UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)

Jeffrey T. Rauman, President/Chief Executive Officer

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 5^th Floor

Milwaukee, Wisconsin 53202
(Name and address of agent for service)

(626) 914-7363

Registrant's telephone number, including area code

Date of fiscal year end:  September 30, 2020

Date of reporting period:  December 31, 2019

Item 1. Schedules of Investments.

Poplar Forest Partners Fund
Schedule of Investments
at December 31, 2019 (Unaudited)
Shares/Principal Amount			Value
		COMMON STOCKS - 95.6%
		Air Freight & Logistics - 1.2%
	41,000	United Parcel Service, Inc. - Class B	$	4,799,460
		Banks - 4.0%
	460,000	Bank of America Corp.		16,201,200
		Capital Markets - 2.8%
	250,000	E*TRADE Financial Corp.		11,342,500
		Consumer Finance - 3.3%
	430,000	Ally Financial, Inc.		13,140,800
		Diversified Financial Services - 3.9%
	625,000	AXA Equitable Holdings, Inc.		15,487,500
		Diversified Telecommunication Services - 5.9%
	415,000	AT&T, Inc.		16,218,200
	550,000	CenturyLink, Inc.		7,265,500
				23,483,700
		Energy Equipment & Services - 3.4%
	535,000	Baker Hughes, Inc.		13,712,050
		Food & Staples  Retailing - 8.9%
	245,000	CVS Health Corp.		18,201,050
	610,000	Kroger Co.		17,683,900
				35,884,950
		Food Products - 3.5%
	410,000	Conagra Brands, Inc.		14,038,400
		Health Care Providers & Services - 4.4%
	205,000	AmerisourceBergen Corp.		17,429,100
		Household Durables - 2.9%
	600,000	Newell Brands, Inc.		11,532,000
		Insurance - 7.5%
	300,000	American International Group, Inc.		15,399,000
	250,000	Lincoln National Corp.		14,752,500
				30,151,500
		IT Services - 6.2%
	220,000	DXC Technology Co.		8,269,800
	125,000	International Business Machines Corp.		16,755,000
				25,024,800

	Media - 2.2%
205,000	ViacomCBS, Inc. -  Class B (b)		8,603,850
	Metals & Mining - 2.8%
95,000	Reliance Steel & Aluminum Co.		11,377,200
	Oil, Gas & Consumable Fuels - 7.6%
385,000	Devon Energy Corp.		9,998,450
220,000	Murphy Oil Corp.		5,896,000
580,000	Noble Energy, Inc.		14,407,200
			30,301,650
	Pharmaceuticals - 7.1%
116,500	Eli Lilly & Co.		15,311,595
145,000	Merck & Co., Inc.		13,187,750
			28,499,345
	Semiconductors & Semiconductor Equipment - 3.3%
150,000	Qualcomm, Inc.		13,234,500
	Specialty Retail - 4.0%
100,000	Advance Auto Parts, Inc.		16,016,000
	Technology Hardware, Storage & Peripherals - 3.4%
865,000	Hewlett Packard Enterprise Co.		13,718,900
	Textiles, Apparel & Luxury Goods - 2.3%
340,000	Tapestry, Inc.		9,169,800
	Trading Companies & Distributors - 3.0%
155,000	MSC Industrial Direct Inc. - Class A		12,162,850
	Water Transportation - 2.0%
160,000	Carnival Corp. (a)		8,132,800
	TOTAL COMMON STOCKS (Cost $300,066,534)		383,444,855
	SHORT-TERM INVESTMENTS - 4.8%
	Money Market Fund - 1.6%
6,426,890	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 1.50% (c)		6,426,890
	U.S. Treasury Bills - 3.2%
4,500,000	1.35%, 1/14/20 (d)		4,497,806
3,950,000	1.39%, 1/21/20 (d)		3,946,946
3,000,000	1.40%, 1/28/20 (d)		2,996,842
1,250,000	1.48%, 2/27/20 (d)		1,247,074
			12,688,668
	Total Short-Term Investments (Cost $19,112,687)		19,115,558
	Total Investments in Securities (Cost $319,179,221) - 100.4%		402,560,413
	Liabilities in Excess of Other Assets - (0.4)%		(1,437,848	)
	NET ASSETS - 100.0%	$	401,122,565

(a)	U.S. traded security of a foreign issuer.
(b)	Non-voting shares.
(c)	Rate shown is the 7-day annualized yield at December 31, 2019.
(d)	Rate shown is the discount rate at December 31, 2019.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's

Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Poplar Forest Cornerstone Fund
Schedule of Investments
at December 31, 2019 (Unaudited)
Shares/Principal Amount			Value
		COMMON STOCKS - 66.6%
		Air Freight & Logistics - 0.8%
	1,800	United Parcel Service, Inc. - Class B	$	210,708
		Banks - 3.0%
	15,800	Bank of America Corp.		556,476
	1,200	SVB Financial Group (d)		301,248
				857,724
		Capital Markets - 2.0%
	12,500	E*TRADE Financial Corp.		567,125
		Communications Equipment - 0.7%
	4,000	Cisco Systems, Inc.		191,840
		Consumer Finance - 2.2%
	20,500	Ally Financial, Inc.		626,480
		Diversified Financial Services - 2.6%
	30,000	AXA Equitable Holdings, Inc.		743,400
		Diversified Telecommunication Services - 4.1%
	19,900	AT&T, Inc.		777,692
	28,000	CenturyLink, Inc.		369,880
				1,147,572
		Energy Equipment & Services - 2.4%
	26,900	Baker Hughes, Inc.		689,447
		Food & Staples Retailing - 6.0%
	11,600	CVS Health Corp.		861,764
	29,700	Kroger Co.		861,003
				1,722,767
		Food Products - 1.9%
	15,700	Conagra Brands, Inc.		537,568
		Health Care Providers & Services - 2.9%
	9,700	AmerisourceBergen Corp.		824,694
		Household Durables - 1.9%
	28,000	Newell Brands, Inc.		538,160
		Insurance - 5.5%
	15,500	American International Group, Inc.		795,615
	12,800	Lincoln National Corp.		755,328
				1,550,943
		IT Services - 4.2%
	11,300	DXC Technology Co.		424,767
	5,800	International Business Machines Corp.		777,432
				1,202,199
		Media - 1.5%
	10,400	ViacomCBS, Inc. - Class B (f)		436,488

		Metals & Mining - 2.1%
	4,900	Reliance Steel & Aluminum Co.	586,824
		Oil, Gas & Consumable Fuels - 4.7%
	14,300	Devon Energy Corp.	371,371
	11,100	Murphy Oil Corp.	297,480
	26,200	Noble Energy, Inc.	650,808
			1,319,659
		Pharmaceuticals - 4.8%
	5,600	Eli Lilly & Co.	736,008
	7,000	Merck & Co., Inc.	636,650
			1,372,658
		Professional Services - 0.7%
	1,400	Equifax, Inc.	196,168
		Semiconductors & Semiconductor Equipment - 2.3%
	7,500	Qualcomm, Inc.	661,725
		Specialty Retail - 2.9%
	5,100	Advance Auto Parts, Inc.	816,816
		Technology Hardware, Storage & Peripherals - 2.2%
	39,700	Hewlett Packard Enterprise Co.	629,642
		Textiles, Apparel & Luxury Goods - 1.5%
	16,000	Tapestry, Inc.	431,520
		Trading Companies & Distributors - 2.2%
	7,900	MSC Industrial Direct Inc. - Class A	619,913
		Water Transportation - 1.5%
	8,200	Carnival Corp. (a)	416,806
		TOTAL COMMON STOCKS (Cost $16,009,809)	18,898,846
		REIT - 0.9%
		Equity Real Estate Investment Trust (REIT) - 0.9%
	11,500	Brixmor Property Group, Inc.	248,515
		TOTAL REIT (Cost $206,101)	248,515
		CORPORATE BONDS - 12.0%
		Banks - 2.6%
		Citizens Financial Group, Inc.
$	700,000	3.75%, 7/1/24	727,515
		Health Care Equipment & Supplies - 2.7%
		Becton Dickinson and Co.
	750,000	3.25%, 11/12/20	757,129
		Health Care Providers & Services - 1.2%
		Cardinal Health, Inc.
	350,000	2.616%, 6/15/22	353,697
		Oil, Gas Services & Equipment - 2.8%
		Schlumberger Holdings Corp.
	750,000	4.00%, 12/21/25 (e)	808,387
		Professional Services - 2.7%
		Equifax, Inc.
	750,000	3.30%, 12/15/22	772,443
		Total Corporate Bonds (Cost $3,319,242)	3,419,171

