N-Q

As filed with the Securities and Exchange Commission on October 30, 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number  811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Douglas G. Hess, President

Advisors Series Trust

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

777 East Wisconsin Avenue, 5th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-6609

Registrant's telephone number, including area code

Date of fiscal year end:  November 30, 2013

Date of reporting period:  August 31, 2013

Item 1. Schedules of Investments.

WBI Absolute Return Balanced Fund
Schedule of Investments
August 31, 2013 (Unaudited)
Shares		COMMON STOCKS - 32.27%	Value
		Chemical Manufacturing - 2.66%
	29,474	LyondellBasell Industries N.V. - Class A (a)	$	2,067,601
		Clothing and Clothing Accessories Stores - 1.61%
	38,956	Foot Locker, Inc.		1,254,383
		Computer and Electronic Product Manufacturing - 2.29%
	63,829	Maxim Integrated Products, Inc.		1,777,319
		Credit Intermediation and Related Activities - 1.02%
	12,891	Royal Bank of Canada (a)		796,019
		Electrical Equipment, Appliance, and Component Manufacturing - 2.56%
	32,963	Emerson Electric Co.		1,989,976
		Forestry and Logging - 1.72%
	48,950	Weyerhaeuser Co.		1,340,251
		Miscellaneous Manufacturing - 3.97%
	33,843	Coach, Inc.		1,787,249
	28,600	Hasbro, Inc.		1,303,588
				3,090,837
		Oil and Gas Extraction - 1.64%
	74,485	Encana Corp.  (a)		1,273,694
		Printing and Related Support Activities - 1.01%
	18,398	Avery Dennison Corp.		786,698
		Professional, Scientific & Technical Services - 2.49%
	41,816	Infosys Ltd. - ADR		1,939,008
		Publishing Industries (except Internet) - 3.48%
	105,530	Symantec Corp.		2,702,623
		Telecommunications - 1.00%
	18,910	BCE, Inc. (a)		774,554
		Utilities - 6.82%
	34,910	Duke Energy Corp.		2,290,096
	74,788	Exelon Corp.		2,280,286
	13,443	Pinnacle West Capital Corp.		729,552
				5,299,934
		TOTAL COMMON STOCKS (Cost $24,582,937)		25,092,897
Principal Amount		CORPORATE BONDS - 16.20%	Value
		Advertising Agencies - 0.67%
		Omnicom Group, Inc.
$	500,000	4.45%, 8/15/2020		522,331
		Aerospace Product and Parts Manufacturing - 0.49%
		Lockheed Martin Corp.
	356,000	4.25%, 11/15/2019		384,053
		Agencies, Brokerages, and Other Insurance Related Activities - 0.19%
		Aon PLC
	142,000	3.50%, 9/30/2015		148,898
		Beverage Manufacturing - 0.19%
		Anheuser-Busch Cos., LLC
	135,000	4.50%, 4/1/2018		145,791
		Business Support Services - 0.93%
		Western Union Co.
	650,000	5.93%, 10/1/2016		723,445
		Depository Credit Intermediation - 1.03%
		Citigroup, Inc.
	3,000	5.125%, 5/5/2014		3,086
	572,000	6.125%, 11/21/2017		656,276
		Wells Fargo & Co.
	136,000	5.00%, 11/15/2014		141,544
				800,906
		Electric Power Generation, Transmission and Distribution - 0.19%
		Exelon Generation Co., LLC
	135,000	5.20%, 10/1/2019		147,898
		Health and Personal Care Stores - 0.20%
		Express Scripts, Inc.
	148,000	3.125%, 5/15/2016		154,160
		Household Appliance Manufacturing - 0.32%
		Whirlpool Corp.
	220,000	6.50%, 6/15/2016		247,366
		Insurance Carriers - 1.92%
