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    <isConfidential>false</isConfidential>
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          <cik>0001027596</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000228587</classId>
        <classId>C000228588</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 Value Fund</seriesName>
      <seriesId>S000072390</seriesId>
      <seriesLei>549300EBN213J14C4P93</seriesLei>
      <repPdEnd>2023-02-28</repPdEnd>
      <repPdDate>2022-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>65352.970000000000</totLiabs>
      <netAssets>23617743.900000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Alibaba Group Holding Ltd</name>
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        <name>Ambev SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Standard Chartered PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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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          <ticker value="HSBA"/>
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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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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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          <ticker value="BARC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
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          <ticker value="FIGXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bouygues SA</name>
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        <title>Bouygues SA</title>
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        <name>AP Moller - Maersk A/S</name>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Publicis Groupe SA</name>
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          <ticker value="PUB"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hon Hai Precision Industry Co</name>
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        <name>Honda Motor Co Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Michelin</name>
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        <title>Cie Generale des Etablissements Michelin SCA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>K22272114</cusip>
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          <ticker value="DANSKE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Komatsu Ltd</name>
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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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        <name>BASF SE</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fresenius Medical Care AG &amp; Co</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>Fresenius Medical Care AG &amp; Co KGaA</title>
        <cusip>D2734Z107</cusip>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Randstad NV</name>
        <lei>7245009EAAUUQJ0U4T57</lei>
        <title>Randstad NV</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Volkswagen AG</name>
        <lei>529900NNUPAGGOMPXZ31</lei>
        <title>Volkswagen AG</title>
        <cusip>D94523103</cusip>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
        <cusip>F5548N101</cusip>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
        <cusip>D69671218</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
          <ticker value="SIE"/>
        </identifiers>
        <balance>1710.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>224771.500000000000</valUSD>
        <pctVal>0.9517060603</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>Accor SA</name>
        <lei>969500QZC2Q0TK11NV07</lei>
        <title>Accor SA</title>
        <cusip>F00189120</cusip>
        <identifiers>
          <isin value="FR0000120404"/>
          <ticker value="AC"/>
        </identifiers>
        <balance>6963.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>228514.430000000000</valUSD>
        <pctVal>0.9675540177</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>Nokia Oyj</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Oyj</title>
        <cusip>X61873133</cusip>
        <identifiers>
          <isin value="FI0009000681"/>
          <ticker value="NOKIA"/>
        </identifiers>
        <balance>33740.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>169553.020000000000</valUSD>
        <pctVal>0.7179052356</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>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
        <cusip>N4297B146</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
          <ticker value="KPN"/>
        </identifiers>
        <balance>35282.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>128516.490000000000</valUSD>
        <pctVal>0.5441522719</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>5900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>232956.850000000000</valUSD>
        <pctVal>0.9863636890</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>9300.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.370050000000"/>
        <valUSD>210022.990000000000</valUSD>
        <pctVal>0.8892593251</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>49500.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>183988.430000000000</valUSD>
        <pctVal>0.7790262727</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>13000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>321831.670000000000</valUSD>
        <pctVal>1.3626689804</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>78000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.847200000000"/>
        <valUSD>415982.770000000000</valUSD>
        <pctVal>1.7613145936</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>38200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>448364.470000000000</valUSD>
        <pctVal>1.8984221012</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>26900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>667824.600000000000</valUSD>
        <pctVal>2.8276392649</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>96837.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485153.370000000000</valUSD>
        <pctVal>2.0541901549</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>4100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>124909.310000000000</valUSD>
        <pctVal>0.5288790942</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 Holdings Corp</name>
        <lei>254900GE1G59KGWPHX32</lei>
        <title>Panasonic Corp</title>
        <cusip>J6354Y104</cusip>
        <identifiers>
          <isin value="JP3866800000"/>
          <ticker value="6752"/>
        </identifiers>
        <balance>48000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>441465.030000000000</valUSD>
        <pctVal>1.8692091500</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>4700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>117997.440000000000</valUSD>
        <pctVal>0.4996135130</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>8200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>93889.000000000000</valUSD>
        <pctVal>0.3975358544</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>Takeda Pharmaceutical Co Ltd</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co Ltd</title>
        <cusip>J8129E108</cusip>
        <identifiers>
          <isin value="JP3463000004"/>
          <ticker value="4502"/>
        </identifiers>
        <balance>10400.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>299150.970000000000</valUSD>
        <pctVal>1.2666365224</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>Toray Industries Inc</name>
        <lei>35380099TCYR5FHT0A11</lei>
        <title>Toray Industries Inc</title>
        <cusip>J89494116</cusip>
        <identifiers>
          <isin value="JP3621000003"/>
          <ticker value="3402"/>
        </identifiers>
        <balance>22000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>113866.470000000000</valUSD>
        <pctVal>0.4821225536</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 Holdings Inc</name>
        <lei>988400E5HRVX81AYLM04</lei>
        <title>POSCO</title>
        <cusip>693483109</cusip>
        <identifiers>
          <isin value="US6934831099"/>
          <ticker value="PKX"/>
        </identifiers>
        <balance>7896.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>454177.920000000000</valUSD>
        <pctVal>1.9230368570</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>1471.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".959200000000"/>
        <valUSD>133205.860000000000</valUSD>
