As filed with the Securities and Exchange Commission on April 2, 2018

UNITED STATESSECURITIES 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/Chief Executive Officer

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) 765-6872

Registrant's telephone number, including area code

Date of fiscal year end:  October 31, 2018

Date of reporting period:  January 31, 2018

Item 1. Schedules of Investments.

Huber Capital Equity Income Fund

SCHEDULE OF INVESTMENTS at January 31, 2018 (Unaudited)

Shares		COMMON STOCKS - 99.35%	Value
		Aerospace & Defense - 8.20%
	67,969	Arconic, Inc.	$	2,043,148
	15,800	Northrop Grumman Corp.		5,380,374
				7,423,522
		Air Transport - 2.46%
	8,500	FedEx Corp.		2,231,080
		Banks: Diversified - 4.29%
	39,600	SunTrust Banks, Inc.		2,799,720
	16,500	Wells Fargo & Co.		1,085,370
				3,885,090
		Chemicals: Diversified - 0.83%
	25,600	BASF SE - ADR		750,080
		Computer Services, Software & Systems - 11.43%
	90,600	CA, Inc.		3,248,010
	50,700	Microsoft Corp.		4,817,007
	44,300	Oracle Corp		2,285,437
				10,350,454
		Computer Technology - 1.35%
	40,000	Hewlett Packard Enterprise Co.		656,000
	24,300	HP, Inc.		566,676
				1,222,676
		Diversified Financial Services - 14.74%
	127,500	Bank of America Corp.		4,080,000
	60,000	Citigroup, Inc.		4,708,800
	39,400	JPMorgan Chase & Co.		4,557,398
				13,346,198
		Diversified Retail - 2.18%
	18,500	Wal-Mart Stores, Inc.		1,972,100
		Electronic Components - 0.69%
	6,095	TE Connectivity Ltd.		624,920
		Engineering & Contracting Services - 6.84%
	304,230	KBR, Inc.		6,188,038
		Financial Data & Systems - 1.04%
	5,600	Mastercard, Inc. - Class A		946,400
		Foods - 2.68%
	22,100	ConAgra Foods, Inc.		839,800
	20,800	Tyson Foods, Inc. - Class A		1,583,088
				2,422,888
		Homebuilding - 1.70%
	30,468	Lennar Corp. - Class B		1,542,900
		Household Equipment & Products - 2.37%
	37,200	Tupperware Brands Corp.		2,148,672
		Insurance: Life - 4.54%
	167,000	CNO Financial Group, Inc.		4,106,530
		Insurance: Multi-Line - 2.82%
	14,200	American International Group, Inc.		907,664
	31,704	Voya Financial, Inc.		1,645,755
				2,553,419
		Media - 2.37%
	54,600	Regal Entertainment Group - Class A		1,249,248
	9,400	Time Warner, Inc.		896,290
				2,145,538
		Oil: Crude Producers - 0.20%
	51,300	Chesapeake Energy Corp. (b)		179,550
		Oil: Integrated - 3.70%
	32,500	BP plc - ADR		1,390,675
	27,834	Royal Dutch Shell plc - Class A - ADR		1,955,060
				3,345,735
		Oil Well Equipment & Services - 0.70%
	108,000	Ensco plc - Class A		637,200
		Pharmaceuticals - 9.73%
	2,900	Allergan plc (a)		522,754
	39,000	Eli Lilly & Co.		3,176,550
	41,700	Merck & Co., Inc.		2,470,725
	71,100	Pfizer, Inc.		2,633,544
				8,803,573
		Shipping - 4.06%
	154,980	Euronav SA (a)		1,301,832
	108,312	Golar LNG Partners LP (a)		2,377,448
				3,679,280
		Specialty Retail - 2.31%
	10,400	Home Depot, Inc.		2,089,360
		Steel - 0.26%
	4,615	Carpenter Technology Corp.		237,211
		Tobacco - 3.77%
	31,800	Philip Morris International, Inc.		3,409,914

	Utilities: Electrical - 4.09%
17,000	Entergy Corp.		1,337,730
61,300	Exelon Corp.		2,360,663
			3,698,393
	TOTAL COMMON STOCKS (Cost $52,907,006)		89,940,721
	SHORT-TERM INVESTMENTS - 0.68%
307,820	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.21% (c)		307,820
307,821	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 1.21% (c)		307,821
	TOTAL SHORT-TERM INVESTMENTS (Cost $615,641)		615,641
	Total Investments in Securities (Cost $53,522,647) - 100.03%		90,556,362
	Liabilities in Excess of Other Assets - (0.03)%		(31,343)
	NET ASSETS - 100.00%	$	90,525,019

ADR	American Depository Receipt
(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of January 31, 2018.

