N-Q 1 ast-osam_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on [date]



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 


Investment Company Act file number  811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)



Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and address of agent for service)


Registrant's telephone number, including area code: (414) 765-6872




Date of fiscal year end:  July 31, 2019



Date of reporting period:  April 30, 2019
Item 1. Schedules of Investments.
 
O'Shaughnessy All Cap Core Fund
  
Schedule of Investments
  
at April 30, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.05%
      
   
Aerospace & Defense - 2.08%
      
 
49
  
Huntington Ingalls Industries, Inc.
  
$
10,906
  
 
329
  
National Presto Industries, Inc.
    
35,039
  
 
141
  
Spirit AeroSystems Holdings, Inc. - Class A
    
12,253
  
 
2,282
  
Textron, Inc.
    
120,946
  
           
179,144
  
     
Airlines - 1.71%
        
 
1,353
  
Delta Air Lines, Inc.
    
78,866
  
 
508
  
Southwest Airlines Co.
    
27,549
  
 
460
  
United Continental Holdings, Inc. *
    
40,876
  
           
147,291
  
     
Auto Components - 0.37%
        
 
224
  
Lear Corp.
    
32,032
  
               
     
Beverages - 0.66%
        
 
183
  
Boston Beer Co., Inc. - Class A *
    
56,732
  
               
     
Biotechnology - 3.47%
        
 
1,295
  
AbbVie, Inc.
    
102,810
  
 
1,094
  
Amgen, Inc.
    
196,176
  
           
298,986
  
     
Building Products - 0.86%
        
 
627
  
Armstrong World Industries, Inc.
    
54,342
  
 
774
  
Continental Building Products, Inc. *
    
19,853
  
           
74,195
  
     
Capital Markets - 3.58%
        
 
1,491
  
Ameriprise Financial, Inc.
    
218,834
  
 
1,658
  
Franklin Resources, Inc.
    
57,350
  
 
1,717
  
Waddell & Reed Financial, Inc. - Class A
    
32,160
  
           
308,344
  
     
Chemicals - 2.28%
        
 
2,666
  
FutureFuel Corp.
    
39,164
  
 
613
  
LyondellBasell Industries NV - Class A #
    
54,085
  
 
436
  
Stepan Co.
    
40,347
  
 
1,326
  
Tredegar Corp.
    
23,894
  
 
561
  
Westlake Chemical Corp.
    
39,130
  
           
196,620
  
     
Commercial Banks - 6.97%
        
 
1,117
  
Bank of America Corp.
    
34,158
  
 
534
  
BB&T Corp.
    
27,341
  
 
801
  
Citigroup, Inc.
    
56,631
  
 
853
  
Comerica, Inc.
    
67,037
  
 
6,727
  
Fifth Third Bancorp
    
193,872
  
 
10,454
  
Regions Financial Corp.
    
162,350
  
 
1,234
  
Wells Fargo & Co.
    
59,738
  
           
601,127
  
     
Communications Equipment - 2.10%
        
 
2,944
  
Cisco Systems, Inc.
    
164,717
  
 
594
  
Juniper Networks, Inc.
    
16,495
  
           
181,212
  
     
Construction & Engineering - 1.40%
        
 
664
  
Comfort Systems USA, Inc.
    
35,922
  
 
263
  
EMCOR Group, Inc.
    
22,129
  
 
2,726
  
Great Lakes Dredge & Dock Corp. *
    
27,887
  
 
2,553
  
Sterling Construction Co., Inc. *
    
34,619
  
           
120,557
  
     
Diversified Consumer Services - 1.33%
        
 
886
  
H&R Block, Inc.
    
24,108
  
 
3,021
  
K12, Inc. *
    
90,993
  
           
115,101
  
     
Diversified Financial Services - 0.17%
        
 
263
  
Voya Financial, Inc.
    
14,436
  
               
     
Electrical Equipment - 0.53%
        
 
253
  
Rockwell Automation, Inc.
    
45,720
  
               
     
Electronic Equipment, Instruments & Components - 1.55%
        
 
778
  
CDW Corp.
    
82,157
  
 
793
  
Corning, Inc.
    
25,257
  
 
224
  
PCM, Inc. *
    
6,180
  
 
187
  
Tech Data Corp. *
    
19,936
  
           
133,530
  
     
Energy Equipment & Services - 0.33%
        
 
2,744
  
FTS International, Inc. *
    
28,400
  
               
     
Food & Staples Retailing - 2.21%
        
 
3,346
  
Kroger Co.
    
86,260
  
 
533
  
U.S. Foods Holding Corp. *
    
19,481
  
 
1,580
  
Walgreens Boots Alliance, Inc.
    
84,641
  
           
190,382
  
     
Food Products - 0.89%
        
 
2,495
  
Conagra Brands, Inc.
    
76,796
  
               
     
Health Care Equipment & Supplies - 3.16%
        
 
1,510
  
CONMED Corp.
    
120,845
  
 
1,066
  
Haemonetics Corp. *
    
93,041
  
 
254
  
IDEXX Laboratories, Inc. *
    
58,928
  
           
272,814
  
     
Health Care Providers & Services - 4.65%
        
 
79
  
Amedisys, Inc. *
    
10,098
  
 
189
  
Anthem, Inc.
    
49,713
  
 
1,335
  
Cardinal Health, Inc.
    
65,028
  
 
924
  
HCA Healthcare, Inc.
    
117,560
  
 
139
  
Humana, Inc.
    
35,502
  
 
1,059
  
Premier, Inc. *
    
35,190
  
 
339
  
WellCare Health Plans, Inc. *
    
87,581
  
           
400,672
  
     
Health Care Technology - 0.44%
        
 
271
  
Veeva Systems, Inc. - Class A *
    
37,905
  
     
Hotels, Restaurants & Leisure - 2.36%
        
 
1,149
  
BJ's Restaurants, Inc.
    
57,347
  
 
1,657
  
Brinker International, Inc.
    
70,870
  
 
200
  
Hilton Worldwide Holdings, Inc.
    
17,398
  
 
550
  
Yum! Brands, Inc.
    
57,414
  
           
203,029
  
     
Household Durables - 0.90%
        
 
206
  
Helen of Troy Ltd. *#
    
29,664
  
 
1,529
  
PulteGroup, Inc.
    
48,102
  
           
77,766
  
     
Household Products - 1.68%
        
 
509
  
Church & Dwight Co., Inc.
    
38,150
  
 
999
  
Procter & Gamble Co.
    
106,373
  
           
144,523
  
     
Insurance - 2.30%
        
 
1,061
  
Hartford Financial Services Group, Inc.
    
55,501
  
 
2,773
  
MetLife, Inc.
    
127,918
  
 
82
  
Willis Towers Watson PLC #
    
15,116
  
           
198,535
  
     
Internet & Direct Marketing Retail - 0.90%
        
 
1,998
  
eBay, Inc.
    
77,423
  
               
     
Internet Software & Services - 0.82%
        
 
2,026
  
Blucora, Inc. *
    
70,910
  
               
     
IT Services - 5.71%
        
 
184
  
Automatic Data Processing, Inc.
    
30,248
  
 
621
  
Broadridge Financial Solutions, Inc.
    
73,359
  
 
3,129
  
DXC Technology Co.
    
205,700
  
 
927
  
Perficient, Inc. *
    
27,291
  
 
988
  
Unisys Corp. *
    
11,075
  
 
367
  
Visa, Inc. - Class A
    
60,346
  
 
4,343
  
Western Union Co.
    
84,428
  
           
492,447
  
     
Life Sciences Tools & Services - 0.79%
        
 
244
  
Thermo Fisher Scientific, Inc.
    
67,698
  
               
     
Machinery - 2.14%
        
 
462
  
AGCO Corp.
    
32,700
  
 
325
  
Allison Transmission Holdings, Inc.
    
