As filed with the Securities and Exchange Commission on April 29, 2019

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)

Jeffrey T. Rauman, 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: November 30, 2019

Date of reporting period: February 28, 2019

Item 1. Schedules of Investments.

PIA BBB BOND FUND

Schedule of Investments - February 28, 2019 (Unaudited)


Principal
Amount/Shares					Value
		CORPORATE BONDS	90.4	%
		Aerospace & Defense	0.5	%
		Rockwell Collins, Inc.
$	750,000	3.20%, due 3/15/24			$	735,959
		Agricultural Chemicals	0.5	%
		Mosaic Co.
	785,000	3.75%, due 11/15/21				789,548
		Agriculture	0.4	%
		Bunge Limited Finance Corp.
	600,000	3.75%, due 9/25/27				532,196
		Auto Parts	0.4	%
		AutoZone, Inc.
	600,000	3.125%, due 7/15/23				591,401
		Autos	1.4	%
		Ford Motor Co.
	675,000	7.45%, due 7/16/31				712,842
		Ford Motor Credit Co. LLC
	600,000	5.875%, due 8/2/21				620,503
	500,000	3.815%, due 11/2/27				425,427
		General Motors Co.
	400,000	5.20%, due 4/1/45				349,115
						2,107,887
		Banks	5.3	%
		Barclays Bank PLC
	700,000	5.14%, due 10/14/20				715,201
	1,000,000	4.836%, due 5/9/28				966,340
		Capital One Bank USA N.A.
	1,100,000	3.375%, due 2/15/23				1,085,877
		Citigroup, Inc.
	1,000,000	3.50%, due 5/15/23				1,002,219
	540,000	5.30%, due 5/6/44				572,910
		Credit Suisse Group
	700,000	5.40%, due 1/14/20				713,348
		Discover Bank
	700,000	3.20%, due 8/9/21				698,054
		Fifth Third Bancorp
	225,000	8.25%, due 3/1/38				310,362
		KeyCorp
	900,000	5.10%, due 3/24/21				936,663
		Lloyds Banking Group plc
	800,000	4.65%, due 3/24/26				790,408
						7,791,382
		Biotechnology	1.7	%
		Amgen, Inc.
	720,000	3.875%, due 11/15/21				733,492
	1,006,000	4.663%, due 6/15/51				964,931
		Celgene Corp.
	800,000	4.625%, due 5/15/44				747,958
						2,446,381
		Broker	2.7	%
		Goldman Sachs Group, Inc.
	950,000	6.75%, due 10/1/37				1,130,810
		Merrill Lynch & Co., Inc.
	1,050,000	6.11%, due 1/29/37				1,213,803
		Morgan Stanley
	900,000	4.875%, due 11/1/22				943,081
		Nomura Holdings, Inc.
	700,000	6.70%, due 3/4/20				725,105
						4,012,799
		Building Materials	0.5	%
		Owens Corning Inc.
	775,000	4.20%, due 12/15/22				782,877
		Chemicals	1.1	%
		Dow Chemical Co.
	865,000	7.375%, due 11/1/29				1,067,554
		RPM International, Inc.
	500,000	6.125%, due 10/15/19				508,789
						1,576,343

	Commercial Finance	1.2	%
	AerCap Ireland Capital Ltd.
1,000,000	4.625%, due 10/30/20			1,016,774
	Air Lease Corp.
700,000	3.875%, due 4/1/21			705,605
				1,722,379
	Communications	0.4	%
	Telefonica Emisiones SAU
475,000	7.045%, due 6/20/36			559,542
	Communications Equipment	0.4	%
	Harris Corp.
500,000	6.15%, due 12/15/40			593,069
	Construction Materials Manufacturing	0.4	%
	Vulcan Materials Co.
620,000	3.90%, due 4/1/27			592,266
	Consumer Finance	1.0	%
	Fidelity National Information Services, Inc.
1,000,000	4.75%, due 5/15/48			931,288
	Synchrony Financial
500,000	4.50%, due 7/23/25			488,851
				1,420,139
	Consumer Products	0.3	%
	Church & Dwight Co., Inc.
500,000	3.15%, due 8/1/27			474,351
	Diversified Banks	0.6	%
	Deutsche Bank AG
1,000,000	4.10%, due 1/13/26			926,593
	Drugs and Druggists' Sundries Merchant Wholesalers	0.7	%
	Actavis Funding SCS
850,000	3.45%, due 3/15/22			846,929
268,000	4.75%, due 3/15/45			247,735
				1,094,664
	Electric Utilities	2.1	%
	Dominion Resources, Inc.
500,000	2.00%, due 8/15/21			485,335
470,000	4.90%, due 8/1/41			481,258
	Exelon Corp.
1,015,000	5.625%, due 6/15/35			1,124,803
	NiSource Finance Corp.
400,000	5.25%, due 2/15/43			423,996
	Teco Finance, Inc.
550,000	5.15%, due 3/15/20			561,339
				3,076,731
	Electrical Equipment Manufacturing	1.3	%
	Fortive Corp.
750,000	3.15%, due 6/15/26			714,852
	Johnson Controls International Plc
1,230,000	4.25%, due 3/1/21			1,249,297
				1,964,149
	Exploration & Production	1.5	%
	Apache Corp.
551,000	3.25%, due 4/15/22			546,464
600,000	4.75%, due 4/15/43			546,408
	EOG Resources, Inc.
527,000	2.625%, due 3/15/23			516,526
	Noble Energy, Inc.
533,000	3.90%, due 11/15/24			526,465
				2,135,863
	Finance	0.6	%
	Block Financial Corp.
900,000	5.50%, due 11/1/22			936,616
	Financial Services	2.0	%
	BrightSphere Investment Group plc
1,000,000	4.80%, due 7/27/26			956,776
	GE Capital International Funding Co. Unlimited Co.
800,000	4.418%, due 11/15/35			723,621
	Legg Mason, Inc.
500,000	5.625%, due 1/15/44			487,510
	Leucadia National Corp.
700,000	5.50%, due 10/18/23			729,016
				2,896,923
	Food	1.0	%
	ConAgra Brands, Inc.
1,300,000	7.00%, due 10/1/28			1,469,336
	Food and Beverage	1.0	%
	Kraft Heinz Foods Co.
700,000	3.50%, due 7/15/22			698,032
1,000,000	4.375%, due 6/1/46			830,813
				1,528,845

	Hardware	0.7	%
	Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
900,000	6.02%, due 6/15/26 (c)			955,727

	Health and Personal Care Stores	2.3	%
	CVS Health Corp.
300,000	3.70%, due 3/9/23			301,747
620,000	3.875%, due 7/20/25			619,990
1,000,000	2.875%, due 6/1/26			931,738
500,000	5.125%, due 7/20/45			494,708
1,000,000	5.05%, due 3/25/48			990,301
				3,338,484
	Health Care Facilities and Services	1.0	%
	Express Scripts Holding Co.
800,000	4.75%, due 11/15/21			830,838
	Laboratory Corporation of America Holdings
640,000	3.25%, due 9/1/24			622,546
				1,453,384
	Home and Office Products Manufacturing	0.6	%
	Newell Brands, Inc.
1,000,000	4.20%, due 4/1/26			941,692
	Information Technology	0.5	%
	Ingram Micro, Inc.
775,000	5.00%, due 8/10/22			766,350
	Insurance	3.3	%
	American International Group, Inc.
1,050,000	4.875%, due 6/1/22			1,100,772
100,000	6.25%, due 3/15/87 (f)			98,145
	Anthem, Inc.
600,000	4.65%, due 8/15/44			599,192
	Aon Corp.
600,000	5.00%, due 9/30/20			615,561
	AXA SA
500,000	8.60%, due 12/15/30			652,865
	Lincoln National Corp.
120,000	3.80%, due 3/1/28			118,130
	Markel Corp.
20,000	4.90%, due 7/1/22			20,750
	Metlife, Inc.
855,000	6.40%, due 12/15/66 (g)			907,535
	Unum Group
700,000	5.625%, due 9/15/20			723,401
				4,836,351
	Integrated Oils	2.0	%
	Ecopetrol S.A.
900,000	4.125%, due 1/16/25			899,460
	Petroleos Mexicanos
700,000	5.50%, due 1/21/21			710,325
1,500,000	5.35%, due 2/12/28			1,342,500
				2,952,285
	Life Insurance	0.6	%
	AXA Equitable Holdings, Inc.
1,000,000	5.00%, due 4/20/48			936,343
	Lodging	0.4	%
	Host Hotels & Resorts LP
600,000	4.75%, due 3/1/23			616,171
	Machinery	0.6	%
	Flowserve Corp.
900,000	3.50%, due 9/15/22			884,920
	Manufacturing	0.7	%
	Boston Scientific Corp.
1,000,000	4.125%, due 10/1/23			1,021,117
	Media	3.7	%
	Discover Communications LLC
500,000	3.30%, due 5/15/22			496,360
	Expedia, Inc.
800,000	5.95%, due 8/15/20			830,052
	Omnicom Group, Inc.
400,000	3.625%, due 5/1/22			403,592
	Time Warner Entertainment Company, L.P.
810,000	8.375%, due 7/15/33			1,027,169
	Viacom Inc.
700,000	3.875%, due 4/1/24			700,764
610,000	4.375%, due 3/15/43			524,544
	Warner Media LLC
500,000	4.05%, due 12/15/23			512,162
1,000,000	4.85%, due 7/15/45			944,621
				5,439,264
	Medical Equipment and Devices Manufacturing	0.7	%
	Abbott Laboratories
1,000,000	4.90%, due 11/30/46			1,094,674

	Medical Equipment and Supplies Manufacturing	0.5	%
	Becton Dickinson and Co.
800,000	4.685%, due 12/15/44			784,510
	Metals	0.6	%
	Southern Copper Corp.
750,000	6.75%, due 4/16/40			874,388

