N-Q 1 ast-wbif_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-wbif_nq.htm
 
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 Fund was $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.