N-Q 1 ast-osam_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS




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: (626) 914-7363




Date of fiscal year end:  July 31, 2020



Date of reporting period:  October 31, 2019
Item 1. Schedules of Investments.
 
O'Shaughnessy Market Leaders Value Fund
  
Schedule of Investments
  
at October 31, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 97.83%
      
   
Aerospace & Defense - 4.78%
      
 
69,109
  
Arconic, Inc.
  
$
1,898,424
  
 
6,708
  
Huntington Ingalls Industries, Inc.
    
1,513,727
  
 
51,909
  
Spirit AeroSystems Holdings, Inc. - Class A
    
4,247,195
  
 
89,154
  
Textron, Inc.
    
4,109,107
  
           
11,768,453
  
     
Airlines - 2.66%
        
 
84,800
  
Delta Air Lines, Inc.
    
4,670,785
  
 
20,699
  
United Continental Holdings, Inc. *
    
1,880,297
  
           
6,551,082
  
     
Biotechnology - 4.02%
        
 
19,899
  
AbbVie, Inc.
    
1,582,965
  
 
38,950
  
Amgen, Inc.
    
8,306,087
  
           
9,889,052
  
     
Building Products - 0.89%
        
 
50,676
  
Johnson Controls International PLC #
    
2,195,791
  
               
     
Capital Markets - 5.85%
        
 
63,352
  
Ameriprise Financial, Inc.
    
9,559,183
  
 
175,845
  
Franklin Resources, Inc.
    
4,844,530
  
           
14,403,713
  
     
Chemicals - 3.52%
        
 
48,898
  
Celanese Corp.
    
5,923,993
  
 
60,654
  
CF Industries Holdings, Inc.
    
2,750,659
  
           
8,674,652
  
     
Commercial Banks - 14.64%
        
 
170,271
  
Bank of America Corp.
    
5,324,374
  
 
128,095
  
Citigroup, Inc.
    
9,204,906
  
 
26,065
  
Citizens Financial Group, Inc.
    
916,446
  
 
74,961
  
Comerica, Inc.
    
4,903,949
  
 
114,311
  
Fifth Third Bancorp
    
3,324,164
  
 
48,218
  
KeyCorp
    
866,477
  
 
213,611
  
Regions Financial Corp.
    
3,439,137
  
 
155,736
  
Wells Fargo & Co.
    
8,040,650
  
           
36,020,103
  
     
Communications Equipment - 2.92%
        
 
117,040
  
Cisco Systems, Inc.
    
5,560,570
  
 
66,012
  
Juniper Networks, Inc.
    
1,638,418
  
           
7,198,988
  
     
Consumer Finance - 4.20%
        
 
169,973
  
Ally Financial, Inc.
    
5,206,273
  
 
28,308
  
Discover Financial Services
    
2,272,000
  
 
81,368
  
Synchrony Financial
    
2,877,986
  
           
10,356,259
  
     
Containers & Packaging - 0.10%
        
 
5,890
  
International Paper Co.
    
257,275
  
     
Diversified Financial Services - 1.77%
        
 
80,982
  
Voya Financial, Inc.
    
4,369,789
  
               
     
Electrical Equipment - 1.43%
        
 
20,439
  
Rockwell Automation, Inc.
    
3,515,304
  
               
     
Electronic Equipment, Instruments & Components - 0.52%
        
 
42,842
  
Corning, Inc.
    
1,269,408
  
               
     
Food & Staples Retailing - 3.57%
        
 
159,687
  
Kroger Co.
    
3,934,688
  
 
88,611
  
Walgreens Boots Alliance, Inc.
    
4,854,110
  
           
8,788,798
  
     
Food Products - 0.13%
        
 
11,976
  
Conagra Brands, Inc.
    
323,951
  
               
     
Health Care Providers & Services - 3.43%
        
 
143,410
  
Cardinal Health, Inc.
    
7,091,625
  
 
10,158
  
McKesson Corp.
    
1,351,014
  
           
8,442,639
  
     
Hotels, Restaurants & Leisure - 3.98%
        
 
53,309
  
Starbucks Corp.
    
4,507,809
  
 
51,997
  
Yum! Brands, Inc.
    
5,288,615
  
           
9,796,424
  
     
Household Durables - 0.56%
        
 
9,073
  
Whirlpool Corp.
    
1,380,185
  
               
     
Insurance - 5.50%
        
 
2,272
  
Allstate Corp.
    
241,786
  
 
37,544
  
Lincoln National Corp.
    
2,120,485
  
 
238,584
  
MetLife, Inc.
    
11,163,346
  
           
13,525,617
  
     
Internet & Direct Marketing Retail - 3.02%
        
 
211,013
  
eBay, Inc.
    
7,438,208
  
               
     
IT Services - 1.83%
        
 
179,777
  
Western Union Co.
    
4,505,212
  
               
     
Life Sciences Tools & Services - 1.82%
        
 
21,178
  
Waters Corp. *
    
4,481,688
  
               
     
Machinery - 2.18%
        
 
21,247
  
Caterpillar, Inc.
    
2,927,837
  
 
23,540
  
Dover Corp.
    