15,229
  
 
339
  
Dover Corp.
    
33,236
  
 
841
  
Ingersoll-Rand PLC #
    
103,115
  
           
184,280
  
     
Media - 5.20%
        
 
615
  
Nexstar Media Group, Inc. - Class A
    
71,986
  
 
1,426
  
Omnicom Group, Inc.
    
114,123
  
 
3,936
  
Viacom, Inc. - Class B
    
113,790
  
 
1,086
  
Walt Disney Co.
    
148,749
  
           
448,648
  
     
Metals & Mining - 1.36%
        
 
2,851
  
Freeport-McMoRan, Inc.
    
35,096
  
 
990
  
Nucor Corp.
    
56,499
  
 
823
  
Warrior Met Coal, Inc.
    
25,513
  
           
117,108
  
     
Multi-line Retail - 1.39%
        
 
888
  
Kohl's Corp.
    
63,137
  
 
946
  
Macy's, Inc.
    
22,269
  
 
444
  
Target Corp.
    
34,374
  
           
119,780
  
     
Oil, Gas & Consumable Fuels - 5.41%
        
 
1,492
  
ConocoPhillips
    
94,175
  
 
977
  
Devon Energy Corp.
    
31,401
  
 
550
  
Marathon Petroleum Corp.
    
33,478
  
 
1,393
  
Peabody Energy Corp.
    
40,077
  
 
1,378
  
Phillips 66
    
129,904
  
 
3,171
  
Renewable Energy Group, Inc. *
    
76,485
  
 
490
  
Valero Energy Corp.
    
44,423
  
 
2,532
  
W&T Offshore, Inc. *
    
16,154
  
           
466,097
  
     
Paper & Forest Products - 1.08%
        
 
1,571
  
Boise Cascade Co.
    
43,501
  
 
2,238
  
Verso Corp. - Class A *
    
49,952
  
           
93,453
  
     
Personal Products - 0.48%
        
 
778
  
Herbalife Nutrition Ltd. *#
    
41,117
  
               
     
Pharmaceuticals - 3.63%
        
 
379
  
Johnson & Johnson
    
53,515
  
 
1,156
  
Mallinckrodt PLC *#
    
17,872
  
 
1,858
  
Merck & Co., Inc.
    
146,243
  
 
2,350
  
Pfizer, Inc.
    
95,433
  
           
313,063
  
     
Professional Services - 1.07%
        
 
282
  
FTI Consulting, Inc. *
    
23,965
  
 
882
  
ICF International, Inc.
    
68,681
  
           
92,646
  
     
Real Estate Management & Development - 1.01%
        
 
792
  
Altisource Portfolio Solutions SA *#
    
18,746
  
 
440
  
Jones Lang LaSalle, Inc.
    
68,011
  
           
86,757
  
     
Road & Rail - 0.60%
        
 
1,680
  
ArcBest Corp.
    
51,341
  
               
     
Semiconductors & Semiconductor Equipment - 3.83%
        
 
179
  
Analog Devices, Inc.
    
20,807
  
 
1,607
  
Micron Technology, Inc. *
    
67,590
  
 
1,659
  
NXP Semiconductors NV #
    
175,224
  
 
772
  
QUALCOMM, Inc.
    
66,492
  
           
330,113
  
     
Software - 7.52%
        
 
1,045
  
Cadence Design Systems, Inc. *
    
72,502
  
 
1,074
  
CDK Global, Inc.
    
64,784
  
 
2,062
  
Citrix Systems, Inc.
    
208,180
  
 
840
  
Intuit, Inc.
    
210,890
  
 
1,661
  
Oracle Corp.
    
91,903
  
           
648,259
  
     
Specialty Retail - 2.75%
        
 
1,220
  
Best Buy Co., Inc.
    
90,780
  
 
639
  
Foot Locker, Inc.
    
36,557
  
 
369
  
Genesco, Inc. *
    
16,535
  
 
646
  
Haverty Furniture Companies, Inc.
    
15,388
  
 
1,137
  
Sally Beauty Holdings, Inc. *
    
20,125
  
 
1,623
  
Shoe Carnival, Inc.
    
57,876
  
           
237,261
  
     
Technology Hardware, Storage & Peripherals - 1.99%
        
 
3,544
  
Seagate Technology PLC #
    
171,246
  
               
     
Textiles, Apparel & Luxury Goods - 1.90%
        
 
1,034
  
Deckers Outdoor Corp. *
    
163,589
  
               
     
Trading Companies & Distributors - 0.16%
        
 
679
  
BMC Stock Holdings, Inc. *
    
13,974
  
               
     
Wireless Telecommunication Services - 1.33%
        
 
1,035
  
Telephone & Data Systems, Inc.
    
32,996
  
 
1,119
  
T-Mobile U.S., Inc. *
    
81,676
  
           
114,672
  
     
Total Common Stocks (Cost $8,388,447)
    
8,537,731
  
               
     
REITS - 0.85%
        
     
Real Estate - 0.85%
        
 
927
  
Alexander & Baldwin, Inc.
    
21,896
  
 
193
  
Boston Properties, Inc.
    
26,561
  
 
49
  
Simon Property Group, Inc.
    
8,511
  
 
761
  
Xenia Hotels & Resorts, Inc.
    
16,475
  
     
Total REITS (Cost $72,970)
    
73,443
  
               
     
Total Investments in Securities (Cost $8,461,417) - 99.90%
    
8,611,174
  
     
Other Assets in Excess of Liabilities - 0.10%
    
8,541
  
     
Net Assets - 100.00%
  
$
8,619,715
  
   
 
*
  
Non-income producing security.
        
 
#
  
U.S. traded security of a foreign issuer.
        
REIT -
  
Real Estate Investment Trust
        
               
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
  
Inc. and Standard & Poor's 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, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 98.81%
      
   
Aerospace & Defense - 1.13%
      
 
45
  
Huntington Ingalls Industries, Inc.
  
$
10,016
  
 
1,235
  
Textron, Inc.
    
65,455
  
           
75,471
  
     
Airlines - 4.09%
        
 
2,329
  
Delta Air Lines, Inc.
    
135,757
  
 
2,259
  
Deutsche Lufthansa AG - ADR
    
54,465
  
 
5,769
  
International Consolidated Airlines Group SA - ADR
    
82,093
  
           
272,315
  
     
Auto Components - 4.15%
        
 
460
  
Lear Corp.
    
65,780
  
 
3,784
  
Magna International, Inc. #
    
210,542
  
           
276,322
  
     
Automobiles - 4.83%
        
 
4,227
  
Honda Motor Co., Ltd. - ADR
    
117,891
  
 
16,631
  
Subaru Corp. - ADR
    
203,564
  
           
321,455
  
     
Capital Markets - 4.25%
        
 
1,929
  
Ameriprise Financial, Inc.
    
283,119
  
               
     
Chemicals - 4.80%
        
 
721
  
BASF SE - ADR
    
14,716
  
 
288
  
Celanese Corp.
    
31,072
  
 
2,390
  
LyondellBasell Industries NV - Class A #
    
210,870
  
 
1,412
  
Sinopec Shanghai Petrochemical Co., Ltd. - ADR
    
63,371
  
           
320,029
  
     
Commercial Banks - 10.03%
        
 
3,148
  
Australia & New Zealand Banking Group Ltd. - ADR
    
60,473
  
 
10,115
  
Banco Santander Mexico SA - ADR
    
85,269
  
 
5,565
  
BNP Paribas SA - ADR
    
148,252
  
 
1,031
  
Citigroup, Inc.
    
