As filed with the Securities and Exchange Commission on 8/28/2019

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:  September 30, 2019

Date of reporting period:  June 30, 2019

Item 1. Schedules of Investments.

Scharf Fund
Schedule of Investments
June 30, 2019 (Unaudited)
Shares		COMMON STOCKS - 84.60%	Value
		Banks - 1.62%
	130,320	Wells Fargo & Co.	$	6,166,742
		Beverages - 3.86%
	131,948	Heineken N.V. (b)		14,724,738
		Chemicals - 2.07%
	17,232	Sherwin-Williams Co.		7,897,253
		Communications Equipment - 2.18%
	49,844	Motorola Solutions, Inc.		8,310,490
		Diversified Financial Services - 4.78%
	85,457	Berkshire Hathaway, Inc. - Class B (a)		18,216,869
		Food & Staples Retailing - 3.04%
	212,858	CVS Health Corp.		11,598,632
		Food Products - 2.97%
	84,496	Hershey Co.		11,324,999
		Health Care Providers & Services - 2.42%
	68,809	McKesson Corp.		9,247,242
		Health Care Technology - 1.82%
	94,983	Cerner Corp.		6,962,254
		Hotels, Restaurants & Leisure - 4.15%
	332,580	Compass Group plc (b)		7,969,959
	94,013	Starbucks Corp.		7,881,110
				15,851,069
		Insurance - 4.70%
	92,962	Aon plc		17,939,807
		Interactive Media & Services - 2.33%
	8,218	Alphabet, Inc. - Class C (a)		8,882,918
		Internet & Direct Marketing Retail - 4.11%
	8,367	Booking Holdings, Inc. (a)		15,685,699
		Internet Media - 1.25%
	40,520	Baidu, Inc. - ADR (a)		4,755,427
		IT Services - 3.58%
	215,310	Cognizant Technology Solutions Corp. - Class A		13,648,501
		Media - 6.57%
	372,294	Comcast Corp. - Class A		15,740,590
	89,412	Liberty Broadband Corp. (a)		9,318,519
				25,059,109
		Multiline Retail - 3.85%
	136,747	Dollar Tree, Inc. (a)		14,685,260
		Pharmaceuticals - 7.34%
	92,252	Allergan plc		15,445,753
	137,514	Novartis AG - ADR		12,556,403
				28,002,156
		Pharmaceutical Preparation and Manufacturing - 1.95%
	53,325	Johnson & Johnson		7,427,106
		Road & Rail - 4.10%
	128,446	Kansas City Southern		15,647,292
		Software - 10.42%
	183,304	Microsoft Corp.		24,555,404
	266,422	Oracle Corp.		15,178,061
				39,733,465
		Specialty Retail - 3.48%
	86,038	Advance Auto Parts, Inc.		13,261,897
		Trading Companies & Distributors - 2.01%
	46,890	Watsco, Inc.		7,667,922
		TOTAL COMMON STOCKS (Cost $252,874,027)		322,696,847
		PREFERRED STOCK - 2.19%
		Semiconductors & Semiconductor Equipment - 2.19%
	251,560	Samsung Electronics Co., Ltd., 2.78%, (b)		8,333,408
		TOTAL PREFERRED STOCK (Cost $4,082,982)		8,333,408
		SHORT-TERM INVESTMENTS - 13.07%
		Money Market Fund - 2.00%
	7,631,170	First American Treasury Obligations Fund, Class Z, 2.23% (c)		7,631,170
		TOTAL MONEY MARKET FUND (Cost $7,631,170)		7,631,170
Principal Amount
		U.S. Treasury Bills - 11.07%
$	19,638,000	2.09%, 8/15/2019 (d)		19,586,757
	22,780,000	2.09%, 10/10/2019 (d)		22,646,427
		TOTAL U.S. TREASURY BILLS (Cost $42,218,508)		42,233,184
		TOTAL SHORT-TERM INVESTMENTS (Cost $49,849,678)		49,864,354