		American International Group, Inc.
	800,000	5.85%, 1/16/2018		904,197
		Cigna Corp.
	140,000	8.30%, 1/15/2033		172,852
		Wellpoint, Inc.
	440,000	3.125%, 5/15/2022		415,226
				1,492,275
		Investigation and Security Services - 0.14%
		Tyco International Finance
	105,000	3.375%, 10/15/2015		109,413
		Machinery Manufacturing - 0.60%
		Kennametal, Inc.
	490,000	2.65%, 11/1/2019		465,729
		Management of Companies and Enterprises - 0.90%
		JPMorgan Chase & Co.
	679,000	2.60%, 1/15/2016		698,948
		Medical and Diagnostic Laboratories - 0.21%
		Laboratory Corporation of America Holdings
	170,000	3.75%, 8/23/2022		163,910
		Medical Equipment and Supplies Manufacturing - 0.13%
		Zimmer Holdings, Inc.
	90,000	4.625%, 11/30/2019		97,977
		Miscellaneous Manufacturing - 1.08%
		Mattel, Inc.
	865,000	1.70%, 3/15/2018		843,075
		Motion Picture and Video Industries - 0.70%
		Viacom, Inc.
	522,000	3.50%, 4/1/2017		543,494
		Newspaper, Periodical, Book, and Directory Publishers - 0.25%
		Thomson Reuters Corp.
	193,000	3.95%, 9/30/2021		195,338
		Non-Depository Credit Intermediation - 0.90%
		American Express Credit
	650,000	2.80%, 9/19/2016		678,729
		General Electric Capital Corp.
	15,000	5.55%, 10/15/2020		16,677
				695,406
		Non-Metallic Mineral Mining and Quarrying - 0.72%
		Potash Corporation of Saskatchewan, Inc.
	543,000	3.25%, 12/1/2017		559,215
		Office Supplies, Stationery, and Gift Stores - 0.88%
		Staples, Inc.
	680,000	2.75%, 1/12/2018		685,398
		Pharmaceutical and Medicine Manufacturing - 0.85%
		Amgen, Inc.
	656,000	2.125%, 5/15/2017		663,051
		Securities and Commodity Contracts Intermediation and Brokerage - 1.39%
		Goldman Sachs Group, Inc.
	651,000	3.625%, 2/7/2016		682,327
		Prudential Financial, Inc.
	384,000	3.00%, 5/12/2016		399,501
				1,081,828
		Software Publishers - 0.94%
		BMC Software, Inc.
	65,000	4.25%, 2/15/2022		63,536
		Symantec Corp.
	660,000	2.75%, 6/15/2017		665,956
				729,492
		Traveler Accommodation - 0.38%
		Marriott International, Inc.
	320,000	3.25%, 9/15/2022		296,345
		TOTAL CORPORATE BONDS (Cost $12,780,905)		12,595,742
Shares		EXCHANGE-TRADED FUNDS - 14.11%	Value
	78,717	iShares Floating Rate Bond ETF		3,987,803
	30,793	PIMCO Enhanced Short Maturity ETF		3,119,608
	48,828	Vanguard Short-Term Corporate Bond ETF		3,867,178
		TOTAL EXCHANGE-TRADED FUNDS (Cost $10,968,985)		10,974,589
		EXCHANGE-TRADED NOTES - 6.83%
	160,487	iPath U.S. Treasury 10-Year Bear ETN (b)		5,312,120
		TOTAL EXCHANGE-TRADED NOTES (Cost $5,313,789)		5,312,120
		SHORT-TERM INVESTMENTS - 31.07%
	24,159,576	Invesco STIT-Treasury Portfolio - Institutional Class, 0.02% (c)		24,159,576
		Total Short-Term Investments (Cost $24,159,576)		24,159,576
		TOTAL INVESTMENTS IN SECURITIES (Cost $77,806,192) - 100.48%		78,134,924
		Liabilities in Excess of Other Assets - (0.48)%		(375,516	)
		NET ASSETS - 100.00%	$	77,759,408
ADR -		American Depositary Receipt
ETF -		Exchange-Traded Fund
ETN -		Exchange-Traded Note
(a)		U.S. traded security of a foreign issuer.
(b)		Non-income producing security.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.

