Aasgard Dividend Growth Small & Mid-Cap Fund
Schedule of Investments
at December 31, 2016 (Unaudited)

Shares		COMMON STOCKS - 86.98%	Value
		Administrative and Support Services - 4.02%
	7,545	Broadridge Financial Solutions, Inc.	$	500,233
	6,025	ManpowerGroup, Inc.		535,442
				1,035,675
		Ambulatory Health Care Services - 1.81%
	5,075	Quest Diagnostics, Inc.		466,392
		Apparel Manufacturing - 4.01%
	4,169	Cintas Corp.		481,770
	17,650	Weyco Group, Inc.		552,445
				1,034,215
		Chemical Manufacturing - 5.83%
	4,805	Bio-Techne Corp.		494,098
	11,295	Church & Dwight Co., Inc.		499,126
	6,490	Sensient Technologies Corp.		509,984
				1,503,208
		Computer and Electronic Product Manufacturing - 14.14%
	14,575	FLIR Systems, Inc.		527,469
	5,235	Harris Corp.		536,431
	3,205	L-3 Communications Holdings, Inc.		487,513
	4,348	Lam Research Corp.		459,714
	10,690	Plantronics, Inc.		585,384
	8,085	ResMed, Inc.		501,674
	9,070	Xilinx, Inc.		547,556
				3,645,741
		Credit Intermediation and Related Activities - 4.22%
	14,580	Synovus Financial Corp.		598,947
	26,085	Umpqua Holdings Corp.		489,876
				1,088,823
		Fabricated Metal Product Manufacturing - 1.79%
	6,400	Crane Co.		461,568
		Food and Beverage Stores - 1.88%
	15,720	Whole Foods Market, Inc.		483,547
		Food Services and Drinking Places - 1.90%
	9,905	Brinker International, Inc.		490,595
		Furniture and Home Furnishings Stores - 1.92%
	10,235	Williams-Sonoma, Inc.		495,272
		Insurance Carriers and Related Activities - 6.21%
	31,049	Maiden Holdings Ltd.		541,805
	4,450	Reinsurance Group of America, Inc.		559,944
	6,759	Safety Insurance Group, Inc.		498,138
				1,599,887
		Management of Companies and Enterprises - 3.90%
	13,279	Arrow Financial Corp.		537,799
	5,295	Cullen/Frost Bankers, Inc.		467,178
				1,004,977

	Merchant Wholesalers, Durable Goods - 5.73%
9,885	Leggett & Platt, Inc.	483,179
6,665	Reliance Steel & Aluminum Co.	530,134
3,130	Watsco, Inc.	463,615
		1,476,928
	Miscellaneous Manufacturing - 5.69%
6,530	Dover Corp.	489,293
6,395	Hasbro, Inc.	497,467
8,550	Hill-Rom Holdings, Inc.	479,997
		1,466,757
	Nursing and Residential Care Facilities - 2.15%
7,310	National Healthcare Corp.	554,025
	Pipeline Transportation - 5.92%
14,200	New Jersey Resources Corp.	504,100
9,506	Targa Resources Corp.	533,001
15,732	Williams Cos., Inc.	489,895
		1,526,996
	Professional, Scientific, and Technical Services - 4.17%
5,585	Jack Henry & Associates, Inc.	495,836
11,350	Leidos Holdings, Inc.	580,439
		1,076,275
	Rental and Leasing Services - 1.88%
6,518	Ryder System, Inc.	485,200
	Securities and Commodity Contracts, Intermediation and Brokerage - 1.86%
6,918	Raymond James Financial, Inc.	479,210
	Telecommunications - 2.15%
6,930	ATN International, Inc.	555,301
	Transportation Equipment Manufacturing - 3.98%
6,410	Polaris Industries, Inc.	528,120
9,363	Standard Motor Products, Inc.	498,299
		1,026,419
	Utilities - 1.82%
11,765	Avista Corp.	470,482

	TOTAL COMMON STOCKS (Cost $19,771,279)	22,427,493

	REITS - 9.86%
5,500	Digital Realty Trust, Inc.	540,430
7,080	EPR Properties	508,131
6,450	Extra Space Storage, Inc.	498,198
10,655	LTC Properties, Inc.	500,572
6,675	National Health Investors, Inc.	495,085
	TOTAL REITS (Cost $2,467,552)	2,542,416

	CLOSED-END FUNDS - 1.92%
13,450	Main Street Capital Corp.	494,557
	TOTAL CLOSED-END FUNDS (Cost $419,392)	494,557


Shares		MONEY MARKET FUNDS - 2.65%	Value
	683,275	Fidelity Institutional Government Portfolio - Class I, 0.39% (a)		683,275
		TOTAL MONEY MARKET FUNDS (Cost $683,275)		683,275

		TOTAL INVESTMENTS IN SECURITIES (Cost $23,341,498) - 101.41%		26,147,741
		Liabilities in Excess of Other Assets - (1.41)%		(364,634	)
		NET ASSETS - 100.00%	$	25,783,107


REIT -		Real Estate Investment Trust
(a)		Rate shown is the 7-day annualized yield as of December 31, 2016.

Aasgard Dividend Growth Small & Mid-Cap Fund

Notes to Schedule of Investments

December 31, 2016 (Unaudited)

Note 1 – Securities Valuation

The Aasgard Dividend Growth Small & Mid-Cap Fund’s (the “Fund”) investments in securities are carried at their fair value. The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

Equity securities, including common stocks, real estate investment trusts, and exchange-traded funds, 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.

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s securities as of December 31, 2016:

	Level 1		Level 2		Level 3		Total
Common Stocks
Accommodation and Food Services	$	490,595	$	-	$	-	$	490,595
Administrative Support and Waste Management		535,442		-		-		535,442
Finance and Insurance		3,167,919		-		-		3,167,919
Health Care and Social Assistance		1,020,417		-		-		1,020,417
Information		555,301		-		-		555,301
Management of Companies and Enterprises		1,004,977		-		-		1,004,977
Manufacturing		9,137,908		-		-		9,137,908
Professional, Scientific, and Technical Services		1,576,509		-		-		1,576,509
Real Estate and Rental and Leasing		485,200		-		-		485,200
Retail Trade		978,819		-		-		978,819
Transportation and Warehousing		1,526,996		-		-		1,526,996
Utilities		470,482		-		-		470,482
Wholesale Trade		1,476,928		-		-		1,476,928
Total Common Stocks		22,427,493		-		-		22,427,493
REITs		2,542,416		-		-		2,542,416
Closed-End Funds		494,557		-		-		494,557
Money Market Funds		683,275		-		-		683,275
Total Investments in Securities	$	26,147,741	$	-	$	-	$	26,147,741

Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at December 31, 2016, the end of the reporting period. The Fund recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the period ended December 31, 2016.

Note 2 – Federal Income Taxes

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

Cost of investments	$	23,341,498

Gross unrealized appreciation	$	3,037,441
Gross unrealized depreciation		(231,198	)
Net unrealized appreciation	$	2,806,243

*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect 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 Fund’s most recent annual report.