo Co. plc
	1,000,000	1.30%, due 11/8/16		999,671
				2,805,471
Real Estate 0.6%
		Ventas Realty LP
	1,000,000	1.25%, due 4/17/17		999,939
Retail 0.6%
		CVS Caremark Corp.
	1,000,000	1.20%, due 12/5/16		1,005,928
Retail - Consumer Discretionary 1.0%
		eBay Inc.
	1,600,000	0.479%, due 7/28/17 (b)		1,584,037
Software and Services 0.6%
		Thomson Reuters Corp.
	1,000,000	1.65%, due 9/29/17		1,001,970
Telecommunications 0.8%
		Verizon Communications, Inc.
	1,400,000	0.70%, due 11/2/15		1,400,083
Transportation 0.8%
		Paccar Financial Corp.
	1,250,000	0.75%, due 5/16/16		1,254,036
Total Corporate Bonds
(cost $76,688,339)				76,825,169
MORTGAGE-BACKED SECURITIES 23.4%
Commercial Mortgage-Backed Securities 3.0%
		Banc of America Commercial
		Mortgage Trust
		5.898%, due 5/10/45, Series
	95,898	2006-2, Class AAB (b)		95,913
		Credit Suisse Mortgage Capital
		5.609%, due 2/15/39, Series
	1,384,573	2006-C1, Class A4 (b)		1,398,263
		Hilton USA Trust
		1.185%, due 11/5/30, Series
	1,970,930	2013-HLF, Class AFL (a) (b)		1,970,744
		Hyatt Hotel Portfolio Trust
		1.886%, due 11/15/29, Series
	750,000	2015-HYT, Class B (a) (b)		753,316
		LB-UBS Commercial
		Mortgage Trust
		5.661%, due 3/15/39, Series
	813,007	2006-C3, Class A4 (b)		829,972
				5,048,208
Residential Mortgage-Backed Securities 13.8%
		American Homes 4 Rent
		1.60%, due 6/17/31, Series
	2,500,000	2014-SFR1, Class B (a) (b)		2,491,758
		American Residential
		Property Trust
		1.936%, due 9/17/31, Series
	3,000,000	2014-SFR1, Class B (a) (b)		3,020,492
		Colony American Homes
		1.60%, due 5/17/31, Series
	2,250,000	2014-1A, Class B (a) (b)		2,242,738
		Equity Mortgage Trust
		1.035%, due 5/8/31, Series
	1,529,942	2014-INNS, Class A (a) (b)		1,531,929
		Invitation Homes Trust
		1.60%, due 12/17/30, Series
	4,000,000	2013-SFR1, Class B (a) (b)		3,995,168
		1.685%, due 6/17/31, Series
	4,000,000	2014-SFR1, Class B (a) (b)		4,009,685
		PFS Tax Lien Trust
		1.44%, due 5/15/29, Series
	973,216	2014-1 (a)		976,589

The accompanying notes are an integral part of these financial statements.

8

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Residential Mortgage-Backed
Securities 13.8% (continued)
		Silver Bay Realty Trust
		1.635%, due 9/17/31, Series
$	3,000,000	2014-1, Class B (a) (b)	$	2,990,592
		Starwood Waypoint
		Residential Trust
		1.486%, due 1/20/32, Series
	1,486,949	2014-1, Class A (a) (b)		1,495,261
				22,754,212
U.S. Government Agencies 6.6%
		FHLMC ARM Pool (b)
	235	2.234%, due 8/1/15, #755204		235
	5,363	2.367%, due 2/1/22, #845113		5,540
	23,097	1.999%, due 10/1/22, #635206		23,786
	5,380	2.374%, due 6/1/23, #845755		5,474
	7,021	2.455%, due 2/1/24, #609231		7,058
	366,440	2.401%, due 1/1/25, #785726		383,105
	10,146	2.283%, due 1/1/33, #1B0668		10,397
	470,318	2.375%, due 10/1/34, #782784		502,982
	201,353	2.177%, due 12/1/34, #1G0018		213,444
	120,476	2.474%, due 4/1/36, #847671		128,284
		FHLMC Pool
	204,480	5.00%, due 10/1/38, #G04832		226,608
		FNMA ARM Pool (b)
	22,548	2.54%, due 7/1/25, #555206		22,665
	80,304	1.725%, due 7/1/27, #424953		81,088
	76,424	2.438%, due 3/1/28, #556438		79,411
	80,345	2.336%, due 6/1/29, #508399		82,533
	209,240	2.142%, due 4/1/30, #562912		217,638
	60,409	2.454%, due 10/1/30, #670317		62,842
	41,257	2.115%, due 9/1/31, #597196		41,369
	27,388	2.277%, due 11/1/31, #610547		28,073
	3,519	2.375%, due 4/1/32, #629098		3,548
	390,756	2.196%, due 10/1/33, #743454		416,439
	1,071,579	2.375%, due 11/1/33, #755253		1,148,165
	1,478,038	2.464%, due 5/1/34, #AC5719		1,581,815
	372,408	2.112%, due 7/1/34, #779693		395,998
	323,727	1.909%, due 10/1/34, #795136		342,040
	149,569	2.115%, due 1/1/35, #805391		158,746
	103,831	2.125%, due 10/1/35, #845041		110,558
	228,382	2.233%, due 10/1/35, #846171		244,437
	425,820	2.111%, due 1/1/36, #849264		452,992
	109,126	2.49%, due 6/1/36, #872502		116,399
	721,698	2.227%, due 1/1/37, #906389		766,017
	780,482	2.604%, due 3/1/37, #907868		840,944
	330,425	2.28%, due 8/1/37, #949772		342,074
	48,884	2.125%, due 10/1/37, #955963		49,998
	94,261	1.81%, due 11/1/37, #948183		96,201
	271,911	2.64%, due 11/1/37, #953653		281,497
		FNMA Pool
	537,143	5.00%, due 6/1/40, #AD5479		600,413
	60,938	4.00%, due 11/1/41, #AJ3797		65,218
		GNMA II ARM Pool (b)
	7,640	2.00%, due 11/20/21, #8871		7,844
	40,741	1.625%, due 10/20/22, #8062		41,846
	117,090	1.625%, due 11/20/26, #80011		121,572
	29,314	2.00%, due 11/20/26, #80013		30,525
	16,511	1.625%, due 12/20/26, #80021		17,172
	7,466	1.75%, due 1/20/27, #80029		7,770
	130,334	1.625%, due 7/20/27, #80094		135,314
	174,090	1.625%, due 8/20/27, #80104		180,819
	7,303	1.625%, due 10/20/27, #80122		7,585
	62,239	1.75%, due 1/20/28, #80154		64,830
	138,254	1.625%, due 10/20/29, #80331		143,780
	26,923	1.625%, due 11/20/29, #80344		28,002
				10,923,090
Total Mortgage-Backed Securities
(cost $38,256,397)				38,725,510

The accompanying notes are an integral part of these financial statements.

9

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount				Value
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES 27.6%
U.S. Government Agencies 14.6%
		FHLMC
$	5,000,000	0.875%, due 10/14/16		$	5,028,830
	5,000,000	0.50%, due 1/27/17			4,992,990
	3,000,000	1.00%, due 3/8/17			3,020,334
		FNMA
	6,000,000	0.625%, due 8/26/16			6,013,452
	5,000,000	1.375%, due 11/15/16			5,063,225
					24,118,831
U.S. Treasury Notes 13.0%
		U.S. Treasury Note
	1,500,000	0.25%, due 7/15/15			1,500,410
	5,000,000	0.25%, due 8/15/15			5,002,150
	9,000,000	0.25%, due 10/15/15			9,005,976
	6,000,000	0.625%, due 8/15/16			6,017,346
					21,525,882
Total U.S. Government Agencies
and Instrumentalities
(cost $45,624,907)					45,644,713
Shares
SHORT-TERM INVESTMENTS 2.5%
	4,206,102	Fidelity Institutional Money
		Market Government Portfolio –
		Class I, 0.01% (c)			4,206,102
Total Short-Term Investments
(cost $4,206,102)					4,206,102
Total Investments
(cost $164,775,745)			99.9%		165,401,494
Other Assets less Liabilities			0.1%		137,378
TOTAL NET ASSETS			100.0%	$	165,538,872

(a)	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.”  The Fund’s adviser has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.  As of May 31, 2015, the value of these investments was $37,911,184 or 22.9% of total net assets.
(b)	Variable rate security.  Rate shown reflects the rate in effect as of May 31, 2015.
(c)	Rate shown is the 7-day annualized yield as of May 31, 2015.