Huber Capital Small Cap Value Fund

SCHEDULE OF INVESTMENTS at January 31, 2018 (Unaudited)

Shares		COMMON STOCKS - 98.38%	Value
		Aluminum - 2.56%
	17,446	Kaiser Aluminum Corp.	$	1,923,247
		Asset Management & Custodian - 11.39%
	77,700	OM Asset Management plc		1,390,053
	743,583	Uranium Participation Corp. (a) (b)		2,357,702
	37,486	Virtus Investment Partners, Inc.		4,798,208
				8,545,963
		Banks: Diversified - 14.56%
	55,236	Atlantic Capital Bancshares, Inc. (b)		985,963
	1,527	C&F Financial Corp.		83,603
	13,957	Capstar Financial Holdings, Inc. (b)		272,999
	8,995	Carter Bank & Trust (b)		158,312
	19,691	First Bancorp		716,752
	8,477	First Citizens BancShares, Inc. - Class A		3,606,201
	190,131	First Horizon National Corp.		3,776,002
	15,000	South State Corp.		1,329,000
				10,928,832
		Chemicals: Specialty - 5.06%
	52,895	Innospec, Inc.		3,797,861
		Commercial Vehicles & Parts - 0.99%
	28,552	Miller Industries, Inc.		743,779
		Communications Equipment - 6.99%
	242,487	Comtech Telecommunications Corp.		5,244,994
		Computer Services, Software & Systems - 3.15%
	30,800	Science Applications International Corp.		2,360,820
		Consumer Lending - 5.87%
	90,207	Enova International, Inc. (b)		1,614,705
	184,971	EZCORP, Inc. - Class A (b)		2,182,658
	11,655	Nelnet, Inc. - Class A		607,342
				4,404,705
		Containers & Packaging - 0.46%
	11,883	UFP Technologies, Inc. (b)		346,390
		Diversified Manufacturing Operations - 1.78%
	74,458	Harsco Corp. (b)		1,332,798
		Energy Equipment & Services - 0.59%
	116,207	TETRA Technologies, Inc. (b)		446,235
		Engineering & Contracting Services - 6.83%
	252,105	KBR, Inc.		5,127,816
		Equity REIT - Timber - 1.13%
	64,197	CatchMark Timber Trust, Inc. - Class A		845,475
		Health Care Equipment & Surplus - 1.23%
	15,951	CONMED Corp.		921,649
		Health Care Facilities - 0.93%
	37,177	Tenet Healthcare Corp. (b)		701,902
		Homebuilding - 2.55%
	70,475	William Lyon Homes - Class A (b)		1,913,396
		Household Equipment & Products - 3.23%
	42,011	Tupperware Brands Corp.		2,426,555
		Insurance: Life - 4.43%
	135,287	CNO Financial Group, Inc.		3,326,707

	Oil, Gas & Consumable Fuel - 2.12%
86,594	Hoegh LNG Partners LP (a)		1,589,000
	Oil and Gas Extraction - 0.41%
60,400	Bill Barrett Corp. (b)		309,852
	Oil Well Equipment & Services - 2.06%
134,277	Ensco plc - Class A		792,234
71,900	Superior Energy Services, Inc. (b)		751,355
			1,543,589
	Paper - 1.42%
30,662	Kapstone Paper and Packaging Corp.		1,062,132
	Real Estate Investment Trusts (REITs) - 6.42%
125,443	Government Properties Income Trust		2,152,602
64,708	Granite Real Estate Investment Trust (a)		2,663,381
			4,815,983
	Restaurants - 1.59%
31,642	Boston Pizza Royalties Income Fund (a)		538,686
55,574	Pizza Pizza Royalty Corp. (a)		653,785
			1,192,471
	Shipping - 4.49%
68,986	Golar LNG Ltd. (a)		1,882,628
1,173,569	Teekay Tankers Ltd. - Class A		1,490,433
			3,373,061
	Steel - 1.19%
17,446	Carpenter Technology Corp.		896,724
	Telecommunications Equipment - 1.48%
44,014	ARRIS International plc (a) (b)		1,113,554
	Utilities: Electrical - 3.47%
43,419	Great Plains Energy, Inc.		1,351,199
29,645	Portland General Electric Co.		1,255,466
			2,606,665
	TOTAL COMMON STOCKS (Cost $54,723,959)		73,842,155
	SHORT-TERM INVESTMENTS - 1.75%
655,693	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.21% (c)		655,693
655,993	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 1.21% (c)		655,993
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,311,686)		1,311,686
	Total Investments in Securities (Cost $56,035,645) - 100.13%		75,153,841
	Liabilities in Excess of Other Assets - (0.13)%		(97,886)
	NET ASSETS - 100.00%	$	75,055,955

(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of January 31, 2018.

