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, 5^th 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, 2016

Date of reporting period: August 31, 2016

Item 1. Schedules of Investments.

WBI Tactical BA Fund
Schedule of Investments
August 31, 2016 (Unaudited)

Shares		COMMON STOCKS - 42.61%	Value
		Administrative and Support Services - 1.93%
	13,053	Landauer, Inc.	$	620,279
		Building Material and Garden Equipment - 7.36%
	17,202	Fastenal Co.		741,578
	4,790	Home Depot, Inc.		642,435
	13,383	MSC Industrial Direct, Inc. - Class A		977,494
				2,361,507
		Chemical Manufacturing - 2.21%
	10,207	E. I. du Pont de Nemours & Co.		710,407
		Credit Intermediation and Related Activities - 12.04%
	10,587	Ameriprise Financial, Inc.		1,070,134
	2,474	Bank of Hawaii Corp.		178,227
	5,000	Bridge Bancorp, Inc.		149,050
	11,046	Camden National Corp.		510,767
	7,252	First Defiance Financial Corp.		329,894
	12,393	First of Long Island Corp.		406,490
	23,538	H&R Block, Inc.		509,833
	71,038	Regions Financial Corp.		708,249
				3,862,644
		Diet and Weight Reducing Centers - 2.09%
	18,209	Medifast, Inc.		669,545
		Electrical Equipment, Appliance, and Component Manufacturing - 0.55%
	4,436	Powell Industries, Inc.		176,331
		Health and Personal Care Stores - 0.55%
	8,760	PetMed Express, Inc.		176,602
		Management of Companies and Enterprises - 1.19%
	29,611	Boston Private Financial Holdings, Inc.		381,390
		Merchant Wholesalers, Durable Goods - 1.24%
	69,678	Wolseley PLC - ADR		398,558
		Merchant Wholesalers, Nondurable Goods - 3.09%
	19,077	Sysco Corp.		989,333
		Primary Metal Manufacturing - 1.71%
	22,271	Steel Dynamics, Inc.		548,312
		Printing and Related Support Activities - 3.10%
	12,844	Avery Dennison Corp.		994,639
		Professional, Scientific, and Technical Services - 1.54%
	5,734	Omnicom Group, Inc.		493,869
		Storage Battery Manufacturing - 1.99%
	14,577	Johnson Controls, Inc.		639,639
		Utilities - 2.02%
	10,830	WEC Energy Group, Inc.		648,500

		TOTAL COMMON STOCKS (Cost $13,309,293)		13,671,555

		EXCHANGE-TRADED FUNDS - 31.21%
	7,938	iShares 10-20 Year Treasury Bond ETF	1,154,820
	11,608	iShares 3-7 Year Treasury Bond ETF	1,465,394
	25,203	iShares iBoxx $ Investment Grade Corporate Bond ETF	3,122,400
	10,319	iShares MBS ETF	1,134,368
	18,428	SPDR Barclays Aggregate Bond ETF	1,093,886
	16,652	Vanguard Intermediate-Term Government Bond ETF	1,108,523
	9,686	Vanguard Long-Term Corporate Bond ETF	934,215
		TOTAL EXCHANGE-TRADED FUNDS (Cost $9,667,921)	10,013,606

		REITS - 2.46%
	19,673	Gaming and Leisure Properties, Inc.	673,013
	4,207	Select Income REIT	114,809
		TOTAL REITS (Cost $769,248)	787,822

Principal
Amount		CORPORATE BONDS - 18.75%
		Accommodation - 1.04%
		Marriott International, Inc.
	320,000	3.25%, 9/15/2022	334,815
		Ambulatory Health Care Services - 0.56%
		Laboratory Corp. of America Holdings
	170,000	3.75%, 8/23/2022	180,525
		Broadcasting (Except Internet) - 1.65%
		Viacom, Inc.
	522,000	3.50%, 4/1/2017	528,293
		Chemical Manufacturing - 1.56%
		Dow Chemical Co.
	460,000	4.25%, 11/15/2020	500,401
		Credit Intermediation and Related Activities - 2.02%
		American Express Credit Corp.
	150,000	2.80%, 9/19/2016	150,109
		JPMorgan Chase & Co.
	450,000	4.50%, 1/24/2022	499,070
			649,179
		Insurance Carriers and Related Activities - 1.43%
		Wellpoint, Inc.
	440,000	3.125%, 5/15/2022	457,953
		Machinery Manufacturing - 1.54%
		Kennametal, Inc.
	490,000	2.65%, 11/1/2019	493,215
		Mining (except Oil and Gas) - 1.73%
		Potash Corporation of Saskatchewan, Inc.
	543,000	3.25%, 12/01/2017	555,807
		Miscellaneous Manufacturing - 0.30%
		Zimmer Holdings, Inc.
	90,000	4.625%, 11/30/2019	97,228
		Miscellaneous Store Retailers - 2.15%
		Staples, Inc.
	680,000	2.75%, 1/12/2018	688,201
		Professional, Scientific, and Technical Services - 2.06%
		Amgen, Inc.
	656,000	2.125%, 5/15/2017	660,548