WBI Absolute Return Balanced Plus Fund
Schedule of Investments
August 31, 2013 (Unaudited)
Shares		COMMON STOCKS - 30.26%	Value
		All Other Miscellaneous Electrical Equipment and Component Manufacturing - 0.89%
	161	Siemens AG - ADR	$	17,092
		Chemical Manufacturing - 3.53%
	1,319	Eli Lilly & Co.		67,797
		Computer and Electronic Product Manufacturing - 4.64%
	150	Apple, Inc.		73,058
	1,377	Telefonaktiebolaget LM Ericsson - ADR		16,221
				89,279
		Credit Intermediation and Related Activities - 0.91%
	283	Royal Bank of Canada (a)		17,475
		Fabricated Metal Product Manufacturing - 0.88%
	325	Sturm Ruger & Co., Inc.		17,020
		Food Manufacturing - 2.21%
	1,259	ConAgra Foods, Inc.		42,579
		Funds, Trusts, and Other Financial Vehicles - 4.33%
	2,969	American Capital Agency Corp.		67,575
	886	Redwood Trust, Inc.		15,762
				83,337
		Insurance Carriers and Related Activites - 0.81%
	341	Cincinnati Financial Corp.		15,577
		Mining (except Oil and Gas) - 0.80%
	1,252	Pan American Silver Corp. (a)		15,299
		Oil and Gas Extraction - 1.65%
	1,859	Encana Corp. (a)		31,789
		Printing and Related Support Activities - 0.86%
	388	Avery Dennison Corp.		16,591
		Publishing Industries (except Internet) - 1.24%
	723	Thomson Reuters Corp. (a)		23,772
		Support Activities for Mining - 2.50%
	864	Ensco PLC - Class A (a)		48,004
		Telecommunications - 0.75%
	365	Rogers Communications, Inc. - Class B (a)		14,454
		Transportation Equipment Manufacturing - 0.89%
	400	TAL International Group, Inc.		17,120
		Utilities - 3.37%
	2,128	Exelon Corp.		64,882
		TOTAL COMMON STOCKS (Cost $513,827)		582,067
		EXCHANGE-TRADED FUNDS - 15.83%
	1,621	iShares Floating Rate Bond ETF		82,120
	2,133	PIMCO 0-5 Year High Yield Corporate Bond Index ETF		222,344
		TOTAL EXCHANGE-TRADED FUNDS (Cost $380,481)		304,464
		EXCHANGE-TRADED NOTES - 4.17%
	2,421	iPath U.S. Treasury 10-Year Bear ETN (b)		80,135
		TOTAL EXCHANGE-TRADED NOTES (Cost $79,994)		80,135
Shares		SHORT-TERM INVESTMENTS - 37.69%	Value
	724,845	Invesco STIT-Treasury Portfolio - Institutional Class, 0.02% (c)		724,845
		Total Short-Term Investments (Cost $724,845)		724,845
		TOTAL INVESTMENTS IN SECURITIES (Cost $1,699,147) - 87.95%		1,691,511
		Other Assets in Excess of Liabilities - 12.05%		231,727
		NET ASSETS - 100.00%	$	1,923,238
ADR -		American Depositary Receipt
ETF -		Exchange-Traded Fund
ETN -		Exchange-Traded Note
(a)		U.S. traded security of a foreign issuer.
(b)		Non-income producing security.
(c)		Rate shown is the 7-day annualized yield as of August 31, 2013.