		U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 13.0%
		U.S. Government Agency - 2.4%
		FHLMC
	700,000	2.000%, 9/30/24 (g)		695,115
		Total U.S. Government Agency (Cost $699,818)		695,115
		U.S. Treasury Notes - 10.6%
		U.S. Treasury Note TIPS
	719,793	0.125%, 4/15/20		718,931
	750,433	0.125%, 1/15/22		750,089
	758,667	0.125%, 7/15/24		763,313
	754,553	0.250%, 7/15/29		762,144
		Total U.S. Treasury Notes (Cost $2,988,251)		2,994,477
		TOTAL U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES (Cost $3,688,069)		3,689,592
		SHORT-TERM INVESTMENTS - 7.6%
		Money Market Fund - 2.5%
	707,696	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 1.50% (b)		707,696
		U.S. Treasury Bills - 5.1%
$	140,000	1.35%, 1/14/20 (c)		139,932
	140,000	1.39%, 1/21/20 (c)		139,892
	210,000	1.40%, 1/28/20 (c)		209,779
	95,000	1.39%, 1/30/20 (c)		94,893
	100,000	1.48%, 2/27/20 (c)		99,766
	100,000	1.49%, 3/26/20 (c)		99,649
	100,000	1.51%, 4/23/20 (c)		99,525
	100,000	1.51%, 5/21/20 (c)		99,408
	95,000	1.53%, 6/18/20 (c)		94,319
	95,000	1.52%, 7/16/20 (c)		94,208
	90,000	1.52%, 8/13/20 (c)		89,147
	90,000	1.51%, 9/10/20 (c)		89,046
	90,000	1.50%, 10/8/20 (c)		88,945
				1,438,509
		Total Short-Term Investments (Cost $2,144,481)		2,146,205
		Total Investments in Securities (Cost $25,367,702) - 100.1%		28,402,329
		Liabilities in Excess of Other Assets - (0.1)%		(38,937	)
		NET ASSETS - 100.0%	$	28,363,392

	REIT - Real Estate Investment Trust
	FHLMC - Federal Home Loan Mortgage Corporation
	TIPS - Treasury Inflation Protected Securities
(a)	U.S. traded security of a foreign issuer.
(b)	Rate shown is the 7-day annualized yield at December 31, 2019.
(c)	Rate shown is the discount rate at December 31, 2019.
(d)	Non-income producing security.
(e)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." As of December 31, 2019, the value of these investments was $808,387 or 2.9% of total net assets.
(f)	Non-voting shares.
(g)	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 December 31, 2019, and will increase to 2.25% on October 1, 2021.

Note 1 – Securities Valuation

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

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

Debt securities are valued at their bid prices furnished by an independent pricing service using valuation methods that are designed to represent fair value. These valuation methods can include matrix pricing and other analytical pricing models, market transactions, and dealer-supplied valuations. 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 debt securities are categorized in level 2 of the fair value hierarchy.

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

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of Advisors Series Trust which is comprised of representatives from the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board.  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that each 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 each Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds’ securities as of December 31, 2019:

Poplar Forest Partners Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	32,087,550	$	-	$	-	$	32,087,550
Consumer Discretionary		44,850,600		-		-		44,850,600
Consumer Staples		31,722,300		-		-		31,722,300
Energy		44,013,700		-		-		44,013,700
Financials		86,323,500		-		-		86,323,500
Healthcare		64,129,495		-		-		64,129,495
Industrials		16,962,310		-		-		16,962,310
Information Technology		51,978,200		-		-		51,978,200
Materials		11,377,200		-		-		11,377,200
Total Common Stocks		383,444,855		-		-		383,444,855
Short-Term Investments		6,426,890		12,688,668		-		19,115,558
Total Investments in Securities	$	389,871,745	$	12,688,668	$	-	$	402,560,413

Poplar Forest Cornerstone Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	1,584,060	$	-	$	-	$	1,584,060
Consumer Discretionary		2,203,302		-		-		2,203,302
Consumer Staples		1,398,571		-		-		1,398,571
Energy		2,009,106		-		-		2,009,106
Financials		4,345,672		-		-		4,345,672
Health Care		3,059,116		-		-		3,059,116
Industrials		1,026,789		-		-		1,026,789
Information Technology		2,685,406		-		-		2,685,406
Materials		586,824		-		-		586,824
Total Common Stocks		18,898,846		-		-		18,898,846
REITs		248,515		-		-		248,515
Fixed Income
Corporate Bonds		-		3,419,171		-		3,419,171
U.S. Government Agencies and Instrumentalities		-		3,689,592		-		3,689,592
Total Fixed Income		-		7,108,763		-		7,108,763
Short-Term Investments		707,696		1,438,509		-		2,146,205
Total Investments in Securities	$	19,855,057	$	8,547,272	$	-	$	28,402,329

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

Item 2. Controls and Procedures.

(a) The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Advisors Series Trust                                                     

By (Signature and Title)*  /s/ Jeffrey T. Rauman                               

Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer

Date       2/28/20                                                                                  

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       2/28/20                                                                                 

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

Cheryl L. King, Vice President/Treasurer/Principal Financial Officer

Date       2/19/20                                                                                 

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