N-Q 1 ast-pzena_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, WI 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, WI 53202


(Name and address of agent for service)


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


Date of fiscal year end: February 29, 2020



Date of reporting period:  May 31, 2019
Item 1. Schedule of Investments.

Pzena Mid Cap Value Fund
                  
Schedule of Investments
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 99.18%
                  
Consumer Discretionary - 15.45%
                  
Avis Budget Group, Inc. (a)
    
24,184
    
$
685,858
      
1.77
%
Gildan Activewear, Inc. (b)
    
12,146
      
437,985
      
1.13
%
Interpublic Group of Cos., Inc.
    
45,043
      
955,812
      
2.47
%
Lear Corp.
    
9,924
      
1,181,254
      
3.06
%
Mohawk Industries, Inc. (a)
    
6,271
      
850,034
      
2.20
%
Newell Brands, Inc.
    
63,091
      
846,681
      
2.19
%
Omnicom Group, Inc.
    
2,774
      
214,597
      
0.56
%
PVH Corp.
    
9,386
      
799,593
      
2.07
%
             
5,971,814
      
15.45
%
Energy - 8.57%
                        
Cenovus Energy, Inc. (b)
    
66,442
      
544,160
      
1.41
%
Halliburton Co.
    
41,789
      
889,688
      
2.30
%
National Oilwell Varco, Inc.
    
52,249
      
1,089,392
      
2.82
%
TechnipFMC PLC (b)
    
37,890
      
788,112
      
2.04
%
             
3,311,352
      
8.57
%
Financial Services - 32.27%
                        
Apollo Global Management LLC - Class A
    
28,658
      
842,832
      
2.18
%
AXA Equitable Holdings, Inc.
    
66,318
      
1,362,835
      
3.53
%
Axis Capital Holdings, Ltd. (b)
    
28,163
      
1,677,952
      
4.34
%
CNO Financial Group, Inc.
    
50,003
      
785,547
      
2.03
%
Fifth Third Bancorp
    
46,756
      
1,239,034
      
3.21
%
Franklin Resources, Inc.
    
24,571
      
781,849
      
2.02
%
Invesco, Ltd. (b)
    
40,704
      
795,356
      
2.06
%
KeyCorp
    
77,023
      
1,230,057
      
3.18
%
KKR & Co., Inc. - Class A
    
55,281
      
1,231,661
      
3.19
%
Realogy Holdings Corp.
    
31,653
      
224,420
      
0.58
%
Regions Financial Corp.
    
69,885
      
966,509
      
2.50
%
Voya Financial, Inc.
    
26,188
      
1,333,755
      
3.45
%
             
12,471,807
      
32.27
%
Health Care - 5.90%
                        
Cardinal Health, Inc.
    
18,508
      
778,632
      
2.01
%
McKesson Corp.
    
7,467
      
912,019
      
2.36
%
Mylan N.V. (a)(b)
    
35,244
      
592,099
      
1.53
%
             
2,282,750
      
5.90
%
Materials & Processing - 3.34%
                        
JELD-WEN Holding, Inc. (a)
    
68,271
      
1,289,639
      
3.34
%
Producer Durables - 22.50%
                        
AECOM Technology Corp. (a)
    
40,572
      
1,294,247
      
3.35
%
Carlisle Cos., Inc.
    
6,022
      
802,793
      
2.08
%
Genpact, Ltd. (b)
    
24,405
      
882,241
      
2.28
%
KBR, Inc.
    
54,203
      
1,204,391
      
3.11
%
Ryder System, Inc.
    
22,431
      
1,132,765
      
2.93
%
Snap-on, Inc.
    
5,202
      
811,096
      
2.10
%
Stanley Black & Decker, Inc.
    
8,692
      
1,105,796
      
2.86
%
Terex Corp.
    
27,091
      
725,226
      
1.88
%
Wabtec Corp.
    
11,808
      
736,583
      
1.91
%
             
8,695,138
      
22.50
%
Technology - 8.96%
                        
Anixter International, Inc. (a)
    
18,952
      
1,011,279
      
2.62
%
Avnet, Inc.
    
37,140
      
1,516,797
      
3.92
%
Hewlett Packard Enterprise Co.
    
68,275
      
936,733
      
2.42
%
             
3,464,809
      
8.96
%
Utilities - 2.19%
                        
Edison International
    
14,245
      
845,726
      
2.19
%
Total Common Stocks (Cost $46,397,176)
            
38,333,035
      
99.18
%
                         
SHORT-TERM INVESTMENTS - 0.73%
                        
Money Market Fund - 0.73%
                        
Fidelity Institutional Government Portfolio - Class I, 2.27% (c)
    
281,869
      
281,869
      
0.73
%
Total Short-Term Investments (Cost $281,869)
            
281,869
      
0.73
%
                         
Total Investments (Cost $46,679,045) - 99.91%
            
38,614,904
      
99.91
%
Other Assets in Excess of Liabilities - 0.09%
            
34,805
      
0.09
%
TOTAL NET ASSETS - 100.00%
          
$
38,649,709
      
100.00
%

Percentages are stated as a percent of net assets.
            

  PLC
  
Public Limited Company
            
(a)
  
Non-income producing security.
            
(b)
  
Foreign issued security.
            
(c)
  
The rate listed is the Fund's 7-day annualized yield as of May 31, 2019.
            

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for
  
compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry
  
classifications.
            
Pzena Emerging Markets Value Fund
                  
Schedule of Investments
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 92.11%
                  
Brazil - 1.74%
                  
Cia de Saneamento Basico do Estrado de San Paulo
    
57,200
    
$
646,788
      
0.22
%
Light S.A.
    
900,439
      
4,355,390
      
1.52
%
             
5,002,178
      
1.74
%
China - 21.75%
                        
Baidu, Inc. - ADR (a)
    
47,093
      
5,180,230
      
1.80
%
China Agri-Industries Holdings, Ltd.
    
19,261,000
      
5,822,856
      
2.03
%
China Construction Bank Corp.
    
7,149,000
      
5,653,870
      
1.97
%
China Dongxiang Group Co.
    
16,208,000
      
1,984,767
      
0.69
%
China Mobile, Ltd.
    
697,000
      
6,085,764
      
2.12
%
China Resources Power Holdings Co., Ltd.
    
6,542,000
      
9,529,838
      
3.32
%
China Shenhua Energy Co., Ltd.
    
2,045,500
      
4,200,821
      
1.46
%
Dah Chong Hong Holdings, Ltd.
    
2,032,272
      
624,752
      
0.22
%
Dongfeng Motor Group Co., Ltd.
    
5,646,000
      
4,652,456
      
1.62
%
Grand Baoxin Auto Group, Ltd.
    
18,818,000
      
6,072,994
      
2.11
%
Huadian Power International Corp., Ltd.
    
14,326,000
      
5,939,053
      
2.07
%
Lenovo Group, Ltd.
    
9,680,000
      
6,729,468
      
2.34
%
             
62,476,869
      
21.75
%
Czech Republic - 2.05%
                        
CEZ
    
252,621
      
5,881,536
      
2.05
%
Hong Kong - 2.36%
                        
Pacific Basin Shipping, Ltd.
    
