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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001027596</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
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        <classId>C000228587</classId>
        <classId>C000228588</classId>
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    </filerInfo>
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      <regName>Advisors Series Trust</regName>
      <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 Value Fund</seriesName>
      <seriesId>S000072390</seriesId>
      <seriesLei>549300EBN213J14C4P93</seriesLei>
      <repPdEnd>2022-02-28</repPdEnd>
      <repPdDate>2021-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>70801.200000000000</totLiabs>
      <netAssets>14168988.810000000000</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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      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>427.800000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000228587" rtn1="-1.110000000000" rtn2="1.930000000000" rtn3="-7.190000000000"/>
          <monthlyTotReturn classId="C000228588" rtn1="-1.010000000000" rtn2="1.830000000000" rtn3="-7.200000000000"/>
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        <othMon1 netRealizedGain="-4237.980000000000" netUnrealizedAppr="27957.030000000000"/>
        <othMon2 netRealizedGain="-95.940000000000" netUnrealizedAppr="219916.600000000000"/>
        <othMon3 netRealizedGain="-913.170000000000" netUnrealizedAppr="-1064109.340000000000"/>
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      <mon2Flow redemption="-.150000000000" reinvestment=".000000000000" sales="500162.460000000000"/>
      <mon3Flow redemption=".000000000000" reinvestment=".000000000000" sales="2526788.720000000000"/>


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        <name>Ambev SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
          <ticker value="VOD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
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          <isin value="KYG017191142"/>
          <ticker value="9988"/>
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        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.798000000000"/>
        <valUSD>127332.650000000000</valUSD>
        <pctVal>0.8986713993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Travis Perkins PLC</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>Travis Perkins PLC</title>
        <cusip>G90202139</cusip>
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          <isin value="GB00BK9RKT01"/>
          <ticker value="TPK"/>
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        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
        <valUSD>358551.560000000000</valUSD>
        <pctVal>2.5305373927</pctVal>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tesco PLC</name>
        <lei>2138002P5RNKC5W2JZ46</lei>
        <title>Tesco PLC</title>
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          <isin value="GB00BLGZ9862"/>
          <ticker value="TSCO"/>
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        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
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        <pctVal>2.0713509901</pctVal>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>H42097107</cusip>
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          <isin value="CH0244767585"/>
          <ticker value="UBSG"/>
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        <currencyConditional curCd="CHF" exchangeRt=".918050000000"/>
        <valUSD>302218.440000000000</valUSD>
        <pctVal>2.1329570095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
        <cusip>L0302D210</cusip>
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          <ticker value="MT"/>
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        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
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        <invCountry>LU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Covestro AG</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>Covestro AG</title>
        <cusip>D15349109</cusip>
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          <isin value="DE0006062144"/>
          <ticker value="1COV"/>
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        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Amundi SA</name>
        <lei>96950010FL2T1TJKR531</lei>
        <title>Amundi SA</title>
        <cusip>F0300Q103</cusip>
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          <ticker value="AMUN"/>
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        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
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        <pctVal>2.0300144482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>N4578E595</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TechnipFMC PLC</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TechnipFMC PLC</title>
        <cusip>G87110105</cusip>
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          <isin value="GB00BDSFG982"/>
          <ticker value="FTI"/>
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        <curCd>USD</curCd>
        <valUSD>204624.630000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <ticker value="BABA"/>
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        <balance>720.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91821.600000000000</valUSD>