		Publishing Industries (except Internet) - 0.64%
		Thomson Reuters Corp.
	193,000	3.95%, 9/30/2021		206,481
		Software Publishers - 2.71%
		Symantec Corp.
	660,000	2.75%, 6/15/2017		663,402

		TOTAL CORPORATE BONDS (Cost $5,932,572)		6,016,048

Contracts		PURCHASED OPTIONS - 0.12%
		Put Options - 0.12%
		S&P 500 Index
	34	Expiration: September 2016, Exercise Price: $2,070.00		9,350
	19	Expiration: October 2016, Exercise Price: $2,070.00		28,785
		TOTAL PURCHASED OPTIONS (Cost $44,609)		38,135

Shares		SHORT-TERM INVESTMENTS - 4.31%
	1,381,117	Invesco STIT-Treasury Portfolio - Institutional Class, 0.22% (a)		1,381,117
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,381,117)		1,381,117

		TOTAL INVESTMENTS IN SECURITIES (Cost $31,104,760) - 99.46%		31,908,283
		Other Assets in Excess of Liabilities - 0.54%		173,485
		NET ASSETS - 100.00%	$	32,081,768

ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust
(a)		Rate shown is the 7-day annualized yield as of August 31, 2016.

WBI Tactical BP Fund
Schedule of Investments
August 31, 2016 (Unaudited)

Shares		COMMON STOCKS - 42.25%	Value
		Ambulatory Health Care Services - 0.81%
	6,330	HealthSouth Corp.	$	257,694
		Building Material and Garden Equipment - 2.61%
	5,446	Fastenal Co.		234,777
	8,203	MSC Industrial Direct, Inc. - Class A		599,147
				833,924
		Chemical Manufacturing - 2.20%
	10,089	E. I. du Pont de Nemours & Co.		702,194
		Credit Intermediation and Related Activities - 14.50%
	13,224	Ameriprise Financial, Inc.		1,336,682
	6,432	Cullen/Frost Bankers, Inc.		468,893
	12,154	Financial Institutions, Inc.		326,700
	42,646	H&R Block, Inc.		923,712
	48,341	KeyCorp		607,163
	50,080	Regions Financial Corp.		499,298
	21,902	Western Union Co.		471,331
				4,633,779
		Furniture and Related Product Manufacturing - 5.86%
	38,050	Steelcase, Inc. - Class A		568,467
		Health and Personal Care Stores - 1.55%
	24,584	PetMed Express, Inc.		495,613
		Management of Companies and Enterprises - 2.34%
	7,816	Park National Corp.		747,600
		Merchant Wholesalers, Nondurable Goods - 3.05%
	18,783	Sysco Corp.		974,086
		Miscellaneous Manufacturing - 0.88%
	8,373	Brady Corp. - Class A		280,412
		Paper Manufacturing - 4.34%
	32,532	Greif, Inc. - Class A		1,386,840
		Professional, Scientific, and Technical Services - 0.86%
	3,186	Omnicom Group, Inc.		274,410
		Storage Battery Manufacturing - 4.08%
	29,714	Johnson Controls, Inc.		1,303,851
		Transportation Equipment Manufacturing - 1.27%
	13,963	Superior Industries International, Inc.		406,463
		Utilities - 1.98%
	10,555	WEC Energy Group, Inc.		632,033

