N-Q 1 osham_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on June 29, 2016 



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)



Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
 (Name and address of agent for service)


Registrant's telephone number, including area code: (414) 765-6609




Date of fiscal year end:  July 31, 2016

 
Date of reporting period:  April 30, 2016
 
 
Item 1. Schedules of Investments.
O'Shaughnessy All Cap Core Fund
      
Schedule of Investments
      
at April 30, 2016 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 97.81%
      
   
Aerospace & Defense - 5.59%
      
 
25,070
  
The Boeing Co.
  
$
3,379,436
  
 
4,290
  
National Presto Industries, Inc.
    
374,045
  
 
1,548
  
Spirit AeroSystems Holdings, Inc. - Class A*
    
72,988
  
 
1,867
  
United Technologies Corp.
    
194,859
  
           
4,021,328
  
     
Air Freight & Logistics - 1.02%
        
 
14,298
  
Air Transport Services Group, Inc.*
    
201,459
  
 
6,046
  
Expeditors International of Washington, Inc.
    
299,942
  
 
2,212
  
United Parcel Service, Inc. - Class B
    
232,415
  
           
733,816
  
     
Auto Components - 0.19%
        
 
3,880
  
Cooper Tire & Rubber Co.
    
134,015
  
 
184
  
Superior Industries International, Inc.
    
4,806
  
           
138,821
  
     
Beverages - 1.50%
        
 
11,844
  
Dr. Pepper Snapple Group, Inc.
    
1,076,738
  
               
     
Building Products - 0.67%
        
 
2,733
  
A.O. Smith Corp.
    
211,042
  
 
4,142
  
Allegion PLC#
    
271,094
  
           
482,136
  
     
Capital Markets - 0.24%
        
 
3,637
  
SEI Investments Co.
    
174,867
  
               
     
Chemicals - 1.83%
        
 
4,519
  
Innospec, Inc.
    
218,539
  
 
11,141
  
LyondellBasell Industries NV - Class A#
    
921,027
  
 
16,903
  
Rayonier Advanced Materials, Inc.
    
173,256
  
           
1,312,822
  
     
Commercial Banks - 0.86%
        
 
1,846
  
Eagle Bancorp, Inc.*
    
93,592
  
 
9,524
  
Enterprise Financial Services Corp.
    
260,672
  
 
4,707
  
First Bancorp
    
96,023
  
 
10,047
  
Pacific Continental Corp.
    
167,383
  
           
617,670
  
     
Commercial Services & Supplies - 1.72%
        
 
19,312
  
ACCO Brands Corp.*
    
184,237
  
 
10,187
  
Avery Dennison Corp.
    
739,678
  
 
11,729
  
Rollins, Inc.
    
315,158
  
           
1,239,073
  
     
Communications Equipment - 2.02%
        
 
19,301
  
Motorola Solutions, Inc.
    
1,451,242
  
               
 
     
Computers & Peripherals - 2.38%
        
 
5,175
  
Apple, Inc.
    
485,105
  
 
56,344
  
Seagate Technology PLC#
    
1,226,609
  
           
1,711,714
  
     
Construction & Engineering - 3.76%
        
 
11,710
  
Comfort Systems USA, Inc.
    
345,328
  
 
6,780
  
Fluor Corp.
    
370,595
  
 
83,938
  
Quanta Services, Inc.*
    
1,991,009
  
           
2,706,932
  
     
Construction Materials - 0.20%
        
 
2,355
  
U.S. Concrete, Inc.*
    
145,445
  
               
     
Consumer Finance - 2.23%
        
 
1,426
  
American Express Co.
    
93,303
  
 
110,597
  
Navient Corp.
    
1,511,861
  
           
1,605,164
  
     
Containers & Packaging - 0.11%
        
 
1,582
  
Bemis Co., Inc.
    
79,385
  
               
     
Diversified Consumer Services - 1.91%
        
 
42,172
  
H&R Block, Inc.
    
853,561
  
 
1,994
  
Outerwall, Inc.
    
82,372
  
 
16,301
  
Service Corp. International
    
434,748
  
           
1,370,681
  
     
Diversified Financial Services - 0.33%
        
 
2,142
  
MSCI, Inc.
    
162,664
  
 
1,244
  
Nasdaq, Inc.
    
76,767
  
           
239,431
  
     
Diversified Telecommunication Services - 1.16%
        
 
16,393
  
Verizon Communications, Inc.
    
835,059
  
               
     
Electrical Equipment - 0.57%
        
 
1,685
  
Acuity Brands, Inc.
    
410,955
  
               
     
Electronic Equipment, Instruments & Components - 1.52%
        
 
1,834
  
Coherent, Inc.*
    
171,296
  
 
14,156
  
Flextronics International Ltd.*#
    
171,995
  
 
4,073
  
Insight Enterprises, Inc.*
    
100,644
  
 
7,144
  
Sanmina Corp.*
    
168,956
  
 
7,020
  
Tech Data Corp.*
    
482,204
  
           
1,095,095
  
     
Energy Equipment & Services - 2.46%
        
 
46,861
  
National Oilwell Varco, Inc.
    
1,688,870
  
 
6,992
  
Noble Corp. PLC#
    
78,520
  
           
1,767,390
  
     
Food & Staples Retailing - 1.94%
        
 
2,653
  
Casey's General Stores, Inc.
    
297,136
  
 
3,301
  
CVS Health Corp.
    
331,751
  
 
18,895
  
The Kroger Co.
    
668,694
  
 
2,109
  
Sysco Corp.
    
97,162
  
           
1,394,743
  
 
   
Food Products - 3.03%
      
 
2,957
  
Cal-Maine Foods, Inc.
    
150,097
  
 
2,579
  
Hormel Foods Corp.
    
99,420
  
 
17,976
  
Sanderson Farms, Inc.
    
1,649,118
  
 
2,302
  
Snyder's-Lance, Inc.
    
73,595
  
 
3,168
  
Tyson Foods, Inc. - Class A
    
208,518
  
           
2,180,748
  
     
Gas Utilities - 0.48%
        
 
8,627
  
UGI Corp.
    
347,151
  
               
     
Health Care Equipment & Supplies - 1.22%
        
 
2,107
  
C.R. Bard, Inc.
    
447,042
  
 
7,921
  
Hologic, Inc.*
    
266,066
  
 
2,366
  
Integra LifeSciences Holdings Corp.*
    
167,560
  
           
880,668
  
     
Health Care Providers & Services - 1.87%
        
 
3,497
  
Aetna, Inc.
    
392,608
  
 
1,846
  
Anthem, Inc.
    
259,861
  
 
1,222
  
Centene Corp.*
    
75,715
  
 
1,297
  
Chemed Corp.
    
168,325
  
 
3,228
  
Cigna Corp.
    
447,207
  
           
1,343,716
  
     
Hotels, Restaurants & Leisure - 7.27%
        
 
23,938
  
McDonald's Corp.
    
3,027,918
  
 
1,892
  
Papa John's International, Inc.
    
107,068
  
 
35,968
  
Starbucks Corp.
    
2,022,481
  
 
575
  
Vail Resorts, Inc.
    
74,543
  
           
5,232,010
  
     
Household Durables - 0.55%
        
 
4,782
  
Hooker Furniture Corp.
    
118,594
  
 
167
  
NVR, Inc.*
    
277,435
  
           
396,029
  
     
Household Products - 2.19%
        
 
7,680
  
The Clorox Co.
    
961,766
  
 
3,947
  
Kimberly-Clark Corp.
    
494,125
  
 
1,138
  
WD-40 Co.
    
116,417
  
           
1,572,308
  
     
Independent Power Producers & Energy Traders - 1.01%
        
 
29,875
  
AES Corp.
    
333,405
  
 
24,819
  
Calpine Corp.*
    
391,644
  
           
725,049
  
     
Industrial Conglomerates - 0.24%
        
 
5,579
  
General Electric Co.
    
171,554
  
               
     
Insurance - 7.59%
        
 
4,645
  
American International Group, Inc.
    
