---

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