PIA Funds

PIA BBB Bond Fund

Managed Account Completion Shares (MACS)

PIA MBS Bond Fund

Managed Account Completion Shares (MACS)

PIA High Yield (MACS) Fund

Managed Account Completion Shares (MACS)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically through the Funds’ website.

You may elect to receive all future reports in paper free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held within the fund complex and may apply to all funds held through your financial intermediary.

Semi-Annual Report

May 31, 2019

PIA Funds

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six-month period from December 1, 2018 through May 31, 2019, regarding the PIA BBB Bond Fund and the PIA MBS Bond Fund (each, a “Fund” and together, the “Funds”) for which Pacific Income Advisers, Inc. (“PIA”), is the investment adviser.

During the six months ended May 31, 2019, the total returns, including the reinvestment of dividends and capital gains, were as follows:

	PIA BBB Bond Fund	9.26%
	PIA MBS Bond Fund	5.12%

As stated in the most recently filed prospectus, the PIA BBB Bond Fund’s gross expense ratio is 0.17%, while the PIA MBS Bond Fund’s gross expense ratio and net expense ratio are 0.34% and 0.23%, respectively.

PIA has agreed to temporarily pay for all operating expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) incurred by each Fund through at least March 29, 2020, to the extent necessary to limit Total Annual Fund Operating Expenses After Expense Reimbursement to 0.19% and 0.23% of average daily net assets for the BBB Bond Fund and MBS Bond Fund, respectively. The net expense is what the investor has paid.

PIA BBB Bond Fund

As indicated above, the return for the PIA BBB Bond Fund for the six-month period ended May 31, 2019, was 9.26%. This was slightly lower than the 9.38% return of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Baa Bond Index, and was in line with the Fund’s goal of approximating the returns of the index. The Fund has a strategy of using a broad diversification of BBB-rated issuers, industry sectors and range of maturities. The bonds held in the Fund represent over 140 different issuers. The Bloomberg Barclays U.S. Credit Baa Bond Index has over 500 issuers. The Fund is structured so as to approximate the returns of its benchmark, while holding a smaller number of issuers. In order to achieve this objective, the overall duration, the partial durations, as well as the sector allocations of the Fund approximate those of its benchmark. While the top 20 issuers in the Bloomberg Barclays U.S. Credit Baa Bond Index are represented in the Fund, for the remaining issuers in the benchmark, only a subset is represented in the Fund, based on market conditions and liquidity. This will cause some modest variability in the returns of the Fund relative to those of its benchmark. For the six-month period ended May 31, 2019, the issuers represented in the Fund had, on average, modestly lower performance than the issuers that the Fund was not invested in, which contributed to the underperformance by the Fund.

PIA MBS Bond Fund

The return of the PIA MBS Bond Fund for the six-month period ended May 31, 2019, of 5.12% was lower than the return of 5.30% of the Fund’s benchmark, the Bloomberg Barclays U.S. MBS Fixed Rate Index. The Fund has a strategy of using a broad diversification of coupons and mortgage sectors. The Fund’s seasoned securities prepaid in line with their generic counterparts, which is neutral to performance. The Fund was overweighted in higher coupon securities and underweighted in lower coupon securities, which was the primary reason for the underperformance, as the lower coupon securities outperformed the securities with higher coupons for the period. The Fund was overweighted in FNMA 30-year mortgage-backed securities (“MBS”), which was a negative factor for returns, as FHLMC 30-year MBS outperformed FNMA securities for the period.

PIA Funds

Bond Market in Review

The gross domestic product’s (“GDP”) quarter-over-quarter rate of growth was 3.1% for the first quarter of 2019, higher than the 2.2% during the fourth quarter of 2018. With the unemployment rate at 3.6% and inflation under control, the U.S. Federal Reserve Board (the “Fed”) tightened monetary policy. Inflation, as measured by the Consumer Price Index, was 1.8% year-over-year as of May 2019.

Yields on 2-year Treasury notes, 5-year Treasury bonds and 30-year Treasury bonds decreased by 51, 79 and 46 basis points (“bps”), respectively, from May 31, 2018 to May 31, 2019. The expectations that the Fed will stop increasing short-term rates, inflation remaining under control, volatility in oil prices and the strengthening of the U.S. dollar, all contributed to the inverted yield curve.

Spreads on BBB-rated bonds over Treasuries increased during the period from 149 bps to 166 bps. Option adjusted spreads on fixed rate agency MBS rose from 28 bps to 44 bps, as their average life shortened from 7.5 years to 5.2 years.

We believe that the PIA BBB Bond Fund and the PIA MBS Bond Fund provide our clients with a means of efficiently investing in a broadly diversified portfolio of BBB-rated bonds and agency mortgage-backed bonds, respectively.

Please take a moment to review the Funds’ statements of assets and liabilities and the results of operations for the six-month period ended May 31, 2019. We look forward to reporting to you again with the annual report dated November 30, 2019.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

PIA Funds

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Funds’ investment adviser, are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security and should not be considered investment advice.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

Investment by the PIA BBB Bond Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets.

The Funds may also use options, futures contracts, and swaps, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency rates. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. These risks are fully disclosed in the Prospectus.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential. Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Services, Inc., and Fitch Ratings, Inc. Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Diversification does not assure a profit or protect against risk in a declining market.

The Bloomberg Barclays U.S. Credit Baa Bond Index is an unmanaged index consisting of bonds rated Baa. The issues must be publicly traded and meet certain maturity and issue size requirements. Bonds are represented by the Industrial, Utility, Finance and non-corporate sectors. Non-corporate sectors include sovereign, supranational, foreign agency and foreign local government issuers.

The Bloomberg Barclays U.S. MBS Fixed Rate Index (the “MBS Index”) is an unmanaged index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates. Each aggregate is a proxy for the outstanding pools for a given agency, program, issue year and coupon. The index maturity and liquidity criteria are then applied to these aggregates to determine which qualify for inclusion in the index. About 600 of these generic aggregates meet the criteria. You cannot invest directly in an index.

Gross domestic product is the amount of goods and services produced in a year, in a country.

Consumer Price Index measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.

Duration is the measure of the sensitivity of the price of a fixed income security to a change in interest rates, expressed in number of years.

A yield curve is a curve that shows several yields or interest rates over different lengths of time for a similar debt security.

Basis point equals 1/100th of 1%.

Spread is the difference in yield between a corporate bond and a similar maturity U.S. Treasury Bond. It is the compensation investors receive for accepting credit risk of a corporate bond.

Please refer to the schedule of investments in the report for complete holdings information. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Investment performance reflects fee waivers and/or expense reimbursements in effect. In the absence of such waivers or reimbursements, total return would be reduced.

Quasar Distributors, LLC, Distributor

PIA Funds

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six-month period from December 1, 2018 through May 31, 2019, regarding the PIA High Yield (MACS) Fund (the “Fund”) for which Pacific Income Advisers, Inc. (“PIA”), is the investment adviser.

The Fund under-performed its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield Index (the “Index”), returning 4.78%, after fees and expenses, for the period ended May 31, 2019, versus 5.19% for the Index.

As stated in the most recently filed prospectus, the Fund’s gross expense ratio and net expense ratio are 0.30% and 0.25%, respectively.

PIA has agreed to temporarily pay for all operating expenses (excluding acquired fund fees and expenses, interest, taxes, and extraordinary expenses) incurred by the Fund through at least March 29, 2020, to the extent necessary to limit Total Annual Fund Operating Expenses After Expense Reimbursement to 0.25% of the Fund’s average daily net assets. The net expense is what the investor has paid.

The Fund’s primary objective is to seek a high level of current income. The Fund’s secondary objective is to seek capital growth when that is consistent with its primary objective. The Fund under-performed the Index over the six-month period ended May 31, 2019, largely attributable to the distribution of total returns and weighting by ratings category. During the period, Ba-rated and B-rated credits within the Index returned 6.24% and 5.23%, respectively, while Caa-rated credits gained only 1.79%. The Fund was positioned with a significant underweight in Ba-rated credits, an overweight in B-rated credits, and a significant underweight in Caa-rated credits. We believe the substantial outperformance of higher-rated credits during the past six months has enhanced the relative value offered by lower rated credits, and the Fund continues to focus on this portion of the high yield market.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

PIA Funds

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Fund’s investment adviser, are subject to change, are not guaranteed, should not be considered recommendations to buy or sell any security and should not be considered investment advice.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks may increase for emerging markets. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivatives, which may involve risks greater than the risks presented by more traditional investments. The risk of owning an exchange-traded fund (“ETF”) or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. It will also bear additional expenses, including operating expenses, brokerage costs, and the potential duplication of management fees.

The Bloomberg Barclays U.S. Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s Investors Service, Inc., Fitch Ratings, Inc., and Standard & Poor’s Ratings Services is Ba1/BB+/BB+ or below after dropping the highest and lowest available ratings. The index excludes emerging markets debt.

You cannot invest directly in an index.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential. Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., and Fitch Ratings, Inc. Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Please refer to the schedule of investments in the report for complete holdings information. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Quasar Distributors, LLC, Distributor

PIA Funds

Expense Example – May 31, 2019

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The BBB Bond Fund, MBS Bond Fund, and High Yield (MACS) Fund Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/18 – 5/31/19).

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses. Pacific Income Advisers, Inc. (“PIA”) has temporarily agreed to pay each Fund’s operating expenses in order to limit total annual operating expenses to 0.19%, 0.23% and 0.25% of the average daily net assets of the BBB Bond Fund, MBS Bond Fund and High Yield (MACS) Fund, respectively, through at least March 29, 2020. Although the Funds charge no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. The Example below includes, but is not limited to, fund accounting, custody and transfer agent fees. You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is different from the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

PIA Funds

Expense Example – May 31, 2019 (continued)

(Unaudited)

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period
	12/1/18	5/31/19	12/1/18 – 5/31/19*
PIA BBB Bond Fund
Actual	$1,000.00	$1,092.60	$0.99
Hypothetical (5% return before expenses)	$1,000.00	$1,023.98	$0.96

PIA MBS Bond Fund
Actual	$1,000.00	$1,051.20	$1.18
Hypothetical (5% return before expenses)	$1,000.00	$1,023.78	$1.16

PIA High Yield (MACS) Fund
Actual	$1,000.00	$1,047.80	$1.28
Hypothetical (5% return before expenses)	$1,000.00	$1,023.68	$1.26

Expenses are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the PIA BBB Bond Fund, the PIA MBS Bond Fund and the PIA High Yield (MACS) Fund was 0.19%, 0.23%, 0.25%, respectively.

PIA Funds

PIA BBB BOND FUND

Allocation of Portfolio Assets – May 31, 2019

(Unaudited)

Investments by Sector

As a Percentage of Total Investments

PIA Funds

PIA MBS BOND FUND

Allocation of Portfolio Assets – May 31, 2019

(Unaudited)

Investments by Issuer

As a Percentage of Total Investments

PIA Funds

PIA HIGH YIELD (MACS) FUND

Allocation of Portfolio Assets – May 31, 2019

(Unaudited)

Investments by Sector

As a Percentage of Total Investments

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 89.8%

Aerospace & Defense 0.5%
		Rockwell Collins, Inc.
$	750,000	3.20%, due 3/15/24	$	759,270

Agricultural Chemicals 0.5%
		Mosaic Co.
	785,000	3.75%, due 11/15/21		800,019

Agriculture 0.4%
		Bunge Limited Finance Corp.
	600,000	3.75%, due 9/25/27		576,928

Auto Parts 0.4%
		AutoZone, Inc.
	600,000	3.125%, due 7/15/23		608,591

Autos 1.5%
		Ford Motor Co.
	675,000	7.45%, due 7/16/31		765,400
		Ford Motor Credit Co. LLC
	600,000	5.875%, due 8/2/21		627,604
	500,000	3.815%, due 11/2/27		459,655
		General Motors Co.
	400,000	5.20%, due 4/1/45		363,061
				2,215,720
Banks 5.2%
		Barclays Bank PLC
	700,000	5.14%, due 10/14/20		718,839
	1,000,000	4.836%, due 5/9/28		996,731
		Capital One Bank USA N.A.
	1,100,000	3.375%, due 2/15/23		1,110,049
		Citigroup, Inc.
	1,000,000	3.50%, due 5/15/23		1,019,144
	540,000	5.30%, due 5/6/44		620,232
		Credit Suisse Group
	700,000	5.40%, due 1/14/20		710,868
		Discover Bank
	700,000	3.20%, due 8/9/21		707,083
		Fifth Third Bancorp
	225,000	8.25%, due 3/1/38		323,033
		KeyCorp
	900,000	5.10%, due 3/24/21		939,436
		Lloyds Banking Group plc
	800,000	4.65%, due 3/24/26		817,936
				7,963,351
Biotechnology 1.7%
		Amgen, Inc.
	720,000	3.875%, due 11/15/21		739,125
	1,006,000	4.663%, due 6/15/51		1,042,526
		Celgene Corp.
	800,000	4.625%, due 5/15/44		876,431
				2,658,082
Broker 2.7%
		Goldman Sachs Group, Inc.
	950,000	6.75%, due 10/1/37		1,196,387
		Merrill Lynch & Co., Inc.
	1,050,000	6.11%, due 1/29/37		1,283,482
		Morgan Stanley
	900,000	4.875%, due 11/1/22		957,846
		Nomura Holdings, Inc.
	700,000	6.70%, due 3/4/20		721,018
				4,158,733
Building Materials 0.5%
		Owens Corning Inc.
	775,000	4.20%, due 12/15/22		801,917

Chemicals 1.1%
		Dow Chemical Co.
	865,000	7.375%, due 11/1/29		1,109,055
		RPM International, Inc.
	500,000	6.125%, due 10/15/19		505,738
				1,614,793
Commercial Finance 1.1%
		AerCap Ireland Capital Ltd.
	1,000,000	4.625%, due 10/30/20		1,023,875

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Commercial Finance 1.1% (continued)
		Air Lease Corp.
$	700,000	3.875%, due 4/1/21	$	712,302
				1,736,177
Communications 0.4%
		Telefonica Emisiones SAU
	475,000	7.045%, due 6/20/36		590,020

Communications Equipment 0.4%
		Harris Corp.
	500,000	6.15%, due 12/15/40		632,391

Construction Materials Manufacturing 0.4%
		Vulcan Materials Co.
	620,000	3.90%, due 4/1/27		627,644

Consumer Finance 1.0%
		Fidelity National Information
		Services, Inc.
	1,000,000	4.75%, due 5/15/48		1,075,271
		Synchrony Financial
	500,000	4.50%, due 7/23/25		511,846
				1,587,117
Consumer Products 0.3%
		Church & Dwight Co., Inc.
	500,000	3.15%, due 8/1/27		497,576

Diversified Banks 0.6%
		Deutsche Bank AG
	1,000,000	4.10%, due 1/13/26		971,849

Drugs and Druggists’ Sundries
Merchant Wholesalers 0.7%
		Actavis Funding SCS
	850,000	3.45%, due 3/15/22		855,445
	268,000	4.75%, due 3/15/45		258,707
				1,114,152
Electric Utilities 2.1%
		Dominion Resources, Inc.
	500,000	2.00%, due 8/15/21		491,538
	470,000	4.90%, due 8/1/41		514,855
		Exelon Corp.
	1,015,000	5.625%, due 6/15/35		1,194,919
		NiSource Finance Corp.
	400,000	5.25%, due 2/15/43		454,862
		Teco Finance, Inc.
	550,000	5.15%, due 3/15/20		560,249
				3,216,423
Electrical Equipment Manufacturing 0.5%
		Fortive Corp.
	750,000	3.15%, due 6/15/26		743,191

Exploration & Production 1.4%
		Apache Corp.
	551,000	3.25%, due 4/15/22		555,262
	600,000	4.75%, due 4/15/43		569,102
		EOG Resources, Inc.
	527,000	2.625%, due 3/15/23		527,089
		Noble Energy, Inc.
	533,000	3.90%, due 11/15/24		547,402
				2,198,855
Finance 0.6%
		Block Financial Corp.
	900,000	5.50%, due 11/1/22		957,559

Financial Services 2.0%
		BrightSphere Investment
		Group plc
	1,000,000	4.80%, due 7/27/26		999,825
		GE Capital International
		Funding Co. Unlimited Co.
	800,000	4.418%, due 11/15/35		760,275
		Legg Mason, Inc.
	500,000	5.625%, due 1/15/44		534,329
		Leucadia National Corp.
	700,000	5.50%, due 10/18/23		742,972
				3,037,401
Food 1.0%
		ConAgra Brands, Inc.
	1,300,000	7.00%, due 10/1/28		1,588,136

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Food and Beverage 1.8%
		Anheuser-Busch InBev
		Worldwide, Inc.
$	1,000,000	5.45%, due 1/23/39	$	1,117,620
		Kraft Heinz Foods Co.
	700,000	3.50%, due 7/15/22		711,292
	1,000,000	4.375%, due 6/1/46		879,191
				2,708,103
Hardware 0.6%
		Diamond 1 Finance Corp. /
		Diamond 2 Finance Corp.
	900,000	6.02%, due 6/15/26 (c)		973,310

Health and Personal Care Stores 2.2%
		CVS Health Corp.
	300,000	3.70%, due 3/9/23		306,455
	620,000	3.875%, due 7/20/25		635,744
	1,000,000	2.875%, due 6/1/26		958,492
	500,000	5.125%, due 7/20/45		510,275
	1,000,000	5.05%, due 3/25/48		1,018,744
				3,429,710
Health Care Facilities and Services 1.0%
		Express Scripts Holding Co.
	800,000	4.75%, due 11/15/21		838,831
		Laboratory Corporation
		of America Holdings
	640,000	3.25%, due 9/1/24		645,190
				1,484,021

Home and Office Products
Manufacturing 0.6%
		Newell Brands, Inc.
	1,000,000	4.20%, due 4/1/26		974,773

Information Technology 0.5%
		Ingram Micro, Inc.
	775,000	5.00%, due 8/10/22		776,798

Insurance 3.2%
		American International
		Group, Inc.
	1,050,000	4.875%, due 6/1/22		1,114,453
	100,000	6.25%, due 3/15/87 (f)		100,419
		Anthem, Inc.
	600,000	4.65%, due 8/15/44		620,759
		Aon Corp.
	600,000	5.00%, due 9/30/20		619,249
		AXA SA
	500,000	8.60%, due 12/15/30		680,445
		Lincoln National Corp.
	120,000	3.80%, due 3/1/28		124,302
		Markel Corp.
	20,000	4.90%, due 7/1/22		21,269
		Metlife, Inc.
	855,000	6.40%, due 12/15/66 (g)		946,220
		Unum Group
	700,000	5.625%, due 9/15/20		726,905
				4,954,021
Integrated Oils 2.0%
		Ecopetrol S.A.
	900,000	4.125%, due 1/16/25		905,634
		Petroleos Mexicanos
	700,000	5.50%, due 1/21/21		720,650
	1,500,000	5.35%, due 2/12/28		1,401,015
				3,027,299
Life Insurance 0.7%
		AXA Equitable Holdings, Inc.
	1,000,000	5.00%, due 4/20/48		1,009,005

Lodging 0.4%
		Host Hotels & Resorts LP
	600,000	4.75%, due 3/1/23		634,344

Machinery 0.6%
		Flowserve Corp.
	900,000	3.50%, due 9/15/22		911,652

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Manufacturing 0.7%
		Boston Scientific Corp.
$	1,000,000	4.125%, due 10/1/23	$	1,052,875

Media 3.7%
		Discover Communications LLC
	500,000	3.30%, due 5/15/22		506,564
		Expedia, Inc.
	800,000	5.95%, due 8/15/20		829,358
		Omnicom Group, Inc.
	400,000	3.625%, due 5/1/22		410,194
		Time Warner Entertainment
		Company, L.P.
	810,000	8.375%, due 7/15/33		1,069,179
		Viacom Inc.
	700,000	3.875%, due 4/1/24		722,009
	610,000	4.375%, due 3/15/43		568,417
		Warner Media LLC
	500,000	4.05%, due 12/15/23		524,951
	1,000,000	4.85%, due 7/15/45		1,019,148
				5,649,820
Medical Equipment and
Devices Manufacturing 0.8%
		Abbott Laboratories
	1,000,000	4.90%, due 11/30/46		1,176,281

