As filed with the Securities and Exchange Commission on May 30, 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, Wisconsin 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, Wisconsin 53202
(Name and address of agent for service)

(414) 765-6872

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2019

Date of reporting period: March 31, 2019

Item 1. Schedules of Investments.

Kellner Merger Fund
Schedule of Investments
at March 31, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 59.8%
		Accommodation - 2.0%
	140,100	Belmond Ltd. - Class A (a)(b)	$	3,492,693

		Broadcasting (except Internet) - 0.8%
	19,500	Fox Corp. - Class A (a)		715,845
	6,396	Walt Disney Co.		710,119
				1,425,964
		Chemical Manufacturing - 5.9%
	47,500	Akorn, Inc. (a)		167,200
	92,200	Celgene Corp. (a)(c)(e)		8,698,148
	11,600	Nightstar Therapeutics plc - ADR (a)		294,292
	19,800	Versum Materials, Inc.		996,138
				10,155,778
		Computer and Electronic Product Manufacturing - 14.9%
	241,000	ARRIS International plc (a)(b)		7,618,010
	144,300	Integrated Device Technology, Inc. (a)(c)		7,069,257
	43,800	L3 Technologies, Inc. (c)		9,039,006
	20,300	NXP Semiconductors NV (b)		1,794,317
				25,520,590
		Credit Intermediation and Related Activities - 9.3%
	218,800	SunTrust Banks, Inc.		12,963,900
	138,400	TCF Financial Corp.		2,863,496
				15,827,396
		Data Processing, Hosting, and Related Services - 4.1%
	265,000	First Data Corp. - Class A (a)(c)		6,961,550

		Electrical Equipment, Appliance, and Component - 0.3%
	122,200	Maxwell Technologies, Inc. (a)		546,234

		Insurance Carriers and Related Activities - 1.3%
	31,900	Navigators Group, Inc.		2,228,853

		Machinery Manufacturing - 0.1%
	3,415	II-VI, Inc. (a)		127,175

		Merchant Wholesalers, Durable Goods - 0.3%
	4,650	KLA-Tencor Corp.		555,256

		Mining (except Oil and Gas) - 2.5%
	353,100	Goldcorp, Inc. (b)		4,039,464
	15,010	SunCoke Energy Partners LP		186,875
				4,226,339
		Nonmetallic Mineral Product Manufacturing - 0.8%
	29,300	USG Corp. (a)		1,268,690

		Pipeline Transportation - 0.2%
	78,100	American Midstream Partners LP		403,777

		Publishing Industries (except Internet) - 6.4%
	37,900	Red Hat, Inc. (a)(c)		6,924,330
	88,400	Tribune Media Co. - Class A		4,078,776
				11,003,106
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 9.7%
	208,000	Oaktree Capital Group, LLC (c)		10,327,200
	86,400	Travelport Worldwide Ltd. (b)		1,359,072
	43,500	Worldpay, Inc. - Class A (a)		4,937,250
				16,623,522

		Support Activities for Mining - 0.2%
	31,800	Rowan Companies plc - Class A (a)(b)		343,122

		Telecommunications - 1.0%
	24,700	T-Mobile U.S., Inc. (a)		1,706,770
		TOTAL COMMON STOCKS (Cost $100,736,673)		102,416,815

		REITS - 0.2%
		Real Estate - 0.1%
	2	Prologis, Inc.		144
	4,422	Tier REIT, Inc.		126,734
				126,878
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%
	24,906	MedEquities Realty Trust, Inc.		277,204
		TOTAL REITS (Cost $385,798)		404,082

Contracts (100 shares per contract)
		PURCHASED OPTIONS - 0.0%
		Call Options - 0.0%
	303	Bristol-Myers Squibb Co.
		Expiration: April 2019, Exercise Price: $52.50
		Notional amount: $1,445,613		3,636

		Put Options - 0.0%
	757	Celgene Corp.
		Expiration: April 2019, Exercise Price: $80.00
		Notional amount: $7,141,538		20,439
		TOTAL PURCHASED OPTIONS (Cost $363,163)		24,075