Total Investments in Securities (Cost $306,806,687) - 99.86%		380,894,609
Other Assets in Excess of Liabilities - 0.14%		535,607
TOTAL NET ASSETS - 100.00%	$	381,430,216

ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issuer.
(c)	Rate shown is the 7-day annualized yield as of June 30, 2019.
(d)	Rate shown is the discount rate at June 30, 2019.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Scharf Multi-Asset Opportunity Fund
Schedule of Investments
June 30, 2019 (Unaudited)
Shares		COMMON STOCKS - 62.06%	Value
		Banks - 1.14%
	12,795	Wells Fargo & Co.	$	605,459
		Beverages - 2.60%
	12,410	Heineken N.V. (b)		1,384,894
		Capital Markets - 0.63%
	6,758	Oaktree Cap Group, LLC		334,791
		Chemicals - 1.44%
	1,677	Sherwin-Williams Co.		768,552
		Communications Equipment - 1.53%
	4,896	Motorola Solutions, Inc.		816,310
		Diversified Financial Services - 3.39%
	8,474	Berkshire Hathaway, Inc. - Class B (a)		1,806,403
		Food & Staples Retailing - 2.20%
	21,476	CVS Health Corp.		1,170,227
		Food Products - 2.04%
	8,124	Hershey Co.		1,088,860
		Health Care Providers & Services - 1.76%
	6,967	McKesson Corp.		936,295
		Health Care Technology - 1.37%
	9,933	Cerner Corp.		728,089
		Hotels, Restaurants & Leisure - 4.42%
	30,720	Compass Group plc (b)		736,175
	250,300	Domino's Pizza Group plc (b)		883,677
	8,733	Starbucks Corp.		732,088
				2,351,940
		Insurance - 3.13%
	8,649	Aon plc		1,669,084
		Interactive Media & Services - 1.74%
	859	Alphabet, Inc. - Class C (a)		928,502
		Internet & Direct Marketing Retail - 2.99%
	850	Booking Holdings, Inc. (a)		1,593,503
		Internet Media - 0.88%
	3,985	Baidu, Inc. - ADR (a)		467,680
		IT Services - 2.56%
	21,475	Cognizant Technology Solutions Corp. - Class A		1,361,300
		Media - 4.64%
	36,880	Comcast Corp. - Class A		1,559,287
	8,747	Liberty Broadband Corp. (a)		911,612
				2,470,899
		Multiline Retail - 2.63%
	13,050	Dollar Tree, Inc. (a)		1,401,440
		Pharmaceuticals - 5.23%
	9,086	Allergan plc		1,521,269
	13,856	Novartis AG - ADR		1,265,191
				2,786,460
		Pharmaceutical Preparation and Manufacturing - 1.45%
	5,530	Johnson & Johnson		770,218
		Road & Rail - 2.93%
	12,820	Kansas City Southern		1,561,732
		Software - 7.35%
	18,161	Microsoft Corp.		2,432,848
	26,054	Oracle Corp.		1,484,296
				3,917,144
		Specialty Retail - 2.58%
	8,897	Advance Auto Parts, Inc.		1,371,384
		Trading Companies & Distributors - 1.43%
	4,645	Watsco, Inc.		759,597
		TOTAL COMMON STOCKS (Cost $25,556,160)		33,050,763
		PREFERRED STOCKS - 6.17%
		Closed-End Fund - 4.06%
	42,653	GDL Fund - Series C, 4.00%		2,163,147
		Semiconductors & Semiconductor Equipment - 2.11%
	33,900	Samsung Electronics Co., Ltd., 2.78% (b)		1,123,003
		TOTAL PREFERRED STOCKS (Cost $2,677,470)		3,286,150
		EXCHANGE-TRADED FUND - 1.42%
	5,675	SPDR Gold Shares (a)		755,910
		TOTAL EXCHANGE-TRADED FUND (Cost $687,809)		755,910
Principal
Amount		CORPORATE BONDS - 8.29%
		Beverages - 0.17%
		Coca-Cola European Partners LLC
$	85,000	4.50%, 9/1/2021		88,122
		Communications Equipment - 0.76%
		Motorola Solutions, Inc.

