N-Q 1 osham_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on December 30, 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, 2017



Date of reporting period:  October 31, 2016

Item 1. Schedules of Investments.
O'Shaughnessy All Cap Core Fund
  
Schedule of Investments
  
at October 31, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.91%
      
   
Aerospace & Defense - 8.09%
      
 
21,790
  
Boeing Co.
  
$
3,103,550
  
 
11,251
  
BWX Technologies, Inc.
    
441,264
  
 
1,314
  
Curtiss-Wright Corp.
    
117,761
  
 
1,141
  
Huntington Ingalls Industries, Inc.
    
184,112
  
 
1,699
  
National Presto Industries, Inc.
    
148,238
  
 
1,918
  
Northrop Grumman Corp.
    
439,222
  
 
11,618
  
United Technologies Corp.
    
1,187,360
  
           
5,621,507
  
     
Air Freight & Logistics - 0.81%
        
 
5,192
  
United Parcel Service, Inc. - Class B
    
559,490
  
               
     
Airlines - 1.01%
        
 
12,443
  
United Continental Holdings, Inc.*
    
699,670
  
               
     
Auto Components - 1.24%
        
 
4,162
  
Drew Industries, Inc.
    
372,707
  
 
11,357
  
Superior Industries International, Inc.
    
278,246
  
 
2,981
  
Visteon Corp.*
    
210,488
  
           
861,441
  
     
Automobiles - 0.24%
        
 
2,141
  
Thor Industries, Inc.
    
169,803
  
               
     
Beverages - 1.37%
        
 
10,871
  
Dr. Pepper Snapple Group, Inc.
    
954,365
  
               
     
Biotechnology - 0.48%
        
 
56,849
  
PDL BioPharma, Inc.*
    
183,054
  
 
1,255
  
United Therapeutics Corp.*
    
150,688
  
           
333,742
  
     
Chemicals - 3.41%
        
 
1,528
  
Albemarle Corp.
    
127,664
  
 
1,742
  
Chase Corp.
    
119,066
  
 
3,490
  
H.B. Fuller Co.
    
146,824
  
 
15,149
  
LyondellBasell Industries NV - Class A#
    
1,205,103
  
 
2,280
  
PPG Industries, Inc.
    
212,336
  
 
16,481
  
Rayonier Advanced Materials, Inc.
    
213,099
  
 
6,588
  
Trinseo SA#
    
345,541
  
           
2,369,633
  
     
Commercial Banks - 1.35%
        
 
1,846
  
Eagle Bancorp, Inc.*
    
90,731
  
 
13,559
  
Enterprise Financial Services Corp.
    
448,803
  
 
5,815
  
First Bancorp
    
114,963
  
 
10,489
  
Macatawa Bank Corp.
    
85,276
  
 
2,538
  
Tompkins Financial Corp.
    
201,213
  
           
940,986
  
 
 
     
Commercial Services & Supplies - 1.58%
        
 
10,172
  
Avery Dennison Corp.
    
709,904
  
 
5,894
  
Waste Management, Inc.
    
387,000
  
           
1,096,904
  
     
Communications Equipment - 1.96%
        
 
2,903
  
Cisco Systems, Inc.
    
89,064
  
 
17,501
  
Motorola Solutions, Inc.
    
1,270,223
  
           
1,359,287
  
     
Computers & Peripherals - 4.13%
        
 
4,301
  
Apple, Inc.
    
488,336
  
 
69,456
  
Seagate Technology PLC#
    
2,383,035
  
           
2,871,371
  
     
Construction & Engineering - 5.79%
        
 
6,687
  
Fluor Corp.
    
347,657
  
 
127,711
  
Quanta Services, Inc.*
    
3,671,691
  
           
4,019,348
  
     
Consumer Finance - 2.92%
        
 
15,595
  
American Express Co.
    
1,035,820
  
 
77,501
  
Navient Corp.
    
990,463
  
           
2,026,283
  
     
Containers & Packaging - 0.10%
        
 
1,442
  
Bemis Co., Inc.
    
70,254
  
               
     
Distributors - 0.37%
        
 
2,854
  
Genuine Parts Co.
    
258,544
  
               
     
Diversified Consumer Services - 3.51%
        
 
106,108
  
H&R Block, Inc.
    
2,437,301
  
               
     
Diversified Financial Services - 0.33%
        
 
3,584
  
Nasdaq, Inc.
    
229,268
  
               
     
Diversified Telecommunication Services - 2.53%
        
 
14,773
  
AT&T, Inc.
    
543,499
  
 
25,226
  
Verizon Communications, Inc.
    
1,213,371
  
           
1,756,870
  
     
Electronic Equipment, Instruments & Components - 3.97%
        
 
1,834
  
Coherent, Inc.*
    
190,956
  
 
19,015
  
Sanmina Corp.*
    
525,765
  
 
23,895
  
TE Connectivity Ltd.#
    
1,502,279
  
 
7,020
  
Tech Data Corp.*
    
540,680
  
           
2,759,680
  
     
Energy Equipment & Services - 1.14%
        
 
24,689
  
National Oilwell Varco, Inc.
    
792,517
  
               
     
Food & Staples Retailing - 1.99%
        
 
1,525
  
Casey's General Stores, Inc.
    
172,310
  
 
25,160
  
Sysco Corp.
    
1,210,699
  
           
1,383,009
  
 
 
     
Food Products - 2.35%
        
 
12,973
  
Cal-Maine Foods, Inc.
    
501,406
  
 
2,924
  
Fresh Del Monte Produce, Inc.#
    
176,463
  
 
1,461
  
Ingredion, Inc.
    
191,639
  
 
1,029
  
JM Smucker Co.
    
135,118
  
 
3,794
  
Sanderson Farms, Inc.
    
341,384
  
 
4,070
  
Tyson Foods, Inc. - Class A
    
288,359
  
           
1,634,369
  
     
Gas Utilities - 0.58%
        
 
8,627
  
UGI Corp.
    
399,344
  
               
     
Health Care Equipment & Supplies - 2.59%
        
 
10,698
  
Baxter International, Inc.
    
509,118
  
 
1,626
  
C.R. Bard, Inc.
    
352,322
  
 
5,765
  
Stryker Corp.
    
664,993
  
 
1,887
  
Teleflex, Inc.
    
270,086
  
           
1,796,519
  
     
Health Care Providers & Services - 0.38%
        
 
5,069
  
Magellan Health, Inc.*
    
260,800
  
               
     
Hotels, Restaurants & Leisure - 6.06%
        
 
1,973
  
Churchill Downs, Inc.
    
268,328
  
 
4,531
  
International Game Technology PLC#
    
130,130
  
 
31,504
  
McDonald's Corp.
    
3,546,405
  
 
1,635
  
Vail Resorts, Inc.
    
260,684
  
           
4,205,547
  
     
Household Durables - 0.60%
        
 
3,221
  
Garmin Ltd.#
    
155,768
  
 
5,715
  
Leggett & Platt, Inc.
    
262,204
  
           
417,972
  
     
Household Products - 1.86%
        
 
7,347
  
Clorox Co.
    
881,787
  
 
2,374
  
Kimberly-Clark Corp.
    
271,609
  
 
1,283
  
WD-40 Co.
    
136,800
  
           
1,290,196
  
     
Independent Power Producers & Energy Traders - 0.62%
        
 
36,837
  
AES Corp.
    
433,571
  
               
     
Industrial Conglomerates - 2.52%
        
 
60,140
  
General Electric Co.
    
1,750,074
  
               
     
Insurance - 8.55%
        
 
9,324
  
Cincinnati Financial Corp.
    
659,953
  
 
6,978
  
Marsh & McLennan Companies, Inc.
    
