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    <isConfidential>false</isConfidential>
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        <issuerCredentials>
          <cik>0001027596</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000201596</classId>
        <classId>C000201595</classId>
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      <regFileNumber>811-07959</regFileNumber>
      <regCik>0001027596</regCik>
      <regLei>2549003Z0J6URS6I4Y63</regLei>
      <regStreet1>615 East Michigan Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>626-914-7363</regPhone>
      <seriesName>Pzena International Small Cap Value Fund</seriesName>
      <seriesId>S000062254</seriesId>
      <seriesLei>549300BXMZAGJHSNR496</seriesLei>
      <repPdEnd>2022-02-28</repPdEnd>
      <repPdDate>2021-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>83606.030000000000</totLiabs>
      <netAssets>16341599.280000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <othMon2 netRealizedGain="13728.620000000000" netUnrealizedAppr="11565.290000000000"/>
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        <name>Senior PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Celestica Inc</name>
        <lei>549300J3CG5T6RZWLN53</lei>
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          <ticker value="CLS"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Transcontinental Inc</name>
        <lei>549300C86G4JLR01YF53</lei>
        <title>Transcontinental Inc</title>
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          <isin value="CA8935781044"/>
          <ticker value="TCL/A"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Linamar Corp</name>
        <lei>549300LW6VIYFRMFBU20</lei>
        <title>Linamar Corp</title>
        <cusip>53278L107</cusip>
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          <isin value="CA53278L1076"/>
          <ticker value="LNR"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.261650000000"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>N/A</lei>
        <title>Fidelity Government Portfolio</title>
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          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BPER Banca</name>
        <lei>N747OI7JINV7RUUH6190</lei>
        <title>BPER Banca</title>
        <cusip>T1325T119</cusip>
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          <isin value="IT0000066123"/>
          <ticker value="BPE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Danieli &amp; C Officine Meccanich</name>
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        <title>Danieli &amp; C Officine Meccaniche SpA</title>
        <cusip>T73148107</cusip>
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          <ticker value="DANR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bertrandt AG</name>
        <lei>529900DRBK1K538NYX30</lei>
        <title>Bertrandt AG</title>
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          <isin value="DE0005232805"/>
          <ticker value="BDT"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Subsea 7 SA</name>
        <lei>222100AIF0CBCY80AH62</lei>
        <title>Subsea 7 SA</title>
        <cusip>L8882U106</cusip>
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          <ticker value="SUBC"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Societe BIC SA</name>
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        <title>Societe BIC SA</title>
        <cusip>F10080103</cusip>
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          <ticker value="BB"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Salzgitter AG</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>Salzgitter AG</title>
        <cusip>D80900109</cusip>
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          <ticker value="SZG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Integrated Services Co</name>
        <lei>N/A</lei>
        <title>United Integrated Services Co Ltd</title>
        <cusip>Y9210Q102</cusip>
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          <isin value="TW0002404001"/>
          <ticker value="2404"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>DB Insurance Co Ltd</name>
        <lei>9884000ZF26VNJBWSJ91</lei>
        <title>DB Insurance Co Ltd</title>
        <cusip>Y2096K109</cusip>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>DIC Corp</name>
        <lei>549300F1YB9ARLPUKB67</lei>
        <title>DIC Corp</title>
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          <ticker value="4631"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Foster Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Foster Electric Co Ltd</title>
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          <isin value="JP3802800007"/>
          <ticker value="6794"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>YUE YUEN IND</name>
        <lei>254900YUFIBANZ1XU687</lei>
        <title>Yue Yuen Industrial Holdings Ltd</title>
        <cusip>G98803144</cusip>
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          <ticker value="551"/>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zeon Corp</name>
        <lei>529900UEFURDYZ4F4U10</lei>
        <title>Zeon Corp</title>
        <cusip>J9886P104</cusip>
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          <isin value="JP3725400000"/>
          <ticker value="4205"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sankyu Inc</name>
        <lei>529900QWTXZZEM1T5G75</lei>
        <title>Sankyu Inc</title>
        <cusip>J68037100</cusip>
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          <ticker value="9065"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tsubakimoto Chain Co</name>
        <lei>N/A</lei>
        <title>Tsubakimoto Chain Co</title>
        <cusip>J93020105</cusip>
        <identifiers>
          <isin value="JP3535400000"/>
          <ticker value="6371"/>
        </identifiers>
        <balance>10100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.015000000000"/>
        <valUSD>311680.230000000000</valUSD>
        <pctVal>1.9072810724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ube Industries Ltd</name>
        <lei>529900XMRZ2VNF3ZPS69</lei>