	400,000	3.50%, 9/1/2021		406,884
		Computer and Electronic Product Manufacturing - 0.19%
		Digital Equipment Corp.
	89,000	7.75%, 4/1/2023		98,724
		Food & Staples Retailing - 0.15%
		Walgreens Boots Alliance, Inc.
	82,000	2.70%, 11/18/2019		82,018
		Insurance - 0.06%
		American International Group, Inc.
	34,000	2.30%, 7/16/2019		33,998
		Internet Software & Services - 0.10%
		eBay, Inc.
	54,000	2.20%, 8/1/2019		53,983
		Media - 0.02%
		Viacom, Inc.
	11,000	2.75%, 12/15/2019		10,997
		Petroleum and Coal Products Manufacturing - 3.07%
		Murphy Oil USA, Inc.
	1,022,000	6.00%, 8/15/2023		1,053,937
	557,000	5.625%, 5/1/2027		582,065
				1,636,002
		Securities and Commodity Contracts Intermediation and Brokerage - 3.48%
		Goldman Sachs Group, Inc.
	2,281,000	4.00%, (3 month LIBOR + 0.7675%), 6/1/2043 (c)		1,851,077
		Specialty Retail - 0.29%
		L Brands, Inc.
	56,000	7.00%, 5/1/2020		58,274
	90,000	6.625%, 4/1/2021		95,490
				153,764
		TOTAL CORPORATE BONDS (Cost $4,177,067)		4,415,569
		MUNICIPAL BONDS - 6.71%	Value
		California Health Facilities Financing Authority, Revenue Bonds, Chinese Hospital Association
	10,000	3.00%, 6/1/2024, Series 2012		10,405
		California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities
	80,000	7.11%, 2/1/2021, Series 2011B		84,001
	145,000	7.875%, 2/1/2026, Series 2011B		156,581
		California State, General Obligation, Highway Safety, Traffic Reduction, Air Quality and Port Security Bonds
	90,000	6.509%, 4/1/2039, Series 2009B		97,601
		California State, General Obligation, Various Purpose
	125,000	6.20%, 10/1/2019		126,253
	405,000	5.60%, 11/1/2020		424,424
	745,000	6.65%, 3/1/2022, Series 2010		819,358
	980,000	7.95%, 3/1/2036, Series 2010		1,016,956
		Commonwealth of Massachusetts, Build America Bonds
	205,000	4.20%, 12/1/2021		212,234
		State of California, Build America Bonds
	35,000	5.70%, 11/1/2021		38,026
	15,000	4.988%, 4/1/2039		16,325
		State of Connecticut, Build America Bonds
	100,000	4.807%, 4/1/2022		101,924
	240,000	5.20%, 12/1/2022		262,020
	25,000	5.30%, 12/1/2023		27,971
	10,000	5.027%, 4/1/2024		10,197
		State of Florida, Build America Bonds
	10,000	4.65%, 6/1/2020		10,019
		State of Georgia, Economic Development Bonds
	10,000	3.24%, 10/1/2020		10,167
		State of Georgia, School Construction Bonds
	15,000	4.35%, 2/1/2029		16,064
		State of Illinois, Build America Bonds
	20,000	5.727%, 4/1/2020		20,435
		State of Maryland, Build America Bonds
	10,000	4.10%, 3/1/2020		10,127
	20,000	4.20%, 3/1/2021		20,698
	5,000	4.55%, 8/15/2024		5,016
		State of Michigan, General Obligation, School Loan and Refunding Bonds
	40,000	6.95%, 11/1/2020, Series 2009A		42,679
		State of Ohio, Build America Bonds
	35,000	4.621%, 4/1/2020		35,639
		TOTAL MUNICIPAL BONDS (Cost $3,704,588)		3,575,120
		U.S. TREASURY INFLATION INDEXED NOTE - 1.96%
	1,055,229	0.125%, 4/15/2020		1,044,319
		TOTAL U.S. TREASURY INFLATION INDEXED NOTE (Cost $1,044,105)		1,044,319
		U. S. TREASURY NOTE - 2.33%
	1,245,000	1.50%, 11/30/2019		1,241,839
		TOTAL U.S. TREASURY NOTE (Cost $1,243,596)		1,241,839
Shares		SHORT-TERM INVESTMENTS - 10.93%
		Money Market Fund - 2.22%
	1,184,714	First American Treasury Obligations Fund, Class Z, 2.23% (d)		1,184,714
		TOTAL MONEY MARKET FUND (Cost $1,184,714)		1,184,714