72,892
  
 
1,343
  
Fifth Third Bancorp
    
38,705
  
 
161
  
KB Financial Group, Inc. - ADR
    
6,364
  
 
31,557
  
Societe Generale SA - ADR
    
200,387
  
 
1,561
  
Woori Financial Group, Inc. - ADR
    
55,899
  
           
668,241
  
               
     
Consumer Finance - 2.02%
        
 
1,085
  
Discover Financial Services
    
88,417
  
 
1,338
  
Synchrony Financial
    
46,388
  
           
134,805
  
     
Containers & Packaging - 0.18%
        
 
319
  
WestRock Co.
    
12,243
  
               
     
Diversified Financial Services - 1.36%
        
 
1,293
  
ORIX Corp. - ADR
    
90,639
  
     
Diversified Telecommunication Services - 2.75%
        
 
3,658
  
Nippon Telegraph & Telephone Corp. - ADR
    
152,539
  
 
2,575
  
Telstra Corp., Ltd. - ADR
    
30,565
  
           
183,104
  
     
Electronic Equipment, Instruments & Components - 0.47%
        
 
472
  
Hitachi Ltd. - ADR
    
31,447
  
               
     
Food & Staples Retailing - 5.91%
        
 
7,875
  
Koninklijke Ahold Delhaize NV - ADR
    
189,709
  
 
4,655
  
Kroger Co.
    
120,006
  
 
1,564
  
Walgreens Boots Alliance, Inc.
    
83,783
  
           
393,498
  
     
Insurance - 8.59%
        
 
8,795
  
Aegon NV - ADR
    
45,734
  
 
1,212
  
Allianz SE - ADR
    
29,233
  
 
168
  
Allstate Corp.
    
16,642
  
 
4,978
  
Aviva PLC - ADR
    
56,227
  
 
2,055
  
AXA SA - ADR
    
54,334
  
 
86
  
Fairfax Financial Holdings Ltd. #
    
41,066
  
 
3,236
  
MetLife, Inc.
    
149,277
  
 
1,697
  
Prudential Financial, Inc.
    
179,390
  
           
571,903
  
     
IT Services - 0.64%
        
 
305
  
International Business Machines Corp.
    
42,782
  
               
     
Media - 7.48%
        
 
2,563
  
Omnicom Group, Inc.
    
205,117
  
 
10,137
  
Viacom, Inc. - Class B
    
293,061
  
           
498,178
  
     
Metals & Mining - 5.67%
        
 
1,391
  
ArcelorMittal - ADR
    
30,379
  
 
1,997
  
Freeport-McMoRan, Inc.
    
24,583
  
 
1,463
  
POSCO - ADR
    
80,714
  
 
3,985
  
Rio Tinto PLC - ADR
    
234,717
  
 
239
  
Steel Dynamics, Inc.
    
7,572
  
           
377,965
  
     
Multi-line Retail - 2.64%
        
 
2,027
  
Kohl's Corp.
    
144,120
  
 
1,336
  
Macy's, Inc.
    
31,449
  
           
175,569
  
     
Oil, Gas & Consumable Fuels - 10.81%
        
 
2,692
  
China Petroleum & Chemical Corp. - ADR
    
206,584
  
 
1,544
  
Eni S.p.A. - ADR
    
52,388
  
 
637
  
HollyFrontier Corp.
    
30,404
  
 
3,078
  
LUKOIL PJSC - ADR
    
263,169
  
 
366
  
Marathon Petroleum Corp.
    
22,278
  
 
8,531
  
Repsol YPF, SA - ADR
    
145,112
  
           
719,935
  
     
Paper & Forest Products - 1.66%
        
 
2,354
  
International Paper Co.
    
110,191
  
               
     
Semiconductors & Semiconductor Equipment - 1.14%
        
 
366
  
Lam Research Corp.
    
75,919
  
     
Specialty Retail - 3.25%
        
 
2,911
  
Best Buy Co., Inc.
    
216,608
  
               
     
Technology Hardware, Storage & Peripherals - 3.47%
        
 
3,703
  
Seagate Technology PLC #
    
178,929
  
 
1,026
  
Western Digital Corp.
    
52,449
  
           
231,378
  
               
     
Trading Companies & Distributors - 2.77%
        
 
571
  
Mitsui & Co., Ltd. - ADR
    
184,296
  
               
     
Wireless Telecommunication Services - 4.72%
        
 
2,620
  
China Mobile Ltd. - ADR
    
124,895
  
 
3,990
  
NTT DOCOMO, Inc. - ADR
    
87,042
  
 
4,347
  
SK Telecom Co., Ltd. - ADR
    
102,589
  
           
314,526
  
     
Total Common Stocks (Cost $6,538,590)
    
6,581,938
  
               
     
REITS - 0.31%
        
     
Real Estate - 0.31%
        
 
103
  
Boston Properties, Inc.
    
14,175
  
 
39
  
Simon Property Group, Inc.
    
6,774
  
     
Total REITS (Cost $21,274)
    
20,949
  
               
     
Total Investments in Securities (Cost $6,559,864) - 99.12%
    
6,602,887
  
     
Other Assets in Excess of Liabilities - 0.88%
    
58,341
  
     
Net Assets - 100.00%
  
$
6,661,228
  
   
               
 
#
  
U.S. traded security of a foreign issuer.
        
ADR -
  
American Depository Receipt
        
REIT -
  
Real Estate Investment Trust
        
               
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
  
Inc. and Standard & Poor's 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
40.8%
  
Japan
13.0%
  
Netherlands
6.7%
  
France
6.0%
  
United Kingdom
4.4%
  
China
4.1%
  
Russian Federation
4.0%
  
Canada
3.8%
  
Republic of Korea
3.7%
  
Spain
3.4%
  
Ireland
2.7%
  
Hong Kong
1.9%
  
Germany
1.5%
  
Australia
1.4%
  
Mexico
1.3%
  
Italy
0.8%
  
Luxembourg
0.5%
  
 
100.0%
  
O'Shaughnessy Market Leaders Value Fund
  
Schedule of Investments
  
at April 30, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.54%
      
   
Aerospace & Defense - 4.51%
      
 
6,614
  
Huntington Ingalls Industries, Inc.
  
$
1,472,144
  
 
56,469
  
Spirit AeroSystems Holdings, Inc. - Class A
    
4,907,156
  
 
41,017
  
Textron, Inc.
    
2,173,901
  
           
8,553,201
  
     
Airlines - 2.20%
        
 
24,661
  
Delta Air Lines, Inc.
    
1,437,490
  
 
30,891
  
United Continental Holdings, Inc. *
    
2,744,974
  
           
4,182,464
  
     
Biotechnology - 3.63%
        
 
12,891
  
AbbVie, Inc.
    
1,023,416
  
 
32,649
  
Amgen, Inc.
    
5,854,619
  
           
6,878,035
  
     
Capital Markets - 6.77%
        
 
61,088
  
Ameriprise Financial, Inc.
    
8,965,886
  
 
112,034
  
Franklin Resources, Inc.
    
3,875,256
  
           
12,841,142
  
     
Commercial Banks - 13.24%
        
 
101,159
  
Bank of America Corp.
    
3,093,442
  
 
21,994
  
BB&T Corp.
    
1,126,093
  
 
94,152
  
Citigroup, Inc.
    
6,656,546
  
 
40,503
  
Comerica, Inc.
    
3,183,131
  
 
189,225
  
Fifth Third Bancorp
    
5,453,465
  
 
221,165
  
Regions Financial Corp.
    
3,434,692
  
 
43,663
  
Wells Fargo & Co.
    
2,113,726
  
           
25,061,095
  
     
Communications Equipment - 6.06%
        
 
123,859
  
Cisco Systems, Inc.
    
6,929,911
  
 
163,380
  
Juniper Networks, Inc.
    
4,537,063
  
           
11,466,974
  
     
Consumer Finance - 3.93%
        
 
132,864
  
Ally Financial, Inc.
    
3,947,390
  
 
24,421
  
Discover Financial Services
    
1,990,067
  
 
43,793
  
Synchrony Financial
    
1,518,303
  
           
7,455,760
  
     
Containers & Packaging - 1.26%
        
 
51,199
  
Sealed Air Corp.
    