        <pctVal>0.6480462454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aviva PLC</name>
        <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
        <title>Aviva PLC</title>
        <cusip>G0683Q109</cusip>
        <identifiers>
          <isin value="GB0002162385"/>
          <ticker value="AV/"/>
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        <balance>28313.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
        <valUSD>144970.870000000000</valUSD>
        <pctVal>1.0231560766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ambev SA</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev SA</title>
        <cusip>02319V103</cusip>
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          <isin value="US02319V1035"/>
          <ticker value="ABEV"/>
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        <balance>13543.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38191.260000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>G84228157</cusip>
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          <ticker value="STAN"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>G4634U169</cusip>
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          <isin value="GB0005405286"/>
          <ticker value="HSBA"/>
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        <valUSD>286346.600000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>G08036124</cusip>
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          <ticker value="BARC"/>
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        <valUSD>141366.570000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>N/A</lei>
        <title>Fidelity Government Portfolio</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
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        <balance>641484.020000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>641484.020000000000</valUSD>
        <pctVal>4.5273803840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bouygues SA</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues SA</title>
        <cusip>F11487125</cusip>
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          <isin value="FR0000120503"/>
          <ticker value="EN"/>
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        <balance>4450.000000000000</balance>
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        <valUSD>151149.410000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AP Moller - Maersk A/S</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>AP Moller - Maersk A/S</title>
        <cusip>K0514G101</cusip>
        <identifiers>
          <isin value="DK0010244508"/>
          <ticker value="MAERSKB"/>
        </identifiers>
        <balance>103.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.557800000000"/>
        <valUSD>310595.780000000000</valUSD>
        <pctVal>2.1920814828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Publicis Groupe SA</name>
        <lei>2138004KW8BV57III342</lei>
        <title>Publicis Groupe SA</title>
        <cusip>F7607Z165</cusip>
        <identifiers>
          <isin value="FR0000130577"/>
          <ticker value="PUB"/>
        </identifiers>
        <balance>3309.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>214430.530000000000</valUSD>
        <pctVal>1.5133792035</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>Hon Hai Precision Industry Co</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>Hon Hai Precision Industry Co Ltd</title>
        <cusip>438090805</cusip>
        <identifiers>
          <isin value="US4380908057"/>
          <ticker value="HNHPF"/>
        </identifiers>
        <balance>50000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>368500.000000000000</valUSD>
        <pctVal>2.6007501660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Honda Motor Co Ltd</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Co Ltd</title>
        <cusip>438128308</cusip>
        <identifiers>
          <isin value="US4381283088"/>
          <ticker value="HMC"/>
        </identifiers>
        <balance>8000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218960.000000000000</valUSD>
        <pctVal>1.5453466930</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>KBC Group NV</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC Group NV</title>
        <cusip>B5337G162</cusip>
        <identifiers>
          <isin value="BE0003565737"/>
          <ticker value="KBC"/>
        </identifiers>
        <balance>1322.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>110976.270000000000</valUSD>
        <pctVal>0.7832335214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cie Generale des Etablissements Michelin SCA</title>
        <cusip>F61824144</cusip>
        <identifiers>
          <isin value="FR0000121261"/>
          <ticker value="ML"/>
        </identifiers>
        <balance>2404.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>355790.690000000000</valUSD>
        <pctVal>2.5110520925</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>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>K22272114</cusip>
        <identifiers>
          <isin value="DK0010274414"/>
          <ticker value="DANSKE"/>
        </identifiers>
        <balance>8642.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.557800000000"/>
        <valUSD>142719.910000000000</valUSD>
