N-Q 1 oshaughnessy_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on June 28, 2017



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:  April 30, 2017

 
Item 1. Schedules of Investments.
 
O'Shaughnessy All Cap Core Fund
  
Schedule of Investments
  
at April 30, 2017 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.78%
      
   
Aerospace & Defense - 13.84%
      
 
6,202
  
Boeing Co.
  
$
1,146,316
  
 
2,969
  
BWX Technologies, Inc.
    
145,986
  
 
444
  
Curtiss-Wright Corp.
    
41,496
  
 
358
  
Huntington Ingalls Industries, Inc.
    
71,919
  
 
701
  
Northrop Grumman Corp.
    
172,418
  
 
6,223
  
United Technologies Corp.
    
740,475
  
           
2,318,610
  
     
Airlines - 3.48%
        
 
8,290
  
United Continental Holdings, Inc.*
    
582,041
  
               
     
Auto Components - 1.64%
        
 
1,416
  
LCI Industries
    
143,228
  
 
1,269
  
Visteon Corp.*
    
130,644
  
           
273,872
  
     
Automobiles - 0.66%
        
 
1,150
  
Thor Industries, Inc.
    
110,607
  
               
     
Biotechnology - 0.47%
        
 
620
  
United Therapeutics Corp.*
    
77,934
  
               
     
Capital Markets - 0.75%
        
 
188
  
CME Group, Inc.
    
21,844
  
 
3,014
  
E*TRADE Financial Corp.*
    
104,134
  
           
125,978
  
     
Chemicals - 5.11%
        
 
894
  
Albemarle Corp.
    
97,366
  
 
404
  
Chase Corp.
    
41,410
  
 
1,198
  
H.B. Fuller Co.
    
63,290
  
 
5,446
  
LyondellBasell Industries NV - Class A#
    
461,603
  
 
2,892
  
Trinseo SA#
    
192,029
  
           
855,698
  
     
Commercial Banks - 4.40%
        
 
5,976
  
Bank of America Corp.
    
139,480
  
 
451
  
Farmers Capital Bank Corp.
    
18,716
  
 
306
  
JPMorgan Chase & Co.
    
26,622
  
 
1,353
  
Lakeland Bancorp, Inc.
    
26,316
  
 
7,270
  
Macatawa Bank Corp.
    
69,574
  
 
853
  
Peapack Gladstone Financial Corp.
    
27,347
  
 
1,008
  
PNC Financial Services Group, Inc.
    
120,708
  
 
1,132
  
Preferred Bank
    
59,985
  
 
623
  
Sierra Bancorp
    
15,619
  
 
1,659
  
Stock Yards Bancorp, Inc.
    
68,019
  
 
569
  
Tompkins Financial Corp.
    
47,039
  
 
2,954
  
Zions Bancorporation
    
118,249
  
           
737,674
  
 
   
Commercial Services & Supplies - 2.39%
      
 
3,379
  
LSC Communications, Inc.
    
87,415
  
 
4,306
  
Waste Management, Inc.
    
313,391
  
           
400,806
  
     
Communications Equipment - 0.52%
        
 
1,613
  
Cisco Systems, Inc.
    
54,955
  
 
359
  
InterDigital, Inc.
    
32,274
  
           
87,229
  
     
Computers & Peripherals - 3.33%
        
 
13,240
  
Seagate Technology PLC#
    
557,801
  
               
     
Construction & Engineering - 2.83%
        
 
745
  
Argan, Inc.
    
49,803
  
 
11,956
  
Quanta Services, Inc.*
    
423,721
  
           
473,524
  
     
Consumer Finance - 2.95%
        
 
5,879
  
American Express Co.
    
465,911
  
 
1,899
  
Navient Corp.
    
28,865
  
           
494,776
  
     
Diversified Consumer Services - 3.97%
        
 
26,831
  
H&R Block, Inc.
    
665,140
  
               
     
Diversified Telecommunication Services - 0.77%
        
 
837
  
AT&T, Inc.
    
33,170
  
 
4,352
  
IDT Corp. - Class B
    
66,107
  
 
640
  
Verizon Communications, Inc.
    
29,382
  
           
128,659
  
     
Electronic Equipment, Instruments & Components - 5.03%
        
 
4,699
  
Corning, Inc.
    
135,566
  
 
6,113
  
Sanmina Corp.*
    
227,709
  
 
6,189
  
TE Connectivity Ltd.#
    
478,843
  
           
842,118
  
     
Food & Staples Retailing - 3.96%
        
 
12,047
  
Sysco Corp.
    
636,925
  
 
1,010
  
Village Super Market, Inc. - Class A
    
26,654
  
           
663,579
  
     
Food Products - 0.51%
        
 
1,405
  
Fresh Del Monte Produce, Inc.#
    
86,126
  
               
     
Health Care Equipment & Supplies - 3.86%
        
 
4,376
  
Baxter International, Inc.
    
243,656
  
 
965
  
IDEXX Laboratories, Inc.*
    
161,859
  
 
450
  
Masimo Corp.*
    
46,233
  
 
1,429
  
Stryker Corp.
    
194,873
  
           
646,621
  
     
Health Care Providers & Services - 0.95%
        
 
2,308
  
Magellan Health, Inc.*
    
158,790
  
               
     
Hotels, Restaurants & Leisure - 6.58%
        
 
6,009
  
McDonald's Corp.
    
840,839
  
 
3,964
  
Yum! Brands, Inc.
    
260,633
  
           
1,101,472
  
     
Household Durables - 0.23%
        
 
771
  
Garmin Ltd.#
    
39,198
  
 
   
Household Products - 0.17%
      
 
316
  
Procter & Gamble Co.
    
27,596
  
               
     
Independent Power Producers & Energy Traders - 0.24%
        
 
3,511
  
AES Corp.
    
39,709
  
               
     
Industrial Conglomerates - 3.48%
        
 
20,091
  
General Electric Co.
    
582,438
  
               
     
Insurance - 10.99%
        
 
3,035
  
Assurant, Inc.
    
292,088
  
 
3,198
  
Cincinnati Financial Corp.
    
230,544
  
 
1,600
  
HCI Group, Inc.
    
76,304
  
 
3,525
  
Marsh & McLennan Companies, Inc.
    
261,308
  
 
1,008
  
Prudential Financial, Inc.
    
107,886
  
 
4,781
  
Travelers Companies, Inc.
    
581,656
  
 
2,303
  
Universal Insurance Holdings, Inc.
    
59,993
  
 
4,984
  
Unum Group
    
230,909
  
           
1,840,688
  
     
Life Sciences Tools & Services - 0.17%
        
 
168
  
Waters Corp.*
    
28,542
  
               
     
Machinery - 3.38%
        
 
1,193
  
Graco, Inc.
    
128,665
  
 
2,702
  
Greenbrier Companies, Inc.
    
117,402
  
 
1,586
  
Illinois Tool Works, Inc.
    
219,011
  
 
1,562
  
Toro Co.
    
101,405
  
           
566,483
  
     
Multi-line Retail - 0.15%
        
 
449
  
Dillard's, Inc. - Class A
    
24,861
  
               
     
Oil, Gas & Consumable Fuels - 0.24%
        
 
2,130
  
Hallador Energy Co.
    