259,284
  
 
4,008
  
Aspen Insurance Holdings Ltd.#
    
185,771
  
 
9,571
  
The Hartford Financial Services Group, Inc.
    
424,761
  
 
29,469
  
The Progressive Corp.
    
960,689
  
 
1,600
  
Reinsurance Group of America, Inc.
    
152,352
  
 
31,632
  
The Travelers Companies, Inc.
    
3,476,357
  
           
5,459,214
  
 
     
Internet Software & Services - 0.28%
        
 
2,300
  
VeriSign, Inc.*
    
198,720
  
               
     
IT Services - 6.25%
        
 
3,714
  
CSG Systems International, Inc.
    
164,827
  
 
10,275
  
Fiserv, Inc.*
    
1,004,073
  
 
3,374
  
Global Payments, Inc.
    
243,535
  
 
1,498
  
Leidos Holdings, Inc.
    
74,316
  
 
2,417
  
Paychex, Inc.
    
125,974
  
 
3,289
  
Sykes Enterprises, Inc.*
    
95,874
  
 
42,768
  
Total System Services, Inc.
    
2,187,156
  
 
4,168
  
Vantiv, Inc. - Class A*
    
227,323
  
 
18,407
  
The Western Union Co.
    
368,140
  
           
4,491,218
  
     
Life Sciences Tools & Services - 0.43%
        
 
2,369
  
Waters Corp.*
    
308,349
  
               
     
Machinery - 5.96%
        
 
41,257
  
Caterpillar, Inc.
    
3,206,494
  
 
4,850
  
Global Brass & Copper Holdings, Inc.
    
131,435
  
 
1,579
  
Illinois Tool Works, Inc.
    
165,037
  
 
3,464
  
Stanley Black & Decker, Inc.
    
387,691
  
 
27,815
  
Wabash National Corp.*
    
396,364
  
           
4,287,021
  
     
Media - 6.06%
        
 
37,288
  
CBS Corp. - Class B
    
2,084,772
  
 
53,950
  
Discovery Communications, Inc. - Class A*
    
1,473,375
  
 
20,425
  
Gannett Co., Inc.
    
344,161
  
 
4,420
  
The Walt Disney Co.
    
456,409
  
           
4,358,717
  
     
Metals & Mining - 0.29%
        
 
4,705
  
Commercial Metals Co.
    
84,314
  
 
1,695
  
Reliance Steel & Aluminum Co.
    
125,379
  
           
209,693
  
     
Multi-line Retail - 0.24%
        
 
2,461
  
Dillard's, Inc. - Class A
    
173,378
  
               
     
Oil, Gas & Consumable Fuels - 1.06%
        
 
10,694
  
Rex American Resources Corp.*
    
581,433
  
 
2,236
  
Tesoro Corp.
    
178,187
  
           
759,620
  
     
Paper & Forest Products - 0.95%
        
 
17,766
  
Domtar Corp.
    
686,478
  
               
     
Personal Products - 0.42%
        
 
3,161
  
The Estee Lauder Companies, Inc. - Class A
    
303,045
  
 
               
     
Pharmaceuticals - 1.23%
        
 
26,989
  
Pfizer, Inc.
    
882,810
  
               
     
Semiconductors & Semiconductor Equipment - 2.26%
        
 
49,682
  
Intel Corp.
    
1,504,371
  
 
11,461
  
Photronics, Inc.*
    
121,257
  
           
1,625,628
  
     
Software - 0.69%
        
 
8,025
  
Electronic Arts, Inc.*
    
496,346
  
               
     
Specialty Retail - 7.49%
        
 
600
  
AutoZone, Inc.*
    
459,138
  
 
19,374
  
Bed Bath & Beyond, Inc.*
    
914,840
  
 
1,812
  
Foot Locker, Inc.
    
111,329
  
 
15,559
  
Home Depot, Inc.
    
2,083,195
  
 
5,693
  
O'Reilly Automotive, Inc.*
    
1,495,437
  
 
46,998
  
Pier 1 Imports, Inc.
    
323,816
  
           
5,387,755
  
     
Textiles, Apparel & Luxury Goods - 1.22%
        
 
14,826
  
NIKE, Inc. - Class B
    
873,844
  
               
     
Tobacco - 2.05%
        
 
23,483
  
Altria Group, Inc.
    
1,472,619
  
               
     
Trading Companies & Distributors - 0.21%
        
 
1,098
  
Watsco, Inc.
    
147,648
  
               
     
Wireless Telecommunication Services - 1.06%
        
 
44,970
  
Spok Holdings, Inc.
    
764,040
  
     
Total Common Stocks (Cost $63,090,715)
    
70,345,883
  
               
     
Total Investments in Securities (Cost $63,090,715) - 97.81%
    
70,345,883
  
     
Other Assets in Excess of Liabilities - 2.19%
    
1,576,572
  
     
Net Assets - 100.00%
  
$
71,922,455
  
   
* 
Non-income producing security.
  
# 
U.S. traded security of a foreign issuer.
  
     
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor 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.
  
 
O'Shaughnessy Enhanced Dividend Fund
      
Schedule of Investments
      
at April 30, 2016 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 93.13%
      
   
 Capital Markets - 0.44%
      
 
6,020
  
Credit Suisse Group AG - ADR
  
$
91,564
  
               
     
Aerospace & Defense - 0.37%
        
 
580
  
The Boeing Co.
    
78,184
  
               
     
Automobiles - 0.18%
        
 
1,173
  
General Motors Co.
    
37,301
  
               
     
Chemicals - 6.63%
        
 
1,985
  
BASF SE - ADR
    
158,443
  
 
11,765
  
The Dow Chemical Co.
    
618,957
  
 
9,529
  
Israel Chemicals Ltd.#
    
46,787
  
 
6,822
  
LyondellBasell Industries NV - Class A#
    
563,975
  
           
1,388,162
  
     
Commercial Banks - 9.32%
        
 
15,793
  
Bank of Montreal#
    
1,029,072
  
 
10,705
  
The Bank of Nova Scotia#
    
561,477
  
 
10,067
  
HSBC Holdings PLC - ADR
    
335,533
  
 
8,311
  
Mizuho Financial Group, Inc. - ADR
    
24,601
  
           
1,950,683
  
     
Commercial Services & Supplies - 0.96%
        
 
987
  
Republic Services, Inc.
    
46,458
  
 
2,629
  
Waste Management, Inc.
    
154,559
  
           
201,017
  
     
Communications Equipment - 0.50%
        
 
3,784
  
Cisco Systems, Inc.
    
104,022
  
               
     
Computers & Peripherals - 0.29%
        
 
2,773
  
Seagate Technology PLC#
    
60,368
  
               
     
Diversified Telecommunication Services - 4.74%
        
 
30,060
  
CenturyLink, Inc.
    
930,357
  
 
3,692
  
Orange S.A. - ADR
    
61,250
  
           
991,607
  
     
Electrical Equipment - 4.91%
        
 
11,427
  
ABB Ltd. - ADR*
    
241,224
  
 
14,392
  
Emerson Electric Co.
    
786,235
  
           
1,027,459
  
     
Food & Staples Retailing - 1.33%
        
 
2,757
  
Koninklijke Ahold NV - ADR
    
60,185
  
 
3,257
  
Wal-Mart Stores, Inc.
    
217,796
  
           
277,981
  
     
Food Products - 0.97%
        
 
1,392
  
Archer-Daniels-Midland Co.
    
55,596
  
 
3,328
  
Unilever NV - ADR
    
146,499
  
           
202,095
  
     
Household Products - 0.79%
        
 
549
  
Kimberly-Clark Corp.
    
68,729
  
 
1,199
  
The Procter & Gamble Co.
    
96,064
  
           
164,793
  
 
     
Insurance - 7.29%
        
 
24,404
  
Allianz SE - ADR
    
415,844
  
 
7,953
  
MetLife, Inc.
    
358,680
  
 
4,198
  
Principal Financial Group, Inc.
    
179,171
  
 
4,199
  
Prudential Financial, Inc.
    