2,445,571
  
           
5,373,408
  
     
Media - 1.94%
        
 
110,875
  
Altice USA, Inc. - Class A *
    
3,431,581
  
 
2,892
  
Charter Communications, Inc. - Class A *
    
1,353,051
  
           
4,784,632
  
     
Oil, Gas & Consumable Fuels - 4.80%
        
 
21,078
  
Cabot Oil & Gas Corp.
    
392,894
  
 
78,144
  
Devon Energy Corp.
    
1,584,760
  
 
26,860
  
Hess Corp.
    
1,766,045
  
 
18,137
  
HollyFrontier Corp.
    
996,447
  
 
25,001
  
Marathon Petroleum Corp.
    
1,598,814
  
 
46,894
  
Phillips 66
    
5,478,157
  
           
11,817,117
  
     
Pharmaceuticals - 2.57%
        
 
42,641
  
Eli Lilly & Co.
    
4,858,942
  
 
38,302
  
Pfizer, Inc.
    
1,469,648
  
           
6,328,590
  
     
Road & Rail - 3.21%
        
 
52,968
  
CSX Corp.
    
3,722,061
  
 
25,314
  
Union Pacific Corp.
    
4,188,454
  
           
7,910,515
  
     
Semiconductors & Semiconductor Equipment - 5.87%
        
 
5,049
  
Lam Research Corp.
    
1,368,481
  
 
55,289
  
NXP Semiconductors NV #
    
6,285,253
  
 
77,981
  
QUALCOMM, Inc.
    
6,272,792
  
 
8,786
  
Teradyne, Inc.
    
537,879
  
           
14,464,405
  
     
Software - 2.93%
        
 
44,989
  
Citrix Systems, Inc.
    
4,897,503
  
 
42,431
  
Oracle Corp.
    
2,312,065
  
           
7,209,568
  
     
Specialty Retail - 2.62%
        
 
1,712
  
AutoZone, Inc. *
    
1,959,179
  
 
62,414
  
Best Buy Co., Inc.
    
4,483,197
  
           
6,442,376
  
     
Tobacco - 0.57%
        
 
31,149
  
Altria Group, Inc.
    
1,395,164
  
               
     
Total Common Stocks (Cost $230,363,621)
    
240,878,366
  
               
     
REITs - 1.52%
        
     
Equity Real Estate Investment Trusts - 1.52%
        
 
5,256
  
Boston Properties, Inc.
    
721,123
  
 
40,006
  
Regency Centers Corp.
    
2,690,003
  
 
13,972
  
VICI Properties, Inc.
    
329,041
  
           

 
     
Total REITs (Cost $3,634,592)
    
3,740,167
  
               
     
Total Investments in Securities (Cost $233,998,213) - 99.35%
    
244,618,533
  
     
Other Assets in Excess of Liabilities - 0.65%
    
1,592,667
  
     
Net Assets - 100.00%
  
$
246,211,200
  
   
 
*
  
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 Small Cap Value Fund
  
Schedule of Investments
  
at October 31, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 87.61%
      
   
Air Freight & Logistics - 0.34%
      
 
14,993
  
Radiant Logistics, Inc. *
  
$
80,812
  
               
     
Biotechnology - 0.62%
        
 
1,378
  
Ligand Pharmaceuticals, Inc. *
    
149,940
  
               
     
Building Products - 1.81%
        
 
1,494
  
American Woodmark Corp. *
    
148,145
  
 
5,514
  
Continental Building Products, Inc. *
    
164,924
  
 
6,289
  
Quanex Building Products Corp.
    
121,315
  
           
434,384
  
     
Capital Markets - 2.27%
        
 
3,193
  
Artisan Partners Asset Management, Inc. - Class A
    
87,329
  
 
8,360
  
Brightsphere Investment Group, Inc.
    
82,095
  
 
5,687
  
Oppenheimer Holdings, Inc. - Class A
    
154,686
  
 
13,382
  
Waddell & Reed Financial, Inc. - Class A
    
221,606
  
           
545,716
  
     
Chemicals - 2.25%
        
 
3,132
  
AdvanSix, Inc. *
    
71,284
  
 
5,155
  
FutureFuel Corp.
    
63,561
  
 
7,058
  
Kraton Corp. *
    
158,240
  
 
10,058
  
Tredegar Corp.
    
199,954
  
 
1,050
  
Trinseo SA #
    
44,625
  
           
537,664
  
     
Commercial Banks - 16.81%
        
 
2,973
  
Bank of N.T. Butterfield & Son Ltd. #
    
97,960
  
 
1,734
  
Bar Harbor Bankshares
    
43,437
  
 
2,291
  
Berkshire Hills Bancorp, Inc.
    
71,090
  
 
31,006
  
Boston Private Financial Holdings, Inc.
    
348,818
  
 
3,651
  
Financial Institutions, Inc.
    
114,751
  
 
3,264
  
Flushing Financial Corp.
    
70,633
  
 
9,618
  
Fulton Financial Corp.
    
164,083
  
 
6,954
  
Great Western Bancorp, Inc.
    
242,486
  
 
11,418
  
Hancock Whitney Corp.
    
445,302
  
 
27,568
  
Hilltop Holdings, Inc.
    
643,988
  
 
36,004
  
Hope Bancorp, Inc.
    