Shares
		MONEY MARKET DEPOSIT ACCOUNTS - 37.8%
	64,720,776	U.S. Bank Money Market Deposit Account, 2.38% (d)		64,720,776
		TOTAL MONEY MARKET DEPOSIT ACCOUNTS (Cost $64,720,776)		64,720,776

		Total Investments in Securities (Cost $166,206,410) - 97.8%		167,565,748
		Other Assets in Excess of Liabilities - 2.2%		3,746,492
		NET ASSETS - 100.0%	$	171,312,240

(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		All or a portion of the security has been segregated for open short positions.
(d)		Rate shown is the 7-day annualized yield as of March 31, 2019.
(e)		All or a portion of the security is pledged as collateral for written options.
ADR -		American Depository Receipt
REIT -		Real Estate Investment Trust

Kellner Merger Fund
Schedule of Securities Sold Short
at March 31, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 28.1%
		Chemical Manufacturing - 2.6%
	92,200	Bristol-Myers Squibb Co.	$	4,398,862

		Computer and Electronic Product Manufacturing - 5.3%
	56,940	Harris Corp.		9,093,887

		Credit Intermediation and Related Activities - 9.4%
	283,346	BB&T Corp.		13,184,090
	70,320	Chemical Financial Corp.		2,894,371
				16,078,461
		Data Processing, Hosting, and Related Services - 6.8%
	40,400	Fidelity National Information Services, Inc.		4,569,240
	80,275	Fiserv, Inc. (a)		7,086,677
				11,655,917
		Merchant Wholesalers, Durable Goods - 0.3%
	4,650	KLA-Tencor Corp.		555,257

		Mining (except Oil and Gas) - 2.4%
	115,814	Newmont Goldcorp Corp.		4,142,667

		Oil and Gas Extraction - 0.0%
	1	Concho Resources, Inc.		111

		Petroleum and Coal Products Manufacturing - 0.0%
	2	Marathon Petroleum Corp.		120

		Primary Metal Manufacturing - 0.3%
	15,400	Finisar Corp. (a)		356,818
	21,015	SunCoke Energy, Inc. (a)		178,417
				535,235
		Support Activities for Mining - 0.2%
	70,437	Ensco plc - Class A (b)		276,817

		Telecommunications - 0.8%
	240,834	Sprint Corp. (a)		1,360,712

		Transportation Equipment Manufacturing - 0.0%
	1	United Technologies Corp.		129
		TOTAL COMMON STOCKS (Proceeds $48,083,265)		48,098,175

		EXCHANGE-TRADED FUNDS - 1.1%
	9,800	iShares PHLX Semiconductor ETF		1,857,492
		TOTAL EXCHANGE-TRADED FUNDS (Proceeds $1,823,754)		1,857,492

		REITS - 3.2%
		Real Estate - 0.2%
	13,178	Cousins Properties, Inc.		127,299
	5,852	Omega Healthcare Investors, Inc.		223,254
				350,553
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.0%
	112,006	Brookfield Asset Management, Inc. - Class A (b)		5,225,080
		TOTAL REITS (Proceeds $5,518,422)		5,575,633
		Total Securities Sold Short (Proceeds $55,425,441)	$	55,531,300

(a)		Non-income producing security.
(b)		Foreign issued security.
ETF -		Exchange-Traded Fund
REIT -		Real Estate Investment Trust

Kellner Merger Fund
Schedule of Options Written
at March 31, 2019 (Unaudited)

Contracts (100 shares per contract)			Value
		PUT OPTIONS - 0.1%
	908	Bristol-Myers Squibb Co.
		Expiration: April 2019, Exercise Price: $47.00
		Notional amount: $4,332,068	$	88,984
	757	Celgene Corp.
		Expiration: April 2019, Exercise Price: $70.00
		Notional amount: $7,141,538		6,813
		TOTAL OPTIONS WRITTEN (Premiums received $153,921)	$	95,797

Note 1 – Securities Valuation

The Kellner Merger Fund’s (the “Fund”) investments in securities are carried at their fair value. The 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, including common stocks, exchange-traded funds and real estate investment trusts (“REITs”), that are traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

The Fund may invest without limitation in securities of foreign companies. 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.