Huber Capital Diversified Large Cap Value Fund

SCHEDULE OF INVESTMENTS at January 31, 2018 (Unaudited)

Shares		COMMON STOCKS - 94.89%	Value
		Aerospace & Defense - 6.68%
	4,100	Arconic, Inc.	$	123,246
	700	Northrop Grumman Corp.		238,371
				361,617
		Air Transport - 1.94%
	400	FedEx Corp.		104,992
		Banks: Diversified - 3.53%
	1,400	SunTrust Banks, Inc.		98,980
	1,400	Wells Fargo & Co.		92,092
				191,072
		Chemicals: Diversified - 1.08%
	2,000	BASF SE - ADR		58,600
		Computer Services, Software & Systems - 10.20%
	4,626	CA, Inc.		165,842
	2,600	Microsoft Corp.		247,026
	2,700	Oracle Corp.		139,293
				552,161
		Computer Technology - 1.61%
	3,600	Hewlett Packard Enterprise Co.		59,040
	1,200	HP, Inc.		27,984
				87,024
		Consumer Lending - 0.55%
	1,000	Ally Financial, Inc.		29,770
		Diversified Financial Services - 14.10%
	7,800	Bank of America Corp.		249,600
	3,300	Citigroup, Inc.		258,983
	2,200	JPMorgan Chase & Co.		254,474
				763,057
		Diversified Retail - 2.95%
	1,500	Wal-Mart Stores, Inc.		159,900
		Electronic Components - 0.57%
	300	TE Connectivity Ltd.		30,759
		Engineering & Contracting Services - 7.22%
	600	Fluor Corp.		36,420
	17,430	KBR, Inc.		354,526
				390,946
		Financial Data & Systems - 1.72%
	550	Mastercard, Inc. - Class A		92,950
		Foods - 3.07%
	1,400	ConAgra Foods, Inc.		53,200
	500	Lamb Weston Holdings, Inc.		29,300
	1,100	Tyson Foods, Inc. - Class A		83,721
				166,221
		Homebuilding - 0.86%
	918	Lennar Corp. - Class B		46,488
		Household Equipment & Products - 1.60%
	1,500	Tupperware Brands Corp.		86,640
		Insurance Carriers - 0.24%
	200	Brighthouse Financial, Inc. (b)		12,852
		Insurance: Life - 3.30%
	7,273	CNO Financial Group, Inc.		178,843
		Insurance: Multi-Line - 1.76%
	600	American International Group, Inc.		38,352
	1,100	Voya Financial, Inc.		57,101
				95,453
		IT Services - 0.31%
	171	DXC Technology Co.		17,023
		Media - 3.01%
	3,377	Regal Entertainment Group - Class A		77,266
	900	Time Warner, Inc.		85,815
				163,081
		Oil: Crude Producers - 0.21%
	3,200	Chesapeake Energy Corp. (b)		11,200
		Oil, Gas & Consumable Fuels - 0.44%
	400	ConocoPhillips		23,524
		Oil: Integrated - 3.71%
	1,900	BP plc - ADR		81,301
	1,700	Royal Dutch Shell plc - Class A - ADR		119,408
				200,709
		Oil Well Equipment & Services - 1.22%
	11,185	Ensco plc - Class A		65,992
		Pharmaceuticals - 7.49%
	100	Allergan plc (a)		18,026
	2,000	Eli Lilly & Co.		162,900
	1,100	Merck & Co., Inc.		65,175
	4,300	Pfizer, Inc.		159,272
				405,373
		Scientific Instruments: Control & Filter - 0.50%
	600	Flowserve Corp.		27,192
		Shipping - 3.03%
	6,200	Euronav SA (a)		52,080
	5,100	Golar LNG Partners LP (a)		111,945
				164,025
		Specialty Retail - 2.23%
	600	Home Depot, Inc.		120,540
		Telecommunications Equipment - 0.37%
	800	ARRIS International plc (a) (b)		20,240