326,010
  
 
10,964
  
Swiss Re AG - ADR
    
244,826
  
           
1,524,531
  
     
IT Services - 4.48%
        
 
3,763
  
International Business Machines Corp.
    
549,172
  
 
19,434
  
The Western Union Co.
    
388,680
  
           
937,852
  
     
Machinery - 4.53%
        
 
8,495
  
Caterpillar, Inc.
    
660,231
  
 
2,453
  
Cummins, Inc.
    
287,075
  
           
947,306
  
     
Media - 0.51%
        
 
2,630
  
Viacom, Inc. - Class B
    
107,567
  
               
     
Metals & Mining - 1.59%
        
 
6,694
  
Nucor Corp.
    
333,227
  
               
     
Multi-line Retail - 2.51%
        
 
6,169
  
Kohl's Corp.
    
273,287
  
 
1,545
  
Macy's, Inc.
    
61,167
  
 
2,395
  
Target Corp.
    
190,403
  
           
524,857
  
     
Office Electronics - 1.26%
        
 
9,448
  
Canon, Inc. - ADR
    
263,883
  
               
     
Oil, Gas & Consumable Fuels - 13.95%
        
 
1,932
  
BP PLC - ADR
    
64,877
  
 
4,078
  
Chevron Corp.
    
416,690
  
 
4,518
  
CNOOC Ltd. - ADR
    
557,657
  
 
34,135
  
Gazprom OAO - ADR
    
177,161
  
 
11,763
  
LUKOIL PJSC - ADR
    
499,927
  
 
942
  
PetroChina Co., Ltd. - ADR
    
68,823
  
 
11,557
  
Royal Dutch Shell PLC - Class A - ADR
    
611,250
  
 
7,357
  
Sasol Ltd. - ADR
    
241,236
  
 
2,446
  
Total S.A. - ADR
    
124,135
  
 
2,658
  
Valero Energy Corp.
    
156,476
  
           
2,918,232
  
     
Paper & Forest Products - 4.48%
        
 
16,687
  
International Paper Co.
    
722,046
  
 
11,218
  
UPM-Kymmene Oyj - ADR
    
215,834
  
           
937,880
  
     
Pharmaceuticals - 9.89%
        
 
22,221
  
GlaxoSmithKline PLC - ADR
    
953,503
  
 
4,039
  
Johnson & Johnson
    
452,691
  
 
4,953
  
Merck & Co., Inc.
    
271,623
  
 
11,980
  
Pfizer, Inc.
    
391,866
  
           
2,069,683
  
     
Semiconductors & Semiconductor Equipment - 1.79%
        
 
5,088
  
Advanced Semiconductor Engineering, Inc. - ADR
    
26,101
  
 
10,283
  
Intel Corp.
    
311,369
  
 
1,546
  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
    
36,470
  
           
373,940
  
     
Software - 3.41%
        
 
15,701
  
CA, Inc.
    
465,692
  
 
4,351
  
Microsoft Corp.
    
216,984
  
 
1,797
  
Symantec Corp.
    
29,911
  
           
712,587
  
 
     
Specialty Retail - 0.97%
        
 
6,351
  
Best Buy Co., Inc.
    
203,740
  
               
     
Textiles, Apparel & Luxury Goods - 2.26%
        
 
11,770
  
Coach, Inc.
    
473,978
  
               
     
Trading Companies & Distributors - 1.90%
        
 
1,647
  
Mitsui & Co., Ltd. - ADR
    
397,413
  
               
     
Wireless Telecommunication Services - 0.88%
        
 
9,245
  
SK Telecom Co., Ltd. - ADR
    
184,900
  
     
Total Common Stocks (Cost $19,544,708)
    
19,486,812
  
               
     
Total Investments in Securities (Cost $19,544,708) - 93.13%
    
19,486,812
  
     
Other Assets in Excess of Liabilities - 6.87%
    
1,436,968
  
     
Net Assets - 100.00%
  
$
20,923,780
  
               
 
*
  
Non-income producing security.
        
 
#
  
U.S. traded security of a foreign issuer.
        
ADR -
  
American Depository Receipt
        
     
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor Financial Services, LLC (“S&P”). GICS is a service mark of MSCI and S&P and has
been licensed for use by U.S. Bancorp Fund Services, LLC.
  
     
     
 
 
Country Allocation
      
Country
  
% of Net Assets
  
United States
    
60.4
%
Canada
    
7.6
%
Netherlands
    
6.4
%
United Kingdom
    
6.2
%
Japan
    
3.3
%
Russian Federation
    
3.2
%
Germany
    
2.7
%
Switzerland
    
2.7
%
Hong Kong
    
2.7
%
South Africa
    
1.0
%
Finland
    
1.0
%
France
    
0.9
%
Republic of Korea
    
0.8
%
China
    
0.3
%
Taiwan, Province of China
    
0.3
%
Ireland
    
0.3
%
Israel
    
0.2
%
     
100.0
%
 
O'Shaughnessy Market Leaders Value Fund
  
Schedule of Investments
  
at April 30, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 80.36%
      
   
Aerospace & Defense - 5.98%
      
 
237
  
The Boeing Co.
  
$
31,948
  
 
636
  
Northrop Grumman Corp.
    
131,181
  
 
274
  
United Technologies Corp.
    
28,597
  
           
191,726
  
     
Airlines - 1.16%
        
 
791
  
American Airlines Group, Inc.
    
27,440
  
 
210
  
United Continental Holdings, Inc.*
    
9,620
  
           
37,060
  
     
Automobiles - 0.98%
        
 
994
  
General Motors Co.
    
31,609
  
               
     
Beverages - 2.78%
        
 
3,843
  
Ambev S.A. - ADR
    
21,482
  
 
1,287
  
Coca-Cola Enterprises, Inc.
    
67,542
  
           
89,024
  
     
Capital Markets - 1.15%
        
 
384
  
Ameriprise Financial, Inc.
    
36,826
  
               
     
Chemicals - 6.07%
        
 
250
  
Ashland, Inc.
    
27,900
  
 
1,352
  
LyondellBasell Industries NV - Class A#
    
111,770
  
 
189
  
Monsanto Co.
    
17,705
  
 
1,327
  
The Mosaic Co.
    
37,143
  
           
194,518
  
     
Communications Equipment - 3.78%
        
 
2,252
  
Juniper Networks, Inc.
    
52,697
  
 
912
  
Motorola Solutions, Inc.
    
68,573
  
           
121,270
  
     
Computers & Peripherals - 1.70%
        
 
1,234
  
NetApp, Inc.
    
29,172
  
 
1,161
  
Seagate Technology PLC#
    
25,275
  
           
54,447
  
     
Construction & Engineering - 0.26%
        
 
152
  
Fluor Corp.
    
8,308
  
               
     
Diversified Consumer Services - 0.56%
        
 
888
  
H&R Block, Inc.
    
17,973
  
               
     
Diversified Financial Services - 0.94%
        
 
931
  
Voya Financial, Inc.
    
30,230
  
               
     
Diversified Telecommunication Services - 3.40%
        
 
3,525
  
CenturyLink, Inc.
    
109,099
  
               
     
Electrical Equipment - 2.19%
        
 
1,286
  
Emerson Electric Co.
    
70,254
  
               
     
Electronic Equipment, Instruments & Components - 2.36%
        
 
1,967
  
Corning, Inc.
    
36,724
  
 
653
  
TE Connectivity Ltd.#
    
38,840
  
           
75,564
  
 
     
Energy Equipment & Services - 3.58%
        
 
3,188
  
National Oilwell Varco, Inc.
    
114,896
  
               
     
Food & Staples Retailing - 1.66%
        
 
2,432
  
Koninklijke Ahold NV - ADR
    
53,091
  
               
     
Food Products - 0.70%
        
 
560
  
Archer-Daniels-Midland Co.
    
22,366
  
               
     
Health Care Providers & Services - 0.77%
        
 
335
  
Express Scripts Holding Co.*
    
24,700
  
               
     
Hotels, Restaurants & Leisure - 2.41%
        
 
1,103
  
Marriott International, Inc. - Class A
    
77,309
  
               
     
Industrial Conglomerates - 0.20%
        
 
213
  
General Electric Co.
    