Medical Equipment and
Supplies Manufacturing 0.6%
		Becton Dickinson and Co.
	800,000	4.685%, due 12/15/44		860,955

Metals 0.6%
		Southern Copper Corp.
	750,000	6.75%, due 4/16/40		897,979

Metals and Mining 1.5%
		Newmont Goldcorp Corp.
	500,000	3.70%, due 3/15/23 (c)		514,338
	800,000	4.875%, due 3/15/42		836,658
		Reliance Steel & Aluminum Co.
	500,000	4.50%, due 4/15/23		522,776
		Vale Overseas Limited
	88,000	4.375%, due 1/11/22		90,332
	336,000	6.875%, due 11/21/36		378,000
				2,342,104
Newspaper, Periodical, Book,
and Directory Publishers 1.2%
		21st Century Fox America, Inc.
	1,460,000	6.20%, due 12/15/34		1,871,348

Nondepository Credit Intermediation 0.9%
		General Motors
		Financial Co., Inc.
	800,000	4.20%, due 3/1/21		813,169
	600,000	4.00%, due 1/15/25		595,079
				1,408,248
Oil and Gas 5.5%
		Anadarko Petroleum Corp.
	900,000	6.45%, due 9/15/36		1,084,968
		Enterprise Products
		Operating LLC
	1,850,000	4.85%, due 8/15/42		1,963,675
		Hess Corp.
	800,000	5.60%, due 2/15/41		809,806
		Kinder Morgan Energy Partners
	1,270,000	5.80%, due 3/15/35		1,427,942
	700,000	5.55%, due 6/1/45		760,218
		Pemex Master Trust
	1,150,000	6.625%, due 6/15/35		1,084,105
		Pioneer Natural Resource Co.
	400,000	3.95%, due 7/15/22		414,112
		Valero Energy Corp.
	655,000	6.625%, due 6/15/37		787,519
				8,332,345

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Oil and Gas Extraction 0.5%
		Canadian Natural Resources Ltd.
$	700,000	4.95%, due 6/1/47	$	752,813

Oil and Gas Services and Equipment 0.7%
		Halliburton Co.
	1,000,000	3.80%, due 11/15/25		1,030,364

Paper 1.2%
		International Paper Co.
	700,000	6.00%, due 11/15/41		792,070
		Weyerhaeuser Co.
	800,000	7.375%, due 3/15/32		1,089,037
				1,881,107
Pharmaceuticals 2.5%
		AbbVie, Inc.
	500,000	2.30%, due 5/14/21		497,332
	800,000	4.40%, due 11/6/42		760,109
		Mylan N.V.
	1,000,000	3.15%, due 6/15/21		995,140
		Shire Acquisitions
		Investments Ireland DAC
	1,500,000	2.875%, due 9/23/23		1,490,390
				3,742,971
Pipeline Transportation of Crude Oil 0.7%
		Magellan Midstream Partners LP
	500,000	3.20%, due 3/15/25		499,899
		Sunoco Logistics Partners
	500,000	4.25%, due 4/1/24		516,570
				1,016,469
Pipeline Transportation of Natural Gas 0.9%
		Williams Partners L.P.
	800,000	3.90%, due 1/15/25		823,604
	500,000	5.10%, due 9/15/45		515,301
				1,338,905
Pipelines 3.1%
		El Paso Electric Co.
	850,000	6.00%, due 5/15/35		999,396
		Enbridge Energy Partners, L.P.
	590,000	5.20%, due 3/15/20		601,613
		Energy Transfer Partners L.P.
	700,000	5.20%, due 2/1/22		736,039
	1,000,000	7.60%, due 2/1/24		1,151,892
		Oneok Partners L.P.
	1,200,000	3.375%, due 10/1/22		1,218,347
				4,707,287
Property & Casualty Insurance 1.3%
		The Hanover Insurance
		Group, Inc.
	1,400,000	4.50%, due 4/15/26		1,472,753
		Mercury General Corp.
	500,000	4.40%, due 3/15/27		502,473
				1,975,226
Railroad 0.9%
		Canadian Pacific Railway Co.
	700,000	2.90%, due 2/1/25		708,404
		Norfolk Southern Corp.
	700,000	3.85%, due 1/15/24		735,802
				1,444,206
Real Estate 3.2%
		American Homes 4 Rent LP
	1,000,000	4.25%, due 2/15/28		1,015,012
		Columbia Property Trust
		Operating Partnership, L.P.
	1,000,000	3.65%, due 8/15/26		976,474
		Crown Castle International Corp.
	500,000	3.65%, due 9/1/27		501,706
		Essex Portfolio, L.P.
	1,000,000	3.375%, due 4/15/26		1,006,816
		Sabra Health Care LP /
		Sabra Capital Corp.
	500,000	4.80%, due 6/1/24		504,375
		STORE Capital Corp.
	810,000	4.50%, due 3/15/28		840,107
				4,844,490

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Real Estate Investment Trusts 1.1%
		Health Care REIT, Inc.
$	1,050,000	5.25%, due 1/15/22	$	1,114,309
		Ventas Realty LP
	500,000	3.75%, due 5/1/24		516,499
				1,630,808
Refining & Marketing 0.3%
		Marathon Petroleum Corp.
	500,000	3.625%, due 9/15/24		509,686

Restaurants 0.4%
		McDonald’s Corp.
	550,000	4.875%, due 12/9/45		606,302

Retail 1.2%
		AutoNation, Inc.
	200,000	3.50%, due 11/15/24		196,374
		Macy’s Retail Holdings, Inc.
	800,000	2.875%, due 2/15/23		778,153
		Walgreens Boots Alliance
	1,000,000	4.80%, due 11/18/44		958,446
				1,932,973
Scientific Instruments 0.6%
		Thermo Fisher Scientific, Inc.
	900,000	3.60%, due 8/15/21		916,346

Software 0.9%
		Fiserv, Inc.
	700,000	3.50%, due 10/1/22		718,175
	600,000	3.85%, due 6/1/25		624,563
				1,342,738
Software & Services 0.6%
		Equifax, Inc.
	200,000	2.30%, due 6/1/21		197,849
		Hewlett Packard Enterprise Co.
	700,000	4.90%, due 10/15/25 (b)		746,884
				944,733
Telecommunications 1.9%
		British Telecommunications PLC
	855,000	9.625%, due 12/15/30 (d)		1,243,094
		Deutsche Telekom
		International Finance
	345,000	8.75%, due 6/15/30 (e)		485,600
		France Telecom SA
	575,000	5.375%, due 1/13/42		673,225
		Grupo Televisa SAB
	400,000	6.625%, due 3/18/25		457,090
				2,859,009
Tobacco 0.8%
		BAT Capital Corp.
	600,000	4.54%, due 8/15/47		539,999
		Reynolds American, Inc.
	600,000	4.45%, due 6/12/25		623,515
				1,163,514
Transportation 1.2%
		CSX Corp.
	1,390,000	6.22%, due 4/30/40		1,772,322

Transportation and Logistics 1.0%
		FedEx Corp.
	1,000,000	4.00%, due 1/15/24		1,057,102
		Kirby Corp.
	450,000	4.20%, due 3/1/28		459,385
				1,516,487
Travel & Lodging 0.4%
		Marriott International, Inc.
	600,000	3.75%, due 3/15/25		617,161

Utilities 1.0%
		PSEG Power LLC
	500,000	4.30%, due 11/15/23		527,321
		Southern Co.
	1,000,000	3.25%, due 7/1/26		999,967
				1,527,288

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount				Value
Utilities – Gas 0.5%
		National Fuel Gas Co.
$	680,000	4.90%, due 12/1/21		$	705,636

Waste and Environment Services
and Equipment 0.5%
		Waste Management, Inc.
	700,000	3.125%, due 3/1/25			713,168

Wireless Telecommunications Services 6.3%
		AT&T, Inc.
	745,000	4.10%, due 2/15/28			767,813
	1,200,000	4.50%, due 5/15/35			1,211,000
	700,000	6.00%, due 8/15/40			808,699
	1,400,000	4.80%, due 6/15/44			1,402,420
		Verizon Communications, Inc.
	986,000	4.016%, due 12/3/29 (c)			1,042,321
	2,700,000	4.522%, due 9/15/48			2,844,826
		Vodafone Group PLC
	1,600,000	2.95%, due 2/19/23			1,607,581
					9,684,660
Total Corporate Bonds
(cost $132,392,364)					137,307,555

SOVEREIGN BONDS 6.6%
		Republic of Colombia
	600,000	3.875%, due 4/25/27			608,718
	890,000	7.375%, due 9/18/37			1,160,337
		Republic of Italy
	1,050,000	6.875%, due 9/27/23			1,172,640
		Republic of Panama
	200,000	5.20%, due 1/30/20			203,521
	750,000	6.70%, due 1/26/36			993,757
		Republic of Peru
	1,050,000	6.55%, due 3/14/37			1,433,261
		Republic of Philippines
	1,625,000	5.00%, due 1/13/37			1,948,289
		Republic of Uruguay
	209,742	8.00%, due 11/18/22			236,644
		United Mexican States
	2,490,000	4.75%, due 3/8/44			2,468,835
					10,226,002
Total Sovereign Bonds
(cost $10,111,955)					10,226,002

U.S. GOVERNMENT AGENCIES
& INSTRUMENTALITIES 1.5%
		United States Treasury Notes
	2,200,000	2.125%, due 3/31/24			2,218,519
Total U.S. Government Agencies
& Instrumentalities
(cost $2,179,812)					2,218,519

SHORT-TERM INVESTMENTS 1.6%
	2,511,999	Fidelity Institutional Money
		Market Government Portfolio –
		Class I, 2.27% (a)			2,511,999
Total Short-Term Investments
(cost $2,511,999)					2,511,999
Total Investments
(cost $147,196,130)			99.5%		152,264,075
Other Assets less Liabilities			0.5%		706,653
TOTAL NET ASSETS			100.0%	$	152,970,728

(a)	Rate shown is the 7-day annualized yield as of May 31, 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 May 31, 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 Securities 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 May 31, 2019, the value of these investments was $2,529,969 or 1.65% of total net assets.

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

(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 May 31, 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 May 31, 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		78.8	%
United Kingdom		4.2	%
Mexico		3.3	%
Ireland		2.1	%
Colombia		1.7	%
Philippines		1.3	%
Canada		1.0	%
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	%

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2019

(Unaudited)

Principal Amount			Value
MORTGAGE BACKED SECURITIES 97.0%

Commercial Mortgage-Backed Securities 1.2%
		Aventura Mall Trust
$	800,000	3.867%, due 12/5/32, Series
		2013-AVM, Class A (a) (d)	$	811,729

U.S. Government Securities 95.8%
		FHLMC Pool
	208,175	4.00%, due 3/1/26, #J14785		215,274
	441,408	3.00%, due 11/1/26, #G18409		449,811
	251,643	3.00%, due 6/1/27, #G14497		256,437
	721,391	2.50%, due 12/1/31, #G18622		722,376
	112,512	4.50%, due 10/1/35, #A37869		120,097
	184,946	6.50%, due 9/1/36, #A54908		204,904
	126,295	6.00%, due 6/1/37, #A62176		137,290
	113,578	6.00%, due 6/1/37, #A62444		124,312
	267	7.00%, due 9/1/37, #A66041		268
	148,791	5.00%, due 10/1/38, #G04832		159,968
	92,255	5.00%, due 2/1/39, #G05507		99,210
	73,454	4.50%, due 11/1/39, #G05748		78,607
	73,300	4.50%, due 12/1/39, #A90175		78,444
	320,827	4.50%, due 5/1/40, #G06047		343,443
	103,176	4.50%, due 8/1/40, #A93505		110,444
	248,755	3.50%, due 1/1/41, #A96409		255,847
	110,910	4.50%, due 1/1/41, #A96176		118,714
	449,252	3.50%, due 2/1/42, #Q05996		462,064
	362,470	3.50%, due 4/1/42, #Q07654		372,808
	680,585	3.50%, due 5/1/42, #G08491		699,996
	524,724	3.50%, due 6/1/42, #C09000		539,683
	338,920	3.50%, due 6/1/42, #Q08641		348,586
	368,268	3.50%, due 8/1/42, #Q10324		378,772
	405,280	3.50%, due 6/1/43, #V80161		416,618
	431,874	3.00%, due 8/1/43, #G08540		436,186
	249,511	3.00%, due 8/1/43, #Q20559		252,003
	135,836	3.50%, due 8/1/43, #Q21435		139,538
	419,339	3.50%, due 2/1/44, #Q24712		430,837
	1,176,377	4.00%, due 8/1/44, #G08601		1,222,506
	959,546	3.00%, due 3/1/45, #G08631		969,127
	1,334,671	3.00%, due 5/1/45, #G08640		1,347,998
	724,780	3.00%, due 5/1/45, #Q33337		732,007
	477,839	3.50%, due 11/1/45, #G08676		489,545
	206,564	3.00%, due 12/1/46, #Q44655		208,446
	1,015,555	3.00%, due 1/1/47, #G08741		1,023,814
	531,275	3.00%, due 1/1/47, #Q45636		535,720
	170,788	3.00%, due 2/1/47, #G08747		172,133
	561,688	4.50%, due 3/1/47, #G08754		590,050
	95,466	4.50%, due 3/1/47, #V83115		100,288
	217,037	4.50%, due 4/1/47, #G08759		228,001
	426,257	4.50%, due 11/1/47, #G61280		447,715
	290,555	3.50%, due 2/1/48, #V83957		297,282
	93,570	4.00%, due 3/1/48, #G08805		96,986
	479,666	3.50%, due 4/1/48, #Q55213		490,569
	531,665	4.50%, due 5/1/48, #G08820		558,267
	153,147	4.00%, due 6/1/48, #G08817		158,919
	370,132	4.50%, due 6/1/48, #V84282		388,671
	672,649	4.00%, due 8/1/48, #Q58106		697,426
	665,852	3.50%, due 9/1/48, #G08835		679,900
		FNMA Pool
	219,498	3.00%, due 8/1/21, #AL0579		222,724
	102,743	5.50%, due 7/1/22, #905040		104,976
	360,096	4.50%, due 7/1/23, #254846		376,170
	112,838	4.00%, due 12/1/25, #AH6058		116,620
	117,483	4.00%, due 1/1/26, #AH3925		121,402
	255,395	4.00%, due 5/1/26, #AH8174		264,003
	399,589	3.00%, due 9/1/27, #AQ0333		406,970
	280,506	2.50%, due 4/1/31, #BC4938		280,986
	772,440	2.50%, due 10/1/31, #BC9305		773,053
	793,133	2.50%, due 11/1/31, #BD9466		794,497
	430,529	3.00%, due 12/1/32, #MA3218		436,857
	383,526	3.50%, due 5/1/33, #BK5720		394,296
	418,274	3.50%, due 5/1/33, #BK5745		430,020
	439,673	3.50%, due 5/1/33, #MA3364		452,019
	53,528	3.50%, due 6/1/33, #BK5999		55,031
	113,596	5.00%, due 5/1/36, #745515		122,079
	118,925	6.00%, due 6/1/37, #888413		133,395
	365	5.00%, due 1/1/39, #AA0862		387

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
U.S. Government Securities 95.8% (continued)
		FNMA Pool (continued)
$	598,755	4.00%, due 12/1/39, #AE0215	$	623,107
	166,833	5.00%, due 5/1/40, #AD6374		179,782
	106,583	4.00%, due 10/1/40, #AE6057		110,946
	209,975	4.00%, due 12/1/40, #MA0583		218,601
	106,083	4.00%, due 11/1/41, #AJ4668		110,445
	194,850	4.00%, due 11/1/41, #AJ5643		202,864
	142,699	4.00%, due 4/1/42, #MA1028		148,544
	990,123	3.50%, due 7/1/43, #AB9774		1,017,316
	1,103,102	3.00%, due 8/1/43, #AU3363		1,113,365
	266,496	4.00%, due 6/1/44, #AW4979		276,766
	443,078	4.00%, due 9/1/44, #AS3392		460,113
	376,141	4.00%, due 11/1/44, #AS3903		390,573
	309,167	4.00%, due 11/1/44, #AS3906		321,045
	359,096	3.00%, due 4/1/45, #AS4774		362,440
	572,111	3.50%, due 4/1/45, #AY3376		585,730
	189,567	3.00%, due 5/1/45, #AY6042		191,332
	273,998	3.00%, due 6/1/45, #AZ0171		276,550
	1,406,562	3.00%, due 6/1/45, #AZ0504		1,419,660
	649,932	3.00%, due 6/1/45, #AZ2754		655,984
	619,098	3.50%, due 8/1/45, #AS5699		633,836
	305,262	3.50%, due 9/1/45, #AS5722		312,529
	876,393	3.00%, due 10/1/45, #AZ6877		884,555
	1,536,679	3.50%, due 12/1/45, #BA2275		1,573,264
	1,114,152	3.50%, due 12/1/45, #MA2471		1,140,676
	691,240	3.50%, due 3/1/46, #MA2549		707,637
	1,412,131	3.00%, due 7/1/46, #MA2670		1,424,995
	818,730	3.00%, due 9/1/46, #AS7904		826,020
	79,527	4.00%, due 2/1/47, #BE7985		82,494
	257,179	3.00%, due 4/1/47, #AS9448		259,330
	337,201	4.00%, due 4/1/47, #MA2960		349,766
	434,779	3.00%, due 5/1/47, #AS9562		438,269
	498,628	4.00%, due 5/1/47, #AS9487		517,205
	442,975	3.50%, due 8/1/47, #MA3087		453,108
	837,940	3.50%, due 9/1/47, #MA3120		857,108
	562,198	4.50%, due 11/1/47, #BJ1795		594,327
	1,407,641	3.50%, due 3/1/48, #MA3305		1,440,177
	217,449	4.50%, due 4/1/48, #MA3334		228,155
	1,039,551	4.50%, due 5/1/48, #BM4135		1,090,377
	928,100	4.00%, due 6/1/48, #MA3384		961,666
	1,202,849	4.00%, due 7/1/48, #MA3415		1,243,321
	95,337	4.00%, due 8/1/48, #BK1103		98,814
	897,512	4.00%, due 8/1/48, #BK5416		930,375
	871,041	4.00%, due 10/1/48, #MA3495		902,633
	856,127	4.50%, due 10/1/48, #MA3496		894,377
	861,693	4.50%, due 11/1/48, #MA3522		900,802
	793,943	4.00%, due 1/1/49, #BN3956		820,451
	877,858	4.00%, due 2/1/49, #MA3592		907,998
		FNMA TBA (c)
	900,000	4.00%, due 6/15/40		928,898
	900,000	3.50%, due 6/15/41		917,895
		GNMA Pool
	126,339	4.50%, due 5/15/39, #717066		134,925
	189,320	5.50%, due 6/15/39, #714720		208,394
	198,880	4.50%, due 7/15/39, #720160		212,490
	479,387	5.00%, due 9/15/39, #726311		519,349
	533,312	4.00%, due 6/15/45, #AM8608		553,693
	317,603	4.00%, due 2/15/46, #AR3772		333,360
	38,807	4.00%, due 5/15/46, #AT7406		40,289
	429,056	4.00%, due 10/15/46, #AQ0545		446,680
	330,382	4.00%, due 12/15/46, #AQ0562		343,949
	18,323	4.00%, due 12/15/46, #AQ0563		19,082
	1,015,016	3.00%, due 5/15/47, #AW1730		1,032,216
	196,309	3.00%, due 5/15/47, #AZ5535		199,635
	458,673	3.00%, due 8/15/47, #AZ5554		466,448
	1,252,256	3.50%, due 11/15/47, #BD4824		1,288,259
	1,003,799	4.00%, due 11/15/47, #BB3817		1,042,130
				63,700,512
Total Mortgage Backed Securities
(cost $63,463,112)				64,512,241

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA MBS BOND FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Shares/
Principal Amount					Value
SHORT-TERM INVESTMENTS 5.5%

Money Market Fund 1.0%
	688,953	Fidelity Institutional Money
		Market Government Portfolio –
		Class I, 2.27% (b)			$	688,953

U.S. Treasury Bills 4.5%
$	2,000,000	1.88%, due 6/13/19 (e)				1,998,746
	1,000,000	2.09%, due 6/25/19 (e)				998,604
						2,997,350
Total Short-Term Investments
(cost $3,685,849)						3,686,303
Total Investments
(cost $67,148,961)			102.5	%		68,198,544
Liabilities less Other Assets			(2.5	)%		(1,660,505	)
TOTAL NET ASSETS			100.0	%	$	66,538,039

(a)	Variable rate security. The coupon is based on an underlying pool of loans. Rate shown reflects the rate in effect as of May 31, 2019.
(b)	Rate shown is the 7-day annualized yield as of May 31, 2019.
(c)	Security purchased on a when-issued basis. As of May 31, 2019, the total cost of investments purchased on a when-issued basis was $1,846,793 or 2.78% of total net assets.
(d)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities 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 May 31, 2019, the value of these investments was $811,729 or 1.22% of total net assets.
(e)	Rate shown is the discount rate at May 31, 2019.