442,335
  
 
19,137
  
Progressive Corp.
    
603,007
  
 
31,465
  
Travelers Companies, Inc.
    
3,403,884
  
 
11,621
  
Universal Insurance Holdings, Inc.
    
247,527
  
 
16,438
  
Unum Group
    
581,905
  
           
5,938,611
  
 
     
IT Services - 3.89%
        
 
3,484
  
Accenture PLC - Class A#
    
404,980
  
 
3,374
  
Global Payments, Inc.
    
244,682
  
 
11,148
  
Paychex, Inc.
    
615,370
  
 
3,289
  
Sykes Enterprises, Inc.*
    
87,948
  
 
22,096
  
Total System Services, Inc.
    
1,102,148
  
 
4,168
  
Vantiv, Inc. - Class A*
    
243,244
  
           
2,698,372
  
     
Life Sciences Tools & Services - 0.58%
        
 
2,917
  
Waters Corp.*
    
405,871
  
               
     
Machinery - 7.67%
        
 
1,307
  
Astec Industries, Inc.
    
72,356
  
 
41,257
  
Caterpillar, Inc.
    
3,443,309
  
 
4,850
  
Global Brass & Copper Holdings, Inc.
    
139,195
  
 
2,628
  
Graco, Inc.
    
196,837
  
 
6,048
  
Greenbrier Companies, Inc.
    
190,512
  
 
3,888
  
Illinois Tool Works, Inc.
    
441,560
  
 
2,027
  
Lydall, Inc.*
    
94,762
  
 
4,592
  
Toro Co.
    
219,865
  
 
29,403
  
Wabash National Corp.*
    
330,784
  
 
4,011
  
Xylem, Inc.
    
193,852
  
           
5,323,032
  
     
Media - 2.15%
        
 
25,011
  
CBS Corp. - Class B
    
1,416,123
  
 
925
  
Omnicom Group, Inc.
    
73,834
  
           
1,489,957
  
     
Metals & Mining - 0.39%
        
 
4,868
  
Commercial Metals Co.
    
76,476
  
 
2,842
  
Reliance Steel & Aluminum Co.
    
195,473
  
           
271,949
  
     
Multi-line Retail - 0.11%
        
 
1,258
  
Dillard's, Inc. - Class A
    
77,115
  
               
     
Oil, Gas & Consumable Fuels - 1.61%
        
 
17,270
  
Overseas Shipholding Group, Inc. - Class A
    
151,285
  
 
8,237
  
Rex American Resources Corp.*
    
650,641
  
 
3,721
  
Tesoro Corp.
    
316,173
  
           
1,118,099
  
     
Pharmaceuticals - 0.44%
        
 
2,649
  
Johnson & Johnson
    
307,258
  
               
     
Professional Services - 0.30%
        
 
2,776
  
Insperity, Inc.
    
208,755
  
               
     
Semiconductors & Semiconductor Equipment - 2.13%
        
 
2,449
  
Advanced Energy Industries, Inc.*
    
116,817
  
 
10,620
  
Alpha & Omega Semiconductor Ltd.*#
    
224,401
  
 
4,140
  
MKS Instruments, Inc.
    
208,863
  
 
13,014
  
NVIDIA Corp.
    
926,076
  
           
1,476,157
  
   
Specialty Retail - 2.55%
      
 
6,760
  
Best Buy Co., Inc.
    
263,032
  
 
2,198
  
O'Reilly Automotive, Inc.*
    
581,239
  
 
70,541
  
Pier 1 Imports, Inc.
    
304,032
  
 
501
  
Sherwin-Williams Co.
    
122,675
  
 
2,041
  
Ulta Salon Cosmetics & Fragrance, Inc.*
    
496,657
  
           
1,767,635
  
     
Tobacco - 2.54%
        
 
22,010
  
Altria Group, Inc.
    
1,455,301
  
 
3,222
  
Philip Morris International, Inc.
    
310,730
  
           
1,766,031
  
     
Wireless Telecommunication Services - 1.12%
        
 
43,035
  
Spok Holdings, Inc.
    
776,782
  
     
Total Common Stocks (Cost $63,038,198)
    
69,385,289
  
               
     
Total Investments in Securities (Cost $63,038,198) - 99.91%
    
69,385,289
  
     
Other Assets in Excess of Liabilities - 0.09%
    
59,423
  
     
Net Assets - 100.00%
  
$
69,444,712
  
 
 
*
  
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 October 31, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 97.31%
      
   
Aerospace & Defense - 1.81%
      
 
1,932
  
Boeing Co.
  
$
275,175
  
               
     
Beverages - 0.12%
        
 
483
  
Coca-Cola European Partners PLC#
    
18,567
  
               
     
Capital Markets - 1.25%
        
 
694
  
Ameriprise Financial, Inc.
    
61,343
  
 
9,270
  
Credit Suisse Group AG - ADR
    
128,853
  
           
190,196
  
     
Chemicals - 6.40%
        
 
1,930
  
BASF SE - ADR
    
170,187
  
 
7,201
  
Dow Chemical Co.
    
387,486
  
 
4,031
  
LyondellBasell Industries NV - Class A#
    
320,666
  
 
4,076
  
Mosaic Co.
    
95,908
  
           
974,247
  
     
Commercial Banks - 6.13%
        
 
6,565
  
Bank of Montreal#
    
417,534
  
 
3,080
  
Bank of Nova Scotia#
    
165,581
  
 
7,828
  
HSBC Holdings PLC - ADR
    
294,568
  
 
5,299
  
Mitsubishi UFJ Financial Group, Inc. - ADR
    
27,290
  
 
8,311
  
Mizuho Financial Group, Inc. - ADR
    
27,842
  
           
932,815
  
     
Communications Equipment - 1.07%
        
 
5,285
  
Cisco Systems, Inc.
    
162,144
  
               
     
Computers & Peripherals - 0.30%
        
 
787
  
Western Digital Corp.
    
45,992
  
               
     
Diversified Telecommunication Services - 4.56%
        
 
26,078
  
CenturyLink, Inc.
    
693,153
  
               
     
Electrical Equipment - 4.03%
        
 
5,079
  
ABB Ltd. - ADR*
    
104,881
  
 
10,041
  
Emerson Electric Co.
    
508,878
  
           
613,759
  
     
Food & Staples Retailing - 1.94%
        
 
3,251
  
Koninklijke Ahold Delhaize NV - ADR
    
74,058
  
 
3,168
  
Wal-Mart Stores, Inc.
    
221,823
  
           
295,881
  
     
Food Products - 0.68%
        
 
2,389
  
Archer-Daniels-Midland Co.
    
104,089
  
               
     
Hotels, Restaurants & Leisure - 0.14%
        
 
330
  
Darden Restaurants, Inc.
    
21,381
  
               
     
Household Products - 1.07%
        
 
1,880
  
Procter & Gamble Co.
    
163,184
  
               
     
Insurance - 10.07%
        
 
21,519
  
Allianz SE - ADR
    
334,190
  
 
8,284
  
MetLife, Inc.
    
389,017
  
 
7,705
  
Principal Financial Group, Inc.
    
420,693
  
 
1,500
  
Prudential Financial, Inc.
    
127,185
  
 
11,274
  
Swiss Re AG - ADR
    
261,613
  
           
1,532,698
  
     
IT Services - 5.52%
        
 
3,477
  
International Business Machines Corp.
    
534,380
  
 
15,221
  
Western Union Co.
    
305,485
  
           
839,865
  
     
Machinery - 4.69%
        
 
4,151
  
Caterpillar, Inc.
    
346,442
  
 
2,867
  
Cummins, Inc.
    