        <title>Ube Industries Ltd</title>
        <cusip>J93796159</cusip>
        <identifiers>
          <isin value="JP3158800007"/>
          <ticker value="4208"/>
        </identifiers>
        <balance>15500.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.015000000000"/>
        <valUSD>312634.640000000000</valUSD>
        <pctVal>1.9131214433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTech Holdings Ltd</name>
        <lei>N/A</lei>
        <title>VTech Holdings Ltd</title>
        <cusip>G9400S132</cusip>
        <identifiers>
          <isin value="BMG9400S1329"/>
          <ticker value="303"/>
        </identifiers>
        <balance>31100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.777450000000"/>
        <valUSD>302104.800000000000</valUSD>
        <pctVal>1.8486856447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies NV</name>
        <lei>724500FLODI49NSCIP70</lei>
        <title>Technip Energies NV</title>
        <cusip>87854Y109</cusip>
        <identifiers>
          <isin value="US87854Y1091"/>
          <ticker value="THNPY"/>
        </identifiers>
        <balance>4760.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61499.200000000000</valUSD>
        <pctVal>0.3763352592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pacific Basin Shipping Ltd</name>
        <lei>254900LNPK737X4Y3V26</lei>
        <title>Pacific Basin Shipping Ltd</title>
        <cusip>G68437139</cusip>
        <identifiers>
          <isin value="BMG684371393"/>
          <ticker value="2343"/>
        </identifiers>
        <balance>797000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.777450000000"/>
        <valUSD>435521.930000000000</valUSD>
        <pctVal>2.6651120404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke BAM Groep NV</name>
        <lei>724500V38C5KTDY5BS93</lei>
        <title>Koninklijke BAM Groep NV</title>
        <cusip>N0157T177</cusip>
        <identifiers>
          <isin value="NL0000337319"/>
          <ticker value="BAMNB"/>
        </identifiers>
        <balance>117872.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>389139.600000000000</valUSD>
        <pctVal>2.3812822315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IPSOS</name>
        <lei>9695002OY2X35E9X8W87</lei>
        <title>IPSOS</title>
        <cusip>F5310M109</cusip>
        <identifiers>
          <isin value="FR0000073298"/>
          <ticker value="IPS"/>
        </identifiers>
        <balance>8844.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>428144.330000000000</valUSD>
        <pctVal>2.6199659083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOR SE</name>
        <lei>96950056ULJ4JI7V3752</lei>
        <title>SCOR SE</title>
        <cusip>F15561677</cusip>
        <identifiers>
          <isin value="FR0010411983"/>
          <ticker value="SCR"/>
        </identifiers>
        <balance>10521.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>322864.960000000000</valUSD>
        <pctVal>1.9757243735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fukuoka Financial Group Inc</name>
        <lei>N/A</lei>
        <title>Fukuoka Financial Group Inc</title>
        <cusip>J17129107</cusip>
        <identifiers>
          <isin value="JP3805010000"/>
          <ticker value="8354"/>
        </identifiers>
        <balance>18400.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.015000000000"/>
        <valUSD>340019.090000000000</valUSD>
        <pctVal>2.0806965351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Drax Group PLC</name>
        <lei>549300YPSNTXR4ZHSR98</lei>
        <title>Drax Group PLC</title>
        <cusip>G2904K127</cusip>
        <identifiers>
          <isin value="GB00B1VNSX38"/>
          <ticker value="DRX"/>
        </identifiers>
        <balance>81366.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>464021.680000000000</valUSD>
        <pctVal>2.8395120456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rexel SA</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>Rexel SA</title>
        <cusip>F7782J366</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
          <ticker value="RXL"/>
        </identifiers>
        <balance>29700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>621234.000000000000</valUSD>
        <pctVal>3.8015495874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANDRITZ AG</name>
        <lei>549300VZKC61IR5U8G96</lei>
        <title>ANDRITZ AG</title>
        <cusip>A11123105</cusip>
        <identifiers>
          <isin value="AT0000730007"/>
          <ticker value="ANDR"/>
        </identifiers>
        <balance>5554.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>319106.460000000000</valUSD>
        <pctVal>1.9527247886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Origin Enterprises PLC</name>
        <lei>213800AIB4U7N5BLS350</lei>
        <title>Origin Enterprises PLC</title>
        <cusip>G68097107</cusip>
        <identifiers>
          <isin value="IE00B1WV4493"/>
          <ticker value="OGN"/>
        </identifiers>
        <balance>98406.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>389245.860000000000</valUSD>
        <pctVal>2.3819324739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capita PLC</name>
        <lei>CMIGEWPLHL4M7ZV0IZ88</lei>
        <title>Capita PLC</title>
        <cusip>G1846J115</cusip>
        <identifiers>
          <isin value="GB00B23K0M20"/>
          <ticker value="CPI"/>
        </identifiers>
        <balance>491788.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>331036.510000000000</valUSD>
        <pctVal>2.0257289652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Wood Group PLC</name>
        <lei>549300PLYY6I10B6S323</lei>
        <title>John Wood Group PLC</title>
        <cusip>G9745T118</cusip>
        <identifiers>
          <isin value="GB00B5N0P849"/>
          <ticker value="WG/"/>
        </identifiers>
        <balance>154966.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>532212.920000000000</valUSD>
        <pctVal>3.2567982538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inchcape PLC</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>Inchcape PLC</title>
        <cusip>G47320208</cusip>
        <identifiers>
          <isin value="GB00B61TVQ02"/>