6,550
  
               
     
Insurance - 7.62%
        
 
497
  
The Allstate Corp.
    
32,330
  
 
667
  
American International Group, Inc.
    
37,232
  
 
343
  
Arch Capital Group Ltd.*#
    
24,178
  
 
830
  
The Hartford Financial Services Group, Inc.
    
36,835
  
 
1,034
  
The Travelers Companies, Inc.
    
113,637
  
           
244,212
  
     
Machinery - 8.42%
        
 
362
  
Dover Corp.
    
23,783
  
 
1,074
  
Illinois Tool Works, Inc.
    
112,254
  
 
838
  
Parker-Hannifin Corp.
    
97,225
  
 
631
  
Pentair PLC#
    
36,648
  
           
269,910
  
     
Media - 5.23%
        
 
1,443
  
CBS Corp. - Class B
    
80,678
  
 
7,306
  
Sirius XM Holdings, Inc.*
    
28,859
  
 
1,027
  
Twenty-First Century Fox, Inc. - Class A
    
31,077
  
 
663
  
Viacom, Inc. - Class B
    
27,117
  
           
167,731
  
     
Metals & Mining - 1.39%
        
 
1,184
  
BHP Billiton PLC - ADR
    
32,643
  
 
351
  
Rio Tinto PLC - ADR
    
11,815
  
           
44,458
  
     
Multi-line Retail - 3.34%
        
 
871
  
Kohl's Corp.
    
38,585
  
 
1,735
  
Macy's, Inc.
    
68,689
  
           
107,274
  
     
Oil, Gas & Consumable Fuels - 2.51%
        
 
463
  
Hess Corp.
    
27,604
  
 
900
  
Valero Energy Corp.
    
52,983
  
           
80,587
  
     
Personal Products - 0.92%
        
 
811
  
L'Oreal S.A. - ADR
    
29,512
  
               
     
Software - 0.89%
        
 
966
  
CA, Inc.
    
28,652
  
               
     
Specialty Retail - 3.75%
        
 
2,087
  
Bed Bath & Beyond, Inc.*
    
98,548
  
 
675
  
Best Buy Co., Inc.
    
21,654
  
           
120,202
  
 
     
Textiles, Apparel & Luxury Goods - 2.06%
        
 
1,278
  
Michael Kors Holdings Ltd.*#
    
66,021
  
               
     
Wireless Telecommunication Services - 1.60%
        
 
381
  
Mobile TeleSystems - ADR
    
3,528
  
 
1,969
  
NTT DoCoMo, Inc. - ADR
    
47,925
  
           
51,453
  
     
Total Common Stocks (Cost $2,555,498)
    
2,576,832
  
               
     
Total Investments in Securities (Cost $2,555,498) - 80.36%
    
2,576,832
  
     
Other Assets in Excess of Liabilities - 19.64%
    
629,815
  
     
Net Assets - 100.00%
  
$
3,206,647
  
* 
Non-income producing security.
  
# 
U.S. traded security of a foreign issuer.
  
 ADR - 
American Depository Receipt
  
     
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor 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.
  
 
 
O'Shaughnessy Small Cap Value Fund
  
Schedule of Investments
  
at April 30, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 96.73%
      
   
Airlines - 0.95%
      
 
420
  
Hawaiian Holdings, Inc.*
  
$
17,669
  
               
     
Auto Components - 0.92%
        
 
228
  
American Axle & Manufacturing Holdings, Inc.*
    
3,536
  
 
102
  
Cooper Tire & Rubber Co.
    
3,523
  
 
783
  
Dana Holding Corp.
    
10,124
  
           
17,183
  
     
Biotechnology - 0.70%
        
 
126
  
Five Prime Therapeutics, Inc.*
    
5,996
  
 
1,884
  
PDL BioPharma, Inc.
    
7,103
  
           
13,099
  
     
Capital Markets - 6.67%
        
 
754
  
Calamos Asset Management, Inc. - Class A
    
6,213
  
 
167
  
Greenhill & Co., Inc.
    
3,677
  
 
2,186
  
Investment Technology Group, Inc.
    
42,671
  
 
1,631
  
Janus Capital Group, Inc.
    
23,813
  
 
728
  
KCG Holdings, Inc. - Class A*
    
9,974
  
 
304
  
Moelis & Co. - Class A
    
8,545
  
 
258
  
Piper Jaffray Companies, Inc.*
    
10,761
  
 
258
  
Virtu Financial, Inc. - Class A
    
5,379
  
 
26
  
Virtus Investment Partners, Inc.
    
2,034
  
 
544
  
Waddell & Reed Financial, Inc. - Class A
    
11,065
  
           
124,132
  
     
Chemicals - 0.28%
        
 
511
  
Rayonier Advanced Materials, Inc.
    
5,238
  
               
     
Commercial Banks - 13.61%
        
 
181
  
Arrow Financial Corp.
    
5,097
  
 
39
  
Bank of Marin Bancorp
    
1,912
  
 
637
  
Central Pacific Financial Corp.
    
14,868
  
 
81
  
City Holding Co.
    
3,979
  
 
105
  
CNB Financial Corp.
    
1,878
  
 
43
  
Community Trust Bancorp, Inc.
    
1,542
  
 
2,345
  
First Bancorp
    
47,838
  
 
791
  
First Community Bancshares, Inc.
    
16,461
  
 
1,148
  
First Financial Corp.
    
40,674
  
 
598
  
First Interstate BancSystem, Inc. - Class A
    
16,206
  
 
908
  
Grupo Aval Acciones y Valores S.A. - ADR
    
7,346
  
 
1,226
  
Heritage Financial Corp.
    
22,620
  
 
360
  
Mercantile Bank Corp.
    
8,683
  
 
1,194
  
National Bankshares, Inc.
    
42,972
  
 
345
  
Old National Bancorp
    
4,623
  
 
362
  
Southwest Bancorp, Inc.
    
5,810
  
 
399
  
TriCo Bancshares
    
10,741
  
           
253,250
  
     
Commercial Services & Supplies - 3.89%
        
 
6,707
  
ACCO Brands Corp.*
    
63,985
  
 
426
  
Ennis, Inc.
    
8,324
  
           
72,309
  
 
 
     
Communications Equipment - 0.23%
        
 
173
  
Comtech Telecommunications Corp.
    
4,187
  
               
     
Consumer Finance - 0.33%
        
 
279
  
Green Dot Corp. - Class A*
    
6,202
  
               
     
Diversified Consumer Services - 1.92%
        
 
1,163
  
American Public Education, Inc.*
    
26,935
  
 
717
  
K12, Inc.*
    
8,812
  
           
35,747
  
     
Electric Utilities - 2.06%
        
 
93
  
El Paso Electric Co.
    
4,194
  
 
830
  
Empresa Distribuidora y Comercializadora Norte S.A. - ADR*
    
13,081
  
 
1,028
  
Pampa Energia S.A. - ADR*
    
21,033
  
           
38,308
  
     
Electrical Equipment - 0.47%
        
 
3,671
  
China Ming Yang Wind Power Group Ltd. - ADR*
    
8,810
  
               
     
Electronic Equipment, Instruments & Components - 7.56%
        
 
1,077
  
Benchmark Electronics, Inc.*
    
20,915
  
 
1,918
  
Celestica, Inc.*#
    
20,580
  
 
1,993
  
Insight Enterprises, Inc.*
    
49,247
  
 
1,940
  
Sanmina Corp.*
    
45,881
  
 
59
  
Tech Data Corp.*
    
4,053
  
           
140,676
  
     
Energy Equipment & Services - 0.55%
        
 
571
  
Noble Corp. PLC#
    
6,412
  
 
112
  
Oil States International, Inc.*
    
3,880
  
           
10,292
  
     
Food Products - 3.10%
        
 
418
  
Cal-Maine Foods, Inc.
    
21,218
  
 
398
  
Sanderson Farms, Inc.
    