513,777
  
 
6,754
  
IBERIABANK Corp.
    
495,676
  
 
7,474
  
Independent Bank Corp.
    
168,240
  
 
2,424
  
LCNB Corp.
    
43,826
  
 
547
  
Northrim BanCorp, Inc.
    
21,306
  
 
4,000
  
Opus Bank
    
99,160
  
 
9,274
  
Simmons First National Corp. - Class A
    
221,834
  
 
2,985
  
TCF Financial Corp.
    
118,176
  
 
4,406
  
Univest Financial Corp.
    
113,455
  
           
4,037,998
  
     
Commercial Services & Supplies - 2.35%
        
 
5,112
  
Ennis, Inc.
    
100,144
  
 
4,112
  
Herman Miller, Inc.
    
191,208
  
 
1,750
  
HNI Corp.
    
66,500
  
 
10,147
  
Kimball International, Inc. - Class B
    
206,593
  
           
564,445
  
     
Communications Equipment - 0.16%
        
 
3,415
  
CalAmp Corp. *
    
38,316
  
               
     
Construction & Engineering - 2.27%
        
 
2,355
  
EMCOR Group, Inc.
    
206,557
  
 
2,104
  
KBR, Inc.
    
59,249
  
 
1,744
  
MasTec, Inc. *
    
109,767
  
 
10,351
  
Sterling Construction Co., Inc. *
    
168,152
  
           
543,725
  
     
Consumer Finance - 1.98%
        
 
15,273
  
Enova International, Inc. *
    
358,763
  
 
1,926
  
Nelnet, Inc. - Class A
    
118,006
  
           
476,769
  
     
Electrical Equipment - 0.61%
        
 
4,242
  
Atkore International Group, Inc. - Class I *
    
147,197
  
               
     
Electronic Equipment, Instruments & Components - 2.13%
        
 
1,964
  
Belden, Inc.
    
100,713
  
 
1,108
  
Insight Enterprises, Inc. *
    
68,009
  
 
2,294
  
Kimball Electronics, Inc. *
    
34,089
  
 
1,599
  
PC Connection, Inc.
    
78,095
  
 
2,335
  
Sanmina Corp. *
    
71,755
  
 
638
  
SYNNEX Corp.
    
75,118
  
 
4,117
  
Vishay Intertechnology, Inc.
    
82,958
  
           
510,737
  
     
Energy Equipment & Services - 1.67%
        
 
13,739
  
Era Group, Inc. *
    
132,856
  
 
29,193
  
Liberty Oilfield Services, Inc. - Class A
    
268,868
  
           
401,724
  
     
Entertainment - 0.38%
        
 
9,697
  
AMC Entertainment Holdings, Inc. - Class A
    
90,861
  
               
     
Food & Staples Retailing - 1.50%
        
 
4,692
  
Ingles Markets, Inc. - Class A
    
185,006
  
 
4,554
  
Weis Markets, Inc.
    
175,283
  
           
360,289
  
     
Food Products - 1.47%
        
 
3,225
  
Cal-Maine Foods, Inc.
    
128,645
  
 
7,439
  
Pilgrim's Pride Corp. *
    
225,849
  
           
354,494
  
     
Health Care Providers & Services - 1.27%
        
 
10,735
  
MEDNAX, Inc. *
    
235,741
  
 
3,977
  
Patterson Companies, Inc.
    
68,126
  
           
303,867
  
     
Hotels, Restaurants & Leisure - 2.78%
        
 
15,018
  
Brinker International, Inc.
    
667,550
  
               
     
Household Durables - 2.91%
        
 
2,178
  
Hooker Furniture Corp.
    
51,553
  
 
5,323
  
M/I Homes, Inc. *
    
235,170
  
 
5,703
  
Meritage Homes Corp. *
    
411,130
  
           
697,853
  
     
Insurance - 4.47%
        
 
1,102
  
American National Insurance Co.
    
132,218
  
 
10,186
  
CNA Financial Corp.
    
456,740
  
 
2,764
  
Fednat Holding Co.
    
39,663
  
 
3,672
  
HCI Group, Inc.
    
154,408
  
 
2,901
  
Mercury General Corp.
    
139,422
  
 
5,620
  
Universal Insurance Holdings, Inc.
    
152,358
  
           
1,074,809
  
     
IT Services - 0.93%
        
 
4,013
  
Sykes Enterprises, Inc. *
    
123,982
  
 
9,496
  
Unisys Corp. *
    
97,429
  
           
221,411
  
     
Machinery - 1.78%
        
 
3,171
  
Hillenbrand, Inc.
    
97,635
  
 
714
  
Hurco Companies, Inc.
    
24,840
  
 
6,392
  
Meritor, Inc. *
    
140,816
  
 
11,472
  
Wabash National Corp.
    
163,590
  
           
426,881
  
     
Media - 3.49%
        
 
16,809
  
National CineMedia, Inc.
    
141,112
  
 
1,091
  
Nexstar Media Group, Inc. - Class A
    
106,143
  
 
10,861
  
Sinclair Broadcast Group, Inc. - Class A
    
432,702
  
 
10,552
  
TEGNA, Inc.
    