14,250
  
 
7,168
  
Overseas Shipholding Group, Inc. - Class A
    
26,092
  
           
40,342
  
     
Professional Services - 0.26%
        
 
484
  
Insperity, Inc.
    
44,213
  
               
     
Real Estate Management & Development - 0.28%
        
 
1,508
  
Realogy Holdings Corp.
    
46,069
  
               
     
Semiconductors & Semiconductor Equipment - 5.72%
        
 
1,823
  
Advanced Energy Industries, Inc.*
    
134,537
  
 
1,864
  
Alpha & Omega Semiconductor Ltd.*#
    
30,849
  
 
1,007
  
Analog Devices, Inc.
    
76,733
  
 
1,965
  
Applied Materials, Inc.
    
79,799
  
 
965
  
MKS Instruments, Inc.
    
75,511
  
 
4,595
  
NVIDIA Corp.
    
479,258
  
 
1,021
  
Texas Instruments, Inc.
    
80,843
  
           
957,530
  
 
   
Specialty Retail - 5.00%
      
 
3,586
  
Best Buy Co., Inc.
    
185,791
  
 
9,971
  
Office Depot, Inc.
    
49,556
  
 
18,838
  
Pier 1 Imports, Inc.
    
126,968
  
 
4,233
  
Signet Jewelers Ltd.#
    
278,701
  
 
701
  
Ulta Beauty, Inc.*
    
197,289
  
           
838,305
  
     
Thrifts & Mortgage Finance - 0.17%
        
 
344
  
Meta Financial Group, Inc.
    
29,206
  
               
     
Tobacco - 0.62%
        
 
909
  
Altria Group, Inc.
    
65,248
  
 
521
  
Universal Corp.
    
38,267
  
           
103,515
  
     
Wireless Telecommunication Services - 0.68%
        
 
6,387
  
Spok Holdings, Inc.
    
114,647
  
     
Total Common Stocks (Cost $13,374,668)
    
16,712,397
  
               
     
Total Investments in Securities (Cost $13,374,668) - 99.78%
    
16,712,397
  
     
Other Assets in Excess of Liabilities - 0.22%
    
37,094
  
     
Net Assets - 100.00%
  
$
16,749,491
  

*
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, 2017 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 98.48%
      
   
Aerospace & Defense - 4.55%
      
 
3,933
  
BAE Systems PLC - ADR
  
$
128,688
  
 
2,154
  
Boeing Co.
    
398,124
  
           
526,812
  
     
Automobiles - 0.19%
        
 
650
  
General Motors Co.
    
22,516
  
               
     
Beverages - 0.29%
        
 
862
  
Coca-Cola European Partners PLC#
    
33,290
  
               
     
Biotechnology - 2.10%
        
 
3,160
  
AbbVie, Inc.
    
208,370
  
 
214
  
Amgen, Inc.
    
34,950
  
           
243,320
  
     
Capital Markets - 2.48%
        
 
887
  
Ameriprise Financial, Inc.
    
113,403
  
 
6,146
  
Credit Suisse Group AG - ADR
    
93,788
  
 
4,688
  
UBS Group AG*#
    
79,743
  
           
286,934
  
     
Chemicals - 6.78%
        
 
1,100
  
BASF SE - ADR
    
107,015
  
 
433
  
BNP Paribas SA - ADR
    
15,307
  
 
5,246
  
Dow Chemical Co.
    
329,449
  
 
2,284
  
LyondellBasell Industries NV - Class A#
    
193,592
  
 
3,909
  
Mosaic Co.
    
105,269
  
 
3,088
  
Societe Generale SA - ADR
    
33,999
  
           
784,631
  
     
Commercial Banks - 2.86%
        
 
1,188
  
Bank of Montreal#
    
84,170
  
 
5,187
  
HSBC Holdings PLC - ADR
    
213,549
  
 
5,299
  
Mitsubishi UFJ Financial Group, Inc. - ADR
    
33,596
  
           
331,315
  
     
Computers & Peripherals - 0.61%
        
 
787
  
Western Digital Corp.
    
70,098
  
               
     
Containers & Packaging - 1.65%
        
 
503
  
Packaging Corp. of America
    
49,686
  
 
2,631
  
WestRock Co.
    
140,916
  
           
190,602
  
     
Diversified Telecommunication Services - 2.59%
        
 
11,704
  
CenturyLink, Inc.
    
300,442
  
               
     
Electrical Equipment - 2.76%
        
 
5,300
  
Emerson Electric Co.
    
319,484
  
               
 
   
Food & Staples Retailing - 0.30%
      
 
469
  
Wal-Mart Stores, Inc.
    
35,259
  
               
     
Food Products - 1.22%
        
 
2,389
  
Archer-Daniels-Midland Co.
    
109,297
  
 
618
  
Unilever NV - ADR
    
32,284
  
           
141,581
  
     
Hotels, Restaurants & Leisure - 1.29%
        
 
929
  
Carnival PLC - ADR
    
57,161
  
 
1,086
  
Darden Restaurants, Inc.
    
92,516
  
           
149,677
  
     
Household Products - 2.62%
        
 
1,146
  
Kimberly-Clark Corp.
    
148,694
  
 
1,772
  
Procter & Gamble Co.
    
154,749
  
           
303,443
  
     
Insurance - 12.90%
        
 
22,395
  
Aegon NV - ADR
    
115,334
  
 
23,259
  
Allianz SE - ADR
    
442,130
  
 
5,596
  
MetLife, Inc.
    
289,929
  
 
7,025
  
Principal Financial Group, Inc.
    
457,538
  
 
418
  
Prudential Financial, Inc.
    
44,739
  
 
6,634
  
Swiss Re AG - ADR
    
143,759
  
           
1,493,429
  
     
IT Services - 5.59%
        
 
2,657
  
International Business Machines Corp.
    
425,891
  
 
11,144
  
Western Union Co.
    
221,320
  
           
647,211
  
     
Machinery - 2.99%
        
 
2,293
  
Cummins, Inc.
    
346,105
  
               
     
Media - 0.91%
        
 
618
  
Interpublic Group of Companies, Inc.
    
14,566
  
 
2,122
  
Viacom, Inc. - Class B
    
90,312
  
           
104,878
  
     
Metals & Mining - 2.18%
        
 
1,465
  
Nucor Corp.
    
89,848
  
 
2,759
  
POSCO - ADR
    
162,836
  
           
252,684
  
     
Multi-line Retail - 4.29%
        
 
4,992
  
Kohl's Corp.
    
194,838
  
 
5,081
  
Macy's, Inc.
    
148,467
  
 
2,754
  
Target Corp.
    
153,811
  
           
497,116
  
     
Oil, Gas & Consumable Fuels - 15.95%
        
 
10,233
  
BP PLC - ADR
    
351,197
  
 
1,253
  
CNOOC Ltd. - ADR
    
145,536
  
 
38,224
  
Gazprom PJSC - ADR
    
181,182
  
 
11,384
  
LUKOIL PJSC - ADR
    
564,077
  
 
1,379
  
Marathon Petroleum Corp.
    