366,460
  
           
712,902
  
     
Media - 1.16%
        
 
4,706
  
Viacom, Inc. - Class B
    
176,757
  
               
     
Metals & Mining - 2.69%
        
 
5,309
  
Nucor Corp.
    
259,345
  
 
2,877
  
POSCO - ADR
    
149,460
  
           
408,805
  
     
Multi-line Retail - 4.26%
        
 
7,368
  
Kohl's Corp.
    
322,350
  
 
4,421
  
Macy's, Inc.
    
161,322
  
 
2,395
  
Target Corp.
    
164,608
  
           
648,280
  
     
Office Electronics - 0.56%
        
 
2,986
  
Canon, Inc. - ADR
    
85,758
  
               
     
Oil, Gas & Consumable Fuels - 15.06%
        
 
11,497
  
BP PLC - ADR
    
408,718
  
 
1,462
  
Chevron Corp.
    
153,144
  
 
3,398
  
CNOOC Ltd. - ADR
    
426,381
  
 
18,188
  
Gazprom PJSC - ADR
    
78,754
  
 
12,308
  
LUKOIL PJSC - ADR
    
598,292
  
 
3,797
  
Royal Dutch Shell PLC - Class A - ADR
    
189,129
  
 
687
  
Sasol Ltd. - ADR
    
18,899
  
 
4,922
  
Total S.A. - ADR
    
234,976
  
 
3,098
  
Valero Energy Corp.
    
183,526
  
           
2,291,819
  
     
Paper & Forest Products - 5.70%
        
 
15,420
  
International Paper Co.
    
694,363
  
 
7,434
  
UPM-Kymmene Oyj - ADR
    
172,766
  
           
867,129
  
     
Pharmaceuticals - 6.84%
        
 
6,240
  
AstraZeneca PLC - ADR
    
176,717
  
 
9,007
  
GlaxoSmithKline PLC - ADR
    
360,370
  
 
480
  
Johnson & Johnson
    
55,675
  
 
2,789
  
Merck & Co., Inc.
    
163,770
  
 
8,958
  
Pfizer, Inc.
    
284,058
  
           
1,040,590
  
     
Semiconductors & Semiconductor Equipment - 2.58%
        
 
5,448
  
Intel Corp.
    
189,972
  
 
2,957
  
QUALCOMM, Inc.
    
203,205
  
           
393,177
  
     
Software - 2.03%
        
 
10,061
  
CA, Inc.
    
309,275
  
 
               
     
Specialty Retail - 2.01%
        
 
7,871
  
Best Buy Co., Inc.
    
306,261
  
               
     
Trading Companies & Distributors - 1.18%
        
 
652
  
Mitsui & Co., Ltd. - ADR
    
179,558
  
               
     
Wireless Telecommunication Services - 3.46%
        
 
22,435
  
Mobile TeleSystems - ADR
    
172,974
  
 
16,175
  
SK Telecom Co., Ltd. - ADR
    
353,424
  
           
526,398
  
     
Total Common Stocks (Cost $14,399,213)
    
14,809,855
  
               
     
Total Investments in Securities (Cost $14,399,213) - 97.31%
    
14,809,855
  
     
Other Assets in Excess of Liabilities - 2.69%
    
408,757
  
     
Net Assets - 100.00%
  
$
15,218,612
  
               
 
*
  
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
    
60.9
%
United Kingdom
    
8.3
%
Russian Federation
    
5.6
%
Netherlands
    
3.8
%
Canada
    
3.8
%
Germany
    
3.3
%
Republic of Korea
    
3.3
%
Switzerland
    
3.3
%
Hong Kong
    
2.8
%
Japan
    
2.1
%
France
    
1.6
%
Finland
    
1.1
%
South Africa
    
0.1
%
     
100.0
%
       
 
O'Shaughnessy Market Leaders Value Fund
  
Schedule of Investments
  
at October 31, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.14%
      
   
Aerospace & Defense - 7.20%
      
 
3,662
  
Boeing Co.
  
$
521,579
  
 
193
  
General Dynamics Corp.
    
29,093
  
 
2,260
  
Northrop Grumman Corp.
    
517,540
  
 
1,665
  
United Technologies Corp.
    
170,163
  
           
1,238,375
  
     
Airlines - 4.64%
        
 
8,633
  
American Airlines Group, Inc.
    
350,500
  
 
7,980
  
United Continental Holdings, Inc.*
    
448,715
  
           
799,215
  
     
Automobiles - 1.66%
        
 
9,028
  
General Motors Co.
    
285,285
  
               
     
Beverages - 0.72%
        
 
21,033
  
Ambev S.A. - ADR
    
124,095
  
               
     
Biotechnology - 1.64%
        
 
3,829
  
Gilead Sciences, Inc.
    
281,929
  
               
     
Capital Markets - 2.53%
        
 
4,922
  
Ameriprise Financial, Inc.
    
435,056
  
               
     
Chemicals - 4.31%
        
 
8,004
  
LyondellBasell Industries NV - Class A#
    
636,718
  
 
4,483
  
Mosaic Co.
    
105,485
  
           
742,203
  
     
Communications Equipment - 4.14%
        
 
10,932
  
Juniper Networks, Inc.
    
287,949
  
 
5,859
  
Motorola Solutions, Inc.
    
425,246
  
           
713,195
  
     
Computers & Peripherals - 3.10%
        
 
5,549
  
NetApp, Inc.
    
188,333
  
 
10,063
  
Seagate Technology PLC#
    
345,262
  
           
533,595
  
     
Consumer Finance - 1.69%
        
 
2,685
  
American Express Co.
    
178,338
  
 
590
  
Capital One Financial Corp.
    
43,684
  
 
1,215
  
Discover Financial Services
    
68,441
  
           
290,463
  
     
Diversified Consumer Services - 0.57%
        
 
4,284
  
H&R Block, Inc.
    
98,403
  
               
     
Diversified Financial Services - 0.94%
        
 
2,011
  
MSCI, Inc.
    
161,262
  
               
     
Diversified Telecommunication Services - 3.96%
        
 
25,645
  
CenturyLink, Inc.
    
681,644
  
               
     
Electrical Equipment - 1.33%
        
 
4,505
  
Emerson Electric Co.
    
228,313
  
               
     
Electronic Equipment, Instruments & Components - 4.12%
        
 
9,060
  
Corning, Inc.
    
205,753
  
 
8,005
  
TE Connectivity Ltd.#
    
503,274
  
           
709,027
  
     
Energy Equipment & Services - 2.71%
        
 
14,536
  
National Oilwell Varco, Inc.
    
466,606
  
               
     
Food & Staples Retailing - 0.95%
        
 
5,786
  
Whole Foods Market, Inc.
    
163,686
  
               
     
Food Products - 1.04%
        
 
4,124
  
Archer-Daniels-Midland Co.
    
179,683
  
               
     
Health Care Providers & Services - 0.98%
        
 
2,509
  
Express Scripts Holding Co.*
    
169,107
  
               
     
Hotels, Restaurants & Leisure - 5.99%
        
 
5,779
  
Marriott International, Inc. - Class A
    
397,017
  
 
2,455
  
McDonald's Corp.
    
276,359
  
 
2,629
  
Wyndham Worldwide Corp.
    
173,093
  
 
2,143
  
Yum! Brands, Inc.
    
184,898
  
           
1,031,367
  
     
Industrial Conglomerates - 0.83%
        
 
4,879
  
General Electric Co.
    
141,979
  
               
     
Insurance - 8.35%
        
 
6,439
  
Allstate Corp.
    
437,208
  
 
3,449
  
American International Group, Inc.
    