        <pctVal>1.0072695512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schneider Electric SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>Schneider Electric SE</title>
        <cusip>F86921107</cusip>
        <identifiers>
          <isin value="FR0000121972"/>
          <ticker value="SU"/>
        </identifiers>
        <balance>826.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>146341.090000000000</valUSD>
        <pctVal>1.0328266326</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>Komatsu Ltd</name>
        <lei>5493004LQ0B4T7QPQV17</lei>
        <title>Komatsu Ltd</title>
        <cusip>500458401</cusip>
        <identifiers>
          <isin value="US5004584018"/>
          <ticker value="KMTUY"/>
        </identifiers>
        <balance>4000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90640.000000000000</valUSD>
        <pctVal>0.6397069065</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>BASF SE</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE</title>
        <cusip>D06216317</cusip>
        <identifiers>
          <isin value="DE000BASF111"/>
          <ticker value="BAS"/>
        </identifiers>
        <balance>5851.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>384068.090000000000</valUSD>
        <pctVal>2.7106245559</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>Fresenius Medical Care AG &amp; Co</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>Fresenius Medical Care AG &amp; Co KGaA</title>
        <cusip>D2734Z107</cusip>
        <identifiers>
          <isin value="DE0005785802"/>
          <ticker value="FME"/>
        </identifiers>
        <balance>4852.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>290428.870000000000</valUSD>
        <pctVal>2.0497501543</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>Volkswagen AG</name>
        <lei>529900NNUPAGGOMPXZ31</lei>
        <title>Volkswagen AG</title>
        <cusip>D94523103</cusip>
        <identifiers>
          <isin value="DE0007664039"/>
          <ticker value="VOW3"/>
        </identifiers>
        <balance>1894.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>347241.930000000000</valUSD>
        <pctVal>2.4507177940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
        <cusip>F5548N101</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
          <ticker value="SAN"/>
        </identifiers>
        <balance>1937.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>184218.860000000000</valUSD>
        <pctVal>1.3001553073</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>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
        <cusip>D69671218</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
          <ticker value="SIE"/>
        </identifiers>
        <balance>1081.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>173203.230000000000</valUSD>
        <pctVal>1.2224106626</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>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
        <cusip>N4297B146</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
          <ticker value="KPN"/>
        </identifiers>
        <balance>24985.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>73700.310000000000</valUSD>
        <pctVal>0.5201522211</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>Bridgestone Corp</name>
        <lei>549300DHPOF90OYYD780</lei>
        <title>Bridgestone Corp</title>
        <cusip>J04578126</cusip>
        <identifiers>
          <isin value="JP3830800003"/>
          <ticker value="5108"/>
        </identifiers>
        <balance>3500.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>142588.580000000000</valUSD>
        <pctVal>1.0063426679</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>DBS Group Holdings Ltd</name>
        <lei>5493007FKT78NKPM5V55</lei>
        <title>DBS Group Holdings Ltd</title>
        <cusip>Y20246107</cusip>
        <identifiers>
          <isin value="SG1L01001701"/>
          <ticker value="DBS"/>
        </identifiers>
        <balance>6400.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.364550000000"/>
        <valUSD>140096.000000000000</valUSD>
        <pctVal>0.9887508691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resona Holdings Inc</name>
        <lei>52990067JE75XZCYYT81</lei>
        <title>Resona Holdings Inc</title>
        <cusip>J6448E106</cusip>
        <identifiers>
          <isin value="JP3500610005"/>
          <ticker value="8308"/>
        </identifiers>
        <balance>31900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>117287.920000000000</valUSD>
        <pctVal>0.8277790432</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>Honda Motor Co Ltd</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Co Ltd</title>
        <cusip>J22302111</cusip>
        <identifiers>
          <isin value="JP3854600008"/>
          <ticker value="7267"/>
        </identifiers>
        <balance>5100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>139913.300000000000</valUSD>
        <pctVal>0.9874614334</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>Galaxy Entertainment Group Ltd</name>
        <lei>549300ZSEBV3HR826S10</lei>
        <title>Galaxy Entertainment Group Ltd</title>
        <cusip>Y2679D118</cusip>
        <identifiers>
          <isin value="HK0027032686"/>
          <ticker value="27"/>
        </identifiers>
        <balance>31000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.798000000000"/>
        <valUSD>169549.880000000000</valUSD>
        <pctVal>1.1966265361</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>Isuzu Motors Ltd</name>