		TOTAL COMMON STOCKS (Cost $13,142,839)		13,497,366

		EXCHANGE-TRADED FUNDS - 48.25%
	29,310	Guggenheim BulletShares 2022 Corporate Bond ETF		633,682
	6,644	iShares 10-20 Year Treasury Bond ETF		966,569
	8,391	iShares 3-7 Year Treasury Bond ETF		1,059,280
	17,744	iShares Intermediate Credit Bond ETF		1,978,102
	8,580	iShares MBS ETF		943,199
	8,915	PIMCO Total Return Active ETF		959,967
	75,457	PowerShares Financial Preferred Portfolio		1,463,866
	135,472	PowerShares Preferred Portfolio		2,084,915
	15,140	SPDR Barclays Aggregate Bond ETF		898,710
	21,111	SPDR Barclays Intermediate Term Treasury ETF		1,292,838
	20,725	Vanguard Intermediate-Term Government Bond ETF		1,379,663
	9,759	Vanguard Long-Term Bond ETF		973,850
	8,092	Vanguard Long-Term Corporate Bond ETF		780,473
		TOTAL EXCHANGE-TRADED FUNDS (Cost $15,033,527)		15,415,114

		REITS - 6.13%
	19,633	CareTrust REIT, Inc.		291,747
	29,008	Gaming and Leisure Properties, Inc.		992,364
	24,756	Select Income REIT		675,591
		TOTAL REITS (Cost $1,930,509)		1,959,702

Contracts		PURCHASED OPTIONS - 0.12%
		Put Options - 0.12%
		S&P 500 Index
	34	Expiration: September 2016, Exercise Price: $2,070.00		9,350
	19	Expiration: October 2016, Exercise Price: $2,070.00		28,785
		TOTAL PURCHASED OPTIONS (Cost $44,609)		38,135

Shares		SHORT-TERM INVESTMENTS - 3.73%
	1,190,772	Invesco STIT-Treasury Portfolio - Institutional Class, 0.22% (a)		1,190,772
		Total Short-Term Investments (Cost $1,190,772)		1,190,772

		TOTAL INVESTMENTS IN SECURITIES (Cost $31,342,256) - 100.48%		32,101,089
		Liabilities in Excess of Other Assets - (0.48)%		(152,267	)
		NET ASSETS - 100.00%	$	31,948,822

ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust
(a)		Rate shown is the 7-day annualized yield as of August 31, 2016.

WBI Tactical DI Fund
Schedule of Investments
August 31, 2016 (Unaudited)

Shares		COMMON STOCKS - 80.19%	Value
		Building Material and Garden Equipment - 6.47%
	676	Fastenal Co.	$	29,142
	575	Home Depot, Inc.		77,119
	1,950	MSC Industrial Direct, Inc. - Class A		142,428
				248,689
		Chemical Manufacturing - 7.25%
	1,084	Cabot Corp.		54,048
	1,209	E. I. du Pont de Nemours & Co.		84,146
	2,425	Trinseo S.A.		140,312
				278,506
		Credit Intermediation and Related Activities - 16.63%
	925	Ameriprise Financial, Inc.		93,499
	427	Bank of Hawaii Corp.		30,761
	1,816	Camden National Corp.		83,972
	2,961	First Defiance Financial Corp.		134,697
	3,540	First Merchants Corp.		96,111
	5,279	H&R Block, Inc.		114,343
	1,246	Preferred Bank		43,672
	4,195	Regions Financial Corp.		41,824
				638,879
		Furniture and Related Product Manufacturing - 1.78%
	1,900	Herman Miller, Inc.		68,533
		Health and Personal Care Stores - 0.54%
	1,030	PetMed Express, Inc.		20,765
		Insurance Carriers and Related Activities - 5.59%
	4,312	AmTrust Financial Services, Inc.		114,224
	11,257	Crawford & Co. - Class A		100,638
				214,862
		Machinery Manufacturing - 4.06%
	1,152	Ingersoll-Rand PLC		78,324
	935	Scotts Miracle-Gro Co. - Class A		77,418
				155,742
		Merchant Wholesalers, Durable Goods - 5.13%
	323	W.W. Grainger, Inc.		74,503
	21,404	Wolseley PLC - ADR		122,431
				196,934
		Merchant Wholesalers, Nondurable Goods - 3.01%
	2,232	Sysco Corp.		115,752
		Miscellaneous Manufacturing - 4.44%
	5,090	Brady Corp. - Class A		170,464
		Paper Manufacturing - 6.86%
	395	Greif, Inc. - Class A		16,839
	2,622	International Paper Co.		127,141
	6,832	KapStone Paper and Packaging Corp.		119,628
				263,608
		Printing and Related Support Activities - 3.12%
	1,546	Avery Dennison Corp.		119,722
		Professional, Scientific, and Technical Services - 5.28%
	1,405	Omnicom Group, Inc.		121,013
	1,279	Science Applications International Corp.		81,613
				202,626