ARM – Adjustable Rate Mortgage

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

10

PIA Short-Term Securities Fund

Statement of Assets and Liabilities – May 31, 2015

(Unaudited)

Assets:
Investments in securities, at value (cost $164,775,745)	$	165,401,494
Receivable for securities sold		13,258
Receivable for fund shares sold		10,811
Interest receivable		457,058
Prepaid expenses		26,990
Total assets		165,909,611
Liabilities:
Due to Custodian		37
Payable for fund shares redeemed		265,696
Investment advisory fees		25,482
Administration fees		13,014
Custody fees		4,968
Transfer agent fees and expenses		18,684
Fund accounting fees		17,662
Audit fees		8,670
Legal fees		1,790
Chief Compliance Officer fee		1,752
Accrued expenses and other liabilities		12,984
Total liabilities		370,739
Net Assets	$	165,538,872
Net Assets Consist of:
Paid-in capital	$	165,195,799
Undistributed net investment loss		(43,303	)
Accumulated net realized loss on investments		(239,373	)
Net unrealized appreciation on investments		625,749
Net Assets	$	165,538,872
Net Asset Value, Offering Price and Redemption Price Per Share	$	10.07
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)		16,443,276

The accompanying notes are an integral part of these financial statements.

11

PIA Short-Term Securities Fund

Statement of Operations – Six Months Ended May 31, 2015

(Unaudited)

Investment Income:
Interest	$	844,133
Total investment income		844,133
Expenses:
Investment advisory fees (Note 4)		154,019
Fund accounting fees (Note 4)		39,315
Transfer agent fees and expenses (Note 4)		38,969
Administration fees (Note 4)		28,201
Registration fees		14,895
Custody fees (Note 4)		9,694
Audit fees		9,506
Reports to shareholders		5,206
Trustees’ fees		4,978
Chief Compliance Officer fee (Note 4)		4,661
Legal fees		4,160
Insurance		1,721
Miscellaneous		3,344
Total expenses		318,669
Less: fee waiver by adviser (Note 4)		(18,331	)
Net expenses		300,338
Net investment income		543,795
Realized and Unrealized Gain on Investments:
Net realized gain on investments		6,016
Net change in unrealized appreciation on investments		292,328
Net gain on investments		298,344
Net increase in net assets resulting from operations	$	842,139

The accompanying notes are an integral part of these financial statements.

12

PIA Short-Term Securities Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year
	May 31,			Ended
	2015			November 30,
	(Unaudited)			2014
Increase/(Decrease) in Net Assets From
Operations:
Net investment income	$	543,795		$	870,766
Net realized gain on investments		6,016			75,348
Net change in unrealized appreciation/(depreciation) on investments		292,328			(439,776	)
Net increase in net assets resulting from operations		842,139			506,338
Distributions Paid to Shareholders:
Distributions from net investment income		(608,584	)		(973,883	)
Total distributions paid to shareholders		(608,584	)		(973,883	)
Capital Share Transactions:
Proceeds from shares sold		72,639,375			87,970,014
Distributions reinvested		368,560			572,389
Payment for shares redeemed		(63,011,539	)		(72,112,451	)
Net increase in net assets from capital share transactions		9,996,396			16,429,952
Total increase in net assets		10,229,951			15,962,407
Net Assets, Beginning of Period		155,308,921			139,346,514
Net Assets, End of Period	$	165,538,872		$	155,308,921
Includes Undistributed Net Investment Income/(Loss) of	$	(43,303	)	$	21,486
Transactions in Shares:
Shares sold		7,219,313			8,729,807
Shares issued on reinvestment of distributions		36,640			56,843
Shares redeemed		(6,263,279	)		(7,157,652	)
Net increase in shares outstanding		992,674			1,628,998

The accompanying notes are an integral part of these financial statements.

13

PIA Short-Term Securities Fund

Financial Highlights

	Six Months
	Ended
	May 31, 2015			Year Ended November 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
(For a fund share outstanding throughout each period)
Net asset value, beginning of period	$	10.05		$	10.08		$	10.10		$	10.10		$	10.11		$	10.12
Income From Investment Operations:
Net investment income		0.04			0.05			0.05			0.04			0.05			0.07
Net realized and unrealized gain/(loss)   on investments		0.02			(0.02	)		(0.02	)		0.00	*		(0.00	)*		0.00	*
Total from investment operations		0.06			0.03			0.03			0.04			0.05			0.07
Less Distributions:
Distributions from net investment income		(0.04	)		(0.06	)		(0.05	)		(0.04	)		(0.06	)		(0.08	)
Total distributions		(0.04	)		(0.06	)		(0.05	)		(0.04	)		(0.06	)		(0.08	)
Net asset value, end of period	$	10.07		$	10.05		$	10.08		$	10.10		$	10.10		$	10.11
Total Return		0.60	%++		0.33	%		0.34	%		0.41	%		0.47	%		0.72	%
Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	165,539		$	155,309			139,347		$	170,344		$	171,508		$	154,948
Ratio of expenses to average net assets:
Net of fee waivers and reimbursements		0.39	%+		0.38	%		0.35	%		0.35	%		0.35	%		0.35	%
Before fee waivers and reimbursements		0.41	%+		0.40	%		0.43	%		0.38	%		0.39	%		0.40	%
Ratio of net investment income   to average net assets:
Net of fee waivers and reimbursements		0.70	%+		0.56	%		0.49	%		0.36	%		0.51	%		0.67	%
Before fee waivers and reimbursements		0.68	%+		0.54	%		0.41	%		0.33	%		0.47	%		0.62	%
Portfolio turnover rate		33	%++		38	%		56	%		53	%		11	%		59	%

*	Amount is less than $0.01.
+	Annualized for periods less than one year.
++	Not annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

14

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015

(Unaudited)

Note 1 – Organization

The PIA Short-Term Securities Fund (the “Fund”) is a series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.  The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

The investment objective of the Fund is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities.  The Fund commenced operations on April 22, 1994.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date.  During this period, such securities are subject to market fluctuations.  The Fund is required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price.  The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Fund’s net asset value if the Fund makes such purchases while remaining substantially fully invested.  In connection with the ability to purchase securities on a when-issued basis, the Fund may also enter into dollar rolls in which the Fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date.  As an inducement for the Fund to “rollover” its purchase commitments, the Fund receives negotiated amounts in the form of reductions of the purchase price of the commitment.  Dollar rolls are considered a form of leverage.

Federal Income Taxes – It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders.  Therefore, no Federal income or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2012 – 2014, or expected to be taken in the Fund’s 2015 tax returns.  The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory and custodian fees.  Expenses that are not directly attributable to the Fund are typically allocated among the PIA Funds in proportion to their respective net assets.  Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

15

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on the basis of identified cost.  Interest income is recorded on an accrual basis.  Discounts and premiums on securities purchased are amortized over the life of the respective security.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date.  The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually.  Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America.  To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  These reclassifications have no effect on net assets or net asset value per share.

Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses.  The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred.  Based on experience, the Fund expects the risk of loss to be remote.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period.  Actual results could differ from those estimates.

Events Subsequent to the Fiscal Period End – In preparing the financial statements as of May 31, 2015, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements.

Note 3 – Securities Valuation

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 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 Fund has the ability to access.

16

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at 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).

Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  Most corporate bonds are categorized in level 2 of the fair value hierarchy.

Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers.  Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers.  There is frequently less government regulation of broker-dealers and issuers than in the United States.  In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

Mortgage- and Asset-Backed Securities – Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal.  These securities are 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.

17

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

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.

Investment Companies – Investments in open-end mutual funds are valued at their net asset value per share.  To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

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.

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.

Certain restricted securities may be considered illiquid.  Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Fund’s Board of Trustees as reflecting fair value.  Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on the Fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees.  As of May 31, 2015, Pacific Income Advisers, Inc., the adviser, has determined that the Rule 144A securities held by the Fund are considered liquid.

The Board of Trustees has delegated day-to-day valuation issues to a Valuation Committee of the 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 of Trustees.  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 of Trustees.

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.

18

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

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 inputs used to value the Fund’s securities as of May 31, 2015:

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	76,825,169	$	—	$	76,825,169
Mortgage-Backed Securities		—		38,725,510		—		38,725,510
U.S. Government Agencies
and Instrumentalities		—		45,644,713		—		45,644,713
Total Fixed Income		—		161,195,392		—		161,195,392
Short-Term Investments		4,206,102		—		—		4,206,102
Total Investments	$	4,206,102	$	161,195,392	$	—	$	165,401,494

Refer to the Fund’s schedule of investments for a detailed break-out of securities.  Transfers between levels are recognized at May 31, 2015, the end of the reporting period.  The Fund recognized no transfers to/from level 1 or level 2.  The Fund held no level 3 securities during the six months ended May 31, 2015.

Note 4 – Investment Advisory Fee and other Transactions with Affiliates

The Fund has an investment advisory agreement with Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) pursuant to which the Adviser is responsible for providing investment management services to the Fund.  The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Fund.  As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly.  The Fund pays fees calculated at an annual rate of 0.20% based upon the average daily net assets of the Fund.  For the six months ended May 31, 2015, the Fund incurred $154,019 in advisory fees.