TBA – To Be Announced

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 96.5%

Advertising & Marketing 0.7%
		Lamar Media Corp.
$	520,000	5.75%, due 2/1/26	$	545,678

Aerospace/Defense 1.6%
		TransDigm, Inc.
	700,000	6.00%, due 7/15/22		705,250
		Triumph Group, Inc.
	590,000	7.75%, due 8/15/25		572,300
				1,277,550
Auto Parts Manufacturing 1.0%
		Truck Hero, Inc.
	750,000	8.50%, due 4/21/24 (b)		751,875

Biotechnology 0.9%
		Sotera Health Topco, Inc.
	710,000	8.125% Cash or 8.875% PIK,
		due 11/1/21 (b) (e)		706,450

Building Materials 0.6%
		U.S. Concrete, Inc.
	470,000	6.375%, due 6/1/24		480,575

Casinos and Gaming 0.4%
		Scientific Games
		International, Inc.
	300,000	5.00%, due 10/15/25 (b)		294,864

Chemicals 8.2%
		CF Industries, Inc.
	650,000	3.45%, due 6/1/23		634,563
		Consolidated Energy Finance SA
	400,000	6.875%, due 6/15/25 (b)		404,000
	300,000	6.50%, due 5/15/26 (b)		297,750
		CSTN Merger Sub, Inc.
	690,000	6.75%, due 8/15/24 (b)		643,425
		Hexion Inc./Hexion
		Nova Scotia Finance ULC
	400,000	9.00%, due 11/15/20 (g)		81,500
		Hexion U.S. Finance Corp.
	380,000	6.625%, due 4/15/20 (g)		305,900
		Kissner Milling Company Ltd.
	690,000	8.375%, due 12/1/22 (b)		719,325
		Koppers, Inc.
	710,000	6.00%, due 2/15/25 (b)		670,506
		Neon Holdings, Inc.
	775,000	10.125%, due 4/1/26 (b)		776,938
		OCI NV
	625,000	6.625%, due 4/15/23 (b)		640,625
		Starfruit Finco BV /
		Starfruit US Holdco LLC
	275,000	8.00%, due 10/1/26 (b)		270,188
		TPC Group, Inc.
	925,000	8.75%, due 12/15/20 (b)		913,438
				6,358,158
Commercial and Service Industry
Machinery Manufacturing 0.7%
		ATS Automation Tooling
		Systems, Inc.
	500,000	6.50%, due 6/15/23 (b)		515,625

Communications Equipment 1.7%
		Anixter, Inc.
	500,000	6.00%, due 12/1/25 (b)		530,000
		CommScope Technologies LLC
	500,000	6.00%, due 6/15/25 (b)		456,010
		Plantronics, Inc.
	350,000	5.50%, due 5/31/23 (b)		347,813
				1,333,823
Construction Machinery 0.8%
		Jurassic Holdings III
	600,000	6.875%, due 2/15/21 (b)		598,500

Construction Materials Manufacturing 0.9%
		Boise Cascade Co.
	440,000	5.625%, due 9/1/24 (b)		442,200

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Construction Materials Manufacturing 0.9% (continued)
		Northwest Hardwoods, Inc.
$	400,000	7.50%, due 8/1/21 (b)	$	246,000
				688,200
Consumer Cyclical Services 0.6%
		APX Group, Inc.
	538,000	8.75%, due 12/1/20		505,720

Consumer Finance 0.8%
		Cardtronics, Inc.
	600,000	5.50%, due 5/1/25 (b)		591,750

Consumer Services 5.9%
		AMN Healthcare, Inc.
	350,000	5.125%, due 10/1/24 (b)		348,250
		Aramark Services, Inc.
	300,000	5.00%, due 2/1/28 (b)		297,563
		Carriage Services, Inc.
	450,000	6.625%, due 6/1/26 (b)		461,628
		Cimpress NV
	835,000	7.00%, due 6/15/26 (b)		828,737
		LSC Communications, Inc.
	550,000	8.75%, due 10/15/23 (b)		572,688
		Prime Security Services
		Borrower LLC / Prime
		Finance, Inc.
	700,000	5.25%, due 4/15/24 (b)		688,646
		Quad Graphics, Inc.
	800,000	7.00%, due 5/1/22		824,000
		Stonemor Partners LP
	600,000	7.875%, due 6/1/21		546,000
				4,567,512
Containers and Packaging 6.2%
		ARD Finance S.A.
	550,000	7.125% Cash or 7.875% PIK,
		due 9/15/23 (e)		541,750
		Berry Global Escrow Corp.
	250,000	5.625%, due 7/15/27 (b)		253,225
		BWAY Holding Co.
	590,000	5.50%, due 4/15/24 (b)		578,996
		Cascades, Inc.
	54,000	5.50%, due 7/15/22 (b)		54,135
	153,000	5.75%, due 7/15/23 (b)		154,147
		Crown Americas LLC/Crown
		Americas Capital Corp V
	300,000	4.25%, due 9/30/26		291,375
		Crown Americas LLC / Crown
		Americas Capital Corp VI
	150,000	4.75%, due 2/1/26		151,200
		Flex Acquisition Co., Inc.
	150,000	7.875%, due 7/15/26 (b)		135,375
		Greif, Inc.
	150,000	6.50%, due 3/1/27 (b)		151,125
		Multi-Color Corp.
	580,000	6.125%, due 12/1/22 (b)		597,400
		Pactiv LLC
	500,000	8.375%, due 4/15/27		515,000
		Plastipak Holdings, Inc.
	650,000	6.25%, due 10/15/25 (b)		586,625
		W/S Packaging Holdings, Inc.
	700,000	9.00%, due 4/15/23 (b)		756,000
				4,766,353
Distributors 0.8%
		Ferrellgas Partners LP
	575,000	6.50%, due 5/1/21		511,750
		IAA Spinco, Inc.
	100,000	5.50%, due 6/15/27 (b)		101,749
				613,499
Diversified Manufacturing 0.8%
		Griffon Corp.
	600,000	5.25%, due 3/1/22		599,250

Electrical Equipment Manufacturing 0.9%
		Itron, Inc.
	690,000	5.00%, due 1/15/26 (b)		689,137

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Financial Services 2.6%
		Arrow Bidco LLC
$	750,000	9.50%, due 3/15/24 (b)	$	746,250
		LPL Holdings, Inc.
	650,000	5.75%, due 9/15/25 (b)		654,875
		Trident Merger Sub, Inc.
	700,000	6.625%, due 11/1/25 (b)		644,000
				2,045,125
Food and Beverage 4.7%
		Clearwater Seafoods, Inc.
	670,000	6.875%, due 5/1/25 (b)		664,137
		Dean Foods Co.
	610,000	6.50%, due 3/15/23 (b)		353,800
		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)		710,500
		Sigma Holdco BV
	650,000	7.875%, due 5/15/26 (b)		604,500
		Simmons Foods, Inc.
	600,000	7.75%, due 1/15/24 (b)		639,000
				3,635,687
Forest and Paper
Products Manufacturing 0.8%
		Schweitzer-Mauduit
		International, Inc.
	600,000	6.875%, due 10/1/26 (b)		609,000

Hardware 0.9%
		Everi Payments Inc.
	700,000	7.50%, due 12/15/25 (b)		726,250

Health Care Facilities and Services 1.1%
		Eagle Holding Co II LLC
	150,000	7.75% Cash or 7.75% PIK,
		due 5/15/22 (b) (e)		151,312
		Hadrian Merger Sub, Inc.
	700,000	8.50%, due 5/1/26 (b)		662,375
				813,687
Home Improvement 1.7%
		Apex Tool Group LLC/
		BC Mountain Finance, Inc.
	700,000	9.00%, due 2/15/23 (b)		649,250
		ServiceMaster Co. LLC
	650,000	7.45%, due 8/15/27		692,250
				1,341,500
Homebuilders 1.3%
		Williams Scotsman
		International, Inc.
	1,000,000	6.875%, due 8/15/23 (b)		1,002,500

Industrial – Other 3.8%
		Brand Energy &
		Infrastructure Services, Inc.
	650,000	8.50%, due 7/15/25 (b)		554,125
		Cleaver-Brooks, Inc.
	825,000	7.875%, due 3/1/23 (b)		794,063
		H&E Equipment Services, Inc.
	410,000	5.625%, due 9/1/25		408,257
		New Enterprise
		Stone & Lime Co., Inc.
	400,000	6.25%, due 3/15/26 (b)		398,000
		United Rentals
		North America, Inc.
	500,000	6.50%, due 12/15/26		531,250
	250,000	5.50%, due 5/15/27		252,812
				2,938,507
Machinery Manufacturing 3.9%
		Amsted Industries, Inc.
	300,000	5.375%, due 9/15/24 (b)		303,000
	250,000	5.625%, due 7/1/27 (b)		252,497
		JPW Industries Holding Corp.
	600,000	9.00%, due 10/1/24 (b)		565,500
		MAI Holdings, Inc.
	700,000	9.50%, due 6/1/23 (b) (f)		455,000
		Titan Acquisition Ltd. /
		Titan Co-Borrower LLC
	700,000	7.75%, due 4/15/26 (b)		625,625

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Machinery Manufacturing 3.9% (continued)
		Titan International, Inc.
$	1,000,000	6.50%, due 11/30/23	$	861,875
				3,063,497
Manufactured Goods 3.5%
		FXI Holdings, Inc.
	700,000	7.875%, due 11/1/24 (b)		638,750
		Grinding Media Inc./ MC
		Grinding Media Canada, Inc.
	650,000	7.375%, due 12/15/23 (b)		607,750
		Mueller Industries, Inc.
	500,000	6.00%, due 3/1/27		495,000
		Optimas OE Solutions, Inc.
	400,000	8.625%, due 6/1/21 (b)		369,000
		Park-Ohio Industries, Inc.
	620,000	6.625%, due 4/15/27		612,250
				2,722,750
Media Non-Cable 0.8%
		R.R. Donnelley & Sons Co.
	648,000	6.50%, due 11/15/23		641,520

Medical Equipment and
Supplies Manufacturing 0.8%
		Vista Outdoor, Inc.
	650,000	5.875%, due 10/1/23		615,082

Metals and Mining 4.9%
		American Gilsonite Co.
	444,559	17.000% Cash or 17.000% PIK,
		due 12/31/21 (b) (e) (f)		427,888
		Emeco Pty Ltd.
	588,879	9.25%, due 3/31/22		618,323
		Mineral Resources Ltd.
	750,000	8.125%, due 5/1/27 (b)		755,393
		Rain CII Carbon LLC/
		CII Carbon Corp.
	650,000	7.25%, due 4/1/25 (b)		598,000
		SunCoke Energy Partners LP/
		SunCoke Energy Partners
		Finance Corp.
	710,000	7.50%, due 6/15/25 (b)		702,012
		TMS International Corp.
	700,000	7.25%, due 8/15/25 (b)		684,250
				3,785,866
Oil and Gas Extraction 0.7%
		Welltec A/S
	550,000	9.50%, due 12/1/22 (b)		536,250

Oil and Gas Services and Equipment 1.7%
		Archrock Partners LP / Archrock
		Partners Finance Corp.
	275,000	6.875%, due 4/1/27 (b)		283,250
		Nine Energy Service, Inc.
	150,000	8.75%, due 11/1/23 (b)		149,250
		USA Compression Partners LP/
		USA Compression
		Finance Corp.
	635,000	6.875%, due 4/1/26		654,050
	250,000	6.875%, due 9/1/27 (b)		256,563
				1,343,113
Paper 3.0%
		Clearwater Paper Corp.
	710,000	4.50%, due 2/1/23		667,400
		Mercer International, Inc.
	60,000	6.50%, due 2/1/24		61,500
	690,000	5.50%, due 1/15/26		682,928
		NWH Escrow Corp.
	400,000	7.50%, due 8/1/21 (b)		244,000
		Rayonier A.M. Products, Inc.
	800,000	5.50%, due 6/1/24 (b)		649,608
				2,305,436
Pipelines 1.9%
		Exterran Partners, L.P.
	100,000	6.00%, due 10/1/22		100,500

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Pipelines 1.9% (continued)
		Rose Rock Midstream, L.P.
$	700,000	5.625%, due 7/15/22	$	696,500
		Summit Midstream
		Holdings, LLC
	220,000	5.50%, due 8/15/22		213,950
		TransMontaigne Partners LP/
		TLP Finance Corp.
	500,000	6.125%, due 2/15/26		487,500
				1,498,450
Publishing and Broadcasting 2.2%
		Salem Media Group, Inc.
	420,000	6.75%, due 6/1/24 (b)		373,800
		Townsquare Media, Inc.
	640,000	6.50%, due 4/1/23 (b)		632,000
		Urban One, Inc.
	700,000	7.375%, due 4/15/22 (b)		691,250
				1,697,050
Railroad 1.2%
		Watco Companies, Inc.
	900,000	6.375%, due 4/1/23 (b)		913,500

Real Estate 1.4%
		GEO Group, Inc.
	580,000	5.125%, due 4/1/23		548,100
		Iron Mountain, Inc.
	620,000	4.875%, due 9/15/27 (b)		585,900
				1,134,000
Refining and Marketing 1.7%
		Calumet Specialty Products
		Partners LP / Calumet
		Finance Corp.
	650,000	7.75%, due 4/15/23		611,000
		Sunoco LP/Sunoco
		Finance Corp.
	700,000	5.50%, due 2/15/26		708,750
				1,319,750
Retail – Consumer Discretionary 3.9%
		Beacon Roofing Supply, Inc.
	480,000	6.375%, due 10/1/23		496,800
		Hertz Corp.
	700,000	5.875%, due 10/15/20		696,937
		Hillman Company, Inc.
	1,050,000	6.375%, due 7/15/22 (b)		960,750
		Party City Holdings, Inc.
	650,000	6.625%, due 8/1/26 (b)		648,375
		Reliance Intermediate Holdings
	210,000	6.50%, due 4/1/23 (b)		215,775
				3,018,637
Software and Services 3.5%
		Ascend Learning LLC
	570,000	6.875%, due 8/1/25 (b)		575,700
		Donnelley Financial
		Solutions, Inc.
	580,000	8.25%, due 10/15/24		594,500
		Exela Intermediate LLC/
		Exela Finance, Inc.
	500,000	10.00%, due 7/15/23 (b)		398,750
		RP Crown Parent, LLC
	590,000	7.375%, due 10/15/24 (b)		615,252
		Sophia, L.P.
	550,000	9.00%, due 9/30/23 (b)		569,250
				2,753,452
Transportation and Logistics 2.7%
		J.B. Poindexter & Co., Inc.
	650,000	7.125%, due 4/15/26 (b)		666,250
		Martin Midstream Partners L.P.
	650,000	7.25%, due 2/15/21		633,750
		Mobile Mini, Inc.
	750,000	5.875%, due 7/1/24		771,562
				2,071,562
Transportation Services 1.5%
		LBC Tank Terminals Holding
	600,000	6.875%, due 5/15/23 (b)		593,250

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount/ Shares				Value
Transportation Services 1.5% (continued)
		OPE KAG Finance Sub, Inc.
$	650,000	7.875%, due 7/31/23 (b)		$	617,500
					1,210,750
Utilities 2.4%
		Amerigas Partners LP
	370,000	5.50%, due 5/20/25			377,881
		Rockpoint Gas
		Storage Canada Ltd.
	750,000	7.00%, due 3/31/23 (b)			758,438
		Superior Plus LP / Superior
		General Partner, Inc.
	700,000	7.00%, due 7/15/26 (b)			715,974
					1,852,293
Waste and Environment
Services and Equipment 2.3%
		CD&R Waterworks
		Merger Sub LLC
	460,000	6.125%, due 8/15/25 (b)			456,550
		GFL Environmental Inc.
	200,000	5.625%, due 5/1/22 (b)			199,500
	500,000	7.00%, due 6/1/26 (b)			482,350
		Waste Pro USA, Inc.
	700,000	5.50%, due 2/15/26 (b)			696,500
					1,834,900
Wireline Telecommunications Services 2.1%
		Consolidated
		Communications, Inc.
	330,000	6.50%, due 10/1/22			302,775
		HC2 Holdings, Inc.
	500,000	11.50%, due 12/1/21 (b)			437,500
		West Corp.
	560,000	5.375%, due 7/15/22 (b)			546,000
		Zayo Group, LLC
	350,000	6.375%, due 5/15/25			361,375
					1,647,650
Total Corporate Bonds
(cost $77,680,658)					74,962,283

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

SHORT-TERM INVESTMENTS 2.5%
	1,920,933	Fidelity Institutional Money
		Market Government Portfolio –
		Class I, 2.27% (a)			1,920,933
Total Short-Term Investments
(cost $1,920,933)					1,920,933
Total Investments
(cost $79,601,591)			99.0%		76,883,216
Other Assets less Liabilities			1.0%		788,735
TOTAL NET ASSETS			100.0%	$	77,671,951

(a)	Rate shown is the 7-day annualized yield as of May 31, 2019.
(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities 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 May 31, 2019, the value of these investments was $51,754,095 or 66.63% 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 May 31, 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.
(f)	Security is considered illiquid. As of May 31, 2019, the value of these investments were $882,888 or 1.14% of net assets.
(g)	Security is in default.

The accompanying notes are an integral part of these financial statements.

PIA Funds

Statements of Assets and Liabilities – May 31, 2019

(Unaudited)

	BBB			MBS			High Yield
	Bond Fund			Bond Fund			(MACS) Fund
Assets:
Investments in securities, at value
(cost $147,196,130, $67,148,961, and $79,601,591, respectively)	$	152,264,075		$	68,198,544		$	76,883,216
Receivable for fund shares sold		241,595			54,348			—
Interest receivable		1,747,660			186,087			1,436,051
Due from investment adviser (Note 4)		—			6,505			976
Prepaid expenses		22,926			12,268			14,405
Total assets		154,276,256			68,457,752			78,334,648

Liabilities:
Payable for securities purchased		1,129,861			1,840,606			600,000
Payable for fund shares redeemed		105,040			23,070			—
Due to Custodian		—			—			10,518
Administration fees		12,126			10,213			10,657
Custody fees		2,662			3,520			1,271
Transfer agent fees and expenses		11,475			10,498			7,019
Fund accounting fees		22,728			14,287			15,728
Audit fees		10,214			10,215			10,166
Chief Compliance Officer fee		2,613			2,613			2,611
Trustees’ fees and expenses		1,226			1,322			1,242
Accrued expenses		7,583			3,369			3,485
Total liabilities		1,305,528			1,919,713			662,697
Net Assets	$	152,970,728		$	66,538,039		$	77,671,951

Net Assets Consist of:
Paid-in capital	$	153,206,637		$	67,058,577		$	80,248,764
Total distributable earnings		(235,909	)		(520,538	)		(2,576,813	)
Net Assets	$	152,970,728		$	66,538,039		$	77,671,951

Net Asset Value, Offering Price and Redemption Price Per Share	$	9.28		$	9.49		$	9.52

Shares Issued and Outstanding
(Unlimited number of shares authorized, par value $0.01)		16,487,615			7,014,894			8,158,994

The accompanying notes are an integral part of these financial statements.