Principal Amount
		U.S. Treasury Bills - 8.71%
$	400,000	2.09%, 8/15/19 (e)		398,956
	1,000,000	2.06%, 9/12/19 (e)		995,828
	2,365,000	2.09%, 10/10/19 (e)		2,351,133
	900,000	2.02%, 1/02/20 (e)		890,669
		TOTAL U.S. TREASURY BILLS (Cost $4,633,597)		4,636,586
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,818,311)		5,821,300
		Total Investments in Securities (Cost $44,909,106) - 99.87%		53,190,970
		Other Assets in Excess of Liabilities - 0.13%		71,522
		TOTAL NET ASSETS - 100.00%	$	53,262,492

ADR	American Depository Receipt
LIBOR	London Interbank Offered Rate
(a)	Non-income producing security.
(b)	Foreign issuer.
(c)	Variable rate security.  Rate shown reflects the rate in effect as of June 30, 2019.
(d)	Rate shown is the 7-day annualized yield as of June 30, 2019.
(e)	Rate shown is the discount rate at June 30, 2019.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Scharf Global Opportunity Fund
Schedule of Investments
June 30, 2019 (Unaudited)
Shares		COMMON STOCKS - 89.80%	Value
		Auto Components - 0.93%
	4,737	Gentex Corp.	$	116,578
	11,208	Nexen Corp. (b)		63,968
				180,546
		Automobiles - 0.47%
	3,800	Subaru Corp. (b)		92,308
		Beverages - 3.89%
	6,784	Heineken N.V. (b)		757,061
		Chemicals - 1.98%
	838	Sherwin-Williams Co.		384,047
		Diversified Financial Services - 5.05%
	4,609	Berkshire Hathaway, Inc. - Class B (a)		982,500
		Food & Staples Retailing - 5.83%
	20,787	CVS Health Corp.		1,132,684
		Food Products - 0.98%
	1,849	Nestle SA - ADR		191,187
		Health Care Providers & Services - 3.89%
	5,621	McKesson Corp.		755,406
		Hotels, Restaurants & Leisure - 10.49%
	32,575	Compass Group plc (b)		780,628
	356,550	Domino's Pizza Group plc (b)		1,258,790
				2,039,418
		Household Durables - 3.32%
	12,317	Sony Corp. - ADR		645,288
		Insurance - 6.01%
	75,915	AIA Group Ltd. (b)		818,751
	1,812	Aon plc		349,680
				1,168,431
		Interactive Media & Services - 2.28%
	9,774	Tencent Holdings Ltd. - ADR		442,371
		Internet & Direct Marketing Retail - 4.05%
	420	Booking Holdings, Inc. (a)		787,378
		Internet Media - 3.94%
	6,527	Baidu, Inc. - ADR (a)		766,009
		IT Services - 3.96%
	12,140	Cognizant Technology Solutions Corp. - Class A		769,555
		Media - 3.89%
	17,886	Comcast Corp. - Class A		756,220
		Pharmaceuticals - 13.13%
	5,882	Allergan plc		984,823
	12,988	Novartis AG - ADR		1,185,934
	10,900	Roche Holding AG - ADR		382,590
				2,553,347
		Road & Rail - 4.10%
	6,537	Kansas City Southern		796,337
		Software - 7.87%
	5,734	Microsoft Corp.		768,127
	13,392	Oracle Corp.		762,942
				1,531,069
		Specialty Retail - 3.74%
	4,724	Advance Auto Parts, Inc.		728,157
		TOTAL COMMON STOCKS (Cost $15,416,864)		17,459,319
		PREFERRED STOCKS - 8.00%
		Auto Components - 0.60%
	14,157	Nexen Corp., 2.08% (b)		47,266
	19,043	Nexen Tire Corp., 2.52% (b)		68,773
				116,039
		Capital Markets - 0.42%
	2,000	Korea Investment Holdings Co. Ltd., 3.89% (b)		82,190
		Containers & Packaging - 0.06%
	5,450	NPC, 4.40% (b)		10,738
		Personal Products - 0.49%
	1,870	AMOREPACIFIC Group, 1.19% (b)		42,918
	75	LG Household & Health Care Ltd., 1.16% (b)		52,353
				95,271
		Semiconductors & Semiconductor Equipment - 6.43%
	37,760	Samsung Electronics Co., Ltd., 2.78% (b)		1,250,873
		TOTAL PREFERRED STOCKS (Cost $1,097,263)		1,555,111
		MONEY MARKET FUND - 3.99%
	774,621	First American Treasury Obligations Fund, Class Z, 2.23% (c)		774,621
		TOTAL MONEY MARKET FUND (Cost $774,621)		774,621
		Total Investments in Securities (Cost $17,288,748) - 101.79%		19,789,051
		Liabilities in Excess of Other Assets - (1.79)%		(347,105	)
		TOTAL NET ASSETS - 100.00%	$	19,441,946
ADR		American Depository Receipt
(a)		Non-income producing security.
(b)		Foreign issuer.
(c)		Rate shown is the 7-day annualized yield as of June 30, 2019.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Country Allocation
	% of Net
Country	Assets
United States		54.0	%
United Kingdom		10.5	%
Switzerland		9.1	%
Republic of Korea		8.3	%
China		6.2	%
Hong Kong		4.2	%
Netherlands		3.9	%
Japan		3.8	%
		100.0	%