158,596
  
           
838,553
  
     
Metals & Mining - 2.71%
        
 
5,880
  
Schnitzer Steel Industries, Inc. - Class A
    
125,479
  
 
5,948
  
Warrior Met Coal, Inc.
    
115,867
  
 
11,192
  
Worthington Industries, Inc.
    
411,977
  
           
653,323
  
     
Multi-line Retail - 1.24%
        
 
4,310
  
Dillard's, Inc. - Class A
    
297,303
  
               
     
Oil, Gas & Consumable Fuels - 5.08%
        
 
3,510
  
Berry Petroleum Corp.
    
32,959
  
 
2,918
  
CONSOL Energy, Inc. *
    
38,605
  
 
7,309
  
Delek U.S. Holdings, Inc.
    
291,994
  
 
10,408
  
Peabody Energy Corp.
    
109,596
  
 
2,317
  
REX American Resources Corp. *
    
187,492
  
 
67,658
  
W&T Offshore, Inc. *
    
272,662
  
 
6,836
  
World Fuel Services Corp.
    
285,540
  
           
1,218,848
  
     
Paper & Forest Products - 0.99%
        
 
4,842
  
Schweitzer-Mauduit International, Inc.
    
196,053
  
 
2,916
  
Verso Corp. - Class A *
    
42,690
  
           
238,743
  
     
Personal Products - 0.40%
        
 
2,726
  
Edgewell Personal Care Co. *
    
95,410
  
               
     
Pharmaceuticals - 0.36%
        
 
15,448
  
Siga Technologies, Inc. *
    
85,736
  
               
     
Professional Services - 2.58%
        
 
14,129
  
Kforce, Inc.
    
578,017
  
 
1,061
  
VSE Corp.
    
40,764
  
           
618,781
  
     
Real Estate Management & Development - 1.62%
        
 
5,547
  
Altisource Portfolio Solutions SA *#
    
98,737
  
 
4,343
  
RE/MAX Holdings, Inc. - Class A
    
145,273
  
 
3,015
  
RMR Group, Inc. - Class A
    
145,926
  
           
389,936
  
     
Road & Rail - 0.95%
        
 
7,922
  
ArcBest Corp.
    
228,867
  
               
     
Semiconductors & Semiconductor Equipment - 2.98%
        
 
10,546
  
Amkor Technology, Inc. *
    
131,087
  
 
4,827
  
Cirrus Logic, Inc. *
    
328,043
  
 
2,175
  
Ichor Holdings Ltd. *#
    
63,314
  
 
3,759
  
Onto Innovation, Inc. *
    
121,040
  
 
6,247
  
Photronics, Inc. *
    
73,715
  
           
717,199
  
     
Specialty Retail - 4.09%
        
 
5,369
  
Aaron's, Inc.
    
402,299
  
 
1,805
  
Abercrombie & Fitch Co. - Class A
    
29,223
  
 
5,819
  
Cato Corp. - Class A
    
101,774
  
 
1,803
  
Genesco, Inc. *
    
70,047
  
 
8,060
  
Haverty Furniture Companies, Inc.
    
146,208
  
 
1,455
  
Rent-A-Center, Inc.
    
37,641
  
 
2,674
  
Shoe Carnival, Inc.
    
88,750
  
 
2,257
  
Sleep Number Corp. *
    
108,607
  
           
984,549
  
     
Textiles, Apparel & Luxury Goods - 0.95%
        
 
5,135
  
Fossil Group, Inc. *
    
55,869
  
 
15,959
  
Vera Bradley, Inc. *
    
171,719
  
           
227,588
  
     
Thrifts & Mortgage Finance - 4.48%
        
 
2,718
  
Federal Agricultural Mortgage Corp. - Class C
    
230,187
  
 
7,301
  
Flagstar Bancorp, Inc.
    
265,318
  
 
30,057
  
Mr. Cooper Group, Inc. *
    
384,730
  
 
687
  
Walker & Dunlop, Inc.
    
43,274
  
 
8,209
  
Waterstone Financial, Inc.
    
152,934
  
           
1,076,443
  
     
Tobacco - 0.35%
        
 
1,519
  
Universal Corp.
    
83,241
  
               
     
Trading Companies & Distributors - 2.58%
        
 
15,958
  
BMC Stock Holdings, Inc. *
    
430,706
  
 
6,408
  
GMS, Inc. *
    
191,984
  
           
622,690
  
     
Total Common Stocks (Cost $20,420,245)
    
21,044,652
  
               
     
REITs - 12.06%
        
     
Equity Real Estate Investment Trusts - 12.06%
        
 
22,554
  
Alexander & Baldwin, Inc.
    
530,245
  
 
11,543
  
DiamondRock Hospitality Co.
    
115,199
  
 
28,274
  
Franklin Street Properties Corp.
    
243,156
  
 
1,761
  
Mack-Cali Realty Corp.
    
37,721
  
 
13,706
  
Piedmont Office Realty Trust, Inc. - Class A
    
307,563
  
 
29,851
  
RLJ Lodging Trust
    
489,855
  
 
45,881
  
Summit Hotel Properties, Inc.
    
562,500
  
 
31,189
  
Sunstone Hotel Investors, Inc.
    