PIA Funds

Statements of Operations – Six Months Ended May 31, 2019

(Unaudited)

	BBB			MBS			High Yield
	Bond Fund			Bond Fund			(MACS) Fund
Investment Income:
Interest	$	3,212,592		$	984,124		$	2,620,478
Total investment income		3,212,592			984,124			2,620,478

Expenses:
Fund accounting fees (Note 4)		40,290			30,290			31,422
Transfer agent fees and expenses (Note 4)		29,564			19,446			12,343
Administration fees (Note 4)		21,241			18,860			19,295
Registration fees		12,759			10,773			6,340
Audit fees		10,155			10,155			10,156
Custody fees (Note 4)		7,081			7,339			3,555
Trustees’ fees and expenses		7,803			7,534			7,356
Chief Compliance Officer fee (Note 4)		5,031			5,030			5,028
Legal fees		3,328			3,040			2,893
Reports to shareholders		4,323			1,701			1,682
Insurance		1,672			1,016			555
Interest expense (Note 6)		24			2			—
Miscellaneous		2,715			2,142			6,317
Total expenses		145,986			117,328			106,942
Less: Expense reimbursement from adviser (Note 4)		(7,413	)		(45,874	)		(11,909	)
Net expenses		138,573			71,454			95,033
Net investment income		3,074,019			912,670			2,525,445

Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain/(loss) on investments		(17,041	)		2,136			113,025
Net change in unrealized appreciation/(depreciation) on investments		10,198,622			2,199,839			937,034
Net gain on investments		10,181,581			2,201,975			1,050,059
Net increase in net assets resulting from operations	$	13,255,600		$	3,114,645		$	3,575,504

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Statements of Changes in Net Assets

	Six Months Ended
	May 31, 2019			Year Ended
	(Unaudited)			November 30, 2018
Increase/(Decrease) in Net Assets From Operations:
Net investment income	$	3,074,019		$	7,629,091
Net realized loss on investments		(17,041	)		(1,665,405	)
Net change in unrealized appreciation/(depreciation) on investments		10,198,622			(12,595,930	)
Net increase/(decrease) in net assets resulting from operations		13,255,600			(6,632,244	)

Distributions Paid to Shareholders:
Net dividends and distributions to shareholders		(3,093,772	)		(7,642,647	)
Total dividends and distributions		(3,093,772	)		(7,642,647	)

Capital Share Transactions:
Net proceeds from shares sold		16,508,567			42,846,132
Distributions reinvested		2,513,863			5,828,550
Payment for shares redeemed		(24,788,335	)		(92,478,592	)
Net decrease in net assets from capital share transactions		(5,765,905	)		(43,803,910	)
Total increase/(decrease) in net assets		4,395,923			(58,078,801	)

Net Assets, Beginning of Period		148,574,805			206,653,606
Net Assets, End of Period	$	152,970,728		$	148,574,805

Transactions in Shares:
Shares sold		1,840,505			4,696,417
Shares issued on reinvestment of distributions		278,256			646,637
Shares redeemed		(2,769,750	)		(10,318,214	)
Net decrease in shares outstanding		(650,989	)		(4,975,160	)

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA MBS BOND FUND

Statements of Changes in Net Assets

	Six Months Ended
	May 31, 2019			Year Ended
	(Unaudited)			November 30, 2018
Increase/(Decrease) in Net Assets From Operations:
Net investment income	$	912,670		$	1,733,608
Net realized gain/(loss) on investments		2,136			(648,454	)
Net change in unrealized appreciation/(depreciation) on investments		2,199,839			(1,663,220	)
Net increase/(decrease) in net assets resulting from operations		3,114,645			(578,066	)

Distributions Paid to Shareholders:
Net dividends and distributions to shareholders		(978,842	)		(1,831,574	)
Total dividends and distributions		(978,842	)		(1,831,574	)

Capital Share Transactions:
Net proceeds from shares sold		9,518,929			15,637,585
Distributions reinvested		533,280			890,274
Payment for shares redeemed		(5,854,432	)		(23,632,579	)
Net increase/(decrease) in net assets from capital share transactions		4,197,777			(7,104,720	)
Total increase/(decrease) in net assets		6,333,580			(9,514,360	)

Net Assets, Beginning of Period		60,204,459			69,718,819
Net Assets, End of Period	$	66,538,039		$	60,204,459

Transactions in Shares:
Shares sold		1,016,342			1,677,737
Shares issued on reinvestment of distributions		56,837			96,016
Shares redeemed		(626,609	)		(2,553,763	)
Net increase/(decrease) in shares outstanding		446,570			(780,010	)

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Statements of Changes in Net Assets

	Six Months Ended			December 26, 2017*
	May 31, 2019			through
	(Unaudited)			November 30, 2018
Increase/(Decrease) in Net Assets From Operations:
Net investment income	$	2,525,445		$	4,182,220
Net realized gain on investments		113,025			347,903
Net change in unrealized appreciation/(depreciation) on investments		937,034			(4,631,488	)
Net increase/(decrease) in net assets resulting from operations		3,575,504			(101,365	)

Distributions Paid to Shareholders:
Net dividends and distributions to shareholders		(2,886,051	)		(4,140,980	)
Total dividends and distributions		(2,886,051	)		(4,140,980	)

Capital Share Transactions:
Net proceeds from shares sold		1,463,530			8,256,239
Net proceeds from transfer in-kind		—			65,639,784
Distributions reinvested		2,886,052			4,140,980
Payment for shares redeemed		(1,160,847	)		(895	)
Net increase in net assets from capital share transactions		3,188,735			78,036,108
Total increase in net assets		3,878,188			73,793,763

Net Assets, Beginning of Period		73,793,763			—
Net Assets, End of Period	$	77,671,951		$	73,793,763

Transactions in Shares:
Shares sold		153,377			832,790
Shares issued in connection with transfer in-kind		—			6,563,978
Shares issued on reinvestment of distributions		305,987			423,534
Shares redeemed		(120,581	)		(91	)
Net increase in shares outstanding		338,783			7,820,211

*	Commencement of operations.

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA BBB BOND FUND

Financial Highlights

	Six Months
	Ended			Year Ended November 30,
	May 31, 2019			Year Ended November 30,
	(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance
(For a fund share outstanding throughout each period)

Net asset value, beginning of period	$	8.67		$	9.35		$	9.07		$	8.97		$	9.57		$	9.48

Income From Investment Operations:
Net investment income		0.19			0.37			0.35			0.36			0.36			0.37
Net realized and unrealized gain/(loss) on investments		0.61			(0.68	)		0.28			0.10			(0.55	)		0.43
Total from investment operations		0.80			(0.31	)		0.63			0.46			(0.19	)		0.80

Less Distributions:
Distributions from net investment income		(0.19	)		(0.37	)		(0.35	)		(0.36	)		(0.36	)		(0.37	)
Distributions from net realized gains on investments		—			—			—			—			(0.05	)		(0.34	)
Total distributions		(0.19	)		(0.37	)		(0.35	)		(0.36	)		(0.41	)		(0.71	)

Net asset value, end of period	$	9.28		$	8.67		$	9.35		$	9.07		$	8.97		$	9.57

Total Return		9.26	%⁺⁺		-3.44	%		7.10	%		5.18	%		-2.08	%		8.85	%

Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	152,971		$	148,575		$	206,654		$	223,040		$	225,946		$	239,734
Ratio of expenses to average net assets:
Net of expense reimbursement		0.19	%⁺	0.16		%^		0.15	%		0.15	%		0.15	%		0.02	%*
Before expense reimbursement		0.20	%⁺		0.17	%		0.17	%		0.17	%		0.16	%		0.15	%
Ratio of net investment income to average net assets:
Net of expense reimbursement		4.12	%⁺		3.97	%		3.81	%		3.90	%		3.87	%		3.86	%
Before expense reimbursement		4.11	%⁺		3.96	%		3.79	%		3.88	%		3.86	%		3.73	%
Portfolio turnover rate		3	%⁺⁺		15	%		11	%		31	%		18	%		18	%

+		Annualized for periods less than one year.
++		Not annualized for periods less than one year.
*		Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.
^		Effective March 30, 2018, the expense cap increased from 0.15% to 0.19%.

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA MBS BOND FUND

Financial Highlights

	Six Months
	Ended			Year Ended November 30,
	May 31, 2019			Year Ended November 30,
	(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance
(For a fund share outstanding throughout each period)

Net asset value, beginning of period	$	9.17		$	9.49		$	9.56		$	9.70		$	9.82		$	9.65

Income From Investment Operations:
Net investment income		0.14			0.24			0.25			0.25			0.24			0.29
Net realized and unrealized gain/(loss) on investments		0.33			(0.31	)		(0.05	)		(0.11	)		(0.09	)		0.20
Total from investment operations		0.47			(0.07	)		0.20			0.14			0.15			0.49

Less Distributions:
Distributions from net investment income		(0.15	)		(0.25	)		(0.27	)		(0.28	)		(0.27	)		(0.32	)
Total distributions		(0.15	)		(0.25	)		(0.27	)		(0.28	)		(0.27	)		(0.32	)

Net asset value, end of period	$	9.49		$	9.17		$	9.49		$	9.56		$	9.70		$	9.82

Total Return		5.12	%⁺⁺		-0.72	%		2.09	%		1.48	%		1.54	%		5.17	%

Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	66,538		$	60,204		$	69,719		$	87,877		$	96,068		$	97,345
Ratio of expenses to average net assets:
Net of expense reimbursement		0.23	%⁺		0.21	%†	0.17		%^		0.15	%		0.15	%		0.03	%*
Before expense reimbursement		0.38	%⁺		0.34	%		0.39	%		0.32	%		0.29	%		0.29	%
Ratio of net investment income to average net assets:
Net of expense reimbursement		2.94	%⁺		2.53	%		2.49	%		2.59	%		2.43	%		2.94	%
Before expense reimbursement		2.79	%⁺		2.40	%		2.27	%		2.42	%		2.29	%		2.68	%
Portfolio turnover rate		6	%⁺⁺		239	%		151	%		67	%		161	%		160	%

+		Annualized for periods less than one year.
++		Not annualized for periods less than one year.
*		Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.
^		Effective March 30, 2017, the expense cap increased from 0.15% to 0.18%.
†		Effective March 30, 2018, the expense cap increased from 0.18% to 0.23%.

The accompanying notes are an integral part of these financial statements.

PIA Funds

PIA HIGH YIELD (MACS) FUND

Financial Highlights

	Six Months Ended			December 26, 2017*
	May 31, 2019			through
	(Unaudited)			November 30, 2018
Per Share Operating Performance
(For a fund share outstanding throughout each period)

Net asset value, beginning of period	$	9.44		$	10.00

Income From Investment Operations:
Net investment income		0.27			0.56
Net realized and unrealized gain/(loss) on investments		0.17			(0.56	)
Total from investment operations		0.44			0.00

Less Distributions:
Distributions from net investment income		(0.32	)		(0.56	)
Distributions from net realized gains on investments		(0.04	)		—
Total distributions		(0.36	)		(0.56	)

Net asset value, end of period	$	9.52		$	9.44

Total Return		4.78	%⁺⁺		-0.07	%⁺⁺

Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	77,672		$	73,794
Ratio of expenses to average net assets:
Net of expense reimbursement		0.25	%⁺	0.23		%⁺^
Before expense reimbursement		0.28	%⁺		0.30	%⁺
Ratio of net investment income to average net assets:
Net of expense reimbursement		6.64	%⁺		6.23	%⁺
Before expense reimbursement		6.61	%⁺		6.16	%⁺
Portfolio turnover rate		11	%⁺⁺		22	%⁺⁺

*		Commencement of operations.
+		Annualized for periods less than one year.
++		Not annualized for periods less than one year.
^		Effective March 30, 2018, the expense cap increased from 0.18% to 0.25%.

The accompanying notes are an integral part of these financial statements.

PIA Funds

Notes to Financial Statements – May 31, 2019

(Unaudited)

Note 1 – Organization

The PIA BBB Bond Fund, the PIA MBS Bond Fund and the PIA High Yield (MACS) Fund (the “Funds”) are each a series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Currently, the Funds offer the Managed Account Completion Shares (MACS) class. Each of the Funds is diversified and has separate assets and liabilities and differing investment objectives. The investment objective of the PIA BBB Bond Fund (the “BBB Bond Fund”) is to seek to provide a total rate of return that approximates that of bonds rated within the BBB category by Standard and Poor’s Ratings Services, the Baa category by Moody’s Investors Services, Inc. or the BBB category by Fitch Ratings, Inc. The investment objective of the PIA MBS Bond Fund (the “MBS Bond Fund”) is to seek to provide a total rate of return that exceeds the Bloomberg Barclays U.S. MBS Fixed Rate Index. The investment objective of the PIA High Yield (MACS) Fund (the “High Yield (MACS) Fund”) is to seek a high level of current income. The BBB Bond Fund and the MBS Bond Fund commenced operations on September 25, 2003 and February 28, 2006, respectively. The High Yield (MACS) Fund commenced operations on December 26, 2017, prior to which, its only activity was a transfer in-kind of securities and cash. This transfer in-kind was nontaxable, whereby the Fund issued 6,563,978 shares on December 26, 2017. The fair value and cost of securities received by the Fund was $61,624,087 and $60,648,008, respectively. In addition, the Fund received $4,015,697 of cash and interest receivable. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Only authorized investment advisory clients of Pacific Income Advisers, Inc. are eligible to invest in the Funds.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Funds on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The Funds are required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Funds’ net asset values if the Funds make such purchases while remaining substantially fully invested. In connection with the ability to purchase securities on a when-issued basis, the Funds may also enter into dollar rolls in which the Funds sell securities purchased on a forward-commitment basis and simultaneously contract with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the Funds to “rollover” their purchase commitments, the Funds receive negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Federal Income Taxes – It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2016 – 2018, or expected to be taken in the Funds’ 2019 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – Each Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a Fund’s respective net assets, or by other equitable means.

Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Funds distribute substantially all net investment income, if any, monthly and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period. Actual results could differ from those estimates.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

New Accounting Pronouncements – In March 2017, FASB issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continue to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

Events Subsequent to the Fiscal Period End – In preparing the financial statements as of May 31, 2019, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements. Management has determined there were no subsequent events that would need to be disclose in the Funds’ financial statements.

Note 3 – Securities Valuation

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 major 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.

Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis. The Funds’ investments are carried at 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).

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.

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.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

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 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.

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.

Equity Securities – Equity securities 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.

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.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

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 Funds. Illiquid securities may be valued under methods approved by the Funds’ 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 May 31, 2019, the High Yield (MACS) Fund held investments in illiquid securities with a total value of $882,888 or 1.14% of total net assets:

		Dates	Cost
Security	Par Value	Acquired	Basis
American Gilsonite Co. Purchase-in-Kind Notes	$444,559	1/17-1/19	$455,916
MAI Holdings, Inc.	700,000	11/18	682,747

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 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 May 31, 2019, Pacific Income Advisers, Inc., the adviser, has determined that all the Rule 144A securities held by the Funds, except the securities listed below, are considered liquid.

		Dates	Cost
Security	Par Value	Acquired	Basis
American Gilsonite Co. Purchase-in-Kind Notes	$444,559	1/17-1/19	$455,916
MAI Holdings, Inc.	700,000	11/18	682,747

The Board of Trustees (“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, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”), 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.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

The inputs or methodology used for valuing securities are not 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 May 31, 2019:

BBB Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	137,307,555	$	—	$	137,307,555
Sovereign Bonds		—		10,226,002		—		10,226,002
U.S. Government Agencies and Instrumentalities		—		2,218,519		—		2,218,519
Total Fixed Income		—		149,752,076		—		149,752,076
Short-Term Investments		2,511,999		—		—		2,511,999
Total Investments	$	2,511,999	$	149,752,076	$	—	$	152,264,075

MBS Bond Fund
	Level 1		Level 2		Level 3		Total
Fixed Income
Commercial Mortgage-Backed Securities	$	—	$	811,729	$	—	$	811,729
Mortgage-Backed Securities -
U.S. Government Agencies		—		63,700,512		—		63,700,512
Total Fixed Income		—		64,512,241		—		64,512,241
Short-Term Investments		688,953		2,997,350		—		3,686,303
Total Investments	$	688,953	$	67,509,591	$	—	$	68,198,544

High Yield (MACS) Fund
	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	74,962,283	$	—	$	74,962,283
Total Fixed Income		—		74,962,283		—		74,962,283
Short-Term Investments		1,920,933		—		—		1,920,933
Total Investments	$	1,920,933	$	74,962,283	$	—	$	76,883,216

Refer to each Fund’s schedule of investments for a detailed break-out of securities. Transfers between levels are recognized at May 31, 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, and the PIA High Yield (MACS) Fund held no Level 3 securities during the period ended May 31, 2019.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impact these changes will have on the Funds’ financial statements and disclosures.

Note 4 – Investment Advisory Fee and Other Transactions with Affiliates

The Funds have investment advisory agreements with Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) pursuant to which the Adviser is responsible for providing investment management services to the Funds. The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Funds. Under the agreement, the Funds do not pay the Adviser an investment advisory fee. However, investors in the Funds will be charged investment advisory fees by the Adviser and persons other than the Adviser. Clients of PIA pay PIA an investment advisory fee to manage their assets, including assets invested in the Funds. Participants in “wrap-fee” programs pay fees to the program sponsor, who in turn pays fees to the Adviser.

The Funds are responsible for their own operating expenses. PIA has temporarily agreed to limit the total expenses of the BBB Bond Fund, MBS Bond Fund and High Yield (MACS) Fund to an annual rate of 0.19%, 0.23% and 0.25%, respectively, of each Fund’s average daily net assets through at least March 29, 2020. The Adviser may not recoup expense reimbursements in future periods. For the six months ended May 31, 2019, the Adviser absorbed Fund expenses in the amount of $7,413, $45,874 and $11,909 for the BBB Bond Fund, the MBS Bond Fund and the High Yield (MACS) Fund, respectively.

Fund Services serves as the Funds’ administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended May 31, 2019, are disclosed in the Statement of Operations.

Quasar Distributors, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Funds. Both the Distributor and Custodian are affiliates of the Administrator. Fees paid by the Funds to U.S. Bank N.A. for custody services for the six months ended May 31, 2019 are disclosed in the Statement of Operations.

Note 5 – Purchases and Sales of Securities

For the six months ended May 31, 2019, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

	Non-Government				Government
	Purchases		Sales		Purchases		Sales
BBB Bond Fund	$	2,332,471	$	10,795,257	$	2,179,812	$	—
MBS Bond Fund		—		—		7,386,433		4,528,723
High Yield (MACS) Fund		10,998,560		9,190,810		—		—

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 6 – Line of Credit

The BBB Bond Fund, the MBS Bond Fund and the High Yield (MACS) Fund have a line of credit in the amounts of $15,000,000, $8,000,000 and $15,000,000, respectively. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank N.A. During the six months ended May 31, 2019, the High Yield (MACS) Fund did not draw upon its line of credit. During the six months ended May 31, 2019, the BBB Bond Fund and the MBS Bond Fund drew on their lines of credit. The BBB Bond Fund and the MBS Bond Fund had an outstanding average daily balance of $3,973 and $253, paid a weighted average interest rate of 5.50% and 5.25%, and incurred interest expense of $24 and $2, respectively. The maximum amount outstanding for the BBB bond Fund and the MBS Bond Fund during the six months ended May 31, 2019 was $161,000 and $14,000, respectively. At May 31, 2019, the Funds had no outstanding loan amounts.

