<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0303</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001027596</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000000021</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044708</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044709</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000044707</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000053713</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000062254</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2021-02-28" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Advisors Series Trust</registrantFullName>
      <investmentCompFileNo>811-07959</investmentCompFileNo>
      <registrantCik>0001027596</registrantCik>
      <registrantLei>2549003Z0J6URS6I4Y63</registrantLei>
      <registrantstreet1>615 East Michigan Street</registrantstreet1>
      <registrantstreet2>3rd Floor</registrantstreet2>
      <registrantcity>Milwaukee</registrantcity>
      <registrantzipCode>53202</registrantzipCode>
      <registrantstate>US-WI</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>18336121912</registrantphoneNumber>
      <websites>
        <website webpage="http://www.pzena.com/ip/investments/mutual-funds/"/>
        <website webpage="https://www.allegiancefund.com"/>
        <website webpage="https://wscfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>U.S. Bancorp Fund Services LLC</officeName>
          <officeAddress1>615 East Michigan Street</officeAddress1>
          <officeAddress2>3rd Floor</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53202</officeRecordsZipCode>
          <officePhone>18336121912</officePhone>
          <booksRecordsDesc>Fund Administrator Transfer Agent and Fund Accountant records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>U.S. Bank National Association</officeName>
          <officeAddress1>1555 North RiverCenter Drive</officeAddress1>
          <officeAddress2>Suite 302</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53212</officeRecordsZipCode>
          <officePhone>18336121912</officePhone>
          <booksRecordsDesc>Custody records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Quasar Distributors LLC</officeName>
          <officeAddress1>111 East Kilbourn Avenue</officeAddress1>
          <officeAddress2>Suite 2200</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53202</officeRecordsZipCode>
          <officePhone>18662516920</officePhone>
          <booksRecordsDesc>Distributor and Underwriter</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Compass Distributors LLC</officeName>
          <officeAddress1>Three Canal Plaza</officeAddress1>
          <officeAddress2>Suite 100</officeAddress2>
          <officeCity>Portland</officeCity>
          <officeStateCountry officeState="US-ME" officeCountry="US"/>
          <officeRecordsZipCode>04101</officeRecordsZipCode>
          <officePhone>18662516920</officePhone>
          <booksRecordsDesc>Distributor and Underwriter</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>American Trust Investment Advisors LLC</officeName>
          <officeAddress1>One Court Street</officeAddress1>
          <officeCity>Lebanon</officeCity>
          <officeStateCountry officeState="US-NH" officeCountry="US"/>
          <officeRecordsZipCode>03766</officeRecordsZipCode>
          <officePhone>6034486415</officePhone>
          <booksRecordsDesc>Investment Advisor ATAFX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Capital Advisors Inc.</officeName>
          <officeAddress1>2222 South Utica Place</officeAddress1>
          <officeAddress2>Suite 300</officeAddress2>
          <officeCity>Tulsa</officeCity>
          <officeStateCountry officeState="US-OK" officeCountry="US"/>
          <officeRecordsZipCode>74114</officeRecordsZipCode>
          <officePhone>8662050523</officePhone>
          <booksRecordsDesc>Investment Advisor CIAOX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Chase Investment Counsel Corporation</officeName>
          <officeAddress1>350 Old Ivy Way</officeAddress1>
          <officeAddress2>Suite 100</officeAddress2>
          <officeCity>Charlottesville</officeCity>
          <officeStateCountry officeState="US-VA" officeCountry="US"/>
          <officeRecordsZipCode>22903</officeRecordsZipCode>
          <officePhone>4342939104</officePhone>
          <booksRecordsDesc>Investment Advisor CHAIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Coldstream Capital Management, Inc.</officeName>
          <officeAddress1>One 100th Avenue NE</officeAddress1>
          <officeAddress2>Suite 102</officeAddress2>
          <officeCity>Bellevue</officeCity>
          <officeStateCountry officeState="US-WA" officeCountry="US"/>
          <officeRecordsZipCode>98004</officeRecordsZipCode>
          <officePhone>4252831600</officePhone>
          <booksRecordsDesc>Investment Advisor AADGX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Davidson Investment Advisors Inc.</officeName>
          <officeAddress1>Davidson Building</officeAddress1>
          <officeAddress2>8 Third Street North</officeAddress2>
          <officeCity>Great Falls</officeCity>
          <officeStateCountry officeState="US-MT" officeCountry="US"/>
          <officeRecordsZipCode>59401</officeRecordsZipCode>
          <officePhone>4067276111</officePhone>
          <booksRecordsDesc>Investment Advisor DFMIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>First Sentier Investors (US) LLC</officeName>
          <officeAddress1>10 East 53rd Street</officeAddress1>
          <officeAddress2>21st Floor</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10022</officeRecordsZipCode>
          <officePhone>2124979980</officePhone>
          <booksRecordsDesc>Investment Advisor FLIIX FLIAX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Fort Pitt Capital Group LLC</officeName>
          <officeAddress1>680 Andersen Drive</officeAddress1>