421,363
  
 
9,012
  
Xenia Hotels & Resorts, Inc.
    
189,703
  
           
 
     
Total REITs (Cost $2,833,643)
    
2,897,305
  
               
     
Total Investments in Securities (Cost $23,253,888) - 99.67%
    
23,941,957
  
     
Other Assets in Excess of Liabilities - 0.33%
    
78,218
  
     
Net Assets - 100.00%
  
$
24,020,175
  
   
               
 
*
  
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 Small/Mid Cap Growth Fund
  
Schedule of Investments
  
at October 31, 2019 (Unaudited)
  
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 95.35%
      
   
Aerospace & Defense - 1.79%
      
 
846
  
Astronics Corp. *
  
$
24,483
  
 
770
  
Teledyne Technologies, Inc. *
    
253,792
  
           
278,275
  
     
Air Freight & Logistics - 0.15%
        
 
4,332
  
Radiant Logistics, Inc. *
    
23,349
  
               
     
Auto Components - 1.34%
        
 
5,394
  
Gentex Corp.
    
151,302
  
 
1,114
  
Standard Motor Products, Inc.
    
58,329
  
           
209,631
  
     
Beverages - 0.36%
        
 
151
  
Boston Beer Co., Inc. - Class A *
    
56,543
  
               
     
Biotechnology - 2.53%
        
 
3,236
  
Anika Therapeutics, Inc. *
    
227,782
  
 
21,073
  
PDL BioPharma, Inc. *
    
59,426
  
 
1,351
  
Repligen Corp. *
    
107,391
  
           
394,599
  
     
Building Products - 3.63%
        
 
1,351
  
Advanced Drainage Systems, Inc.
    
50,014
  
 
1,558
  
Armstrong World Industries, Inc.
    
145,720
  
 
4,422
  
Builders FirstSource, Inc. *
    
99,981
  
 
2,324
  
CSW Industrials, Inc.
    
160,867
  
 
359
  
Lennox International, Inc.
    
88,802
  
 
399
  
Universal Forest Products, Inc.
    
20,094
  
           
565,478
  
     
Capital Markets - 2.38%
        
 
5,358
  
Federated Investors, Inc. - Class B
    
171,135
  
 
1,749
  
LPL Financial Holdings, Inc.
    
141,389
  
 
3,741
  
Victory Capital Holdings, Inc. - Class A
    
58,210
  
           
370,734
  
     
Chemicals - 1.66%
        
 
4,239
  
FutureFuel Corp.
    
52,267
  
 
702
  
Hawkins, Inc.
    
30,010
  
 
142
  
NewMarket Corp.
    
68,940
  
 
441
  
Quaker Chemical Corp.
    
67,420
  
 
399
  
Scotts Miracle-Gro Co.
    
40,056
  
           
258,693
  
     
Commercial Banks - 1.91%
        
 
1,403
  
Bank of Marin Bancorp
    
61,549
  
 
3,106
  
First Financial Bankshares, Inc.
    
103,368
  
 
2,162
  
Hilltop Holdings, Inc.
    
50,504
  
 
1,239
  
Westamerica Bancorporation
    
81,799
  
           
297,220
  
     
Commercial Services & Supplies - 3.28%
        
 
1,343
  
ABM Industries, Inc.
    
48,966
  
 
2,498
  
Brady Corp. - Class A
    
140,737
  
 
751
  
Clean Harbors, Inc. *
    
61,928
  
 
920
  
Herman Miller, Inc.
    
42,780
  
 
701
  
Rollins, Inc.
    
26,715
  
 
2,166
  
Tetra Tech, Inc.
    
189,460
  
           
510,586
  
     
Communications Equipment - 1.29%
        
 
3,281
  
Ciena Corp. *
    
121,791
  
 
455
  
EchoStar Corp. - Class A *
    
17,745
  
 
2,501
  
Juniper Networks, Inc.
    
62,075
  
           
201,611
  
     
Construction & Engineering - 1.69%
        
 
16,150
  
Great Lakes Dredge & Dock Corp. *
    
173,612
  
 
1,425
  
MasTec, Inc. *
    
89,690
  
           
263,302
  
     
Containers & Packaging - 2.18%
        
 
3,392
  
Silgan Holdings, Inc.
    
104,372
  
 
4,070
  
Sonoco Products Co.
    
234,839
  
           
339,211
  
     
Diversified Consumer Services - 1.54%
        
 
3,296
  
Collectors Universe, Inc.
    
94,463
  
 
5,983
  
K12, Inc. *
    
118,404
  
 
665
  
ServiceMaster Global Holdings, Inc. *
    
26,853
  
           
239,720
  
     
Diversified Financial Services - 0.60%
        
 
1,728
  
Voya Financial, Inc.
    
93,243
  
               
     
Diversified Telecommunication Services - 0.85%
        
 
1,746
  
Cogent Communications Holdings, Inc.
    
102,385
  
 
427
  
GCI Liberty, Inc. - Class A *
    
29,882
  
           
132,267
  
     
Electronic Equipment, Instruments & Components - 3.21%
        
 
1,006
  
Benchmark Electronics, Inc.
    
34,104
  
 
1,009
  
CDW Corp.
    