212,803
  
 
2,527
  
Lincoln National Corp.
    
124,050
  
 
6,127
  
Travelers Companies, Inc.
    
662,819
  
           
1,436,880
  
     
Machinery - 7.49%
        
 
864
  
Cummins, Inc.
    
110,436
  
 
1,857
  
Dover Corp.
    
124,215
  
 
4,815
  
Illinois Tool Works, Inc.
    
546,840
  
 
4,126
  
Parker-Hannifin Corp.
    
506,466
  
           
1,287,957
  
     
Media - 4.50%
        
 
5,908
  
CBS Corp. - Class B
    
334,511
  
 
40,836
  
Sirius XM Holdings, Inc.*
    
170,286
  
 
10,276
  
Twenty-First Century Fox, Inc. - Class A
    
269,951
  
           
774,748
  
     
Metals & Mining - 1.69%
        
 
6,711
  
BHP Billiton PLC - ADR
    
202,941
  
 
2,501
  
Rio Tinto PLC - ADR
    
87,160
  
           
290,101
  
     
Multi-line Retail - 5.87%
        
 
9,428
  
Kohl's Corp.
    
412,475
  
 
7,757
  
Macy's, Inc.
    
283,053
  
 
4,577
  
Target Corp.
    
314,577
  
           
1,010,105
  
 
   
Oil, Gas & Consumable Fuels - 3.66%
      
 
10,618
  
Valero Energy Corp.
    
629,010
  
               
     
Semiconductors & Semiconductor Equipment - 2.95%
        
 
10,962
  
Applied Materials, Inc.
    
318,775
  
 
2,755
  
QUALCOMM, Inc.
    
189,324
  
           
508,099
  
     
Software - 0.78%
        
 
4,361
  
CA, Inc.
    
134,057
  
               
     
Specialty Retail - 4.47%
        
 
8,562
  
Bed Bath & Beyond, Inc.
    
346,076
  
 
10,892
  
Best Buy Co., Inc.
    
423,808
  
           
769,884
  
     
Textiles, Apparel & Luxury Goods - 3.52%
        
 
11,936
  
Michael Kors Holdings Ltd.*#
    
606,110
  
               
     
Wireless Telecommunication Services - 0.81%
        
 
5,518
  
NTT DoCoMo, Inc. - ADR
    
138,722
  
     
Total Common Stocks (Cost $16,382,332)
    
17,060,161
  
               
     
Total Investments in Securities (Cost $16,382,332) - 99.14%
    
17,060,161
  
     
Other Assets in Excess of Liabilities - 0.86%
    
147,333
  
     
Net Assets - 100.00%
  
$
17,207,494
  
 
 
*
  
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 October 31, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 95.83%
      
   
Airlines - 0.68%
      
 
497
  
Hawaiian Holdings, Inc.*
  
$
22,377
  
               
     
Auto Components - 1.22%
        
 
782
  
Cooper Tire & Rubber Co.
    
28,738
  
 
749
  
Dana Holding Corp.
    
11,595
  
           
40,333
  
     
Biotechnology - 0.99%
        
 
162
  
Five Prime Therapeutics, Inc.*
    
7,862
  
 
455
  
Myriad Genetics, Inc.*
    
8,968
  
 
4,937
  
PDL BioPharma, Inc.*
    
15,897
  
           
32,727
  
     
Capital Markets - 5.84%
        
 
386
  
Artisan Partners Asset Management, Inc. - Class A
    
10,036
  
 
137
  
Greenhill & Co., Inc.
    
3,213
  
 
3,702
  
Investment Technology Group, Inc.
    
56,678
  
 
728
  
KCG Holdings, Inc. - Class A*
    
9,289
  
 
2,222
  
Moelis & Co. - Class A
    
56,439
  
 
390
  
Piper Jaffray Companies, Inc.*
    
22,055
  
 
305
  
Virtu Financial, Inc. - Class A
    
3,904
  
 
1,979
  
Waddell & Reed Financial, Inc. - Class A
    
31,110
  
           
192,724
  
     
Chemicals - 1.50%
        
 
686
  
Rayonier Advanced Materials, Inc.
    
8,870
  
 
773
  
Trinseo SA#
    
40,544
  
           
49,414
  
     
Commercial Banks - 13.80%
        
 
637
  
Central Pacific Financial Corp.
    
16,326
  
 
2,301
  
First Bancorp
    
45,491
  
 
178
  
First Citizens BancShares, Inc. - Class A
    
51,798
  
 
791
  
First Community Bancshares, Inc.
    
17,916
  
 
1,681
  
First Financial Corp.
    
67,408
  
 
1,805
  
First Interstate BancSystem, Inc. - Class A
    
57,579
  
 
2,276
  
Heritage Financial Corp.
    
41,878
  
 
1,622
  
Independent Bank Corp.
    
27,250
  
 
588
  
Mercantile Bank Corp.
    
16,182
  
 
1,486
  
National Bankshares, Inc.
    
51,639
  
 
401
  
Old National Bancorp
    
5,895
  
 
2,146
  
TriCo Bancshares
    
56,483
  
           
455,845
  
     
Commercial Services & Supplies - 2.79%
        
 
6,663
  
ACCO Brands Corp.*
    
73,959
  
 
1,244
  
Ennis, Inc.
    
18,225
  
           
92,184
  
     
Communications Equipment - 0.21%
        
 
139
  
NETGEAR, Inc.*
    
7,019
  
               
     
Construction & Engineering - 1.40%
        
 
2,624
  
KBR, Inc.
    
38,861
  
 
248
  
MYR Group, Inc.*
    
7,400
  
           
46,261
  
     
Consumer Finance - 3.15%
        
 
2,388
  
Green Dot Corp. - Class A*
    
53,014
  
 
935
  
Regional Management Corp.*
    
20,822
  
 
635
  
World Acceptance Corp.*
    
30,175
  
           
104,011
  
     
Diversified Consumer Services - 0.73%
        
 
1,192
  
American Public Education, Inc.*
    
24,019
  
               
     
Electric Utilities - 0.95%
        
 
203
  
El Paso Electric Co.
    
9,379
  
 
856
  
Empresa Distribuidora y Comercializadora Norte S.A. - ADR*
    
21,974
  
           
31,353
  
     
Electronic Equipment, Instruments & Components - 7.44%
        
 
1,735
  
Benchmark Electronics, Inc.*
    
43,635
  
 
1,762
  
Celestica, Inc.*#
    
20,880
  
 
2,429
  
Insight Enterprises, Inc.*
    
69,931
  
 
255
  
Methode Electronics, Inc.
    
7,956
  
 
3,739
  
Sanmina Corp.*
    
103,383
  
           
245,785
  
     
Energy Equipment & Services - 0.88%
        
 
5,893
  
Noble Corp. PLC#
    
29,111
  
               
     
Food Products - 2.63%
        
 
1,395
  
Cal-Maine Foods, Inc.
    
53,917
  
 
366
  
Sanderson Farms, Inc.
    
32,933
  
           
86,850
  
     
Health Care Equipment & Supplies - 0.69%
        
 
2,642
  
Lantheus Holdings, Inc.*
    
22,853
  
               
     
Health Care Providers & Services - 2.21%
        
 
1,650
  
Kindred Healthcare, Inc.
    
16,252
  
 
1,106
  
Magellan Health, Inc.*
    
56,904
  
           
73,156
  
     
Hotels, Restaurants & Leisure - 0.25%
        
 
19
  
Biglari Holdings, Inc.*
    
8,325
  
               
     
Independent Power and Renewable Electricity Producers - 1.79%
        
 
22,353
  
Atlantic Power Corp.*#
    
51,412
  
 
1,743
  
TransAlta Corp.#
    
7,756
  
           
59,168
  
 
     
Insurance - 15.81%
        
 
472
  
American National Insurance Co.
    