38,801,000
      
6,780,666
      
2.36
%
Hungary - 1.02%
                        
OTP Bank PLC
    
69,884
      
2,918,651
      
1.02
%
India - 6.44%
                        
ICICI Bank, Ltd. - ADR
    
271,904
      
3,262,848
      
1.13
%
NTPC, Ltd.
    
2,383,033
      
4,556,370
      
1.59
%
Punjab National Bank (a)
    
4,803,605
      
5,558,958
      
1.93
%
Reliance Industries, Ltd. - GDR
    
45,334
      
1,747,626
      
0.61
%
State Bank of India - GDR (a)
    
67,053
      
3,379,471
      
1.18
%
             
18,505,273
      
6.44
%
Malaysia - 1.52%
                        
Genting Malaysia Berhad
    
5,829,100
      
4,367,826
      
1.52
%
Poland - 1.36%
                        
Cyfrowy Polsat S.A.
    
573,594
      
3,906,072
      
1.36
%
Republic of Korea - 15.06%
                        
Dongbu Insurance Co., Ltd.
    
96,710
      
4,994,261
      
1.74
%
Hana Financial Group, Inc.
    
142,117
      
4,331,889
      
1.51
%
Hyundai Heavy Industries Co., Inc. (a)
    
65,763
      
6,488,498
      
2.26
%
Hyundai Motor Co.
    
14,850
      
1,677,156
      
0.58
%
KB Financial Group, Inc.
    
112,700
      
4,144,983
      
1.44
%
LG Electronics, Inc.
    
22,492
      
1,484,483
      
0.52
%
POSCO
    
38,628
      
7,703,544
      
2.68
%
Samsung Electronics Co., Ltd.
    
177,570
      
6,336,993
      
2.20
%
Samsung Electronics Co., Ltd. - GDR
    
83
      
74,409
      
0.03
%
Shinhan Financial Group Co., Ltd.
    
161,060
      
6,011,518
      
2.09
%
Shinhan Financial Group Co., Ltd. - ADR (a)
    
450
      
16,691
      
0.01
%
             
43,264,425
      
15.06
%
Romania - 1.26%
                        
Banca Transilvania S.A.
    
6,749,611
      
3,628,396
      
1.26
%
Russian Federation - 6.09%
                        
LUKOIL PJSC - ADR
    
75,116
      
6,051,345
      
2.10
%
MMC Norilsk Nickel PJSC - ADR
    
135,731
      
2,834,063
      
0.99
%
Rosneft Oil Co. - GDR
    
1,292,134
      
8,610,781
      
3.00
%
             
17,496,189
      
6.09
%
Singapore - 2.75%
                        
Wilmar International, Ltd.
    
3,301,500
      
7,907,065
      
2.75
%
South Africa - 3.92%
                        
Reunert, Ltd.
    
826,836
      
3,911,027
      
1.36
%
Sasol
    
292,037
      
7,349,719
      
2.56
%
             
11,260,746
      
3.92
%
Taiwan - 10.09%
                        
Catcher Technology Co., Ltd.
    
743,000
      
4,512,645
      
1.57
%
Compal Electronics, Inc.
    
8,792,000
      
5,465,015
      
1.90
%
Hon Hai Precision Industry Co., Ltd.
    
2,181,132
      
5,098,795
      
1.77
%
Lite-On Technology Corp.
    
4,060,000
      
5,792,203
      
2.02
%
Taiwan Semiconductor Manufacturing Co., Ltd.
    
1,086,000
      
8,090,249
      
2.82
%
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
    
1,125
      
43,144
      
0.01
%
             
29,002,051
      
10.09
%
Thailand - 3.53%
                        
Bangkok Bank Public Co., Ltd.
    
247,800
      
1,538,595
      
0.54
%
Bangkok Bank Public Co., Ltd. - NVDR
    
400,000
      
2,483,609
      
0.86
%
Siam Commercial Bank PLC - NVDR
    
1,493,600
      
6,111,737
      
2.13
%
             
10,133,941
      
3.53
%
Turkey - 1.47%
                        
Akbank T.A.S. (a)
    
3,188,752
      
3,273,322
      
1.14
%
Ford Otomotiv Sanayi A.S.
    
100,299
      
947,809
      
0.33
%
             
4,221,131
      
1.47
%
United Arab Emirates - 1.92%
                        
Abu Dhabi Commercial Bank PJSC
    
2,258,052
      
5,520,639
      
1.92
%
United Kingdom - 4.18%
                        
Antofagasta PLC
    
399,362
      
3,952,320
      
1.38
%
Standard Chartered PLC
    
926,334
      
8,045,607
      
2.80
%
             
11,997,927
      
4.18
%
United States - 3.60%
                        
Cognizant Technology Solutions Corp. - Class A
    
107,357
      
6,648,619
      
2.31
%
Flextronics International, Ltd. (a)
    
414,472
      
3,705,380
      
1.29
%
             
10,353,999
      
3.60
%
Total Common Stocks (Cost $287,418,496)
            
264,625,580
      
92.11
%
                         
PREFERRED STOCKS - 3.72%
                        
Brazil - 1.66%
                        
Cia Energetica de Minas Gerais, 4.07%
    
1,268,670
      
4,772,122
      
1.66
%
Republic of Korea - 2.06%
                        
Hyundai Motor Co., 5.17%
    
89,926
      
5,920,059
      
2.06
%
Total Preferred Stocks (Cost $10,907,224)
            
10,692,181
      
3.72
%
                         
SHORT-TERM INVESTMENTS - 3.32%
                        
Money Market Fund - 3.32%
                        
Fidelity Institutional Government Portfolio - Class I, 2.27% (b)
    
9,542,819
      
9,542,819
      
3.32
%
Total Short-Term Investments (Cost $9,542,819)
            
9,542,819
      
3.32
%
                         
Total Investments (Cost $307,868,539) - 99.15%
            
284,860,580
      
99.15
%
Other Assets in Excess of Liabilities - 0.85%
            
2,430,937
      
0.85
%
TOTAL NET ASSETS - 100.00%
          
$
287,291,517
      
100.00
%

Percentages are stated as a percent of net assets.
                  

ADR
  
American Depository Receipt
                  
GDR
  
Global Depository Receipt
                  
NVDR
  
Non-voting Depository Receipt
                  
PJSC
  
Private Joint Stock Company
                  
PLC
  
Public Limited Company
                  
(a)
  
Non-income producing security.
                  
(b)
  
The rate listed is the Fund's 7-day annualized yield as of May 31, 2019.
                  