	Tobacco - 3.76%
1,900	Philip Morris International, Inc.		203,737
	Utilities: Electrical - 4.75%
400	American Electric Power Co., Inc.		27,512
900	Entergy Corp.		70,821
3,300	Exelon Corp.		127,083
200	NextEra Energy, Inc.		31,684
			257,100
	Utilities: Telecommunications - 0.88%
400	Verizon Communications, Inc.		21,628
800	Vodafone Group plc - ADR		25,776
			47,404
	TOTAL COMMON STOCKS (Cost $3,375,363)		5,136,485
	SHORT-TERM INVESTMENTS - 5.42%
146,767	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.21% (c)		146,767
146,766	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 1.21% (c)		146,766
	TOTAL SHORT-TERM INVESTMENTS (Cost $293,533)		293,533
	Total Investments in Securities (Cost $3,668,896) - 100.31%		5,430,018
	Liabilities in Excess of Other Assets - (0.31)%		(16,626)
	NET ASSETS - 100.00%	$	5,413,392

ADR	American Depository Receipt
(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of January 31, 2018.

Huber Capital Mid Cap Value Fund
SCHEDULE OF INVESTMENTS at January 31, 2018 (Unaudited)
Shares		COMMON STOCKS - 98.44%	Value
		Aerospace & Defense - 2.54%
	1,500	Arconic, Inc.	$	45,090
		Aluminum - 2.48%
	400	Kaiser Aluminum Corp.		44,096
		Asset Management & Custodian - 10.87%
	2,100	OM Asset Management plc		37,569
	16,800	Uranium Participation Corp. (a) (b)		53,268
	800	Virtus Investment Partners, Inc.		102,400
				193,237
		Banks: Diversified - 13.78%
	2,700	Atlantic Capital Bancshares, Inc. (b)		48,195
	100	First Citizens BancShares, Inc. - Class A		42,541
	4,200	First Horizon National Corp.		83,412
	1,000	SunTrust Banks, Inc.		70,700
				244,848
		Chemicals: Specialty - 6.06%
	1,500	Innospec, Inc.		107,700
		Communications Equipment - 6.47%
	5,316	Comtech Telecommunications Corp.		114,985
		Computer Services, Software & Systems - 4.15%
	1,200	CA, Inc.		43,020
	400	Science Applications International Corp.		30,660
				73,680
		Computer Technology - 0.92%
	1,000	Hewlett Packard Enterprise Co.		16,400
		Consumer Lending - 5.11%
	2,300	Enova International, Inc. (b)		41,170
	4,200	EZCORP, Inc. - Class A (b)		49,560
				90,730
		Diversified Manufacturing Operations - 1.21%
	1,200	Harsco Corp.(b)		21,480
		Engineering & Contracting Services - 6.41%
	5,601	KBR, Inc.		113,924
		Food Products - 1.54%
	466	Lamb Weston Holdings, Inc.		27,308
		Foods - 1.28%
	200	ConAgra Foods, Inc.		7,600
	200	Tyson Foods,  Inc. - Class A		15,222
				22,822
		Health Care Equipment & Surplus - 0.98%
	300	CONMED Corp.		17,334
		Health Care Facilities - 1.27%
	1,200	Tenet Healthcare Corp. (b)		22,656
		Homebuilding - 2.16%
	377	Lennar Corp. - Class B		19,091
	710	William Lyon Homes - Class A (b)		19,277
				38,368
		Household Equipment & Products - 2.93%
	900	Tupperware Brands Corp.		51,984
		Insurance Carriers - 1.45%
	400	Brighthouse Financial, Inc. (b)		25,704
		Insurance: Life - 2.71%
	1,960	CNO Financial Group, Inc.		48,196
		Media - 1.93%
	1,500	Regal Entertainment Group - Class A		34,320
		Oil and Gas Extraction - 0.39%
	1,360	Bill Barrett Corp. (b)		6,977
		Oil Well Equipment & Services - 2.78%
	5,200	Ensco plc - Class A		30,680
	1,800	Superior Energy Services, Inc. (b)		18,810
				49,490
		Oil: Crude Producers - 0.45%
	2,300	Chesapeake Energy Corp. (b)		8,050
		Paper - 1.17%
	600	Kapstone Paper and Packaging Corp.		20,784
		Real Estate Investment Trusts (REITs) - 5.91%
	3,000	Government Properties Income Trust		51,480
	1,300	Granite Real Estate Investment Trust (a)		53,508
				104,988
		Shipping - 7.51%
	1,000	Golar LNG Ltd. (a)		27,290
	2,600	Golar LNG Partners LP (a)		57,070
	38,678	Teekay Tankers Ltd. - Class A		49,121
				133,481
		Utilities: Electrical - 3.98%
	500	Entergy Corp.		39,345
	600	Great Plains Energy, Inc.		18,672
	300	Portland General Electric Co.		12,705
				70,722
		TOTAL COMMON STOCKS (Cost $1,306,102)		1,749,354
		SHORT-TERM INVESTMENTS - 3.22%
	28,629	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.21% (c)		28,629
	28,629	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 1.21% (c)		28,629
		TOTAL SHORT-TERM INVESTMENTS (Cost $57,258)		57,258
		Total Investments in Securities (Cost $1,363,360) - 101.66%		1,806,612
		Liabilities in Excess of Other Assets - (1.66)%		(29,440)
		NET ASSETS - 100.00%	$	1,777,172