The Fund is responsible for its own operating expenses.  The Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses to 0.39% of average daily net assets.  Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund’s expenses. The Adviser is permitted to be reimbursed only for fee reductions and expense payments made since March 30, 2011.  The Adviser may not recoup fee waivers and/or expense reimbursements made prior to March 30, 2011.  Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses.  For the six months ended May 31, 2015, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $18,331.  No amounts were reimbursed to the Adviser.  Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $226,613 at May 31, 2015.  The expense limitation will remain in effect through at least March 28, 2016, and may be terminated only by the Trust’s Board of Trustees.  Cumulative expenses subject to recapture expire as follows:

19

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Year	Amount
2015	$	60,843
2016		112,599
2017		34,840
2018		18,331
	$	226,613

U.S. Bancorp Fund Services, LLC (“USBFS” or the “Administrator”) acts as the Fund’s Administrator under an Administration Agreement.  The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund’s expenses and reviews the Fund’s expense accruals.

USBFS also serves as the fund accountant and transfer agent to the Fund.  U.S. Bank N.A., an affiliate of USBFS, serves as the Fund’s custodian.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.  The Distributor is an affiliate of USBFS and U.S. Bank N.A.

Certain officers of the Fund are employees of the Administrator.  The Trust’s Chief Compliance Officer is also an employee of USBFS.  A Trustee of the Trust is affiliated with USBFS and U.S. Bank N.A.  This same Trustee is an interested person of the Distributor.

For the six months ended May 31, 2015, the Fund incurred the following expenses for administration, fund accounting, transfer agency, custody, and Chief Compliance Officer fees:

Administration	$28,201
Fund Accounting	39,315
Transfer Agency
(excludes out-of-pocket expenses and sub-ta fees)	30,206
Custody	9,694
Chief Compliance Officer	4,661

At May 31, 2015, the Fund had payables due to USBFS for administration, fund accounting, transfer agency and Chief Compliance Officer fees and to U.S. Bank N.A. for custody fees in the following amounts:

Administration	$13,014
Fund Accounting	17,662
Transfer Agency
(excludes out-of-pocket expenses and sub-ta fees)	14,532
Custody	4,968
Chief Compliance Officer	1,752

20

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Note 5 – Purchases and Sales of Securities

Non-Government				Government
Purchases		Sales		Purchases		Sales
$	13,526,641	$	14,097,293	$	40,637,739	$	34,560,584

Note 6 – Line of Credit

The Fund has a line of credit in the amount of $15,000,000.  The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions.  The credit facility is with the Fund’s custodian, U.S. Bank N.A.  The Fund did not draw upon its line of credit during the six months ended May 31, 2015.

Note 7 – Federal Income Tax Information

The tax character of distributions paid during the six months ended May 31, 2015 and the year ended November 30, 2014 was as follows:

	May 31, 2015	November 30, 2014
Ordinary income	$608,584	$973,883

As of November 30, 2014, the most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments (a)	$	154,550,757
Gross unrealized appreciation		848,733
Gross unrealized depreciation		(515,312	)
Net unrealized appreciation		333,421
Undistributed ordinary income		21,486
Undistributed long-term capital gains		—
Total distributable earnings		21,486
Other accumulated losses		(245,389	)
Total accumulated earnings	$	109,518

(a) The book-basis and tax-basis net unrealized appreciation are the same.

The Fund had tax capital losses which may be carried over to offset future gains.  Such losses expire as follows:

				Short-Term	Long-Term
2015	2017	2018	2019	Indefinite	Indefinite	Total
$43,801	$45,313	$56,182	$63,174	$3,850	$33,069	$245,389

21

PIA Short-Term Securities Fund

Notice to Shareholders – May 31, 2015

(Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-251-1970, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-251-1970.  Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Fund files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.  Information included in the Fund’s Form N-Q is also available by calling 1-800-251-1970.

22

PIA Funds

Approval of Investment Advisory Agreement

(Unaudited)

At a meeting held on December 2-4, 2014, the Board (which is comprised of five persons, four of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) for another annual term for the PIA Short-Term Securities Fund and PIA Short Duration Bond Fund, which had not yet commenced operations at the time of this meeting (collectively, the “Funds”).  At this meeting, and at a prior meeting held on October 15-16, 2014, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreement.  This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations.  Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENT.  The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds.  The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds.  The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer, the Adviser’s compliance record, and the Adviser’s disaster recovery/business continuity plan.  The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss Fund performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process.  The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of such management services are satisfactory.
2.	THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER.  In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the PIA Short-Term Securities Fund as of July 31, 2014 on both an absolute basis and in comparison to an appropriate securities benchmark and its peer funds utilizing Lipper and Morningstar classifications.  As the PIA Short Duration Bond Fund had not commenced operations, it had no performance to consider.  While the Board considered both short-term and long-term performance for the PIA Short-Term Securities Fund, it placed greater emphasis on longer term performance.  When reviewing performance against the comparative peer group universe, the Board took into account that the investment objective and strategies of the PIA Short-Term Securities Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe.
	The Board noted that the PIA Short-Term Securities Fund’s performance, with regard to its Lipper comparative universe, was below its peer group median and average for the one-year, three-year and five-year periods and above its peer group median and average for the ten-year period.

23

PIA Funds

Approval of Investment Advisory Agreement (continued)

(Unaudited)

	The Board noted that the PIA Short-Term Securities Fund’s performance, with regard to its Morningstar comparative universe, was below its peer group median and average for the one-year, three-year, and five-year periods, while above its peer group median and average for the ten-year period.
	The Board also considered any differences in performance between similarly managed accounts and the performance of the PIA Short-Term Securities Fund, noting that the Fund was generally in line with its similarly managed accounts for all relevant periods, and reviewed the performance of the Fund against broad-based securities market benchmarks.
3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENT.  In considering the appropriateness of the advisory fee, the Board considered the level of the fee itself as well as the total fees and expenses of each Fund.  The Board reviewed information as to fees and expenses of advisers and funds within the relevant Lipper peer funds as well as fees charged by the Adviser to other similarly managed accounts.  When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.  The Board found that the fees charged to the PIA Short-Term Securities Fund were generally in line with or comparable to the fees charged by the Adviser to its similarly managed separate account clients, and to the extent fees charged to the Fund were higher than for similarly managed separate accounts of similar size, it was largely a reflection of the nature of the separate account client and the greater costs to the Adviser of managing the Fund.
	PIA Short-Term Securities Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.39% (the “Expense Cap”).  Additionally, the Board noted that the Fund’s total expense ratio was below its peer group median and average.  The Board also noted that the Fund’s contractual advisory fee was below its peer group median and average.  The Board also noted that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap, the net advisory fees received by the Adviser from the Fund during the most recent fiscal period were below the peer group median and average.  The Board also took into consideration the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were generally in line with the fees charged by the Adviser to its separately managed account clients.  As a result, the Trustees noted that the Fund’s expenses and advisory fee were not outside the range of its peer group.
	PIA Short Duration Bond Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio of 1.00% for Class A shares and 0.75% for Class I shares (the “Expense Caps”).  Additionally, the Board noted that the Fund’s estimated total expense ratio was above its peer group median and below its peer group average for the Class I shares and above its peer group median and average for the Class A shares.  The Board also noted that the Fund’s contractual advisory fee was above its peer group median and average.  As a result, the Trustees noted that the Fund’s estimated expenses and advisory fee were not outside the range of its peer group.

24

PIA Funds

Approval of Investment Advisory Agreement (continued)

(Unaudited)

4.

ECONOMIES OF SCALE.  The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.  In this regard, the Board noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds do not exceed the specified Expense Caps.  The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Adviser and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase.

5.

THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS.  The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds.  The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional benefits derived by the Adviser from its relationship with the Funds, such as benefits to be received in exchange for Rule 12b-1 fees from the Short Duration Bond Fund.  The Board also considered that the Funds do not utilize “soft dollar” benefits that may be received by the Adviser in exchange for Fund brokerage.  After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services it provides to the Funds.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the PIA Short-Term Securities Fund and PIA Short Duration Bond Fund, but rather the Board based its determination on the total combination of information available to them.  Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable.  The Board therefore determined that the continuance of the Advisory Agreement for the PIA Short-Term Securities Fund and PIA Short Duration Bond Fund would be in the best interests of the Funds and their shareholders.

25

PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

•  Information we receive about you on applications or other forms;

•  Information you give us orally; and/or

•  Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities.  We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA  90401

Distributor

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI  53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI  53202

(800) 251-1970

Custodian

U.S. Bank N.A.

1555 North River Center Drive, Suite 302

Milwaukee, WI  53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, PA  19103

Legal Counsel

Paul Hastings LLP

75 East 55th Street

New York, NY  10022

Past performance results shown in this report should not be considered a representation of future performance.  Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.  Statements and other information herein are dated and are subject to change.

PIA Funds

PIA High Yield Fund

Institutional Class

Semi-Annual Report

May 31, 2015

PIA High Yield Fund

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six month fiscal period from December 1, 2014 through May 31, 2015 regarding the PIA High Yield Fund (the “Fund”) for which Pacific Income Advisers, Inc. (“PIA”) is the investment adviser.

