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          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
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        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
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            <brokerName>National Financial Services LLC</brokerName>
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            <grossCommission>8248.000000000000</grossCommission>
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          <broker>
            <brokerName>JPMorgan Chase</brokerName>
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          <broker>
            <brokerName>Cantor Fitzgerald and Co.</brokerName>
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          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
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      <managementInvestmentQuestion>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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        <aggregateCommission>25398.000000000000</aggregateCommission>
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            <principalName>Morgan Stanley and Co. Inc.</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena Small Cap Value Fund</mgmtInvFundName>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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            <grossCommission>1047.000000000000</grossCommission>
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        <aggregateCommission>17942.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>20555776.000000000000</mnthlyAvgNetAssets>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena International Small Cap Value Fund</mgmtInvFundName>
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    <signature registrantSignedName="Advisors Series Trust" signedDate="2019-05-13" signature="Cheryl L. King" title="Vice President, Treasurer"/>
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</edgarSubmission>