36,513
  
           
57,731
  
     
Health Care Providers & Services - 2.68%
        
 
547
  
Magellan Health, Inc.*
    
38,542
  
 
47
  
Molina Healthcare, Inc.*
    
2,433
  
 
137
  
National HealthCare Corp.
    
8,830
  
           
49,805
  
     
Household Durables - 0.93%
        
 
452
  
CSS Industries, Inc.
    
12,638
  
 
579
  
ZAGG, Inc.*
    
4,638
  
           
17,276
  
     
Independent Power and Renewable Electricity Producers - 2.63%
        
 
13,932
  
Atlantic Power Corp.*#
    
37,059
  
 
487
  
Talen Energy Corp.*
    
5,678
  
 
1,184
  
TransAlta Corp.#
    
6,180
  
           
48,917
  
     
Insurance - 15.95%
        
 
453
  
American National Insurance Co.
    
52,602
  
 
655
  
Argo Group International Holdings Ltd.#
    
36,005
  
 
1,374
  
HCI Group, Inc.
    
41,165
  
 
256
  
Kansas City Life Insurance Co.
    
10,749
  
 
2,984
  
Maiden Holdings Ltd.#
    
36,494
  
 
66
  
National Western Life Group, Inc. - Class A
    
14,302
  
 
269
  
Primerica, Inc.
    
13,332
  
 
867
  
Selective Insurance Group, Inc.
    
30,094
  
 
1,031
  
United Fire Group, Inc.
    
46,209
  
 
895
  
Universal Insurance Holdings, Inc.
    
15,761
  
           
296,713
  
     
Internet Software & Services - 0.22%
        
 
474
  
Global Sources Ltd.*#
    
4,029
  
               
 
   
IT Services - 0.87%
      
 
467
  
Net 1 Ueps Technologies, Inc.*
    
5,567
  
 
300
  
NeuStar, Inc. - Class A*
    
7,047
  
 
66
  
Science Applications International Corp.
    
3,504
  
           
16,118
  
     
Life Sciences Tools & Services - 0.39%
        
 
150
  
INC Research Holdings, Inc. - Class A*
    
7,220
  
               
     
Machinery - 6.38%
        
 
795
  
FreightCar America, Inc.
    
13,634
  
 
574
  
Global Brass & Copper Holdings, Inc.
    
15,555
  
 
375
  
Hyster-Yale Materials Handling, Inc.
    
22,969
  
 
974
  
Luxfer Holdings PLC - ADR
    
12,516
  
 
3,795
  
Wabash National Corp.*
    
54,079
  
           
118,753
  
     
Marine - 0.77%
        
 
1,473
  
Costamare, Inc.#
    
14,288
  
               
     
Media - 1.92%
        
 
2,118
  
Gannett Co., Inc.
    
35,688
  
               
     
Metals & Mining - 2.48%
        
 
3,629
  
Nevsun Resources Ltd.#
    
13,572
  
 
4,581
  
Sims Metal Management Ltd. - ADR
    
32,479
  
           
46,051
  
     
Multi-line Retail - 1.77%
        
 
467
  
Dillard's, Inc. - Class A
    
32,900
  
               
     
Multi-Utilities - 1.45%
        
 
2,030
  
Just Energy Group, Inc.#
    
12,890
  
 
355
  
Unitil Corp.
    
14,030
  
           
26,920
  
     
Oil, Gas & Consumable Fuels - 3.75%
        
 
1,833
  
Alon USA Energy, Inc.
    
19,246
  
 
270
  
CVR Energy, Inc.
    
6,556
  
 
808
  
Rex American Resources Corp.*
    
43,931
  
           
69,733
  
     
Paper & Forest Products - 0.58%
        
 
1,288
  
Mercer International, Inc.
    
10,819
  
               
     
Pharmaceuticals - 0.23%
        
 
320
  
SciClone Pharmaceuticals, Inc.*
    
4,224
  
               
     
Professional Services - 0.57%
        
 
559
  
Kforce, Inc.
    
10,627
  
               
     
Real Estate Management & Development - 2.01%
        
 
265
  
Marcus & Millichap, Inc.*
    
6,646
  
 
6,225
  
Xinyuan Real Estate Co. Ltd. - ADR
    
30,752
  
           
37,398
  
     
Road & Rail - 0.77%
        
 
753
  
ArcBest Corp.
    
14,375
  
               
     
Semiconductors & Semiconductor Equipment - 0.76%
        
 
1,320
  
Kulicke & Soffa Industries, Inc.*
    
14,150
  
               
     
Specialty Retail - 2.21%
        
 
195
  
Abercrombie & Fitch Co. - Class A
    
5,212
  
 
4,682
  
Pier 1 Imports, Inc.
    
32,259
  
 
245
  
Rent-A-Center, Inc.
    
3,601
  
           
41,072
  
     
Textiles, Apparel & Luxury Goods - 0.87%
        
 
573
  
Movado Group, Inc.
    
16,164
  
               
 
     
Thrifts & Mortgage Finance - 1.99%
        
 
646
  
BankFinancial Corp.
    
7,985
  
 
446
  
First Defiance Financial Corp.
    
17,653
  
 
1,791
  
TrustCo Bank Corp. NY
    
11,480
  
           
37,118
  
     
Trading Companies & Distributors - 1.07%
        
 
338
  
Applied Industrial Technologies, Inc.
    
15,491
  
 
311
  
MRC Global, Inc.*
    
4,348
  
           
19,839
  
     
Water Utilities - 0.24%
        
 
84
  
California Water Service Group
    
2,346
  
 
61
  
SJW Corp.
    
2,099
  
           
4,445
  
     
Total Common Stocks (Cost $1,726,466)
    
1,799,475
  
               
     
PREFERRED STOCKS - 1.84%
        
     
Chemicals - 0.78%
        
 
1,015
  
Braskem S.A. - ADR
    
14,464
  
               
     
Electric Utilities - 1.06%
        
 
4,404
  
Companhia Energetica de Minas Gerais - ADR
    
8,632
  
 
1,356
  
Companhia Paranaense de Energia-Copel - Class B - ADR
    
11,214
  
           
19,846
  
     
Total Preferred Stocks (Cost $33,958)
    
34,310
  
               
     
Total Investments in Securities (Cost $1,760,424) - 98.57%
    
1,833,785
  
     
Other Assets in Excess of Liabilities - 1.43%
    
26,628
  
     
Net Assets - 100.00%
  
$
1,860,413
  
* 
Non-income producing security.
  
# 
U.S. traded security of a foreign issuer.
  
 ADR - 
American Depository Receipt
  
     
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor 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.
  
 
O'Shaughnessy Small/Mid Cap Growth Fund
  
Schedule of Investments
  
at April 30, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.44%
      
   
Aerospace & Defense - 4.09%
      
 
6,820
  
BWX Technologies, Inc.
  
$
227,720
  
 
961
  
Elbit Systems Ltd.#
    
96,100
  
 
262
  
Huntington Ingalls Industries, Inc.
    
37,930
  
 
2,210
  
National Presto Industries, Inc.
    
192,690
  
           
554,440
  
     
Air Freight & Logistics - 0.51%
        
 
4,940
  
Air Transport Services Group, Inc.*
    
69,605
  
               
     
Airlines - 0.55%
        
 
457
  
China Southern Airlines Co. Ltd. - ADR
    
14,098
  
 
1,309
  
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR*
    
27,332
  
 
795
  
Hawaiian Holdings, Inc.*
    
33,446
  
           
74,876
  
     
Auto Components - 1.64%
        
 
859
  
Cooper Tire & Rubber Co.
    
29,670
  
 
818
  
Cooper-Standard Holding, Inc.*
    
63,076
  
 
1,457
  
Superior Industries International, Inc.
    
38,057
  
 
1,158
  
Visteon Corp.*
    
92,258
  
           
223,061
  
     
Beverages - 0.83%
        
 
2,407
  
National Beverage Corp.*
    
112,503
  
               
     
Biotechnology - 0.16%
        
 
562
  
Emergent BioSolutions, Inc.*
    
21,648
  
               
     
Building Materials - 0.97%
        
 
974
  
Lennox International, Inc.
    