	Metals and Mining	0.7	%
	Goldcorp Inc.
500,000	3.70%, due 3/15/23			503,673
	Reliance Steel & Aluminum Co.
500,000	4.50%, due 4/15/23			508,114
				1,011,787
	Mining	0.9	%
	Newmont Mining Corp.
800,000	4.875%, due 3/15/42			800,049
	Vale Overseas Limited
88,000	4.375%, due 1/11/22			88,528
336,000	6.875%, due 11/21/36			368,827
				1,257,404
	Newspaper, Periodical, Book, and Directory Publishers	1.2	%
	21st Century Fox America, Inc.
1,460,000	6.20%, due 12/15/34			1,809,362
	Nondepository Credit Intermediation	0.9	%
	General Motors Financial Co., Inc.
800,000	4.20%, due 3/1/21			809,551
600,000	4.00%, due 1/15/25			577,234
				1,386,785
	Oil and Gas	5.4	%
	Anadarko Petroleum Corp.
900,000	6.45%, due 9/15/36			1,014,106
	Enterprise Products Operating LLC
1,850,000	4.85%, due 8/15/42			1,894,453
	Hess Corp.
800,000	5.60%, due 2/15/41			778,526
	Kinder Morgan Energy Partners
1,270,000	5.80%, due 3/15/35			1,353,940
700,000	5.55%, due 6/1/45			735,595
	Pemex Master Trust
1,150,000	6.625%, due 6/15/35			1,046,500
	Pioneer Natural Resource Co.
400,000	3.95%, due 7/15/22			406,008
	Valero Energy Corp.
655,000	6.625%, due 6/15/37			776,349
				8,005,477
	Oil and Gas Extraction	0.5	%
	Canadian Natural Resources Ltd.
700,000	4.95%, due 6/1/47			729,820
	Oil and Gas Services and Equipment	0.7	%
	Halliburton Co.
1,000,000	3.80%, due 11/15/25			1,005,739
	Paper	1.2	%
	International Paper Co.
700,000	6.00%, due 11/15/41			752,274
	Weyerhaeuser Co.
800,000	7.375%, due 3/15/32			1,010,279
				1,762,553
	Pharmaceuticals	2.5	%
	AbbVie, Inc.
500,000	2.30%, due 5/14/21			491,554
800,000	4.40%, due 11/6/42			711,991
	Mylan N.V.
1,000,000	3.15%, due 6/15/21			989,395
	Shire Acquisitions Investments Ireland DAC
1,500,000	2.875%, due 9/23/23			1,449,002
				3,641,942
	Pipeline Transportation of Crude Oil	0.7	%
	Magellan Midstream Partners LP
500,000	3.20%, due 3/15/25			476,338
	Sunoco Logistics Partners
500,000	4.25%, due 4/1/24			507,266
				983,604
	Pipeline Transportation of Natural Gas	0.9	%
	Williams Partners L.P.
800,000	3.90%, due 1/15/25			802,693
500,000	5.10%, due 9/15/45			495,873
				1,298,566

	Pipelines	3.1	%
	El Paso Electric Co.
850,000	6.00%, due 5/15/35			959,635
	Enbridge Energy Partners, L.P.
590,000	5.20%, due 3/15/20			603,123

	Energy Transfer Partners L.P.
700,000	5.20%, due 2/1/22	730,120
1,000,000	7.60%, due 2/1/24	1,137,755

	Oneok Partners L.P.
1,200,000	3.375%, due 10/1/22			1,202,059
				4,632,692
	Property & Casualty Insurance	1.3	%
	The Hanover Insurance Group, Inc.
1,400,000	4.50%, due 4/15/26			1,401,561

	Mercury General Corp.
500,000	4.40%, due 3/15/27			488,579
				1,890,140
	Railroad	1.0	%
	Canadian Pacific Railway Co.
700,000	2.90%, due 2/1/25			678,176
	Norfolk Southern Corp.
700,000	3.85%, due 1/15/24			716,335
				1,394,511
	Real Estate	2.8	%
	American Homes 4 Rent LP
1,000,000	4.25%, due 2/15/28			973,933
	Columbia Property Trust Operating Partnership, L.P.
1,000,000	3.65%, due 8/15/26			940,846
	Crown Castle International Corp.
500,000	3.65%, due 9/1/27			480,782
	Essex Portfolio, L.P.
1,000,000	3.375%, due 4/15/26			968,494
	STORE Capital Corp.
810,000	4.50%, due 3/15/28			797,639
				4,161,694
	Real Estate Investment Trusts	1.1	%
	Health Care REIT, Inc.
1,050,000	5.25%, due 1/15/22			1,099,281
	Ventas Realty LP
500,000	3.75%, due 5/1/24			502,665
				1,601,946
	Refining & Marketing	0.3	%
	Marathon Petroleum Corp.
500,000	3.625%, due 9/15/24			495,265
	Restaurants	0.4	%
	McDonald's Corp.
550,000	4.875%, due 12/9/45			567,944
	Retail	1.1	%
	Macy's Retail Holdings, Inc.
800,000	2.875%, due 2/15/23			745,483
	Walgreens Boots Alliance
1,000,000	4.80%, due 11/18/44			935,398
				1,680,881
	Retail - Consumer Discretionary	0.1	%
	AutoNation, Inc.
200,000	3.50%, due 11/15/24			187,726
	Scientific Instruments	0.6	%
	Thermo Fisher Scientific, Inc.
900,000	3.60%, due 8/15/21			910,374
	Software	0.9	%
	Fiserv, Inc.
700,000	3.50%, due 10/1/22			703,095
600,000	3.85%, due 6/1/25			602,855
				1,305,950
	Software & Services	0.6	%
	Equifax, Inc.
200,000	2.30%, due 6/1/21			194,468
	Hewlett Packard Enterprise Co.
700,000	4.90%, due 10/15/25 (b)			729,384
				923,852
	Telecommunications	2.8	%
	American Tower Corp.
1,350,000	5.05%, due 9/1/20			1,387,542
	British Telecommunications PLC
855,000	9.625%, due 12/15/30 (d)			1,195,268
	Deutsche Telekom International Finance
345,000	8.75%, due 6/15/30 (e)			462,887

	France Telecom SA
575,000	5.375%, due 1/13/42	624,141
	Grupo Televisa SAB
400,000	6.625%, due 3/18/25	444,017
		4,113,855

	Tobacco	0.8	%
	BAT Capital Corp.
600,000	4.54%, due 8/15/47			485,262
	Reynolds American, Inc.
600,000	4.45%, due 6/12/25			605,978
				1,091,240
	Transportation	1.1	%
	CSX Corp.
1,390,000	6.22%, due 4/30/40			1,660,414

	Transportation and Logistics	1.0	%
	FedEx Corp.
1,000,000	4.00%, due 1/15/24			1,030,130
	Kirby Corp.
450,000	4.20%, due 3/1/28			440,909
				1,471,039

	Travel & Lodging	0.4	%
	Marriott International, Inc.
600,000	3.75%, due 3/15/25				595,856
	Utilities	1.0	%
	PSEG Power LLC
500,000	4.30%, due 11/15/23				509,566
	Southern Co.
1,000,000	3.25%, due 7/1/26				954,433
					1,463,999
	Utilities - Gas	0.5	%
	National Fuel Gas Co.
680,000	4.90%, due 12/1/21				695,180
	Waste and Environment Services and Equipment	0.5	%
	Waste Management, Inc.
700,000	3.125%, due 3/1/25				691,995
	Wireless Telecommunications Services	6.2	%
	AT&T, Inc.
745,000	4.10%, due 2/15/28				734,904
1,200,000	4.50%, due 5/15/35				1,132,140
700,000	6.00%, due 8/15/40				753,582
1,400,000	4.80%, due 6/15/44				1,316,305
	Verizon Communications, Inc.
986,715	4.016%, due 12/3/29				987,365
2,700,000	4.522%, due 9/15/48				2,644,209
	Vodafone Group PLC
1,600,000	2.95%, due 2/19/23				1,566,416
					9,134,921
	Total Corporate Bonds (cost $133,451,018)				133,218,412

	SOVERIGN BONDS	7.4	%
	Republic of Colombia
1,000,000	7.375%, due 3/18/19				1,002,010
600,000	3.875%, due 4/25/27				592,056
890,000	7.375%, due 9/18/37				1,121,186
	Republic of Italy
1,050,000	6.875%, due 9/27/23				1,151,063
	Republic of Panama
200,000	5.20%, due 1/30/20				203,977
750,000	6.70%, due 1/26/36				954,375
	Republic of Peru
1,050,000	6.55%, due 3/14/37				1,371,300
	Republic of Philippines
1,625,000	5.00%, due 1/13/37				1,881,131
	Republic of Uruguay
209,742	8.00%, due 11/18/22				237,323
	United Mexican States
2,490,000	4.75%, due 3/8/44				2,366,770
					10,881,191
	Total Sovereign Bonds (cost $11,132,539)				10,881,191

	SHORT-TERM INVESTMENTS	1.2	%
1,817,236	Fidelity Institutional Money Market Government Portfolio - Class I, 2.29% (a)				1,817,236
	Total Short-Term Investments (cost $1,817,236)				1,817,236

	Total Investments (cost $146,400,793)	99.0	%		145,916,839
	Other Assets less Liabilities	1.0	%		1,404,565
	TOTAL NET ASSETS	100.0	%	$	147,321,404

(a)		Rate shown is the 7-day annualized yield as of February 28, 2019.
(b)		Step-up bond; pays one interest rate for a certain period and a higher rate thereafter. The interest rate shown is the rate in effect as of February 28, 2019, and remains in effect until the bond's maturity date.

(c)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of February 28, 2019, the value of these investments was $955,727 or 0.65% of total net assets.
(d)		Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter. Coupon rate increases by 25 basis points for each rating downgrade of one notch below A-/A3 made by Standard & Poor's or Moody's Investors Service, Inc. Coupon rate decreases by 25 basis points for each upgrade. The minimum coupon rate is 8.625%.

(e)		Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter. Coupon rate increases by 50 basis points if both Standard & Poor's and Moody's ratings are downgraded to less than an A rating. If the rating is then raised to higher than BBB, the coupon rate decreases by 50 basis points.
(f)		Coupon rate shown is the rate in effect as of February 28, 2019, and remains in effect until March 2037, after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.056%, if not called, until final maturity date.
(g)		Coupon rate shown is the rate in effect as of February 28, 2019, and remains in effect until December 2031, after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.205%, if not called, until final maturity date.
		Basis point = 1/100th of a percent.