          <officeAddress2>Foster Plaza Ten</officeAddress2>
          <officeCity>Pittsburgh</officeCity>
          <officeStateCountry officeState="US-PA" officeCountry="US"/>
          <officeRecordsZipCode>15220</officeRecordsZipCode>
          <officePhone>4129211822</officePhone>
          <booksRecordsDesc>Investment Advisor FPCGX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Huber Capital Management LLC</officeName>
          <officeAddress1>2321 Rosecrans Avenue</officeAddress1>
          <officeAddress2>Suite 3245</officeAddress2>
          <officeCity>El Segundo</officeCity>
          <officeStateCountry officeState="US-CA" officeCountry="US"/>
          <officeRecordsZipCode>90245</officeRecordsZipCode>
          <officePhone>3102078400</officePhone>
          <booksRecordsDesc>Investment Advisor HULEX HUDEX HUSEX HUMEX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Logan Capital Management, Inc.</officeName>
          <officeAddress1>3843 West Chester Pike</officeAddress1>
          <officeAddress2>Suite 150</officeAddress2>
          <officeCity>Newtown Square</officeCity>
          <officeStateCountry officeState="US-PA" officeCountry="US"/>
          <officeRecordsZipCode>19073</officeRecordsZipCode>
          <officePhone>2155691100</officePhone>
          <booksRecordsDesc>Investment Advisor LGNGX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>O'Shaughnessy Asset Management LLC</officeName>
          <officeAddress1>6 Suburban Avenue</officeAddress1>
          <officeCity>Stamford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06901</officeRecordsZipCode>
          <officePhone>2039753333</officePhone>
          <booksRecordsDesc>Investment Advisor OFVIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Pacific Income Advisers, Inc.</officeName>
          <officeAddress1>1299 Ocean Avenue</officeAddress1>
          <officeAddress2>Suite 210</officeAddress2>
          <officeCity>Santa Monica</officeCity>
          <officeStateCountry officeState="US-CA" officeCountry="US"/>
          <officeRecordsZipCode>90401</officeRecordsZipCode>
          <officePhone>3103931424</officePhone>
          <booksRecordsDesc>Investment Advisor PBBBX PMTGX PIASX PHYSX PIAMX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Poplar Forest Capital LLC</officeName>
          <officeAddress1>70 South Lake Avenue</officeAddress1>
          <officeAddress2>Suite 930</officeAddress2>
          <officeCity>Pasadena</officeCity>
          <officeStateCountry officeState="US-CA" officeCountry="US"/>
          <officeRecordsZipCode>91101</officeRecordsZipCode>
          <officePhone>6263046000</officePhone>
          <booksRecordsDesc>Investment Advisor IPFPX IPFCX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Pzena Investment Management LLC</officeName>
          <officeAddress1>320 Park Avenue</officeAddress1>
          <officeAddress2>8th Floor</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10022</officeRecordsZipCode>
          <officePhone>2123551600</officePhone>
          <booksRecordsDesc>Investment Advisor PZIEX PZIMX PZISX PZIIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Scharf Investments LLC</officeName>
          <officeAddress1>16450 Los Gatos Boulevard</officeAddress1>
          <officeAddress2>Suite 207</officeAddress2>
          <officeCity>Los Gatos</officeCity>
          <officeStateCountry officeState="US-CA" officeCountry="US"/>
          <officeRecordsZipCode>95032</officeRecordsZipCode>
          <officePhone>8314296513</officePhone>
          <booksRecordsDesc>Investment Advisor LOGIX LOGOX WRLDX HEDJX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Semper Capital Management L.P.</officeName>
          <officeAddress1>52 Vanderbilt Avenue</officeAddress1>
          <officeAddress2>Suite 401</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10017</officeRecordsZipCode>
          <officePhone>2126129050</officePhone>
          <booksRecordsDesc>Investment Advisor SEMMX SEMIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Shenkman Capital Management Inc.</officeName>
          <officeAddress1>461 Fifth Avenue</officeAddress1>
          <officeAddress2>22nd Floor</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10017</officeRecordsZipCode>
          <officePhone>2128679090</officePhone>
          <booksRecordsDesc>Investment Advisor SFHIX SCFIX</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>The Edgar Lomax Company</officeName>
          <officeAddress1>5971 Kingstowne Village Parkway</officeAddress1>
          <officeAddress2>Suite 240</officeAddress2>
          <officeCity>Alexandria</officeCity>
          <officeStateCountry officeState="US-VA" officeCountry="US"/>
          <officeRecordsZipCode>22315</officeRecordsZipCode>
          <officePhone>7037190026</officePhone>
          <booksRecordsDesc>Investment Advisor LOMAX</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>34</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="OShaughnessy Small Cap Value Fund" seriesId="S000052916" terminationDate="07/2020"/>
        <terminatedSeriesInfo seriesName="Wasmer Schroeder High Yield Municipal Fund" seriesId="S000044710" terminationDate="08/2020"/>
        <terminatedSeriesInfo seriesName="Pzena Long/Short Value Fund" seriesId="S000044709" terminationDate="08/2020"/>
        <terminatedSeriesInfo seriesName="Keller Merger Fund" seriesId="S000037381" terminationDate="01/2021"/>
      </terminatedSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Gail S Duree</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David G Mertens</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Joe D Redwine</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Raymond B Woolson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22378"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Michael L Ceccato</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>615 E Michigan St</ccoStreet1>