70,246
  
 
5,094
  
Total S.A. - ADR
    
260,660
  
 
4,246
  
Valero Energy Corp.
    
274,334
  
           
1,847,232
  
 
   
Paper & Forest Products - 4.53%
      
 
6,999
  
International Paper Co.
    
377,736
  
 
3,447
  
Stora Enso OYJ - ADR
    
40,933
  
 
3,963
  
UPM-Kymmene Oyj - ADR
    
105,416
  
           
524,085
  
     
Pharmaceuticals - 4.50%
        
 
6,626
  
AstraZeneca PLC - ADR
    
200,436
  
 
547
  
Merck & Co., Inc.
    
34,095
  
 
8,459
  
Pfizer, Inc.
    
286,929
  
           
521,460
  
     
Semiconductors & Semiconductor Equipment - 2.87%
        
 
5,220
  
Intel Corp.
    
188,703
  
 
2,670
  
QUALCOMM, Inc.
    
143,486
  
           
332,189
  
     
Software - 2.31%
        
 
8,152
  
CA, Inc.
    
267,630
  
               
     
Specialty Retail - 2.56%
        
 
5,729
  
Best Buy Co., Inc.
    
296,820
  
               
     
Trading Companies & Distributors - 0.64%
        
 
263
  
Mitsui & Co., Ltd. - ADR
    
74,453
  
               
     
Wireless Telecommunication Services - 3.97%
        
 
21,517
  
Mobile TeleSystems - ADR
    
222,055
  
 
10,071
  
SK Telecom Co., Ltd. - ADR
    
237,575
  
           
459,630
  
     
Total Common Stocks (Cost $10,106,485)
    
11,404,326
  
               
     
Total Investments in Securities (Cost $10,106,485) - 98.48%
    
11,404,326
  
     
Other Assets in Excess of Liabilities - 1.52%
    
175,606
  
     
Net Assets - 100.00%
  
$
11,579,932
  
 
*
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
62.5%
  
United Kingdom
8.5%
  
Russian Federation
8.3%
  
Germany
4.7%
  
Republic of Korea
3.5%
  
Netherlands
2.9%
  
Switzerland
2.7%
  
France
2.7%
  
Finland
1.3%
  
Hong Kong
1.3%
  
Japan
0.9%
  
Canada
0.7%
  
 
100.0%
  

 
O'Shaughnessy Market Leaders Value Fund
      
Schedule of Investments
      
at April 30, 2017 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 63.52%
      
   
Aerospace & Defense - 5.48%
      
 
8,635
  
Boeing Co.
  
$
1,596,007
  
 
193
  
General Dynamics Corp.
    
37,402
  
 
2,146
  
Northrop Grumman Corp.
    
527,830
  
 
1,772
  
Spirit AeroSystems Holdings, Inc. - Class A
    
101,288
  
 
4,553
  
United Technologies Corp.
    
541,762
  
           
2,804,289
  
     
Airlines - 3.76%
        
 
9,971
  
American Airlines Group, Inc.
    
424,964
  
 
21,375
  
United Continental Holdings, Inc.*
    
1,500,739
  
           
1,925,703
  
     
Automobiles - 1.22%
        
 
17,974
  
General Motors Co.
    
622,619
  
               
     
Biotechnology - 2.10%
        
 
15,666
  
Gilead Sciences, Inc.
    
1,073,904
  
               
     
Capital Markets - 2.90%
        
 
11,580
  
Ameriprise Financial, Inc.
    
1,480,503
  
               
     
Chemicals - 2.35%
        
 
14,198
  
LyondellBasell Industries NV - Class A#
    
1,203,423
  
               
     
Communications Equipment - 1.61%
        
 
10,932
  
Juniper Networks, Inc.
    
328,725
  
 
5,735
  
Motorola Solutions, Inc.
    
493,038
  
           
821,763
  
     
Computers & Peripherals - 1.20%
        
 
5,878
  
NetApp, Inc.
    
234,238
  
 
9,026
  
Seagate Technology PLC#
    
380,265
  
           
614,503
  
     
Consumer Finance - 3.05%
        
 
9,499
  
American Express Co.
    
752,796
  
 
1,253
  
Capital One Financial Corp.
    
100,716
  
 
11,283
  
Discover Financial Services
    
706,203
  
           
1,559,715
  
     
Diversified Financial Services - 0.50%
        
 
2,560
  
MSCI, Inc.
    
256,819
  
               
     
Diversified Telecommunication Services - 2.21%
        
 
39,654
  
CenturyLink, Inc.
    
1,017,918
  
 
7,071
  
Telstra Corp., Ltd. - ADR
    
111,793
  
           
1,129,711
  
 
   
Electronic Equipment, Instruments & Components - 2.87%
      
 
9,939
  
Corning, Inc.
    
286,740
  
 
15,259
  
TE Connectivity Ltd.#
    
1,180,589
  
           
1,467,329
  
     
Energy Equipment & Services - 0.96%
        
 
14,080
  
National Oilwell Varco, Inc.
    
492,378
  
               
     
Food & Staples Retailing - 2.29%
        
 
5,913
  
Sysco Corp.
    
312,620
  
 
23,555
  
Whole Foods Market, Inc.
    
856,695
  
           
1,169,315
  
     
Food Products - 0.55%
        
 
6,199
  
Archer-Daniels-Midland Co.
    
283,604
  
               
     
Health Care Providers & Services - 1.30%
        
 
8,583
  
Express Scripts Holding Co.*
    
526,481
  
 
1,656
  
HCA Holdings, Inc.*
    
139,452
  
           
665,933
  
     
Hotels, Restaurants & Leisure - 6.17%
        
 
5,779
  
Marriott International, Inc. - Class A
    
545,653
  
 
7,605
  
McDonald's Corp.
    
1,064,168
  
 
10,384
  
Wyndham Worldwide Corp.
    
989,699
  
 
8,436
  
Yum! Brands, Inc.
    
554,667
  
           
3,154,187
  
     
Household Products - 0.33%
        
 
1,928
  
Procter & Gamble Co.
    
168,372
  
               
     
Industrial Conglomerates - 0.90%
        
 
15,815
  
General Electric Co.
    
458,477
  
               
     
Insurance - 7.47%
        
 
85,849
  
Aegon NV - ADR
    
442,122
  
 
10,980
  
Allstate Corp.
    
892,564
  
 
10,484
  
Hartford Financial Services Group, Inc.
    
507,006
  
 
9,369
  
Lincoln National Corp.
    
617,698
  
 
6,522
  
Travelers Companies, Inc.
    
793,467
  
 
13,617
  
XL Group Ltd.#
    
569,871
  
           
3,822,728
  
     
Internet Software & Services - 0.18%
        
 
2,788
  
eBay, Inc.*
    
93,147
  
               
     
Machinery - 0.48%
        
 
1,614
  
Cummins, Inc.
    
243,617
  
               
     
Media - 1.92%
        
 
6,306
  
CBS Corp. - Class B
    
419,727
  
 
67,822
  
Sirius XM Holdings, Inc.
    
335,719
  
 
7,493
  
Twenty-First Century Fox, Inc. - Class A
    
228,836
  
           
984,282
  
     
Multi-line Retail - 3.19%
        
 
15,780
  
Kohl's Corp.
    