Scharf Alpha Opportunity Fund
Schedule of Investments
June 30, 2019 (Unaudited)
Shares		COMMON STOCKS - 96.49%	Value
		Banks - 2.78%
	10,974	Wells Fargo & Co.	$	519,290
		Beverages - 4.09%
	6,843	Heineken N.V. (b)		763,645
		Chemicals - 2.27%
	925	Sherwin-Williams Co. (d)		423,918
		Communications Equipment - 2.46%
	2,755	Motorola Solutions, Inc. (d)		459,341
		Diversified Financial Services - 5.32%
	4,662	Berkshire Hathaway, Inc. - Class B (a) (d)		993,798
		Food & Staples Retailing - 3.80%
	13,043	CVS Health Corp. (d)		710,713
		Food Products - 3.05%
	4,246	Hershey Co.		569,091
		Health Care Providers & Services - 4.17%
	5,803	McKesson Corp. (d)		779,865
		Health Care Technology - 2.01%
	5,124	Cerner Corp.		375,589
		Hotels, Restaurants & Leisure - 5.06%
	18,005	Compass Group plc (b)		431,472
	6,134	Starbucks Corp.		514,214
				945,686
		Insurance - 4.66%
	4,508	Aon plc (d)		869,954
		Interactive Media & Services - 2.47%
	427	Alphabet, Inc. - Class C (a)		461,549
		Internet & Direct Marketing Retail - 4.37%
	436	Booking Holdings, Inc. (a) (d)		817,374
		Internet Media - 1.22%
	1,951	Baidu, Inc. - ADR (a)		228,969
		IT Services - 3.94%
	11,606	Cognizant Technology Solutions Corp. - Class A (d)		735,704
		Media - 6.70%
	17,085	Comcast Corp. - Class A (d)		722,355
	5,084	Liberty Broadband Corp. (a)		529,854
				1,252,209
		Multiline Retail - 3.14%
	5,460	Dollar Tree, Inc. (a)		586,349
		Pharmaceuticals - 10.36%
	6,123	Allergan plc (d)		1,025,174
	9,974	Novartis AG - ADR (d)		910,726
				1,935,900
		Pharmaceutical Preparation and Manufacturing - 1.95%
	2,610	Johnson & Johnson		363,521
		Road & Rail - 4.56%
	6,999	Kansas City Southern (d)		852,618
		Software - 11.49%
	10,171	Microsoft Corp. (d)		1,362,508
	13,757	Oracle Corp. (d)		783,736
				2,146,244
		Specialty Retail - 3.47%
	4,201	Advance Auto Parts, Inc. (d)		647,542
		Technology Hardware, Storage & Peripherals - 1.12%
	206	Samsung Electronics Co., Ltd. (b)		209,502
		Trading Companies & Distributors - 2.03%
	2,325	Watsco, Inc.		380,207
		TOTAL COMMON STOCKS (Cost $14,910,672)		18,028,578
		MONEY MARKET FUND - 3.07%
	573,350	First American Treasury Obligations Fund, Class Z, 2.23% (c)		573,350
		TOTAL MONEY MARKET FUND (Cost $573,350)		573,350
		Total Investments in Securities (Cost $15,484,022) - 99.56%		18,601,928
		Other Assets in Excess of Liabilities - 0.44%		82,355
		TOTAL NET ASSETS - 100.00%	$	18,684,283
ADR		American Depository Receipt
(a)		Non-income producing security.
(b)		Foreign issuer.
(c)		Rate shown is the 7-day annualized yield as of June 30, 2019.
(d)		All or a portion of the security has been segregated for open short positions.