Note 7 – Federal Income Tax Information

The tax character of distributions paid during the six months ended May 31, 2019 and the year ended November 30, 2018 was as follows:

	BBB Bond Fund				MBS Bond Fund				High Yield (MACS) Fund
	May 31, 2019		Nov. 30, 2018		May 31, 2019		Nov. 30, 2018		May 31, 2019		Nov. 30, 2018
Ordinary income	$	3,093,772	$	7,642,647	$	978,842	$	1,831,574	$	2,730,270	$	4,140,980
Long-term
capital gains		—		—		—		—		155,781		—

As of November 30, 2018, the components of capital on a tax basis were as follows:

	BBB			MBS			High Yield
	Bond Fund			Bond Fund			(MACS) Fund
Cost of investments (a)	$	151,940,959		$	61,224,654		$	76,144,143
Gross unrealized appreciation		2,197,457			206,895			233,869
Gross unrealized depreciation		(7,344,651	)		(1,365,013	)		(3,889,278	)
Net unrealized depreciation (a)		(5,147,194	)		(1,158,118	)		(3,655,409	)
Undistributed ordinary income		51,778			29,211			233,427
Undistributed long-term capital gain		—			—			155,716
Total distributable earnings		51,778			29,211			389,143
Other accumulated gains/(losses)		(5,302,321	)		(1,527,434	)		—
Total accumulated earnings/(losses)	$	(10,397,737	)	$	(2,656,341	)	$	(3,266,266	)

(a)

The difference between book-basis and tax-basis net unrealized depreciation in the BBB Bond Fund and the MBS Bond Fund is attributable primarily to wash sales. The book-basis and tax-basis net unrealized depreciation are the same for the High Yield (MACS) Fund.

At November 30, 2018, the BBB Bond Fund and the MBS Bond Fund had tax short-term capital losses and tax long-term capital losses, which may be carried over indefinitely to offset future gains, as follows:

	BBB		MBS		High Yield
	Bond Fund		Bond Fund		(MACS) Fund
Short-term capital losses	$	640,748	$	768,696	$	—
Long-term capital losses		4,661,573		758,738		—

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 8 – Principal Risks

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund’s net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

	•	Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments.

	•	Interest Rate Risk. The value of a Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Funds may face a heightened level of interest rate risk.

	•	Credit Risk. The issuers of the bonds and other debt securities held by the Funds may not be able to make interest or principal payments.

	•	Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Funds. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.

BBB Bond Fund

	•	High Yield Securities Risk. The BBB Bond Fund may hold high yield securities as a result of credit rating downgrades. Securities with ratings lower than BBB or Baa are known as “high yield” securities (commonly known as “junk bonds”). High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans.

	•	Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

MBS Bond Fund

	•	Extension Risk. An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.

	•	Risks Associated with Mortgage-Backed Securities. These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

	•	Risks associated with Real Estate and Regulatory Actions. Although some of the securities in the Fund are expected to either have a U.S. Government sponsored entity guarantee or be AAA rated by any NSRSO, if real estate experiences a significant price decline, this could adversely affect the prices of the securities the Fund owns. In addition, any adverse regulatory action could impact the prices of the securities the Fund owns.

	•	Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.

	•	TBA Securities Risk. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. The principal risk of TBA transactions are increased credit risk and increased overall investment exposure.

	•	Government-Sponsored Entities Risk. Securities issued or guaranteed by government-sponsored entities, including GNMA, FNMA, and FHLMC, may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.

	•	Asset-Backed Securities Risks. These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates.

High Yield (MACS) Fund

	•	High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.

	•	Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.

PIA Funds

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

	•	Convertible Securities Risk. Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying common or preferred stock.

	•	Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.

	•	Loan Participation and Assignment Risk. Loan participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Bank loans (i.e., loan participations and assignments), like other high yield corporate debt obligations, have a higher risk of default and may be less liquid and/or become illiquid.

	•	Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities.

PIA Funds

Notice to Shareholders – May 31, 2019

(Unaudited)

How to Obtain a Copy of the Funds’ Proxy Voting Policies

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-251-1970, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Funds’ Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-251-1970. Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090. Information included in the Funds’ Form N-Q is also available by calling 1-800-251-1970.

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses, annual and semi-annual reports, proxy statements and other regulatory documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-251-1970 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

PIA Funds

Approval of Investment Advisory Agreements

(Unaudited)

At a meeting held on December 5-6, 2018, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) on behalf of the PIA BBB Bond Fund (the “BBB Fund”), the PIA MBS Bond Fund (the “MBS Fund”), and the PIA High Yield (MACS) Fund (the “High Yield Fund”) (collectively, the “Funds”). At this meeting, and at a prior meeting held on October 17-18, 2018, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreements. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

	1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENTS. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds, as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss each Fund’s performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process. The Board took into account that all shareholders of the Funds are advisory clients of the Adviser and that the Funds are used as investment options to fulfill investment mandates for such clients. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that the nature, overall quality and extent of such management services are satisfactory.

	2.	THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund as of July 31, 2018, on both an absolute basis and in comparison to its peer funds utilizing Morningstar classifications and appropriate securities benchmarks. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. The Board noted that the High Yield Fund was newer and that it had not yet completed one year of performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in its peer universe. The

PIA Funds

Approval of Investment Advisory Agreements (continued)

(Unaudited)

		Board took into account the Adviser’s views as to the reasons for each Fund’s relative performance against peers and benchmarks over various time periods and its future outlook for each Fund. In considering each Fund’s performance, the Trustees placed greater emphasis on performance against peers as opposed to the unmanaged benchmark indices.

		BBB Fund: The Board noted that the BBB Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-, three-, five-, and ten-year periods.

		The Board reviewed the performance of the Fund against a broad-based securities market benchmark.

		The Board considered that the Adviser does not manage any other accounts with a similar strategy to that of the BBB Fund.

		MBS Fund: The Board noted that the MBS Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-year, three-year, five-year and ten-year periods.

		The Board reviewed the performance of the Fund against a broad-based securities market benchmark.

		The Board considered that the Adviser does not manage any other accounts with a similar strategy to that of the MBS Fund.

		High Yield Fund: The Board noted that the High Yield Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the year-to-date period.

		The Board reviewed the performance of the Fund against a broad-based securities market benchmark.

		The Board considered that the Adviser does not manage any other accounts with a similar strategy to that of the High Yield Fund.

	3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENTS. In considering the advisory fee and total fees and expenses of each of the Funds, the Board reviewed comparisons to the peer funds and the Adviser’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements. The Board also considered that the Adviser does not manage any other accounts with strategies similar to that of the Funds.

		BBB Fund: The Board noted that the Adviser has temporarily agreed, through at least March 29, 2019, to maintain a minimal annual expense ratio for the Fund of 0.17%. The Board noted that the Fund’s total expense ratio was below its peer group median and average. The Board noted that the Adviser does not charge management fees to the BBB Fund. The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the BBB Fund.

		MBS Fund: The Board noted that the Adviser has temporarily agreed, through at least March 29, 2019, to maintain a minimal annual expense ratio for the Fund of 0.23%. The Board noted that the Fund’s total expense ratio was below its peer group median and average. The Board also noted that the Adviser does not charge

PIA Funds

Approval of Investment Advisory Agreements (continued)

(Unaudited)

		management fees to the MBS Fund. The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the MBS Fund.

		High Yield Fund: The Board noted that the Adviser has temporarily agreed, through at least March 29, 2019, to maintain a minimal annual expense ratio for the Fund of 0.25%. The Board noted that the Fund’s total expense ratio was below its peer group median and average. The Board also noted that the Adviser does not charge management fees to the High Yield Fund. The Board recognized that clients of the Adviser will pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the High Yield Fund.

	4.	ECONOMIES OF SCALE. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. The Board noted that since the Adviser does not charge a management fee to the Funds, and has temporarily agreed to absorb all but 0.17%, 0.23% and 0.25% of the BBB Fund’s, MBS Fund’s and High Yield Fund’s ordinary operating expenses, respectively, it did not appear that there were any additional significant economies of scale being realized by the Adviser and concluded that it would continue to monitor in the future as circumstances changed.

	5.	THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds. The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional benefits derived by the Adviser from its relationship with the Funds, including the advisory fees it received from the wrap programs and other advisory accounts associated with assets invested in the Funds. The Board also considered that the Funds do not charge any Rule 12b-1 fees or utilize “soft dollars.” After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreements was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the Funds.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreements for the BBB Fund, MBS Fund and High Yield Fund, but rather the Board based its determination on the total combination of information available to them. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable. The Board therefore determined that the continuance of the Advisory Agreements for the BBB Fund, MBS Fund and High Yield Fund would be in the best interests of the Funds and their shareholders.

PRIVACY NOTICE

The Funds collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA 90401

Distributor

Quasar Distributors, LLC

777 East Wisconsin Avenue, 6th Floor

Milwaukee, WI 53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(800) 251-1970

Custodian

U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Legal Counsel

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, NY 10103

Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change.

PIA Funds

PIA Short-Term

Securities Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically through the Fund’s website.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held within the fund complex and may apply to all funds held through your financial intermediary.

Semi-Annual Report

May 31, 2019

PIA Short-Term Securities Fund

Dear Shareholder:

We are pleased to provide you with this semi-annual report for the six-month period from December 1, 2018 through May 31, 2019, regarding the PIA Short-Term Securities Fund (the “Fund”) for which Pacific Income Advisers, Inc. (“PIA”), is the investment adviser.

For the six months ended May 31, 2019, the total return for the Fund, including the reinvestment of dividends and capital gains, was 1.62%. The Fund’s return was lower than the Fund’s benchmark index, the ICE BofAML 1-Year U.S. Treasury Note Index, which returned 1.71% for the same period.

As stated in the most recently filed prospectus, the Fund’s gross expense ratio is 0.42% and the Fund’s net expense ratio is 0.39%. PIA has contractually agreed to waive all or a portion of its management fees and pay Fund expenses to ensure that the Total Annual Fund Operating Expenses After Fee Waiver (excluding acquired fund fees and expenses (“AFFE”), interest, taxes and extraordinary expenses) do not exceed 0.39% of the Fund’s average daily net assets through at least March 29, 2020. The net expense is what the investor has paid.

The Fund’s investment objective is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities.

During the six-month period ended May 31, 2019, the Fund had a shorter duration position and a more barbelled structure, relative to the Fund’s benchmark index. The Fund had a diversified allocation to fixed-rate and floating-rate investment grade corporate bonds, with maturities less than three years. The Fund was overweighted in floating rate government mortgage-backed securities, which provided the portfolio with a more defensive positioning as short-term interest rates increased.

Bond Market in Review

PIA Short-Term Securities Fund

Please take a moment to review the Fund’s statement of assets and liabilities and the results of operations for the six-month period ended May 31, 2019. We look forward to reporting to you again with the annual report dated November 30, 2019.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

Past performance is not a guarantee of future results.

Opinions expressed above are those of Pacific Income Advisers, Inc., the Fund’s investment adviser, are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

Must be preceded or accompanied by a prospectus.

Diversification does not assure a profit or protect against risk in a declining market.

The ICE BofAML 1-Year U.S. Treasury Note Index (the “Index”) is an unmanaged index presented for comparative purposes only. The Index is comprised of a single U.S. Treasury issue with approximately one year to final maturity purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue. You cannot invest directly in an index.

Gross domestic product is the amount of goods and services produced in a year, in a country.

Consumer Price Index measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.

Duration is the measure of the sensitivity of the price of a fixed income security to a change in interest rates, expressed in number of years.

Basis point equals 1/100th of 1%.

A yield curve is a curve that shows several yields or interest rates over different lengths of time for a similar debt security.

Spread is the difference in yield between a corporate bond and a similar maturity U.S. Treasury bond. It is the compensation investors receive for accepting credit risk of a corporate bond.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential. Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., and Fitch Ratings, Inc. Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Please refer to the schedule of investments in the report for complete holdings information. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Quasar Distributors, LLC, Distributor

PIA Short-Term Securities Fund

Expense Example – May 31, 2019

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA Short-Term Securities Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/18 – 5/31/19).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses, with actual net expenses being limited to 0.39% per the operating expenses limitation agreement. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is different from the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account	Ending Account	Expenses Paid During
	Value 12/1/18	Value 5/31/19	Period 12/1/18 – 5/31/19*
Actual	$1,000.00	$1,016.20	$1.96
Hypothetical (5% return before expenses)	$1,000.00	$1,022.99	$1.97

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the Fund is 0.39%.

PIA Short-Term Securities Fund

Allocation of Portfolio Assets – May 31, 2019

(Unaudited)

Investments by Type

As a Percentage of Total Investments

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 55.0%

Aerospace and Defense 1.2%
		General Dynamics Corp.
$	950,000	2.915% (3 Month LIBOR USD
		+ 0.380%), due 5/11/21 (e)	$	954,137
		Rockwell Collins, Inc.
	500,000	1.95%, due 7/15/19		499,524
		United Technologies Corp.
	500,000	3.175% (3 Month LIBOR USD
		+ 0.650%), due 8/16/21 (e)		500,324
				1,953,985
Automobiles Manufacturing 2.2%
		American Honda Finance Corp.
	1,000,000	2.00%, due 2/14/20		996,709
		BMW US Capitals, LLC
	1,000,000	2.898% (3 Month
		LIBOR USD + 0.370%),
		due 8/14/20 (a) (e)		1,002,825
		General Motors
		Financial Co., Inc.
	1,000,000	2.35%, due 10/4/19		998,395
		Harley-Davidson Financial
		Services, Inc.
	500,000	3.022% (3 Month
		LIBOR USD + 0.500%),
		due 5/21/20 (a) (e)		500,125
				3,498,054
Banks 12.8%
		Bank of Montreal
	500,000	2.10%, due 12/12/19		499,197
	1,000,000	3.057% (3 Month LIBOR USD
		+ 0.460%), due 4/13/21 (e)		1,004,320
		Bank of Nova Scotia
	500,000	2.15%, due 7/14/20		498,448
	1,000,000	2.50%, due 1/8/21		1,002,323
		BB&T Corp.
	2,000,000	3.181% (3 Month LIBOR USD
		+ 0.570%), due 6/15/20 (e)		2,007,835
		Citigroup, Inc.
	2,000,000	2.45%, due 1/10/20		1,998,044
		Citizens Bank, N.A.
	500,000	2.20%, due 5/26/20		497,767
		DBS Group Holdings Ltd.
	1,000,000	2.85%, due 4/16/22 (a)		1,007,200
		Goldman Sachs Bank USA/
		New York NY
	2,000,000	3.20%, due 6/5/20		2,011,847
		JPMorgan Chase Bank NA
	1,000,000	1.65%, due 9/23/19		997,661
		KeyBank NA
	500,000	3.30%, due 2/1/22		510,825
		MUFG Union Bank NA
	500,000	3.15%, due 4/1/22		509,190
		PNC Bank NA
	500,000	2.00%, due 5/19/20		497,873
		Regions Bank
		Birmingham Alabama
	2,000,000	3.035% (3 Month LIBOR USD
		+ 0.500%), due 8/13/21 (e)		1,997,258
		Royal Bank of Canada
	1,000,000	2.973% (3 Month LIBOR USD
		+ 0.390%), due 4/30/21 (e)		1,002,887
		SunTrust Bank
	1,000,000	2.25%, due 1/31/20		997,494
		Toronto Dominion Bank
	2,000,000	2.881% (3 Month LIBOR USD
		+ 0.280%), due 6/11/20 (e)		2,004,745
		Wells Fargo Bank NA
	1,000,000	2.88% (SOFR + 0.480%),
		due 3/25/20 (e)		1,001,403
				20,046,317

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Cable and Satellite 0.6%
		Comcast Corp.
$	1,000,000	2.922% (3 Month LIBOR USD
		+ 0.330%), due 10/1/20 (e)	$	1,002,189

Chemicals 2.0%
		DowDuPont, Inc.
	500,000	3.228% (3 Month LIBOR USD
		+ 0.710%), due 11/15/20 (e)		503,520
		PPG Industries, Inc.
	1,000,000	3.60%, due 11/15/20		1,015,499
		Sherwin-Williams Co.
	1,600,000	2.25%, due 5/15/20		1,593,065
				3,112,084
Commercial Finance 1.6%
		Aviation Capital Group LLC
	2,000,000	3.470% (3 Month
		LIBOR USD + 0.950%),
		due 6/1/21 (a) (e)		2,006,845
	500,000	3.253% (3 Month
		LIBOR USD + 0.670%),
		due 7/30/21 (a) (e)		498,900
				2,505,745
Construction Materials Manufacturing 1.0%
		Martin Marietta Materials, Inc.
	500,000	3.173% (3 Month LIBOR USD
		+ 0.650%), due 5/22/20 (e)		500,188
		Vulcan Materials Co.
	1,000,000	3.211% (3 Month LIBOR USD
		+ 0.600%), due 6/15/20 (e)		999,904
				1,500,092
Consumer Finance 1.3%
		American Express Co.
	1,000,000	3.05% (3 Month LIBOR USD
		+ 0.525%), due 5/17/21 (e)		1,002,911
		American Express Credit Corp.
	1,000,000	1.70%, due 10/30/19		996,270
				1,999,181
Consumer Products 0.3%
		The Estee Lauder Companies Inc.
	500,000	1.80%, due 2/7/20		497,529

Containers and Packaging 0.6%
		Packaging Corp. of America
	1,000,000	2.45%, due 12/15/20		997,042

Drugs and Druggists’ Sundries
Merchant Wholesalers 0.3%
		Cardinal Health, Inc.
	500,000	1.948%, due 6/14/19		499,868

Electrical Equipment Manufacturing 1.4%
		Fortive Corp.
	116,000	1.80%, due 6/15/19		115,947
		Honeywell International, Inc.
	1,000,000	1.40%, due 10/30/19		995,629
		Tyco Electronics Group SA
	1,000,000	2.929% (3 Month LIBOR USD
		+ 0.450%), due 6/5/20 (e)		1,001,745
				2,113,321
Entertainment Content 0.7%
		Fox Corp.
	1,000,000	3.666%, due 1/25/22 (a)		1,025,538

Financial Services 2.9%
		Ameriprise Financial, Inc.
	1,000,000	3.00%, due 3/22/22		1,009,317
		CBOE Global Markets, Inc.
	500,000	1.95%, due 6/28/19		499,740
		Charles Schwab Corp.
	1,000,000	2.842% (3 Month LIBOR USD
		+ 0.320%), due 5/21/21 (e)		1,000,507
		TD Ameritrade Holding Corp.
	1,000,000	3.009% (3 Month LIBOR USD
		+ 0.430%), due 11/1/21 (e)		1,002,652
		USAA Capital Corp.
	1,000,000	2.625%, due 6/1/21 (a)		1,004,852
				4,517,068

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Food 0.6%
		Kroger Co.
$	1,000,000	1.50%, due 9/30/19	$	996,146

Food and Beverage 1.9%
		Campbell Soup Co.
	500,000	3.241% (3 Month LIBOR USD
		+ 0.630%), due 3/15/21 (e)		499,025
		General Mills, Inc.
	500,000	3.141% (3 Month LIBOR USD
		+ 0.540%), due 4/16/21 (e)		500,139
		Kraft Heinz Foods Co.
	1,000,000	3.115% (3 Month LIBOR USD
		+ 0.570%), due 2/10/21 (e)		999,811
		Tyson Foods, Inc.
	1,000,000	3.07% (3 Month LIBOR USD
		+ 0.550%), due 6/2/20 (e)		1,000,675
				2,999,650
Health and Personal Care Stores 0.3%
		CVS Health Corp.
	500,000	3.173% (3 Month LIBOR USD
		+ 0.720%), due 3/9/21 (e)		502,166

Health Care Facilities and Services 1.3%
		Express Scripts Holding Co.
	2,000,000	2.60%, due 11/30/20		1,995,230

Machinery Manufacturing 0.6%
		Ingersoll-Rand Global
		Holding Co. Ltd.
	1,000,000	2.90%, due 2/21/21		1,004,352