        <lei>529900C0QSXVCC7AR494</lei>
        <title>Isuzu Motors Ltd</title>
        <cusip>J24994113</cusip>
        <identifiers>
          <isin value="JP3137200006"/>
          <ticker value="7202"/>
        </identifiers>
        <balance>21100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>285975.140000000000</valUSD>
        <pctVal>2.0183172126</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>Komatsu Ltd</name>
        <lei>5493004LQ0B4T7QPQV17</lei>
        <title>Komatsu Ltd</title>
        <cusip>J35759125</cusip>
        <identifiers>
          <isin value="JP3304200003"/>
          <ticker value="6301"/>
        </identifiers>
        <balance>12600.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>288929.980000000000</valUSD>
        <pctVal>2.0391714883</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>Nokia Oyj</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Oyj</title>
        <cusip>654902204</cusip>
        <identifiers>
          <isin value="US6549022043"/>
          <ticker value="NOK"/>
        </identifiers>
        <balance>65330.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365848.000000000000</valUSD>
        <pctVal>2.5820332340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Grou</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group Inc</title>
        <cusip>J7771X109</cusip>
        <identifiers>
          <isin value="JP3890350006"/>
          <ticker value="8316"/>
        </identifiers>
        <balance>2000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>65519.530000000000</valUSD>
        <pctVal>0.4624150028</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>Panasonic Corp</name>
        <lei>254900GE1G59KGWPHX32</lei>
        <title>Panasonic Corp</title>
        <cusip>J6354Y104</cusip>
        <identifiers>
          <isin value="JP3866800000"/>
          <ticker value="6752"/>
        </identifiers>
        <balance>25300.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>278101.920000000000</valUSD>
        <pctVal>1.9627506502</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>Mitsui &amp; Co Ltd</name>
        <lei>2NRSB4GOU9DD6CNW5R48</lei>
        <title>Mitsui &amp; Co Ltd</title>
        <cusip>J44690139</cusip>
        <identifiers>
          <isin value="JP3893600001"/>
          <ticker value="8031"/>
        </identifiers>
        <balance>6800.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>153824.920000000000</valUSD>
        <pctVal>1.0856450101</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>T&amp;D Holdings Inc</name>
        <lei>3538008ARJ1MACEWA242</lei>
        <title>T&amp;D Holdings Inc</title>
        <cusip>J86796109</cusip>
        <identifiers>
          <isin value="JP3539220008"/>
          <ticker value="8795"/>
        </identifiers>
        <balance>6500.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>77170.790000000000</valUSD>
        <pctVal>0.5446457121</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>Suzuki Motor Corp</name>
        <lei>353800D83H0V3ZV1SV24</lei>
        <title>Suzuki Motor Corp</title>
        <cusip>J78529138</cusip>
        <identifiers>
          <isin value="JP3397200001"/>
          <ticker value="7269"/>
        </identifiers>
        <balance>1700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>68956.520000000000</valUSD>
        <pctVal>0.4866721325</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>POSCO</name>
        <lei>988400E5HRVX81AYLM04</lei>
        <title>POSCO</title>
        <cusip>693483109</cusip>
        <identifiers>
          <isin value="US6934831099"/>
          <ticker value="PKX"/>
        </identifiers>
        <balance>5008.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276291.360000000000</valUSD>
        <pctVal>1.9499723213</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>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <isin value="CH0012005267"/>
          <ticker value="NOVN"/>
        </identifiers>
        <balance>2751.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".918050000000"/>
        <valUSD>220068.010000000000</valUSD>
        <pctVal>1.5531666582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG</title>
        <cusip>H69293217</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
          <ticker value="ROG"/>
        </identifiers>
        <balance>987.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".918050000000"/>
        <valUSD>386661.460000000000</valUSD>
        <pctVal>2.7289276969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enel SpA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>Enel SpA</title>
        <cusip>T3679P115</cusip>
        <identifiers>
          <isin value="IT0003128367"/>
          <ticker value="ENEL"/>
        </identifiers>
        <balance>39082.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>297272.470000000000</valUSD>
        <pctVal>2.0980500019</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>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>H3698D419</cusip>
        <identifiers>
          <isin value="CH0012138530"/>
          <ticker value="CSGN"/>
        </identifiers>
        <balance>11343.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".918050000000"/>
        <valUSD>110112.540000000000</valUSD>
        <pctVal>0.7771376029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shinhan Financial Group Co Ltd</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>Shinhan Financial Group Co Ltd</title>
        <cusip>824596100</cusip>