The Fund outperformed its benchmark, the Barclays U.S. Corporate High-Yield Index (the “Index”), returning 2.72%, after fees and expenses, for the six months ended May 31, 2015 versus 2.57% for the Index.  The Fund’s total return includes 0.77% in Fund fees and expenses for the six months ended May 31, 2015, compared to the Index, which does not incur fees and expenses.  As stated in the current prospectus, the Fund’s gross expense ratio is 0.90% and the Fund’s net expense ratio is 0.73%.  Prior to January 1, 2015, the contractual expense cap for the Fund’s Institutional Class under the Fund’s written operating expenses limitation agreement was 0.98%.  PIA has further agreed to temporarily waive all or a portion of its management fees and pay Fund expenses to ensure that the Fund’s aggregate annual operating expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) do not exceed 0.73% of the Fund’s average daily net assets through at least March 28, 2016.

Credit selection remained a key contributor to the Fund during the period.  As was consistent for the last half of 2014, the best performing quality spectrum in high yield during the period was the Ba sub-sector.  The Fund was significantly underweight this quality spectrum during the period, and as such, the Fund’s allocation to this segment had a modestly negative contribution to Fund performance.  The Fund, however, realized significant value addition from solid credit selection in the B and Caa sub-sectors.  Overweight the B category, the Fund’s B’s outperformed the B sub-index by 39 basis points (“bps”).  Additionally, the Fund’s credit selection in the Caa category was the largest value added contributor, as the Caa credits in the Fund outperformed the Caa sub-index (the weakest performing quality sector during the period) by 282 bps, and the market overall by 128 bps.  From an industry standpoint, the Fund continues to focus on areas where the U.S. has long-term potential comparative advantages, such as chemicals (one of the strongest performers during the period), while remaining underweight in industries facing lower cost competition, such as energy exploration and production (a laggard during the period).

High yield market average spreads tightened modestly from 486 bps to 467 bps for the period, while the yield to worst declined below 6% once again, from 6.10% to 5.90% (Barclays U.S. Corporate High-Yield Index).  Investor sentiment favored the Ba quality sector (returning 3.18%) during the period, while the B and Caa sectors returned 2.80% and 1.06%, respectively.  Despite what seems like rather benign high yield market conditions for the six month period, there was some rather heightened intra-period volatility.  The high yield market started off the period on a weak note, with December performance falling 1.45%, reflecting investor concerns on weakening global economic conditions coupled with sharply falling oil prices.  High yield market conditions rebounded, however, in January and February of 2015 (returning a solid 3.09% for the two months) as investors embraced continued global monetary easing, while energy credits rebounded sharply in February from their fourth quarter swoon.  U.S. Federal Reserve Board uncertainty in early March coupled with relatively weak U.S. economic data, led to a surprisingly sharp decline in the high yield market in the first few weeks of March (where spreads significantly widened by 139 bps).  The market quickly rebounded, however, recapturing 60% of this spread drop in the final week of March, supported once again by reassuring monetary comments coming from the March Federal Open Market Committee meeting.  These comments seem to have assuaged high yield investors as the market continued to rally another 34 bps through the end of May.

1

PIA High Yield Fund

Please take a moment to review the Fund’s statement of assets and liabilities and the results of operations for the six months ended May 31, 2015.  We look forward to reporting to you again with the annual report dated November 30, 2015.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Fund’s investment adviser, and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security and should not be considered investment advice.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk.  Principal loss is possible.  Investments in debt securities typically decrease in value when interest rates rise.  This risk is usually greater for longer-term debt securities.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.  These risks may increase for emerging markets.  Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.  The Fund may invest in derivatives, which may involve risks greater than the risks presented by more traditional investments.  The risk of owning an exchange-traded fund (“ETF”) or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds.  It will also bear additional expenses, including operating expenses, brokerage costs and the potential duplication of management fees.

The Barclays U.S. Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed rate, taxable corporate bonds.  Securities are classified as high yield if the middle rating of Moody’s Investors Service, Inc., Fitch Ratings, Inc., and Standard & Poor’s Ratings Services is Ba1/BB+/BB+ or below after dropping the highest and lowest available ratings.  The index excludes emerging markets debt.  You cannot invest directly in an index.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential.  Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., and Fitch Ratings, Inc.  Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default).  In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Yield to worst is calculated by using the lower of the yield to maturity or the yield to call after considering all possible call dates prior to maturity.

Basis point equals 1/100th of 1%.

Please refer to the schedule of investments in the report for complete holdings information.  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.  Investment performance reflects fee waivers in effect.  In the absence of such waivers, total return would be reduced.

Current and future portfolio holdings are subject to risk.

Quasar Distributors, LLC, Distributor

2

PIA High Yield Fund

Expense Example – May 31, 2015

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA High Yield Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/14 – 5/31/15).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses.  Prior to January 1, 2015, actual net expenses were limited to 0.98% of the Fund’s average daily net assets per the operating expenses limitation agreement.  Effective January 1, 2015, Pacific Income Advisers, Inc., the Fund’s adviser, has also voluntarily agreed to limit the Fund’s aggregate annual operating expenses to 0.73% of average daily net assets.  Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent.  The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees.  You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is different from the Fund’s actual returns.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Fund and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees.  Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account	Ending Account	Expenses Paid During
	Value 12/1/14	Value 5/31/15	Period 12/1/14 – 5/31/15*
Actual	$1,000.00	$1,027.20	$3.89
Hypothetical (5% return before expenses)	$1,000.00	$1,021.09	$3.88

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.  The annualized expense ratio of the PIA High Yield Fund is 0.77%.

3

PIA High Yield Fund

Allocation of Portfolio Assets – May 31, 2015

(Unaudited)

Investments by Sector

As a Percentage of Total Investments

4

PIA High Yield Fund

Schedule of Investments – May 31, 2015

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 90.1%
Aerospace/Defense 3.7%
		Gencorp, Inc.
$	1,150,000	7.125%, due 3/15/21	$	1,236,250
		Kratos Defense &
		Security Solutions, Inc.
	1,050,000	7.00%, due 5/15/19		939,750
		LMI Aerospace, Inc.
	800,000	7.375%, due 7/15/19 (b)		800,000
		Transdigm, Inc.
	1,050,000	6.00%, due 7/15/22		1,069,688
				4,045,688
Animal Slaughtering and Processing 0.4%
		Pilgrim’s Pride Corp.
	400,000	5.75%, due 3/15/25 (b)		407,000
Auto Parts Manufacturing 0.8%
		Nexteer Automotive Group Ltd.
	850,000	5.875%, due 11/15/21 (b)		888,250
Automotive 1.4%
		Affinia Group, Inc.
	1,500,000	7.75%, due 5/1/21		1,571,250
Basic Chemical Manufacturing 0.4%
		Platform Specialty
		Products Corp.
	460,000	6.50%, due 2/1/22 (b)		485,300
Biotechnology 1.2%
		Concordia Healthcare Corp.
	1,250,000	7.00%, due 4/15/23 (b)		1,260,937
Building Materials 3.9%
		American Builders &
		Contractors Supply Co., Inc.
	450,000	5.625%, due 4/15/21 (b)		462,375
		Associated Asphalt
		Partners LLC
	820,000	8.50%, due 2/15/18 (b)		805,650
		Building Materials
		Holding Corp.
	900,000	9.00%, due 9/15/18 (b)		976,500
		U.S. Concrete, Inc.
	625,000	8.50%, due 12/1/18		665,625
		USG Corp.
	500,000	5.875%, due 11/1/21 (b)		536,250
	750,000	5.50%, due 3/1/25 (b)		779,063
				4,225,463
Chemicals 10.3%
		Consolidated Energy
		Finance SA
	650,000	6.75%, due 10/15/19 (b)		672,750
		Cornerstone Chemical Co.
	600,000	9.375%, due 3/15/18 (b)		634,500
		H.I.G. BBC Intermediate
		Holdings Corp.
	150,000	10.50%, due 9/15/18 (b)		149,625
		Hexion U.S. Finance Corp.
	1,370,000	6.625%, due 4/15/20		1,298,075
		Ineos Group Holdings PLC
	700,000	5.875%, due 2/15/19 (b)		714,875
		Kissner Milling Company Ltd.
	1,000,000	7.25%, due 6/1/19 (b)		1,026,250
		Kraton Polymers LLC
	620,000	6.75%, due 3/1/19		635,887
		LSB Industries, Inc.
	1,150,000	7.75%, due 8/1/19		1,227,625
		Momentive Performance
		Materials, Inc.
	165,000	3.875%, due 10/24/21		149,531
		Nexeo Solutions LLC
	1,500,000	8.375%, due 3/1/18		1,365,000
		Omnova Solutions, Inc.
	988,000	7.875%, due 11/1/18 (c)		1,011,465
		Rentech Nitrogen Partners L.P.
	900,000	6.50%, due 4/15/21 (b)		895,500

The accompanying notes are an integral part of these financial statements.