          <ccoCity>Milwaukee</ccoCity>
          <ccoStateCountry ccoState="US-WI" ccoCountry="US"/>
          <ccoZipCode>53202</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="U.S. Bancorp Fund Services LLC" ccoEmployerId="39-1939072"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="Wasmer Schroeder High Yield Municipal Fund" seriesId="S000044710"/>
        <seriesInfo seriesName="Kellner Merger Fund" seriesId="S000037381"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-33897"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Quasar Distributors LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-52323</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000103848</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-WI" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
        <principalUnderwriter>
          <principalUnderwriterName>Compass Distributors LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-69518</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000172662</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-ME" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>Y</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait Weller and Baker LLP</publicAccountantName>
          <pcaobNumber>00445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>American Trust Allegiance Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000000021</mgmtInvSeriesId>
        <mgmtInvLei>254900R3WRL243ZDLY37</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000000034" sharesOutstandingTickerSymbol="ATAFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>American Trust Investment Advisors LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-60454</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000114439</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NH" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31668.150000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>31668.150000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>22231469.757000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>1300000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <soleCreditType creditType="Sole"/>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena Emerging Markets Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000044708</mgmtInvSeriesId>
        <mgmtInvLei>254900LZU78524RJ7D30</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000138964" sharesOutstandingTickerSymbol="PZIEX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000138963" sharesOutstandingTickerSymbol="PZVEX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pzena Investment Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-50838</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106847</investmentAdviserCrdNo>
            <investmentAdviserLei>6735QA45DYBXWQO11N07</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pzena Investment Management LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>6735QA45DYBXWQO11N07</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
            <brokerDealerFileNo>8-69390</brokerDealerFileNo>
            <brokerDealerCrdNo>000169807</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>36920.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley and Co. Inc.</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17705.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Capital Inc.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16677.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMorgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16345.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Financial Services Inc.</brokerName>
            <brokerFileNo>8-16267</brokerFileNo>
            <brokerCrdNo>000008174</brokerCrdNo>
            <brokerLei>ETYRV6ORNFJB5NONI676</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>15976.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC Investments Bank PLC</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>CYYGQCGNHMHPSMRL3R97</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15124.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>14345.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12390.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12316.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>XP Securities</brokerName>
            <brokerFileNo>8-68817</brokerFileNo>
            <brokerCrdNo>000156691</brokerCrdNo>
            <brokerLei>549300HDFLS7P433PO89</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10151.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>236291.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>US Bancorp Investments Inc.</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>26078.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>26078.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>301306647.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Pzena Long/Short Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Mid Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Small Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena International Small Cap Value Fund" secFileNo="811-07959"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="67556.000000000000" daysCreditUsed="4"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena Long/Short Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000044709</mgmtInvSeriesId>
        <mgmtInvLei>254900T9TAAONC7KL797</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000138966" sharesOutstandingTickerSymbol="PZILX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000138965" sharesOutstandingTickerSymbol="PZVLX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pzena Investment Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-50838</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106847</investmentAdviserCrdNo>