2,386,897
  
               
     
Diversified Financial Services - 2.32%
        
 
80,120
  
Voya Financial, Inc.
    
4,397,787
  
               
     
Electronic Equipment, Instruments & Components - 3.33%
        
 
83,097
  
Corning, Inc.
    
2,646,639
  
 
20,186
  
Rockwell Automation, Inc.
    
3,647,813
  
           
6,294,452
  
     
Food & Staples Retailing - 2.89%
        
 
164,095
  
Kroger Co.
    
4,230,369
  
 
23,409
  
Walgreens Boots Alliance, Inc.
    
1,254,020
  
           
5,484,389
  
     
Food Products - 1.24%
        
 
76,278
  
Conagra Brands, Inc.
    
2,347,837
  
               
     
Health Care Providers & Services - 2.37%
        
 
75,548
  
Cardinal Health, Inc.
    
3,679,944
  
 
14,825
  
DaVita, Inc. *
    
818,933
  
           
4,498,877
  
     
Hotels, Restaurants & Leisure - 6.23%
        
 
23,936
  
Marriott International, Inc. - Class A
    
3,265,349
  
 
19,943
  
Starbucks Corp.
    
1,549,172
  
 
66,985
  
Yum! Brands, Inc.
    
6,992,565
  
           
11,807,086
  
     
Household Durables - 1.28%
        
 
39,618
  
PulteGroup, Inc.
    
1,246,382
  
 
8,454
  
Whirlpool Corp.
    
1,173,584
  
           
2,419,966
  
     
Insurance - 5.77%
        
 
12,766
  
Aflac, Inc.
    
643,151
  
 
1,927
  
Allstate Corp.
    
190,889
  
 
10,199
  
Aon PLC
    
1,837,248
  
 
178,729
  
MetLife, Inc.
    
8,244,768
  
           
10,916,056
  
     
Internet & Direct Marketing Retail - 2.19%
        
 
106,887
  
eBay, Inc.
    
4,141,871
  
               
     
IT Services - 1.13%
        
 
110,550
  
Western Union Co.
    
2,149,092
  
               
     
Machinery - 1.20%
        
 
23,201
  
Dover Corp.
    
2,274,626
  
               
     
Media - 2.53%
        
 
2,892
  
Charter Communications, Inc. - Class A *
    
1,073,481
  
 
27,080
  
Walt Disney Co.
    
3,709,148
  
           
4,782,629
  
     
Multi-line Retail - 0.85%
        
 
22,523
  
Kohl's Corp.
    
1,601,385
  
               
     
Oil, Gas & Consumable Fuels - 8.32%
        
 
21,078
  
Cabot Oil & Gas Corp.
    
545,709
  
 
35,775
  
ConocoPhillips
    
2,258,118
  
 
47,614
  
Devon Energy Corp.
    
1,530,314
  
 
25,965
  
Hess Corp.
    
1,664,876
  
 
61,181
  
Marathon Petroleum Corp.
    
3,724,087
  
 
52,803
  
Phillips 66
    
4,977,740
  
 
11,755
  
Valero Energy Corp.
    
1,065,708
  
           
15,766,552
  
     
Road & Rail - 3.10%
        
 
19,642
  
CSX Corp.
    
1,564,092
  
 
24,314
  
Union Pacific Corp.
    
4,304,551
  
           
5,868,643
  
     
Semiconductors & Semiconductor Equipment - 3.30%
        
 
3,042
  
Lam Research Corp.
    
631,002
  
 
23,409
  
NXP Semiconductors NV #
    
2,472,459
  
 
36,630
  
QUALCOMM, Inc.
    
3,154,941
  
           
6,258,402
  
     
Software - 4.66%
        
 
22,366
  
CDK Global, Inc.
    
1,349,117
  
 
59,289
  
Citrix Systems, Inc.
    
5,985,817
  
 
26,943
  
Oracle Corp.
    
1,490,756
  
           
8,825,690
  
     
Specialty Retail - 1.76%
        
 
647
  
AutoZone, Inc. *
    
665,317
  
 
36,151
  
Best Buy Co., Inc.
    
2,689,996
  
           
3,355,313
  
     
Technology Hardware, Storage & Peripherals - 1.32%
        
 
51,634
  
Seagate Technology PLC #
    
2,494,955
  
               
     
Tobacco - 0.89%
        
 
31,149
  
Altria Group, Inc.
    
1,692,325
  
               
     
Trading Companies & Distributors - 1.26%
        
 
52,352
  
HD Supply Holdings, Inc. *
    
2,391,963
  
     
Total Common Stocks (Cost $179,209,974)
    
188,595,464
  
               
     
Total Investments in Securities (Cost $179,209,974) - 99.54%
    
188,595,464
  
     
Other Assets in Excess of Liabilities - 0.46%
    
873,231
  
     
Net Assets - 100.00%
  
$
189,468,695
  
   
 
*
  
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's 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, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 100.00%
      
   
Airlines - 0.58%
      
 
4,095
  
Hawaiian Holdings, Inc.
  
$
115,520
  
               
     
Auto Components - 0.88%
        
 
3,279
  
American Axle & Manufacturing Holdings, Inc. *
    
48,365
  
 
5,471
  
Tower International, Inc.
    
127,693
  
           
176,058
  
     
Building Products - 1.99%
        
 
7,602
  
Armstrong Flooring, Inc. *
    
110,153
  
 
7,122
  
Continental Building Products, Inc. *
    
182,679
  
 
6,289
  
Quanex Building Products Corp.
    
105,152
  
           
397,984
  
     
Capital Markets - 3.57%
        
 
3,193
  
Artisan Partners Asset Management, Inc. - Class A
    
90,490
  
 
8,360
  
BrightSphere Investment Group PLC #
    
122,558
  
 
6,851
  
GAIN Capital Holdings, Inc.
    
36,105
  
 
24,767
  
Waddell & Reed Financial, Inc. - Class A
    
463,885
  
           
713,038
  
     
Chemicals - 2.68%
        
 
3,132
  
AdvanSix, Inc. *
    
94,680
  
 
10,631
  
FutureFuel Corp.
    
156,169
  
 
2,470
  
Stepan Co.
    
228,575
  
 
3,154
  
Tredegar Corp.
    
56,835
  
           
536,259
  
     
Commercial Banks - 5.78%
        
 
3,264
  
Flushing Financial Corp.
    
73,766
  
 
3,493
  
Hanmi Financial Corp.
    
82,854
  
 
23,893
  
Hilltop Holdings, Inc.
    
502,470
  
 
29,031
  
Hope Bancorp, Inc.
    
408,176
  
 
4,000
  
Opus Bank
    
87,480
  
           
1,154,746
  
     
Commercial Services & Supplies - 2.77%
        
 
4,014
  
Deluxe Corp.
    
179,506
  
 
4,241
  
Ennis, Inc.
    
85,583
  
 
5,475
  
Herman Miller, Inc.
    
212,540
  
 
6,076
  
Pitney Bowes, Inc.
    
43,200
  
 
1,061
  
VSE Corp.
    
32,435
  
           
553,264
  
     
Communications Equipment - 0.57%
        
 
1,730
  
InterDigital, Inc.
    
113,125
  
               
     
Construction & Engineering - 2.83%
        
 
4,672
  
EMCOR Group, Inc.
    
393,102
  
 
12,641
  
Sterling Construction Co., Inc. *
    
171,412
  
           
564,514
  
     
Consumer Finance - 0.89%
        
 
3,075
  
Nelnet, Inc. - Class A
    
178,504
  
               
     
Diversified Consumer Services - 0.72%
        
 
4,790
  
K12, Inc. *
    
144,275
  
               
     
Electrical Equipment - 1.78%
        
 
6,578
  
Atkore International Group, Inc. *
    
162,871
  
 
2,061
  
EnerSys, Inc.
    