        <identifiers>
          <isin value="US8245961003"/>
          <ticker value="SHG"/>
        </identifiers>
        <balance>3610.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105195.400000000000</valUSD>
        <pctVal>0.7424340679</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>Sumitomo Mitsui Financial Grou</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group Inc</title>
        <cusip>86562M209</cusip>
        <identifiers>
          <isin value="US86562M2098"/>
          <ticker value="SMFG"/>
        </identifiers>
        <balance>13500.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>87345.000000000000</valUSD>
        <pctVal>0.6164518948</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>J Sainsbury PLC</name>
        <lei>213800VGZAAJIKJ9Y484</lei>
        <title>J Sainsbury PLC</title>
        <cusip>G77732173</cusip>
        <identifiers>
          <isin value="GB00B019KW72"/>
          <ticker value="SBRY"/>
        </identifiers>
        <balance>86310.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
        <valUSD>317502.710000000000</valUSD>
        <pctVal>2.2408282924</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>Royal Dutch Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Royal Dutch Shell PLC</title>
        <cusip>G7690A100</cusip>
        <identifiers>
          <isin value="GB00B03MLX29"/>
          <ticker value="RDSA"/>
        </identifiers>
        <balance>19299.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>406658.750000000000</valUSD>
        <pctVal>2.8700619039</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>Wilmar International Ltd</name>
        <lei>549300H2EAI4YRLWBB20</lei>
        <title>Wilmar International Ltd</title>
        <cusip>Y9586L109</cusip>
        <identifiers>
          <isin value="SG1T56930848"/>
          <ticker value="WIL"/>
        </identifiers>
        <balance>72700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.364550000000"/>
        <valUSD>218971.090000000000</valUSD>
        <pctVal>1.5454249625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</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>3753.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>118281.470000000000</valUSD>
        <pctVal>0.8347911879</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>7000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>113823.150000000000</valUSD>
        <pctVal>0.8033258515</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>Rexel SA</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>Rexel SA</title>
        <cusip>F7782J366</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
          <ticker value="RXL"/>
        </identifiers>
        <balance>21172.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>389579.590000000000</valUSD>
        <pctVal>2.7495228857</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>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>E2427M123</cusip>
        <identifiers>
          <isin value="ES0140609019"/>
          <ticker value="CABK"/>
        </identifiers>
        <balance>84830.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".881760000000"/>
        <valUSD>218770.890000000000</valUSD>
        <pctVal>1.5440120176</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>MS&amp;AD Insurance Group Holdings</name>
        <lei>529900CXROT5S2HMMP26</lei>
        <title>MS&amp;AD Insurance Group Holdings Inc</title>
        <cusip>J4687C105</cusip>
        <identifiers>
          <isin value="JP3890310000"/>
          <ticker value="8725"/>
        </identifiers>
        <balance>2400.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>70406.510000000000</valUSD>
        <pctVal>0.4969056786</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>Julius Baer Group Ltd</name>
        <lei>5299007MF0604ZGJER92</lei>
        <title>Julius Baer Group Ltd</title>
        <cusip>H4414N103</cusip>
        <identifiers>
          <isin value="CH0102484968"/>
          <ticker value="BAER"/>
        </identifiers>
        <balance>1288.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".918050000000"/>
        <valUSD>80306.210000000000</valUSD>
        <pctVal>0.5667744613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</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>93972.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
        <valUSD>251830.110000000000</valUSD>
        <pctVal>1.7773329726</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>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>Natwest Group PLC</title>
        <cusip>G6422B105</cusip>
        <identifiers>
          <isin value="GB00B7T77214"/>
          <ticker value="NWG"/>
        </identifiers>
        <balance>51659.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".751910000000"/>
        <valUSD>146064.070000000000</valUSD>
        <pctVal>1.0308715178</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>Iida Group Holdings Co Ltd</name>
        <lei>35380051BV8PV1I4S949</lei>
        <title>Iida Group Holdings Co Ltd</title>
        <cusip>J23426109</cusip>
        <identifiers>
          <isin value="JP3131090007"/>
          <ticker value="3291"/>
        </identifiers>
        <balance>7200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.035000000000"/>
        <valUSD>149560.760000000000</valUSD>
        <pctVal>1.0555499902</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-12-29</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>
  <documents>XXXX</documents>
</edgarSubmission>