Mass Merchants 0.6%
		Walmart, Inc.
	1,000,000	2.832% (3 Month LIBOR USD
		+ 0.230%), due 6/23/21 (e)		1,003,281

Medical Equipment and
Supplies Manufacturing 0.5%
		Becton Dickinson and Co.
	750,000	3.476% (3 Month LIBOR USD
		+ 0.875%), due 12/29/20 (e)		750,211

Navigational, Measuring, Electromedical, and
Control Instruments Manufacturing 0.8%
		Northrop Grumman Corp.
	1,300,000	2.08%, due 10/15/20		1,291,493

Nondepository Credit Intermediation 0.6%
		Caterpillar Financial
		Services Corp.
	1,000,000	1.85%, due 9/4/20		993,330

Oil and Gas Services and Equipment 0.3%
		Schlumberger Finance
		Canada Ltd.
	500,000	2.20%, due 11/20/20 (a)		497,798

Other Food Manufacturing 1.0%
		Conagra Brands, Inc.
	1,000,000	3.092% (3 Month LIBOR USD
		+ 0.500%), due 10/9/20 (e)		997,261
		J.M. Smucker Co.
	500,000	2.20%, due 12/6/19		499,054
				1,496,315
Pharmaceuticals 4.5%
		Bayer US Finance II LLC
	1,000,000	3.232% (3 Month
		LIBOR USD + 0.630%),
		due 6/25/21 (a) (e)		992,010
		Bristol-Myers Squibb Co.
	2,000,000	2.60%, due 5/16/22 (a)		2,014,382
		GlaxoSmithKline Capital Plc
	2,000,000	2.878% (3 Month LIBOR USD
		+ 0.350%), due 5/14/21 (e)		2,006,405
		Johnson & Johnson
	1,000,000	1.95%, due 11/10/20		996,168
		Shire Acquisitions Investments
		Ireland DAC
	500,000	1.90%, due 9/23/19		498,549
		Teva Pharmaceutical Finance
		Netherlands III BV
	500,000	1.70%, due 7/19/19		499,200
				7,006,714

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Publishing & Broadcasting 0.6%
		Discovery Communications LLC
$	1,000,000	2.20%, due 9/20/19	$	997,896

Railroad 0.4%
		Union Pacific Corp.
	500,000	2.95%, due 3/1/22		506,281

Refining and Marketing 0.3%
		Phillips 66
	500,000	3.121% (3 Month LIBOR USD
		+ 0.600%), due 2/26/21 (e)		500,015

Restaurants 0.6%
		Starbucks Corp.
	1,000,000	2.20%, due 11/22/20		995,053

Retail – Consumer Discretionary 0.6%
		Home Depot, Inc.
	1,000,000	1.80%, due 6/5/20		993,231

Semiconductor and Other Electronic
Component Manufacturing 0.3%
		Broadcom Corp. / Broadcom
		Cayman Finance Ltd.
	500,000	2.375%, due 1/15/20		498,714

Semiconductors 0.6%
		Intel Corp.
	1,000,000	1.85%, due 5/11/20		994,332

Software and Services 1.3%
		DXC Technology Co.
	500,000	2.875%, due 3/27/20		500,559
		Equifax, Inc.
	500,000	3.388% (3 Month LIBOR USD
		+ 0.870%), due 8/15/21 (e)		498,757
		IBM Corp.
	1,000,000	2.80%, due 5/13/21		1,006,324
				2,005,640
Supermarkets and Pharmacies 1.3%
		Alimentation Couche-Tard, Inc.
	2,000,000	2.35%, due 12/13/19 (a)		1,995,724

Transportation & Logistics 1.3%
		PACCAR Financial Corp.
	500,000	1.20%, due 8/12/19		498,589
		Ryder System, Inc.
	1,000,000	2.875%, due 6/1/22		1,007,572
		United Parcel Service, Inc.
	500,000	2.05%, due 4/1/21		497,742
				2,003,903
Travel & Lodging 1.0%
		Marriott International
	1,000,000	3.103% (3 Month LIBOR USD
		+ 0.650%), due 3/8/21 (e)		1,003,171
		Royal Caribbean Cruises Ltd.
	500,000	2.65%, due 11/28/20		500,271
				1,503,442
Utilities 4.8%
		Consolidated Edison Co.
		of New York, Inc.
	2,000,000	3.002% (3 Month LIBOR USD
		+ 0.400%), due 6/25/21 (e)		2,006,051
		Dominion Resources, Inc.
	500,000	1.60%, due 8/15/19		498,831
		Duke Energy Florida LLC
	187,500	2.10%, due 12/15/19		187,243
		Eversource Energy
	1,900,000	2.50%, due 3/15/21		1,897,554
		Public Service Enterprise
		Group, Inc.
	2,000,000	1.60%, due 11/15/19		1,991,479
		Sempra Energy
	1,000,000	1.625%, due 10/7/19		996,221
				7,577,379
Total Corporate Bonds
(cost $86,288,845)				86,376,309

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
ASSET-BACKED SECURITIES 0.7%

Other Asset-Backed Securities 0.7%
		ACC Trust 2019-1
$	876,629	3.75%, due 5/20/22 (a)	$	883,059
		BlueVirgo Trust
	213,244	3.00%, due 12/15/22,
		Series 15-1A (a) (c)		213,247
Total Asset-Backed Securities
(cost $1,088,887)				1,096,306

MORTGAGE-BACKED SECURITIES 3.9%

Commercial Mortgage-Backed Securities 1.9%
		GS Mortgage Securities Trust
	3,000,000	3.35%, due 6/15/21,
		Series 2019 – Soho,
		Class A (a) (e)		3,000,000

U.S. Government Agencies 2.0%
		FHLMC ARM Pool (e)
	647	4.768% (1 Year CMT
		Rate + 2.305%),
		due 2/1/22, #845113		655
	4,923	3.999% (1 Year CMT
		Rate + 1.874%),
		due 10/1/22, #635206		4,989
	1,077	4.764% (1 Year CMT
		Rate + 2.319%),
		due 6/1/23, #845755		1,086
	89,940	4.702% (1 Year CMT
		Rate + 2.276%),
		due 1/1/25, #785726		92,588
	8,350	4.658% (12 Month
		LIBOR USD + 1.783%),
		due 1/1/33, #1B0668		8,518
	175,904	4.738% (1 Year CMT
		Rate + 2.250%),
		due 10/1/34, #782784		185,517
	36,760	4.795% (12 Month
		LIBOR USD + 1.880%),
		due 4/1/36, #847671		38,766
		FHLMC Pool
	74,395	5.00%, due 10/1/38, #G04832		79,984
		FNMA ARM Pool (e)
	14,079	4.79% (6 Month
		LIBOR USD + 2.165%),
		due 7/1/25, #555206		14,111
	91,874	4.522% (1 Year CMT
		Rate + 2.177%),
		due 4/1/30, #562912		94,650
	114,078	4.45% (12 Month
		LIBOR USD + 1.593%),
		due 10/1/33, #743454		118,316
	497,697	4.625% (12 Month
		LIBOR USD + 1.750%),
		due 11/1/33, #755253		523,579
	599,078	4.643% (1 Year CMT
		Rate + 2.295%),
		due 5/1/34, #AC5719		629,405
	172,401	4.42% (12 Month
		LIBOR USD + 1.670%),
		due 7/1/34, #779693		178,528
	79,826	4.208% (12 Month
		LIBOR USD + 1.407%),
		due 10/1/34, #795136		82,735
	258,413	4.588% (12 Month
		LIBOR USD + 1.564%),
		due 1/1/36, #849264		269,607
	201,581	4.605% (12 Month
		LIBOR USD + 1.730%),
		due 1/1/37, #906389		213,408
	107,145	4.878% (12 Month
		LIBOR USD + 1.910%),
		due 3/1/37, #907868		113,399
	238,456	4.89% (12 Month
		LIBOR USD + 2.015%),
		due 11/1/37, #953653		245,785

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Shares/ Principal Amount					Value
U.S. Government Agencies 2.0% (continued)
		FNMA Pool
$	222,948	5.00%, due 6/1/40, #AD5479			$	240,254
	30,844	4.00%, due 11/1/41, #AJ3797				32,109
						3,167,989
Total Mortgage-Backed Securities
(cost $6,026,132)						6,167,989

U.S. GOVERNMENT AGENCIES &
INSTRUMENTALITIES 34.6%

U.S. Government Agencies 7.6%
		FHLMC
	6,000,000	1.375%, due 8/15/19				5,987,223
	1,000,000	1.50%, due 1/17/20				994,960
		FNMA
	5,000,000	1.00%, due 10/24/19				4,972,932
						11,955,115
U.S. Treasury Notes 27.0%
		U.S. Treasury Notes
	5,000,000	0.875%, due 6/15/19				4,997,472
	5,500,000	1.00%, due 11/15/19				5,466,914
	1,500,000	1.375%, due 1/15/20				1,491,299
	3,000,000	1.50%, due 4/15/20				2,979,961
	2,500,000	1.50%, due 5/15/20				2,482,568
	6,500,000	1.50%, due 6/15/20				6,452,393
	6,000,000	1.50%, due 8/15/20				5,954,531
	5,000,000	1.625%, due 10/15/20				4,969,727
	4,500,000	1.75%, due 11/15/20				4,479,521
	3,000,000	2.25%, due 2/15/21				3,011,895
						42,286,281
Total U.S. Government Agencies
& Instrumentalities
(cost $54,131,797)						54,241,396

SHORT-TERM INVESTMENTS 7.3%

Money Market Fund 1.3%
	2,022,168	Fidelity Institutional Money
		Market Government Portfolio –
		Class I, 2.27% (b)				2,022,168

U.S. Treasury Bills 6.0%
		U.S. Treasury Bills
$	3,500,000	2.015%, due 6/20/19 (d)				3,496,277
	6,000,000	2.058%, due 6/27/19 (d)				5,991,080
						9,487,357
Total Short-Term Investments
(cost $11,506,937)						11,509,525
Total Investments
(cost $159,042,598)			101.5	%		159,391,525
Liabilities less Other Assets			(1.5	)%		(2,403,201	)
TOTAL NET ASSETS			100.0	%	$	156,988,324

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities 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 May 31, 2019, the value of these investments was $16,642,505 or 10.60% of total net assets.
(b)	Rate shown is the 7-day annualized yield as of May 31, 2019.
(c)	Value determined using significant unobservable inputs.
(d)	Rate shown is the discount rate at May 31, 2019.
(e)	Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of May 31, 2019.

ARM – Adjustable Rate Mortgage

CMT – Constant Maturity Treasury

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Statement of Assets and Liabilities – May 31, 2019

(Unaudited)

Assets:
Investments in securities, at value (cost $159,042,598)	$	159,391,525
Receivable for securities sold		9,109
Receivable for fund shares sold		100,890
Interest receivable		625,131
Prepaid expenses		25,455
Total assets		160,152,110

Liabilities:
Payable for fund shares redeemed		32,652
Payable for securities purchased		3,000,000
Investment advisory fees		19,310
Administration fees		12,110
Custody fees		3,764
Transfer agent fees and expenses		51,340
Fund accounting fees		23,631
Audit fees		10,214
Legal fees		633
Chief Compliance Officer fee		2,614
Trustees’ fees and expenses		780
Accrued expenses		6,738
Total liabilities		3,163,786
Net Assets	$	156,988,324

Net Assets Consist of:
Paid-in capital	$	157,013,634
Total distributable earnings		(25,310	)
Net Assets	$	156,988,324

Net Asset Value, Offering Price and Redemption Price Per Share	$	10.03

Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)		15,646,353

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Statement of Operations – Six Months Ended May 31, 2019

(Unaudited)

Investment Income:
Interest	$	1,904,986
Other Income		38
Total investment income		1,905,024

Expenses:
Investment advisory fees (Note 4)		160,286
Transfer agent fees and expenses (Note 4)		74,714
Fund accounting fees (Note 4)		44,302
Administration fees (Note 4)		21,422
Registration fees		13,220
Audit fees		10,155
Custody fees (Note 4)		9,835
Trustees’ fees and expenses		7,850
Chief Compliance Officer fee (Note 4)		5,030
Reports to shareholders		4,759
Legal fees		3,721
Insurance		1,510
Miscellaneous		2,891
Total expenses		359,695
Less: Fee waiver by adviser (Note 4)		(47,137	)
Net expenses		312,558
Net investment income		1,592,466

Realized and Unrealized Gain on Investments:
Net realized gain on investments		20,615
Net change in unrealized appreciation/depreciation on investments		1,081,657
Net gain on investments		1,102,272
Net increase in net assets resulting from operations	$	2,694,738

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year Ended
	May 31, 2019			November 30,
	(Unaudited)			2018
Increase/(Decrease) in Net Assets From
Operations:
Net investment income	$	1,592,466		$	2,600,487
Net realized gain on investments		20,615			1,283
Net change in unrealized appreciation/(depreciation) on investments		1,081,657			(601,959	)
Net increase in net assets resulting from operations		2,694,738			1,999,811

Dividends and Distributions to Shareholders:
Net dividends and distributions to shareholders		(1,622,138	)		(2,587,797	)
Total dividends and distributions		(1,622,138	)		(2,587,797	)

Capital Share Transactions:
Proceeds from shares sold		15,265,931			36,856,997
Distributions reinvested		1,318,896			1,975,701
Payment for shares redeemed		(25,998,151	)		(44,436,198	)
Net decrease in net assets from capital share transactions		(9,413,324	)		(5,603,500	)
Total decrease in net assets		(8,340,724	)		(6,191,486	)

Net Assets, Beginning of Period		165,329,048			171,520,534
Net Assets, End of Period	$	156,988,324		$	165,329,048

Transactions in Shares:
Shares sold		1,528,009			3,694,977
Shares issued on reinvestment of distributions		131,898			198,179
Shares redeemed		(2,601,329	)		(4,452,278	)
Net decrease in shares outstanding		(941,422	)		(559,122	)

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Financial Highlights

	Six Months
	Ended			Year Ended November 30,
	May 31, 2019			Year Ended November 30,
	(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance
(For a fund share outstanding throughout each period)

Net asset value, beginning of period	$	9.97		$	10.00		$	10.03		$	10.00		$	10.05		$	10.08

Income From Investment Operations:
Net investment income		0.10			0.15			0.11			0.10			0.07			0.05
Net realized and unrealized gain/(loss) on investments		0.06			(0.03	)		(0.03	)		0.03			(0.03	)		(0.02	)
Total from investment operations		0.16			0.12			0.08			0.13			0.04			0.03

Less Distributions:
Distributions from net investment income		(0.10	)		(0.15	)		(0.11	)		(0.10	)		(0.09	)		(0.06	)
Total distributions		(0.10	)		(0.15	)		(0.11	)		(0.10	)		(0.09	)		(0.06	)

Net asset value, end of period	$	10.03		$	9.97		$	10.00		$	10.03		$	10.00		$	10.05

Total Return		1.62	%⁺⁺		1.23	%		0.85	%		1.32	%		0.37	%		0.33	%

Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	156,988		$	165,329		$	171,521		$	169,935		$	156,007		$	155,309
Ratio of expenses to average net assets:
Net of fee waivers and reimbursements		0.39	%⁺		0.39	%		0.39	%		0.39	%		0.39	%		0.38	%
Before fee waivers and reimbursements		0.45	%⁺		0.42	%		0.41	%		0.41	%		0.41	%		0.40	%
Ratio of net investment income to average net assets:
Net of fee waivers and reimbursements		1.99	%⁺		1.53	%		1.12	%		1.02	%		0.69	%		0.56	%
Before fee waivers and reimbursements		1.93	%⁺		1.50	%		1.10	%		1.00	%		0.67	%		0.54	%
Portfolio turnover rate		19	%⁺⁺		28	%		46	%		37	%		60	%		38	%

+		Annualized for periods less than one year.
++		Not annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019

(Unaudited)

Note 1 – Organization

The PIA Short-Term Securities Fund (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

The investment objective of the Fund is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities. The Fund commenced operations on April 22, 1994.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The Fund is required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Fund’s net asset value if the Fund makes such purchases while remaining substantially fully invested. In connection with the ability to purchase securities on a when-issued basis, the Fund may also enter into dollar rolls in which the Fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the Fund to “rollover” its purchase commitments, the Fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.

Federal Income Taxes – It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2016 – 2018, or expected to be taken in the Fund’s 2019 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory and custodian fees. Expenses that are not directly attributable to the Fund are typically allocated among the PIA Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are amortized over the life of the respective security using the effective interest method. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually. All short-term capital gains are included in ordinary income for tax purposes.

Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

Note 3 – Securities Valuation

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 major security types. These inputs are summarized in the three broad levels listed below:

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

	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.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis. The Fund’s investments are carried at 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).

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

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

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.

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. The Fund intends to hold no more than 15% of its net assets in 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 Fund’s Board of Trustees 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 Fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees. As of May 31, 2019, Pacific Income Advisers, Inc., the adviser, has determined that the Rule 144A securities held by the Fund are considered liquid.

The Board of Trustees (“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, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) 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.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	86,376,309	$	—	$	86,376,309
Asset-Backed Securities		—		1,096,306		—		1,096,306
Mortgage-Backed Securities		—		6,167,989		—		6,167,989
U.S. Government Agencies
and Instrumentalities		—		54,241,396		—		54,241,396
Total Fixed Income		—		147,882,000		—		147,882,000
Short-Term Investments		2,022,168		9,487,357		—		11,509,525
Total Investments	$	2,022,168	$	157,369,357	$	—	$	159,391,525

Refer to the Fund’s schedule of investments for a detailed break-out of securities. Transfers between levels are recognized at May 31, 2019, the end of the reporting period. The Fund recognized no transfers to/from level 1 or level 2.

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

	Investments in Securities, at Value
	Asset-Backed Securities
Balance as of November 30, 2018		$	633,318
Accrued discounts/premiums			—
Realized gain/(loss)			1,884
Change in unrealized appreciation/(depreciation)			(1,881	)
Purchases			—
Sales			(420,074	)
Transfers in and/or out of Level 3			(213,247	)
Balance as of May 31, 2019		$	—

At May 31, 2019, the Fund did not hold any level 3 securities.

In August 2018, the FASB issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impact these changes will have on the Fund’s financial statements and disclosures.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 4 – Investment Advisory Fee and other Transactions with Affiliates

The Fund has an investment advisory agreement with Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) pursuant to which the Adviser is responsible for providing investment management services to the Fund. The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly. The Fund pays fees calculated at an annual rate of 0.20% based upon the average daily net assets of the Fund. For the six months ended May 31, 2019, the Fund incurred $160,286 in advisory fees.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses to 0.39% of average daily net assets. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36 month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. For the six months ended May 31, 2019, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $47,137. No amounts were reimbursed to the Adviser. Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $142,216 at May 31, 2019. Cumulative expenses subject to recapture expire as follows:

Expiration	Amount
11/30/19	$	15,660
11/30/20		27,510
Dec. 2020 – Nov. 2021		51,909
Dec. 2021 – May 2022		47,137
	$	142,216

Fund Services serves as the Fund’s administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Fund’s books and records, calculates the Fund’s NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund to Fund Services for these services for the six months ended May 31, 2019 are disclosed in the Statement of Operations.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Fund. Both the Distributor and Custodian are affiliates of the Administrator. Fees paid by the Fund to U.S. Bank N.A. for custody services for the six months ended May 31, 2019 are disclosed in the Statement of Operations.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 5 – Purchases and Sales of Securities

For the six months ended May 31, 2019, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

Non-Government				Government
Purchases		Sales		Purchases		Sales
$	11,488,802	$	11,058,510	$	30,651,305	$	18,485,149

Note 6 – Line of Credit

The Fund has a line of credit in the amount of $15,000,000. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund’s custodian, U.S. Bank N.A. The Fund did not draw upon its line of credit during the six months ended May 31, 2019.