WBI Absolute Return Dividend Growth Fund
Schedule of Investments
August 31, 2013 (Unaudited)
Shares		COMMON STOCKS - 73.99%	Value
		Administrative and Support Services - 3.05%
	52,919	Robert Half International, Inc.	$	1,866,453
		All Other Miscellaneous Electrical Equipment and Component Manufacturing - 1.95%
	11,212	Siemens AG - ADR		1,190,266
		Beverage and Tobacco Product Manufacturing - 2.79%
	18,078	Fomento Economico Mexicano S.A.B. de C.V. - ADR		1,706,202
		Chemical Manufacturing - 8.48%
	25,621	Agrium, Inc. (a)		2,197,769
	25,024	Eastman Chemical Co.		1,901,824
	6,538	Novo Nordisk A/S - ADR		1,091,454
				5,191,047
		Clothing and Clothing Accessories Stores - 2.45%
	46,601	Foot Locker, Inc.		1,500,552
		Computer and Electronic Product Manufacturing - 5.62%
	5,266	Apple, Inc.		2,564,805
	31,176	Maxim Integrated Products, Inc.		868,096
				3,432,901
		Data Processing, Hosting, and Related Services - 4.00%
	34,383	Automatic Data Processing, Inc.		2,446,694
		Electrical Equipment, Appliance, and Component Manufacturing - 4.20%
	42,602	Emerson Electric Co.		2,571,883
		Food and Beverage Stores - 3.89%
	65,081	Kroger Co.		2,381,965
		Food Services and Drinking Places - 1.01%
	6,294	Cracker Barrel Old Country Store, Inc.		619,455
		Gasoline Stations - 0.84%
	20,793	Delek U.S. Holdings, Inc.		516,914
		Miscellaneous Manufacturing - 4.13%
	47,839	Coach, Inc.		2,526,377
		Oil and Gas Extraction - 4.26%
	76,882	Suncor Energy, Inc. (a)		2,603,993
		Professional, Scientific, and Technical Services - 7.00%
	12,737	Jack Henry & Associates, Inc.		635,576
	69,675	Nielsen Holdings N.V. (a)		2,403,787
	25,089	URS Corp.		1,242,407
				4,281,770
		Real Estate - 0.98%
	17,294	Equity Lifestyle Properties, Inc.		600,966
		Semiconductor Machinery Manufacturing - 2.96%
	32,844	KLA-Tencor Corp.		1,811,347
		Software Publishers - 3.11%
	9,190	SAP AG - ADR		678,406
	47,931	Symantec Corp.		1,227,513
				1,905,919
		Steel Foundries (except Investment) - 1.02%
	24,775	Schnitzer Steel Industries, Inc. - Class A		625,569
		Support Activities for Mining - 2.82%
	31,037	Ensco PLC - Class A (a)		1,724,416
		Surgical Appliance and Supplies Manufacturing - 5.19%
	20,469	Baxter International, Inc.		1,423,824
	37,098	ResMed, Inc.		1,752,510
				3,176,334
		Utilities - 4.24%
	14,367	Pinnacle West Capital Corp.		779,697
	44,150	Wisconsin Energy Corp.		1,811,916
				2,591,613
		TOTAL COMMON STOCKS (Cost $44,983,140)		45,272,636
Shares		SHORT-TERM INVESTMENTS - 25.55%	Value
	15,635,727	Invesco STIT-Treasury Portfolio - Institutional Class, 0.02% (b)		15,635,727
		Total Short-Term Investments (Cost $15,635,727)		15,635,727
		TOTAL INVESTMENTS IN SECURITIES (Cost $60,618,867) - 99.54%		60,908,363
		Other Assets in Excess of Liabilities - 0.46%		279,867
		NET ASSETS - 100.00%	$	61,188,230
ADR -		American Depositary Receipt
(a)		U.S. traded security of a foreign issuer.
(b)		Rate shown is the 7-day annualized yield as of August 31, 2013.