5

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Chemicals 10.3% (continued)
		TPC Group, Inc.
$	225,000	8.75%, due 12/15/20 (b)	$	218,813
		Trinseo Materials
		Operating S.C.A.
	500,000	6.75%, due 5/1/22 (b)		510,625
		Tronox Worldwide LLC
	750,000	6.375%, due 8/15/20		723,750
				11,234,271
Communications Equipment
Manufacturing 0.3%
		Plantronics, Inc.
	340,000	5.50%, due 5/31/23 (b)		345,950
Construction Machinery 2.1%
		H & E Equipment Services, Inc.
	1,470,000	7.00%, due 9/1/22		1,558,200
		NES Rentals Holding, Inc.
	750,000	7.875%, due 5/1/18 (b)		770,625
				2,328,825
Consumer Cyclical Services 2.7%
		APX Group, Inc.
	175,000	6.375%, due 12/1/19		175,438
	560,000	8.75%, due 12/1/20		509,600
		Garda World Security Corp.
	140,000	7.25%, due 11/15/21 (b)		137,900
		GEO Group, Inc.
	950,000	5.875%, due 1/15/22		1,008,188
		Reliance Intermediate Holdings
	670,000	6.50%, due 4/1/23 (b)		700,150
		West Corp.
	420,000	5.375%, due 7/15/22 (b)		408,975
				2,940,251
Consumer Products 2.0%
		Acco Brands Corp.
	500,000	6.75%, due 4/30/20		535,000
		Alphabet Holdings Co.
	500,000	7.75%, due 11/1/17		506,875
		Prestige Brands Inc.
	875,000	5.375%, due 12/15/21 (b)		893,550
		Visant Corp.
	350,000	10.00%, due 10/1/17		296,625
				2,232,050
Consumer Services 2.2%
		Modular Space Corp.
	850,000	10.25%, due 1/31/19 (b)		728,875
		Quad/Graphics, Inc.
	850,000	7.00%, due 5/1/22		837,250
		United Rentals
		(North America), Inc.
	300,000	6.125%, due 6/15/23		315,000
	500,000	5.75%, due 11/15/24		510,625
				2,391,750
Containers & Packaging 0.8%
		Paperworks Industries, Inc.
	830,000	9.50%, due 8/15/19 (b)		845,562
Distributors 0.7%
		Ferrellgas Partners LP
	200,000	8.625%, due 6/15/20		209,500
	500,000	6.75%, due 1/15/22		513,750
				723,250
Diversified Manufacturing 1.3%
		Constellation Enterprises LLC
	375,000	10.625%, due 2/1/16 (b)		333,750
		Griffon Corp.
	1,100,000	5.25%, due 3/1/22		1,109,625
				1,443,375
Electric 0.7%
		NRG Energy, Inc.
	695,000	6.625%, due 3/15/23		729,750
Electrical Equipment Manufacturing 0.9%
		Anixter, Inc.
	100,000	5.125%, due 10/1/21		103,625

The accompanying notes are an integral part of these financial statements.

6

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Electrical Equipment
Manufacturing 0.9% (continued)
		WESCO Distribution, Inc.
$	810,000	5.375%, due 12/15/21	$	830,250
				933,875
Entertainment Resources 1.9%
		Live Nation Entertainment, Inc.
	600,000	7.00%, due 9/1/20 (b)		644,250
	580,000	5.375%, due 6/15/22 (b)		597,400
		Regal Entertainment Group
	750,000	5.75%, due 3/15/22		775,313
				2,016,963
Environmental 1.0%
		Casella Waste Systems, Inc.
	800,000	7.75%, due 2/15/19		826,000
		Heckmann Corp.
	300,000	9.875%, due 4/15/18		239,250
				1,065,250
Finance 0.4%
		National Financial
		Partners Corp.
	400,000	9.00%, due 7/15/21 (b)		406,000
Food and Beverage 1.6%
		Carolina Beverage Group LLC
	370,000	10.625%, due 8/1/18 (b)		366,300
		Darling Ingredients, Inc.
	730,000	5.375%, due 1/15/22		737,300
		Dean Foods Co.
	640,000	6.50%, due 3/15/23 (b)		667,200
				1,770,800
Gaming 0.1%
		Scientific Games Corp.
	135,000	8.125%, due 9/15/18		126,900
Healthcare 1.3%
		Examworks Group, Inc.
	1,000,000	5.625%, due 4/15/23		1,026,250
		Physio-Control
		International Corp.
	333,000	9.875%, due 1/15/19 (b)		358,216
				1,384,466
Household Appliances and
Electrical and Electronic Goods
Merchant Wholesalers 0.5%
		Optimas OE Solutions, Inc.
	500,000	8.625%, due 6/1/21 (b)		517,500
Industrial – Other 6.3%
		Cleaver-Brooks, Inc.
	1,000,000	8.75%, due 12/15/19 (b)		1,012,500
		Dycom Investments, Inc.
	520,000	7.125%, due 1/15/21		549,900
		General Cable Corp.
	175,000	5.75%, due 10/1/22 (c)		161,000
		Interline Brands, Inc.
	292,000	10.00%, due 11/15/18		306,965
		Liberty Tire Recycling
		Holdco, LLC
	550,000	11.00%, due 3/31/21 (e) (f)		550,000
		Safway Group Holding LLC
	1,250,000	7.00%, due 5/15/18 (b)		1,287,500
		SPL Logistics Escrow LLC
	450,000	8.875%, due 8/1/20 (b)		481,500
		Stonemor Partners LP
	1,200,000	7.875%, due 6/1/21		1,269,000
		Zachry Holdings, Inc.
	1,275,000	7.50%, due 2/1/20 (b)		1,278,187
				6,896,552
Machinery Manufacturing 0.5%
		Amsted Industries Inc.
	580,000	5.375%, due 9/15/24 (b)		588,700
Manufactured Goods 0.9%
		Gates Global LLC
	1,000,000	6.00%, due 7/15/22 (b)		927,500

The accompanying notes are an integral part of these financial statements.

7

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Media Entertainment 0.2%
		Nielsen Finance LLC
$	250,000	5.00%, due 4/15/22 (b)	$	251,875
Media Non-Cable 3.2%
		CBS Outdoor
		Americas Capital, LLC
	960,000	5.625%, due 2/15/24		1,009,200
		R.R. Donnelley & Sons Co.
	1,000,000	6.50%, due 11/15/23		1,066,250
		Radio One, Inc.
	830,000	9.25%, due 2/15/20 (b)		780,200
		Southern Graphics, Inc.
	600,000	8.375%, due 10/15/20 (b)		614,250
				3,469,900
Medical Equipment & Devices 0.6%
		Sterigenics-Nordion
		Holdings, LLC
	610,000	6.50%, due 5/15/23 (b)		616,100
Metals and Mining 4.3%
		American Gilsonite Co.
	850,000	11.50%, due 9/1/17 (b)		750,125
		Castle (AM) & Co.
	250,000	12.75%, due 12/15/16		241,250
		Emeco Pty Limited
	600,000	9.875%, due 3/15/19 (b)		471,000
		Graftech International Ltd.
	640,000	6.375%, due 11/15/20		604,800
		Rain CII Carbon, LLC
	450,000	8.00%, due 12/1/18 (b)		443,250
	500,000	8.25%, due 1/15/21 (b)		487,500
		Suncoke Energy, Inc.
	8,000	7.625%, due 8/1/19		8,086
	300,000	7.375%, due 2/1/20 (b)		309,000
	450,000	7.375%, due 2/1/20 (b)		463,500
		TMS International Corp.
	950,000	7.625%, due 10/15/21 (b)		950,000
				4,728,511
Motor Vehicle and Motor Vehicle Parts
and Supplies Merchant Wholesalers 1.3%
		ZF North America Capital Inc.
	1,440,000	4.75%, due 4/29/25 (b)		1,445,400
Oil & Gas 0.7%
		FTS International, Inc.
	360,000	7.808%, due 6/15/20 (b) (c)		360,215
	480,000	6.25%, due 5/1/22		385,200
				745,415
Oil Field Services 2.0%
		Calfrac Holdings LP
	300,000	7.50%, due 12/1/20 (b)		282,000
		CHC Helicopter SA
	450,000	9.25%, due 10/15/20		383,625
		Drill Rig Holdings, Inc.
	405,000	6.50%, due 10/1/17 (b)		362,475
		Petroleum Geo-Services
	200,000	7.375%, due 12/15/18 (b)		191,500
		Welltec A/S
	1,000,000	8.00%, due 2/1/19 (b)		957,500
				2,177,100
Other Investment Pools and Funds 0.5%
		Jurassic Holdings III
	600,000	6.875%, due 2/15/21 (b)		502,500
Packaging 4.1%
		AEP Industries, Inc.
	1,006,000	8.25%, due 4/15/19		1,038,695
		Beverage Packaging Holdings
	500,000	6.00%, due 6/15/17 (b)		506,250
		Cons Container Co.
	970,000	10.125%, due 7/15/20 (b)		868,150
		Coveris Holdings S.A.
	950,000	7.875%, due 11/1/19 (b)		976,125
		Dispensing Dynamics
		International, Inc.
	500,000	12.50%, due 1/1/18 (b)		527,500

The accompanying notes are an integral part of these financial statements.