131,441
  
               
     
Building Products - 2.57%
        
 
1,752
  
A.O. Smith Corp.
    
135,289
  
 
1,631
  
American Woodmark Corp.*
    
118,802
  
 
2,080
  
Griffon Corp.
    
32,885
  
 
1,167
  
Insteel Industries, Inc.
    
33,831
  
 
364
  
Universal Forest Products, Inc.
    
27,901
  
           
348,708
  
     
Capital Markets - 2.46%
        
 
10,883
  
Cowen Group, Inc. - Class A*
    
37,927
  
 
596
  
Diamond Hill Investment Group, Inc.*
    
104,455
  
 
2,748
  
INTL FCStone, Inc.*
    
75,020
  
 
2,419
  
SEI Investments Co.
    
116,306
  
           
333,708
  
 
     
Chemicals - 1.37%
        
 
813
  
Cabot Corp.
    
39,666
  
 
1,356
  
Chase Corp.
    
76,329
  
 
1,442
  
Innospec, Inc.
    
69,735
  
           
185,730
  
     
Commercial Banks - 9.29%
        
 
1,324
  
Bank of the Ozarks, Inc.
    
54,681
  
 
4,861
  
BNC Bancorp
    
108,692
  
 
5,153
  
CenterState Banks, Inc.
    
83,942
  
 
3,669
  
Eagle Bancorp, Inc.*
    
186,018
  
 
6,775
  
Enterprise Financial Services Corp.
    
185,432
  
 
1,323
  
Financial Institutions, Inc.
    
37,044
  
 
1,562
  
First Bancorp
    
31,865
  
 
936
  
First Merchants Corp.
    
24,008
  
 
784
  
German American Bancorp, Inc.
    
25,268
  
 
810
  
Great Western Bancorp, Inc.
    
25,531
  
 
3,993
  
Heartland Financial USA, Inc.
    
133,805
  
 
10,771
  
Heritage Commerce Corp.
    
112,449
  
 
1,837
  
Independent Bank Corp.
    
27,831
  
 
2,507
  
Mercantile Bank Corp.
    
60,469
  
 
671
  
National Bankshares, Inc.
    
24,149
  
 
3,850
  
Pacific Continental Corp.
    
64,141
  
 
1,503
  
Pinnacle Financial Partners, Inc.
    
73,903
  
           
1,259,228
  
     
Commercial Services & Supplies - 3.23%
        
 
2,629
  
Avery Dennison Corp.
    
190,892
  
 
3,930
  
Ennis, Inc.
    
76,792
  
 
1,810
  
Interface, Inc.
    
30,806
  
 
5,194
  
Rollins, Inc.
    
139,563
  
           
438,053
  
     
Communications Equipment - 0.35%
        
 
7,662
  
ShoreTel, Inc.*
    
46,891
  
               
     
Construction & Engineering - 1.47%
        
 
4,931
  
Comfort Systems USA, Inc.
    
145,415
  
 
1,213
  
Granite Construction, Inc.
    
54,088
  
           
199,503
  
     
Construction Materials - 0.64%
        
 
1,401
  
U.S. Concrete, Inc.*
    
86,526
  
               
     
Consumer Finance - 0.50%
        
 
243
  
Cash America International, Inc.
    
8,981
  
 
300
  
Credit Acceptance Corp.*
    
58,881
  
           
67,862
  
     
Containers & Packaging - 1.44%
        
 
871
  
AptarGroup, Inc.
    
66,196
  
 
1,949
  
Bemis Co., Inc.
    
97,801
  
 
654
  
Sonoco Products Co.
    
30,666
  
           
194,663
  
     
Distributors - 0.17%
        
 
262
  
Pool Corp.
    
22,901
  
 
           
   
Diversified Consumer Services - 2.98%
      
 
2,723
  
Bright Horizons Family Solutions, Inc.*
    
178,683
  
 
724
  
Houghton Mifflin Harcourt Co.*
    
14,849
  
 
6,864
  
Service Corp. International
    
183,063
  
 
703
  
ServiceMaster Global Holdings, Inc.*
    
26,939
  
           
403,534
  
     
Diversified Financial Services - 3.20%
        
 
208
  
CBOE Holdings, Inc.
    
12,888
  
 
1,310
  
MarketAxess Holdings, Inc.
    
160,816
  
 
621
  
Morningstar, Inc.
    
51,667
  
 
1,616
  
MSCI, Inc.
    
122,719
  
 
1,386
  
Nasdaq, Inc.
    
85,530
  
           
433,620
  
     
Diversified Telecommunication Services - 0.37%
        
 
354
  
Cogent Communications Holdings, Inc.
    
13,700
  
 
1,553
  
Consolidated Communications Holdings, Inc.
    
36,713
  
           
50,413
  
     
Electrical Equipment - 0.59%
        
 
326
  
Acuity Brands, Inc.
    
79,508
  
               
     
Electronic Equipment, Instruments & Components - 2.34%
        
 
1,555
  
CDW Corp. of Deleware
    
59,867
  
 
986
  
Coherent, Inc.*
    
92,092
  
 
947
  
Littelfuse, Inc.
    
110,307
  
 
1,085
  
OSI Systems, Inc.*
    
55,216
  
           
317,482
  
     
Food & Staples Retailing - 1.31%
        
 
951
  
Casey's General Stores, Inc.
    
106,512
  
 
2,544
  
SpartanNash Co.
    
70,469
  
           
176,981
  
     
Food Products - 6.22%
        
 
1,939
  
B&G Foods, Inc.
    
79,906
  
 
481
  
Campbell Soup Co.
    
29,683
  
 
3,112
  
Flowers Foods, Inc.
    
59,626
  
 
2,237
  
Fresh Del Monte Produce, Inc.#
    
96,773
  
 
726
  
Hormel Foods Corp.
    
27,987
  
 
789
  
Industrias Bachoco S.A.B. de C.V. - ADR
    
39,679
  
 
2,131
  
Ingredion, Inc.
    
245,257
  
 
807
  
John B. Sanfilippo & Son, Inc.*
    
44,651
  
 
805
  
Lancaster Colony Corp.
    
93,783
  
 
1,823
  
Marine Harvest ASA - ADR*
    
28,348
  
 
516
  
Sanderson Farms, Inc.
    
47,338
  
 
472
  
Seneca Foods Corp. - Class A*
    
15,382
  
 
990
  
Tootsie Roll Industries, Inc.
    
35,284
  
           
843,697
  
 
     
Health Care Equipment & Supplies - 2.71%
        
 
277
  
Cantel Medical Corp.
    
18,556
  
 
325
  
Cynosure, Inc. - Class A*
    
15,906
  
 
938
  
DENTSPLY SIRONA, Inc.
    
55,905
  
 
3,701
  
Hologic, Inc.*
    
124,317
  
 
551
  
Integra LifeSciences Holdings Corp.*
    
39,022
  
 
434
  
Masimo Corp.*
    
18,814
  
 
805
  
Meridian Bioscience, Inc.
    
15,384
  
 
1,600
  
Merit Medical Systems, Inc.*
    
32,400
  
 
299
  
Teleflex, Inc.
    
46,578
  
           
366,882
  
     
Health Care Providers & Services - 2.62%
        
 
512
  
Almost Family, Inc.*
    
21,509
  
 
953
  
Centene Corp.*
    
59,048
  
 
731
  
Chemed Corp.
    
94,869
  
 
1,319
  
CorVel Corp.*
    
59,619
  
 
1,549
  
Owens & Minor, Inc.
    
56,368
  
 
1,269
  
U.S. Physical Therapy, Inc.
    
63,272
  
           
354,685
  
     
Health Care Technology - 0.18%
        
 
1,871
  
Allscripts Healthcare Solutions, Inc.*
    
25,071
  
               
     
Hotels, Restaurants & Leisure - 4.06%
        
 
1,263
  
Boyd Gaming Corp.*
    
23,542
  
 
615
  
The Cheesecake Factory, Inc.
    