WBI Absolute Return Dividend Income Fund
Schedule of Investments
August 31, 2013 (Unaudited)
Shares		COMMON STOCKS - 59.66%	Value
		All Other Miscellaneous Electrical Equipment and Component Manufacturing - 0.95%
	149	Siemens AG - ADR	$	15,818
		Building Material and Garden Equipment - 3.93%
	883	Home Depot, Inc.		65,775
		Chemical Manufacturing - 2.74%
	534	Agrium, Inc. (a)		45,807
		Clothing and Clothing Accessories Stores - 2.73%
	1,421	Foot Locker, Inc.		45,756
		Computer and Electronic Product Manufacturing - 5.87%
	136	Apple, Inc.		66,240
	2,707	Telefonaktiebolaget LM Ericsson - ADR		31,888
				98,128
		Food Manufacturing - 5.71%
	1,101	Campbell Soup Co.		47,541
	1,417	ConAgra Foods, Inc.		47,923
				95,464
		Funds, Trusts, and Other Financial Vehicles - 2.41%
	1,773	American Capital Agency Corp.		40,353
		General Merchandise Stores - 2.98%
	683	Wal-Mart Stores, Inc.		49,845
		Insurance Carriers and Related Activites - 4.74%
	328	Cincinnati Financial Corp.		14,983
	2,100	Fidelity National Financial, Inc. - Class A		49,792
	696	First American Financial Corp.		14,546
				79,321
		Mining (except Oil and Gas) - 0.85%
	1,170	Pan American Silver Corp. (a)		14,297
		Miscellaneous Manufacturing - 4.21%
	1,334	Coach, Inc.		70,449
		Oil and Gas Extraction - 3.25%
	1,605	Suncor Energy, Inc. (a)		54,362
		Primary Metal Manufacturing - 1.90%
	1,040	Steel Dynamics, Inc.		15,870
	480	Worthington Industries, Inc.		15,998
				31,868
		Professional, Scientific & Technical Services - 3.19%
	1,152	Infosys Ltd. - ADR		53,418
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.14%
	429	Evercore Partners, Inc. - Class A		19,129
		Software Publishers - 4.49%
	2,931	Symantec Corp.		75,063
		Support Activities for Mining - 2.90%
	872	Ensco PLC - Class A (a)		48,448
		Telecommunications - 1.88%
	385	BCE, Inc. (a)		15,770
	394	Rogers Communications, Inc. - Class B (a)		15,602
				31,372
		Utilities - 3.79%
	568	Pinnacle West Capital Corp.		30,825
	796	Wisconsin Energy Corp.		32,668
				63,493
		TOTAL COMMON STOCKS (Cost $1,020,107)		998,166
Shares		SHORT-TERM INVESTMENTS - 41.75%	Value
	698,489	Invesco STIT-Treasury Portfolio - Institutional Class, 0.02% (b)		698,489
		Total Short-Term Investments (Cost $698,489)		698,489
		TOTAL INVESTMENTS IN SECURITIES (Cost $1,718,596) - 101.41%		1,696,655
		Liabilities in Excess of Other Assets - (1.41)%		(23,561	)
		NET ASSETS - 100.00%	$	1,673,094
ADR -		American Depositary Receipt
(a)		U.S. traded security of a foreign issuer.
(b)		Rate shown is the 7-day annualized yield as of August 31, 2013.

WBI Funds

Notes to the Schedule of Investments

August 31, 2013 (Unaudited)

Note 1 – Securities Valuation

The WBI Absolute Return Balanced Fund, the WBI Absolute Return Balanced Plus Fund, the WBI Absolute Return Dividend Growth Fund, and the WBI Absolute Return Dividend Income Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value. Equity securities including common stocks and exchange-traded funds that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices.  Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices.  Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price.  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, 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.

Options are valued using the composite pricing via the National Best Bid and Offer quotes. Composite pricing looks at the last trade on the exchange where the option is traded. If there are no trades for an option on a given business day, as of closing, the Funds will value the option at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Options that are valued based on quoted prices from the exchange are categorized in level 1 of the fair value hierarchy. Options that are valued at the mean of the highest bid price and lowest asked price are categorized in level 2.

Short-term securities having a maturity of 60 days or less are valued at amortized cost, which approximates market value.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (“Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Fair valuation may also be used for securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid.  Depending on the relative significance of the valuation inputs, these securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and 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.  All actions taken by the Valuation Committee are reviewed and ratified by the Board.