142,601
  
 
880
  
Preformed Line Products Co.
    
49,623
  
           
355,095
  
     
Electronic Equipment, Instruments & Components - 6.98%
        
 
2,254
  
Belden, Inc.
    
125,210
  
 
2,974
  
Fabrinet * #
    
179,985
  
 
1,108
  
Insight Enterprises, Inc. *
    
62,691
  
 
3,171
  
Kimball Electronics, Inc. *
    
47,977
  
 
1,758
  
PC Connection, Inc. *
    
65,327
  
 
3,130
  
Sanmina Corp. *
    
106,170
  
 
638
  
SYNNEX Corp.
    
68,827
  
 
3,836
  
Tech Data Corp. *
    
408,956
  
 
7,440
  
TTM Technologies, Inc. *
    
98,506
  
 
11,630
  
Vishay Intertechnology, Inc.
    
230,390
  
           
1,394,039
  
     
Energy Equipment & Services - 3.68%
        
 
5,469
  
FTS International, Inc. *
    
56,604
  
 
27,953
  
Keane Group, Inc. *
    
293,227
  
 
14,996
  
Liberty Oilfield Services, Inc.
    
223,590
  
 
10,396
  
Mammoth Energy Services, Inc.
    
162,074
  
           
735,495
  
     
Entertainment - 0.33%
        
 
4,337
  
AMC Entertainment Holdings, Inc.
    
65,749
  
               
     
Food & Staples Retailing - 2.22%
        
 
5,060
  
Ingles Markets, Inc. - Class A
    
138,897
  
 
7,205
  
Weis Markets, Inc.
    
302,970
  
           
441,867
  
     
Food Products - 3.23%
        
 
4,061
  
Cal-Maine Foods, Inc.
    
166,948
  
 
7,439
  
Pilgrim's Pride Corp. *
    
200,183
  
 
1,833
  
Sanderson Farms, Inc.
    
277,939
  
           
645,070
  
     
Health Care Providers & Services - 1.49%
        
 
13,622
  
Patterson Companies, Inc.
    
297,504
  
               
     
Hotels, Restaurants & Leisure - 3.07%
        
 
2,937
  
Bloomin' Brands, Inc.
    
58,711
  
 
12,986
  
Brinker International, Inc.
    
555,411
  
           
614,122
  
     
Household Durables - 1.53%
        
 
2,831
  
Hooker Furniture Corp.
    
84,392
  
 
3,384
  
La-Z-Boy, Inc.
    
110,995
  
 
13,185
  
ZAGG, Inc. *
    
108,645
  
           
304,032
  
     
Insurance - 5.61%
        
 
1,102
  
American National Insurance Co.
    
124,846
  
 
8,332
  
CNA Financial Corp.
    
386,021
  
 
481
  
FBL Financial Group, Inc. - Class A
    
30,048
  
 
5,299
  
FedNat Holding Co.
    
86,215
  
 
4,500
  
HCI Group, Inc.
    
191,790
  
 
666
  
Primerica, Inc.
    
86,773
  
 
1,594
  
Protective Insurance Corp. - Class B
    
25,903
  
 
6,363
  
Universal Insurance Holdings, Inc.
    
189,554
  
           
1,121,150
  
     
IT Services - 1.99%
        
 
5,504
  
Sykes Enterprises, Inc. *
    
152,736
  
 
21,897
  
Unisys Corp. *
    
245,466
  
           
398,202
  
     
Leisure Products - 0.35%
        
 
1,240
  
Sturm Ruger & Co., Inc.
    
69,428
  
               
     
Machinery - 1.86%
        
 
1,271
  
Hurco Companies, Inc.
    
49,988
  
 
1,217
  
Hyster-Yale Materials Handling, Inc.
    
81,077
  
 
7,207
  
Meritor, Inc. *
    
174,842
  
 
4,273
  
Wabash National Corp.
    
64,437
  
           
370,344
  
     
Media - 4.65%
        
 
18,455
  
National CineMedia, Inc.
    
128,816
  
 
1,091
  
Nexstar Media Group, Inc. - Class A
    
127,702
  
 
10,861
  
Sinclair Broadcast Group, Inc. - Class A
    
497,325
  
 
10,935
  
TEGNA, Inc.
    
174,085
  
           
927,928
  
     
Metals & Mining - 3.22%
        
 
8,713
  
Schnitzer Steel Industries, Inc. - Class A
    
206,672
  
 
9,190
  
SunCoke Energy, Inc. *
    
79,126
  
 
831
  
Warrior Met Coal, Inc.
    
25,761
  
 
8,240
  
Worthington Industries, Inc.
    
330,671
  
           
642,230
  
     
Multi-line Retail - 1.38%
        
 
4,054
  
Dillard's, Inc. - Class A
    
277,496
  
               
     
Oil, Gas & Consumable Fuels - 5.86%
        
 
6,062
  
CONSOL Energy, Inc. *
    
205,502
  
 
1,252
  
Contura Energy, Inc. *
    
70,550
  
 
10,618
  
Peabody Energy Corp.
    
305,480
  
 
10,352
  
Renewable Energy Group, Inc. *
    
249,690
  
 
1,681
  
REX American Resources Corp. *
    
142,061
  
 
30,939
  
W&T Offshore, Inc. *
    
197,391
  
           
1,170,674
  
     
Paper & Forest Products - 2.76%
        
 
3,190
  
Boise Cascade Co.
    
88,331
  
 
4,842
  
Schweitzer-Mauduit International, Inc.
    
172,230
  
 
12,960
  
Verso Corp. - Class A *
    
289,267
  
           
549,828
  
     
Personal Products - 0.60%
        
 
2,914
  
Edgewell Personal Care Co. *
    
120,144
  
               
     
Pharmaceuticals - 2.26%
        
 
14,024
  
Innoviva, Inc. *
    
196,757
  
 
11,549
  
Mallinckrodt PLC * #
    
178,548
  
 
14,562
  
SIGA Technologies, Inc. *
    
76,305
  
           
451,610
  
     
Professional Services - 3.08%
        
 
1,526
  
FTI Consulting, Inc. *
    
129,679
  
 
1,714
  
ICF International, Inc.
    
133,469
  
 
8,656
  
Kforce, Inc.
    
311,790
  
 
1,728
  
TrueBlue, Inc. *
    
41,748
  
           
616,686
  
     
Real Estate Management & Development - 2.35%
        
 
7,855
  
Altisource Portfolio Solutions SA * #
    
185,928
  
 
3,168
  
RE/MAX Holdings, Inc. - Class A
    
137,269
  
 
2,507
  
RMR Group, Inc. - Class A
    
145,005
  
           
468,202
  
     
Road & Rail - 1.55%
        
 
7,483
  
ArcBest Corp.
    
228,681
  
 
11,888
  
YRC Worldwide, Inc. *
    
80,957
  
           
309,638
  
     
Semiconductors & Semiconductor Equipment - 4.90%
        
 
12,599
  
Amkor Technology, Inc. *
    
114,147
  
 
11,703
  
Cirrus Logic, Inc. *
    
556,828
  
 
2,175
  
Ichor Holdings Ltd. * #
    
54,767
  
 
6,465
  
Nanometric Inc. *
    
192,592
  
 
6,690
  
Photronics, Inc. *
    
62,485
  
           
980,819
  
     
Specialty Retail - 5.39%
        
 
2,647
  
Aaron's, Inc.
    
147,411
  
 
8,448
  
Abercrombie & Fitch Co. - Class A
    
252,510
  
 
2,411
  
American Eagle Outfitters, Inc.
    
57,334
  
 
3,253
  
Caleres, Inc.
    
85,326
  
 
3,053
  
Genesco, Inc. *
    
136,805
  
 
5,847
  
Haverty Furniture Companies, Inc.
    