8

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Packaging 4.1% (continued)
		Mustang Merger Corp.
$	410,000	8.50%, due 8/15/21 (b)	$	418,200
		Reynolds Group Issuer LLC
	110,000	5.75%, due 10/15/20		114,812
		Tenneco Packaging, Inc.
	50,000	8.125%, due 6/15/17		54,375
				4,504,107
Paper 6.1%
		Cascades, Inc.
	790,000	5.50%, due 7/15/22 (b)		789,012
	480,000	5.75%, due 7/15/23 (b)		477,600
		Clearwater Paper Corp.
	1,020,000	4.50%, due 2/1/23		1,002,150
		Hardwoods Acquisition, Inc.
	560,000	7.50%, due 8/1/21 (b)		540,400
		Mercer International, Inc.
	440,000	7.75%, due 12/1/22		476,300
		Neenah Paper, Inc.
	900,000	5.25%, due 5/15/21 (b)		909,000
		NWH Escrow Corp.
	400,000	7.50%, due 8/1/21 (b)		380,000
		P.H. Glatfelter Co.
	400,000	5.375%, due 10/15/20		411,000
		Rayonier A.M. Products, Inc.
	700,000	5.50%, due 6/1/24 (b)		631,750
		Xerium Technologies, Inc.
	940,000	8.875%, due 6/15/18		977,013
				6,594,225
Petroleum and Petroleum Products
Merchant Wholesalers 0.1%
		Sunoco LP
	80,000	6.375%, due 4/1/23 (b)		83,600
Pharmaceutical and Medicine
Manufacturing 0.6%
		Valeant Pharmaceuticals
		International, Inc.
	40,000	5.50%, due 3/1/23 (b)		40,900
		VRX Escrow Corp.
	610,000	6.125%, due 4/15/25 (b)		635,925
				676,825
Pharmaceuticals 0.5%
		Capsugel Holdings US, Inc.
	500,000	7.00%, due 5/15/19 (b)		512,188
Pipelines 2.2%
		Exterran Partners, L.P.
	740,000	6.00%, due 10/1/22		728,900
		Rose Rock Midstream, L.P.
	1,000,000	5.625%, due 7/15/22		1,002,500
		Summit Midstream
		Holdings, LLC
	10,000	7.50%, due 7/1/21		10,500
	700,000	5.50%, due 8/15/22		675,500
				2,417,400
Plastics Product Manufacturing 1.0%
		Berry Plastics Corp.
	1,040,000	5.125%, due 7/15/23		1,037,400
Printing and Related
Support Activities 0.4%
		Multi-Color Corp.
	450,000	6.125%, due 12/1/22 (b)		468,000
Publishing and Broadcasting 0.7%
		Media General
		Financing Sub, Inc.
	740,000	5.875%, due 11/15/22 (b)		760,350

The accompanying notes are an integral part of these financial statements.

9

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount			Value
Railroad 0.8%
		Watco Companies, Inc.
$	800,000	6.375%, due 4/1/23 (b)	$	820,000
Resin, Synthetic Rubber, and
Artificial Synthetic Fibers and
Filaments Manufacturing 1.4%
		PolyOne Corp.
	1,500,000	5.25%, due 3/15/23		1,526,250
Retail – Consumer Discretionary 0.9%
		Hillman Company, Inc.
	1,000,000	6.375%, due 7/15/22 (b)		987,500
Retailers 1.6%
		Argos Merger Sub, Inc.
	850,000	7.125%, due 3/15/23 (b)		903,125
		Rent-A-Center, Inc.
	850,000	6.625%, due 11/15/20		845,750
				1,748,875
Scientific Research and
Development Services 1.4%
		Horizon Pharma Financial, Inc.
	1,260,000	6.625%, due 5/1/23 (b)		1,300,950
		Quintiles Transnational Corp.
	220,000	4.875%, due 5/15/23 (b)		223,850
				1,524,800
Software and Services 0.9%
		Audatex North America, Inc.
	150,000	6.00%, due 6/15/21 (b)		157,094
	750,000	6.125%, due 11/1/23 (b)		782,812
				939,906
Technology 1.8%
		ACI Worldwide, Inc.
	20,000	6.375%, due 8/15/20 (b)		21,150
		Brightstar Corp.
	200,000	7.25%, due 8/1/18 (b)		212,500
		Cardtronics, Inc.
	640,000	5.125%, due 8/1/22 (b)		640,000
		First Data Corp.
	500,000	8.25%, due 1/15/21 (b)		534,375
		Sophia L.P./Sophia
		Finance, Inc.
	550,000	9.75%, due 1/15/19 (b)		590,563
				1,998,588
Transportation and Logistics 0.7%
		Martin Midstream Partners L.P.
	750,000	7.25%, due 2/15/21		750,000
Transportation Services 0.7%
		LBC Tank Terminals Holding
	750,000	6.875%, due 5/15/23 (b)		780,000
Wireline Telecommunications Services 0.5%
		Consolidated Communications
	150,000	6.50%, due 10/1/22 (b)		152,250
		Zayo Group LLC
	460,000	6.375%, due 5/15/25 (b)		462,300
				614,550
Wirelines 0.6%
		Frontier Communications Corp.
	270,000	9.25%, due 7/1/21		296,663
	355,000	7.125%, due 1/15/23		341,687
				638,350
Total Corporate Bonds
(cost $98,559,763)				98,053,143
EXCHANGE-TRADED FUNDS 5.3%
	50,000	iShares iBoxx $High Yield
		Corporate Bond ETF		4,545,500
	30,000	SPDR Barclays
		High Yield Bond ETF		1,182,600
Total Exchange-Traded Funds
(cost $5,712,400)				5,728,100

The accompanying notes are an integral part of these financial statements.

10

PIA High Yield Fund

Schedule of Investments – May 31, 2015 (continued)

(Unaudited)

Principal Amount				Value
COMMON STOCKS 0.0%
Industrial – Other 0.0%
	21,500	Liberty Tire Recycling
		Holdco, LLC (e) (f) (g)		$	10,000
Total Common Stocks
(cost $12,688)					10,000
RIGHTS 0.0%
		Momentive Performance Escrow
	1	8.875%, due 10/15/20 (d) (e)			—
SHORT-TERM INVESTMENTS 3.5%
	3,838,760	Invesco STIT – Prime Portfolio –
		Institutional Class, 0.07% (a)			3,838,760
Total Short-Term Investments
(cost $3,838,760)					3,838,760
Total Investments
(cost $108,123,611)			98.9%		107,630,003
Other Assets less Liabilities			1.1%		1,242,357
TOTAL NET ASSETS			100.0%	$	108,872,360

(a)	Rate shown is the 7-day annualized yield as of May 31, 2015.
(b)	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.”  Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.  As of May 31, 2015, the value of these investments was $54,854,162 or 50.4% of total net assets.
(c)	Variable rate security.  Rate shown reflects the rate in effect as of May 31, 2015.
(d)	Restricted security.  The escrow shares were received through a distribution on October 29, 2014 for the purpose of receiving future distributions from the plan of reorganization.  As of May 31, 2015, the security had a cost and value of $0 (0.0% of total net assets).
(e)	Valued at a fair value in accordance with procedures established by the Fund’s Board of Trustees.
(f)	Security is considered illiquid. As of May 31, 2015, the value of these investments was $560,000 or 0.5% of total net assets.
(g)	Non-income producing security.

The accompanying notes are an integral part of these financial statements.

11

PIA High Yield Fund

Statement of Assets and Liabilities – May 31, 2015

(Unaudited)

Assets:
Investments in securities, at value (cost $108,123,611)	$	107,630,003
Receivable for fund shares sold		484,785
Receivable for investments sold		597,855
Interest receivable		1,741,501
Prepaid expenses		22,125
Total assets		110,476,269
Liabilities:
Payable to adviser		37,638
Payable for fund shares redeemed		104,397
Investments payable		1,400,509
Administration fees		10,584
Custody fees		1,543
Transfer agent fees and expenses		13,330
Fund accounting fees		14,870
Audit fees		8,670
Chief Compliance Officer fee		1,383
Shareholder reporting		8,971
Accrued expenses		2,014
Total liabilities		1,603,909
Net Assets	$	108,872,360
Net Assets Consist of:
Paid-in capital	$	109,252,453
Undistributed net investment income		63,754
Accumulated net realized gain on investments		49,761
Net unrealized depreciation on investments		(493,608	)
Net Assets	$	108,872,360
Net Asset Value, Offering Price and Redemption Price Per Share	$	10.39
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)		10,476,541

The accompanying notes are an integral part of these financial statements.

12

PIA High Yield Fund

Statement of Operations – Six Months Ended May 31, 2015

(Unaudited)

Investment Income:
Interest	$	3,161,190
Dividends		42,000
Total investment income		3,203,190
Expenses:
Investment advisory fees (Note 4)		271,575
Transfer agent fees and expenses (Note 4)		50,852
Fund accounting fees (Note 4)		34,804
Administration fees (Note 4)		23,142
Registration fees		19,961
Audit fees		9,506
Custody fees (Note 4)		6,447
Trustees’ fees		4,713
Reports to shareholders		4,663
Chief Compliance Officer fee (Note 4)		3,796
Legal fees		3,521
Insurance		1,532
Miscellaneous		2,340
Total expenses		436,852
Less: Fee waiver by adviser (Note 4)		(67,662	)
Net expenses		369,190
Net investment income		2,834,000
Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain on investments		94,393
Net change in unrealized depreciation on investments		(118,032	)
Net loss on investments		(23,639	)
Net increase in net assets resulting from operations	$	2,810,361

The accompanying notes are an integral part of these financial statements.