            <investmentAdviserLei>6735QA45DYBXWQO11N07</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pzena Investment Management LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>6735QA45DYBXWQO11N07</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
            <brokerDealerFileNo>8-69390</brokerDealerFileNo>
            <brokerDealerCrdNo>000169807</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>National Financial Services LLC</brokerName>
            <brokerFileNo>8-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>25712.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Pershing LLC</brokerName>
            <brokerFileNo>8-17574</brokerFileNo>
            <brokerCrdNo>000007560</brokerCrdNo>
            <brokerLei>ZI8Q1A8EI8LQFJNM0D94</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>12500.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1545.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>8-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>39758.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>15757927.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Pzena Emerging Markets Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Mid Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Small Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena International Small Cap Value Fund" secFileNo="811-07959"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena Mid Cap Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000044707</mgmtInvSeriesId>
        <mgmtInvLei>2549003EE5AP49SW9G08</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000138962" sharesOutstandingTickerSymbol="PZIMX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000138961" sharesOutstandingTickerSymbol="PZVMX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pzena Investment Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-50838</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106847</investmentAdviserCrdNo>
            <investmentAdviserLei>6735QA45DYBXWQO11N07</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pzena Investment Management LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>6735QA45DYBXWQO11N07</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
            <brokerDealerFileNo>8-69390</brokerDealerFileNo>
            <brokerDealerCrdNo>000169807</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12667.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>National Financial Services LLC</brokerName>
            <brokerFileNo>8-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>4996.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird and Co. Inc.</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>4503.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Gordon Haskett Capital Corp</brokerName>
            <brokerFileNo>8-33944</brokerFileNo>
            <brokerCrdNo>000007976</brokerCrdNo>
            <brokerLei>254900VETGB6KO4XX176</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4367.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley and Co. Inc.</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4202.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Inc.</brokerName>
            <brokerFileNo>8-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2893.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs and Co.</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2597.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald and Co.</brokerName>
            <brokerFileNo>8-201</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2595.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>8-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2426.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Keefe Bruyette &amp; Woods Inc.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2185.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>51401.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>80982767.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Pzena Emerging Markets Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Long/Short Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Small Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena International Small Cap Value Fund" secFileNo="811-07959"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="33071.000000000000" daysCreditUsed="8"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena Small Cap Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000053713</mgmtInvSeriesId>
        <mgmtInvLei>2549006B3IRHSO48X667</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000168874" sharesOutstandingTickerSymbol="PZISX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000168873" sharesOutstandingTickerSymbol="PZVSX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pzena Investment Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-50838</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106847</investmentAdviserCrdNo>
            <investmentAdviserLei>6735QA45DYBXWQO11N07</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pzena Investment Management LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>6735QA45DYBXWQO11N07</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
            <brokerDealerFileNo>8-69390</brokerDealerFileNo>
            <brokerDealerCrdNo>000169807</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs and Co.</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7513.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6454.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cantor Fitzgerald and Co.</brokerName>
            <brokerFileNo>8-201</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2809.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>8-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2452.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird and Co. Inc.</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>2273.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Inc.</brokerName>