139,276
  
 
6,288
  
Shoe Carnival, Inc.
    
224,230
  
 
983
  
Sleep Number Corp. *
    
34,208
  
           
1,077,100
  
     
Textiles, Apparel & Luxury Goods - 0.92%
        
 
14,894
  
Vera Bradley, Inc. *
    
182,898
  
               
     
Thrifts & Mortgage Finance - 1.55%
        
 
3,545
  
Federal Agricultural Mortgage Corp.
    
271,121
  
 
687
  
Walker & Dunlop, Inc.
    
37,751
  
           
308,872
  
     
Tobacco - 0.51%
        
 
1,892
  
Universal Corp.
    
101,903
  
               
     
Trading Companies & Distributors - 1.64%
        
 
13,047
  
BMC Stock Holdings, Inc. *
    
268,508
  
 
4,399
  
Foundation Building Materials, Inc. *
    
59,782
  
           
328,290
  
     
Total Common Stocks (Cost $19,957,403)
    
19,973,702
  
               
     
Total Investments in Securities (Cost $19,957,403) - 100.00%
    
19,973,702
  
     
Liabilities in Excess of Other Assets - (0.00)%
    
(619
)
     
Net Assets - 100.00%
  
$
19,973,083
  
   
 
*
  
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's 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, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 98.87%
      
   
Aerospace & Defense - 2.81%
      
 
471
  
Axon Enterprise, Inc. *
  
$
29,908
  
 
557
  
HEICO Corp.
    
58,780
  
 
1,325
  
National Presto Industries, Inc.
    
141,113
  
 
920
  
Teledyne Technologies, Inc. *
    
228,629
  
           
458,430
  
     
Air Freight & Logistics - 0.17%
        
 
4,332
  
Radiant Logistics, Inc. *
    
28,331
  
               
     
Auto Components - 0.34%
        
 
1,114
  
Standard Motor Products, Inc.
    
55,667
  
               
     
Beverages - 0.71%
        
 
375
  
Boston Beer Co., Inc. - Class A *
    
116,254
  
               
     
Biotechnology - 1.97%
        
 
321
  
Emergent BioSolutions, Inc. *
    
16,589
  
 
209
  
Enanta Pharmaceuticals, Inc. *
    
18,223
  
 
1,223
  
Genomic Health, Inc. *
    
78,676
  
 
268
  
Ligand Pharmaceuticals, Inc. *
    
33,728
  
 
29,931
  
PDL BioPharma, Inc. *
    
97,874
  
 
1,133
  
Repligen Corp. *
    
76,341
  
           
321,431
  
     
Building Products - 1.89%
        
 
772
  
Armstrong World Industries, Inc.
    
66,909
  
 
1,077
  
Continental Building Products, Inc. *
    
27,625
  
 
1,121
  
CSW Industrials, Inc.
    
67,204
  
 
359
  
Lennox International, Inc.
    
97,451
  
 
3,311
  
PGT Innovations, Inc. *
    
48,539
  
           
307,728
  
     
Capital Markets - 2.27%
        
 
6,094
  
Federated Investors, Inc. - Class B
    
187,269
  
 
1,627
  
LPL Financial Holdings, Inc.
    
120,544
  
 
3,741
  
Victory Capital Holdings, Inc. *
    
61,689
  
           
369,502
  
     
Chemicals - 2.78%
        
 
1,285
  
Advanced Emissions Solutions, Inc.
    
14,520
  
 
1,946
  
Balchem Corp.
    
197,538
  
 
7,885
  
FutureFuel Corp.
    
115,831
  
 
702
  
Hawkins, Inc.
    
25,911
  
 
441
  
Quaker Chemical Corp.
    
98,705
  
           
452,505
  
     
Commercial Banks - 2.23%
        
 
1,403
  
Bank of Marin Bancorp
    
59,417
  
 
828
  
Bank of N.T. Butterfield & Son Ltd. #
    
33,137
  
 
376
  
Commerce Bancshares, Inc.
    
22,722
  
 
1,553
  
First Financial Bankshares, Inc.
    
95,540
  
 
292
  
SVB Financial Group *
    
73,502
  
 
1,239
  
Westamerica Bancorporation
    
79,569
  
           
363,887
  
     
Commercial Services & Supplies - 3.52%
        
 
2,498
  
Brady Corp. - Class A
    
121,877
  
 
751
  
Clean Harbors, Inc. *
    
57,076
  
 
1,255
  
Copart, Inc. *
    
84,487
  
 
4,170
  
Rollins, Inc.
    
161,254
  
 
2,295
  
Tetra Tech, Inc.
    
148,532
  
           
573,226
  
     
Communications Equipment - 1.52%
        
 
4,365
  
Ciena Corp. *
    
167,442
  
 
2,890
  
Juniper Networks, Inc.
    
80,255
  
           
247,697
  
     
Construction & Engineering - 1.94%
        
 
3,133
  
Comfort Systems USA, Inc.
    
169,496
  
 
14,401
  
Great Lakes Dredge & Dock Corp. *
    
147,322
  
           
316,818
  
     
Consumer Finance - 0.25%
        
 
421
  
FirstCash, Inc.
    
41,123
  
               
     
Containers & Packaging - 2.01%
        
 
3,392
  
Silgan Holdings, Inc.
    
101,557
  
 
3,588
  
Sonoco Products Co.
    
226,259
  
           
327,816
  
     
Diversified Consumer Services - 1.51%
        
 
8,143
  
K12, Inc. *
    
245,267
  
               
     
Diversified Financial Services - 1.04%
        
 
1,060
  
Morningstar, Inc.
    
152,057
  
 
319
  
Voya Financial, Inc.
    
17,510
  
           
169,567
  
     
Diversified Telecommunication Services - 0.45%
        
 
7,541
  
Vonage Holdings Corp. *
    
73,298
  
               
     
Electrical Equipment - 0.33%
        
 
1,487
  
Allied Motion Technologies, Inc.
    
54,439
  
               
     
Electronic Equipment, Instruments & Components - 3.65%
        
 
1,009
  
CDW Corp.
    
106,551
  
 
762
  
Fabrinet *#
    
46,116
  
 
2,427
  
FLIR Systems, Inc.
    
128,485
  
 
326
  
Insight Enterprises, Inc. *
    
18,445
  
 
1,823
  
Keysight Technologies, Inc. *
    
158,656
  
 
2,403
  
Park Electrochemical Corp.
    
39,529
  
 
3,507
  
PCM, Inc. *
    
96,758
  
           
594,540
  
     
Energy Equipment & Services - 0.78%
        
 
5,765
  
ProPetro Holding Corp. *
    
127,579
  
               
     
Food Products - 1.00%
        
 
2,315
  
Darling Ingredients, Inc. *
    
50,490
  
 
406
  
Lancaster Colony Corp.
    
60,376
  
 
772
  
TreeHouse Foods, Inc. *
    
51,709
  
           
162,575
  
     
Health Care Equipment & Supplies - 5.24%
        
 
47
  
Atrion Corp.
    
41,360
  
 
3,068
  
CONMED Corp.
    
245,532
  
 
2,073
  
Haemonetics Corp. *
    
180,932
  
 
1,753
  
Hill-Rom Holdings, Inc.
    
177,789
  
 
255
  
Integer Holdings Corp. *
    
17,618
  
 
9,769
  
Meridian Bioscience, Inc. *
    
112,441
  
 
68
  
Mesa Laboratories, Inc.
    
16,095
  
 
479
  
STERIS PLC #
    
62,739
  
           
854,506
  
     
Health Care Providers & Services - 3.52%
        
 
1,533
  
Amedisys, Inc. *
    
195,948
  
 
369
  
Chemed Corp.
    
120,582
  
 
1,288
  
Encompass Health Corp.
    