615,893
  
 
6,034
  
Macy's, Inc.
    
176,314
  
 
14,995
  
Target Corp.
    
837,471
  
           
1,629,678
  
 
   
Oil, Gas & Consumable Fuels - 2.37%
      
 
18,763
  
Valero Energy Corp.
    
1,212,277
  
               
     
Semiconductors & Semiconductor Equipment - 2.25%
        
 
20,577
  
Applied Materials, Inc.
    
835,632
  
 
5,880
  
QUALCOMM, Inc.
    
315,991
  
           
1,151,623
  
     
Software - 0.69%
        
 
4,361
  
CA, Inc.
    
143,172
  
 
6,468
  
Cadence Design Systems, Inc.*
    
210,663
  
           
353,835
  
     
Specialty Retail - 3.06%
        
 
3,782
  
Bed Bath & Beyond, Inc.
    
146,553
  
 
27,433
  
Best Buy Co., Inc.
    
1,421,304
  
           
1,567,857
  
     
Trading Companies & Distributors - 0.16%
        
 
765
  
United Rentals, Inc.*
    
83,890
  
     
Total Common Stocks (Cost $29,873,800)
    
32,495,481
  
               
     
Total Investments in Securities (Cost $29,873,800) - 63.52%
    
32,495,481
  
     
Other Assets in Excess of Liabilities - 36.48%
    
18,660,936
  
     
Net Assets - 100.00%
  
$
51,156,417
  
 
*
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, 2017 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 98.05%
      
   
Airlines - 0.26%
      
 
293
  
Hawaiian Holdings, Inc.*
  
$
15,910
  
               
     
Auto Components - 1.22%
        
 
1,944
  
Cooper Tire & Rubber Co.
    
74,455
  
               
     
Biotechnology - 0.78%
        
 
834
  
AMAG Pharmaceuticals, Inc.*
    
20,350
  
 
1,080
  
Myriad Genetics, Inc.*
    
19,861
  
 
3,364
  
PDL BioPharma, Inc.*
    
7,569
  
           
47,780
  
     
Capital Markets - 8.66%
        
 
386
  
Artisan Partners Asset Management, Inc. - Class A
    
11,310
  
 
4,728
  
GAIN Capital Holdings, Inc.
    
33,522
  
 
1,935
  
Greenhill & Co., Inc.
    
48,956
  
 
2,202
  
Investment Technology Group, Inc.
    
43,842
  
 
5,048
  
Moelis & Co. - Class A
    
185,261
  
 
848
  
Piper Jaffray Companies, Inc.
    
53,085
  
 
2,006
  
Virtu Financial, Inc. - Class A
    
30,892
  
 
6,868
  
Waddell & Reed Financial, Inc. - Class A
    
123,554
  
           
530,422
  
     
Chemicals - 3.96%
        
 
6,757
  
Rayonier Advanced Materials, Inc.
    
89,530
  
 
2,306
  
Trinseo SA#
    
153,118
  
           
242,648
  
     
Commercial Banks - 7.83%
        
 
443
  
Capital City Bank Group, Inc.
    
9,130
  
 
959
  
First Bancorp
    
28,808
  
 
178
  
First Citizens BancShares, Inc. - Class A
    
61,955
  
 
791
  
First Community Bancshares, Inc.
    
20,930
  
 
1,197
  
First Financial Corp.
    
58,414
  
 
1,650
  
First Interstate BancSystem, Inc. - Class A
    
62,288
  
 
1,689
  
Heritage Financial Corp.
    
44,590
  
 
1,622
  
Independent Bank Corp.
    
36,171
  
 
362
  
National Bankshares, Inc.
    
15,222
  
 
2,708
  
OFG Bancorp#
    
31,684
  
 
3,103
  
TriCo Bancshares
    
110,032
  
           
479,224
  
     
Commercial Services & Supplies - 1.97%
        
 
1,469
  
ACCO Brands Corp.*
    
20,933
  
 
591
  
Ennis, Inc.
    
10,402
  
 
3,451
  
LSC Communications, Inc.
    
89,277
  
           
120,612
  
     
Communications Equipment - 0.11%
        
 
139
  
NETGEAR, Inc.*
    
6,554
  
               
     
Construction & Engineering - 1.32%
        
 
3,416
  
KBR, Inc.
    
47,995
  
 
772
  
MYR Group, Inc.*
    
32,625
  
           
80,620
  
 
   
Consumer Finance - 4.83%
      
 
3,815
  
Enova International, Inc.*
    
54,173
  
 
2,738
  
Green Dot Corp. - Class A*
    
93,886
  
 
2,684
  
Regional Management Corp.*
    
53,224
  
 
1,783
  
World Acceptance Corp.*
    
94,320
  
           
295,603
  
     
Electric Utilities - 0.21%
        
 
254
  
El Paso Electric Co.
    
13,106
  
               
     
Electronic Equipment, Instruments & Components - 9.48%
        
 
4,370
  
Benchmark Electronics, Inc.*
    
138,529
  
 
7,583
  
Celestica, Inc.*#
    
108,057
  
 
2,496
  
Insight Enterprises, Inc.*
    
105,082
  
 
5,063
  
Kimball Electronics, Inc.*
    
87,337
  
 
647
  
Methode Electronics, Inc.
    
28,824
  
 
2,658
  
Sanmina Corp.*
    
99,011
  
 
341
  
ScanSource, Inc.*
    
13,470
  
           
580,310
  
     
Energy Equipment & Services - 0.99%
        
 
1,080
  
Atwood Oceanics, Inc.*
    
8,456
  
 
5,636
  
Noble Corp. PLC#
    
27,053
  
 
1,796
  
Rowan Companies PLC - Class A*#
    
25,270
  
           
60,779
  
     
Food & Staples Retailing - 0.39%
        
 
492
  
SpartanNash Co.
    
18,106
  
 
221
  
Village Super Market, Inc. - Class A
    
5,832
  
           
23,938
  
     
Food Products - 1.05%
        
 
1,227
  
Cal-Maine Foods, Inc.*
    
46,319
  
 
910
  
Dean Foods Co.
    
17,963
  
           
64,282
  
     
Gas Utilities - 0.51%
        
 
524
  
Northwest Natural Gas Co.
    
31,230
  
               
 
   
Health Care Equipment & Supplies - 0.82%
      
 
3,863
  
Lantheus Holdings, Inc.*
    
50,219
  
               
     
Health Care Providers & Services - 2.54%
        
 
1,582
  
Kindred Healthcare, Inc.
    
15,187
  
 
1,641
  
Magellan Health, Inc.*
    
112,901
  
 
793
  
Owens & Minor, Inc.
    
27,477
  
           
155,565
  
     
Hotels, Restaurants & Leisure - 0.13%
        
 
19
  
Biglari Holdings, Inc.*
    
8,106
  
               
     
Household Durables - 0.30%
        
 
807
  
Taylor Morrison Home Corp. - Class A*
    
18,642
  
               
     
Independent Power and Renewable Electricity Producers - 1.43%
        
 
19,009
  
Atlantic Power Corp.*#
    
47,523
  
 
1,021
  
Atlantica Yield PLC#
    
21,278
  
 
3,702
  
TransAlta Corp.#
    
18,880
  
           
87,681
  
     
Insurance - 15.57%
        
 
1,436
  
Argo Group International Holdings Ltd.#
    
94,704
  
 
3,813
  
Baldwin & Lyons, Inc. - Class B
    
93,419
  
 
512
  
EMC Insurance Group, Inc.
    