129,061
  
 
762
  
Fabrinet *#
    
42,847
  
 
326
  
Insight Enterprises, Inc. *
    
20,010
  
 
974
  
Itron, Inc. *
    
74,277
  
 
579
  
Keysight Technologies, Inc. *
    
58,427
  
 
1,420
  
OSI Systems, Inc. *
    
140,921
  
           
499,647
  
     
Food & Staples Retailing - 0.26%
        
 
237
  
Casey's General Stores, Inc.
    
40,482
  
               
     
Food Products - 2.39%
        
 
2,315
  
Darling Ingredients, Inc. *
    
44,680
  
 
2,078
  
John B. Sanfilippo & Son, Inc.
    
220,517
  
 
302
  
Lancaster Colony Corp.
    
42,032
  
 
759
  
Pilgrim's Pride Corp. *
    
23,043
  
 
772
  
TreeHouse Foods, Inc. *
    
41,704
  
           
371,976
  
     
Health Care Equipment & Supplies - 5.56%
        
 
47
  
Atrion Corp.
    
39,641
  
 
96
  
Cooper Companies, Inc.
    
27,936
  
 
642
  
Haemonetics Corp. *
    
77,509
  
 
1,753
  
Hill-Rom Holdings, Inc.
    
183,521
  
 
422
  
Integra LifeSciences Holdings Corp. *
    
24,501
  
 
2,413
  
Lantheus Holdings, Inc. *
    
50,311
  
 
196
  
Masimo Corp. *
    
28,575
  
 
2,619
  
Meridian Bioscience, Inc.
    
25,640
  
 
798
  
NuVasive, Inc. *
    
56,291
  
 
1,430
  
STERIS PLC #
    
202,445
  
 
1,040
  
West Pharmaceutical Services, Inc.
    
149,594
  
           
865,964
  
     
Health Care Providers & Services - 2.45%
        
 
730
  
Amedisys, Inc. *
    
93,820
  
 
2,736
  
CorVel Corp. *
    
216,472
  
 
397
  
Ensign Group, Inc.
    
16,773
  
 
960
  
National Research Corp.
    
55,133
  
           
382,198
  
     
Health Care Technology - 1.33%
        
 
2,098
  
HMS Holdings Corp. *
    
68,584
  
 
888
  
Simulations Plus, Inc.
    
31,444
  
 
759
  
Veeva Systems, Inc. - Class A *
    
107,649
  
           
207,677
  
     
Hotels, Restaurants & Leisure - 2.14%
        
 
1,311
  
Brinker International, Inc.
    
58,274
  
 
509
  
Choice Hotels International, Inc.
    
45,037
  
 
412
  
Cracker Barrel Old Country Store, Inc.
    
64,066
  
 
3,608
  
Denny's Corp. *
    
72,593
  
 
4,771
  
Everi Holdings, Inc. *
    
47,996
  
 
1,161
  
Wendy's Co.
    
24,590
  
 
249
  
Wingstop, Inc.
    
20,774
  
           
333,330
  
     
Household Durables - 3.70%
        
 
1,712
  
Ethan Allen Interiors, Inc.
    
33,744
  
 
573
  
Garmin Ltd. #
    
53,719
  
 
619
  
Helen of Troy Ltd. *#
    
92,701
  
 
649
  
Installed Building Products, Inc. *
    
42,328
  
 
8
  
NVR, Inc. *
    
29,093
  
 
3,980
  
PulteGroup, Inc.
    
156,175
  
 
1,625
  
TopBuild Corp. *
    
168,886
  
           
576,646
  
     
Industrial Conglomerates - 1.38%
        
 
1,409
  
Carlisle Companies, Inc.
    
214,548
  
               
     
Insurance - 2.07%
        
 
892
  
Hanover Insurance Group, Inc.
    
117,485
  
 
6,423
  
Old Republic International Corp.
    
143,490
  
 
1,226
  
Universal Insurance Holdings, Inc.
    
33,237
  
 
396
  
W.R. Berkley Corp.
    
27,680
  
           
321,892
  
     
Internet & Direct Marketing Retail - 0.51%
        
 
5,572
  
1-800-Flowers.com, Inc. - Class A *
    
79,457
  
               
     
Internet Software & Services - 0.26%
        
 
226
  
j2 Global, Inc.
    
21,461
  
 
344
  
Tucows, Inc. - Class A *
    
19,106
  
           
40,567
  
     
IT Services - 6.58%
        
 
1,023
  
CSG Systems International, Inc.
    
58,966
  
 
593
  
Euronet Worldwide, Inc. *
    
83,061
  
 
3,691
  
EVERTEC, Inc. #
    
112,908
  
 
213
  
Jack Henry & Associates, Inc.
    
30,152
  
 
3,047
  
Leidos Holdings, Inc.
    
262,743
  
 
1,737
  
LiveRamp Holdings, Inc. *
    
67,899
  
 
1,832
  
MAXIMUS, Inc.
    
140,588
  
 
2,370
  
Perficient, Inc. *
    
92,904
  
 
1,910
  
Perspecta, Inc.
    
50,691
  
 
4,980
  
Western Union Co.
    
124,799
  
           
1,024,711
  
     
Leisure Products - 0.46%
        
 
5,664
  
Clarus Corp.
    