83,012
  
 
397
  
Ensign Group, Inc.
    
20,453
  
 
2,064
  
Premier, Inc. - Class A *
    
68,587
  
 
332
  
WellCare Health Plans, Inc. *
    
85,772
  
           
574,354
  
     
Health Care Technology - 3.12%
        
 
6,990
  
HMS Holdings Corp. *
    
212,706
  
 
2,408
  
NextGen Healthcare, Inc. *
    
45,246
  
 
1,789
  
Veeva Systems, Inc. - Class A *
    
250,227
  
           
508,179
  
     
Hotels, Restaurants & Leisure - 4.29%
        
 
3,554
  
BJ's Restaurants, Inc.
    
177,380
  
 
1,311
  
Brinker International, Inc.
    
56,072
  
 
1,011
  
Churchill Downs, Inc.
    
101,959
  
 
412
  
Cracker Barrel Old Country Store, Inc.
    
69,521
  
 
784
  
Hyatt Hotels Corp. - Class A
    
60,156
  
 
1,626
  
Marcus Corp.
    
61,170
  
 
520
  
Nathan's Famous, Inc.
    
35,906
  
 
988
  
Penn National Gaming, Inc. *
    
21,410
  
 
1,161
  
Wendy's Co.
    
21,606
  
 
410
  
Vail Resorts, Inc.
    
93,829
  
           
699,009
  
     
Household Durables - 1.76%
        
 
339
  
Garmin Ltd. #
    
29,066
  
 
1,792
  
Helen of Troy Ltd. *#
    
258,048
  
           
287,114
  
     
Industrial Conglomerates - 0.11%
        
 
128
  
Carlisle Companies, Inc.
    
18,102
  
               
     
Insurance - 1.39%
        
 
6,423
  
Old Republic International Corp.
    
143,618
  
 
2,759
  
Universal Insurance Holdings, Inc.
    
82,191
  
           
225,809
  
     
Internet & Direct Marketing Retail - 0.73%
        
 
5,572
  
1-800-Flowers.com, Inc. - Class A *
    
118,628
  
               
     
Internet Software & Services - 1.44%
        
 
1,254
  
Blucora, Inc. *
    
43,890
  
 
1,616
  
Etsy, Inc. *
    
109,145
  
 
3,075
  
TechTarget, Inc. *
    
51,322
  
 
344
  
Tucows, Inc. - Class A *
    
30,337
  
           
234,694
  
     
IT Services - 7.08%
        
 
1,057
  
Broadridge Financial Solutions, Inc.
    
124,863
  
 
330
  
CACI International, Inc. - Class A *
    
64,330
  
 
1,023
  
CSG Systems International, Inc.
    
45,677
  
 
593
  
Euronet Worldwide, Inc. *
    
88,885
  
 
8,837
  
EVERTEC, Inc. #
    
276,686
  
 
1,011
  
Jack Henry & Associates, Inc.
    
150,700
  
 
2,469
  
LiveRamp Holdings, Inc. *
    
144,017
  
 
1,832
  
MAXIMUS, Inc.
    
134,927
  
 
3,379
  
Perficient, Inc. *
    
99,478
  
 
2,260
  
Unisys Corp. *
    
25,334
  
           
1,154,897
  
     
Leisure Products - 0.47%
        
 
5,664
  
Clarus Corp.
    
76,011
  
               
     
Life Sciences Tools & Services - 2.76%
        
 
1,175
  
Bio-Techne Corp.
    
240,393
  
 
1,111
  
Bruker Corp.
    
42,885
  
 
3,407
  
Luminex Corp.
    
77,714
  
 
430
  
Medpace Holdings, Inc. *
    
24,153
  
 
1,788
  
NeoGenomics, Inc. *
    
37,244
  
 
721
  
QIAGEN NV *#
    
28,090
  
           
450,479
  
     
Machinery - 4.42%
        
 
1,184
  
AGCO Corp.
    
83,803
  
 
3,856
  
Allison Transmission Holdings, Inc.
    
180,692
  
 
2,344
  
Donaldson Co., Inc.
    
125,498
  
 
2,101
  
ESCO Technologies, Inc.
    
157,575
  
 
1,024
  
Franklin Electric Co., Inc.
    
50,033
  
 
2,119
  
Gorman-Rupp Co.
    
70,563
  
 
1,203
  
Hillenbrand, Inc.
    
51,753
  
           
719,917
  
     
Media - 2.54%
        
 
3,897
  
Central European Media Enterprises Ltd. - Class A *#
    
15,432
  
 
900
  
John Wiley & Sons, Inc. - Class A
    
41,562
  
 
1,621
  
Nexstar Media Group, Inc. - Class A
    
189,738
  
 
1,990
  
World Wrestling Entertainment, Inc. - Class A
    
166,862
  
           
413,594
  
     
Metals & Mining - 0.16%
        
 
851
  
Warrior Met Coal, Inc.
    
26,381
  
               
     
Multi-line Retail - 0.66%
        
 
867
  
Kohl's Corp.
    
61,644
  
 
470
  
Ollie's Bargain Outlet Holdings, Inc. *
    
44,951
  
           
106,595
  
     
Oil, Gas & Consumable Fuels - 0.58%
        
 
2,437
  
Evolution Petroleum Corp.
    
17,132
  
 
3,187
  
Renewable Energy Group, Inc. *
    
76,871
  
           
94,003
  
     
Paper & Forest Products - 0.34%
        
 
2,477
  
Verso Corp. - Class A *
    
55,287
  
               
     
Personal Products - 1.08%
        
 
1,963
  
Herbalife Nutrition Ltd. *#
    
103,744
  
 
993
  
Inter Parfums, Inc.
    
71,983
  
           
175,727
  
     
Pharmaceuticals - 2.21%
        
 
5,118
  
Endo International PLC *#
    
38,385
  
 
9,137
  
Horizon Pharma PLC *#
    
233,268
  
 
6,340
  
Innoviva, Inc. *
    
88,950
  
           
360,603
  
     
Professional Services - 1.94%
        
 
3,784
  
CBIZ, Inc. *
    
73,069
  
 
581
  
FTI Consulting, Inc. *
    
49,373
  
 
2,651
  
Kforce, Inc.
    
95,489
  
 
1,982
  
Navigant Consulting, Inc.
    
45,249
  
 
850
  
Robert Half International, Inc.
    
52,777
  
           
315,957
  
     
Real Estate Management & Development - 0.99%
        
 
2,515
  
Marcus & Millichap, Inc. *
    
108,397
  
 
911
  
RMR Group, Inc. - Class A
    
52,692
  
           
161,089
  
     
Road & Rail - 0.27%
        
 
290
  
Old Dominion Freight Line, Inc.
    
43,291
  
               
     
Semiconductors & Semiconductor Equipment - 1.11%
        
 
4,644
  
MaxLinear, Inc. *
    
124,970
  
 
6,062
  
Photronics, Inc. *
    
56,619
  
           
181,589
  
     
Software - 10.94%
        
 
7,688
  
ACI Worldwide, Inc. *
    
273,078
  
 
3,224
  
Agilysys, Inc. *
    
61,675
  
 
685
  
Alarm.com Holdings, Inc. *
    
48,553
  
 
2,366
  
AppFolio, Inc. - Class A *
    
229,762
  
 
892
  
Aspen Technology, Inc. *
    
108,744
  
 
1,653
  
Bottomline Technologies DE, Inc. *
    
83,592
  
 
2,784
  
Cadence Design Systems, Inc. *
    
193,154
  
 
2,256
  
Fortinet, Inc. *
    
210,755
  
 
918
  
Manhattan Associates, Inc. *
    
61,919
  
 
532
  
Paycom Software, Inc. *
    
107,746
  
 
826
  
Paylocity Holding Corp. *
    
79,750
  
 
2,814
  
PTC, Inc. *
    
254,583
  
 
1,521
  
Teradata Corp. *
    
69,160
  
           
1,782,471
  
     
Specialty Retail - 3.35%
        
 
1,242
  
American Eagle Outfitters, Inc.
    