Country Allocation
Country		% of Net Assets
United States		76.8%
United Kingdom		4.2%
Mexico		3.3%
Ireland		3.0%
Colombia		2.5%
Canada		1.3%
Philippines		1.3%
Netherlands		1.0%
Peru		0.9%
France		0.9%
Panama		0.8%
Italy		0.8%
Luxembourg		0.7%
Germany		0.6%
Japan		0.5%
Switzerland		0.5%
Spain		0.4%
Brazil		0.3%
Uruguay		0.2%
		100.0%

PIA HIGH YIELD FUND

Schedule of Investments - February 28, 2019 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	103.3	%
		Advertising and Marketing	0.4	%
		Lamar Media Corp.
$	250,000	5.75%, due 2/1/26 (b)			$	262,500
		Aerospace/Defense	2.1	%
		TransDigm, Inc.
	652,000	6.25%, due 3/15/26 (b)				668,300
		Triumph Group, Inc.
	660,000	7.75%, due 8/15/25				628,650
						1,296,950
		Biotechnology	1.0	%
		Sotera Health Topco, Inc.
	600,000	8.125% Cash or 8.875% PIK, due 11/1/21 (b) (e)				592,500
		Building Materials	1.0	%
		U.S. Concrete, Inc.
	650,000	6.375%, due 6/1/24				643,500
		Casinos and Gaming	0.8	%
		Scientific Games International, Inc.
	500,000	5.00%, due 10/15/25 (b)				485,625
		Chemical and Allied Products Merchant Wholesalers	1.1	%
		Univar USA, Inc.
	650,000	6.75%, due 7/15/23 (b)				671,125
		Chemicals	8.3	%
		Consolidated Energy Finance SA
	410,000	6.875%, due 6/15/25 (b)				401,800
	200,000	6.50%, due 5/15/26 (b)				190,500
		CSTN Merger Sub, Inc.
	730,000	6.75%, due 8/15/24 (b)				693,500
		Kissner Milling Company Ltd.
	610,000	8.375%, due 12/1/22 (b)				638,975
		Koppers, Inc.
	800,000	6.00%, due 2/15/25 (b)				704,000
		LSB Industries, Inc.
	650,000	9.625%, due 5/1/23 (b)				682,500
		OCI NV
	625,000	6.625%, due 4/15/23 (b)				649,219
		Starfruit Finco BV / Starfruit US Holdco LLC
	500,000	8.00%, due 10/1/26 (b)				497,500
		TPC Group, Inc.
	675,000	8.75%, due 12/15/20 (b)				664,875
						5,122,869
		Communications Equipment	1.0	%
		CommScope Technologies LLC
	500,000	6.00%, due 6/15/25 (b)				473,750
		Plantronics, Inc.
	170,000	5.50%, due 5/31/23 (b)				169,787
						643,537
		Construction Machinery	0.8	%
		Jurassic Holdings III
	525,000	6.875%, due 2/15/21 (b)				492,445
		Construction Materials Manufacturing	1.7	%
		Boise Cascade Co.
	760,000	5.625%, due 9/1/24 (b)				748,600
		Northwest Hardwoods, Inc.
	400,000	7.50%, due 8/1/21 (b)				294,000
						1,042,600
		Consumer Cyclical Services	1.1	%
		APX Group, Inc.
	660,000	8.75%, due 12/1/20				659,175
		Consumer Finance	0.9	%
		Cardtronics, Inc.
	575,000	5.50%, due 5/1/25 (b)				549,844
		Consumer Products	0.9	%
		Coty, Inc.
	600,000	6.50%, due 4/15/26 (b)				579,720
		Consumer Services	4.9	%
		AMN Healthcare, Inc.
	520,000	5.125%, due 10/1/24 (b)				514,800
		Carriage Services, Inc.
	400,000	6.625%, due 6/1/26 (b)				410,000
		Cimpress NV
	650,000	7.00%, due 6/15/26 (b)				624,000
		LSC Communications, Inc.
	500,000	8.75%, due 10/15/23 (b)				535,625
		Quad Graphics, Inc.
	500,000	7.00%, due 5/1/22				501,500
		Stonemor Partners LP
	500,000	7.875%, due 6/1/21				452,500
						3,038,425
		Containers and Packaging	5.4	%
		ARD Finance S.A.
	450,000	7.125% Cash or 7.875% PIK, due 9/15/23 (e)				453,375
		BWAY Holding Co.
	620,000	5.50%, due 4/15/24 (b)				612,064
		Greif, Inc.
	500,000	6.50%, due 3/1/27 (b)				510,690
		Pactiv LLC
	500,000	8.375%, due 4/15/27				498,750
		Plastipak Holdings, Inc.
	680,000	6.25%, due 10/15/25 (b)				625,600
		W/S Packaging Holdings, Inc.
	600,000	9.00%, due 4/15/23 (b)				618,000
						3,318,479
		Distributors	1.1	%
		Ferrellgas Partners LP
	775,000	6.50%, due 5/1/21				697,500
		Diversified Manufacturing	0.9	%
		Griffon Corp.
	550,000	5.25%, due 3/1/22				545,187
		Electrical Equipment Manufacturing	0.9	%
		Itron, Inc.
	560,000	5.00%, due 1/15/26 (b)				546,000
		Financial Services	0.8	%
		Trident Merger Sub, Inc.
	500,000	6.625%, due 11/1/25 (b)				473,750
		Food and Beverage	5.5	%
		Clearwater Seafoods, Inc.
	730,000	6.875%, due 5/1/25 (b)				712,662
		Dean Foods Co.
	600,000	6.50%, due 3/15/23 (b)				453,750
		Matterhorn Merger Sub LLC / Matterhorn Finance Sub, Inc.
	650,000	8.50%, due 6/1/26 (b)				575,250
		Pilgrim's Pride Corp.
	600,000	5.75%, due 3/15/25 (b)				601,500
		Sigma Holdco BV
	600,000	7.875%, due 5/15/26 (b)				553,500
		Simmons Foods, Inc.
	500,000	7.75%, due 1/15/24 (b)				525,000
						3,421,662
		Forest and Paper Products Manufacturing	0.9	%
		Schweitzer-Mauduit International, Inc.
	550,000	6.875%, due 10/1/26 (b)				541,750
		Hardware	1.2	%
		Everi Payments Inc.
	732,000	7.50%, due 12/15/25 (b)				733,830
		Health Care Facilities and Services	0.8	%
		Hadrian Merger Sub, Inc.
	550,000	8.50%, due 5/1/26 (b)				506,000
		Home Improvement	2.5	%
		Apex Tool Group LLC/BC Mountain Finance, Inc.
	600,000	9.00%, due 2/15/23 (b)				558,000
		Jeld-Wen, Inc.
	500,000	4.875%, due 12/15/27 (b)				464,375
		ServiceMaster Co. LLC
	500,000	7.45%, due 8/15/27				520,000
						1,542,375
		Homebuilders	0.7	%
		Williams Scotsman International, Inc.
	421,000	6.875%, due 8/15/23 (b)				414,685
		Industrial - Other	4.0	%
		Brand Energy & Infrastructure Services, Inc.
	750,000	8.50%, due 7/15/25 (b)				680,625
		Cleaver-Brooks, Inc.
	675,000	7.875%, due 3/1/23 (b)				661,500
		New Enterprise Stone & Lime Co., Inc.
	600,000	6.25%, due 3/15/26 (b)				582,000
		United Rentals North America, Inc.
	550,000	6.50%, due 12/15/26				575,438
						2,499,563
		Machinery Manufacturing	4.2	%
		Colfax Corp.
	250,000	6.00%, due 2/15/24 (b)				258,437
		JPW Industries Holding Corp.
	590,000	9.00%, due 10/1/24 (b)				587,050
		MAI Holdings, Inc.
	600,000	9.50%, due 6/1/23 (b)				567,000
		RBS Global, Inc./ Rexnord LLC
	100,000	4.875%, due 12/15/25 (b)				98,500
		Titan Acquisition Ltd. / Titan Co-Borrower LLC
	600,000	7.75%, due 4/15/26 (b)				526,500
		Titan International, Inc.
	600,000	6.50%, due 11/30/23				562,500
						2,599,987
		Manufactured Goods	4.3	%
		FXI Holdings, Inc.
	645,000	7.875%, due 11/1/24 (b)				619,200
		Grinding Media Inc./ MC Grinding Media Canada, Inc.
	700,000	7.375%, due 12/15/23 (b)				704,375
		Mueller Industries, Inc.
	491,000	6.00%, due 3/1/27				482,407
		Optimas OE Solutions, Inc.
	217,000	8.625%, due 6/1/21 (b)				198,555
		Park-Ohio Industries, Inc.
	660,000	6.625%, due 4/15/27				651,750
						2,656,287
		Media Non-Cable	0.9	%
		R.R. Donnelley & Sons Co.
	550,000	6.50%, due 11/15/23				558,250
		Medical Equipment and Supplies Manufacturing	1.0	%
		Vista Outdoor, Inc.
	650,000	5.875%, due 10/1/23				614,250
		Metals and Mining	4.2	%
		American Gilsonite Co.
	387,563	17.000% Cash or 17.000% PIK, due 12/31/21 (b) (e)				375,936
		Emeco Pty Ltd.
	560,006	9.25%, due 3/31/22				592,206
		Rain CII Carbon LLC/CII Carbon Corp.
	650,000	7.25%, due 4/1/25 (b)				565,500
		SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
	500,000	7.50%, due 6/15/25 (b)				510,000
		TMS International Corp.
	580,000	7.25%, due 8/15/25 (b)				555,350
						2,598,992
		Oil and Gas Extraction	0.7	%
		Welltec A/S
	450,000	9.50%, due 12/1/22 (b)				425,430
		Oil and Gas Services and Equipment	2.6	%
		Archrock Partners LP
	800,000	6.00%, due 4/1/21				800,000
		USA Compression Partners LP/USA Compression Finance Corp.
	515,000	6.875%, due 4/1/26				526,588
	250,000	6.875%, due 9/1/27 (b)				255,313
						1,581,901
		Paper	3.5	%
		Clearwater Paper Corp.
	520,000	4.50%, due 2/1/23				496,600
		Mercer International, Inc.
	190,000	6.50%, due 2/1/24				194,750
	560,000	5.50%, due 1/15/26				537,600
		NWH Escrow Corp.
	400,000	7.50%, due 8/1/21 (b)				290,000
		Rayonier A.M. Products, Inc.
	700,000	5.50%, due 6/1/24 (b)				649,250
						2,168,200
		Pipelines	2.9	%
		Rose Rock Midstream, L.P.
	650,000	5.625%, due 7/15/22				636,187
		Summit Midstream Holdings, LLC
	700,000	5.50%, due 8/15/22				696,500
		TransMontaigne Partners LP/TLP Finance Corp.
	500,000	6.125%, due 2/15/26				463,750
						1,796,437
		Publishing and Broadcasting	3.3	%
		Clear Channel Worldwide Holdings, Inc.
	550,000	9.25%, due 2/15/24 (b)				578,187
		Salem Media Group, Inc.
	480,000	6.75%, due 6/1/24 (b)				444,000
		Townsquare Media, Inc.
	600,000	6.50%, due 4/1/23 (b)				555,750
		Urban One, Inc.
	500,000	7.375%, due 4/15/22 (b)				481,250
						2,059,187
		Railroad	0.8	%
		Watco Companies, Inc.
	500,000	6.375%, due 4/1/23 (b)				503,750
		Real Estate	1.4	%
		GEO Group, Inc.
	500,000	5.125%, due 4/1/23				476,875
		Iron Mountain, Inc.
	430,000	4.875%, due 9/15/27 (b)				409,037
						885,912
		Refining and Marketing	1.8	%
		Calumet Specialty Products Partners LP / Calumet Finance Corp.
	600,000	7.75%, due 4/15/23				520,500
		Sunoco LP/Sunoco Finance Corp.
	600,000	5.50%, due 2/15/26				597,480
						1,117,980
		Retail - Consumer Discretionary	2.6	%
		Hertz Corp.
	600,000	5.875%, due 10/15/20				600,000
		Hillman Company, Inc.
	600,000	6.375%, due 7/15/22 (b)				519,000
		Party City Holdings, Inc.
	500,000	6.625%, due 8/1/26 (b)				492,500
						1,611,500
		Software and Services	6.2	%
		Ascend Learning LLC
	490,000	6.875%, due 8/1/25 (b)				479,588
	250,000	6.875%, due 8/1/25 (b)				245,938
		Donnelley Financial Solutions, Inc.
	400,000	8.25%, due 10/15/24				399,500
		Exela Intermediate LLC/Exela Finance, Inc.
	500,000	10.00%, due 7/15/23 (b)				511,875
		Informatica LLC
	670,000	7.125%, due 7/15/23 (b)				681,805
		Refinitiv U.S. Holdings, Inc.
	500,000	8.25%, due 11/15/26 (b)				490,469
		RP Crown Parent, LLC
	535,000	7.375%, due 10/15/24 (b)				549,713
		Sophia, L.P.
	450,000	9.00%, due 9/30/23 (b)				466,875
						3,825,763
		Transportation and Logistics	2.7	%
		J.B. Poindexter & Co., Inc.
	600,000	7.125%, due 4/15/26 (b)				592,500
		Martin Midstream Partners L.P.
	650,000	7.25%, due 2/15/21				636,188
		Mobile Mini, Inc.
	400,000	5.875%, due 7/1/24				406,000
						1,634,688
		Transportation Services	2.3	%
		LBC Tank Terminals Holding
	1,000,000	6.875%, due 5/15/23 (b)				951,250
		OPE KAG Finance Sub, Inc.
	500,000	7.875%, due 7/31/23 (b)				489,065
						1,440,315
		Utilities	2.5	%
		Amerigas Partners LP
	500,000	5.50%, due 5/20/25				497,500
		Rockpoint Gas Storage Canada Ltd.
	500,000	7.00%, due 3/31/23 (b)				491,875
		Superior Plus LP / Superior General Partner, Inc.
	550,000	7.00%, due 7/15/26 (b)				552,750
						1,542,125
		Waste and Environment Services and Equipment	2.5	%
		CD&R Waterworks Merger Sub LLC
	520,000	6.125%, due 8/15/25 (b)				503,100
		GFL Environmental, Inc.
	600,000	5.375%, due 3/1/23 (b)				568,125
		Waste Pro USA, Inc.
	480,000	5.50%, due 2/15/26 (b)				468,000
						1,539,225
		Wireline Telecommunications Services	2.2	%
		Consolidated Communications, Inc.
	500,000	6.50%, due 10/1/22				468,750
		HC2 Holdings, Inc.
	500,000	11.50%, due 12/1/21 (b)				446,250
		West Corp.
	500,000	8.50%, due 10/15/25 (b)				416,250
						1,331,250
		Total Corporate Bonds (cost $65,528,530)				63,813,025