Pzena Emerging Markets Value Fund
            
Portfolio Diversification
            
May 31, 2019 (Unaudited)
            
         
 
   
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
9,991,836
      
3.48
%
Consumer Discretionary
    
21,812,243
      
7.59
%
Consumer Staples
    
13,729,921
      
4.78
%
Energy
    
27,960,292
      
9.73
%
Financials
    
70,875,046
      
24.67
%
Industrials
    
17,180,191
      
5.98
%
Information Technology
    
57,677,150
      
20.08
%
Materials
    
14,489,926
      
5.04
%
Utilities
    
30,908,975
      
10.76
%
Total Common Stocks
    
264,625,580
      
92.11
%
PREFERRED STOCKS
                
Consumer Discretionary
    
5,920,059
      
2.06
%
Utilities
    
4,772,122
      
1.66
%
Total Preferred Stocks
    
10,692,181
      
3.72
%
Short-Term Investments
    
9,542,819
      
3.32
%
Total Investments
    
284,860,580
      
99.15
%
Other Assets in Excess of Liabilities
    
2,430,937
      
0.85
%
Total Net Assets
   $
287,291,517
      
100.00
 %

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 Pzena Investment
          
Management, LLC.
          
Pzena Long/Short Value Fund
                  
Schedule of Investments
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 101.40%
                  
Consumer Discretionary - 15.87%
                  
Booking Holdings, Inc. (a)(d)
    
221
    
$
366,025
      
1.63
%
Expedia Group, Inc.
    
2,092
      
240,580
      
1.07
%
Ford Motor Co. (d)
    
62,334
      
593,420
      
2.64
%
Gildan Activewear, Inc. (b)
    
7,942
      
286,388
      
1.27
%
H&R Block, Inc. (d)
    
4,786
      
125,632
      
0.56
%
Interpublic Group of Cos., Inc. (d)
    
3,503
      
74,334
      
0.33
%
Lear Corp.
    
3,274
      
389,704
      
1.73
%
Newell Brands, Inc.
    
16,521
      
221,712
      
0.98
%
News Corp. - Class A (d)
    
13,578
      
154,653
      
0.69
%
Omnicom Group, Inc. (d)
    
11,946
      
924,142
      
4.11
%
PVH Corp.
    
2,272
      
193,552
      
0.86
%
             
3,570,142
      
15.87
%
Consumer Staples - 0.45%
                        
CVS Health Corp. (d)
    
1,938
      
101,493
      
0.45
%
Energy - 7.88%
                        
Baker Hughes
   
5,081
      
108,784
      
0.49
%
Cenovus Energy, Inc. (b)(d)
    
14,298
      
117,101
      
0.52
%
ExxonMobil Corp. (d)
    
10,868
      
769,128
      
3.42
%
Halliburton Co. (d)
    
13,243
      
281,943
      
1.25
%
National Oilwell Varco, Inc.
    
12,770
      
266,255
      
1.18
%
Royal Dutch Shell PLC - ADR (d)
    
3,722
      
230,057
      
1.02
%
             
1,773,268
      
7.88
%
Financial Services - 28.17%
                        
American International Group, Inc. (d)
    
12,029
      
614,321
      
2.73
%
AXA Equitable Holdings, Inc.
    
16,269
      
334,328
      
1.48
%
Axis Capital Holdings, Ltd. (b)(d)
    
6,111
      
364,093
      
1.62
%
Bank of America Corp. (d)
    
16,890
      
449,274
      
2.00
%
Capital One Financial Corp. (d)
    
5,240
      
449,959
      
2.00
%
CBRE Group, Inc. - Class A (a)
    
3,991
      
182,389
      
0.81
%
Citigroup, Inc. (d)
    
8,218
      
510,749
      
2.26
%
Franklin Resources, Inc. (d)
    
10,187
      
324,150
      
1.44
%
Goldman Sachs Group, Inc. (d)
    
1,440
      
262,786
      
1.17
%
Jones Lang LaSalle, Inc. (d)
    
1,823
      
226,872
      
1.01
%
JPMorgan Chase & Co. (d)
    
3,676
      
389,509
      
1.73
%
KKR & Co, Inc. - Class A
    
9,478
      
211,170
      
0.94
%
Metlife, Inc. (d)
    
10,457
      
483,218
      
2.15
%
Morgan Stanley (d)
    
9,051
      
368,285
      
1.64
%
RenaissanceRe Holdings, Ltd. (b)
    
2,272
      
396,328
      
1.76
%
UBS Group AG (b)
    
9,311
      
106,425
      
0.47
%
Voya Financial, Inc. (d)
    
10,025
      
510,573
      
2.27
%
Wells Fargo & Co. (d)
    
3,479
      
154,363
      
0.69
%
             
6,338,792
      
28.17
%
Health Care - 13.07%
                        
AmerisourceBergen Corp. (d)
    
1,521
      
118,425
      
0.53
%
Amgen, Inc. (d)
    
2,280
      
380,076
      
1.69
%
Anthem, Inc.
    
1,450
      
403,071
      
1.79
%
Biogen, Inc. (a)(d)
    
1,381
      
302,840
      
1.35
%
Exelixis, Inc. (a)
    
9,177
      
179,777
      
0.80
%
McKesson Corp. (d)
    
3,898
      
476,102
      
2.12
%
Medtronic PLC (b)
    
5,063
      
468,733
      
2.08
%
Merck & Co., Inc.
    
6,425
      
508,924
      
2.26
%
Mylan N.V. (a)(b)(d)
    
6,063
      
101,858
      
0.45
%
             
2,939,806
      
13.07
%
Materials & Processing - 1.44%
                        
JELD-WEN Holding, Inc. (a)(d)
    
17,130
      
323,586
      
1.44
%
Producer Durables - 12.04%
                        
AECOM Technology Corp. (a)(d)
    
10,111
      
322,541
      
1.43
%
Carlisle Cos., Inc. (d)
    
1,024
      
136,509
      
0.61
%
CH Robinson Worldwide, Inc.
    
3,657
      
291,207
      
1.30
%
General Electric Co.
    
52,284
      
493,561
      
2.19
%
Genpact, Ltd. (b)(d)
    
12,393
      
448,007
      
1.99
%
Ryder System, Inc. (d)
    
5,712
      
288,456
      
1.28
%
Stanley Black & Decker, Inc.
    
2,437
      
310,035
      
1.38
%
Terex Corp. (d)
    
8,019
      
214,669
      
0.95
%
United Airlines Holdings, Inc. (a)
    
1,354
      
105,138
      
0.47
%
Wabtec Corp.
    
1,590
      
99,184
      
0.44
%
             
2,709,307
      
12.04
%
Technology - 15.62%
                        
Amdocs, Ltd. (b)(d)
    
6,971
      
414,217
      
1.84
%
Apple, Inc.
    
1,314
      
230,042
      
1.02
%
Avnet, Inc. (d)
    
14,993
      
612,314
      
2.72
%
Cognizant Technology Solutions Corp. - Class A (d)
    
8,304
      
514,267
      
2.29
%
Hewlett Packard Enterprise Co. (d)
    
23,283
      
319,443
      
1.42
%
Intel Corp.
    
5,510
      
242,660
      
1.08
%
Leidos Holdings, Inc.
    
3,685
      
277,591
      
1.23
%
Oracle Corp. (d)
    
14,157
      
716,344
      
3.18
%
Qorvo, Inc. (a)(d)
    
3,076
      
188,190
      
0.84
%
             
3,515,068
      
15.62
%
Utilities - 6.86%
                        
Edison International (d)
    
13,927
      
826,846
      
3.67
%
j2 Global, Inc.
    