14,684
  
 
1,215
  
Employers Holdings, Inc.
    
48,600
  
 
1,057
  
Fanhua, Inc. - ADR*
    
8,942
  
 
2,295
  
HCI Group, Inc.
    
109,449
  
 
1,938
  
Heritage Insurance Holdings, Inc.
    
23,450
  
 
295
  
National Western Life Group, Inc. - Class A
    
90,341
  
 
1,090
  
Selective Insurance Group, Inc.
    
57,552
  
 
10,317
  
State National Companies, Inc.
    
151,350
  
 
382
  
Stewart Information Services Corp.
    
18,122
  
 
1,215
  
United Fire Group, Inc.
    
53,460
  
 
1,314
  
United Insurance Holdings Corp.
    
20,052
  
 
6,509
  
Universal Insurance Holdings, Inc.
    
169,559
  
           
953,684
  
     
IT Services - 0.36%
        
 
2,052
  
Net 1 UEPS Technologies, Inc.*
    
22,223
  
               
     
Machinery - 10.24%
        
 
640
  
American Railcar Industries, Inc.
    
26,848
  
 
7,943
  
China Yuchai International Ltd.#
    
154,094
  
 
2,893
  
Greenbrier Companies, Inc.
    
125,701
  
 
5,784
  
Meritor, Inc.*
    
103,013
  
 
9,542
  
Wabash National Corp.
    
217,367
  
           
627,023
  
     
Multi-line Retail - 2.79%
        
 
662
  
Big Lots, Inc.
    
33,424
  
 
2,482
  
Dillard's, Inc. - Class A
    
137,428
  
           
170,852
  
     
Multi-Utilities - 3.21%
        
 
25,986
  
Just Energy Group, Inc.#
    
158,774
  
 
785
  
Unitil Corp.
    
38,018
  
           
196,792
  
     
Oil, Gas & Consumable Fuels - 3.95%
        
 
1,434
  
Aegean Marine Petroleum Network, Inc.#
    
15,989
  
 
5,396
  
Hallador Energy Co.
    
36,099
  
 
6,711
  
Overseas Shipholding Group, Inc. - Class A*
    
24,428
  
 
5,018
  
Renewable Energy Group, Inc.*
    
52,438
  
 
1,190
  
Rex American Resources Corp.*
    
112,669
  
           
241,623
  
 
   
Paper & Forest Products - 1.75%
      
 
8,794
  
Mercer International, Inc.
    
107,287
  
               
     
Professional Services - 1.66%
        
 
353
  
Huron Consulting Group, Inc.*
    
15,709
  
 
896
  
Kelly Services, Inc. - Class A
    
19,999
  
 
2,897
  
Kforce, Inc.
    
65,762
  
           
101,470
  
     
Real Estate Management & Development - 0.83%
        
 
183
  
RMR Group, Inc. - Class A
    
9,653
  
 
8,783
  
Xinyuan Real Estate Co. Ltd. - ADR
    
40,929
  
           
50,582
  
     
Semiconductors & Semiconductor Equipment - 1.17%
        
 
1,825
  
Kulicke & Soffa Industries, Inc.*
    
40,734
  
 
1,441
  
Tower Semiconductor Ltd.*#
    
31,010
  
           
71,744
  
     
Specialty Retail - 4.88%
        
 
606
  
Aaron's, Inc.
    
21,780
  
 
870
  
Buckle, Inc.
    
16,269
  
 
6,038
  
Express, Inc.*
    
52,108
  
 
1,648
  
Genesco, Inc.*
    
87,838
  
 
877
  
Kirkland's, Inc.*
    
10,314
  
 
9,528
  
Office Depot, Inc.
    
47,354
  
 
9,323
  
Pier 1 Imports, Inc.
    
62,837
  
           
298,500
  
     
Textiles, Apparel & Luxury Goods - 0.44%
        
 
2,926
  
Vera Bradley, Inc.*
    
26,773
  
               
 
   
Thrifts & Mortgage Finance - 1.31%
      
 
8,321
  
TrustCo Bank Corp. NY
    
66,152
  
 
307
  
Walker & Dunlop, Inc.*
    
13,769
  
           
79,921
  
     
Tobacco - 1.10%
        
 
919
  
Universal Corp.
    
67,500
  
     
Total Common Stocks (Cost $5,351,074)
    
6,003,660
  
               
     
PREFERRED STOCKS - 1.57%
        
     
Electric Utilities - 1.57%
        
 
10,347
  
Companhia Energetica de Minas Gerais - ADR
    
28,247
  
 
7,387
  
Companhia Paranaense de Energia-Copel - Class B - ADR
    
67,739
  
           
95,986
  
     
Total Preferred Stocks (Cost $94,167)
    
95,986
  
               
     
Total Investments in Securities (Cost $5,445,241) - 99.62%
    
6,099,646
  
     
Other Assets in Excess of Liabilities - 0.38%
    
23,297
  
     
Net Assets - 100.00%
  
$
6,122,943
  

     
*
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, 2017 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 97.57%
      
   
Aerospace & Defense - 1.52%
      
 
1,063
  
BWX Technologies, Inc.
  
$
52,268
  
 
865
  
Curtiss-Wright Corp.
    
80,843
  
 
466
  
Huntington Ingalls Industries, Inc.
    
93,615
  
           
226,726
  
     
Air Freight & Logistics - 0.45%
        
 
3,622
  
Air Transport Services Group, Inc.*
    
66,609
  
               
     
Airlines - 0.45%
        
 
1,794
  
SkyWest, Inc.
    
66,737
  
               
     
Auto Components - 4.13%
        
 
974
  
Cooper-Standard Holding, Inc.*
    
110,130
  
 
278
  
Dorman Products, Inc.*
    
23,116
  
 
6,724
  
Horizon Global Corp.*
    
94,741
  
 
1,550
  
LCI Industries
    
156,782
  
 
11,310
  
Spartan Motors, Inc.
    
93,307
  
 
4,129
  
Superior Industries International, Inc.
    
89,806
  
 
463
  
Visteon Corp.*
    
47,666
  
           
615,548
  
     
Automobiles - 1.35%
        
 
2,090
  
Thor Industries, Inc.
    
201,016
  
               
     
Beverages - 1.19%
        
 
4,463
  
Cott Corp.#
    
58,778
  
 
982
  
National Beverage Corp.*
    
86,995
  
 
2,657
  
Primo Water Corp.*
    
31,804
  
           
177,577
  
     
Building Products - 0.58%
        
 
635
  
Trex Co., Inc.*
    
46,476
  
 
419
  
Universal Forest Products, Inc.
    
39,926
  
           
86,402
  
     
Capital Markets - 2.21%
        
 
1,155
  
Evercore Partners, Inc. - Class A
    
85,181
  
 
713
  
MarketAxess Holdings, Inc.
    