		RIGHTS	0.0	%
		Momentive Performance Escrow
	1	8.875%, due 10/15/20 (c) (d)				-

		SHORT-TERM INVESTMENTS	3.1	%
	1,899,637	Invesco STIT-Government & Agency Portfolio, 2.30% (a)				1,899,637
		Total Short-Term Investments (cost $1,899,637)				1,899,637

		Total Investments (cost $67,428,167)	106.4	%		65,712,662
		Liabilities less Other Assets	(6.4	)%		(3,929,374	)
		TOTAL NET ASSETS	100.0	%	$	61,783,288

(a)		Rate shown is the 7-day annualized yield as of February 28, 2019.
(b)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of February 28, 2019, the value of these investments was $45,221,319 or 73.19% of total net assets.
(c)		Restricted security. The escrow shares were received through a distribution on October 29, 2014 for the purpose of receiving future distributions from the plan of reorganization. As of February 28, 2019, the security had a cost and value of $0 (0.0% of total net assets).
(d)		Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees. Value determined using significant unobservable inputs.
(e)		Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

PIA MBS BOND FUND
Schedule of Investments - February 28, 2019 (Unaudited)

Principal
Amount/Shares					Value
		MORTGAGE BACKED SECURITIES	97.5	%
		Commercial Mortgage-Backed Securities	1.3	%
		Aventura Mall Trust
$	800,000	3.743%, due 12/5/32, Series 2013-AVM, Class A (a) (c)			$	812,560
		U.S. Government Securities	96.2	%
		FHLMC Pool
	222,883	4.00%, due 3/1/26, #J14785				229,250
	467,886	3.00%, due 11/1/26, #G18409				469,404
	266,148	3.00%, due 6/1/27, #G14497				267,012
	748,461	2.50%, due 12/1/31, #G18622				735,019
	113,995	4.50%, due 10/1/35, #A37869				119,683
	235,680	6.50%, due 9/1/36, #A54908				269,547
	127,236	6.00%, due 6/1/37, #A62176				137,225
	114,689	6.00%, due 6/1/37, #A62444				123,692
	269	7.00%, due 9/1/37, #A66041				270
	154,574	5.00%, due 10/1/38, #G04832				165,389
	95,953	5.00%, due 2/1/39, #G05507				102,676
	77,533	4.50%, due 11/1/39, #G05748				81,587
	77,347	4.50%, due 12/1/39, #A90175				81,394
	336,887	4.50%, due 5/1/40, #G06047				354,532
	106,842	4.50%, due 8/1/40, #A93505				112,438
	255,928	3.50%, due 1/1/41, #A96409				258,391
	116,928	4.50%, due 1/1/41, #A96176				123,051
	453,172	3.50%, due 2/1/42, #Q05996				457,533
	370,290	3.50%, due 4/1/42, #Q07654				373,854
	698,671	3.50%, due 5/1/42, #G08491				705,395
	539,248	3.50%, due 6/1/42, #C09000				544,438
	344,714	3.50%, due 6/1/42, #Q08641				348,032
	374,731	3.50%, due 8/1/42, #Q10324				378,338
	424,354	3.50%, due 6/1/43, #V80161				428,132
	442,976	3.00%, due 8/1/43, #G08540				435,765
	254,577	3.00%, due 8/1/43, #Q20559				250,433
	142,710	3.50%, due 8/1/43, #Q21435				143,903
	472,331	3.50%, due 2/1/44, #Q24712				476,279
	1,218,541	4.00%, due 8/1/44, #G08601				1,248,509
	985,688	3.00%, due 3/1/45, #G08631				967,965
	1,370,709	3.00%, due 5/1/45, #G08640				1,345,426
	729,638	3.00%, due 5/1/45, #Q33337				715,953
	492,105	3.50%, due 11/1/45, #G08676				494,863
	211,297	3.00%, due 12/1/46, #Q44655				207,006
	1,039,944	3.00%, due 1/1/47, #G08741				1,018,833
	542,041	3.00%, due 1/1/47, #Q45636				531,030
	174,715	3.00%, due 2/1/47, #G08747				171,157
	595,572	4.50%, due 3/1/47, #G08754				617,961
	100,073	4.50%, due 3/1/47, #V83115				103,832
	227,757	4.50%, due 4/1/47, #G08759				236,313
	456,482	4.50%, due 11/1/47, #G61280				473,577
	294,481	3.50%, due 2/1/48, #V83957				295,056
	96,797	4.00%, due 3/1/48, #G08805				98,968
	482,261	3.50%, due 4/1/48, #Q55213				483,202
	563,332	4.50%, due 5/1/48, #G08820				584,342
	158,900	4.00%, due 6/1/48, #G08817				162,377
	380,640	4.50%, due 6/1/48, #V84282				394,847
	789,393	4.00%, due 8/1/48, #Q58106				807,889
	684,523	3.50%, due 9/1/48, #G08835				685,859
		FNMA Pool
	264,878	3.00%, due 8/1/21, #AL0579				264,637
	110,313	5.50%, due 7/1/22, #905040				112,440
	398,386	4.50%, due 7/1/23, #254846				412,687
	116,518	4.00%, due 12/1/25, #AH6058				119,624
	129,031	4.00%, due 1/1/26, #AH3925				132,496
	266,747	4.00%, due 5/1/26, #AH8174				273,927
	411,909	3.00%, due 9/1/27, #AQ0333				413,109
	291,995	2.50%, due 4/1/31, #BC4938				286,897
	786,506	2.50%, due 10/1/31, #BC9305				772,152
	808,517	2.50%, due 11/1/31, #BD9466				794,378
	447,963	3.00%, due 12/1/32, #MA3218				447,554
	420,778	3.50%, due 5/1/33, #BK5720				427,867
	424,522	3.50%, due 5/1/33, #BK5745				431,674
	458,489	3.50%, due 5/1/33, #MA3364				466,212
	54,542	3.50%, due 6/1/33, #BK5999				55,460
	118,093	5.00%, due 5/1/36, #745515				126,236
	128,487	6.00%, due 6/1/37, #888413				139,957
	389	5.00%, due 1/1/39, #AA0862				411
	619,131	4.00%, due 12/1/39, #AE0215				637,045
	174,595	5.00%, due 5/1/40, #AD6374				187,037
	111,253	4.00%, due 10/1/40, #AE6057				114,492
	215,142	4.00%, due 12/1/40, #MA0583				221,405
	108,942	4.00%, due 11/1/41, #AJ4668				112,114
	201,756	4.00%, due 11/1/41, #AJ5643				207,631
	149,830	4.00%, due 4/1/42, #MA1028				154,183
	1,014,220	3.50%, due 7/1/43, #AB9774				1,022,970
	1,128,797	3.00%, due 8/1/43, #AU3363				1,109,573
	284,382	4.00%, due 6/1/44, #AW4979				291,840
	455,816	4.00%, due 9/1/44, #AS3392				467,301
	387,951	4.00%, due 11/1/44, #AS3903				397,486
	324,839	4.00%, due 11/1/44, #AS3906				332,889
	368,336	3.00%, due 4/1/45, #AS4774				361,036
	589,452	3.50%, due 4/1/45, #AY3376				592,380
	194,055	3.00%, due 5/1/45, #AY6042				190,240
	1,441,468	3.00%, due 6/1/45, #AZ0504				1,413,647
	278,441	3.00%, due 6/1/45, #AZ0171				272,880
	661,021	3.00%, due 6/1/45, #AZ2754				647,819
	639,841	3.50%, due 8/1/45, #AS5699				643,020
	312,661	3.50%, due 9/1/45, #AS5722				314,214
	882,113	3.00%, due 10/1/45, #AZ6877				863,264
	1,547,123	3.50%, due 12/1/45, #BA2275				1,554,810
	1,143,330	3.50%, due 12/1/45, #MA2471				1,149,011
	715,335	3.50%, due 3/1/46, #MA2549				718,814
	1,447,997	3.00%, due 7/1/46, #MA2670				1,417,051
	837,127	3.00%, due 9/1/46, #AS7904				819,236
	82,667	4.00%, due 2/1/47, #BE7985				84,600
	263,740	3.00%, due 4/1/47, #AS9448				258,096
	350,281	4.00%, due 4/1/47, #MA2960				358,473
	441,507	3.00%, due 5/1/47, #AS9562				432,036
	515,586	4.00%, due 5/1/47, #AS9487				527,623
	452,098	3.50%, due 8/1/47, #MA3087				453,038
	856,564	3.50%, due 9/1/47, #MA3120				858,170
	589,362	4.50%, due 11/1/47, #BJ1795				611,481
	1,436,115	3.50%, due 3/1/48, #MA3305				1,438,854
	228,390	4.50%, due 4/1/48, #MA3334				236,679
	1,074,353	4.50%, due 5/1/48, #BM4135				1,113,047
	961,454	4.00%, due 6/1/48, #MA3384				981,203
	1,249,995	4.00%, due 7/1/48, #MA3415				1,275,671
		GNMA Pool
	137,784	4.50%, due 5/15/39, #717066				144,261
	196,627	5.50%, due 6/15/39, #714720				214,072
	204,858	4.50%, due 7/15/39, #720160				214,502
	496,947	5.00%, due 9/15/39, #726311				532,452
	567,225	4.00%, due 6/15/45, #AM8608				583,198
	333,158	4.00%, due 2/15/46, #AR3772				345,981
	47,175	4.00%, due 5/15/46, #AT7406				48,500
	443,096	4.00%, due 10/15/46, #AQ0545				456,351
	355,860	4.00%, due 12/15/46, #AQ0562				366,506
	18,408	4.00%, due 12/15/46, #AQ0563				18,929
	1,020,352	3.00%, due 5/15/47, #AW1730				1,010,438
	197,407	3.00%, due 5/15/47, #AZ5535				195,489
	461,149	3.00%, due 8/15/47, #AZ5554				456,668
	1,328,392	3.50%, due 11/15/47, #BD4824				1,341,663
	1,008,255	4.00%, due 11/15/47, #BB3817				1,036,713
						57,303,427
		Total Mortgage Backed Securities (cost $58,203,241)				58,115,987