3,567
      
300,662
      
1.34
%
Verizon Communications, Inc.
    
7,674
      
417,082
      
1.85
%
             
1,544,590
      
6.86
%
Total Common Stocks (Cost $25,757,686)
            
22,816,052
      
101.40
%
                         
REITs - 4.89%
                        
Financial Services - 4.89%
                        
Hospitality Properties Trust (d)
    
5,362
      
133,353
      
0.59
%
Lamar Advertising Co. - Class A (d)
    
5,626
      
440,009
      
1.96
%
Omega Healthcare Investors, Inc. (d)
    
12,096
      
430,860
      
1.91
%
Park Hotels & Resorts, Inc. (d)
    
3,463
      
95,648
      
0.43
%
Total REITs (Cost $980,193)
            
1,099,870
      
4.89
%
                         
SHORT-TERM INVESTMENTS - 0.09%
                        
Money Market Fund - 0.09%
                        
Fidelity Institutional Government Portfolio - Class I, 2.27% (c)
    
21,691
      
21,691
      
0.09
%
Total Short-Term Investments (Cost $21,691)
            
21,691
      
0.09
%
                         
Total Investments (Cost $26,759,570) - 106.38%
            
23,937,613
      
106.38
%
Liabilities in Excess of Other Assets - (6.38)%
            
(1,435,863
)
    
(6.38
)%
TOTAL NET ASSETS - 100.00%
          
$
22,501,750
      
100.00
%

Percentages are stated as a percent of net assets.
          

ADR
  
American Depository Receipt
          
PLC
  
Public Limited Company
          
REIT
  
Real Estate Investment Trust
          
(a)
  
Non-income producing security.
          
(b)
  
Foreign issued security.
          
(c)
  
The rate listed is the Fund's 7-day annualized yield as of May 31, 2019.
          
(d)
  
All or a portion of the security has been pledged in connection with open short securitites.
 
 
    

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for
    
compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry
    
classifications.
          
Pzena Long/Short Value Fund
                  
Schedule of Securities Sold Short
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 52.09%
                  
Consumer Discretionary - 9.66%
                  
Amazon.com, Inc. (a)
    
97
    
$
172,182
      
0.77
%
Burlington Stores, Inc. (a)
    
739
      
115,713
      
0.51
%
Caesars Entertainment Corp. (a)
    
17,993
      
158,158
      
0.70
%
Carvana Co. (a)
    
1,735
      
100,422
      
0.45
%
Grand Canyon Education, Inc. (a)
    
1,546
      
185,304
      
0.82
%
Liberty Global PLC - Class A (a)(b)
    
7,093
      
174,488
      
0.78
%
Liberty Media Corp-Liberty Formula One - Class A (a)
    
5,088
      
185,305
      
0.82
%
Madison Square Garden Co. - Class A (a)
    
431
      
127,507
      
0.57
%
Marriott International, Inc. - Class A
    
1,391
      
173,652
      
0.77
%
Pool Corp.
    
630
      
113,261
      
0.50
%
Roku, Inc. (a)
    
1,796
      
162,358
      
0.72
%
Service Corp. International
    
2,758
      
120,993
      
0.54
%
Vail Resorts, Inc.
    
579
      
124,549
      
0.55
%
Wayfair, Inc. - Class A (a)
    
763
      
109,880
      
0.49
%
Wynn Resorts, Ltd.
    
1,403
      
150,584
      
0.67
%
             
2,174,356
      
9.66
%
Consumer Staples - 2.30%
                        
Casey's General Stores, Inc.
    
882
      
113,849
      
0.51
%
Lancaster Colony Corp.
    
762
      
109,598
      
0.49
%
Monster Beverage Corp. (a)
    
1,832
      
113,328
      
0.50
%
Sysco Corp.
    
2,628
      
180,859
      
0.80
%
             
517,634
      
2.30
%
Energy - 1.51%
                        
Cabot Oil & Gas Corp.
    
6,602
      
165,182
      
0.73
%
Equitrans Midstream Corp.
    
8,792
      
174,609
      
0.78
%
             
339,791
      
1.51
%
Financial Services - 4.76%
                        
Cboe Global Markets, Inc.
    
1,879
      
203,947
      
0.90
%
Markel Corp. (a)
    
176
      
186,361
      
0.83
%
S&P Global, Inc.
    
849
      
181,584
      
0.81
%
Square, Inc. - Class A (a)
    
1,814
      
112,377
      
0.50
%
Weyerhaeuser Co.
    
7,386
      
168,401
      
0.75
%
Zillow Group, Inc. - Class A (a)
    
5,167
      
218,719
      
0.97
%
             
1,071,389
      
4.76
%
Health Care - 13.14%
                        
ABIOMED, Inc. (a)
    
454
      
118,912
      
0.53
%
Agios Pharmaceuticals, Inc. (a)
    
1,776
      
81,998
      
0.36
%
Align Technology, Inc. (a)
    
635
      
180,562
      
0.80
%
Alnylam Pharmaceuticals, Inc. (a)
    
1,495
      
100,942
      
0.45
%
Bio-Rad Laboratories, Inc. - Class A (a)
    
377
      
108,173
      
0.48
%
Blueprint Medicines Corp. (a)
    
1,536
      
116,736
      
0.52
%
Chemed Corp.
    
583
      
191,189
      
0.85
%
DexCom, Inc. (a)
    
984
      
119,359
      
0.53
%
FibroGen, Inc. (a)
    
3,454
      
125,173
      
0.56
%
HealthEquity, Inc. (a)
    
2,588
      
169,152
      
0.75
%
IDEXX Laboratories, Inc. (a)
    
528
      
131,878
      
0.59
%
Illumina, Inc. (a)
    
556
      
170,642
      
0.76
%
LHC Group, Inc. (a)
    
967
      
109,542
      
0.49
%
Medidata Solutions, Inc. (a)
    
1,972
      
179,748
      
0.80
%
Nektar Therapeutics (a)
    
5,727
      
179,370
      
0.80
%
Sage Therapeutics, Inc. (a)
    
774
      
133,028
      
0.59
%
Sarepta Therapeutics, Inc. (a)
    
1,297
      
147,663
      
0.66
%
STERIS PLC (b)
    
1,039
      
138,893
      
0.62
%
Teladoc Health, Inc. (a)
    
3,231
      
187,786
      
0.82
%
West Pharmaceutical Services, Inc.
    
1,101
      
126,174
      
0.56
%
Zoetis, Inc.
    
1,384
      
139,853
      
0.62
%
             
2,956,773
      
13.14
%
Materials & Processing - 5.56%
                        
AptarGroup, Inc.
    
1,797
      
203,546
      
0.90
%
Ashland Global Holdings, Inc.
    
2,404
      
179,988
      
0.80
%
Louisiana-Pacific Corp.
    
6,770
      
154,491
      
0.69
%
Martin Marietta Materials, Inc.
    
939
      
197,660
      
0.88
%
Royal Gold, Inc.
    
2,171
      
191,026
      
0.85
%
Trex Co., Inc. (a)
    
2,543
      
152,122
      
0.68
%
Vulcan Materials Co.
    