		Small Arms, Ordnance, and Ordnance Accessories Manufacturing - 3.67%
	2,299	Sturm Ruger & Co., Inc.		140,906
		Storage Battery Manufacturing - 2.98%
	2,609	Johnson Controls, Inc.		114,483
		Transportation Equipment Manufacturing - 1.37%
	1,813	Superior Industries International, Inc.		52,776
		Utilities - 2.01%
	1,292	WEC Energy Group, Inc.		77,365

		TOTAL COMMON STOCKS (Cost $2,979,954)		3,080,612

		EXCHANGE-TRADED FUNDS - 13.00%
	1,592	iShares Intermediate Credit Bond ETF		177,476
	2,049	Vanguard Intermediate-Term Government Bond ETF		136,402
	1,925	Vanguard Long-Term Corporate Bond ETF		185,666
		TOTAL EXCHANGE-TRADED FUNDS (Cost $484,049)		499,544

		REITS - 1.62%
	3,364	Capstead Mortgage Corp.		33,371
	845	Gaming and Leisure Properties, Inc.		28,907
		TOTAL REITS (Cost $61,307)		62,278

Contracts		PURCHASED OPTIONS - 0.26%
		Put Options - 0.26%
		S&P 500 Index
	9	Expiration: September 2016, Exercise Price: $2,070.00		2,475
	5	Expiration: October 2016, Exercise Price: $2,070.00		7,575
		TOTAL PURCHASED OPTIONS (Cost $11,762)		10,050

Shares		SHORT-TERM INVESTMENTS - 2.86%
	109,928	Invesco STIT-Treasury Portfolio - Institutional Class, 0.22% (b)		109,928
		TOTAL SHORT-TERM INVESTMENTS (Cost $109,928)		109,928

		TOTAL INVESTMENTS IN SECURITIES (Cost $3,647,000) - 97.93%		3,762,412
		Other Assets in Excess of Liabilities - 2.07%		79,384
		NET ASSETS - 100.00%	$	3,841,796

ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust
(a)		Non-income producing security.
(b)		Rate shown is the 7-day annualized yield as of August 31, 2016.

WBI Tactical DG Fund
Schedule of Investments
August 31, 2016 (Unaudited)

Shares		COMMON STOCKS - 84.78%	Value
		Administrative and Support Services - 1.07%
	4,666	Landauer, Inc.	$	221,728
		Broadcasting (except Internet) - 6.05%
	12,738	Comcast Corp. - Class A		831,282
	6,707	Scripps Networks Interactive, Inc.		425,023
				1,256,305
		Building Material and Garden Equipment - 6.45%
	4,463	Fastenal Co.		192,400
	6,381	Home Depot, Inc.		855,820
	4,002	MSC Industrial Direct, Inc. - Class A		292,306
				1,340,526
		Chemical Manufacturing - 6.89%
	10,431	Cabot Corp.		520,090
	6,502	E. I. du Pont de Nemours & Co.		452,539
	3,316	International Flavors & Fragrances, Inc.		459,531
				1,432,160
		Computer and Electronic Product Manufacturing - 6.32%
	19,193	Intel Corp.		688,837
	2,947	Northrop Grumman Corp.		624,970
				1,313,807
		Credit Intermediation and Related Activities - 12.23%
	11,251	Chemical Financial Corp.		520,134
	8,860	First Merchants Corp.		240,549
	26,710	H&R Block, Inc.		578,539
	34,029	KeyCorp		427,404
	77,596	Regions Financial Corp.		773,632
				2,540,258
		Data Processing, Hosting, and Related Services - 1.39%
	5,912	Capgemini S.A. - ADR		288,003
		Electrical Equipment, Appliance, and Component Manufacturing - 0.88%
	4,615	Powell Industries, Inc.		183,446
		Fabricated Metal Product Manufacturing - 1.08%
	3,493	Crane Co.		224,670
		Food Manufacturing - 5.10%
	14,573	Archer-Daniels-Midland Co.		637,715
	3,073	Ingredion, Inc.		420,878
				1,058,593
		Furniture and Related Product Manufacturing - 0.96%
	5,538	Herman Miller, Inc.		199,756