72,216
  
               
     
Life Sciences Tools & Services - 1.95%
        
 
50
  
Bio-Rad Laboratories, Inc. - Class A *
    
16,581
  
 
3,916
  
Bruker Corp.
    
174,262
  
 
678
  
Medpace Holdings, Inc. *
    
49,921
  
 
1,788
  
NeoGenomics, Inc. *
    
40,999
  
 
721
  
QIAGEN N.V. *#
    
21,493
  
           
303,256
  
     
Machinery - 5.18%
        
 
2,097
  
AGCO Corp.
    
160,819
  
 
1,280
  
Allison Transmission Holdings, Inc.
    
55,821
  
 
989
  
Donaldson Co., Inc.
    
52,160
  
 
2,101
  
ESCO Technologies, Inc.
    
177,513
  
 
3,175
  
Federal Signal Corp.
    
102,997
  
 
1,351
  
Franklin Electric Co., Inc.
    
72,751
  
 
3,343
  
Gardner Denver Holdings, Inc. *
    
106,408
  
 
2,119
  
Gorman-Rupp Co.
    
78,276
  
           
806,745
  
     
Media - 1.90%
        
 
1,869
  
Altice USA, Inc. - Class A *
    
57,845
  
 
5,480
  
Central European Media Enterprises Ltd. - Class A *#
    
24,578
  
 
3,557
  
National CineMedia, Inc.
    
29,861
  
 
1,652
  
Nexstar Media Group, Inc. - Class A
    
160,723
  
 
588
  
Sinclair Broadcast Group, Inc. - Class A
    
23,426
  
           
296,433
  
     
Metals & Mining - 0.76%
        
 
1,032
  
Royal Gold, Inc.
    
119,134
  
               
     
Oil, Gas & Consumable Fuels - 1.12%
        
 
954
  
CVR Energy, Inc.
    
45,239
  
 
3,087
  
World Fuel Services Corp.
    
128,944
  
           
174,183
  
     
Personal Products - 0.83%
        
 
1,190
  
Herbalife Ltd. *#
    
53,157
  
 
993
  
Inter Parfums, Inc.
    
76,888
  
           
130,045
  
     
Pharmaceuticals - 2.55%
        
 
1,370
  
ANI Pharmaceuticals, Inc. *
    
107,011
  
 
1,093
  
Catalent, Inc. *
    
53,175
  
 
7,052
  
Horizon Therapeutics PLC *#
    
203,873
  
 
2,868
  
Innoviva, Inc. *
    
33,326
  
           
397,385
  
     
Professional Services - 1.02%
        
 
3,079
  
CBIZ, Inc. *
    
84,272
  
 
1,975
  
Franklin Covey Co. *
    
75,445
  
           
159,717
  
     
Real Estate Management & Development - 0.46%
        
 
2,003
  
Marcus & Millichap, Inc. *
    
71,547
  
               
     
Semiconductors & Semiconductor Equipment - 4.04%
        
 
2,073
  
Cirrus Logic, Inc. *
    
140,881
  
 
1,591
  
Entegris, Inc.
    
76,368
  
 
880
  
Inphi Corp. *
    
63,254
  
 
6,272
  
Lattice Semiconductor Corp. *
    
122,869
  
 
3,235
  
MaxLinear, Inc. *
    
61,336
  
 
6,062
  
Photronics, Inc. *
    
71,532
  
 
1,529
  
Teradyne, Inc.
    
93,605
  
           
629,845
  
     
Software - 8.64%
        
 
6,622
  
ACI Worldwide, Inc. *
    
207,865
  
 
3,816
  
Agilysys, Inc. *
    
96,125
  
 
685
  
Alarm.com Holdings, Inc. *
    
33,839
  
 
635
  
AppFolio, Inc. - Class A *
    
61,741
  
 
4,593
  
Cadence Design Systems, Inc. *
    
300,153
  
 
3,770
  
Manhattan Associates, Inc. *
    
282,561
  
 
3,329
  
Model N, Inc. *
    
99,171
  
 
532
  
Paycom Software, Inc. *
    
112,534
  
 
826
  
Paylocity Holding Corp. *
    
84,748
  
 
4,814
  
Telenav, Inc. *
    
22,674
  
 
1,521
  
Teradata Corp. *
    
45,523
  
           
1,346,934
  
     
Specialty Retail - 3.78%
        
 
2,110
  
Aaron's, Inc.
    
158,102
  
 
461
  
Burlington Stores, Inc. *
    
88,590
  
 
2,802
  
Haverty Furniture Companies, Inc.
    
50,828
  
 
10,508
  
Rent-A-Center, Inc.
    
271,842
  
 
107
  
Winmark Corp.
    
19,260
  
           
588,622
  
     
Technology Hardware, Storage & Peripherals - 0.31%
        
 
1,422
  
Xerox Holdings Corp.
    
48,248
  
     
Textiles, Apparel & Luxury Goods - 1.66%
        
 
1,029
  
Columbia Sportswear Co.
    