1,379
      
172,251
      
0.76
%
             
1,251,084
      
5.56
%
Producer Durables - 5.85%
                        
Arconic, Inc.
    
8,643
      
189,282
      
0.84
%
Axon Enterprise, Inc. (a)
    
1,827
      
122,007
      
0.54
%
Boeing Co.
    
433
      
147,917
      
0.66
%
Brink's Co.
    
2,639
      
203,203
      
0.90
%
Cintas Corp.
    
862
      
191,217
      
0.85
%
CSX Corp.
    
2,488
      
185,281
      
0.83
%
MSA Safety, Inc.
    
1,712
      
170,139
      
0.76
%
Rollins, Inc.
    
2,833
      
106,436
      
0.47
%
             
1,315,482
      
5.85
%
Technology - 7.31%
                        
Advanced Micro Devices, Inc. (a)
    
4,369
      
119,754
      
0.53
%
ANGI Homeservices, Inc. - Class A (a)
    
6,367
      
91,812
      
0.41
%
Arista Networks, Inc. (a)
    
475
      
116,180
      
0.52
%
Cognex Corp.
    
3,314
      
134,549
      
0.60
%
Dropbox, Inc. - Class A (a)
    
5,110
      
115,282
      
0.51
%
EchoStar Corp. - Class A (a)
    
4,319
      
184,767
      
0.82
%
Lumentum Holdings, Inc. (a)
    
2,500
      
101,175
      
0.45
%
Marvell Technology Group, Ltd. (b)
    
5,898
      
131,525
      
0.58
%
Monolithic Power Systems, Inc.
    
988
      
115,053
      
0.51
%
New Relic, Inc. (a)
    
1,168
      
117,174
      
0.52
%
NVIDIA Corp.
    
1,055
      
142,910
      
0.64
%
Take-Two Interactive Software, Inc. (a)
    
1,434
      
155,087
      
0.69
%
Yelp, Inc. (a)
    
3,853
      
118,403
      
0.53
%
             
1,643,671
      
7.31
%
Utilities - 2.00%
                        
Telephone & Data Systems, Inc.
    
5,522
      
159,089
      
0.71
%
U.S. Cellular Corp. (a)
    
2,484
      
108,178
      
0.48
%
Zayo Group Holdings, Inc. (a)
    
5,606
      
183,316
      
0.81
%
             
450,583
      
2.00
%
Total Common Stocks (Proceeds $11,906,702)
            
11,720,763
      
52.09
%
                         
REITs - 4.20%
                        
Financial Services - 4.20%
                        
CyrusOne, Inc.
    
2,534
      
149,607
      
0.66
%
Duke Realty Corp.
    
4,019
      
120,932
      
0.54
%
Equinix, Inc.
    
280
      
136,021
      
0.60
%
Invitation Homes, Inc.
    
5,138
      
131,687
      
0.59
%
JBG SMITH Properties
    
4,161
      
164,318
      
0.73
%
Liberty Property Trust
    
2,485
      
117,963
      
0.52
%
Prologis, Inc.
    
1,700
      
125,239
      
0.56
%
Total REITs (Proceeds $843,957)
            
945,767
      
4.20
%
                         
Total Securities Sold Short (Proceeds $12,750,659) - 56.29%
           $
12,666,530
      
56.29
%

Percentages are stated as a percent of net assets.
          

As of May 31, 2019, securities and cash collateral of $15,268,875 has been pledged in connection with open short securities.
    

REIT
  
Real Estate Investment Trust
          
PLC
  
Public Limited Company
          
(a)
  
Non-income producing security.
          
(b)
  
Foreign issued security.
          
Pzena Small Cap Value Fund
                  
Schedule of Investments
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 95.07%
                  
Consumer Discretionary - 4.06%
                  
Avis Budget Group, Inc. (a)
    
27,576
    
$
782,056
      
3.16
%
Motorcar Parts of America, Inc. (a)
    
12,582
      
222,827
      
0.90
%
             
1,004,883
      
4.06
%
Consumer Staples - 5.84%
                        
Spectrum Brands Holdings, Inc.
    
11,161
      
587,850
      
2.37
%
Universal Corp.
    
15,201
      
859,160
      
3.47
%
             
1,447,010
      
5.84
%
Energy - 5.26%
                        
C&J Energy Services, Inc. (a)
    
58,273
      
689,952
      
2.78
%
Murphy Oil Corp.
    
24,710
      
614,044
      
2.48
%
             
1,303,996
      
5.26
%
Financial Services - 29.71%
                        
American Equity Investment Life Holding Co.
    
24,560
      
695,294
      
2.81
%
Argo Group International Holdings, Ltd. (b)
    
5,446
      
383,888
      
1.55
%
Associated Banc-Corp.
    
41,254
      
817,242
      
3.30
%
Axis Capital Holdings, Ltd. (b)
    
16,726
      
996,535
      
4.01
%
CNO Financial Group, Inc.
    
47,387
      
744,450
      
3.01
%
First Midwest Bancorp, Inc.
    
32,860
      
640,441
      
2.59
%
Hope Bancorp, Inc.
    
56,971
      
733,217
      
2.96
%
Realogy Holdings Corp.
    
27,690
      
196,322
      
0.79
%
Synovus Financial Corp.
    
18,431
      
589,055
      
2.38
%
TCF Financial Corp.
    
25,395
      
484,029
      
1.96
%
Webster Financial Corp.
    
13,252
      
586,798
      
2.37
%
WSFS Financial Corp.
    
12,343
      
489,894
      
1.98
%
             
7,357,165
      
29.71
%
Health Care - 5.16%
                        
Triple-S Management Corp. - Class B (a)(b)
    
28,372
      
695,114
      
2.81
%
Varex Imaging Corp. (a)
    
21,805
      
581,757
      
2.35
%
             
1,276,871
      
5.16
%
Materials & Processing - 10.18%
                        
Gibraltar Industries, Inc. (a)
    
21,747
      
776,368
      
3.13
%
JELD-WEN Holding, Inc. (a)
    
48,513
      
916,411
      
3.70
%
Masonite International Corp. (a)(b)
    
17,433
      
828,939
      
3.35
%
             
2,521,718
      
10.18
%
Producer Durables - 22.37%
                        
Actuant Corp. - Class A
    
43,421
      
961,341
      
3.88
%
KBR, Inc.
    
34,016
      
755,836
      
3.05
%
Navigant Consulting, Inc.
    
8,772
      
192,984
      
0.78
%
REV Group, Inc.
    
67,337
      
746,094
      
3.01
%
Ryder System, Inc.
    
13,241
      
668,670
      
2.70
%
Steelcase, Inc.
    
21,185
      
339,807
      
1.37
%
Terex Corp.
    
29,452
      
788,430
      
3.19
%
TriMas Corp. (a)
    
27,023
      
774,209
      
3.13
%
Wesco Aircraft Holdings, Inc. (a)
    
31,782
      
312,099
      
1.26
%
             
5,539,470
      
22.37
%
Technology - 12.49%
                        
Anixter International, Inc. (a)
    
15,411
      
822,331
      
3.32
%
ARC Document Solutions, Inc. (a)
    
26,114
      
52,228
      
0.21
%
Celestica, Inc. (a)(b)
    
94,379
      
592,700
      
2.39
%
Insight Enterprises, Inc. (a)
    
6,641
      
341,879
      
1.38
%
Jabil, Inc.
    