		Insurance Carriers and Related Activities - 4.64%
	4,249	Allied World Assurance Co. Holdings A.G.		172,340
	4,557	Selective Insurance Group, Inc.		181,824
	4,488	UnitedHealth Group, Inc.		610,592
				964,756
		Machinery Manufacturing - 1.81%
	13,615	Vestas Wind Systems A/S - ADR		376,046

		Merchant Wholesalers, Durable Goods - 1.26%
	4,133	TE Connectivity Ltd.		262,735
		Merchant Wholesalers, Nondurable Goods - 3.02%
	12,106	Sysco Corp.		627,817
		Motion Picture and Sound Recording Industries - 1.03%
	5,537	Cinemark Holdings, Inc.		214,005
		Nursing and Residential Care Facilities - 2.50%
	47,123	Kindred Healthcare, Inc.		520,238
		Paper Manufacturing - 4.05%
	32,610	Graphic Packaging Holding Co.		467,627
	4,757	Packaging Corp. of America		374,043
				841,670
		Primary Metal Manufacturing - 2.74%
	23,105	Steel Dynamics, Inc.		568,845
		Printing and Related Support Activities - 3.04%
	8,163	Avery Dennison Corp.		632,143
		Professional, Scientific, and Technical Services - 1.35%
	4,392	Science Applications International Corp.		280,254
		Publishing Industries (except Internet) - 1.00%
	14,720	News Corp. - Class A		206,963
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.48%
	55,188	Manning & Napier, Inc.		423,844
	6,635	Travelport Worldwide Ltd.		91,098
				514,942
		Small Arms, Ordnance, and Ordnance Accessories Manufacturing - 1.24%
	4,199	Sturm Ruger & Co., Inc.		257,356
		Storage Battery Manufacturing - 2.98%
	14,093	Johnson Controls, Inc.		618,401

		Transportation Equipment Manufacturing - 3.22%
	20,975	General Motors Co.		669,522

		TOTAL COMMON STOCKS (Cost $16,873,331)		17,614,945

		EXCHANGE-TRADED FUNDS - 10.89%
	10,777	iShares iBoxx $ Investment Grade Corporate Bond ETF		1,335,162
	16,230	SPDR Barclays International Treasury Bond ETF (a)		927,220
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,069,511)		2,262,382

		REITS - 1.00%
	8,895	RLJ Lodging Trust		207,609
		TOTAL REITS (Cost $198,271)		207,609

Contracts		PURCHASED OPTIONS - 0.26%
		Put Options - 0.26%
		S&P 500 Index
	48	Expiration: September 2016, Exercise Price: $2,070.00		13,200
	27	Expiration: October 2016, Exercise Price: $2,070.00		40,905
		TOTAL PURCHASED OPTIONS (Cost $63,255)		54,105

Shares		SHORT-TERM INVESTMENTS - 1.57%
	327,333	Invesco STIT-Treasury Portfolio - Institutional Class, 0.22% (b)		327,333
		TOTAL SHORT-TERM INVESTMENTS (Cost $327,333)		327,333

		TOTAL INVESTMENTS IN SECURITIES (Cost $19,531,701) - 98.50%		20,466,374
		Other Assets in Excess of Liabilities - 1.50%		310,669
		NET ASSETS - 100.00%	$	20,777,043

ADR		American Depositary Receipt
ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust
(a)		Non-income producing security.
(b)		Rate shown is the 7-day annualized yield as of August 31, 2016.

WBI Funds

Notes to the Schedule of Investments

August 31, 2016 (Unaudited)

Note 1 – Securities Valuation

The WBI Tactical BA Fund, the WBI Tactical BP Fund, the WBI Tactical DG Fund, and the WBI Tactical DI Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value. Each Fund computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm, EST).

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.

Debt securities, such as corporate bonds, asset backed securities, municipal bonds, and U.S. Government agency 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. In addition, the model may incorporate 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. These securities will generally be categorized in level 2 of the fair value hierarchy.

Exchange-traded options are valued using the composite pricing using the National Best Bid and Offer quotes. Specifically, 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. Exchange-traded options that are actively traded are categorized in level 1 of the fair value hierarchy. Exchange-traded options that are valued at the mean of the highest bid price and lowest asked price are categorized in level 2.

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. Investments in open-end mutual funds, included money market funds are categorized in level 1 of the fair value hierarchy.