137,267
  
 
2,938
  
Moelis & Co. - Class A
    
107,825
  
           
330,273
  
     
Chemicals - 6.87%
        
 
811
  
Albemarle Corp.
    
88,326
  
 
923
  
American National Bankshares, Inc.
    
35,443
  
 
2,552
  
Chase Corp.
    
261,580
  
 
201
  
FMC Corp.
    
14,719
  
 
1,125
  
H.B. Fuller Co.
    
59,434
  
 
1,685
  
Innospec, Inc.
    
111,210
  
 
945
  
KMG Chemicals, Inc.
    
49,660
  
 
489
  
Quaker Chemical Corp.
    
70,709
  
 
1,700
  
Sierra Bancorp
    
42,619
  
 
1,364
  
Sociedad Quimica y Minera de Chile SA - ADR
    
48,490
  
 
429
  
Stepan Co.
    
36,379
  
 
993
  
Stonegate Bank
    
45,579
  
 
1,997
  
Trinseo SA#
    
132,601
  
 
1,065
  
Veritex Holdings, Inc.*
    
28,691
  
           
1,025,440
  
 
   
Commercial Banks - 6.63%
      
 
1,466
  
Carolina Financial Corp.
    
45,241
  
 
1,599
  
Farmers Capital Bank Corp.
    
66,358
  
 
3,093
  
First Merchants Corp.
    
127,988
  
 
3,384
  
German American Bancorp, Inc.
    
111,266
  
 
2,727
  
Heritage Financial Corp.
    
71,993
  
 
7,486
  
Lakeland Bancorp, Inc.
    
145,603
  
 
8,334
  
Macatawa Bank Corp.
    
79,756
  
 
1,201
  
Preferred Bank
    
63,641
  
 
4,922
  
Stock Yards Bancorp, Inc.
    
201,802
  
 
2,310
  
Towne Bank/Portsmouth VA
    
74,959
  
           
988,607
  
     
Commercial Services & Supplies - 3.49%
        
 
624
  
ABM Industries, Inc.
    
26,951
  
 
436
  
Avery Dennison Corp.
    
36,280
  
 
1,458
  
Brink's Co.
    
89,521
  
 
1,055
  
McGrath RentCorp.
    
36,725
  
 
1,417
  
Quad Graphics, Inc.
    
37,210
  
 
1,901
  
Ritchie Bros Auctioneers, Inc.#
    
62,277
  
 
1,175
  
Rollins, Inc.
    
45,625
  
 
1,162
  
SP Plus Corp.*
    
40,031
  
 
2,078
  
Viad Corp.
    
93,926
  
 
560
  
Waste Connections, Inc.#
    
51,531
  
           
520,077
  
     
Communications Equipment - 3.28%
        
 
2,501
  
Finisar Corp.*
    
57,123
  
 
1,953
  
InterDigital, Inc.
    
175,575
  
 
662
  
Ituran Location and Control Ltd.#
    
20,721
  
 
1,005
  
Lumentum Holdings, Inc.*
    
42,964
  
 
2,258
  
Ubiquiti Networks, Inc.*
    
116,332
  
 
7,610
  
Viavi Solutions, Inc.*
    
76,100
  
           
488,815
  
     
Computers & Peripherals - 1.20%
        
 
4,765
  
Logitech International SA#
    
158,103
  
 
514
  
NetApp, Inc.
    
20,483
  
           
178,586
  
     
Construction & Engineering - 3.74%
        
 
2,765
  
Argan, Inc.
    
184,840
  
 
2,026
  
Jacobs Engineering Group, Inc.
    
111,268
  
 
1,727
  
MasTec, Inc.*
    
76,247
  
 
1,446
  
MYR Group, Inc.*
    
61,108
  
 
3,503
  
Quanta Services, Inc.*
    
124,146
  
           
557,609
  
     
Consumer Finance - 0.52%
        
 
2,262
  
Green Dot Corp. - Class A*
    
77,564
  
               
     
Containers & Packaging - 0.25%
        
 
642
  
Greif, Inc. - Class A
    
37,634
  
               
 
   
Diversified Consumer Services - 1.44%
      
 
1,304
  
Capella Education Co.
    
124,271
  
 
1,039
  
Strayer Education, Inc.
    
90,092
  
           
214,363
  
     
Diversified Telecommunication Services - 0.73%
        
 
924
  
Cogent Communications Holdings, Inc.
    
41,580
  
 
1,557
  
Consolidated Communications Holdings, Inc.
    
36,854
  
 
1,967
  
IDT Corp. - Class B
    
29,879
  
           
108,313
  
     
Electronic Equipment, Instruments & Components - 4.31%
        
 
821
  
CDW Corp.
    
48,513
  
 
2,691
  
Jabil Circuit, Inc.
    
78,093
  
 
9,531
  
Kemet Corp.*
    
106,842
  
 
6,379
  
Kimball Electronics, Inc.*
    
110,038
  
 
5,101
  
Novanta, Inc.*#
    
143,083
  
 
1,682
  
PCM, Inc.*
    
42,386
  
 
731
  
Sanmina Corp.*
    
27,230
  
 
5,154
  
TTM Technologies, Inc.*
    
86,226
  
           
642,411
  
     
Food Products - 2.83%
        
 
3,195
  
Fresh Del Monte Produce, Inc.#
    
195,853
  
 
1,252
  
Ingredion, Inc.
    
155,023
  
 
564
  
Lancaster Colony Corp.
    
71,008
  
           
421,884
  
     
Health Care Equipment & Supplies - 5.73%
        
 
310
  
Align Technology, Inc.*
    
41,732
  
 
1,552
  
Cutera, Inc.*
    
30,342
  
 
2,546
  
Exactech, Inc.*
    
75,489
  
 
1,100
  
IDEXX Laboratories, Inc.*
    
184,503
  
 
3,798
  
Masimo Corp.*
    
390,207
  
 
643
  
Teleflex, Inc.
    
133,030
  
           
855,303
  
     
Health Care Providers & Services - 1.51%
        
 
186
  
Chemed Corp.
    
37,457
  
 
912
  
HealthEquity, Inc.*
    
41,514
  
 
4,370
  
Tivity Health, Inc.*
    
146,832
  
           
225,803
  
     
Hotels, Restaurants & Leisure - 2.54%
        
 
1,709
  
Choice Hotels International, Inc.
    
107,154
  
 
533
  
Darden Restaurants, Inc.
    
45,406
  
 
4,821
  
International Game Technology PLC#
    
107,026
  
 
596
  
Six Flags Entertainment Corp.
    
37,316
  
 
579
  
Tropicana Entertainment, Inc.*
    
20,178
  
 
312
  
Vail Resorts, Inc.
    
61,670
  
           
378,750
  
 
   
Household Durables - 2.38%
      
 
300
  
Garmin Ltd.#
    
15,252
  
 
1,698
  
iRobot Corp.*
    
135,398
  
 
1,666
  
NACCO Industries, Inc. - Class A
    
141,027
  
 
1,169
  
SodaStream International Ltd.*#
    
63,582
  
           
355,259
  
     
Household Products - 0.45%
        
 
188
  
Spectrum Brands Holdings, Inc.
    