14,555
      
357,907
      
1.44
%
ScanSource, Inc. (a)
    
23,615
      
689,794
      
2.79
%
Super Micro Computer, Inc. (a)
    
12,500
      
237,500
      
0.96
%
             
3,094,339
      
12.49
%
Total Common Stocks (Cost $26,443,385)
            
23,545,452
      
95.07
%
                         
REITs - 0.93%
                        
Financial Services - 0.93%
                        
DiamondRock Hospitality Co.
    
23,316
      
231,062
      
0.93
%
Total REITs (Cost $257,423)
            
231,062
      
0.93
%
                         
SHORT-TERM INVESTMENTS - 4.03%
                        
Money Market Fund - 4.03%
                        
Fidelity Institutional Government Portfolio - Class I, 2.27% (c)
    
997,092
      
997,092
      
4.03
%
Total Short-Term Investments (Cost $997,092)
            
997,092
      
4.03
%
                         
Total Investments (Cost $27,697,900) - 100.03%
            
24,773,606
      
100.03
%
Liabilities in Excess of Other Assets - (0.03)%
            
(7,075
)
    
(0.03
)%
TOTAL NET ASSETS - 100.00%
          
$
24,766,531
      
100.00
%

Percentages are stated as a percent of net assets.
          

 REIT
  
Real Estate Investment Trust
          
(a)
  
Non-income producing security.
          
(b)
  
Foreign issued security.
          
(c)
  
The rate listed is the Fund's 7-day annualized yield as of May 31, 2019.
          

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for
compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry
  
classifications.
          
Pzena International Small Cap Value Fund
                  
Schedule of Investments
                  
May 31, 2019 (Unaudited)
                  
               
 
   
Shares
    
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS - 94.67%
                  
Australia - 1.44%
                  
OFX Group, Ltd.
    
23,268
    
$
25,099
      
1.44
%
Austria - 2.70%
                        
Vienna Insurance Group AG Wiener Versicherung Gruppe
    
1,922
      
47,023
      
2.70
%
Belgium - 2.01%
                        
Orange Belgium S.A.
    
1,835
      
34,932
      
2.01
%
Canada - 10.51%
                        
Celestica, Inc. (a)
    
5,891
      
37,048
      
2.13
%
Dorel Industries, Inc. - Class B
    
2,231
      
17,761
      
1.02
%
Genworth MI Canada, Inc.
    
1,721
      
52,396
      
3.01
%
Linamar Corp.
    
1,352
      
43,123
      
2.48
%
Transcontinental, Inc. - Class A
    
3,069
      
32,447
      
1.87
%
             
182,775
      
10.51
%
France - 13.22%
                        
Coface S.A.
    
4,499
      
43,903
      
2.53
%
Europcar Mobility Group
    
7,269
      
49,576
      
2.85
%
Ipsos
    
2,301
      
63,365
      
3.65
%
Rexel S.A.
    
5,782
      
62,463
      
3.59
%
Technicolor S.A. (a)
    
9,732
      
10,437
      
0.60
%
             
229,744
      
13.22
%
Germany - 8.39%
                        
Bertrandt AG
    
543
      
38,217
      
2.20
%
Deutsche Pfandbriefbank AG
    
3,510
      
48,388
      
2.78
%
Salzgitter AG
    
2,281
      
59,297
      
3.41
%
             
145,902
      
8.39
%
Hong Kong - 4.67%
                        
Ju Teng International Holdings, Ltd.
    
124,000
      
30,844
      
1.77
%
Pacific Basin Shipping, Ltd.
    
288,000
      
50,329
      
2.90
%
             
81,173
      
4.67
%
Italy - 5.68%
                        
Anima Holding S.p.A
    
4,479
      
13,560
      
0.78
%
BPER Banca
    
3,686
      
13,935
      
0.80
%
Danieli & C Officine Meccaniche S.p.A.
    
3,473
      
42,368
      
2.44
%
Saipem S.p.A. (a)
    
3,508
      
15,022
      
0.86
%
UBI Banca - Unione di Banche Italiane S.p.A.
    
5,422
      
13,865
      
0.80
%
             
98,750
      
5.68
%
Japan - 16.23%
                        
DIC Corp.
    
1,900
      
46,376
      
2.67
%
Foster Electric Co., Ltd.
    
4,800
      
67,771
      
3.90
%
Fukuoka Financial Group, Inc.
    
1,700
      
29,195
      
1.68
%
Hitachi Metals, Ltd.
    
5,900
      
58,910
      
3.39
%
Taiheiyo Cement Corp.
    
700
      
20,735
      
1.19
%
Tsubakimoto Chain Co.
    
800
      
24,067
      
1.38
%
Zeon Corp.
    
3,700
      
35,032
      
2.02
%
             
282,086
      
16.23
%
Netherlands - 7.64%
                        
Flow Traders
    
1,763
      
49,711
      
2.86
%
Koninklijke BAM Groep N.V.
    
11,050
      
46,860
      
2.70
%
PostNL N.V.
    
20,243
      
36,229
      
2.08
%
             
132,800
      
7.64
%
Spain - 1.33%
                        
Unicaja Banco S.A.
    
23,647
      
23,062
      
1.33
%
Switzerland - 2.55%
                        
Aryzta AG (a)
    
34,673
      
44,291
      
2.55
%
United Kingdom - 18.30%
                        
Balfour Beatty PLC
    
10,934
      
32,844
      
1.89
%
Capita PLC (a)
    
24,522
      
34,769
      
2.00
%
Drax Group PLC
    
9,371
      
34,926
      
2.01
%
John Wood Group PLC
    
9,084
      
44,927
      
2.58
%
Northgate PLC
    
11,427
      
46,879
      
2.70
%
Petrofac, Ltd.
    
5,453
      
28,548
      
1.64
%
SIG PLC
    
24,423
      
40,017
      
2.30
%
SThree PLC
    
8,370
      
32,169
      
1.85
%
Ultra Electronics Holdings PLC
    
1,180
      
23,123
      
1.33
%
             
318,202
      
18.30
%
Total Common Stocks (Cost $2,049,637)
            
1,645,839
      
94.67
%
                         
PREFERRED STOCKS - 1.31%
                        
Germany - 1.31%
                        
Draegerwerk AG & Co. KGaA, 0.38%
    
420
      
22,691
      
1.31
%
Total Preferred Stocks (Cost $30,121)
            
22,691
      
1.31
%
                         
SHORT-TERM INVESTMENTS - 4.26%
                        
Money Market Fund- 4.26%
                        
Fidelity Institutional Government Portfolio - Class I, 2.27% (b)
    
74,107
      
74,107
      
4.26
%
Total Short-Term Investments (Cost $74,107)
            
74,107
      
4.26
%
                         
Total Investments (Cost $2,153,865) - 100.24%
            
1,742,637
      
100.24
%
Liabilities in Excess of Other Assets - (0.24)%
            
(4,120
)
    
(0.24
)%
TOTAL NET ASSETS - 100.00%
          
$
1,738,517
      
100.00
%

Percentages are stated as a percent of net assets.
          