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Funds’ administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The 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, 2016:

WBI Tactical BA Fund

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks Administrative Support and Waste Management	$	620,279	$	-	$	-	$	620,279
Finance and Insurance Management of Companies and Enterprises Manufacturing		3,862,644 381,390 3,738,873		- - -		- - -		3,862,644 381,390 3,738,873
Professional, Scientific, and Technical Services Retail Trade Utilities Wholesale Trade		493,869 2,538,109 648,500 1,387,891		- - - -		- - - -		493,869 2,538,109 648,500 1,387,891
Total Common Stocks		13,671,555		-		-		13,671,555
Exchange-Traded Funds		10,013,606		-		-		10,013,606
Corporate Bonds
Accommodation and Food Services		-		334,816		-		334,816
Finance and Insurance		-		1,107,132		-		1,107,132
Health Care and Social Assistance		-		180,525		-		180,525
Information		-		734,775		-		734,775
Manufacturing		-		1,090,844		-		1,090,844
Mining, Quarrying, and Oil and Gas Extraction		-		555,807		-		555,807
Professional, Scientific, and Technical Services		-		660,548		-		660,548
Retail Trade		-		688,201		-		688,201
Total Corporate Bonds		-		6,016,048		-		6,016,048
REITs		787,822		-		-		787,822
Purchased Options		38,135		-		-		38,135
Short-Term Investments		1,381,117		-		-		1,381,117
Total Investments in Securities	$	25,892,235	$	6,016,048	$	-	$	31,908,283

WBI Tactical BP Fund

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	4,633,778	$	-	$	-	$	4,633,778
Health Care and Social Assistance		257,694		-		-		257,694
Management of Companies and Enterprises		747,601		-		-		747,601
Manufacturing		4,648,226		-		-		4,648,226
Retail Trade		1,329,538		-		-		1,329,538
Professional, Scientific, and Technical Services		274,410		-		-		274,410
Utilities		632,033		-		-		632,033
Wholesale Trade		974,086		-		-		974,086
Total Common Stocks		13,497,366		-		-		13,497,366
Exchange-Traded Funds		15,415,114		-		-		15,415,114
REITs		1,959,702		-		-		1,959,702
Purchased Options		38,135		-		-		38,135
Short-Term Investments		1,190,772		-		-		1,190,772
Total Investments in Securities	$	32,101,089	$	-	$	-	$	32,101,089

WBI Tactical DI Fund

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	853,741	$	-	$	-	$	853,741
Manufacturing		1,364,740		-		-		1,364,740
Professional, Scientific, and Technical Services		202,626		-		-		202,626
Retail Trade Utilities		269,454 77,365		- -		- -		269,454 77,365
Wholesale Trade		312,686		-		-		312,686
Total Common Stocks		3,080,612		-		-		3,080,612
Exchange-Traded Funds		499,544		-		-		499,544
REITs		62,278		-		-		62,278
Purchased Options		10,050		-		-		10,050
Short-Term Investments		109,928		-		-		109,928
Total Investments in Securities	$	3,762,412	$	-	$	-	$	3,762,412

WBI Tactical DG Fund

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks
Administrative Support and Waste Management	$	221,728	$	-	$	-	$	221,728

Finance and Insurance Health Care and Social Assistance		4,019,956 520,238		- -		- -		4,019,956 520,238
Information		1,965,276		-		-		1,965,276
Manufacturing		8,376,415		-		-		8,376,415
Professional, Scientific, and Technical Services		280,254		-		-		280,254
Retail Trade		1,340,526		-		-		1,340,526
Wholesale Trade		890,552		-		-		890,552
Total Common Stocks		17,614,945		-		-		17,614,945
Exchange-Traded Funds		2,262,382		-		-		2,262,382
Purchased Options		54,105		-		-		54,105
REITs		207,609		-		-		207,609
Short-Term Investments		327,333		-		-		327,333
Total Investments in Securities	$	20,446,374	$	-	$	-	$	20,446,374

Refer to the Funds’ Schedule of Investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at August 31, 2016, the end of the reporting period. The Funds recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Funds during the period ended August 31, 2016.

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 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 enter into written put options to hedge against changes in the value of purchased put options.