13

PIA High Yield Fund

Statements of Changes in Net Assets

	Six Months			Year
	Ended			Ended
	May 31, 2015			November 30,
	(Unaudited)			2014
Increase/(Decrease) in Net Assets From
Operations:
Net investment income	$	2,834,000		$	4,412,652
Net realized gain on:
Investments		94,393			430,206
Swap contracts		—			1,217
Net change in unrealized depreciation on investments		(118,032	)		(1,938,946	)
Net increase in net assets resulting from operations		2,810,361			2,905,129
Distributions Paid to Shareholders:
Distributions from net investment income		(2,869,195	)		(4,380,481	)
Distributions from net realized gains		(459,047	)		(654,938	)
Total distributions paid to shareholders		(3,328,242	)		(5,035,419	)
Capital Share Transactions:
Proceeds from shares sold		32,707,832			51,001,020
Distributions reinvested		1,922,690			2,782,068
Payment for shares redeemed		(13,846,006	)		(24,704,217	)
Net increase in net assets from capital share transactions		20,784,516			29,078,871
Total increase in net assets		20,266,635			26,948,581
Net Assets, Beginning of Period		88,605,725			61,657,144
Net Assets, End of Period	$	108,872,360		$	88,605,725
Includes Undistributed Net Investment Income of	$	63,754		$	98,949
Transactions in Shares:
Shares sold		3,174,462			4,759,633
Shares issued on reinvestment of distributions		187,074			260,418
Shares redeemed		(1,345,855	)		(2,309,964	)
Net increase in shares outstanding		2,015,681			2,710,087

The accompanying notes are an integral part of these financial statements.

14

PIA High Yield Fund

Financial Highlights

													December 31,
	Six Months			Year			Year			Year			2010*
	Ended			Ended			Ended			Ended			through
	May 31, 2015			November 30,			November 30,			November 30,			November 30,
	(Unaudited)			2014			2013			2012			2011
Per Share Operating Performance
(For a fund share outstanding throughout each period)
Net asset value, beginning of period	$	10.47		$	10.72		$	10.51		$	9.80		$	10.00
Income From Investment Operations:
Net investment income		0.30			0.59			0.65			0.65			0.45
Net realized and unrealized gain/(loss)
on investments and swap contracts		(0.02	)		(0.14	)		0.27			0.73			(0.21	)
Total from investment operations		0.28			0.45			0.92			1.38			0.24
Less Distributions:
Distributions from net investment income		(0.31	)		(0.59	)		(0.66	)		(0.67	)		(0.44	)
Distributions from net realized gains		(0.05	)		(0.11	)		(0.05	)		—			—
Total distributions		(0.36	)		(0.70	)		(0.71	)		(0.67	)		(0.44	)
Net asset value, end of period	$	10.39		$	10.47		$	10.72		$	10.51		$	9.80
Total Return		2.72	%++		4.26	%		9.06	%		14.42	%		2.40	%++
Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	108,872		$	88,606		$	61,657		$	40,534		$	14,793
Ratio of expenses to average net assets:
Net of fee waivers and
expense reimbursements	0.77		%+^		0.98	%		0.98	%		0.98	%		0.98	%+
Before fee waivers and
expense reimbursements		0.91	%+		1.00	%		1.10	%		1.30	%		3.03	%+
Ratio of net investment
income to average net assets:
Net of fee waivers and
expense reimbursements		5.90	%+		5.62	%		6.22	%		6.55	%		5.67	%+
Before fee waivers and
expense reimbursements		5.76	%+		5.60	%		6.10	%		6.23	%		3.62	%+
Portfolio turnover rate		15	%++		31	%		33	%		36	%		33	%++

*	Commencement of operations.
+	Annualized for periods less than one year.
++	Not annualized for periods less than one year.
^	Effective January 1, 2015, the expense cap was reduced from 0.98% to 0.73%.

The accompanying notes are an integral part of these financial statements.

15

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015

(Unaudited)

Note 1 – Organization

The PIA High Yield Fund (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.  The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Currently, the Fund offers the Institutional Class (formerly known as the Investor Class – See Note 8).  The primary investment objective of the Fund is to seek a high level of current income.  The Fund commenced operations on December 31, 2010.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Federal Income Taxes – It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders.  Therefore, no Federal income or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken on returns filed for the open tax years 2012-2014, or expected to be taken in the Fund’s 2015 tax returns.  The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees.  Expenses that are not directly attributable to a Fund are typically allocated among the other PIA Funds in proportion to their respective net assets.  Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

Securities Transactions and Investment Income – Security transactions are accounted for on the trade date. Realized gains and losses on sales of securities are calculated on a first-in, first-out basis.  Income and capital gain distributions from underlying funds are recorded on the ex-dividend date.  Interest income is recorded on an accrual basis.  Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date.  The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually.  Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.

16

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America.  To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  These reclassifications have no effect on net assets or net asset value per share.

Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses.  The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred.  Based on experience, the Fund expects the risk of loss to be remote.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates.

Events Subsequent to the Fiscal Period End – In preparing the financial statements as of May 31, 2015, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements.

Note 3 – Securities Valuation

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 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 Fund has the ability to access.
Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at fair value.

17

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

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).

Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  Most corporate bonds are categorized in level 2 of the fair value hierarchy.

Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers.  Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers.  There is frequently less government regulation of broker-dealers and issuers than in the United States.  In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

Derivative Instruments – Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.  Credit default swaps are valued daily based upon quotations from market makers and are typically categorized in level 2 of the fair value hierarchy.

Equity Securities – Equity securities, including common stocks and exchange-traded funds, 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 (“OTC”) 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.

Investment Companies – Investments in open-end mutual funds are valued at their net asset value per share.  To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

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.

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

18

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

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 May 31, 2015, the Fund had investments in illiquid securities with a total value of $560,000 or 0.5% of total net assets.

Certain restricted securities may be considered illiquid.  Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Fund’s Board of Trustees as reflecting fair value.  Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on the Fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees.  As of May 31, 2015, Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) has determined that all the Rule 144A securities held by the Fund are considered liquid.

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the 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 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 inputs used to value the Fund’s securities as of May 31, 2015:

	Level 1		Level 2		Level 3		Total
Common Stocks
Wholesale Trade	$	—	$	—	$	10,000	$	10,000
Total Common Stocks		—		—		10,000		10,000
Fixed Income
Corporate Bonds		—		97,503,143		550,000		98,053,143
Total Fixed Income		—		97,503,143		550,000		98,053,143
Exchange-Traded Funds		5,728,100		—		—		5,728,100
Short-Term Investments		3,838,760		—		—		3,838,760
Total Investments	$	9,566,860	$	97,503,143	$	560,000	$	107,630,003

Refer to the Fund’s schedule of investment for a detailed break-out of securities.  Transfers between levels are recognized at May 31, 2015, the end of the reporting period.  The Fund recognized no transfers to/from level 1 or level 2.

19

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

The following is a reconciliation of the Fund’s level 3 investments for which significant unobservable inputs were used in determining value.

	Investments in Securities, at Value
	Common Stocks			Corporate Bonds
Balance as of November 30, 2014		$	—		$	—
Accrued discounts/premiums			—			—
Realized gain/(loss)			—			—
Change in unrealized appreciation/(depreciation)			—			—
Purchases			—			—
Sales			—			—
Transfers in and/or out of Level 3			10,000			550,000
Balance as of May 31, 2015		$	10,000		$	550,000

On March 10, 2015, the Fund received a newly issued Liberty Tire Recycling Holdco, LLC (“Liberty Tire”) bond, due 2021 and common stock in exchange for the previously held Liberty Tire bond, due 2015.  This exchange was the result of a financial restructuring by Liberty Tire.  Since receipt of the newly issued securities, the Valuation Committee has fair valued the Liberty Tire bond, due 2021 utilizing a single broker quote and fair valued the common stock based on the residual value assigned to the newly issued common stock at the time of the exchange.  Since the securities’ fair value utilized significant unobservable inputs due to the lack of reliable market data, the securities are categorized as level 3 of the fair value hierarchy.  A significant change in the broker quote would have a direct change on the fair value of the bond.  If the financial condition of Liberty Tire were to deteriorate, the value of the common stock would likely decrease.

Note 4 – Investment Advisory Fee and Other Transactions with Affiliates

The Fund has an investment advisory agreement with PIA pursuant to which the Adviser is responsible for providing investment management services to the Fund.  The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Fund.  As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly.  Effective January 1, 2015, the Fund pays fees calculated at an annual rate of 0.55% based upon the Fund’s average daily net assets.  Prior to January 1, 2015, the Fund paid fees at the annual rate of 0.65% of the Fund’s average daily net assets.  For the six months ended May 31, 2015, the Fund incurred $271,575 in advisory fees.