31,371
  
 
775
  
Darden Restaurants, Inc.
    
48,244
  
 
228
  
Domino's Pizza, Inc.
    
27,561
  
 
952
  
Marriott Vacations Worldwide Corp.
    
59,633
  
 
269
  
Panera Bread Co. - Class A*
    
57,698
  
 
1,203
  
Papa John's International, Inc.
    
68,078
  
 
853
  
Six Flags Entertainment Corp.
    
51,223
  
 
1,409
  
Vail Resorts, Inc.
    
182,663
  
           
550,013
  
     
Household Durables - 2.38%
        
 
1,747
  
Bassett Furniture Industries, Inc.
    
51,554
  
 
225
  
Helen of Troy Ltd.*#
    
22,394
  
 
3,968
  
Hooker Furniture Corp.
    
98,406
  
 
70
  
NVR, Inc.*
    
116,290
  
 
551
  
Tempur Sealy International, Inc.*
    
33,429
  
           
322,073
  
     
Household Products - 1.04%
        
 
4,404
  
Central Garden & Pet Co. - Class A*
    
71,741
  
 
681
  
WD-40 Co.
    
69,666
  
           
141,407
  
 
     
Insurance - 7.98%
        
 
620
  
American Financial Group, Inc.
    
42,848
  
 
1,425
  
Arch Capital Group Ltd.*#
    
100,448
  
 
1,387
  
Argo Group International Holdings Ltd.#
    
76,243
  
 
1,291
  
Cincinnati Financial Corp.
    
85,219
  
 
1,174
  
Erie Indemnity Co. - Class A
    
110,814
  
 
624
  
FBL Financial Group, Inc. - Class A
    
37,733
  
 
3,626
  
First American Financial Corp.
    
130,609
  
 
514
  
The Hanover Insurance Group, Inc.
    
44,081
  
 
3,016
  
James River Group Holdings Ltd.#
    
93,375
  
 
2,020
  
Maiden Holdings Ltd.#
    
24,705
  
 
8,600
  
Old Republic International Corp.
    
159,014
  
 
517
  
ProAssurance Corp.
    
24,676
  
 
434
  
RLI Corp.
    
26,986
  
 
1,661
  
Selective Insurance Group, Inc.
    
57,653
  
 
2,800
  
State National Companies, Inc.
    
31,584
  
 
788
  
United Fire Group, Inc.
    
35,318
  
           
1,081,306
  
     
Internet Software & Services - 2.34%
        
 
198
  
j2 Global, Inc.
    
12,577
  
 
2,988
  
Tucows, Inc. - Class A*
    
73,370
  
 
2,681
  
VeriSign, Inc.*
    
231,638
  
           
317,585
  
     
IT Services - 10.42%
        
 
436
  
Amdocs Ltd.#
    
24,651
  
 
1,584
  
Broadridge Financial Solutions, Inc.
    
94,787
  
 
413
  
CACI International, Inc. - Class A*
    
39,710
  
 
1,703
  
Convergys Corp.
    
45,129
  
 
1,566
  
CoreLogic, Inc.*
    
55,562
  
 
3,371
  
CSG Systems International, Inc.
    
149,605
  
 
695
  
DST Systems, Inc.
    
83,873
  
 
349
  
Euronet Worldwide, Inc.*
    
26,908
  
 
1,107
  
ExlService Holdings, Inc.*
    
53,568
  
 
4,360
  
Genpact Ltd.*#
    
121,600
  
 
555
  
Global Payments, Inc.
    
40,060
  
 
1,835
  
Leidos Holdings, Inc.
    
91,034
  
 
455
  
MAXIMUS, Inc.
    
24,070
  
 
2,578
  
Sykes Enterprises, Inc.*
    
75,149
  
 
4,147
  
Total System Services, Inc.
    
212,078
  
 
3,218
  
Vantiv, Inc. - Class A*
    
175,510
  
 
3,134
  
WNS Holdings Ltd. - ADR*
    
99,316
  
           
1,412,610
  
     
Leisure Products - 0.88%
        
 
1,125
  
Hasbro, Inc.
    
95,220
  
 
1,089
  
Smith & Wesson Holding Corp.*
    
23,773
  
           
118,993
  
     
Life Sciences Tools & Services - 0.88%
        
 
198
  
Bio-Rad Laboratories, Inc. - Class A*
    
28,086
  
 
3,239
  
Bruker Corp.
    
91,664
  
           
119,750
  
 
     
Machinery - 3.03%
        
 
4,117
  
Global Brass & Copper Holdings, Inc.
    
111,571
  
 
379
  
Graco, Inc.
    
29,710
  
 
1,404
  
John Bean Technologies Corp.
    
73,205
  
 
669
  
Kadant, Inc.
    
31,677
  
 
925
  
The Toro Co.
    
79,966
  
 
2,033
  
Xylem, Inc.
    
84,939
  
           
411,068
  
     
Media - 1.18%
        
 
851
  
Cinemark Holdings, Inc.
    
29,487
  
 
110
  
Graham Holdings Co. - Class B
    
52,419
  
 
616
  
The Interpublic Group of Companies, Inc.
    
14,131
  
 
854
  
Scholastic Corp.
    
31,069
  
 
1,194
  
Starz - Class A*
    
32,489
  
           
159,595
  
     
Oil, Gas & Consumable Fuels - 0.44%
        
 
3,842
  
Nordic American Tankers Ltd.#
    
59,205
  
               
     
Paper & Forest Products - 0.19%
        
 
2,945
  
Fibria Celulose S.A. - ADR
    
26,093
  
               
     
Personal Products - 0.27%
        
 
1,205
  
Coty, Inc. - Class A
    
36,632
  
               
     
Professional Services - 0.96%
        
 
4,870
  
CBIZ, Inc.*
    
49,577
  
 
722
  
Insperity, Inc.
    
38,100
  
 
2,264
  
Kelly Services, Inc. - Class A
    
42,495
  
           
130,172
  
     
Semiconductors & Semiconductor Equipment - 1.61%
        
 
1,110
  
Advanced Energy Industries, Inc.*
    
35,908
  
 
6,867
  
Alpha & Omega Semiconductor Ltd.*#
    
89,202
  
 
8,810
  
Photronics, Inc.*
    
93,210
  
           
218,320
  
     
Software - 1.50%
        
 
2,078
  
NICE-Systems Ltd. - ADR
    
132,680
  
 
3,499
  
Sapiens International Corp. NV*#
    
41,218
  
 
787
  
Trend Micro, Inc. - ADR
    
29,796
  
           
203,694
  
     
Specialty Retail - 0.84%
        
 
1,018
  
Foot Locker, Inc.
    
62,546
  
 
544
  
Winmark Corp.
    
51,789
  
           
114,335
  
     
Textiles, Apparel & Luxury Goods - 1.12%
        
 
223
  
Carter's, Inc.
    
23,787
  
 
2,198
  
Cherokee, Inc.*
    
34,377
  
 
3,575
  
Culp, Inc.
    
93,808
  
           
151,972
  
 
   
Thrifts & Mortgage Finance - 1.76%
      
 
1,298
  
First Defiance Financial Corp.
    
51,375
  
 
1,453
  
Flagstar Bancorp, Inc.*
    
34,393
  
 
842
  
Meta Financial Group, Inc.
    
41,780
  
 
2,032
  
New York Community Bancorp, Inc.
    
30,541
  
 
1,395
  
Territorial Bancorp, Inc.
    
36,591
  
 
1,303
  
WSFS Financial Corp.
    
44,484
  
           
239,164
  
     
Tobacco - 0.49%
        
 
1,224
  
Universal Corp.
    
66,769
  
               
     
Trading Companies & Distributors - 0.61%
        
 
337
  
Beacon Roofing Supply, Inc.*
    
14,400
  
 
176
  
MSC Industrial Direct Co., Inc.
    
13,640
  
 
408
  
Watsco, Inc.
    