PLC
  
Public Limited Company
          
(a)
  
Non-income producing security.
          
(b)
  
The rate listed is the Fund's 7-day annualized yield as of May 31, 2019.
          
Pzena International Small Cap Value Fund
            
Portfolio Diversification
            
May 31, 2019 (Unaudited)
            
         
 
   
Fair
Value
    
% of
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
108,734
      
6.25
%
Consumer Discretionary
    
128,655
      
7.40
%
Consumer Staples
    
44,291
      
2.55
%
Energy
    
88,497
      
5.09
%
Financials
    
360,137
      
20.72
%
Industrials
    
592,357
      
34.07
%
Information Technology
    
67,892
      
3.91
%
Materials
    
220,350
      
12.67
%
Utilities
    
34,926
      
2.01
%
Total Common Stocks
    
1,645,839
      
94.67
%
PREFERRED STOCKS
                
Health Care
    
22,691
      
1.31
%
Total Preferred Stocks
    
22,691
      
1.31
%
Short-Term Investments
    
74,107
      
4.26
%
Total Investments
    
1,742,637
      
100.24
%
Liabilities in Excess of Other Assets
    
(4,120
)
    
(0.24
)%
Total Net Assets
  
$
1,738,517
      
100.00
%

The accompanying notes are an integral part of these financial statements.
          
             
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 Pzena Investment
          
Management, LLC.
          
                       
 
Note 1 - Summary of Fair Value Measurements at May 31, 2019 (Unaudited)
 
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 major security types.  These inputs are summarized in the three broad levels listed below:
      
                       
 
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the
  
   
ability to access.
                
 
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or
  
   
liability, either directly or indirectly.  These inputs may include quoted prices for the identical
  
   
instrument on an inactive market, prices for similar instruments, interest rates, repayment 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 Funds’ 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 Pzena Mid Cap Value Fund, the Pzena Emerging Markets Value Fund, the Pzena Long/Short Value Fund, the
  
 
Pzena Small Cap Value Fund, and the Pzena International Small Cap Value Fund's  (each a "Fund" and collectively,
 
the "Funds") investments in securities are carried at their fair value.  Each Fund computes its net asset value per
  
 
share as of the close of regular trading on the New York Stock Exchange (4:00pm, EST).
      
                       
 
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities
 
measured at fair value on a recurring basis.
              
                       
 
Equity Securities - Equity securities, including common stocks, preferred stocks, foreign-issued common  stocks,
  
 
exchange-traded funds, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded
 
on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily
 
traded on the day of valuation or, if there has been no sale 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.  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.
    
                       
 
Participatory Notes - Participatory notes are valued with an evaluated price provided by an independent pricing
  
 
service.  These securities will generally be classified in Level 2 of the fair value hierarchy.
      
                       
 
Debt Securities – Debt securities, such as corporate bonds, asset backed securities, mortgage backed securities,
 
municipal bonds, U.S. Treasuries and U.S. government agency issues are valued at market on the basis of
  
 
valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and
  
 
formula-based techniques.  The pricing service may consider recently executed transactions in securities of the
  
 
issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data
  
 
relating to the issuer.  In addition, the model may incorporate market observable data such as reported sales of
  
 
similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued principally
  
 
using dealer quotations.  Debt securities having a maturity of 60 days or less are valued at the evaluated mean
  
 
between the bid and ask price.  These securities will generally be classified Level 2 of the fair value hierarchy.
  
 
Investment Companies - Investments in open-end mutual funds are valued at their net asset value per share. To
  
 
the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in
  
 
Level 1 of the fair value hierarchy.
                
                       
 
Short-Term Securities - Short-term securities having a maturity of less than 60 days are valued at the evaluated
  
 
mean between bid and asked price.  To the extent the inputs are observable and timely, these securities would be
  
 
classified in Level 2 of the fair value hierarchy.
              
                       
 
Illiquid Securities - A security may be considered illiquid if it lacks a readily available market.  Securities are
  
 
generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days
 
at approximately the price at which the security is valued by each Fund.  Illiquid securities may be valued under
  
 
methods approved by the Funds' Board of Trustees as reflecting fair value.  The Funds intend to hold no more than
 
15% of their net assets in illiquid securities.
              
                       
 
Certain restricted securities may be considered illiquid.  Restricted securities are often purchased in private
  
 
placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on
  
 
resale, and may be valued under methods approved by the Funds' Board of Trustees as reflecting fair value. Certain
 
restricted securities eligible for resale to qualified institutional investors, including Rule 144a securities, are not
  
 
subject to the limitation on the Funds' investment in illiquid securities if they are determined to be liquid in
  
 
accordance with the procedures adopted by the Funds' Board of Trustees.
        
                       
 
Securities for which market quotations are not readily available or if the closing price does not represent fair value,
 
are valued following procedures approved by the Board of Trustees ("Board").  These procedures consider many
 
factors, including the type of security, size of holding, trading volume and news events.  There can be no assurance
 
that the Funds could obtain the fair value assigned to a security if they were to sell the security at approximately the
 
time at which the Funds determine their net asset value per share.
          
                       
 
The Board has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of
  
 
of representatives from U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds'
 
 
administrator.  The function of the ValuationCommittee 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in
  
 
those securities.  The following is a summary of the inputs used to value each Fund's securities as of
  
 
May 31, 2019:
                  
 
Pzena Mid Cap Value Fund
                        
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Consumer Discretionary
  
$
5,971,814
    
$
-
    
$
-
    
$
5,971,814
  
 
Energy
    
3,311,352
      
-
      
-
      
3,311,352
  
 
Financial Services
    
12,471,807
      
-
      
-
      
12,471,807
  
 
Health Care
    
2,282,750
      
-
      
-
      
2,282,750
  
 
Materials & Processing
    
1,289,639
      
-
      
-
      
1,289,639
  
 
Producer Durables
    
8,695,138
      
-
      
-
      
8,695,138
  
 
Technology
    
3,464,809
      
-
      
-
      
3,464,809
  
 
Utilities
    
845,726
      
-
      
-
      
845,726
  
 
Total Common Stocks
    
38,333,035
      
-
      
-
      
38,333,035
  
 
Short-Term Investments
    
281,869
      
-
      
-
      
281,869
  
 
Total Investments in Securities
  
$
38,614,904
    
$
-
    
$
-
    
$
38,614,904
  
                                   
                                   