Schedule of Securities Sold Short at June 30, 2019 (Unaudited)
Shares		SECURITIES SOLD SHORT - 55.90%	Value
		Exchange-Traded Funds - 55.90%
	27,755	Invesco QQQ Trust Series 1	$	5,182,969
	17,957	SPDR S&P 500 ETF Trust		5,261,401
		TOTAL SECURITIES SOLD SHORT (Proceeds $9,161,121)	$	10,444,370

ETF	Exchange-Traded Fund
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Scharf Funds

Notes to Schedule of Investments

June 30, 2019 (Unaudited)

Note 1 – Securities Valuation

The Scharf Fund, the Scharf Multi-Asset Opportunity Fund, the Scharf Global Opportunity Fund, and the Scharf Alpha Opportunity Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value. Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

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

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

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

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services. 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 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 June 30, 2019:

Scharf Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	92,440,287	$	-	$	-	$	92,440,287
Consumer Staples		37,648,370		-		-		37,648,370
Financials		42,323,418		-		-		42,323,418
Healthcare		51,638,757		-		-		51,638,757
Industrials		23,315,213		-		-		23,315,213
Information Technology		75,330,802		-		-		75,330,802
Total Common Stocks		322,696,847		-		-		322,696,847
Preferred Stock
Information Technology		8,333,408		-		-		8,333,408
Total Preferred Stock		8,333,408		-		-		8,333,408
Money Market Fund		7,631,170		-		-		7,631,170
U.S. Treasury Bills		-		42,233,184		-		42,233,184
Total Short-Term Investments		7,631,170		42,233,184		-		49,864,354
Total Investments in Securities	$	338,661,425	$	42,233,184	$	-	$	380,894,609