ADR	American Depository Receipt
(a)	Foreign issued security.
(b)	Non-income producing security.
(c)	Rate shown is the 7-day annualized yield as of January 31, 2018.

Huber Capital Funds

Notes to Schedule of Investments

January 31, 2018 (Unaudited)

Note 1 – Securities Valuation

The Huber Capital Funds’ (the “Funds”) investments in securities are carried at their fair value. Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

Equity securities 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.  The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.  Exchange rates are provided daily by a recognized independent pricing agent.  Investments in open-end mutual funds are valued at their net asset value per share.  To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  

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 January 31, 2018:

Equity Income Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	9,898,569	$	-	$	-	$	9,898,569
Consumer Staples		5,832,802		-		-		5,832,802
Energy		4,162,485		-		-		4,162,485
Financial Services		23,891,237		-		-		23,891,237
Health Care		8,803,573		-		-		8,803,573
Industrials		2,043,148		-		-		2,043,148
Information Technology		3,231,837		-		-		3,231,837
Materials & Processing		987,291		-		-		987,291
Producer Durables		17,478,773		-		-		17,478,773
Technology		9,912,613		-		-		9,912,613
Utilities		3,698,393		-		-		3,698,393
Total Common Stocks		89,940,721		-		-		89,940,721
Short-Term Investments		615,641		-		-		615,641
Total Investments in Securities	$	90,556,362	$	-	$	-	$	90,556,362

Small Cap Value Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	5,532,423	$	-	$	-	$	5,532,423
Energy		5,771,304		-		-		5,771,304
Financial Services		32,867,665		-		-		32,867,665
Health Care		1,623,550		-		-		1,623,550
Information Technology		5,244,994		-		-		5,244,994
Materials & Processing		8,026,354		-		-		8,026,354
Producer Durables		8,694,826		-		-		8,694,826
Technology		3,474,374		-		-		3,474,374
Utilities		2,606,665		-		-		2,606,665
Total Common Stocks		73,842,155		-		-		73,842,155
Short-Term Investments		1,311,686		-		-		1,311,686
Total Investments in Securities	$	75,153,841	$	-	$	-	$	75,153,841

Diversified Large Cap Value Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	576,648	$	-	$	-	$	576,648
Consumer Staples		369,958		-		-		369,958
Energy		301,425		-		-		301,425
Financial Services		1,363,998		-		-		1,363,998
Health Care		405,373		-		-		405,373
Industrials		123,246		-		-		123,246
Information Technology		17,023		-		-		17,023
Materials & Processing		58,600		-		-		58,600
Producer Durables		925,526		-		-		925,526
Technology		690,184		-		-		690,184
Utilities		304,504		-		-		304,504
Total Common Stocks		5,136,485		-		-		5,136,485
Short-Term Investments		293,533		-		-		293,533
Total Investments in Securities	$	5,430,018	$	-	$	-	$	5,430,018

Mid Cap Value Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	124,672	$	-	$	-	$	124,672
Consumer Staples		50,129		-		-		50,129
Energy		197,998		-		-		197,998
Financial Services		602,716		-		-		602,716
Health Care		39,990		-		-		39,990
Industrial		180,494		-		-		180,494
Information Technology		205,065		-		-		205,065
Materials & Processing		172,580		-		-		172,580
Real Estate		104,988		-		-		104,988
Utilities		70,722		-		-		70,722
Total Common Stocks		1,749,354		-		-		1,749,354
Short-Term Investments		57,258		-		-		57,258
Total Investments in Securities	$	1,806,612	$	-	$	-	$	1,806,612

Refer to the Funds’ schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at January 31, 2018, 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 January 31, 2018.

Item 2. Controls and Procedures.

(a) The Registrant's President/Chief Executive Officer/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/Chief Executive

                Officer/Principal Executive Officer

Date                                         March 21, 2018                                                       

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/Chief Executive

 Officer/Principal Executive Officer

Date                                         March 21, 2018                                                               

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

Cheryl L. King, Treasurer/Principal Financial Officer

Date                                         March 21, 2018                                                               

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