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:

·   Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

·   Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

·   Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds’ securities as of August 31, 2013:

WBI Absolute Return Balanced Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Agriculture, Forestry,      Fishing, and Hunting	$	1,340,251	$	-	$	-	$	1,340,251
Finance and Insurance		796,019		-		-		796,019
Information		3,477,177		-		-		3,477,177
Manufacturing		7,925,182		-		-		7,925,182
Mining, Quarrying, and Oil      and Gas Extraction		1,273,694		-		-		1,273,694
Professional, Scientific, and      Technical Services		1,939,008		-		-		1,939,008
Retail Trade		3,041,632		-		-		3,041,632
Utilities		5,299,934		-		-		5,299,934
Total Common Stocks		25,092,897		-		-		25,092,897
Corporate Bonds
Accommodation and Food      Services		-		296,345		-		296,345
Administrative Support and      Waste Management		-		723,445		-		723,445
Finance and Insurance		-		4,918,261		-		4,918,261
Health Care and Social     Assistance		-		163,910		-		163,910
Information		-		1,577,738		-		1,577,738
Manufacturing		-		2,847,042		-		2,847,042
Mining, Quarrying, and Oil     and Gas Extraction		-		559,214		-		559,214
Professional, Scientific, and     Technical Services		-		522,331		-		522,331
Retail Trade		-		839,558		-		839,558
Utilities		-		147,898		-		147,898
Total Corporate Bonds		-		12,595,742		-		12,595,742
Exchange-Traded Funds		16,286,709		-		-		16,286,709
Short-Term Investments		24,159,576		-		-		24,159,576
Total Investments in Securities	$	65,539,182	$	12,595,742	$	-	$	78,134,924

WBI Absolute Return Balanced Plus Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	116,389	$	-	$	-	$	116,389
Information		38,226		-		-		38,226
Manufacturing		250,386		-		-		250,386
Mining, Quarrying, and Oil      and Gas Extraction		95,092		-		-		95,092
Utilities		81,974		-		-		81,974
Total Common Stocks		582,067		-		-		582,067
Exchange-Traded Funds		304,464		-		-		304,464
Exchange-Traded Notes		80,135		-		-		80,135
Short-Term Investments		724,845		-		-		724,845
Total Investments in Securities	$	1,691,511	$	-	$	-	$	1,691,511

WBI Absolute Return Dividend Growth Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Accommodation and Food      Services	$	619,455	$	-	$	-	$	619,455
Administrative Support and      Waste Management		1,866,453						1,866,453
Information		4,352,613		-		-		4,352,613
Manufacturing		20,416,090		-		-		20,416,090
Mining, Quarrying, and Oil      and Gas Extraction		4,328,409		-		-		4,328,409
Professional, Scientific, and      Technical Services		4,281,771		-		-		4,281,771
Real Estate and Rental and      Leasing		600,966		-		-		600,966
Retail Trade		4,399,431		-		-		4,399,431
Utilities		3,781,879		-		-		3,781,879
Wholesale Trade		625,569		-		-		625,569
Total Common Stocks		45,272,636		-		-		45,272,636
Short-Term Investments		15,635,727		-		-		15,635,727
Total Investments in Securities	$	60,908,363	$	-	$	-	$	60,908,363

WBI Absolute Return Dividend Income Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	138,803	$	-	$	-	$	138,803
Information		106,435		-		-		106,435
Manufacturing		341,716		-		-		341,716
Mining, Quarrying, and Oil      and Gas Extraction		117,107		-		-		117,107
Professional, Scientific, and      Technical Services		53,418		-		-		53,418
Retail Trade		161,376		-		-		161,376
Utilities		79,311		-		-		79,311
Total Common Stocks		998,166		-		-		998,166
Short-Term Investments		698,489		-		-		698,489
Total Investments in Securities	$	1,696,655	$	-	$	-	$	1,696,655

Refer to the Funds’ Schedule of Investments for a detailed break-out of securities.  Transfers between levels are recognized at August 31, 2013, the end of the reporting period.  The Funds recognized no transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Funds during the period ended August 31, 2013.

Note 2 – Derivative Transactions

The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are 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 Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may enter into written call options to hedge against changes in the value of equities. The writing of call options is intended to reduce the volatility of the portfolio and to earn premium income. Written call options expose the Funds to minimal counterparty credit risk since they are exchange traded and the exchange’s clearing house guarantees the options against default. The Funds may also purchase put options to provide protection against adverse price effects from changes in prices of securities. In addition, the Funds may enter into written put options to hedge against changes in the value of purchased put options.