 
Pzena Emerging Markets Value Fund
                          
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                                
 
Brazil
  
$
5,002,178
    
$
-
    
$
-
    
$
5,002,178
  
 
China
    
62,476,869
      
-
      
-
      
62,476,869
  
 
Czech Republic
    
5,881,536
      
-
      
-
      
5,881,536
  
 
Hong Kong
    
6,780,666
      
-
      
-
      
6,780,666
  
 
Hungary
    
2,918,651
      
-
      
-
      
2,918,651
  
 
India
    
18,505,273
      
-
      
-
      
18,505,273
  
 
Malaysia
    
4,367,826
      
-
      
-
      
4,367,826
  
 
Poland
    
3,906,072
      
-
      
-
      
3,906,072
  
 
Republic of Korea
    
43,264,425
      
-
      
-
      
43,264,425
  
 
Romania
    
3,628,396
      
-
      
-
      
3,628,396
  
 
Russian Federation
    
17,496,189
      
-
      
-
      
17,496,189
  
 
Singapore
    
7,907,065
      
-
      
-
      
7,907,065
  
 
South Africa
    
11,260,746
      
-
      
-
      
11,260,746
  
 
Taiwan
    
29,002,051
      
-
      
-
      
29,002,051
  
 
Thailand
    
10,133,941
      
-
      
-
      
10,133,941
  
 
Turkey
    
4,221,131
      
-
      
-
      
4,221,131
  
 
United Arab Emirates
    
5,520,639
      
-
      
-
      
5,520,639
  
 
United Kingdom
    
11,997,927
      
-
      
-
      
11,997,927
  
 
United States
    
10,353,999
      
-
      
-
      
10,353,999
  
 
Total Common Stocks
    
264,625,580
      
-
      
-
      
264,625,580
  
 
Preferred Stocks
                                
 
Brazil
    
4,772,122
      
-
      
-
      
4,772,122
  
 
Republic of Korea
    
5,920,059
      
-
      
-
      
5,920,059
  
 
Total Preferred Stocks
    
10,692,181
      
-
      
-
      
10,692,181
  
 
Short-Term Investments
    
9,542,819
      
-
      
-
      
9,542,819
  
 
Total Investments in Securities
  
$
284,860,580
    
$
-
    
$
-
    
$
284,860,580
  
 
Pzena Long/Short Value Fund
                        
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Consumer Discretionary
  
$
3,570,142
    
$
-
    
$
-
    
$
3,570,142
  
 
Consumer Staples
    
101,493
      
-
      
-
      
101,493
  
 
Energy
    
1,773,268
      
-
      
-
      
1,773,268
  
 
Financial Services
    
6,338,792
      
-
      
-
      
6,338,792
  
 
Health Care
    
2,939,806
      
-
      
-
      
2,939,806
  
 
Materials & Processing
    
323,586
      
-
      
-
      
323,586
  
 
Producer Durables
    
2,709,307
      
-
      
-
      
2,709,307
  
 
Technology
    
3,515,068
      
-
      
-
      
3,515,068
  
 
Utilities
    
1,544,590
      
-
      
-
      
1,544,590
  
 
Total Common Stocks
    
22,816,052
      
-
      
-
      
22,816,052
  
 
REITs
    
1,099,870
      
-
      
-
      
1,099,870
  
 
Short-Term Investments
    
21,691
      
-
      
-
      
21,691
  
 
Total Investments in Securities
  
$
23,937,613
    
$
-
    
$
-
    
$
23,937,613
  
                                   
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Securities Sold Short
                                
 
Common Stocks
                                
 
Consumer Discretionary
  
$
2,174,356
    
$
-
    
$
-
    
$
2,174,356
  
 
Consumer Staples
    
517,634
      
-
      
-
      
517,634
  
 
Energy
    
339,791
      
-
      
-
      
339,791
  
 
Financial Services
    
1,071,389
      
-
      
-
      
1,071,389
  
 
Health Care
    
2,956,773
      
-
      
-
      
2,956,773
  
 
Materials & Processing
    
1,251,084
      
-
      
-
      
1,251,084
  
 
Producer Durables
    
1,315,482
      
-
      
-
      
1,315,482
  
 
Technology
    
1,643,671
      
-
      
-
      
1,643,671
  
 
Utilities
    
450,583
      
-
      
-
      
450,583
  
 
Total Common Stocks
    
11,720,763
      
-
      
-
      
11,720,763
  
 
REITs
    
945,767
      
-
      
-
      
945,767
  
 
Total Securities Sold Short
  
$
12,666,530
    
$
-
    
$
-
    
$
12,666,530
  
                                   
                                   
 
Pzena Small Cap Value Fund
                                
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                                
 
Consumer Discretionary
  
$
1,004,883
    
$
-
    
$
-
    
$
1,004,883
  
 
Consumer Staples
    
1,447,010
      
-
      
-
      
1,447,010
  
 
Energy
    
1,303,996
      
-
      
-
      
1,303,996
  
 
Financial Services
    
7,357,165
      
-
      
-
      
7,357,165
  
 
Health Care
    
1,276,871
      
-
      
-
      
1,276,871
  
 
Materials & Processing
    
2,521,718
      
-
      
-
      
2,521,718
  
 
Producer Durables
    
5,539,470
      
-
      
-
      
5,539,470
  
 
Technology
    
3,094,339
      
-
      
-
      
3,094,339
  
 
Total Common Stocks
    
23,545,452
      
-
      
-
      
23,545,452
  
 
REITs
    
231,062
      
-
      
-
      
231,062
  
 
Short-Term Investments
    
997,092
      
-
      
-
      
997,092
  
 
Total Investments in Securities
  
$
24,773,606
    
$
-
    
$
-
    
$
24,773,606
  
 
Pzena International Small Cap Value Fund
                    
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Australia
  
$
25,099
    
$
-
    
$
-
    
$
25,099
  
 
Austria
    
47,023
      
-
      
-
      
47,023
  
 
Belgium
    
34,932
      
-
      
-
      
34,932
  
 
Canada
    
182,775
      
-
      
-
      
182,775
  
 
France
    
229,744
      
-
      
-
      
229,744
  
 
Germany
    
145,902
      
-
      
-
      
145,902
  
  Hong Kong
     81,173
 
     -
      -
      81,173
 
 
Italy
    
98,750
      
-
      
-
      
98,750
  
 
Japan
    
282,086
      
-
      
-
      
282,086
  
 
Netherlands
    
132,800
      
-
      
-
      
132,800
  
 
Spain
    
23,062
      
-
      
-
      
23,062
  
 
Switzerland
    
44,291
      
-
      
-
      
44,291
  
 
United Kingdom
    
318,202
      
-
      
-
      
318,202
  
 
Total Common Stocks
    
1,645,839
      
-
      
-
      
1,645,839
  
 
Preferred Stocks
                                
 
Germany
    
22,691
      
-
      
-
      
22,691
  
 
Total Preferred Stocks
    
22,691
      
-
      
-
      
22,691
  
 
Short-Term Investments
    
74,107
      
-
      
-
      
74,107
  
 
Total Investments in Securities
  
$
1,742,637
    
$
-
    
$
-
    
$
1,742,637
  

 
Refer to the Funds' Schedule of Investments for a detailed break-out of holdings by industry classifications.
  
 
Transfers between levels are recognized at the end of the reporting period.  The Funds recognized no transfers
  
 
between levels at May 31, 2019.
                
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 have 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        7/30/2019                                                                                                                        


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          7/30/2019                                                                                                                       


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

Date        7/30/2019