N-Q

As filed with the Securities and Exchange Commission on 3/30/2020

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:  October 31, 2020

Date of reporting period:  January 31, 2020

Item 1. Schedules of Investments.

Edgar Lomax Value Fund
Schedule of Investments
January 31, 2020 (Unaudited)
Shares		COMMON STOCKS - 97.44%	Value
		Beverage and Tobacco Product Manufacturing - 4.26%
	3,850	Altria Group, Inc.	$	182,991
	71,200	Coca-Cola Co.		4,158,080
	6,300	PepsiCo, Inc.		894,726
				5,235,797
		Broadcasting (Except Internet) - 2.64%
	46,000	Comcast Corp. - Class A		1,986,740
	9,091	Walt Disney Co.		1,257,376
				3,244,116
		Chemical Manufacturing - 6.29%
	9,800	AbbVie, Inc.		793,996
	13,500	Bristol-Myers Squibb Co.		849,825
	15,800	Dow, Inc.		727,906
	144,102	Pfizer, Inc.		5,366,358
				7,738,085
		Computer and Electronic Product Manufacturing - 9.30%
	126,600	Cisco Systems, Inc.		5,819,802
	22,000	Intel Corp.		1,406,460
	15,400	Raytheon Co.		3,402,476
	6,700	Texas Instruments, Inc.		808,355
				11,437,093
		Couriers and Messengers - 0.62%
	7,400	United Parcel Service, Inc. - Class B		766,048
		Credit Intermediation and Related Activities - 7.96%
	3,700	American Express Co.		480,519
	26,200	Bank of New York Mellon Corp.		1,173,236
	45,700	Capital One Financial Corp.		4,560,860
	13,600	Citigroup, Inc.		1,011,976
	13,700	JPMorgan Chase & Co.		1,813,332
	16,100	Wells Fargo & Co.		755,734
				9,795,657
		Electrical Equipment, Appliance, and Component Manufacturing - 1.01%
	17,300	Emerson Electric Co.		1,239,199
		Food Manufacturing - 2.39%
	26,900	Kraft Heinz Co.		785,480
	37,500	Mondelez International, Inc. - Class A		2,151,750
				2,937,230
		General Merchandise Stores - 0.76%
	8,500	Target Corp.		941,290
		Health and Personal Care Stores - 4.44%
	107,500	Walgreens Boots Alliance, Inc.		5,466,375
		Insurance Carriers and Related Activities - 10.07%
	54,900	Allstate Corp.		6,507,846
	118,300	MetLife, Inc.		5,880,693
				12,388,539

		Machinery Manufacturing - 1.22%
	11,400	Caterpillar, Inc.		1,497,390
		Merchant Wholesalers, Durable Goods - 3.25%
	12,400	3M Co.		1,967,384
	11,700	Honeywell International, Inc.		2,026,674
				3,994,058
		Oil and Gas Extraction - 0.68%
	21,000	Occidental Petroleum Corp.		834,120
		Petroleum and Coal Products Manufacturing - 8.58%
	46,800	Chevron Corp.		5,014,152
	89,200	Exxon Mobil Corp.		5,541,104
				10,555,256
		Professional, Scientific, and Technical Services - 2.62%
	22,400	International Business Machines Corp.		3,219,552
		Rail Transportation - 1.44%
	9,900	Union Pacific Corp.		1,776,258
		Real Estate - 3.19%
	96,100	Bank of America Corp.		3,154,963
	5,800	Simon Property Group, Inc.		772,270
				3,927,233
		Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.19%
	900	BlackRock, Inc.		474,615
	13,300	Gilead Sciences, Inc.		840,560
	9,000	Goldman Sachs Group, Inc.		2,139,750
	9,100	Morgan Stanley		475,566
				3,930,491
		Support Activities for Mining - 0.59%
	21,500	Schlumberger, Ltd. (a)		720,465
		Telecommunications - 6.72%
	142,500	AT&T, Inc.		5,360,850
	49,000	Verizon Communications, Inc.		2,912,560
				8,273,410
		Transportation Equipment Manufacturing - 5.50%
	93,000	Ford Motor Co.		820,260
	15,000	General Dynamics Corp.		2,631,600
	23,600	General Motors Co.		788,004
	2,800	Lockheed Martin Corp.		1,198,736
	8,800	United Technologies Corp.		1,321,760
				6,760,360
		Utilities - 10.72%
	23,900	Duke Energy Corp.		2,333,357
	134,200	Exelon Corp.		6,386,578
	40,900	Kinder Morgan, Inc.		853,583
	51,400	Southern Co.		3,618,560
				13,192,078
		TOTAL COMMON STOCKS (Cost $115,093,237)		119,870,100
Shares		MONEY MARKET FUND - 2.30%	Value
	2,835,418	Invesco STIT-Treasury Portfolio - Institutional Class, 1.48% (b)		2,835,418
		TOTAL MONEY MARKET FUND (Cost $2,835,418)		2,835,418

Total Investments in Securities (Cost $117,928,655) - 99.74%		122,705,518
Other Assets in Excess of Liabilities - 0.26%		318,353
TOTAL NET ASSETS - 100.00%	$	123,023,871
(a) U.S. traded security of a foreign issuer.
(b) Rate shown is the 7-day annualized yield as of January 31, 2020.

Edgar Lomax Value Fund

Notes to Schedule of Investments

January 31, 2020 (Unaudited)

Note 1 – Securities Valuation

The Edgar Lomax Value Fund’s (the “Fund”) investments are carried at their fair value. The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

Equity securities 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. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized on level 1 of the fair value hierarchy.

 Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 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 the Advisors Series Trust which is comprised of representatives from the Fund’s 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 Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

• Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Fund’s securities as of January 31, 2020:

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	26,114,687		-		-	$	26,114,687
Information		11,517,526		-		-		11,517,526
Manufacturing		47,400,410		-		-		47,400,410
Mining, Quarrying, and Oil        and Gas Extraction		1,554,585		-		-		1,554,585
Professional, Scientific, and        Technical Services		3,219,552		-				3,219,552
Real Estate		3,927,233		-		-		3,927,233
Retail Trade		6,407,665		-		-		6,407,665
Transportation and Warehousing		2,542,306		-		-		2,542,306
Utilities		13,192,078		-		-		13,192,078
Wholesale Trade		3,994,058		-		-		3,994,058
Total Common Stocks		119,870,100		-		-		119,870,100
Money Market Fund		2,835,418		-		-		2,835,418
Total Investments in Securities	$	122,705,518	$	-	$	-	$	122,705,518

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at January 31, 2020, the end of the reporting period.  During the period ended January 31, 2020, the Fund 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  3/26/2020                                                                 

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  3/26/2020                                                                

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

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

   Officer

Date 3/26/2020                                                                                                       

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

EX-99.CERT

CERTIFICATION

I, Jeffrey T. Rauman, certify that:

1. I have reviewed this report on Form N-Q of Advisors Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 3/26/2020	/s/Jeffrey T. Rauman
	Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer

CERTIFICATION

I, Cheryl L. King, certify that:

1. I have reviewed this report on Form N-Q of Advisors Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 3/26/2020	/s/Cheryl L. King
	Cheryl L. King, Vice President/Treasurer/Principal Financial Officer