Note 7 – Federal Income Tax Information

The tax character of distributions paid during the six months ended May 31, 2019 and the year ended November 30, 2018 was as follows:

		May 31, 2019	November 30, 2018
	Ordinary income	$1,622,138	$2,587,797

As of November 30, 2018, the most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments (a)	$	168,942,101
Gross unrealized appreciation		185,573
Gross unrealized depreciation		(918,303	)
Net unrealized depreciation (a)		(732,730	)
Undistributed ordinary income		54,154
Undistributed long-term capital gains		—
Total distributable earnings		54,154
Other accumulated losses		(419,334	)
Total accumulated earnings/(losses)	$	(1,097,910	)

(a)

The book-basis and tax-basis net unrealized depreciation are the same.

The Fund had tax capital losses which may be carried over to offset future gains. Such losses expire as follows:

2019	Short-Term Indefinite	Long-Term Indefinite	Total
$63,174	$31,266	$324,894	$419,334

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 8 – Principal Risks

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund’s net asset value and total return. The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.

	•	Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.

	•	Interest Rate Risk. The value of the Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Fund may face a heightened level of interest rate risk.

	•	Credit Risk. The issuers of the bonds and other debt securities held by the Fund may not be able to make interest or principal payments.

	•	Prepayment Risk. Issuers of securities held by the Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. Prepayment risk is a major risk of mortgage-backed securities.

	•	Extension Risk. An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.

	•	Risks Associated with Asset-Backed Securities. These include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates.

	•	Risks Associated with Mortgage-Backed Securities. These include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above) as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, making their prices very volatile. In particular, events related to the U.S. housing market in recent years had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in the securities.

	•	Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.

PIA Short-Term Securities Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

	•	Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities.

	•	Adjustable Rate and Floating Rate Securities Risks. Although adjustable and floating rate debt securities tend to be less volatile than fixed-rate debt securities, they nevertheless fluctuate in value.

	•	High Yield Securities Risk. Securities with ratings lower than BBB- or Baa3 are known as “high yield” securities (commonly known as “junk bonds”). High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.

PIA Short-Term Securities Fund

Notice to Shareholders – May 31, 2019

(Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-251-1970, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-251-1970. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Fund files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090. Information included in the Fund’s Form N-Q is also available by calling 1-800-251-1970.

Householding

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, annual and semi-annual reports, proxy statements and other regulatory documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-251-1970 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

PIA Short-Term Securities Fund

Approval of Investment Advisory Agreement

(Unaudited)

At a meeting held on December 5-6, 2018, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) on behalf of the PIA Short-Term Securities Fund (the “Short-Term Securities Fund”), and the PIA Short Duration Bond Fund (the “Short Duration Fund”), which had not yet commenced operations at the time of this meeting (collectively, the “Funds”). At this meeting, and at a prior meeting held on October 17-18, 2018, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

	1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENT. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds, as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss the Short-Term Securities Fund’s performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of such management services are satisfactory.

	2.	THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Short-Term Securities Fund as of July 31, 2018 on both an absolute basis and in comparison to its peer funds utilizing Morningstar classifications and an appropriate securities benchmark. The Board noted that the Short Duration Fund had not yet commenced operations. While the Board considered both short-term and long-term performance for the Short-Term Securities Fund, it placed greater emphasis on longer term performance. The Board also took into account that the Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. Therefore, in reviewing the Fund’s performance, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected market conditions. When reviewing performance against the comparative peer group universe, the Board took into account that the

PIA Short-Term Securities Fund

Approval of Investment Advisory Agreement (continued)

(Unaudited)

		investment objective and strategies of the Short-Term Securities Fund, as well as its level of risk tolerance, may differ significantly from funds in its peer universe. The Trustees also discussed with the Adviser and considered that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Board therefore took into account the Adviser’s views as to the reasons for the Fund’s relative performance against peers and benchmarks over various time periods and its future outlook for the Fund. In considering the Short-Term Securities Fund’s performance, the Trustees placed greater emphasis on performance against peers as opposed to the unmanaged benchmark index.

		The Board noted that the Short-Term Securities Fund’s performance, with regard to its Morningstar comparative universe, was below its peer group median for the one-year, three-year, five-year, and ten-year periods.

		The Board reviewed the performance of the Fund against a broad-based securities market benchmark.

		The Board also considered any differences in performance between the Adviser’s similarly managed accounts and the performance of the Short-Term Securities Fund, noting that the Fund had underperformed against the similarly managed composite for the one-year period and outperformed for the three-, five- and ten-year periods.

	3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENT. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the peer funds and the Adviser’s similarly managed accounts, if any, for other types of clients as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

		Short-Term Securities Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.39% (the “Expense Cap”). The Board noted that the Fund’s total expense ratio was below its peer group median and average. Additionally, the Board considered that when the Fund’s peer group was adjusted to include only funds of similar asset sizes, the total expense ratio was slightly above its peer group median and below its average. The Board noted that the Fund’s contractual advisory fee was below its peer group median and average, and below its peer group median and average when the Fund’s peer group was adjusted to include only funds of similar asset sizes. The Board also noted that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap, the net advisory fees received by the Adviser from the Fund for the year ended July 31, 2018, were below the peer group median and average. The Board also took into consideration the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were lower than, equal to, or higher than the fees charged by the Adviser to its separately managed account clients depending on the asset level, and to the extent fees charged to the Fund were higher than for similarly managed separate accounts, it was largely a reflection of the nature of the separate account client.

PIA Short-Term Securities Fund

Approval of Investment Advisory Agreement (continued)

(Unaudited)

		Short Duration Fund: The Board noted that the Adviser had contractually agreed to maintain annual expense ratios of 1.00% for Class A shares and 0.75% for Class I shares (the “Expense Caps”). Additionally, the Board noted that the Fund’s estimated total expense ratio for the Class I shares was above its peer group median and slightly below its peer group average and that the Fund’s estimated total expense ratio for the Class A shares was above its peer group median and average. The Board also noted that the Fund’s contractual advisory fee was above its peer group median and average.

		The Board determined that it would continue to monitor the appropriateness of the advisory fee for each Fund and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

	4.	ECONOMIES OF SCALE. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. In this regard, the Board noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds do not exceed the specified Expense Caps. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Adviser and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase.

	5.	THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds. The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional benefits derived by the Adviser from its relationship with the Funds, such as benefits to be received in exchange for Rule 12b-1 fees from the Short-Term Securities Fund and noted that the Fund is currently not accruing any Rule 12b-1 fees. The Board also considered that the Funds do not utilize “soft dollar” benefits that may be received by the Adviser in exchange for Fund brokerage. After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services it provides to the Funds.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the Short-Term Securities Fund and Short Duration Fund, but rather the Board based its determination on the total combination of information available to them. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable. The Board therefore determined that the continuance of the Advisory Agreement for the Short-Term Securities Fund and Short Duration Fund would be in the best interests of the Funds and their shareholders.

PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA 90401

Distributor

Quasar Distributors, LLC

777 East Wisconsin Avenue, 6th Floor

Milwaukee, WI 53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(800) 251-1970

Custodian

U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Legal Counsel

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, NY 10103

PIA Funds

PIA High Yield Fund

Institutional Class

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically through the Fund’s website.

Semi-Annual Report

May 31, 2019

PIA High Yield Fund

Dear Shareholder:

We are pleased to provide you with this report for the period from December 1, 2018 through May 31, 2019, regarding the PIA High Yield Fund (the “Fund”) for which Pacific Income Advisers, Inc. (“PIA”), is the investment adviser.

The Fund under-performed its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield Index (the “Index”), returning 4.37%, after fees and expenses, for the period ended May 31, 2019, versus 5.19% for the Index.

As stated in the current prospectus, the Fund’s gross expense ratio is 0.99%, and the Fund’s net expense ratio is 0.86%. PIA has temporarily agreed to waive all or a portion of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses After Fee Waiver (excluding acquired fund fees and expenses, taxes, interest and extraordinary expenses) do not exceed 0.86% of the Fund’s average daily net assets, through at least March 29, 2020. The net expense is what the investor has paid.

The Fund’s primary objective is to seek a high level of current income. The Fund’s secondary objective is to seek capital growth when that is consistent with its primary objective. The Fund under-performed the Index over the six-month period ended May 31, 2019, largely attributable to the distribution of total returns and weighting by ratings category. During the period, Ba-rated and B-rated credits within the Index returned 6.24% and 5.23%, respectively, while Caa-rated credits gained only 1.79%. The Fund was positioned with a significant underweight in Ba-rated credits, an overweight in B-rated credits, and a significant overweight in Caa-rated credits. We believe the substantial outperformance of higher-rated credits during the past six months has enhanced the relative value offered by lower-rated credits, and the Fund continues to focus on this portion of the high yield market.

Lloyd McAdams

Chairman of the Board

Pacific Income Advisers, Inc.

PIA High Yield Fund

Past performance is not a guarantee of future results.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks may increase for emerging markets. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivatives, which may involve risks greater than the risks presented by more traditional investments. The risk of owning an exchange-traded fund (“ETF”) or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. It will also bear additional expenses, including operating expenses, brokerage costs and the potential duplication of management fees.

You cannot invest directly in an index.

Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer’s financial condition and profit potential. Bond rating services are provided by Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc., and Fitch Ratings, Inc. Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). In limited situations when the rating agency has not issued a formal rating, the investment adviser will classify the security as non-rated.

Please refer to the schedule of investments in the report for complete holdings information. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Quasar Distributors, LLC, Distributor

PIA High Yield Fund

Expense Example – May 31, 2019

(Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the PIA High Yield Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (12/1/18 – 5/31/19).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. Pacific Income Advisers, Inc., the Fund’s adviser, has voluntarily agreed to limit the Fund’s total annual operating expenses to 0.86% of average daily net assets through at least March 29, 2020. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

	Beginning Account	Ending Account	Expenses Paid During
	Value 12/1/18	Value 5/31/19	Period 12/1/18 – 5/31/19*
Actual	$1,000.00	$1,043.70	$4.38
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.33

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the Fund is 0.86%.

PIA High Yield Fund

Allocation of Portfolio Assets – May 31, 2019

(Unaudited)

Investments by Sector

As a Percentage of Total Investments

PIA High Yield Fund

Schedule of Investments – May 31, 2019

(Unaudited)

Principal Amount			Value
CORPORATE BONDS 98.3%

Aerospace/Defense 2.0%
		TransDigm, Inc.
$	402,000	6.25%, due 3/15/26 (a)	$	411,548
		Triumph Group, Inc.
	660,000	7.75%, due 8/15/25		640,200
				1,051,748
Auto Parts Manufacturing 0.5%
		Truck Hero, Inc.
	250,000	8.50%, due 4/21/24 (a)		250,625

Biotechnology 1.1%
		Sotera Health Topco, Inc.
	600,000	8.125% Cash or 8.875% PIK,
		due 11/1/21 (a) (d)		597,000

Building Materials 1.2%
		U.S. Concrete, Inc.
	650,000	6.375%, due 6/1/24		664,625

Casinos and Gaming 0.9%
		Scientific Games
		International, Inc.
	500,000	5.00%, due 10/15/25 (a)		491,440

Chemicals 7.8%
		Consolidated Energy Finance SA
	410,000	6.875%, due 6/15/25 (a)		414,100
	200,000	6.50%, due 5/15/26 (a)		198,500
		CSTN Merger Sub, Inc.
	480,000	6.75%, due 8/15/24 (a)		447,600
		Kissner Milling Company Ltd.
	610,000	8.375%, due 12/1/22 (a)		635,925
		Koppers, Inc.
	550,000	6.00%, due 2/15/25 (a)		519,406
		Neon Holdings, Inc.
	225,000	10.125%, due 4/1/26 (a)		225,563
		OCI NV
	625,000	6.625%, due 4/15/23 (a)		640,625
		Starfruit Finco BV /
		Starfruit US Holdco LLC
	500,000	8.00%, due 10/1/26 (a)		491,250
		TPC Group, Inc.
	675,000	8.75%, due 12/15/20 (a)		666,562
				4,239,531
Communications Equipment 0.8%
		CommScope Technologies LLC
	500,000	6.00%, due 6/15/25 (a)		456,010

Construction Machinery 1.0%
		Jurassic Holdings III
	525,000	6.875%, due 2/15/21 (a)		523,688

Construction Materials Manufacturing 1.9%
		Boise Cascade Co.
	760,000	5.625%, due 9/1/24 (a)		763,800
		Northwest Hardwoods, Inc.
	400,000	7.50%, due 8/1/21 (a)		246,000
				1,009,800
Consumer Cyclical Services 0.8%
		APX Group, Inc.
	440,000	8.75%, due 12/1/20		413,600

Consumer Finance 1.0%
		Cardtronics, Inc.
	575,000	5.50%, due 5/1/25 (a)		567,094

Consumer Services 5.7%
		Carriage Services, Inc.
	400,000	6.625%, due 6/1/26 (a)		410,336
		Cimpress NV
	650,000	7.00%, due 6/15/26 (a)		645,125
		LSC Communications, Inc.
	500,000	8.75%, due 10/15/23 (a)		520,625
		Prime Security Services Borrower
		LLC / Prime Finance, Inc.
	550,000	5.25%, due 4/15/24 (a)		541,079

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Consumer Services 5.7% (continued)
		Quad Graphics, Inc.
$	500,000	7.00%, due 5/1/22	$	515,000
		Stonemor Partners LP
	500,000	7.875%, due 6/1/21		455,000
				3,087,165
Containers and Packaging 5.2%
		ARD Finance S.A.
	450,000	7.125% Cash or 7.875% PIK,
		due 9/15/23 (d)		443,250
		BWAY Holding Co.
	620,000	5.50%, due 4/15/24 (a)		608,437
		Pactiv LLC
	500,000	8.375%, due 4/15/27		515,000
		Plastipak Holdings, Inc.
	680,000	6.25%, due 10/15/25 (a)		613,700
		W/S Packaging Holdings, Inc.
	600,000	9.00%, due 4/15/23 (a)		648,000
				2,828,387
Distributors 0.8%
		Ferrellgas Partners LP
	475,000	6.50%, due 5/1/21		422,750

Diversified Manufacturing 1.0%
		Griffon Corp.
	550,000	5.25%, due 3/1/22		549,313

Electrical Equipment Manufacturing 0.6%
		Itron, Inc.
	310,000	5.00%, due 1/15/26 (a)		309,612

Financial Services 1.8%
		Arrow Bidco LLC
	500,000	9.50%, due 3/15/24 (a)		497,500
		Trident Merger Sub, Inc.
	500,000	6.625%, due 11/1/25 (a)		460,000
				957,500
Food and Beverage 5.7%
		Clearwater Seafoods, Inc.
	730,000	6.875%, due 5/1/25 (a)		723,612
		Dean Foods Co.
	600,000	6.50%, due 3/15/23 (a)		348,000
		Matterhorn Merger Sub LLC /
		Matterhorn Finance Sub, Inc.
	650,000	8.50%, due 6/1/26 (a)		575,250
		Pilgrim’s Pride Corp.
	600,000	5.75%, due 3/15/25 (a)		609,000
		Sigma Holdco BV
	600,000	7.875%, due 5/15/26 (a)		558,000
		Simmons Foods, Inc.
	250,000	7.75%, due 1/15/24 (a)		266,250
				3,080,112
Forest and Paper
Products Manufacturing 1.0%
		Schweitzer-Mauduit
		International, Inc.
	550,000	6.875%, due 10/1/26 (a)		558,250

Hardware 0.9%
		Everi Payments Inc.
	482,000	7.50%, due 12/15/25 (a)		500,075

Health Care Facilities and Services 1.0%
		Hadrian Merger Sub, Inc.
	550,000	8.50%, due 5/1/26 (a)		520,438

Home Improvement 2.0%
		Apex Tool Group LLC/BC
		Mountain Finance, Inc.
	600,000	9.00%, due 2/15/23 (a)		556,500
		ServiceMaster Co. LLC
	500,000	7.45%, due 8/15/27		532,500
				1,089,000
Homebuilders 0.8%
		Williams Scotsman
		International, Inc.
	421,000	6.875%, due 8/15/23 (a)		422,053

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Industrial – Other 4.1%
		Brand Energy &
		Infrastructure Services, Inc.
$	750,000	8.50%, due 7/15/25 (a)	$	639,375
		Cleaver-Brooks, Inc.
	675,000	7.875%, due 3/1/23 (a)		649,688
		New Enterprise Stone
		& Lime Co., Inc.
	600,000	6.25%, due 3/15/26 (a)		597,000
		United Rentals
		North America, Inc.
	300,000	6.50%, due 12/15/26		318,750
				2,204,813
Machinery Manufacturing 3.7%
		JPW Industries Holding Corp.
	590,000	9.00%, due 10/1/24 (a)		556,075
		MAI Holdings, Inc.
	600,000	9.50%, due 6/1/23 (a) (e)		390,000
		Titan Acquisition Ltd. /
		Titan Co-Borrower LLC
	600,000	7.75%, due 4/15/26 (a)		536,250
		Titan International, Inc.
	600,000	6.50%, due 11/30/23		517,125
				1,999,450
Manufactured Goods 4.8%
		FXI Holdings, Inc.
	645,000	7.875%, due 11/1/24 (a)		588,562
		Grinding Media Inc./ MC
		Grinding Media Canada, Inc.
	700,000	7.375%, due 12/15/23 (a)		654,500
		Mueller Industries, Inc.
	491,000	6.00%, due 3/1/27		486,090
		Optimas OE Solutions, Inc.
	217,000	8.625%, due 6/1/21 (a)		200,183
		Park-Ohio Industries, Inc.
	660,000	6.625%, due 4/15/27		651,750
				2,581,085
Media Non-Cable 1.0%
		R.R. Donnelley & Sons Co.
	550,000	6.50%, due 11/15/23		544,500

Medical Equipment and
Supplies Manufacturing 0.7%
		Vista Outdoor, Inc.
	400,000	5.875%, due 10/1/23		378,512

Metals and Mining 5.3%
		American Gilsonite Co.
	387,563	17.000% Cash or 17.000% PIK,
		due 12/31/21 (a) (d) (e)		373,029
		Emeco Pty Ltd.
	560,006	9.25%, due 3/31/22		588,006
		Mineral Resources Ltd.
	250,000	8.125%, due 5/1/27 (a)		251,797
		Rain CII Carbon LLC/
		CII Carbon Corp.
	650,000	7.25%, due 4/1/25 (a)		598,000
		SunCoke Energy Partners LP/
		SunCoke Energy
		Partners Finance Corp.
	500,000	7.50%, due 6/15/25 (a)		494,375
		TMS International Corp.
	580,000	7.25%, due 8/15/25 (a)		566,950
				2,872,157
Oil and Gas Extraction 0.8%
		Welltec A/S
	450,000	9.50%, due 12/1/22 (a)		438,750

Oil and Gas Services and Equipment 1.5%
		Archrock Partners LP / Archrock
		Partners Finance Corp.
	225,000	6.875%, due 4/1/27 (a)		231,750
		USA Compression Partners LP/
		USA Compression Finance Corp.
	315,000	6.875%, due 4/1/26		324,450
	250,000	6.875%, due 9/1/27 (a)		256,562
				812,762

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount			Value
Paper 3.8%
		Clearwater Paper Corp.
$	520,000	4.50%, due 2/1/23	$	488,800
		Mercer International, Inc.
	190,000	6.50%, due 2/1/24		194,750
	560,000	5.50%, due 1/15/26		554,260
		NWH Escrow Corp.
	400,000	7.50%, due 8/1/21 (a)		244,000
		Rayonier A.M. Products, Inc.
	700,000	5.50%, due 6/1/24 (a)		568,407
				2,050,217
Pipelines 3.4%
		Rose Rock Midstream, L.P.
	650,000	5.625%, due 7/15/22		646,750
		Summit Midstream
		Holdings, LLC
	700,000	5.50%, due 8/15/22		680,750
		TransMontaigne Partners LP/
		TLP Finance Corp.
	500,000	6.125%, due 2/15/26		487,500
				1,815,000
Publishing and Broadcasting 2.8%
		Salem Media Group, Inc.
	480,000	6.75%, due 6/1/24 (a)		427,200
		Townsquare Media, Inc.
	600,000	6.50%, due 4/1/23 (a)		592,500
		Urban One, Inc.
	500,000	7.375%, due 4/15/22 (a)		493,750
				1,513,450
Railroad 0.9%
		Watco Companies, Inc.
	500,000	6.375%, due 4/1/23 (a)		507,500