55,300
  
 
854
  
Argo Group International Holdings Ltd.#
    
47,482
  
 
928
  
Baldwin & Lyons, Inc. - Class B
    
22,829
  
 
1,057
  
CNinsure, Inc. - ADR*
    
8,657
  
 
726
  
EMC Insurance Group, Inc.
    
17,678
  
 
316
  
Employers Holdings, Inc.
    
9,907
  
 
1,328
  
HCI Group, Inc.
    
36,002
  
 
299
  
Kansas City Life Insurance Co.
    
11,960
  
 
2,980
  
Maiden Holdings Ltd.#
    
40,677
  
 
62
  
National Western Life Group, Inc. - Class A
    
13,355
  
 
363
  
Primerica, Inc.
    
19,856
  
 
1,090
  
Selective Insurance Group, Inc.
    
40,276
  
 
4,305
  
State National Companies, Inc.
    
44,040
  
 
1,438
  
United Fire Group, Inc.
    
56,830
  
 
1,532
  
United Insurance Holdings Corp.
    
22,214
  
 
3,524
  
Universal Insurance Holdings, Inc.
    
75,061
  
           
522,124
  
     
IT Services - 0.72%
        
 
2,312
  
Net 1 UEPS Technologies, Inc.*
    
23,744
  
               
     
Life Sciences Tools & Services - 0.28%
        
 
205
  
INC Research Holdings, Inc. - Class A*
    
9,368
  
               
     
Machinery - 4.79%
        
 
2,102
  
China Yuchai International Ltd.#
    
23,416
  
 
923
  
FreightCar America, Inc.
    
12,054
  
 
891
  
Greenbrier Companies, Inc.
    
28,066
  
 
137
  
Hyster-Yale Materials Handling, Inc.
    
7,975
  
 
1,164
  
Luxfer Holdings PLC - ADR
    
10,930
  
 
6,725
  
Wabash National Corp.*
    
75,656
  
           
158,097
  
     
Marine - 0.31%
        
 
1,568
  
Costamare, Inc.#
    
10,192
  
               
     
Media - 0.50%
        
 
2,106
  
Gannett Co., Inc.
    
16,364
  
               
     
Metals & Mining - 1.06%
        
 
4,575
  
Sims Metal Management Ltd. - ADR
    
34,862
  
               
     
Multi-line Retail - 2.38%
        
 
1,281
  
Dillard's, Inc. - Class A
    
78,525
  
               
     
Multi-Utilities - 2.11%
        
 
9,416
  
Just Energy Group, Inc.#
    
49,340
  
 
502
  
Unitil Corp.
    
20,366
  
           
69,706
  
     
Oil, Gas & Consumable Fuels - 3.73%
        
 
410
  
CVR Energy, Inc.
    
5,437
  
 
3,367
  
Overseas Shipholding Group, Inc. - Class A
    
29,495
  
 
1,118
  
Rex American Resources Corp.*
    
88,311
  
           
123,243
  
     
Paper & Forest Products - 1.72%
        
 
7,173
  
Mercer International, Inc.
    
56,667
  
               
     
Professional Services - 1.33%
        
 
180
  
Kelly Services, Inc. - Class A
    
3,371
  
 
2,344
  
Kforce, Inc.
    
40,668
  
           
44,039
  
     
Real Estate Management & Development - 2.98%
        
 
336
  
Marcus & Millichap, Inc.*
    
7,872
  
 
183
  
RMR Group, Inc. - Class A
    
6,286
  
 
15,622
  
Xinyuan Real Estate Co. Ltd. - ADR
    
84,203
  
           
98,361
  
     
Road & Rail - 1.99%
        
 
441
  
ArcBest Corp.
    
8,776
  
 
2,539
  
Swift Transportation Co.*
    
56,823
  
           
65,599
  
     
Semiconductors & Semiconductor Equipment - 1.07%
        
 
1,825
  
Kulicke & Soffa Industries, Inc.
    
24,163
  
 
730
  
Tower Semiconductor Ltd.*#
    
11,352
  
           
35,515
  
     
Specialty Retail - 4.17%
        
 
3,664
  
Express, Inc.*
    
44,041
  
 
150
  
Genesco, Inc.*
    
8,070
  
 
5,694
  
Office Depot, Inc.
    
17,936
  
 
14,331
  
Pier 1 Imports, Inc.
    
61,767
  
 
583
  
Rent-A-Center, Inc.
    
5,882
  
           
137,696
  
     
Textiles, Apparel & Luxury Goods - 0.26%
        
 
386
  
Movado Group, Inc.
    
8,511
  
               
     
Thrifts & Mortgage Finance - 0.31%
        
 
240
  
BankFinancial Corp.
    
3,017
  
 
307
  
Walker & Dunlop, Inc.*
    
7,389
  
           
10,406
  
     
Tobacco - 0.23%
        
 
139
  
Universal Corp.
    
7,534
  
               
     
Trading Companies & Distributors - 0.93%
        
 
481
  
Applied Industrial Technologies, Inc.
    
24,435
  
 
435
  
MRC Global, Inc.*
    
6,412
  
           
30,847
  
     
Total Common Stocks (Cost $3,158,561)
    
3,164,915
  
               
     
PREFERRED STOCKS - 3.30%
        
     
Chemicals - 0.47%
        
 
868
  
Braskem S.A. - ADR
    
15,407
  
               
 
 
   
Electric Utilities - 2.83%
      
 
12,498
  
Companhia Energetica de Minas Gerais - ADR
    
37,744
  
 
4,898
  
Companhia Paranaense de Energia-Copel - Class B - ADR
    
55,886
  
           
93,630
  
     
Total Preferred Stocks (Cost $84,450)
    
109,037
  
               
     
Total Investments in Securities (Cost $3,243,011) - 99.13%
    
3,273,952
  
     
Other Assets in Excess of Liabilities - 0.87%
    
28,646
  
     
Net Assets - 100.00%
  
$
3,302,598
  
   
 
*
  
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 October 31, 2016 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 98.92%
      
   
Aerospace & Defense - 3.09%
      
 
6,302
  
BWX Technologies, Inc.
  
$
247,164
  
 
865
  
Curtiss-Wright Corp.
    
77,521
  
 
460
  
Huntington Ingalls Industries, Inc.
    
74,226
  
 
413
  
National Presto Industries, Inc.
    
36,034
  
           
434,945
  
     
Air Freight & Logistics - 0.81%
        
 
8,562
  
Air Transport Services Group, Inc.*
    
113,275
  
               
     
Airlines - 0.82%
        
 
1,309
  
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR*
    
25,015
  
 
795
  
Hawaiian Holdings, Inc.*
    
35,795
  
 
1,794
  
SkyWest, Inc.
    
54,089
  
           
114,899
  
     
Auto Components - 5.35%
        
 
1,126
  
Cooper-Standard Holding, Inc.*
    
102,770
  
 
1,662
  
Drew Industries, Inc.
    
148,832
  
 
6,679
  
Horizon Global Corp.*
    
133,847
  
 
14,184
  
Spartan Motors, Inc.
    
121,273
  
 
5,535
  
Superior Industries International, Inc.
    
135,608
  
 
1,564
  
Visteon Corp.*
    
110,434
  
           
752,764
  
     
Automobiles - 0.86%
        
 
1,522
  
Thor Industries, Inc.
    