		SHORT-TERM INVESTMENTS	2.1	%
		Money Market Fund	0.4	%
	227,257	Fidelity Institutional Money Market Government Portfolio - Class I, 2.29% (b)				227,257
		U.S. Treasury Bills	1.7	%
		United States Treasury Bill
	1,000,000	2.347%, due 3/12/19 (d)				999,283
		Total Short-Term Investments (cost $1,226,530)				1,226,540

		Total Investments (cost $59,429,771)	99.6	%		59,342,527
		Other Assets less Liabilities	0.4	%		251,843
		TOTAL NET ASSETS	100.0	%	$	59,594,370

(a)		Variable rate security. The coupon is based on an underlying pool of loans. Rate shown reflects the rate in effect as of February 28, 2019.
(b)		Rate shown is the 7-day annualized yield as of February 28, 2019.
(c)		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of February 28, 2019, the value of these investments was $812,560 or 1.36% of total net assets.
(d)		Rate shown is the discount rate at February 28, 2019.
		FHLMC - Federal Home Loan Mortgage Corporation
		FNMA - Federal National Mortgage Association
		GNMA - Government National Mortgage Association

PIA SHORT-TERM SECURITIES FUND

Schedule of Investments - February 28, 2019 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	54.4	%
		Aerospace and Defense	1.3	%
		General Dynamics Corp.
$	950,000	3.077% (3 Month LIBOR USD + 0.380%), due 5/11/21 (e)			$	952,940
		Rockwell Collins, Inc.
	500,000	1.95%, due 7/15/19				498,374
		United Technologies Corp.
	500,000	3.333% (3 Month LIBOR USD + 0.650%), due 8/16/21 (e)				500,136
						1,951,450
		Automobiles Manufacturing	1.6	%
		American Honda Finance Corp.
	1,000,000	2.00%, due 2/14/20				993,107
		BMW US Capitals, LLC
	1,000,000	3.063% (3 Month LIBOR USD + 0.370%), due 8/14/20 (a) (e)				998,913
		Harley-Davidson Financial Services, Inc.
	500,000	3.141% (3 Month LIBOR USD + 0.500%), due 5/21/20 (a) (e)				500,249
						2,492,269
		Autos	1.3	%
		Ford Motor Credit Co., LLC
	1,000,000	2.021%, due 5/3/19				998,500
		General Motors Financial Co., Inc.
	1,000,000	2.35%, due 10/4/19				996,220
						1,994,720
		Banks	12.4	%
		Bank of Montreal
	500,000	2.10%, due 12/12/19				497,632
	1,000,000	3.257% (3 Month LIBOR USD + 0.460%), due 4/13/21 (e)				1,002,699
		Bank of Nova Scotia
	500,000	2.15%, due 7/14/20				495,780
	1,000,000	2.50%, due 1/8/21				993,326
		BB&T Corp.
	2,000,000	3.358% (3 Month LIBOR USD + 0.570%), due 6/15/20 (e)				2,005,745
		Citigroup, Inc.
	2,000,000	2.45%, due 1/10/20				1,992,180
		Citizens Bank, N.A.
	500,000	2.20%, due 5/26/20				495,001
		Goldman Sachs Bank USA/New York NY
	2,000,000	3.20%, due 6/5/20				2,008,771
		JPMorgan Chase Bank NA
	1,000,000	1.65%, due 9/23/19				994,064
		KeyBank NA
	1,000,000	2.35%, due 3/8/19				999,952
	500,000	3.30%, due 2/1/22				503,497
		PNC Bank NA
	500,000	2.00%, due 5/19/20				494,849
		Regions Bank Birmingham Alabama
	2,000,000	3.188% (3 Month LIBOR USD + 0.500%), due 8/13/21 (e)				1,983,997
		Royal Bank of Canada
	1,000,000	3.141% (3 Month LIBOR USD + 0.390%), due 4/30/21 (e)				1,001,214
		SunTrust Bank
	1,000,000	2.25%, due 1/31/20				994,254
		Toronto Dominion Bank
	2,000,000	3.051% (3 Month LIBOR USD + 0.280%), due 6/11/20 (e)				2,004,183
		Wells Fargo Bank NA
	1,000,000	2.85% (SOFR + 0.480%), due 3/25/20 (e)				999,837
						19,466,981
		Cable and Satellite	0.7	%
		Comcast Corp.
	1,000,000	3.127% (3 Month LIBOR USD + 0.330%), due 10/1/20 (e)				1,001,996
		Chemicals	2.0	%
		DowDuPont, Inc.
	500,000	3.394% (3 Month LIBOR USD + 0.710%), due 11/15/20 (e)				503,036
		PPG Industries, Inc.
	1,000,000	3.60%, due 11/15/20				1,009,094
		Sherwin-Williams Co.
	1,600,000	2.25%, due 5/15/20				1,584,690
						3,096,820
		Commercial Finance	1.6	%
		Aviation Capital Group LLC
	2,000,000	3.688% (3 Month LIBOR USD + 0.950%), due 6/1/21 (a) (e)				1,998,541
	500,000	3.421% (3 Month LIBOR USD + 0.670%), due 7/30/21 (a) (e)				496,662
						2,495,203
		Construction Materials Manufacturing	1.0	%
		Martin Marietta Materials, Inc.
	500,000	3.313% (3 Month LIBOR USD + 0.650%), due 5/22/20 (e)				500,261
		Vulcan Materials Co.
	1,000,000	3.388% (3 Month LIBOR USD + 0.600%), due 6/15/20 (e)				997,401
						1,497,662
		Consumer Finance	1.3	%
		American Express Co.
	1,000,000	3.208% (3 Month LIBOR USD + 0.525%), due 5/17/21 (e)				1,001,603
		American Express Credit Corp.
	1,000,000	1.70%, due 10/30/19				992,963
						1,994,566
		Consumer Products	0.3	%
		The Estee Lauder Companies Inc.
	500,000	1.80%, due 2/7/20				495,712
		Containers and Packaging	0.6	%
		Packaging Corp. of America
	1,000,000	2.45%, due 12/15/20				987,972
		Drugs and Druggists' Sundries Merchant Wholesalers	0.3	%
		Cardinal Health, Inc.
	500,000	1.948%, due 6/14/19				498,870
		Electrical Equipment Manufacturing	1.3	%
		Fortive Corp.
	116,000	1.80%, due 6/15/19				115,344
		Honeywell International, Inc.
	1,000,000	1.40%, due 10/30/19				993,080
		Tyco Electronics Group SA
	1,000,000	3.201% (3 Month LIBOR USD + 0.450%), due 6/5/20 (e)				999,571
						2,107,995
		Entertainment Content	0.7	%
		Fox Corp.
	1,000,000	3.666%, due 1/25/22 (a)				1,012,608
		Financial Services	1.6	%
		CBOE Global Markets, Inc.
	500,000	1.95%, due 6/28/19				498,834
		Charles Schwab Corp.
	1,000,000	2.961% (3 Month LIBOR USD + 0.320%), due 5/21/21 (e)				1,000,653
		TD Ameritrade Holding Corp.
	1,000,000	3.166% (3 Month LIBOR USD + 0.430%), due 11/1/21 (e)				1,000,277
						2,499,764
		Food	0.6	%
		Kroger Co.
	1,000,000	1.50%, due 9/30/19				992,472
		Food and Beverage	2.5	%
		Campbell Soup Co.
	500,000	3.418% (3 Month LIBOR USD + 0.630%), due 3/15/21 (e)				495,356
		Coca-Cola Co.
	1,000,000	1.375%, due 5/30/19				997,065
		General Mills, Inc.
	500,000	3.319% (3 Month LIBOR USD + 0.540%), due 4/16/21 (e)				497,325
		Kraft Heinz Foods Co.
	1,000,000	3.267% (3 Month LIBOR USD + 0.570%), due 2/10/21 (e)				992,129
		Tyson Foods, Inc.
	1,000,000	3.288% (3 Month LIBOR USD + 0.550%), due 6/2/20 (e)				998,697
						3,980,572
		Health and Personal Care Stores	0.3	%
		CVS Health Corp.
	500,000	3.487% (3 Month LIBOR USD + 0.720%), due 3/9/21 (e)				500,963
		Health Care Facilities and Services	1.3	%
		Express Scripts Holding Co.
	2,000,000	2.60%, due 11/30/20				1,981,927
		Machinery Manufacturing	0.6	%
		Ingersoll-Rand Global Holding Co. Ltd.
	1,000,000	2.90%, due 2/21/21				993,650
		Mass Merchants	0.6	%
		Walmart, Inc.
	1,000,000	3.054% (3 Month LIBOR USD + 0.230%), due 6/23/21 (e)				1,003,665
		Medical Equipment and Devices Manufacturing	1.0	%
		Medtronic Global Holdings SCA
	1,000,000	1.70%, due 3/28/19				999,425
		Stryker Corp.
	500,000	2.00%, due 3/8/19				499,962
						1,499,387
		Medical Equipment and Supplies Manufacturing	0.6	%
		Becton Dickinson and Co.
	1,000,000	3.678% (3 Month LIBOR USD + 0.875%), due 12/29/20 (e)				997,140
		Navigational, Measuring, Electromedical, and Control Instruments Manufacturing	0.8	%
		Northrop Grumman Corp.
	1,300,000	2.08%, due 10/15/20				1,282,783
		Nondepository Credit Intermediation	0.6	%
		Caterpillar Financial Services Corp.
	1,000,000	1.85%, due 9/4/20				985,667
		Oil and Gas Services and Equipment	0.3	%
		Schlumberger Finance Canada Ltd.
	500,000	2.20%, due 11/20/20 (a)				492,561
		Other Food Manufacturing	1.0	%
		Conagra Brands, Inc.
	1,000,000	3.297% (3 Month LIBOR USD + 0.500%), due 10/9/20 (e)				992,989
		J.M. Smucker Co.
	500,000	2.20%, due 12/6/19				497,257
						1,490,246
		Other Telecommunications	0.7	%
		AT&T, Inc.
	1,000,000	2.30%, due 3/11/19				999,947
		Pharmaceuticals	3.2	%
		Bayer US Finance II LLC
	1,000,000	3.452% (3 Month LIBOR USD + 0.630%), due 6/25/21 (a) (e)				993,055
		GlaxoSmithKline Capital Plc
	2,000,000	3.043% (3 Month LIBOR USD + 0.350%), due 5/14/21 (e)				2,000,093
		Johnson & Johnson
	1,000,000	1.95%, due 11/10/20				988,746
		Shire Acquisitions Investments Ireland DAC
	500,000	1.90%, due 9/23/19				496,543
		Teva Pharmaceutical Finance Netherlands III BV
	500,000	1.70%, due 7/19/19				498,224
						4,976,661
		Publishing & Broadcasting	0.7	%
		Discovery Communications LLC
	1,000,000	2.20%, due 9/20/19				995,246
		Railroad	0.3	%
		Union Pacific Corp.
	500,000	2.95%, due 3/1/22				500,362
		Refining and Marketing	0.3	%
		Phillips 66
	500,000	3.246% (3 Month LIBOR USD + 0.600%), due 2/26/21 (e)				499,731
		Restaurants	0.6	%
		Starbucks Corp.
	1,000,000	2.20%, due 11/22/20				989,145
		Retail - Consumer Discretionary	0.6	%
		Home Depot, Inc.
	1,000,000	1.80%, due 6/5/20				989,874
		Retail - Consumer Staples	0.9	%
		Sysco Corp.
	1,400,000	1.90%, due 4/1/19				1,399,127
		Semiconductor and Other Electronic Component Manufacturing	0.3	%
		Broadcom Corp. / Broadcom Cayman Finance Ltd.
	500,000	2.375%, due 1/15/20				496,639
		Semiconductors	0.6	%
		Intel Corp.
	1,000,000	1.85%, due 5/11/20				990,402
		Software and Services	0.6	%
		DXC Technology Co.
	500,000	2.875%, due 3/27/20				498,188
		Equifax, Inc.
	500,000	3.554% (3 Month LIBOR USD + 0.870%), due 8/15/21 (e)				496,746
						994,934
		Supermarkets and Pharmacies	1.3	%
		Alimentation Couche-Tard, Inc.
	2,000,000	2.35%, due 12/13/19 (a)				1,989,807
		Transportation & Logistics	0.6	%
		PACCAR Financial Corp.
	500,000	1.20%, due 8/12/19				496,741
		United Parcel Service, Inc.
	500,000	2.05%, due 4/1/21				493,074
						989,815
		Travel & Lodging	0.3	%
		Royal Caribbean Cruises Ltd.
	500,000	2.65%, due 11/28/20				495,023
		Utilities	5.2	%
		Consolidated Edison Co. of New York, Inc.
	2,000,000	3.222% (3 Month LIBOR USD + 0.400%), due 6/25/21 (e)				1,996,330
		Dominion Resources, Inc.
	500,000	1.60%, due 8/15/19				497,104
		Duke Energy Florida LLC
	250,000	2.10%, due 12/15/19				249,307
		Edison International
	500,000	2.125%, due 4/15/20				490,165
		Eversource Energy
	1,900,000	2.50%, due 3/15/21				1,879,828
		Public Service Enterprise Group, Inc.
	2,000,000	1.60%, due 11/15/19				1,981,652
		Sempra Energy
	1,000,000	1.625%, due 10/7/19				991,445
						8,085,831
		Total Corporate Bonds (cost $85,512,510)				85,188,165