          <ticker value="INCH"/>
        </identifiers>
        <balance>26335.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>332921.320000000000</valUSD>
        <pctVal>2.0372627813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hankook Tire &amp; Technology Co L</name>
        <lei>9884001BIEVM09M7AH02</lei>
        <title>Hankook Tire &amp; Technology Co Ltd</title>
        <cusip>Y3R57J108</cusip>
        <identifiers>
          <isin value="KR7161390000"/>
          <ticker value="161390"/>
        </identifiers>
        <balance>7179.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1159.450000000000"/>
        <valUSD>288534.560000000000</valUSD>
        <pctVal>1.7656445679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maire Tecnimont SpA</name>
        <lei>815600D85A61200A1B83</lei>
        <title>Maire Tecnimont SpA</title>
        <cusip>T6388T112</cusip>
        <identifiers>
          <isin value="IT0004931058"/>
          <ticker value="MT"/>
        </identifiers>
        <balance>109879.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>428140.440000000000</valUSD>
        <pctVal>2.6199421040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Ireland Group PLC</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC</title>
        <cusip>G0756R109</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
          <ticker value="BIRG"/>
        </identifiers>
        <balance>47261.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>297208.810000000000</valUSD>
        <pctVal>1.8187253580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Co Ltd</name>
        <lei>529900WQOGPBIJEHW865</lei>
        <title>Open House Co Ltd</title>
        <cusip>J3072G101</cusip>
        <identifiers>
          <isin value="JP3173540000"/>
          <ticker value="3288"/>
        </identifiers>
        <balance>3000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.015000000000"/>
        <valUSD>146161.890000000000</valUSD>
        <pctVal>0.8944160697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unicaja Banco SA</name>
        <lei>5493007SJLLCTM6J6M37</lei>
        <title>Unicaja Banco SA</title>
        <cusip>E92589105</cusip>
        <identifiers>
          <isin value="ES0180907000"/>
          <ticker value="UNI"/>
        </identifiers>
        <balance>316539.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>292835.580000000000</valUSD>
        <pctVal>1.7919640237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Travis Perkins PLC</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>Travis Perkins PLC</title>
        <cusip>G90202139</cusip>
        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <ticker value="TPK"/>
        </identifiers>
        <balance>9300.873640000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>230363.980000000000</valUSD>
        <pctVal>1.4096783066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAF-Holland SE</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-Holland SE</title>
        <cusip>L7999D106</cusip>
        <identifiers>
          <isin value="DE000SAFH001"/>
          <ticker value="SFQ"/>
        </identifiers>
        <balance>23298.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>332034.740000000000</valUSD>
        <pctVal>2.0318374861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anima Holding SpA</name>
        <lei>549300T1EREIRH8ICX03</lei>
        <title>Anima Holding SpA</title>
        <cusip>T0409R106</cusip>
        <identifiers>
          <isin value="IT0004998065"/>
          <ticker value="ANIM"/>
        </identifiers>
        <balance>81243.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>418819.890000000000</valUSD>
        <pctVal>2.5629063767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies NV</name>
        <lei>724500FLODI49NSCIP70</lei>
        <title>Technip Energies NV</title>
        <cusip>N8486R101</cusip>
        <identifiers>
          <isin value="NL0014559478"/>
          <ticker value="TE"/>
        </identifiers>
        <balance>6243.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>81564.720000000000</valUSD>
        <pctVal>0.4991232413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flow Traders</name>
        <lei>549300Z7LIC6NFIJL947</lei>
        <title>Flow Traders</title>
        <cusip>N33101101</cusip>
        <identifiers>
          <isin value="NL0011279492"/>
          <ticker value="FLOW"/>
        </identifiers>
        <balance>3331.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".846920000000"/>
        <valUSD>135691.090000000000</valUSD>
        <pctVal>0.8303415576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabre Insurance Group PLC</name>
        <lei>2138006RXRQ8P8VKGV98</lei>
        <title>Sabre Insurance Group PLC</title>
        <cusip>G7739M107</cusip>
        <identifiers>
          <isin value="GB00BYWVDP49"/>
          <ticker value="SBRE"/>
        </identifiers>
        <balance>87601.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".727350000000"/>
        <valUSD>266169.260000000000</valUSD>
        <pctVal>1.6287834222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TechnipFMC PLC</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TechnipFMC PLC</title>
        <cusip>G87110105</cusip>
        <identifiers>
          <isin value="GB00BDSFG982"/>
          <ticker value="FTI"/>
        </identifiers>
        <balance>38836.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257482.680000000000</valUSD>
        <pctVal>1.5756271806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ituran Location and Control Lt</name>
        <lei>N/A</lei>
        <title>Ituran Location and Control Ltd</title>
        <cusip>M6158M104</cusip>
        <identifiers>
          <isin value="IL0010818685"/>
          <ticker value="ITRN"/>
        </identifiers>
        <balance>12258.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319811.220000000000</valUSD>
        <pctVal>1.9570374632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-09-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Advisors Series Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kevin Hayden</ncom:signature>
      <ncom:signerName>Advisors Series Trust</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