120,710
  
               
     
Beverages - 1.80%
        
 
6,091
  
Cott Corp.#
    
79,853
  
 
2,939
  
National Beverage Corp.*
    
138,838
  
 
2,657
  
Primo Water Corp.*
    
34,780
  
           
253,471
  
     
Biotechnology - 0.29%
        
 
2,735
  
Vanda Pharmaceuticals, Inc.*
    
40,615
  
               
     
Building Materials - 0.97%
        
 
932
  
Lennox International, Inc.
    
135,969
  
               
     
Building Products - 0.92%
        
 
1,566
  
Insteel Industries, Inc.
    
42,125
  
 
635
  
Trex Co., Inc.*
    
34,169
  
 
625
  
Universal Forest Products, Inc.
    
53,744
  
           
130,038
  
     
Chemicals - 4.25%
        
 
870
  
Albemarle Corp.
    
72,689
  
 
1,079
  
Cabot Corp.
    
56,259
  
 
1,855
  
Chase Corp.
    
126,789
  
 
1,125
  
H.B. Fuller Co.
    
47,329
  
 
1,807
  
Innospec, Inc.
    
108,872
  
 
4,490
  
OMNOVA Solutions, Inc.*
    
34,124
  
 
1,364
  
Sociedad Quimica y Minera de Chile SA - ADR
    
39,911
  
 
2,142
  
Trinseo SA#
    
112,348
  
           
598,321
  
     
Commercial Banks - 4.46%
        
 
1,466
  
Carolina Financial Corp.
    
33,425
  
 
1,449
  
Eagle Bancorp, Inc.*
    
71,218
  
 
4,138
  
Enterprise Financial Services Corp.
    
136,968
  
 
1,323
  
Financial Institutions, Inc.
    
35,523
  
 
1,562
  
First Bancorp
    
30,881
  
 
784
  
German American Bancorp, Inc.
    
30,521
  
 
810
  
Great Western Bancorp, Inc.
    
26,114
  
 
1,837
  
Independent Bank Corp.
    
30,862
  
 
8,937
  
Macatawa Bank Corp.
    
72,658
  
 
2,507
  
Mercantile Bank Corp.
    
68,993
  
 
671
  
National Bankshares, Inc.
    
23,317
  
 
3,850
  
Pacific Continental Corp.
    
66,028
  
           
626,508
  
     
Commercial Services & Supplies - 3.59%
        
 
624
  
ABM Industries, Inc.
    
24,386
  
 
2,816
  
Avery Dennison Corp.
    
196,529
  
 
3,930
  
Ennis, Inc.
    
57,575
  
 
1,055
  
McGrath RentCorp.
    
31,756
  
 
3,670
  
Quad Graphics, Inc.
    
87,199
  
 
1,901
  
Ritchie Bros Auctioneers, Inc.#
    
65,756
  
 
560
  
Waste Connections, Inc.#
    
42,118
  
           
505,319
  
     
Communications Equipment - 2.64%
        
 
1,512
  
Finisar Corp.*
    
41,399
  
 
1,656
  
InterDigital, Inc.
    
116,996
  
 
662
  
Ituran Location and Control Ltd.#
    
17,609
  
 
1,005
  
Lumentum Holdings, Inc.*
    
33,768
  
 
7,194
  
ShoreTel, Inc.*
    
47,840
  
 
2,159
  
Ubiquiti Networks, Inc.*
    
113,196
  
           
370,808
  
     
Computers & Peripherals - 0.95%
        
 
4,791
  
Logitech International S.A.#
    
116,182
  
 
514
  
NetApp, Inc.
    
17,445
  
           
133,627
  
     
Construction & Engineering - 2.10%
        
 
1,198
  
Argan, Inc.
    
68,106
  
 
1,344
  
Granite Construction, Inc.
    
66,071
  
 
2,173
  
Jacobs Engineering Group, Inc.*
    
112,083
  
 
1,727
  
MasTec, Inc.*
    
49,306
  
           
295,566
  
     
Construction Materials - 0.14%
        
 
399
  
U.S. Concrete, Inc.*
    
19,910
  
               
     
Containers & Packaging - 1.35%
        
 
871
  
AptarGroup, Inc.
    
62,224
  
 
1,949
  
Bemis Co., Inc.
    
94,955
  
 
654
  
Sonoco Products Co.
    
32,890
  
           
190,069
  
     
Distributors - 0.17%
        
 
262
  
Pool Corp.
    
24,256
  
 
               
     
Diversified Consumer Services - 0.18%
        
 
703
  
ServiceMaster Global Holdings, Inc.*
    
25,160
  
               
     
Diversified Financial Services - 2.35%
        
 
986
  
MarketAxess Holdings, Inc.
    
148,649
  
 
1,170
  
MSCI, Inc.
    
93,822
  
 
1,386
  
Nasdaq, Inc.
    
88,662
  
           
331,133
  
     
Diversified Telecommunication Services - 0.87%
        
 
1,255
  
Cogent Communications Holdings, Inc.
    
46,310
  
 
3,169
  
Consolidated Communications Holdings, Inc.
    
75,834
  
           
122,144
  
     
Electronic Equipment, Instruments & Components - 3.51%
        
 
774
  
CDW Corp. of Deleware
    
34,760
  
 
986
  
Coherent, Inc.*
    
102,662
  
 
3,273
  
LG Display Co. Ltd. - ADR
    
39,309
  
 
947
  
Littelfuse, Inc.
    
132,107
  
 
1,085
  
OSI Systems, Inc.*
    
76,091
  
 
1,682
  
PCM, Inc.*
    
35,658
  
 
5,527
  
TTM Technologies, Inc.*
    
72,680
  
           
493,267
  
     
Food & Staples Retailing - 0.61%
        
 
759
  
Casey's General Stores, Inc.
    
85,759
  
               
     
Food Products - 6.36%
        
 
1,939
  
B&G Foods, Inc.
    
82,214
  
 
1,312
  
Flowers Foods, Inc.
    
20,362
  
 
3,426
  
Fresh Del Monte Produce, Inc.#
    
206,759
  
 
726
  
Hormel Foods Corp.
    
27,951
  
 
2,214
  
Ingredion, Inc.
    
290,410
  
 
1,168
  
Lancaster Colony Corp.
    
152,599
  
 
1,823
  
Marine Harvest ASA - ADR*
    
32,996
  
 
516
  
Sanderson Farms, Inc.
    
46,430
  
 
990
  
Tootsie Roll Industries, Inc.
    
35,096
  
           
894,817
  
     
Health Care Equipment & Supplies - 4.40%
        
 
310
  
Align Technology, Inc.*
    
26,635
  
 
713
  
Anika Therapeutics, Inc.*
    
31,629
  
 
277
  
Cantel Medical Corp.
    
19,731
  
 
422
  
Cynosure, Inc. - Class A*
    
17,998
  
 
938
  
DENTSPLY SIRONA, Inc.
    
54,001
  
 
2,608
  
Exactech, Inc.*
    
62,983
  
 
1,180
  
IDEXX Laboratories, Inc.*
    
126,425
  
 
3,084
  
Masimo Corp.*
    
169,620
  
 
765
  
Teleflex, Inc.
    
109,494
  
           
618,516
  
     
Health Care Providers & Services - 1.80%
        
 
1,891
  
CorVel Corp.*
    
65,334
  
 
5,518
  
Healthways, Inc.*
    
136,846
  
 
1,549
  
Owens & Minor, Inc.
    
50,265
  
           
252,445
  
     
Health Care Technology - 0.45%
        
 
1,871
  
Allscripts Healthcare Solutions, Inc.*
    
22,471
  
 
1,918
  
HMS Holdings Corp.*
    
40,412
  
           
62,883
  
     
Hotels, Restaurants & Leisure - 5.02%
        
 
1,263
  
Boyd Gaming Corp.*
    
22,557
  
 
369
  
Domino's Pizza, Inc.
    