	ASSET-BACKED SECURITIES	0.9	%
	Other Asset-Backed Securities	0.9	%
	ACC Trust 2019-1
1,000,000	3.75%, due 5/20/22 (a)				1,003,452
	BlueVirgo Trust
480,943	3.00%, due 12/15/22, Series 15-1A (a) (c)				480,943
	Total Asset-Backed Securities (cost $1,478,752)				1,484,395

	MORTGAGE BACKED SECURITIES	2.1	%
	U.S. Government Agencies	2.1	%
	FHLMC ARM Pool (e)
738	4.622% (1 Year CMT Rate + 2.304%), due 2/1/22, #845113				747
5,263	3.999% (1 Year CMT Rate + 1.874%), due 10/1/22, #635206				5,330
1,267	4.611% (1 Year CMT Rate + 2.320%), due 6/1/23, #845755				1,275
94,508	4.703% (1 Year CMT Rate + 2.276%), due 1/1/25, #785726				97,282
8,456	4.658% (12 Month LIBOR USD + 1.783%), due 1/1/33, #1B066				8,619
193,099	4.739% (1 Year CMT Rate + 2.250%), due 10/1/34, #782784				203,466
21,666	4.677% (12 Month LIBOR USD + 1.677%), due 12/1/34, #1G0018				22,384
38,513	4.403% (12 Month LIBOR USD + 1.881%), due 4/1/36, #847671				40,505
	FHLMC Pool
77,287	5.00%, due 10/1/38, #G04832				82,694
	FNMA ARM Pool (e)
14,626	4.79% (6 Month LIBOR USD + 2.165%), due 7/1/25, #555206				14,658
94,451	4.44% (1 Year CMT Rate + 2.177%), due 4/1/30, #562912				97,237
115,554	4.45% (12 Month LIBOR USD + 1.593%), due 10/1/33, #743454				119,870
503,393	4.625% (12 Month LIBOR USD + 1.750%), due 11/1/33, #755253				529,358
607,010	4.447% (1 Year CMT Rate + 2.295%), due 5/1/34, #AC5719				637,800
174,727	4.42% (12 Month LIBOR USD + 1.670%), due 7/1/34, #779693				180,943
80,710	4.214% (12 Month LIBOR USD + 1.407%), due 10/1/34, #795136				83,369
261,235	4.557% (12 Month LIBOR USD + 1.564%), due 1/1/36, #849264				272,353
203,364	4.605% (12 Month LIBOR USD + 1.730%), due 1/1/37, #906389				215,176
108,080	4.691% (12 Month LIBOR USD + 1.910%), due 3/1/37, #907868				113,996
240,385	4.89% (12 Month LIBOR USD + 2.015%), due 11/1/37, #953653				247,558
	FNMA Pool
230,930	5.00%, due 6/1/40, #AD5479				247,387
31,821	4.00%, due 11/1/41, #AJ3797				32,748
	Total Mortgage Backed Securities (cost $3,113,321)				3,254,755

	U.S. GOVERNMENT AGENCIES & INSTRUMENTALITIES	31.5	%
	U.S. Government Agencies	12.0	%
	FHLB
5,000,000	1.375%, due 3/18/19				4,998,130
2,000,000	1.375%, due 5/28/19				1,994,664
	FHLMC
6,000,000	1.375%, due 8/15/19				5,969,010
1,000,000	1.50%, due 1/17/20				990,996
	FNMA
5,000,000	1.00%, due 10/24/19				4,950,685
					18,903,485
	U.S. Treasury Notes	19.5	%
	U.S. Treasury Notes
2,000,000	1.00%, due 3/15/19				1,998,925
3,300,000	0.875%, due 4/15/19				3,293,643
5,000,000	0.875%, due 6/15/19				4,978,418
5,500,000	1.00%, due 11/15/19				5,441,132
1,500,000	1.375%, due 1/15/20				1,485,059
3,000,000	1.50%, due 4/15/20				2,965,840
6,500,000	1.50%, due 6/15/20				6,414,052
4,000,000	1.50%, due 8/15/20				3,940,391
					30,517,460
	Total U.S. Government Agencies & Instrumentalties (cost $49,501,209)				49,420,945

	SHORT-TERM INVESTMENTS	10.6	%
	Money Market Fund	1.1	%
1,705,035	Fidelity Institutional Money Market Government Portfolio - Class I, 2.29% (b)				1,705,035
	U.S. Treasury Bills	9.5	%
	U.S. Treasury Bills
1,500,000	2.348%, due 3/14/19 (d)				1,498,728
6,500,000	2.391%, due 6/20/19 (d)				6,452,075
7,000,000	2.395%, due 6/27/19 (d)				6,945,048
					14,895,851
	Total Short-Term Investments (cost $16,597,810)				16,600,886

	Total Investments (cost $156,203,602)	99.5	%		155,949,146
	Other Assets less Liabilities	0.5	%		736,055
	TOTAL NET ASSETS	100.0	%	$	156,685,201

(a)			Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." The Fund's adviser has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As February 28, 2019, the value of these investments was $9,966,791 or 6.36% of total net assets.
(b)			Rate shown is the 7-day annualized yield as of February 28, 2019.
(c)			Value determined using significant unobservable inputs.
(d)			Rate shown is the discount rate at February 28, 2019.
(e)			Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of February 28, 2019.