54,864
  
           
82,904
  
     
Transportation Infrastructure - 0.70%
        
 
1,002
  
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR
    
94,609
  
     
Total Common Stocks (Cost $13,088,941)
    
13,481,489
  
               
     
Total Investments in Securities (Cost $13,088,941) - 99.44%
    
13,481,489
  
     
Other Assets in Excess of Liabilities - 0.56%
    
76,141
  
     
Net Assets - 100.00%
  
$
13,557,630
  
   
 
*
  
Non-income producing security.
        
 
#
  
U.S. traded security of a foreign issuer.
        
ADR -
  
American Depository Receipt
        
               
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
  
Inc. and Standard & Poor 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.
        
 
O’Shaughnessy Funds
Notes to Schedule of Investments
April 30, 2016 (Unaudited)

Note 1 – Securities Valuation

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

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

The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the 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.

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

·
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
·
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
·
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the 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 April 30, 2016:

All Cap Core Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
17,931,235
    
$
-
    
$
-
    
$
17,931,235
  
  Consumer Staples
    
8,000,201
      
-
      
-
      
8,000,201
  
  Energy
    
2,527,010
      
-
      
-
      
2,527,010
  
  Financials
    
8,096,346
      
-
      
-
      
8,096,346
  
  Health Care
    
3,415,543
      
-
      
-
      
3,415,543
  
  Industrials
    
13,460,785
      
-
      
-
      
13,460,785
  
  Information Technology
    
11,069,963
      
-
      
-
      
11,069,963
  
  Materials
    
3,173,501
      
-
      
-
      
3,173,501
  
  Telecommunication Services
    
1,599,099
      
-
      
-
      
1,599,099
  
  Utilities
    
1,072,200
      
-
      
-
      
1,072,200
  
Total Common Stocks
    
70,345,883
      
-
      
-
      
70,345,883
  
Total Investments in Securities
  
$
70,345,883
    
$
-
    
$
-
    
$
70,345,883
  
 
Enhanced Dividend Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,347,443
    
$
-
    
$
-
    
$
1,347,443
  
  Consumer Staples
    
644,869
      
-
      
-
      
644,869
  
  Energy
    
2,918,232
      
-
      
-
      
2,918,232
  
  Financials
    
3,566,778
      
-
      
-
      
3,566,778
  
  Health Care
    
2,069,683
      
-
      
-
      
2,069,683
  
  Industrials
    
2,651,379
      
-
      
-
      
2,651,379
  
  Information Technology
    
2,452,652
      
-
      
-
      
2,452,652
  
  Materials
    
2,659,269
      
-
      
-
      
2,659,269
  
  Telecommunication Services
    
1,176,507
      
-
      
-
      
1,176,507
  
Total Common Stocks
    
19,486,812
      
-
      
-
      
19,486,812
  
Total Investments in Securities
  
$
19,486,812
    
$
-
    
$
-
    
$
19,486,812
  

Market Leaders Value Fund
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
588,119
    
$
-
    
$
-
    
$
588,119
  
  Consumer Staples
    
193,993
      
-
      
-
      
193,993
  
  Energy
    
195,483
      
-
      
-
      
195,483
  
  Financials
    
311,268
      
-
      
-
      
311,268
  
  Health Care
    
24,700
      
-
      
-
      
24,700
  
  Industrials
    
583,808
      
-
      
-
      
583,808
  
  Information Technology
    
279,933
      
-
      
-
      
279,933
  
  Materials
    
238,976
      
-
      
-
      
238,976
  
  Telecommunication Services
    
160,552
      
-
      
-
      
160,552
  
Total Common Stocks
    
2,576,832
      
-
      
-
      
2,576,832
  
Total Investments in Securities
  
$
2,576,832
    
$
-
    
$
-
    
$
2,576,832
  


Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
196,030
    
$
-
    
$
-
    
$
196,030
  
  Consumer Staples
    
57,731
      
-
      
-
      
57,731
  
  Energy
    
80,025
      
-
      
-
      
80,025
  
  Financials
    
754,813
      
-
      
-
      
754,813
  
  Health Care
    
74,348
      
-
      
-
      
74,348
  
  Industrials
    
276,670
      
-
      
-
      
276,670
  
  Information Technology
    
179,160
      
-
      
-
      
179,160
  
  Materials
    
62,108
      
-
      
-
      
62,108
  
  Utilities
    
118,590
      
-
      
-
      
118,590
  
Total Common Stocks
    
1,799,475
      
-
      
-
      
1,799,475
  
Preferred Stocks
                                
  Materials
    
14,464
      
-
      
-
      
14,464
  
  Utilities
    
19,846
      
-
      
-
      
19,846
  
Total Preferred Stocks
    
34,310
      
-
      
-
      
34,310
  
Total Investments in Securities
  
$
1,833,785
    
$
-
    
$
-
    
$
1,833,785
  
 
 

 
Small/Mid Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
2,066,477
    
$
-
    
$
-
    
$
2,066,477
  
  Consumer Staples
    
1,377,989
      
-
      
-
      
1,377,989
  
  Energy
    
59,205
      
-
      
-
      
59,205
  
  Financials
    
3,414,888
      
-
      
-
      
3,414,888
  
  Health Care
    
888,036
      
-
      
-
      
888,036
  
  Industrials
    
2,423,995
      
-
      
-
      
2,423,995
  
  Information Technology
    
2,516,582
      
-
      
-
      
2,516,582
  
  Materials
    
683,904
      
-
      
-
      
683,904
  
  Telecommunication Services
    
50,413
      
-
      
-
      
50,413
  
Total Common Stocks
    
13,481,489
      
-
      
-
      
13,481,489
  
Total Investments in Securities
  
$
13,481,489
    
$
-
    
$
-
    
$
13,481,489
  
 
Refer to the Funds’ Schedules of Investments for a detailed break-out of common stocks and preferred stocks by industry classification. Transfers between levels are recognized at April 30, 2016, the end of the reporting period.  The Funds recognized no transfers to/from level 1 or level 2.  There were no level 3 securities held in the Funds during the period ended April 30, 2016.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at April 30, 2016 was as follows*:

All Cap Core Fund

Cost of investments
  
$
63,178,367
  
         
Gross unrealized appreciation
  
$
9,375,049
  
Gross unrealized depreciation
    
(2,207,533
)
Net unrealized appreciation
  
$
7,167,516
  
         

Enhanced Dividend Fund

Cost of investments
  
$
19,616,477
  
         
Gross unrealized appreciation
  
$
1,003,885
  
Gross unrealized depreciation
    
(1,133,550
)
Net unrealized depreciation
  
$
(129,665
)
         
 
 
Small/Mid Cap Growth Fund

Cost of investments
  
$
13,093,561
  
         
Gross unrealized appreciation
  
$
925,191
  
Gross unrealized depreciation
    
(537,263
)
Net unrealized appreciation
  
$
387,928
  
         

* Because tax adjustments are calculated annually, the above tables reflect the tax adjustments outstanding at the Funds’ previous fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual or semi-annual report.
The Market Leaders Value Fund and Small Cap Value Fund commenced operations on February 26, 2016. The cost basis of investments for federal income tax purposes at April 30, 2016 was as follows**:

Market Leaders Value Fund

Cost of investments
  
$
2,555,498
  
         
Gross unrealized appreciation
  
$
78,192
  
Gross unrealized depreciation
    
(56,858
)
Net unrealized appreciation
  
$
21,334
  
         

Small Cap Value Fund

Cost of investments
  
$
1,760,424
  
         
Gross unrealized appreciation
  
$
112,263
  
Gross unrealized depreciation
    
(38,902
)
Net unrealized appreciation
  
$
73,361
  
         

** Because tax adjustments are calculated annually, the above tables do not include tax adjustments.
 
Item 2. Controls and Procedures.
(a)
The Registrant’s President/Principal Executive Officer and 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/ Douglas G. Hess                              
                                             Douglas G. Hess, President

Date 6/29/2016                                                                                     



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/ Douglas G. Hess                              
                                             Douglas G. Hess, President

 
Date 6/29/2016                                                                                     

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

 
Date 6/29/2016                                                                                     

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