62,450
  
 
3,923
  
International Game Technology PLC#
    
112,669
  
 
8,146
  
Intrawest Resorts Holdings, Inc.*
    
133,676
  
 
238
  
Panera Bread Co. - Class A*
    
45,401
  
 
1,449
  
Six Flags Entertainment Corp.
    
80,637
  
 
1,409
  
Vail Resorts, Inc.
    
224,651
  
 
917
  
Wingstop, Inc.*
    
24,539
  
           
706,580
  
     
Household Durables - 1.12%
        
 
300
  
Garmin Ltd.#
    
14,508
  
 
939
  
NACCO Industries, Inc. - Class A
    
68,688
  
 
49
  
NVR, Inc.*
    
74,627
  
           
157,823
  
     
Household Products - 1.12%
        
 
2,523
  
Central Garden & Pet Co. - Class A*
    
58,887
  
 
188
  
Spectrum Brands Holdings, Inc.
    
25,425
  
 
681
  
WD-40 Co.
    
72,612
  
           
156,924
  
     
Insurance - 6.01%
        
 
1,383
  
AMERISAFE, Inc.
    
76,895
  
 
1,298
  
Argo Group International Holdings Ltd.#
    
72,169
  
 
1,291
  
Cincinnati Financial Corp.
    
91,377
  
 
1,174
  
Erie Indemnity Co. - Class A
    
120,206
  
 
3,016
  
James River Group Holdings Ltd.#
    
113,522
  
 
8,600
  
Old Republic International Corp.
    
144,996
  
 
517
  
ProAssurance Corp.
    
27,556
  
 
434
  
RLI Corp.
    
24,191
  
 
1,661
  
Selective Insurance Group, Inc.
    
61,374
  
 
2,800
  
State National Companies, Inc.
    
28,644
  
 
1,197
  
Stewart Information Services Corp.
    
53,805
  
 
788
  
United Fire Group, Inc.
    
31,142
  
           
845,877
  
     
Internet Software & Services - 3.25%
        
 
1,398
  
Shutterstock, Inc.*
    
82,468
  
 
2,550
  
VeriSign, Inc.*
    
214,251
  
 
1,854
  
Weibo Corp. - ADR*
    
85,303
  
 
1,858
  
Wix.com Ltd.*#
    
74,320
  
           
456,342
  
     
IT Services - 7.03%
        
 
803
  
Broadridge Financial Solutions, Inc.
    
51,922
  
 
413
  
CACI International, Inc. - Class A*
    
40,412
  
 
1,414
  
Cardtronics PLC - Class A*#
    
70,700
  
 
3,371
  
CSG Systems International, Inc.
    
128,199
  
 
1,107
  
ExlService Holdings, Inc.*
    
48,741
  
 
4,360
  
Genpact Ltd.*#
    
100,236
  
 
555
  
Global Payments, Inc.
    
40,249
  
 
1,835
  
Leidos Holdings, Inc.
    
76,281
  
 
2,909
  
ManTech International Corp. - Class A
    
112,956
  
 
818
  
Science Applications International Corp.
    
56,368
  
 
2,578
  
Sykes Enterprises, Inc.*
    
68,936
  
 
1,365
  
Total System Services, Inc.
    
68,086
  
 
2,147
  
Vantiv, Inc. - Class A*
    
125,299
  
           
988,385
  
     
Leisure Products - 0.20%
        
 
1,089
  
Smith & Wesson Holding Corp.*
    
28,782
  
 
           
   
Life Sciences Tools & Services - 1.14%
      
 
374
  
Bio-Techne Corp.
    
38,892
  
 
4,209
  
Bruker Corp.
    
86,242
  
 
5,718
  
Enzo Biochem, Inc.*
    
34,880
  
           
160,014
  
     
Machinery - 6.10%
        
 
1,332
  
Astec Industries, Inc.
    
73,740
  
 
3,281
  
Douglas Dynamics, Inc.
    
105,320
  
 
3,213
  
Global Brass & Copper Holdings, Inc.
    
92,213
  
 
629
  
Graco, Inc.
    
47,112
  
 
1,590
  
John Bean Technologies Corp.
    
126,962
  
 
641
  
Kadant, Inc.
    
33,108
  
 
1,122
  
Lydall, Inc.*
    
52,454
  
 
5,430
  
Mueller Water Products, Inc. - Class A
    
66,898
  
 
2,247
  
Supreme Industries, Inc. - Class A
    
27,391
  
 
2,818
  
Toro Co.
    
134,926
  
 
2,033
  
Xylem, Inc.
    
98,255
  
           
858,379
  
     
Media - 0.10%
        
 
616
  
Interpublic Group of Companies, Inc.
    
13,792
  
               
     
Metals & Mining - 1.16%
        
 
1,283
  
Reliance Steel & Aluminum Co.
    
88,245
  
 
2,738
  
Steel Dynamics, Inc.
    
75,185
  
           
163,430
  
     
Oil, Gas & Consumable Fuels - 0.47%
        
 
832
  
Rex American Resources Corp.*
    
65,720
  
               
     
Paper & Forest Products - 0.34%
        
 
895
  
Clearwater Paper Corp.*
    
47,525
  
               
     
Personal Products - 0.62%
        
 
358
  
Medifast, Inc.
    
14,699
  
 
1,174
  
Nu Skin Enterprises, Inc. - Class A
    
72,377
  
           
87,076
  
     
Professional Services - 1.82%
        
 
4,870
  
CBIZ, Inc.*
    
53,814
  
 
1,489
  
Insperity, Inc.
    
111,973
  
 
2,732
  
Kelly Services, Inc. - Class A
    
51,170
  
 
672
  
WageWorks, Inc.*
    
39,614
  
           
256,571
  
     
Real Estate Management & Development - 0.22%
        
 
5,633
  
Xinyuan Real Estate Co. Ltd. - ADR
    
30,362
  
               
     
Road & Rail - 0.22%
        
 
5,289
  
Student Transportation, Inc.#
    
30,623
  
               
     
Semiconductors & Semiconductor Equipment - 3.66%
        
 
3,841
  
Advanced Energy Industries, Inc.*
    
183,216
  
 
9,664
  
Alpha & Omega Semiconductor Ltd.*#
    
204,200
  
 
7,867
  
Photronics, Inc.*
    
76,310
  
 
407
  
Power Integrations, Inc.
    
26,231
  
 
673
  
Tessera Technologies, Inc.
    
24,968
  
           
514,925
  
     
Software - 0.56%
        
 
913
  
Ebix, Inc.
    
51,128
  
 
787
  
Trend Micro, Inc. - ADR
    
27,726
  
           
78,854
  
     
Specialty Retail - 0.68%
        
 
1,092
  
Burlington Stores, Inc.*
    
81,834
  
 
258
  
Dick's Sporting Goods, Inc.
    
14,358
  
           
96,192
  
     
Thrifts & Mortgage Finance - 2.03%
        
 
1,453
  
Flagstar Bancorp, Inc.*
    
39,856
  
 
1,981
  
Meta Financial Group, Inc.
    
145,108
  
 
1,395
  
Territorial Bancorp, Inc.
    
39,785
  
 
861
  
Waterstone Financial, Inc.
    
14,594
  
 
1,303
  
WSFS Financial Corp.
    
45,670
  
           
285,013
  
     
Trading Companies & Distributors - 0.38%
        
 
500
  
Beacon Roofing Supply, Inc.*
    
21,020
  
 
439
  
MSC Industrial Direct Co., Inc. - Class A
    
31,959
  
           
52,979
  
     
Wireless Telecommunication Services - 0.58%
        
 
3,092
  
Shenandoah Telecommunications Co.
    