27,021
  
 
382
  
WD-40 Co.
    
40,053
  
           
67,074
  
     
Insurance - 3.15%
        
 
1,290
  
AMERISAFE, Inc.
    
74,239
  
 
3,407
  
Assured Guaranty Ltd.#
    
129,909
  
 
1,118
  
CNA Financial Corp.
    
50,601
  
 
193
  
Investors Title Co.
    
34,396
  
 
334
  
National Western Life Group, Inc. - Class A
    
102,284
  
 
258
  
Primerica, Inc.
    
21,620
  
 
1,197
  
Stewart Information Services Corp.
    
56,786
  
           
469,835
  
     
Internet & Catalog Retail - 0.44%
        
 
1,244
  
NutriSystem, Inc.
    
66,492
  
               
     
Internet & Direct Marketing Retail - 0.14%
        
 
377
  
Liberty Ventures - Class A*
    
20,301
  
               
     
Internet Software & Services - 1.55%
        
 
1,580
  
Weibo Corp. - ADR*
    
88,259
  
 
1,733
  
Wix.com Ltd.*#
    
142,886
  
           
231,145
  
     
IT Services - 2.60%
        
 
451
  
Broadridge Financial Solutions, Inc.
    
31,543
  
 
1,414
  
Cardtronics PLC - Class A*#
    
58,794
  
 
777
  
Cass Information Systems, Inc.
    
51,647
  
 
2,712
  
ManTech International Corp. - Class A
    
96,276
  
 
2,043
  
Science Applications International Corp.
    
149,119
  
           
387,379
  
     
Life Sciences Tools & Services - 0.80%
        
 
374
  
Bio-Techne Corp.
    
40,048
  
 
1,164
  
Bruker Corp.
    
28,390
  
 
5,718
  
Enzo Biochem, Inc.*
    
50,318
  
           
118,756
  
     
Machinery - 6.09%
        
 
431
  
Altra Industrial Motion Corp.
    
19,029
  
 
1,332
  
Astec Industries, Inc.
    
84,382
  
 
885
  
China Yuchai International Ltd.#
    
17,169
  
 
3,986
  
Columbus Mckinnon Corp.
    
104,154
  
 
3,059
  
Douglas Dynamics, Inc.
    
97,582
  
 
801
  
ESCO Technologies, Inc.
    
47,139
  
 
1,285
  
Global Brass & Copper Holdings, Inc.
    
45,810
  
 
1,192
  
John Bean Technologies Corp.
    
105,671
  
 
641
  
Kadant, Inc.
    
39,838
  
 
228
  
Lincoln Electric Holdings, Inc.
    
20,299
  
 
974
  
Lydall, Inc.*
    
51,038
  
 
5,430
  
Mueller Water Products, Inc. - Class A
    
61,087
  
 
2,247
  
Supreme Industries, Inc. - Class A
    
45,030
  
 
2,628
  
Toro Co.
    
170,610
  
           
908,838
  
 
   
Metals & Mining - 1.51%
      
 
1,196
  
Reliance Steel & Aluminum Co.
    
94,269
  
 
2,845
  
Steel Dynamics, Inc.
    
102,818
  
 
648
  
Worthington Industries, Inc.
    
28,188
  
           
225,275
  
     
Oil, Gas & Consumable Fuels - 1.90%
        
 
1,487
  
Rex American Resources Corp.*
    
140,789
  
 
9,579
  
Transportadora de Gas del Sur SA - Class B - ADR*
    
142,536
  
           
283,325
  
     
Paper & Forest Products - 0.29%
        
 
895
  
Clearwater Paper Corp.*
    
43,497
  
               
     
Personal Products - 0.47%
        
 
358
  
Medifast, Inc.
    
16,583
  
 
978
  
Nu Skin Enterprises, Inc. - Class A
    
54,015
  
           
70,598
  
     
Professional Services - 1.40%
        
 
1,356
  
ICF International, Inc.*
    
59,867
  
 
1,087
  
Insperity, Inc.
    
99,297
  
 
672
  
WageWorks, Inc.*
    
49,594
  
           
208,758
  
     
Real Estate Management & Development - 1.43%
        
 
351
  
FirstService Corp.#
    
21,808
  
 
1,246
  
RE/MAX Holdings, Inc. - Class A
    
73,701
  
 
2,223
  
RMR Group, Inc. - Class A
    
117,263
  
           
212,772
  
     
Road & Rail - 0.43%
        
 
675
  
Saia, Inc.*
    
32,501
  
 
5,289
  
Student Transportation, Inc.#
    
31,470
  
           
63,971
  
     
Semiconductors & Semiconductor Equipment - 9.50%
        
 
4,925
  
Advanced Energy Industries, Inc.*
    
363,465
  
 
6,379
  
Alpha & Omega Semiconductor Ltd.*#
    
105,572
  
 
2,033
  
Cabot Microelectronics Corp.
    
159,286
  
 
2,556
  
Cohu, Inc.
    
47,874
  
 
3,343
  
Entegris, Inc.*
    
82,906
  
 
7,847
  
Kulicke & Soffa Industries, Inc.*
    
175,145
  
 
863
  
NVE Corp.
    
70,257
  
 
407
  
Power Integrations, Inc.
    
26,842
  
 
3,193
  
Rudolph Technologies, Inc.*
    
78,228
  
 
660
  
Silicon Laboratories, Inc.*
    
46,959
  
 
4,768
  
Teradyne, Inc.
    
168,167
  
 
1,775
  
Tower Semiconductor Ltd.*#
    
38,198
  
 
1,599
  
Xperi Corp.
    
53,726
  
           
1,416,625
  
 
   
Software - 0.89%
      
 
913
  
Ebix, Inc.
    
56,332
  
 
455
  
ePlus, Inc.*
    
32,419
  
 
1,448
  
QAD, Inc. - Class A
    
43,730
  
           
132,481
  
     
Speciality Retail - 0.67%
        
 
1,018
  
Burlington Stores, Inc.*
    
100,701
  
               
     
Thrifts & Mortgage Finance - 3.85%
        
 
3,288
  
Beneficial Bancorp, Inc.
    
52,608
  
 
6,495
  
Charter Financial Corp.
    
119,183
  
 
732
  
HomeStreet, Inc.*
    
19,032
  
 
2,707
  
Meta Financial Group, Inc.
    
229,824
  
 
3,714
  
TrustCo Bank Corp. NY
    
29,526
  
 
3,176
  
Washington Fed, Inc.
    
107,031
  
 
861
  
Waterstone Financial, Inc.
    