The Funds may utilize options for economic hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to economically hedge the Funds’ investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of each Fund’s overall strategy in a manner deemed appropriate to the Advisor and consistent with each Fund’s investment objective and policies. When a call or put option is written, an amount equal to the premium received by the Fund is reflected as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires, the Fund realizes a gain or loss on the option to the extent of the premiums received or paid. When a Fund enters into a closing transaction, the Fund realizes a gain or loss to the extent the cost of the closing transactions exceeds the premiums paid or received. Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Put options written subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put minimum.

With options, there is minimal counterparty credit risk to the Funds since the options are covered or secured, which means that the Funds will own the underlying security or, to the extent they do not hold the security, will maintain liquid assets consisting of cash, short-term securities, or equity or debt securities equal to the market value of the security underlying the option, marked-to-market daily.

Options purchased are recorded as investments and marked-to-market daily to reflect the current fair value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option contract. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchase put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.

The average monthly market values of purchased and written options during the period ended August 31, 2016, is as follows:

	Purchased Options		Written Options
WBI Tactical BA Fund	$	8,225	$	700
WBI Tactical BP Fund		7,471		-
WBI Tactical DI Fund		1,548		670
WBI Tactical DG Fund		8,814		2,465

Transactions in written options contracts for the period ended August 31, 2016, are as follows:

WBI Tactical BA Fund
	Contracts			Premiums Received
Beginning Balance		-		$	-
Options Written		47			4,409
Options Exercised		(47	)		(4,409	)
Outstanding at August 31, 2016		-		$	-

Transactions in written options contracts for the period ended August 31, 2016, are as follows:

WBI Tactical DI Fund
	Contracts			Premiums Received
Beginning Balance		-		$	-
Options Written		5			469
Options Closed		(5	)		(469	)
Outstanding at August 31, 2016		-		$	-

Transactions in written options contracts for the period ended August 31, 2016, are as follows:

WBI Tactical DG Fund
	Contracts			Premiums Received
Beginning Balance		-		$	-
Options Written		507			28,733
Options Closed		(310	)		(7,755	)
Options Exercised		(161	)		(13,454	)
Options Expired		(36	)		(7,524	)
Outstanding at August 31, 2016		-		$	-

Values of Derivative Instruments as of August 31, 2016 was as follows:

WBI Tactical BA Fund	Assets		Liabilities
Derivatives not accounted for as hedging instruments under ASC 815	Location	Fair Value	Location	Fair Value
Equity Contracts - Options	Investments, at fair value	$38,135	Options Written, at fair value	$ -
	Total	$38,135	Total	$

WBI Tactical BP Fund	Assets		Liabilities
Derivatives not accounted for as hedging instruments under ASC 815	Location	Fair Value	Location	Fair Value
Equity Contracts - Options	Investments, at fair value	$38,135	Options Written, at fair value	$ -
	Total	$38,135	Total	$ -

WBI Tactical DI Fund	Assets		Liabilities
Derivatives not accounted for as hedging instruments under ASC 815	Location	Fair Value	Location	Fair Value
Equity Contracts - Options	Investments, at fair value	$10,050	Options Written, at fair value	$ -
	Total	$10,050	Total	$ -

WBI Tactical DG Fund	Assets		Liabilities
Derivatives not accounted for as hedging instruments under ASC 815	Location	Fair Value	Location	Fair Value
Equity Contracts - Options	Investments, at fair value	$54,105	Options Written, at fair value	$ -
	Total	$54,105	Total	$ -

Note 3 – Federal Income Taxes

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

WBI Tactical BA Fund

Cost of investments	$	31,121,344
Gross unrealized appreciation	$	982,835
Gross unrealized depreciation		(195,896	)
Net unrealized appreciation	$	786,939

WBI Tactical BP Fund

Cost of investments	$	31,344,674
Gross unrealized appreciation	$	914,726
Gross unrealized depreciation		(158,311	)
Net unrealized appreciation	$	756,415

WBI Tactical DI Fund

Cost of investments	$	3,649,907
Gross unrealized appreciation	$	151,903
Gross unrealized depreciation		(39,398	)
Net unrealized appreciation	$	112,505

WBI Tactical DG Fund

Cost of investments	$	19,535,874
Gross unrealized appreciation	$	1,125,797
Gross unrealized depreciation		(195,297	)
Net unrealized appreciation	$	930,500

*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 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, as amended, (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)

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

Item 3. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 10/24/2016

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 10/24/2016

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

Cheryl L. King, Treasurer

Date 10/24/2016

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