81,629
  
     
Total Common Stocks (Cost $13,181,357)
    
13,910,991
  
               
     
PREFERRED STOCKS - 0.59%
        
     
Diversified Telecommunication Services - 0.59%
        
 
3,484
  
Nortel Inversora S.A. - Class B - ADR
    
82,640
  
     
Total Preferred Stocks (Cost $93,365)
    
82,640
  
               
     
Total Investments in Securities (Cost $13,274,722) - 99.51%
    
13,993,631
  
     
Other Assets in Excess of Liabilities - 0.49%
    
69,482
  
     
Net Assets - 100.00%
  
$
14,063,113
  
 
 
*
  
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
October 31, 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 October 31, 2016:

All Cap Core Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
11,562,640
    
$
-
    
$
-
    
$
11,562,640
  
  Consumer Staples
    
7,027,970
      
-
      
-
      
7,027,970
  
  Energy
    
1,910,616
      
-
      
-
      
1,910,616
  
  Financials
    
9,135,148
      
-
      
-
      
9,135,148
  
  Health Care
    
3,104,190
      
-
      
-
      
3,104,190
  
  Industrials
    
18,568,876
      
-
      
-
      
18,568,876
  
  Information Technology
    
11,164,867
      
-
      
-
      
11,164,867
  
  Materials
    
3,544,415
      
-
      
-
      
3,544,415
  
  Telecommunication Services
    
2,533,652
      
-
      
-
      
2,533,652
  
  Utilities
    
832,915
      
-
      
-
      
832,915
  
Total Common Stocks
    
69,385,289
      
-
      
-
      
69,385,289
  
Total Investments in Securities
  
$
69,385,289
    
$
-
    
$
-
    
$
69,385,289
  
 
Enhanced Dividend Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,152,679
    
$
-
    
$
-
    
$
1,152,679
  
  Consumer Staples
    
581,721
      
-
      
-
      
581,721
  
  Energy
    
2,291,819
      
-
      
-
      
2,291,819
  
  Financials
    
2,655,709
      
-
      
-
      
2,655,709
  
  Health Care
    
1,040,590
      
-
      
-
      
1,040,590
  
  Industrials
    
1,781,394
      
-
      
-
      
1,781,394
  
  Information Technology
    
1,836,211
      
-
      
-
      
1,836,211
  
  Materials
    
2,250,181
      
-
      
-
      
2,250,181
  
  Telecommunication Services
    
1,219,551
      
-
      
-
      
1,219,551
  
Total Common Stocks
    
14,809,855
      
-
      
-
      
14,809,855
  
Total Investments in Securities
  
$
14,809,855
    
$
-
    
$
-
    
$
14,809,855
  

Market Leaders Value Fund
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
4,575,902
    
$
-
    
$
-
    
$
4,575,902
  
  Consumer Staples
    
467,464
      
-
      
-
      
467,464
  
  Energy
    
1,095,616
      
-
      
-
      
1,095,616
  
  Financials
    
2,323,661
      
-
      
-
      
2,323,661
  
  Health Care
    
451,036
      
-
      
-
      
451,036
  
  Industrials
    
3,695,839
      
-
      
-
      
3,695,839
  
  Information Technology
    
2,597,973
      
-
      
-
      
2,597,973
  
  Materials
    
1,032,304
      
-
      
-
      
1,032,304
  
  Telecommunication Services
    
820,366
      
-
      
-
      
820,366
  
Total Common Stocks
    
17,060,161
      
-
      
-
      
17,060,161
  
Total Investments in Securities
  
$
17,060,161
    
$
-
    
$
-
    
$
17,060,161
  


Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
313,773
    
$
-
    
$
-
    
$
313,773
  
  Consumer Staples
    
94,384
      
-
      
-
      
94,384
  
  Energy
    
152,354
      
-
      
-
      
152,354
  
  Financials
    
1,285,110
      
-
      
-
      
1,285,110
  
  Health Care
    
138,104
      
-
      
-
      
138,104
  
  Industrials
    
469,596
      
-
      
-
      
469,596
  
  Information Technology
    
312,063
      
-
      
-
      
312,063
  
  Materials
    
140,943
      
-
      
-
      
140,943
  
  Real Estate
    
98,361
      
-
      
-
      
98,361
  
  Utilities
    
160,227
      
-
      
-
      
160,227
  
Total Common Stocks
    
3,164,915
      
-
      
-
      
3,164,915
  
Preferred Stocks
                                
  Materials
    
15,407
      
-
      
-
      
15,407
  
  Utilities
    
93,630
      
-
      
-
      
93,630
  
Total Preferred Stocks
    
109,037
      
-
      
-
      
109,037
  
Total Investments in Securities
  
$
3,273,952
    
$
-
    
$
-
    
$
3,273,952
  
 
 
Small/Mid Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,926,059
    
$
-
    
$
-
    
$
1,926,059
  
  Consumer Staples
    
1,478,047
      
-
      
-
      
1,478,047
  
  Energy
    
65,720
      
-
      
-
      
65,720
  
  Financials
    
2,088,531
      
-
      
-
      
2,088,531
  
  Health Care
    
1,134,473
      
-
      
-
      
1,134,473
  
  Industrials
    
2,732,034
      
-
      
-
      
2,732,034
  
  Information Technology
    
3,036,208
      
-
      
-
      
3,036,208
  
  Materials
    
1,215,784
      
-
      
-
      
1,215,784
  
  Real Estate
    
30,362
      
-
      
-
      
30,362
  
  Telecommunication Services
    
203,773
      
-
      
-
      
203,773
  
Total Common Stocks
    
13,910,991
      
-
      
-
      
13,910,991
  
Preferred Stocks
                                
  Telecommunication Services
    
82,640
      
-
      
-
      
82,640
  
Total Preferred Stocks
    
82,640
      
-
      
-
      
82,640
  
Total Investments in Securities
  
$
13,993,631
    
$
-
    
$
-
    
$
13,993,631
  


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 October 31, 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 October 31, 2016.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at October 31, 2016 was as follows*:

All Cap Core Fund

Cost of investments
  
$
63,038,198
  
         
Gross unrealized appreciation
  
$
7,762,773
  
Gross unrealized depreciation
    
(1,415,682
)
Net unrealized appreciation
  
$
6,347,091
  
         

Enhanced Dividend Fund

Cost of investments
  
$
14,399,213
  
         
Gross unrealized appreciation
  
$
1,086,722
  
Gross unrealized depreciation
    
(676,080
)
Net unrealized appreciation
  
$
410,642
  
         

Market Leaders Value Fund

Cost of investments
  
$
16,382,332
  
         
Gross unrealized appreciation
  
$
983,390
  
Gross unrealized depreciation
    
(305,561
)
Net unrealized appreciation
  
$
677,829
  
         

Small Cap Value Fund

Cost of investments
  
$
3,243,011
  
         
Gross unrealized appreciation
  
$
240,629
  
Gross unrealized depreciation
    
(209,688
)
Net unrealized appreciation
  
$
30,941
  
 
Small/Mid Cap Growth Fund

Cost of investments
  
$
13,274,722
  
         
Gross unrealized appreciation
  
$
1,298,002
  
Gross unrealized depreciation
    
(579,093
)
Net unrealized appreciation
  
$
718,909
  
         

* Because tax adjustments are calculated annually at the end of the Funds’ fiscal year, the above table does not reflect the tax adjustments for the current fiscal year.  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 report.
 
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  12/27/2016                                                                         



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 12/27/2016                                                                         

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

 
Date 12/27/2016                                                                         

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