93,073
  
 
1,080
  
Deckers Outdoor Corp. *
    
165,132
  
           
258,205
  
     
Trading Companies & Distributors - 1.09%
        
 
1,816
  
BMC Stock Holdings, Inc. *
    
49,014
  
 
4,049
  
GMS, Inc. *
    
121,308
  
           
170,322
  
     
Wireless Telecommunication Services - 0.58%
        
 
2,114
  
Telephone & Data Systems, Inc.
    
55,154
  
 
967
  
United States Cellular Corp. *
    
35,992
  
           
91,146
  
     
Total Common Stocks (Cost $13,993,341)
    
14,857,540
  
               
     
REITs - 3.83%
        
     
Equity Real Estate Investment Trusts - 3.72%
        
 
2,508
  
CareTrust REIT, Inc.
    
60,794
  
 
1,904
  
CorEnergy Infrastructure Trust, Inc.
    
91,716
  
 
982
  
Equity LifeStyle Properties, Inc.
    
68,681
  
 
893
  
Investors Real Estate Trust
    
67,573
  
 
7,336
  
iStar, Inc.
    
95,441
  
 
3,028
  
Medical Properties Trust, Inc.
    
62,771
  
 
455
  
PS Business Parks, Inc.
    
82,150
  
 
1,384
  
Retail Value, Inc.
    
50,668
  
           
579,794
  
     
Mortgage Real Estate Investment Trusts  - 0.11%
        
 
1,058
  
Ares Commercial Real Estate Corp.
    
16,399
  
     
Total REITs (Cost $580,022)
    
596,193
  
               
     
Total Investments in Securities (Cost $14,573,363) - 99.18%
    
15,453,733
  
     
Other Assets in Excess of Liabilities - 0.82%
    
128,001
  
     
Net Assets - 100.00%
  
$
15,581,734
  
   
               
 
*
  
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
October 31, 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 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 the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board.  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

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

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

•
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
•
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds’ securities as of October 31, 2019:
Market Leaders Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
4,784,632
    
$
-
    
$
-
    
$
4,784,632
  
  Consumer Discretionary
    
25,057,193
      
-
      
-
      
25,057,193
  
  Consumer Staples
    
10,507,913
      
-
      
-
      
10,507,913
  
  Energy
    
11,817,117
      
-
      
-
      
11,817,117
  
  Financials
    
78,675,481
      
-
      
-
      
78,675,481
  
  Health Care
    
29,141,969
      
-
      
-
      
29,141,969
  
  Industrials
    
37,314,553
      
-
      
-
      
37,314,553
  
  Information Technology
    
34,647,581
      
-
      
-
      
34,647,581
  
  Materials
    
8,931,927
      
-
      
-
      
8,931,927
  
Total Common Stocks
    
240,878,366
      
-
      
-
      
240,878,366
  
REITs
    
3,740,167
      
-
      
-
      
3,740,167
  
Total Investments in Securities
  
$
244,618,533
    
$
-
    
$
-
    
$
244,618,533
  

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
929,415
    
$
-
    
$
-
    
$
929,415
  
  Consumer Discretionary
    
2,874,843
      
-
      
-
      
2,874,843
  
  Consumer Staples
    
893,434
      
-
      
-
      
893,434
  
  Energy
    
1,620,572
      
-
      
-
      
1,620,572
  
  Financials
    
7,211,734
      
-
      
-
      
7,211,734
  
  Health Care
    
539,543
      
-
      
-
      
539,543
  
  Industrials
    
3,608,534
      
-
      
-
      
3,608,534
  
  Information Technology
    
1,546,911
      
-
      
-
      
1,546,911
  
  Materials
    
1,429,730
      
-
      
-
      
1,429,730
  
  Real Estate
    
389,936
      
-
      
-
      
389,936
  
Total Common Stocks
    
21,044,652
      
-
      
-
      
21,044,652
  
REITs
    
2,897,305
      
-
      
-
      
2,897,305
  
Total Investments in Securities
  
$
23,941,957
    
$
-
    
$
-
    
$
23,941,957
  

Small/Mid Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
519,846
    
$
-
    
$
-
    
$
519,846
  
  Consumer Discretionary
    
2,357,826
      
-
      
-
      
2,357,826
  
  Consumer Staples
    
599,047
      
-
      
-
      
599,047
  
  Energy
    
174,183
      
-
      
-
      
174,183
  
  Financials
    
1,083,089
      
-
      
-
      
1,083,089
  
  Health Care
    
2,551,079
      
-
      
-
      
2,551,079
  
  Industrials
    
2,992,323
      
-
      
-
      
2,992,323
  
  Information Technology
    
3,791,562
      
-
      
-
      
3,791,562
  
  Materials
    
717,038
      
-
      
-
      
717,038
  
  Real Estate
    
71,547
      
-
      
-
      
71,547
  
Total Common Stocks
    
14,857,540
      
-
      
-
      
14,857,540
  
REITs
    
596,193
      
-
      
-
      
596,193
  
Total Investments in Securities
  
$
15,453,733
    
$
-
    
$
-
    
$
15,453,733
  

Refer to the Funds’ schedules of investments for a detailed break-out of common stocks and preferred stocks by industry classification. Transfers between levels are recognized at October 31, 2019, the end of the reporting period.  During the period ended October 31, 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  12/20/2019                                                                                    


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  12/20/2019                                                                                    


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

Date  12/19/2019                                                                                    


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