Real Estate 1.6%
		GEO Group, Inc.
	500,000	5.125%, due 4/1/23		472,500
		Iron Mountain, Inc.
	430,000	4.875%, due 9/15/27 (a)		406,350
				878,850
Refining and Marketing 1.3%
		Calumet Specialty
		Products Partners LP /
		Calumet Finance Corp.
	350,000	7.75%, due 4/15/23		329,000
		Sunoco LP/Sunoco
		Finance Corp.
	350,000	5.50%, due 2/15/26		354,375
				683,375
Retail – Consumer Discretionary 1.9%
		Hillman Company, Inc.
	600,000	6.375%, due 7/15/22 (a)		549,000
		Party City Holdings, Inc.
	500,000	6.625%, due 8/1/26 (a)		498,750
				1,047,750
Software and Services 4.5%
		Ascend Learning LLC
	490,000	6.875%, due 8/1/25 (a)		494,900
	250,000	6.875%, due 8/1/25 (a)		250,312
		Donnelley Financial
		Solutions, Inc.
	400,000	8.25%, due 10/15/24		410,000
		Exela Intermediate LLC/
		Exela Finance, Inc.
	250,000	10.00%, due 7/15/23 (a)		199,375
		Refinitiv US Holdings, Inc.
	500,000	8.25%, due 11/15/26 (a)		498,750
		RP Crown Parent, LLC
	535,000	7.375%, due 10/15/24 (a)		557,898
				2,411,235
Transportation and Logistics 2.3%
		J.B. Poindexter & Co., Inc.
	600,000	7.125%, due 4/15/26 (a)		615,000
		Martin Midstream Partners L.P.
	650,000	7.25%, due 2/15/21		633,750
				1,248,750

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Schedule of Investments – May 31, 2019 (continued)

(Unaudited)

Principal Amount/ Shares				Value
Transportation Services 2.0%
		LBC Tank Terminals Holding
$	600,000	6.875%, due 5/15/23 (a)		$	593,250
		OPE KAG Finance Sub, Inc.
	500,000	7.875%, due 7/31/23 (a)			475,000
					1,068,250
Utilities 1.5%
		Amerigas Partners LP
	250,000	5.50%, due 5/20/25			255,325
		Superior Plus LP / Superior
		General Partner, Inc.
	550,000	7.00%, due 7/15/26 (a)			562,551
					817,876
Waste and Environment Services
and Equipment 2.9%
		CD&R Waterworks
		Merger Sub LLC
	520,000	6.125%, due 8/15/25 (a)			516,100
		GFL Environmental, Inc.
	600,000	5.375%, due 3/1/23 (a)			588,000
		Waste Pro USA, Inc.
	480,000	5.50%, due 2/15/26 (a)			477,600
					1,581,700
Wireline Telecommunications Services 2.0%
		Consolidated
		Communications, Inc.
	250,000	6.50%, due 10/1/22			229,375
		HC2 Holdings, Inc.
	500,000	11.50%, due 12/1/21 (a)			437,500
		West Corp.
	500,000	8.50%, due 10/15/25 (a)			400,000
					1,066,875
Total Corporate Bonds
(cost $55,056,562)					53,112,673

RIGHTS 0.0%
		Momentive Performance Escrow
	1	8.875%, due 10/15/20 (b) (c)			—
Total Investments
(cost $55,056,562)			98.3%		53,112,673
Other Assets less Liabilities			1.7%		916,872
TOTAL NET ASSETS			100.0%	$	54,029,545

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities 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 May 31, 2019, the value of these investments was $38,415,117 or 71.1% of total net assets.
(b)	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 May 31, 2019, the security had a cost and value of $0 (0.0% of total net assets).
(c)	Valued at a fair value in accordance with procedures established by the Fund’s Board of Trustees. Value determined using significant unobservable inputs.
(d)	Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
(e)	Security is considered illiquid. As of May 31, 2019, the value of these investments were $763,029 or 1.41% of total net assets.

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Statement of Assets and Liabilities – May 31, 2019

(Unaudited)

Assets:
Investments in securities, at value (cost $55,056,562)	$	53,112,673
Receivable for fund shares sold		13,845
Interest receivable		1,047,877
Prepaid expenses		22,296
Total assets		54,196,691

Liabilities:
Payable to investment adviser		20,987
Payable for fund shares redeemed		12,132
Due to Custodian		67,211
Administration fees		10,998
Transfer agent fees and expenses		18,176
Fund accounting fees		14,884
Audit fees		10,215
Chief Compliance Officer fee		2,614
Custody fees		1,199
Shareholder reporting		6,690
Trustees’ fees and expenses		1,092
Accrued expenses		948
Total liabilities		167,146
Net Assets	$	54,029,545

Net Assets Consist of:
Paid-in capital	$	56,233,144
Total distributable earnings		(2,203,599	)
Net Assets	$	54,029,545

Net Asset Value, Offering Price and Redemption Price Per Share	$	9.76

Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)		5,533,058

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Statement of Operations – Six Months Ended May 31, 2019

(Unaudited)

Investment Income:
Interest	$	2,197,370
Total investment income		2,197,370

Expenses:
Investment advisory fees (Note 4)		163,334
Transfer agent fees and expenses (Note 4)		31,135
Fund accounting fees (Note 4)		28,557
Administration fees (Note 4)		19,458
Registration fees		13,518
Audit fees		10,155
Trustees’ fees and expenses		7,289
Chief Compliance Officer fee (Note 4)		5,031
Reports to shareholders		4,368
Custody fees (Note 4)		3,263
Legal fees		3,211
Interest expense (Note 6)		1,107
Insurance		995
Miscellaneous		2,456
Total expenses		293,877
Less: Fee waiver by adviser (Note 4)		(38,482	)
Net expenses		255,395
Net investment income		1,941,975

Realized and Unrealized Gain/(Loss) on Investments:
Net realized loss on investments		(175,637	)
Net change in unrealized appreciation/depreciation on investments		841,479
Net gain on investments		665,842
Net increase in net assets resulting from operations	$	2,607,817

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Statements of Changes in Net Assets

	Six Months			Year
	Ended			Ended
	May 31, 2019			November 30,
	(Unaudited)			2018
Increase/(decrease) in Net Assets From
Operations:
Net investment income	$	1,941,975		$	3,673,688
Net realized gain/(loss) on investments		(175,637	)		612,986
Net change in unrealized appreciation/(depreciation) on investments		841,479			(4,579,766	)
Net increase/(decrease) in net assets resulting from operations		2,607,817			(293,092	)

Distributions Paid to Shareholders:
Net dividends and distributions to shareholders		(1,953,965	)		(3,671,702	)
Total dividends and distributions		(1,953,965	)		(3,671,702	)

Capital Share Transactions:
Proceeds from shares sold		18,869,327			32,168,372
Distributions reinvested		1,061,270			2,383,365
Payment for shares redeemed		(23,833,074	)		(34,139,513	)
Net increase/(decrease) in net assets from capital share transactions		(3,902,477	)		412,224
Total decrease in net assets		(3,248,625	)		(3,552,570	)

Net Assets, Beginning of Period		57,278,170			60,830,740
Net Assets, End of Period	$	54,029,545		$	57,278,170

Transactions in Shares:
Shares sold		1,938,145			3,167,241
Shares issued on reinvestment of distributions		109,096			236,114
Shares redeemed		(2,434,957	)		(3,370,622	)
Net increase/(decrease) in shares outstanding		(387,716	)		32,733

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Financial Highlights

	Six Months
	Ended			Year Ended November 30,
	May 31, 2019			Year Ended November 30,
	(Unaudited)			2018			2017			2016			2015			2014
Per Share Operating Performance
(For a fund share outstanding throughout each period)

Net asset value, beginning of period	$	9.67		$	10.33		$	10.04		$	9.67		$	10.47		$	10.72

Income From Investment Operations:
Net investment income		0.32			0.60			0.66			0.62			0.60			0.59
Net realized and unrealized
gain/(loss) on investments		0.10			(0.66	)		0.29			0.38			(0.75	)		(0.14	)
Total from investment operations		0.42			(0.06	)		0.95			1.00			(0.15	)		0.45

Less Distributions:
Distributions from
net investment income		(0.33	)		(0.60	)		(0.66	)		(0.63	)		(0.60	)		(0.59	)
Distributions from net realized gains		—			—			—			—			(0.05	)		(0.11	)
Total distributions		(0.33	)		(0.60	)		(0.66	)		(0.63	)		(0.65	)		(0.70	)

Net asset value, end of period	$	9.76		$	9.67		$	10.33		$	10.04		$	9.67		$	10.47

Total Return		4.37	%++		-0.63	%		9.68	%		10.70	%		-1.49	%		4.26	%

Ratios/Supplemental Data:
Net assets, end of period (in 000’s)	$	54,030		$	57,278		$	60,831		$	174,986		$	117,749		$	88,606
Ratio of expenses to average net assets:
Net of fee waivers and
expense reimbursements		0.86	%+		0.82	%*		0.73	%		0.73	%	0.75		%^		0.98	%
Before fee waivers and
expense reimbursements		0.99	%+		0.99	%		1.00	%		0.92	%		0.91	%		1.00	%
Ratio of net investment income
to average net assets:
Net of fee waivers and
expense reimbursements		6.54	%+		5.95	%		5.80	%		6.40	%		5.99	%		5.62	%
Before fee waivers and
expense reimbursements		6.41	%+		5.78	%		5.53	%		6.21	%		5.83	%		5.60	%
Portfolio turnover rate		22	%++		48	%		27	%		27	%		26	%		31	%

+		Annualized for periods less than one year.
++		Not annualized for periods less than one year.
^		Effective January 1, 2015, the expense cap was voluntarily reduced from 0.98% to 0.73%.
*		Effective March 30, 2018, the expense cap increased from 0.73% to 0.86%.

The accompanying notes are an integral part of these financial statements.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019

(Unaudited)

Note 1 – Organization

The PIA High Yield Fund (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Currently, the Fund offers the Institutional Class. The primary investment objective of the Fund is to seek a high level of current income. The Fund commenced operations on December 31, 2010.

Note 2 – Significant Accounting Policies

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken on returns filed for the open tax years 2016-2018, or expected to be taken in the Fund’s 2019 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the other PIA Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

Securities Transactions and Investment Income – Security transactions are accounted for on the trade date. Realized gains and losses on sales of securities are calculated on a first-in, first-out basis. Dividend income and capital gain distributions from underlying funds are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method. Non-cash interest income included in interest income, if any, is recorded at fair market value of additional par received.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 3 – Securities Valuation

	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.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

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 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).

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

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.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

approved by the Fund’s Board of Trustees as reflecting fair value. The Fund intends to hold no more than 15% of its net assets in illiquid securities. As of May 31, 2019, the Fund held investments in illiquid securities with a total value of $763,029 or 1.41% of total net assets:

Security	Par Value	Dates Acquired	Cost Basis
American Gilsonite Co. Purchase-in-Kind Notes	$387,563	8/12-1/19	$387,563
MAI Holdings, Inc.	600,000	11/18	585,204

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 Fund’s Board of Trustees 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 Fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees. As of May 31, 2019, Pacific Income Advisers, Inc. (“PIA” or the “Adviser”) has determined that all the Rule 144A securities held by the Fund, except the securities listed below, are considered liquid:

Security	Par Value	Dates Acquired	Cost Basis
American Gilsonite Co. Purchase-in-Kind Notes	$387,563	8/12-1/19	$387,563
MAI Holdings, Inc.	600,000	11/18	585,204

The Board of Trustees (“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, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) 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.

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	53,112,673	$	—	$	53,112,673
Total Fixed Income		—		53,112,673		—		53,112,673
Total Investments	$	—	$	53,112,673	$	—	$	53,112,673

Refer to the Fund’s schedule of investments for a detailed break-out of securities. Transfers between levels are recognized at May 31, 2019, the end of the reporting period. During the six months ended May 31, 2019, the Fund recognized no transfers between levels. The Fund held no level 3 securities during the six months ended May 31, 2019.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 4 – Investment Advisory Fee and Other Transactions with Affiliates

The Fund has an investment advisory agreement with PIA pursuant to which the Adviser is responsible for providing investment management services to the Fund. The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly calculated at an annual rate of 0.55% based upon the Fund’s average daily net assets. For the six months ended May 31, 2019, the Fund incurred $163,334 in advisory fees.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund’s total annual operating expenses to 0.98% of average daily net assets. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36 month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. The Adviser has also temporarily agreed to limit the Fund’s total annual operating expenses to 0.86% of average daily net assets (the “temporary expense limitation”). For the six months ended May 31, 2019, the Adviser contractually reduced its fees in the amount of $2,845. No amounts were reimbursed to the Adviser. Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $31,581 at May 31, 2019. The temporary expense limitation will remain in effect through at least March 29, 2020 and may be terminated only by the Trust’s Board of Trustees. The adviser may not recoup amounts subject to temporary expense limitation. Cumulative expenses subject to recapture expire as follows:

Expiration	Amount
11/30/20	$	24,641
Dec. 2020 – Nov 2021		4,095
Dec. 2021 – May 2022		2,845
	$	31,581

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

Note 5 – Purchases and Sales of Securities

For the six months ended May 31, 2019, the cost of purchases and the proceeds from sales of securities (excluding short-term securities and U.S. Government securities) were $14,597,891 and $17,446,680, respectively. There were no purchases and sales of U.S. Government securities during the six months ended May 31, 2019.

Note 6 – Line of Credit

The Fund has an unsecured line of credit in the amount of $13,000,000. This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund’s custodian, U.S. Bank N.A. During the six months ended May 31, 2019, the Fund drew on its line of credit. The Fund had an outstanding average daily balance of $276,363, paid a weighted average interest rate of 5.50%, and incurred interest expense of $1,107. The maximum amount outstanding for the Fund during the six months ended May 31, 2019 was $6,192,000. At May 31, 2019, the Fund had no outstanding loan amount.

Note 7 – Federal Income Tax Information

The tax character of distributions paid during the six months ended May 31, 2019 and the year ended November 30, 2018 was as follows:

	Six Months Ended	Year Ended
	May 31, 2019	November 30, 2018
Ordinary income	$1,953,965	$3,671,702

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

As of November 30, 2018, the Fund’s most recently completed fiscal year end, the components of capital on a tax basis were as follows:

Cost of investments (a)	$	59,161,768
Gross unrealized appreciation		325,605
Gross unrealized depreciation		(3,110,973	)
Net unrealized depreciation (a)		(2,785,368	)
Undistributed ordinary income		31,245
Undistributed long-term capital gains		—
Total distributable earnings		31,245
Other accumulated gains/(losses)		(103,328	)
Total accumulated earnings/(losses)	$	2,857,451

(a)

The difference between book-basis and tax-basis net unrealized depreciation is attributable primarily to wash sales.

At November 30, 2018, the Fund had tax long-term capital losses of $103,328 which may be carried over indefinitely to offset future gains.

During the year ended November 30, 2018, the Fund utilized $589,878 of capital loss carryover.

Note 8 – Principal Risks

	•	High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans.

	•	Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.

	•	Credit Risk. The issuers of the bonds and other instruments held by the Fund may not be able to make interest or principal payments.

	•	Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments.

PIA High Yield Fund

Notes to Financial Statements – May 31, 2019 (continued)

(Unaudited)

	•	Interest Rate Risk. The value of the Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Fund may face a heightened level of interest rate risk.

	•	Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.

	•	Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities.

PIA High Yield Fund

Notice to Shareholders – May 31, 2019

(Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Quarterly Filings on Form N-Q

Householding

PIA High Yield Fund

Approval of Investment Advisory Agreement

(Unaudited)

At a meeting held on December 5-6, 2018, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Pacific Income Advisers, Inc. (the “Adviser”) on behalf of the PIA High Yield Fund (the “Fund”). At this meeting, and at a prior meeting held on October 17-18, 2018, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:

	1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENT. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Fund, as well as its responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record as well as the Adviser’s cybersecurity program and business continuity plan. The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss Fund performance and investment outlook as well as various marketing and compliance topics, including the Adviser’s risk management process. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of such management services are satisfactory.

	2.	THE FUND’S HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of July 31, 2018 on both an absolute basis and in comparison to its peer funds utilizing Morningstar classifications and an appropriate securities benchmark. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. The Board also took into account that the Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing performance of the Fund against the comparative peer group universe, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in its peer universe. The Board took into account the Adviser’s views as to the reasons for the Fund’s relative performance against peers and benchmarks over various time periods and its future outlook for the Fund. In considering the Fund’s performance, the Trustees placed greater emphasis on performance against peers as opposed to the unmanaged benchmark index.

PIA High Yield Fund

Approval of Investment Advisory Agreement (continued)

(Unaudited)

		The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above the peer group median for the one-year, three-year, five-year and since inception periods.

		The Board reviewed the performance of the Fund against a broad-based securities market benchmark.

		The Board also considered any differences in performance between the Adviser’s similarly managed accounts and the performance of the Fund, noting that the Fund underperformed against the similarly managed composite for the one-, three- and five-year periods.

	3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENT. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the peer funds and the Adviser’s similarly managed accounts, if any, for other types of clients as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

		The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund’s Institutional Class of 0.98% (the “Expense Cap”), and that the Adviser had temporarily agreed, through at least March 29, 2019, to maintain an annual expense ratio for the Fund of 0.86%. Additionally, the Board noted that the Fund’s total expense ratio was below its peer group median and average and was also below its peer group average and equal to its peer group median when the Fund’s peer group was adjusted to include only funds of similar asset sizes. The Board noted that the Fund’s contractual advisory fee was below its peer group median and average, as well as below its peer group median and average when the Fund’s peer group was adjusted to include only funds of similar asset sizes. The Board also considered that after advisory fee waivers and the payment of Fund expenses necessary to maintain the Expense Cap, the net advisory fee received by the Adviser from the Fund for the year ended July 31, 2018, was below the peer group median and average. The Board also took into consideration the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were higher than the fees charged to the Adviser’s separately managed account clients, primarily as a reflection of the nature of the separate account client.

		The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Fund and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

	4.	ECONOMIES OF SCALE. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. In this regard, the Board noted that the Adviser has agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed the specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Adviser that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continue to increase.

PIA High Yield Fund

Approval of Investment Advisory Agreement (continued)

(Unaudited)

THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Fund. The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional benefits derived by the Adviser from its relationship with the Fund. The Board also reviewed information regarding fee offsets for separate accounts invested in the Fund and determined that the Adviser was not currently receiving an advisory fee both at the separate account and at the Fund level for these accounts, and as a result was not receiving additional fall-out benefits from these relationships. The Board also considered that the Fund does not charge 12b-1 fees and does not utilize “soft dollar” benefits that may be received by the Adviser in exchange for Fund brokerage. After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services it provides to the Fund.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the Fund, but rather the Board based its determination on the total combination of information available to them. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangement with the Adviser, including the advisory fees, was fair and reasonable. The Board therefore determined that the continuance of the Advisory Agreement for the Fund would be in the best interest of the Fund and its shareholders.

PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

(This Page Intentionally Left Blank.)

Adviser

Pacific Income Advisers, Inc.

1299 Ocean Avenue, Suite 210

Santa Monica, CA 90401

Distributor

Quasar Distributors, LLC

777 East Wisconsin Avenue, 6th Floor

Milwaukee, WI 53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(800) 251-1970

Custodian

U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Legal Counsel

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, NY 10103

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

(a)	Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b)	Not Applicable.

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished 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 8/8/19

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 8/8/19

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

Cheryl L. King, Vice President/Treasurer/Principal

Financial Officer

Date 8/8/19

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

/s/ Jeffrey T. Rauman Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer Advisors Series Trust	/s/ Cheryl L. King Cheryl L. King Vice President/Treasurer/Principal Financial Officer Advisors Series Trust
Dated: 8/8/19	Dated: 8/8/19