Scharf Multi-Asset Opportunity Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	9,957,717	$	-	$	-	$	9,957,717
Consumer Staples		3,643,981		-		-		3,643,981
Financials		4,415,737		-		-		4,415,737
Healthcare		5,221,063		-		-		5,221,063
Industrials		2,321,329		-		-		2,321,329
Information Technology		7,490,936		-		-		7,490,936
Total Common Stocks		33,050,763		-		-		33,050,763
Preferred Stocks
Closed-End Fund		-		2,163,147		-		2,163,147
Information Technology		1,123,003		-		-		1,123,003
Total Preferred Stocks		1,123,003		2,163,147		-		3,286,150
Exchange-Traded Fund		755,910		-		-		755,910
Fixed Income
Corporate Bonds		-		4,415,569		-		4,415,569
Municipal Bonds		-		3,575,120		-		3,575,120
Total Fixed Income		-		7,990,689		-		7,990,689
U.S. Treasury Inflation     Indexed Note		-		1,044,319		-		1,044,319
U.S. Treasury Note		-		1,241,839		-		1,241,839
Money Market Fund		1,184,714		-		-		1,184,714
U.S. Treasury Bills		-		4,636,586		-		4,636,586
Total Short-Term Investments		1,184,714		4,636,586		-		5,821,300
Total Investments in Securities	$	36,114,390	$	17,076,580	$	-	$	53,190,970

Scharf Global Opportunity Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	5,613,362	$	-	$	-	$	5,613,362
Consumer Staples		2,080,931		-		-		2,080,931
Financials		2,150,932		-		-		2,150,932
Healthcare		3,308,754		-		-		3,308,754
Industrials		796,337		-		-		796,337
Information Technology		3,509,003		-		-		3,509,003
Total Common Stocks		17,459,319		-		-		17,459,319
Preferred Stocks
Consumer Discretionary		116,039		-		-		116,039
Consumer Staples		95,271		-		-		95,271
Financials		82,190		-		-		82,190
Information Technology		1,250,873		-		-		1,250,873
Materials		10,738		-		-		10,738
Total Preferred Stocks		1,555,111		-		-		1,555,111
Money Market Fund		774,621		-		-		774,621
Total Investments in Securities	$	19,789,051	$	-	$	-	$	19,789,051

Scharf Alpha Opportunity Fund

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	4,673,078	$	-	$	-	$	4,673,078
Consumer Staples		2,043,449		-		-		2,043,449
Financials		2,383,042		-		-		2,383,042
Healthcare		3,454,875		-		-		3,454,875
Industrials		1,232,825		-		-		1,232,825
Information Technology		4,241,309		-		-		4,241,309
Total Common Stocks		18,028,578		-		-		18,028,578
Money Market Fund		573,350		-		-		573,350
Total Investments in Securities	$	18,601,928	$	-	$	-	$	18,601,928
Liabilities:
Securities Sold Short
Exchange-Traded Funds	$	10,444,370	$	-	$	-	$	10,444,370
Total Securities Sold Short	$	10,444,370	$	-	$	-	$	10,444,370

Refer to the Funds’ schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at June 30, 2019, the end of the reporting period.  There were no transfers between levels during the period ended June 30, 2019.

Note 2 - Leverage and Short Sales

The Scharf Alpha Opportunity Fund may use leverage in connection with its investment activities and may affect short sales of securities. Leverage can increase the investment returns of the Fund if the securities purchased increase in value in an amount exceeding the cost of the borrowing. However, if the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions.

With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i) the greater of the current market value of the securities sold short or the market value of such securities at the time they were sold short, less (ii) any collateral deposited with the Fund’s broker (not including the proceeds from the short sales). The Fund may be required to add to the segregated account as the market price of a shorted security increases. As a result of maintaining and adding to its segregated account, the Fund may maintain higher levels of cash or liquid assets (for example, U.S. Treasury bills, repurchase agreements, high quality commercial paper and long equity positions) for collateral needs thus reducing its overall managed assets available for trading purposes. In lieu of maintaining cash or high-grade securities in a segregated account to cover the Fund’s short sale obligations, the Fund may earmark cash or high-grade securities on the Fund’s records or hold offsetting positions.

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 8/27/2019                                                                                                    

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 8/27/2019                                                                                                    

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

  Cheryl L. King, Vice President/Treasurer/Principal

          Financial Officer

Date 8/23/2019                                                                                                    

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