16,359
  
           
573,563
  
     
Trading Companies & Distributors - 0.68%
        
 
703
  
MSC Industrial Direct Co., Inc. - Class A
    
62,940
  
 
423
  
Rush Enterprises, Inc. - Class A*
    
15,968
  
 
746
  
Univar, Inc.*
    
22,268
  
           
101,176
  
     
Total Common Stocks (Cost $12,722,852)
    
14,549,868
  
               
     
PREFERRED STOCKS - 0.52%
        
     
Diversified Telecommunication Services - 0.52%
        
 
2,830
  
Nortel Inversora S.A. - Class B - ADR
    
77,542
  
     
Total Preferred Stocks (Cost $74,241)
    
77,542
  
               
     
Total Investments in Securities (Cost $12,797,093) - 98.09%
    
14,627,410
  
     
Other Assets in Excess of Liabilities - 1.91%
    
285,017
  
     
Net Assets - 100.00%
  
$
14,912,427
  

*
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, 2017 (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, 2017:

All Cap Core Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
3,053,455
    
$
-
    
$
-
    
$
3,053,455
  
  Consumer Staples
    
880,816
      
-
      
-
      
880,816
  
  Energy
    
40,342
      
-
      
-
      
40,342
  
  Financials
    
3,228,322
      
-
      
-
      
3,228,322
  
 
  Health Care
    
911,887
      
-
      
-
      
911,887
  
  Industrials
    
4,968,115
      
-
      
-
      
4,968,115
  
  Information Technology
    
2,444,678
      
-
      
-
      
2,444,678
  
  Materials
    
855,698
      
-
      
-
      
855,698
  
  Real Estate
    
46,069
       -       -      
46,069
  
  Telecommunication Services
    
243,306
      
-
      
-
      
243,306
  
  Utilities
    
39,709
      
-
      
-
      
39,709
  
Total Common Stocks
    
16,712,397
      
-
      
-
      
16,712,397
  
Total Investments in Securities
  
$
16,712,397
    
$
-
    
$
-
    
$
16,712,397
  

Enhanced Dividend Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,071,006
    
$
-
    
$
-
    
$
1,071,006
  
  Consumer Staples
    
513,573
      
-
      
-
      
513,573
  
  Energy
    
1,847,232
      
-
      
-
      
1,847,232
  
  Financials
    
2,160,984
      
-
      
-
      
2,160,984
  
  Health Care
    
764,781
      
-
      
-
      
764,781
  
  Industrials
    
1,266,854
      
-
      
-
      
1,266,854
  
  Information Technology
    
1,317,128
      
-
      
-
      
1,317,128
  
  Materials
    
1,702,696
      
-
      
-
      
1,702,696
  
  Telecommunication Services
    
760,072
      
-
      
-
      
760,072
  
Total Common Stocks
    
11,404,326
      
-
      
-
      
11,404,326
  
Total Investments in Securities
  
$
11,404,326
    
$
-
    
$
-
    
$
11,404,326
  

Market Leaders Value Fund
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
7,958,623
    
$
-
    
$
-
    
$
7,958,623
  
  Consumer Staples
    
1,621,291
      
-
      
-
      
1,621,291
  
  Energy
    
1,704,655
      
-
      
-
      
1,704,655
  
  Financials
    
7,119,765
      
-
      
-
      
7,119,765
  
  Health Care
    
1,739,837
      
-
      
-
      
1,739,837
  
  Industrials
    
5,515,976
      
-
      
-
      
5,515,976
  
  Information Technology
    
4,502,200
      
-
      
-
      
4,502,200
  
  Materials
    
1,203,423
      
-
      
-
      
1,203,423
  
  Telecommunication Services
    
1,129,711
      
-
      
-
      
1,129,711
  
Total Common Stocks
    
32,495,481
      
-
      
-
      
32,495,481
  
Total Investments in Securities
  
$
32,495,481
    
$
-
    
$
-
    
$
32,495,481
  


Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
597,328
    
$
-
    
$
-
    
$
597,328
  
  Consumer Staples
    
155,720
      
-
      
-
      
155,720
  
  Energy
    
302,402
      
-
      
-
      
302,402
  
  Financials
    
2,338,854
      
-
      
-
      
2,338,854
  
  Health Care
    
253,564
      
-
      
-
      
253,564
  
  Industrials
    
945,635
      
-
      
-
      
945,635
  
  Information Technology
    
680,831
      
-
      
-
      
680,831
  
  Materials
    
349,935
      
-
      
-
      
349,935
  
  Real Estate
    
50,582
      
-
      
-
      
50,582
  
  Utilities
    
328,809
      
-
      
-
      
328,809
  
Total Common Stocks
    
6,003,660
      
-
      
-
      
6,003,660
  
Preferred Stocks
                                
  Utilities
    
95,986
      
-
      
-
      
95,986
  
Total Preferred Stocks
    
95,986
      
-
      
-
      
95,986
  
Total Investments in Securities
  
$
6,099,646
    
$
-
    
$
-
    
$
6,099,646
  

Small/Mid Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,952,430
    
$
-
    
$
-
    
$
1,952,430
  
  Consumer Staples
    
737,133
      
-
      
-
      
737,133
  
  Energy
    
283,325
      
-
      
-
      
283,325
  
  Financials
    
2,592,174
      
-
      
-
      
2,592,174
  
  Health Care
    
1,199,862
      
-
      
-
      
1,199,862
  
  Industrials
    
2,770,623
      
-
      
-
      
2,770,623
  
  Information Technology
    
3,477,442
      
-
      
-
      
3,477,442
  
  Materials
    
1,215,794
      
-
      
-
      
1,215,794
  
  Real Estate
    
212,772
      
-
      
-
      
212,772
  
  Telecommunication Services
    
108,313
      
-
      
-
      
108,313
  
Total Common Stocks
    
14,549,868
      
-
      
-
      
14,549,868
  
Preferred Stocks
                                
  Telecommunication Services
    
77,542
      
-
      
-
      
77,542
  
Total Preferred Stocks
    
77,542
      
-
      
-
      
77,542
  
Total Investments in Securities
  
$
14,627,410
    
$
-
    
$
-
    
$
14,627,410
  


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, 2017, 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, 2017.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at April 30, 2017 was as follows*:

All Cap Core Fund

Cost of investments
  
$
13,374,668
  
         
Gross unrealized appreciation
  
$
3,502,056
  
Gross unrealized depreciation
    
(164,327)
 
Net unrealized appreciation
  
$
3,337,729
  
         

Enhanced Dividend Fund

Cost of investments
  
$
10,106,485
  
         
Gross unrealized appreciation
  
$
1,519,845
  
Gross unrealized depreciation
    
(222,004)
 
Net unrealized appreciation
  
$
1,297,841
  
         

Market Leaders Value Fund

Cost of investments
  
$
29,873,800
  
         
Gross unrealized appreciation
  
$
3,405,268
  
Gross unrealized depreciation
    
(783,587)
 
Net unrealized appreciation
  
$
2,621,681
  
         

Small Cap Value Fund

Cost of investments
  
$
5,445,241
  
         
Gross unrealized appreciation
  
$
857,255
  
Gross unrealized depreciation
    
(202,850)
 
Net unrealized appreciation
  
$
654,405
  
 
Small/Mid Cap Growth Fund

Cost of investments
  
$
12,797,093
  
         
Gross unrealized appreciation
  
$
2,153,040
  
Gross unrealized depreciation
    
(322,723)
 
Net unrealized appreciation
  
$
1,830,317
  
         

* 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           6/26/2017                                                                      



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           6/26/2017                                                                            
 
 
By (Signature and Title)* /s/ Cheryl L. King                                   
                                                  Cheryl L. King, Treasurer

Date           6/26/2017                                                                           

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