The Funds may purchase and write call and put options on securities and indices and enter into related closing transactions. As a holder of a call option, the Funds have the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, the Funds have the obligation to sell the security at the exercise price during the exercise period in the event the option is exercised. As a holder of a put option, the Funds have the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, the Funds have the obligation to buy the underlying security at the exercise price during the exercise period.

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have realized a gain or a loss. If a put option is exercised, the premium is deducted from the cost basis of the security purchased. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

When purchasing options, the Funds will recognize a realized loss equal to the premium paid to purchase the option, if the option expires unexercised. The difference between the proceeds received on effecting a closing sale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is exercised, the premium paid is deducted from the proceeds on the sale of the underlying security in determining whether the Funds have a realized gain or loss.

Average Balance Information

The average monthly market values of purchased and written options during the period ended August 31, 2013 for the WBI Absolute Return Balanced Fundwas $5,859 and $9,249, respectively.

Transactions in written options contracts for the period ended August 31, 2013, are as follows:

WBI Absolute Return Balanced Fund
	Contracts			Premiums Received
Beginning Balance at November 30, 2012		-		$	-
Options written		469			46,316
Options closed		(200	)		(9,800	)
Options exercised		(269	)		(36,516	)
Outstanding at August 31, 2013		-		$	-

The average monthly market values of purchased and written options during the period ended August 31, 2013 for the WBI Absolute Return Dividend Growth Fund was $6,081 and $7,396, respectively.

Transactions in written options contracts for the period ended August 31, 2013, are as follows:

WBI Absolute Return Dividend Growth Fund
	Contracts			Premiums Received
Beginning Balance at November 30, 2012		-		$	-
Options written		961			79,677
Options closed		(171	)		(10,377	)
Options exercised		(766	)		(68,772	)
Options expired		(24	)		(528	)
Outstanding at August 31, 2013		-		$	-

Note 3 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at August 31, 2013 was as follows*:

WBI Absolute Return Balanced Plus Fund

Cost of investments	$	1,699,147
Gross unrealized appreciation	$	6,689
Gross unrealized depreciation		(14,325	)
Net unrealized depreciation	$	(7,636	)

WBI Absolute Return Dividend Income Fund

Cost of investments	$	1,718,596
Gross unrealized appreciation	$	15,013
Gross unrealized depreciation		(36,954	)
Net unrealized depreciation	$	(21,941	)

* Because tax adjustments are calculated annually, the above table does not include tax adjustments.

The cost basis of investments for federal income tax purposes at August 31, 2013 was as follows**:

WBI Absolute Return Balanced Fund

Cost of investments	$	77,806,192
Gross unrealized appreciation	$	1,009,366
Gross unrealized depreciation		(680,634	)
Net unrealized appreciation	$	328,732

WBI Absolute Return Dividend Growth Fund

Cost of investments	$	60,618,867
Gross unrealized appreciation	$	1,225,471
Gross unrealized depreciation		(935,975	)
Net unrealized appreciation	$	289,496

**Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Funds’ previous fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual or semi-annual report.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d))  that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Advisors Series Trust                                                                                                                                                

By (Signature and Title)*/s/ Douglas G. Hess                  

  Douglas G. Hess, President

Date­­  10/28/13                                                                       

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*/s/ Douglas G. Hess                   

  Douglas G. Hess, President

Date­­  10/28/13                                                                        

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

   Cheryl L. King, Treasurer

Date  10/28/13                                                                        

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

EX-99.CERT

CERTIFICATION

I, Douglas G. Hess, certify that:

1.   I have reviewed this report on Form N-Q of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  10/28/13	/s/ Douglas G. Hess
	Douglas G. Hess, President

CERTIFICATION

I, Cheryl L. King, certify that:

1.   I have reviewed this report on Form N-Q of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  10/28/13	/s/ Cheryl L. King
	Cheryl L. King, Treasurer