			ARM - Adjustable Rate Mortgage
			CMT - Constant Maturity Treasury
			FHLB - Federal Home Loan Bank
			FHLMC - Federal Home Loan Mortgage Corporation
			FNMA - Federal National Mortgage Association
			GNMA - Government National Mortgage Association
			LIBOR - London Interbank Offered Rate
			SOFR - Secured Overnight Financing Rate

PIA HIGH YIELD (MACS) FUND

Schedule of Investments - February 28, 2019 (Unaudited)

Principal
Amount/Shares					Value
		CORPORATE BONDS	97.8	%
		Advertising & Marketing	0.7	%
		Lamar Media Corp.
$	520,000	5.75%, due 2/1/26			$	546,000
		Aerospace/Defense	1.7	%
		TransDigm, Inc.
	700,000	6.00%, due 7/15/22				714,700
		Triumph Group, Inc.
	590,000	7.75%, due 8/15/25				561,975
						1,276,675
		Auto Parts Manufacturing	0.6	%
		Delphi Technologies Plc
	530,000	5.00%, due 10/1/25 (b)				472,924
		Biotechnology	0.9	%
		Sotera Health Topco, Inc.
	710,000	8.125% Cash or 8.875% PIK, due 11/1/21 (b) (e)				701,125
		Building Materials	0.6	%
		U.S. Concrete, Inc.
	470,000	6.375%, due 6/1/24				465,300
		Casinos and Gaming	0.4	%
		Scientific Games International, Inc.
	300,000	5.00%, due 10/15/25 (b)				291,375
		Chemical and Allied Products Merchant Wholesalers	0.9	%
		Univar USA, Inc.
	650,000	6.75%, due 7/15/23 (b)				671,125
		Chemicals	8.6	%
		CF Industries, Inc.
	650,000	3.45%, due 6/1/23				631,312
		Consolidated Energy Finance SA
	400,000	6.875%, due 6/15/25 (b)				392,000
	300,000	6.50%, due 5/15/26 (b)				285,750
		CSTN Merger Sub, Inc.
	690,000	6.75%, due 8/15/24 (b)				655,500
		Hexion Inc./Hexion Nova Scotia Finance ULC
	400,000	9.00%, due 11/15/20				130,000
		Hexion U.S. Finance Corp.
	380,000	6.625%, due 4/15/20				324,900
		Kissner Milling Company Ltd.
	690,000	8.375%, due 12/1/22 (b)				722,775
		Koppers, Inc.
	710,000	6.00%, due 2/15/25 (b)				624,800
		LSB Industries, Inc.
	650,000	9.625%, due 5/1/23 (b)				682,500
		Momentive Performance Materials, Inc.
	235,000	3.88%, due 10/24/21				254,094
		OCI NV
	625,000	6.625%, due 4/15/23 (b)				649,219
		Starfruit Finco BV / Starfruit US Holdco LLC
	275,000	8.00%, due 10/1/26 (b)				273,625
		TPC Group, Inc.
	925,000	8.75%, due 12/15/20 (b)				911,125
						6,537,600
		Commercial and Service Industry Machinery Manufacturing	0.7	%
		ATS Automation Tooling Systems, Inc.
	500,000	6.50%, due 6/15/23 (b)				518,900
		Communications Equipment	1.8	%
		Anixter, Inc.
	500,000	6.00%, due 12/1/25 (b)				518,750
		CommScope Technologies LLC
	500,000	6.00%, due 6/15/25 (b)				473,750
		Plantronics, Inc.
	350,000	5.50%, due 5/31/23 (b)				349,563
						1,342,063
		Construction Machinery	0.7	%
		Jurassic Holdings III
	600,000	6.875%, due 2/15/21 (b)				562,794
		Construction Materials Manufacturing	0.9	%
		Boise Cascade Co.
	440,000	5.625%, due 9/1/24 (b)				433,400
		Northwest Hardwoods, Inc.
	400,000	7.50%, due 8/1/21 (b)				294,000
						727,400
		Consumer Cyclical Services	1.0	%
		APX Group, Inc.
	790,000	8.75%, due 12/1/20				789,012

	Consumer Finance	0.7	%
	Cardtronics, Inc.
600,000	5.50%, due 5/1/25 (b)			573,750
	Consumer Products	0.5	%
	Central Garden & Pet Co.
220,000	6.125%, due 11/15/23			229,350
	Coty, Inc.
150,000	6.50%, due 4/15/26 (b)			144,930
				374,280
	Consumer Services	4.2	%
	AMN Healthcare, Inc.
350,000	5.125%, due 10/1/24 (b)			346,500
	Aramark Services, Inc.
300,000	5.00%, due 2/1/28 (b)			297,000
	Carriage Services, Inc.
450,000	6.625%, due 6/1/26 (b)			461,250
	Cimpress NV
185,000	7.00%, due 6/15/26 (b)			177,600
	LSC Communications, Inc.
550,000	8.75%, due 10/15/23 (b)			589,187
	Quad Graphics, Inc.
800,000	7.00%, due 5/1/22			802,400
	Stonemor Partners LP
600,000	7.875%, due 6/1/21			543,000
				3,216,937
	Containers and Packaging	5.9	%
	ARD Finance S.A.
550,000	7.125% Cash or 7.875% PIK, due 9/15/23 (e)			554,125
	BWAY Holding Co.
590,000	5.50%, due 4/15/24 (b)			582,448
	Cascades, Inc.
54,000	5.50%, due 7/15/22 (b)			54,405
153,000	5.75%, due 7/15/23 (b)			150,705
	Crown Americas LLC/Crown Americas Capital Corp V
300,000	4.25%, due 9/30/26			289,875
	Crown Americas LLC/Crown Americas Capital Corp VI
150,000	4.75%, due 2/1/26			150,844
	Flex Acquisition Co., Inc.
150,000	7.875%, due 7/15/26 (b)			144,000
	Greif, Inc.
150,000	6.50%, due 3/1/27 (b)			153,207
	Multi-Color Corp.
580,000	6.125%, due 12/1/22 (b)			597,400
	Pactiv LLC
500,000	8.375%, due 4/15/27			498,750
	Plastipak Holdings, Inc.
650,000	6.25%, due 10/15/25 (b)			598,000
	W/S Packaging Holdings, Inc.
700,000	9.00%, due 4/15/23 (b)			721,000
				4,494,759
	Distributors	0.7	%
	Ferrellgas Partners LP
575,000	6.50%, due 5/1/21			517,500
	Diversified Manufacturing	0.8	%
	Griffon Corp.
600,000	5.25%, due 3/1/22			594,750
	Electrical Equipment Manufacturing	0.9	%
	Itron, Inc.
690,000	5.00%, due 1/15/26 (b)			672,750
	Financial Services	1.7	%
	LPL Holdings, Inc.
650,000	5.75%, due 9/15/25 (b)			658,938
	Trident Merger Sub, Inc.
700,000	6.625%, due 11/1/25 (b)			663,250
				1,322,188
	Food and Beverage	4.9	%
	Clearwater Seafoods, Inc.
670,000	6.875%, due 5/1/25 (b)			654,088
	Dean Foods Co.
610,000	6.50%, due 3/15/23 (b)			461,312
	Matterhorn Merger Sub LLC / Matterhorn Finance Sub, Inc.
750,000	8.50%, due 6/1/26 (b)			663,750
	Pilgrim's Pride Corp.
700,000	5.75%, due 3/15/25 (b)			701,750
	Sigma Holdco BV
650,000	7.875%, due 5/15/26 (b)			599,625
	Simmons Foods, Inc.
600,000	7.75%, due 1/15/24 (b)			630,000
				3,710,525

	Forest and Paper Products Manufacturing	0.8	%
	Schweitzer-Mauduit International, Inc.
600,000	6.875%, due 10/1/26 (b)			591,000

	Hardware	0.9	%
	Everi Payments Inc.
700,000	7.50%, due 12/15/25 (b)			701,750
	Health Care Facilities and Services	0.8	%
	Hadrian Merger Sub, Inc.
700,000	8.50%, due 5/1/26 (b)			644,000
	Home Improvement	0.8	%
	Apex Tool Group LLC/BC Mountain Finance, Inc.
700,000	9.00%, due 2/15/23 (b)			651,000
	Homebuilders	1.0	%
	Williams Scotsman International, Inc.
750,000	6.875%, due 8/15/23 (b)			738,750
	Industrial - Other	4.8	%
	Brand Energy & Infrastructure Services, Inc.
650,000	8.50%, due 7/15/25 (b)			589,875
	Cleaver-Brooks, Inc.
825,000	7.875%, due 3/1/23 (b)			808,500
	Frontdoor, Inc.
150,000	6.75%, due 8/15/26 (b)			152,812
	H&E Equipment Services, Inc.
410,000	5.625%, due 9/1/25			407,437
	New Enterprise Stone & Lime Co., Inc.
400,000	6.25%, due 3/15/26 (b)			388,000
	United Rentals North America, Inc.
500,000	6.50%, due 12/15/26			523,125
250,000	5.50%, due 5/15/27			250,625
	Zachry Holdings, Inc.
550,000	7.50%, due 2/1/20 (b)			550,990
				3,671,364
	Machinery Manufacturing	4.6	%
	Amsted Industries Inc.
300,000	5.375%, due 9/15/24 (b)			295,500
	JPW Industries Holding Corp.
600,000	9.00%, due 10/1/24 (b)			597,000
	MAI Holdings, Inc.
700,000	9.50%, due 6/1/23 (b)			661,500
	RBS Global, Inc./ Rexnord LLC
150,000	4.875%, due 12/15/25 (b)			147,750
	Titan Acquisition Ltd. / Titan Co-Borrower LLC
700,000	7.75%, due 4/15/26 (b)			614,250
	Titan International, Inc.
1,000,000	6.50%, due 11/30/23			937,500
	Welbilt, Inc.
240,000	9.50%, due 2/15/24			259,200
				3,512,700
	Manufactured Goods	3.7	%
	FXI Holdings, Inc.
700,000	7.875%, due 11/1/24 (b)			672,000
	Grinding Media Inc./ MC Grinding Media Canada, Inc.
650,000	7.375%, due 12/15/23 (b)			654,063
	Mueller Industries, Inc.
500,000	6.00%, due 3/1/27			491,250
	Optimas OE Solutions, Inc.
400,000	8.625%, due 6/1/21 (b)			366,000
	Park-Ohio Industries, Inc.
620,000	6.625%, due 4/15/27			612,250
				2,795,563
	Media Non-Cable	2.1	%
	CBS Outdoor Americas Capital, LLC
890,000	5.625%, due 2/15/24			914,475
	R.R. Donnelley & Sons Co.
648,000	6.50%, due 11/15/23			657,720
				1,572,195
	Medical Equipment and Supplies Manufacturing	0.8	%
	Vista Outdoor, Inc.
650,000	5.875%, due 10/1/23			614,250
	Metals and Mining	3.9	%
	American Gilsonite Co.
444,559	17.00% Cash or 17.000% PIK, due 12/31/21 (b) (e)			431,223
	Emeco Pty Ltd.
588,879	9.25%, due 3/31/22			622,740
	Rain CII Carbon LLC/CII Carbon Corp.
650,000	7.25%, due 4/1/25 (b)			565,500
	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
710,000	7.50%, due 6/15/25 (b)			724,200
	TMS International Corp.
700,000	7.25%, due 8/15/25 (b)			670,250
				3,013,913

	Oil and Gas Extraction	0.7	%
	Welltec A/S
550,000	9.50%, due 12/1/22 (b)			519,970