Debt securities, such as corporate bonds, asset-backed securities, municipal bonds, and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities will generally be classified in level 2 of the fair value hierarchy.

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

Total return swap contracts are valued based on the valuation furnished by the independent pricing service and are generally classified in level 2.

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

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 Fund’s 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 Fund has 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 Fund has 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 Fund’s securities as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Accommodation and Food Services	$	3,492,693	$	-	$	-	$	3,492,693
Finance and Insurance		34,679,771		-		-		34,679,771
Information		21,097,390		-		-		21,097,390
Manufacturing		37,618,467		-		-		37,618,467
Mining, Quarrying, and Oil and Gas Extraction		4,569,461		-		-		4,569,461
Transportation and Warehousing		403,777		-		-		403,777
Wholesale Trade		555,256		-		-		555,256
Total Common Stocks		102,416,815		-		-		102,416,815
Purchased Options
Call Options		3,636		-		-		3,636
Put Options		20,439		-		-		20,439
Total Purchased Options		24,075		-		-		24,075
REITS		404,082		-		-		404,082
Money Market Deposit Accounts		64,720,776		-		-		64,720,776
Total Investments in Securities	$	167,565,748	$	-	$	-	$	167,565,748
Liabilities:
Securities Sold Short	$	55,531,300	$	-	$	-	$	55,531,300
Written Put Options	$	95,797	$	-	$	-	$	95,797

Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at March 31, 2019, the end of the reporting period. During the period ended March 31, 2019, the Fund recognized no transfers between levels.

Note 2 – Derivative Transactions

The Fund has adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Fund is required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

The Fund may utilize options for hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to hedge the Fund’s investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of the Fund’s overall strategy in a manner deemed appropriate to the Advisor and consistent with the Fund’s investment objective and policies.

When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current fair value of the written option. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon the exercise of the option.

With options, there is minimal counterparty credit risk to the Fund since the options are covered or secured, which means that the Fund will own the underlying security or, to the extent it does not hold the security, will maintain a segregated account with the Fund’s custodian consisting of cash or high-grade securities equal to the market value of the option, marked to market daily. In lieu of maintaining cash or high-grade securities in a segregated account, the Fund may earmark cash or high-grade securities on the Fund’s records or hold offsetting positions.

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

The Fund may enter into total return swap agreements. A total return swap entered into by the Fund is a derivative contract that transfers the market risk of underlying assets. The notional amount of each total return swap agreement is the agreed upon amount or value of the index used for calculating the returns that the parties to a swap agreement have agreed to exchange. The total return swaps are marked-to- market daily and any change is recorded in unrealized gains/(loss) on the statement of operations. A gain or loss will be realized when the total return swap contracts are liquidated and will be presented as net realized gain or loss on swap contracts on the statement of operations.

The Fund may invest in total return swaps to obtain exposure to the underlying referenced instrument, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked-to-market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the counterparty to a total return swaps defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Total return swaps are derivatives and their value can be volatile. To the extent that an advisor does not accurately analyze and predict future market trends, the values of assets or economic factors, the Fund may suffer a loss, which may exceed the related amounts shown in the statement of assets and liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Total return swap contracts outstanding at period end are listed after the Fund’s schedule of investments.

Average Balance Information

The average monthly quantities and notional values of purchased and written options during the period ended March 31, 2019 were as follows:

	Monthly Average	Monthly Average
	Quantity	Notional Value

Purchased Option Contracts	555	$3,882,787
Written Option Contracts	656	$4,333,053

The Fund did not hold any total return swaps during the period ended March 31, 2019.

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 5/28/19

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 5/28/19

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

Cheryl L. King, Vice President/Treasurer/Principal

Financial Officer

Date 5/28/19

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