The Fund is responsible for its own operating expenses.  The Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses to 0.98% of average daily net assets.  Effective January 1, 2015, the Adviser has also voluntarily agreed to limit the Fund’s aggregate annual operating expenses to 0.73% of average daily net assets (the “temporary expense limitation”).  Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund’s expenses.  The Adviser may not recoup amounts subject to the temporary expense limitation in future periods. The Adviser is permitted to be reimbursed only for

20

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

fee reductions and expense payments made in the previous three fiscal years.  Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. For the six months ended May 31, 2015, the Adviser contractually reduced its fees in the amount of $3,028.  No amounts were reimbursed to the Adviser.  Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $169,422 at May 31, 2015.  The temporary expense limitation will remain in effect through at least March 28, 2016, and may be terminated only by the Trust’s Board of Trustees.  Cumulative expenses subject to recapture expire as follows:

Year	Amount
2015	$	90,626
2016		57,885
2017		17,883
2018		3,028
	$	169,422

U.S. Bancorp Fund Services, LLC (the “Administrator” or “USBFS”) acts as the Fund’s Administrator under an Administration Agreement.  The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund’s expenses and reviews the Fund’s expense accruals.  For the six months ended May 31, 2015, the Fund incurred $23,142 in administration fees.

USBFS also serves as the fund accountant and transfer agent to the Fund.  For the six months ended May 31, 2015, the Fund incurred $34,804 in fund accounting fees and $43,455 in transfer agent fees (excluding transfer agency out-of-pocket expenses and sub-ta fees).  U.S. Bank N.A., an affiliate of USBFS, serves as the Fund’s custodian.  For the six months ended May 31, 2015, the Fund incurred $6,447 in custody fees.

For the six months ended May 31, 2015, the Fund was allocated $3,796 of the Chief Compliance Officer fee.

At May 31, 2015, the Fund had payables due to USBFS for administration, fund accounting, transfer agency (excluding transfer agency out-of-pocket expenses and sub-ta fees) and Chief Compliance Officer fees and to U.S. Bank N.A. for custody fees in the amount of $10,584, $14,870, $10,245, $1,383, and $1,543, respectively.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.  The Distributor is an affiliate of USBFS and U.S. Bank N.A.

Certain officers of the Fund are also employees of USBFS.  The Trust’s Chief Compliance Officer is also an employee of USBFS.  A Trustee of the Trust is affiliated with USBFS and U.S. Bank N.A.  This same Trustee is an interested person of the Distributor.

Note 5 – Purchases and Sales of Securities

For the six months ended May 31, 2015, the cost of purchases and the proceeds from sales of securities (excluding short-term securities and U.S. Government securities) were $35,427,213 and $13,136,832. There were no purchases and sales of U.S. Government securities during the six months ended May 31, 2015.

21

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

Note 6 – Derivative Instruments

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

The Fund is subject to credit risk in the normal course of pursuing its investment objective.  The Fund may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce its exposure to other risks, such as interest rate risks or as a substitute for taking a position in certain types of bonds.

Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as a payment default or bankruptcy.  Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs.  Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.  Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap contracts in the statement of operations.  The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract.  This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

The Fund did not hold derivative instruments during the six months ended May 31, 2015.

Note 7 – Federal Income Tax Information

The tax character of distributions paid during the six months ended May 31, 2015 and the year ended November 30, 2014 was as follows:

	Six Months Ended		Year Ended
	May 31, 2015		November 30, 2014
Ordinary income	$	3,004,378	$	4,543,166
Long-term capital gains		323,864		492,253

22

PIA High Yield Fund

Notes to Financial Statements – May 31, 2015 (continued)

(Unaudited)

As of November 30, 2014, the Fund’s most recently completed fiscal year end, the components of capital on a tax basis were as follows:

Cost of investments (a)	$	87,607,247
Gross unrealized appreciation		1,239,671
Gross unrealized depreciation		(1,659,790	)
Net unrealized depreciation (a)		(420,119	)
Undistributed ordinary income		234,107
Undistributed long-term capital gain		323,800
Total distributable earnings		557,907
Other accumulated gains/(losses)		—
Total accumulated earnings/(losses)	$	137,788

(a) The difference between book-basis and tax-basis net unrealized depreciation is attributable primarily to wash sales.

Note 8 – Class Name Change

Effective at the close of business on December 31, 2014, the Investor Class shares were re-designated as Institutional Class shares.

23

PIA High Yield Fund

Notice to Shareholders – May 31, 2015

(Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-251-1970, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-251-1970.  Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Fund files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.  Information included in the Fund’s Form N-Q is also available by calling 1-800-251-1970.

24

PIA Funds

Approval of Investment Advisory Agreement

(Unaudited)

At a meeting held on December 2-4, 2014, the Board (which is comprised of five persons, four of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) for another annual term for the PIA High Yield Fund (the “Fund”).  At this meeting, and at a prior meeting held on October 15-16, 2014, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement.  This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations.  Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENT.  The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Fund as well as its responsibilities in all aspects of day-to-day investment management of the Fund.  The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Fund.  The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer, the Adviser’s compliance record, and the Adviser’s disaster recovery/business continuity plan.  The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss Fund performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process.  The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of such management services are satisfactory.
2.	THE FUND’S HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER.  In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of July  31, 2014 on both an absolute basis and in comparison to an appropriate securities benchmark and its peer funds utilizing Lipper and Morningstar classifications.  While the Board considered both short-term and long-term performance, it placed  greater emphasis on longer term performance.  When reviewing performance of the Fund against the comparative peer group universe, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe.
	The Board noted that the Fund’s performance, with regard to its Lipper comparative universe, was above the peer group median and below the peer group average for the one-year period, and above the peer group median and average for the three-year and since inception periods.
	The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above the peer group median and average for all relevant periods.

25

PIA Funds

Approval of Investment Advisory Agreement (continued)

(Unaudited)

	The Board also considered any differences in performance between similarly managed accounts and the performance of the Fund, noting that the Fund underperformed the similarly managed composite for the one-year period and outperformed for the three-year and since inception periods, and reviewed the performance of the Fund against a broad-based securities market benchmark.
3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENT.  In considering the appropriateness of the advisory fee, the Board considered the level of the fee itself as well as the total fees and expenses of the Fund.  The Board reviewed information as to fees and expenses of advisers and funds within the relevant Lipper peer funds, fees charged by the Adviser to other similarly managed accounts, as well as information regarding fee offsets for separate accounts invested in the Fund.  When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.  The Board found that the fees charged to the Fund were generally in line with or comparable to the fees charged by the Adviser to its similarly managed separate account clients, and to the extent fees charged to the Fund were higher than for similarly managed separate accounts, it was largely a reflection of the greater costs to the Adviser of managing the Fund due to the differences in legal and regulatory burdens.
	The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.98% (the “Expense Cap”).  Additionally, the Board noted that the Fund’s total expense ratio was below its peer group median and average, and was above its peer group median but below its peer group average when the Fund’s peer group was adjusted to include only funds of similar asset sizes.  The Board also noted that the Fund’s contractual advisory fee was marginally above its peer group median and average.  The Board also took into consideration the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were generally in line with the fees charged to the Adviser’s separately managed account clients.  As a result, the Trustees noted that the Fund’s expenses and advisory fee were not outside the range of its peer group.
	In addition, at the December 2014 board meeting, the Board approved that effective January 1, 2015 the Fund’s management fee would be reduced from 0.65% to 0.55%, the Investor Class would be re-designated as the Institutional Class, and a lower temporary expense cap would be established for the Institutional Class.
4.	ECONOMIES OF SCALE.  The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.  In this regard, the Board noted that the Adviser has agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed the specified Expense Cap.  The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Adviser that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continue to increase.

26

PIA Funds

Approval of Investment Advisory Agreement (continued)

(Unaudited)

5. THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND.  The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Fund.  The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional benefits derived by the Adviser from its relationship with the Fund.  The Board also reviewed information regarding fee offsets for separate accounts invested in the Fund and determined that the Adviser was not currently receiving an advisory fee both at the separate account and at the Fund level for these accounts, and as a result was not receiving additional fall-out benefits from these relationships.  The Board also considered that the Fund does not charge 12b-1 fees and does not utilize “soft dollar” benefits that may be received by the Adviser in exchange for Fund brokerage.  After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services it provides to the Fund.  

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the Fund, but rather the Board based its determination on the total combination of information available to them.  Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangement with the Adviser, including the advisory fees, was fair and reasonable.  The Board therefore determined that the continuance of the Advisory Agreement for the Fund would be in the best interest of the Fund and its shareholders.

27

PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

•  Information we receive about you on applications or other forms;

•  Information you give us orally; and/or

•  Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities.  We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA  90401

Distributor

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI  53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI  53202

(800) 251-1970

Custodian

U.S. Bank N.A.

1555 North River Center Drive, Suite 302

Milwaukee, WI  53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, PA  19103

Legal Counsel

Paul Hastings LLP

75 East 55th Street

New York, NY  10022

Past performance results shown in this report should not be considered a representation of future performance.  Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.  Statements and other information herein are dated and are subject to change.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)   Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)   Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)   The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)   (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished 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     8/5/15         

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     8/5/15     

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

Cheryl L. King, Treasurer

Date     8/5/15  

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