	Oil and Gas Services and Equipment	1.8	%
	Archrock Partners LP
350,000	6.00%, due 4/1/21			350,000
	Nine Energy Service, Inc.
150,000	8.75%, due 11/1/23 (b)			150,750
	USA Compression Partners LP/USA Compression Finance Corp.
635,000	6.875%, due 4/1/26			649,288
250,000	6.875%, due 9/1/27 (b)			255,312
				1,405,350
	Paper	3.2	%
	Clearwater Paper Corp.
710,000	4.50%, due 2/1/23			678,050
	Mercer International, Inc.
60,000	6.50%, due 2/1/24			61,500
690,000	5.50%, due 1/15/26			662,400
	NWH Escrow Corp.
400,000	7.50%, due 8/1/21 (b)			290,000
	Rayonier A.M. Products, Inc.
800,000	5.50%, due 6/1/24 (b)			742,000
				2,433,950
	Pipelines	1.9	%
	Exterran Partners, L.P.
100,000	6.00%, due 10/1/22			99,500
	Rose Rock Midstream, L.P.
700,000	5.625%, due 7/15/22			685,125
	Summit Midstream Holdings, LLC
220,000	5.50%, due 8/15/22			218,900
	TransMontaigne Partners LP/TLP Finance Corp.
500,000	6.125%, due 2/15/26			463,750
				1,467,275
	Publishing and Broadcasting	2.2	%
	Salem Media Group, Inc.
420,000	6.75%, due 6/1/24 (b)			388,500
	Townsquare Media, Inc.
640,000	6.50%, due 4/1/23 (b)			592,800
	Urban One, Inc.
700,000	7.375%, due 4/15/22 (b)			673,750
				1,655,050
	Railroad	1.2	%
	Watco Companies, Inc.
900,000	6.375%, due 4/1/23 (b)			906,750
	Real Estate	1.5	%
	GEO Group, Inc.
580,000	5.125%, due 4/1/23			553,175
	Iron Mountain, Inc.
620,000	4.875%, due 9/15/27 (b)			589,775
				1,142,950
	Refining and Marketing	1.6	%
	Calumet Specialty Products Partners LP / Calumet Finance Corp.
650,000	7.75%, due 4/15/23			563,875
	Sunoco LP/Sunoco Finance Corp.
700,000	5.50%, due 2/15/26			697,060
				1,260,935
	Retail - Consumer Discretionary	3.9	%
	Beacon Roofing Supply, Inc.
480,000	6.375%, due 10/1/23			498,000
	Hertz Corp.
700,000	5.875%, due 10/15/20			700,000
	Hillman Company, Inc.
1,050,000	6.375%, due 7/15/22 (b)			908,250
	Party City Holdings, Inc.
650,000	6.625%, due 8/1/26 (b)			640,250
	Reliance Intermediate Holdings
210,000	6.50%, due 4/1/23 (b)			217,350
				2,963,850
	Software and Services	4.6	%
	Ascend Learning LLC
570,000	6.875%, due 8/1/25 (b)			557,887
	Donnelley Financial Solutions, Inc.
580,000	8.25%, due 10/15/24			579,275
	Exela Intermediate LLC/Exela Finance, Inc.
500,000	10.00%, due 7/15/23 (b)			511,875
	Informatica LLC
670,000	7.125%, due 7/15/23 (b)			681,805
	RP Crown Parent, LLC
590,000	7.38%, due 10/15/24 (b)			606,225

	Sophia, L.P.
550,000	9.00%, due 9/30/23 (b)	570,625
		3,507,692

	Transportation and Logistics	2.7	%
	J.B. Poindexter & Co., Inc.
650,000	7.125%, due 4/15/26 (b)				641,875
	Martin Midstream Partners L.P.
650,000	7.25%, due 2/15/21				636,187
	Mobile Mini, Inc.
750,000	5.875%, due 7/1/24				761,250
					2,039,312
	Transportation Services	1.6	%
	LBC Tank Terminals Holding
600,000	6.875%, due 5/15/23 (b)				570,750
	OPE KAG Finance Sub, Inc.
650,000	7.875%, due 7/31/23 (b)				635,785
					1,206,535
	Utilities	2.4	%
	Amerigas Partners LP
370,000	5.50%, due 5/20/25				368,150
	Rockpoint Gas Storage Canada Ltd.
750,000	7.00%, due 3/31/23 (b)				737,813
	Superior Plus LP / Superior General Partner, Inc.
700,000	7.00%, due 7/15/26 (b)				703,500
					1,809,463
	Waste and Environment Services and Equipment	2.3	%
	CD&R Waterworks Merger Sub LLC
460,000	6.125%, due 8/15/25 (b)				445,050
	GFL Environmental Inc.
200,000	5.625%, due 5/1/22 (b)				194,000
	Hulk Finance Corp.
500,000	7.00%, due 6/1/26 (b)				476,250
	Waste Pro USA, Inc.
700,000	5.50%, due 2/15/26 (b)				682,500
					1,797,800
	Wireline Telecommunications Services	2.2	%
	Consolidated Communications, Inc.
330,000	6.50%, due 10/1/22				309,375
	HC2 Holdings, Inc.
500,000	11.50%, due 12/1/21 (b)				446,250
	West Corp.
560,000	5.375%, due 7/15/22 (b)				574,000
	Zayo Group, LLC
350,000	6.375%, due 5/15/25				348,688
					1,678,313
	Total Corporate Bonds (cost $77,084,253)				74,681,412

	RIGHTS	0.0	%
	Momentive Performance Escrow
235,000	8.875%, due 10/15/20 (c) (d)				-

	SHORT-TERM INVESTMENTS	0.8	%
586,251	Fidelity Institutional Money Market Government Portfolio - Class I, 2.29% (a)				586,251
	Total Short-Term Investments (cost $586,251)				586,251

	Total Investments (cost $77,670,504)	98.6	%		75,267,663
	Other Assets less Liabilities	1.4	%		1,102,129
	TOTAL NET ASSETS	100.0	%	$	76,369,792

(a)	Rate shown is the 7-day annualized yield as of February 28, 2019.
(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of February 28, 2019, the value of these investments was $49,909,405 or 65.35% of total net assets.
(c)	Restricted security. The escrow shares were received through a distribution for the purpose of receiving future distributions from the plan of reorganization. As of February 28, 2019, the security had a cost and value of $0 (0.0% of total net assets).
(d)	Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees. Value determined using significant unobservable inputs.
(e)	Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

PIA Funds

Notes to the Schedule of Investments

February 28, 2019 (Unaudited)

Note 1 – Securities Valuation

The PIA BBB Bond Fund, the PIA MBS Bond Fund, the PIA High Yield Fund, the PIA Short-Term Securities Fund, and the PIA High Yield (MACS) Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value. The Funds determine the fair value of their investments and compute the net asset value per share of each Fund as of the close of regular trading on the New York stock exchange (4:00 pm EST).

Corporate Bonds – 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.

Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. There is frequently less government regulation of broker-dealers and issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

All foreign securities owned by the Funds are U.S. dollar denominated.

Mortgage- and Asset-Backed Securities – Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal. These securities are normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as level 2 of the fair value hierarchy.

U.S. Government Agency Securities – U.S. Government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are generally valued in a manner similar to U.S. Government securities. Mortgage pass-throughs include to-be-announced (“TBAs”) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. These securities are typically categorized in level 2 of the fair value hierarchy.

U.S. Government Securities – U.S. Government securities are normally valued using a model that incorporates 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. U.S. Government securities are typically categorized in level 2 of the fair value hierarchy.

Equity Securities – Equity securities, including common stocks, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale 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 (“OTC”) securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. 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.

Investment Companies – 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 Securities - 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.

Illiquid Securities - A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Fund. Illiquid securities may be valued under methods approved by the Fund’s Board of Trustees as reflecting fair value. Each Fund intends to hold no more than 15% of its net assets in illiquid securities. As of February 28, 2019, the PIA Funds held no illiquid securities.

Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Funds’ Board of Trustees (“Board”) as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on the Funds’ investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. As of February 28, 2019, Pacific Income Advisers, Inc. has determined that all the Rule 144A securities held by the Funds are considered liquid.

The Board has delegated day-to-day valuation issues to a Valuation Committee of the 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 February 28, 2019:

PIA BBB Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	133,218,412	$	-	$	133,218,412
Sovereign Bonds		-		10,881,191		-		10,881,191
Total Fixed Income		-		144,099,603		-		144,099,603
Short-Term Investments		1,817,236		-		-		1,817,236
Total Investments	$	1,817,236	$	144,099,603	$	-	$	145,916,839

PIA MBS Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Commercial Mortgage- Backed Securities	$	-	$	812,560	$	-	$	812,560
Mortgage-Backed Securities – U.S. Government Agencies		-		57,303,427		-		57,303,427
Total Fixed Income		-		58,115,987		-		58,115,987
Short-Term Investments		227,257		999,283		-		1,226,540
Total Investments	$	227,257	$	59,115,270	$	-	$	59,342,527

PIA High Yield Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	63,813,025	$	-	$	63,813,025
Total Fixed Income		-		63,813,025		-		63,813,025
Short-Term Investments		1,899,637		-		-		1,899,637
Total Investments	$	1,899,637	$	63,813,025	$	-	$	65,712,662

PIA Short-Term Securities Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	85,188,165	$	-	$	85,188,165
Asset-Backed Securities		-		1,003,452		480,943		1,484,395
Mortgage-Backed Securities		-		3,254,755		-		3,254,755
U.S. Government Agencies and Instrumentalities		-		49,420,945		-		49,420,945
Total Fixed Income		-		138,867,317		480,943		139,348,260
Short-Term Investments		1,705,035		14,895,851		-		16,600,886
Total Investments	$	1,705,035	$	153,763,168	$	480,943	$	155,949,146

PIA High Yield (MACS) Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	74,681,412	$	-	$	74,681,412
Total Fixed Income		-		74,681,412		-		74,681,412
Short-Term Investments		586,251		-		-		586,251
Total Investments	$	586,251	$	74,681,412	$	-	$	75,267,663

Refer to the Funds’ schedule of investments for a detailed break-out of securities. Transfers between levels are recognized at February 28, 2019, the end of the reporting period. The Funds recognized no transfers to/from Level 1 or Level 2. The PIA BBB Bond Fund, the PIA MBS Bond Fund, PIA High Yield Fund and the PIA High Yield (MACS) Fund held no Level 3 securities during the period ended February 28, 2019.

The following is a reconciliation of the Short-Term Securities Fund’s level 3 investments for which significant unobservable inputs were used in determining value.

Investments in Securities, at Value

Mortgage-Backed Securities

Balance as of November 30, 2018	$	633,318
Accrued discounts/premiums		-
Realized gain/(loss)		684
Change in unrealized appreciation/(depreciation)		(684	)
Purchases		-
Sales		(152,375	)
Transfers in and/or out of Level 3		-
Balance as of February 28, 2019	$	480,943

The change in unrealized appreciation/(depreciation) for level 3 securities still held at February 28, 2019, and still classified as level 3 was $(684). At February 28, 2019, the Fund’s primary pricing service provided a valuation for the BlueVirgo Trust bond based on a single broker quote. Due to a lack of significant observable inputs, the value of the BlueVirgo Trust bond is classified in level 3.

Item 2. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/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/ Jeffrey T. Rauman

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date 4/29/19

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/ Jeffrey T. Rauman

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date 4/29/19

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

Cheryl L. King, Vice President/Treasurer/Principal

Financial Officer

Date 4/29/19

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