The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2016
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Investors Capital Advisory Services
Address: 6 KIMBALL LANE
LYNNFIELD, MA  01940
Form 13F File Number: 028-12993

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Christian Ginolfi
Title: Advisory Compliance
Phone: 800-949-1422
Signature, Place, and Date of Signing:
Christian Ginolfi LynnfieldMA 05-09-2016
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 9
Form 13F Information Table Entry Total: 1,054
Form 13F Information Table Value Total: 503,107
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
1 028-11543 ADVISORS CAPITAL MANAGEMENT, LLC
3 028-06432 CAMBRIDGE INVESTMENTS LTD
11 028-11952 DIVIDEND ASSET CAPITAL, LLC
12 028-03768 SENTINEL ADVISORS CO
13 028-11180 VALUEWORKS LLC
14 028-06312 ABNER HERRMAN & BROCK, LLC
19 028-14868 WELLESLEY INVESTMENT ADVISORS
22   TIMECAPITAL INVESTOR ADVISORY SERVICES, INC.
24   TOWER SQUARE INVESTMENT MANAGEMENT