29,535
  
 
879
  
America's Car-Mart, Inc. *
    
87,065
  
 
1,051
  
Burlington Stores, Inc. *
    
177,524
  
 
2,774
  
Cato Corp. - Class A
    
42,054
  
 
2,802
  
Haverty Furniture Companies, Inc.
    
66,744
  
 
4,921
  
Rent-A-Center, Inc. *
    
122,680
  
 
107
  
Winmark Corp.
    
19,747
  
           
545,349
  
     
Textiles, Apparel & Luxury Goods - 2.03%
        
 
1,353
  
Columbia Sportswear Co.
    
135,259
  
 
743
  
Crocs, Inc. *
    
20,693
  
 
1,107
  
Deckers Outdoor Corp. *
    
175,138
  
           
331,090
  
     
Trading Companies & Distributors - 0.15%
        
 
945
  
BlueLinx Holdings, Inc. *
    
24,305
  
               
     
Wireless Telecommunication Services - 1.02%
        
 
3,755
  
Telephone & Data Systems, Inc.
    
119,709
  
 
967
  
United States Cellular Corp. *
    
46,513
  
           
166,222
  
     
Total Common Stocks (Cost $15,204,803)
    
16,112,932
  
               
     
REITS - 0.20%
        
     
Real Estate - 0.20%
        
 
693
  
CareTrust REIT, Inc.
    
16,805
  
 
876
  
Medical Properties Trust, Inc.
    
15,295
  
     
Total REITS (Cost $32,796)
    
32,100
  
               
     
Total Investments in Securities (Cost $15,237,599) - 99.07%
    
16,145,032
  
     
Other Assets in Excess of Liabilities - 0.93%
    
151,511
  
     
Net Assets - 100.00%
  
$
16,296,543
  
   
 
*
  
Non-income producing security.
        
 
#
  
U.S. traded security of a foreign issuer.
        
REIT -
  
Real Estate Investment Trust
        

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor's 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, 2019 (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 real estate investment trusts, 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, 2019:
All Cap Core Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
1,025,981
    
$
-
    
$
-
    
$
1,025,981
  
  Consumer Staples
    
509,550
      
-
      
-
      
509,550
  
  Energy
    
494,497
      
-
      
-
      
494,497
  
  Financials
    
1,193,353
      
-
      
-
      
1,193,353
  
  Health Care
    
1,391,137
      
-
      
-
      
1,391,137
  
  Industrials
    
909,148
      
-
      
-
      
909,148
  
  Information Technology
    
1,956,806
      
-
      
-
      
1,956,806
  
  Materials
    
407,182
      
-
      
-
      
407,182
  
  Real Estate
    
86,757
                      
86,757
  
  Telecommunication Services
    
563,320
      
-
      
-
      
563,320
  
Total Common Stocks
    
8,537,731
      
-
      
-
      
8,537,731
  
REITS
    
73,443
      
-
      
-
      
73,443
  
Total Investments in Securities
  
$
8,611,174
    
$
-
    
$
-
    
$
8,611,174
  

Enhanced Dividend Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
989,954
    
$
-
    
$
-
    
$
989,954
  
  Consumer Staples
    
393,498
      
-
      
-
      
393,498
  
  Energy
    
719,935
      
-
      
-
      
719,935
  
  Financials
    
1,748,707
      
-
      
-
      
1,748,707
  
  Industrials
    
532,082
      
-
      
-
      
532,082
  
  Information Technology
    
381,526
      
-
      
-
      
381,526
  
  Materials
    
820,428
      
-
      
-
      
820,428
  
  Telecommunication Services
    
995,808
      
-
      
-
      
995,808
  
Total Common Stocks
    
6,581,938
      
-
      
-
      
6,581,938
  
REITS
    
20,949
      
-
      
-
      
20,949
  
Total Investments in Securities
  
$
6,602,887
    
$
-
    
$
-
    
$
6,602,887
  

Market Leaders Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
23,325,621
    
$
-
    
$
-
    
$
23,325,621
  
  Consumer Staples
    
9,524,551
      
-
      
-
      
9,524,551
  
  Energy
    
15,766,552
      
-
      
-
      
15,766,552
  
  Financials
    
60,671,841
      
-
      
-
      
60,671,841
  
  Health Care
    
11,376,911
      
-
      
-
      
11,376,911
  
  Industrials
    
26,918,709
      
-
      
-
      
26,918,709
  
  Information Technology
    
33,841,753
      
-
      
-
      
33,841,753
  
  Materials
    
2,386,897
      
-
      
-
      
2,386,897
  
  Telecommunication Services
    
4,782,629
      
-
      
-
      
4,782,629
  
Total Common Stocks
    
188,595,464
      
-
      
-
      
188,595,464
  
Total Investments in Securities
  
$
188,595,464
    
$
-
    
$
-
    
$
188,595,464
  

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
2,845,410
    
$
-
    
$
-
    
$
2,845,410
  
  Consumer Staples
    
1,308,984
      
-
      
-
      
1,308,984
  
  Energy
    
1,906,169
      
-
      
-
      
1,906,169
  
  Financials
    
3,476,309
      
-
      
-
      
3,476,309
  
  Health Care
    
749,114
      
-
      
-
      
749,114
  
  Industrials
    
3,611,335
      
-
      
-
      
3,611,335
  
  Information Technology
    
2,886,185
      
-
      
-
      
2,886,185
  
  Materials
    
1,728,317
      
-
      
-
      
1,728,317
  
  Real Estate
    
468,202
      
-
      
-
      
468,202
  
  Telecommunication Services
    
993,677
      
-
      
-
      
993,677
  
Total Common Stocks
    
19,973,702
      
-
      
-
      
19,973,702
  
Total Investments in Securities
  
$
19,973,702
    
$
-
    
$
-
    
$
19,973,702
  
Small/Mid Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
2,512,704
    
$
-
    
$
-
    
$
2,512,704
  
  Consumer Staples
    
454,556
      
-
      
-
      
454,556
  
  Energy
    
221,582
      
-
      
-
      
221,582
  
  Financials
    
1,213,778
      
-
      
-
      
1,213,778
  
  Health Care
    
3,069,552
      
-
      
-
      
3,069,552
  
  Industrials
    
2,860,545
      
-
      
-
      
2,860,545
  
  Information Technology
    
3,991,532
      
-
      
-
      
3,991,532
  
  Materials
    
861,988
      
-
      
-
      
861,988
  
  Real Estate
    
161,089
      
-
      
-
      
161,089
  
  Telecommunication Services
    
765,606
      
-
      
-
      
765,606
  
Total Common Stocks
    
16,112,932
      
-
      
-
      
16,112,932
  
REITS
    
32,100
      
-
      
-
      
32,100
  
Total Investments in Securities
  
$
16,145,032
    
$
-
    
$
-
    
$
16,145,032
  

Refer to the Funds’ schedules of investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at April 30, 2019, the end of the reporting period.  During the period ended April 30, 2019, the Funds recognized no transfers between levels.
Item 2. Controls and Procedures.
 
(a)
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust 


By (Signature and Title)* /s/ Jeffrey T. Rauman                                                    
  Jeffrey T. Rauman, President/Chief Executive
  Officer/Principal Executive Officer

Date   6/26/2019                                                                                                     
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Jeffrey T. Rauman                                                    
  Jeffrey T. Rauman, President/Chief Executive
  Officer/Principal Executive Officer

Date   6/26/2019                                                                                                      


By (Signature and Title)* /s/ Cheryl L. King                                                        
 Cheryl L. King, Vice President/Treasurer/Principal
 Financial Officer

Date   6/28/2019                                                                                                     

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