            <brokerFileNo>8-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1323.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Gordon Haskett Capital Corp.</brokerName>
            <brokerFileNo>8-33944</brokerFileNo>
            <brokerCrdNo>000007976</brokerCrdNo>
            <brokerLei>254900VETGB6KO4XX176</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1211.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Keybanc Capital Markets Inc.</brokerName>
            <brokerFileNo>8-30177</brokerFileNo>
            <brokerCrdNo>000000566</brokerCrdNo>
            <brokerLei>2EQWV0180Z211YVAD813</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>1063.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Keefe Bruyette &amp; Woods Inc.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1063.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies and Co. Inc.</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1047.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>33438.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>38729971.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Pzena Emerging Markets Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Long/Short Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Mid Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena International Small Cap Value Fund" secFileNo="811-07959"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pzena International Small Cap Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000062254</mgmtInvSeriesId>
        <mgmtInvLei>549300BXMZAGJHSNR496</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000201596" sharesOutstandingTickerSymbol="PZIIX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000201595" sharesOutstandingTickerSymbol="PZVIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pzena Investment Management LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-50838</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106847</investmentAdviserCrdNo>
            <investmentAdviserLei>6735QA45DYBXWQO11N07</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-WI" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pzena Investment Management LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>6735QA45DYBXWQO11N07</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Pzena Financial Services LLC</brokerDealerName>
            <brokerDealerFileNo>8-69390</brokerDealerFileNo>
            <brokerDealerCrdNo>000169807</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein and Co. LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>450.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goodbody Securities Inc.</brokerName>
            <brokerFileNo>8-66955</brokerFileNo>
            <brokerCrdNo>000135790</brokerCrdNo>
            <brokerLei>63540013XRADFKDMNB59</brokerLei>
            <brokerCountry>IE</brokerCountry>
            <grossCommission>94.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Exane Inc.</brokerName>
            <brokerFileNo>8-49569</brokerFileNo>
            <brokerCrdNo>000041784</brokerCrdNo>
            <brokerLei>6SDWK6FV8H98XAGSYS75</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>81.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Berenberg Capital Markets LLC</brokerName>
            <brokerFileNo>8-68821</brokerFileNo>
            <brokerCrdNo>000156757</brokerCrdNo>
            <brokerLei>5493007EG0CYRKKG9L11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>64.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Financial Services Inc.</brokerName>
            <brokerFileNo>8-16267</brokerFileNo>
            <brokerCrdNo>000008174</brokerCrdNo>
            <brokerLei>ETYRV6ORNFJB5NONI676</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>62.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Investments Ltd.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>47.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Mizuno Securities USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>42.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Hanwha Asset Management Ltd.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000288464</brokerCrdNo>
            <brokerLei>254900R4KZ2KSKRFU921</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>37.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs and Co.</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SMBC Nikko Securities America Inc.</brokerName>
            <brokerFileNo>8-43852</brokerFileNo>
            <brokerCrdNo>000028602</brokerCrdNo>
            <brokerLei>6PJDTY319315T5LR2241</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>26.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1044.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Fidelity Brokerage Services LLC</principalName>
            <principalFileNo>8-23292</principalFileNo>
            <principalCrdNo>000007784</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-RI" principalCountry="US"/>
            <principalTotalPurchaseSale>17380.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sanford C Bernstein and Co. LLC</principalName>
            <principalFileNo>8-52942</principalFileNo>
            <principalCrdNo>000104474</principalCrdNo>
            <principalLei>549300I7JYZHT7D5CO04</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>18.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>17398.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2345448.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US Bank NA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Pzena Emerging Markets Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Long/Short Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Mid Cap Value Fund" secFileNo="811-07959"/>
                <creditUser fundName="Pzena Small Cap Value Fund" secFileNo="811-07959"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Advisors Series Trust" signedDate="2021-05-14" signature="Cheryl L. King" title="Vice President, Treasurer"/>
  </formData>
</edgarSubmission>