        <pctVal>0.5640075554</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>1700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".959200000000"/>
        <valUSD>578482.070000000000</valUSD>
        <pctVal>2.4493536404</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>69597.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>451582.160000000000</valUSD>
        <pctVal>1.9120461375</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>30248.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".959200000000"/>
        <valUSD>212227.940000000000</valUSD>
        <pctVal>0.8985953142</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>5600.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>193592.000000000000</valUSD>
        <pctVal>0.8196887934</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>Trip.com Group Ltd</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Trip.com Group Ltd</title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
          <ticker value="TCOM"/>
        </identifiers>
        <balance>12648.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>279014.880000000000</valUSD>
        <pctVal>1.1813782095</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>
        </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>155362.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>447141.230000000000</valUSD>
        <pctVal>1.8932427750</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>Wilmar International Ltd</name>
        <lei>549300H2EAI4YRLWBB20</lei>
        <title>Wilmar International Ltd</title>
        <cusip>Y9586L109</cusip>
        <identifiers>
          <isin value="SG1T56930848"/>
          <ticker value="WIL"/>
        </identifiers>
        <balance>92900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.370050000000"/>
        <valUSD>282758.290000000000</valUSD>
        <pctVal>1.1972281993</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>5767.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>151249.940000000000</valUSD>
        <pctVal>0.6404080789</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>9000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>153734.420000000000</valUSD>
        <pctVal>0.6509276273</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>31714.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>673780.780000000000</valUSD>
        <pctVal>2.8528583545</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>Reckitt Benckiser Group PLC</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benckiser Group PLC</title>
        <cusip>G74079107</cusip>
        <identifiers>
          <isin value="GB00B24CGK77"/>
          <ticker value="RKT"/>
        </identifiers>
        <balance>3198.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>247348.430000000000</valUSD>
        <pctVal>1.0472991453</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>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>E2427M123</cusip>
        <identifiers>
          <isin value="ES0140609019"/>
          <ticker value="CABK"/>
        </identifiers>
        <balance>113901.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>411833.260000000000</valUSD>
        <pctVal>1.7437451339</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>3700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>117637.780000000000</valUSD>
        <pctVal>0.4980906750</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>1994.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".959200000000"/>
        <valUSD>102381.670000000000</valUSD>
        <pctVal>0.4334947082</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>168610.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>506941.190000000000</valUSD>
        <pctVal>2.1464420655</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>77894.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>223987.330000000000</valUSD>
        <pctVal>0.9483858024</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>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>32998.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>223106.430000000000</valUSD>
        <pctVal>0.9446559796</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>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>12500.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.735000000000"/>
        <valUSD>197595.840000000000</valUSD>
        <pctVal>0.8366414711</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>Ambev SA</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev SA</title>
        <cusip>P0273U106</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
          <ticker value="ABEV3"/>
        </identifiers>
        <balance>168600.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.752550000000"/>
        <valUSD>501271.530000000000</valUSD>
        <pctVal>2.1224361316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
          <ticker value="VOD"/>
        </identifiers>
        <balance>217082.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>357194.110000000000</valUSD>
        <pctVal>1.5123972532</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>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="9988"/>
        </identifiers>
        <balance>27000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.847200000000"/>
        <valUSD>331169.080000000000</valUSD>
        <pctVal>1.4022045518</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>
        </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>33391.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>507435.150000000000</valUSD>
        <pctVal>2.1485335439</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>Tesco PLC</name>
        <lei>2138002P5RNKC5W2JZ46</lei>
        <title>Tesco PLC</title>
        <cusip>G8T67X102</cusip>
        <identifiers>
          <isin value="GB00BLGZ9862"/>
          <ticker value="TSCO"/>
        </identifiers>
        <balance>126521.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>412920.260000000000</valUSD>
        <pctVal>1.7483476057</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>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
          <ticker value="SHELLA"/>
        </identifiers>
        <balance>26484.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>794670.690000000000</valUSD>
        <pctVal>3.3647188883</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>Aviva PLC</name>
        <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
        <title>Aviva PLC</title>
        <cusip>G0683Q158</cusip>
        <identifiers>
          <isin value="GB00BPQY8M80"/>
          <ticker value="2060279D"/>
        </identifiers>
        <balance>31695.800000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".793590000000"/>
        <valUSD>171741.000000000000</valUSD>
        <pctVal>0.7271693720</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>Euroapi SA</name>
        <lei>9695002FT7GGI3CKKJ14</lei>
        <title>Euroapi SA</title>
        <cusip>F33077102</cusip>
        <identifiers>
          <isin value="FR0014008VX5"/>
          <ticker value="EAPI"/>
        </identifiers>
        <balance>102.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>1482.660000000000</valUSD>
        <pctVal>0.0062777376</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>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <ticker value="UBSG"/>
        </identifiers>
        <balance>27428.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".959200000000"/>
        <valUSD>515990.680000000000</valUSD>
        <pctVal>2.1847585535</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>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
        <cusip>L0302D210</cusip>
        <identifiers>
          <isin value="LU1598757687"/>
          <ticker value="MT"/>
        </identifiers>
        <balance>8334.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>268006.070000000000</valUSD>
        <pctVal>1.1347657555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Covestro AG</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>Covestro AG</title>
        <cusip>D15349109</cusip>
        <identifiers>
          <isin value="DE0006062144"/>
          <ticker value="1COV"/>
        </identifiers>
        <balance>14845.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>677315.380000000000</valUSD>
        <pctVal>2.8678242209</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>Amundi SA</name>
        <lei>96950010FL2T1TJKR531</lei>
        <title>Amundi SA</title>
        <cusip>F0300Q103</cusip>
        <identifiers>
          <isin value="FR0004125920"/>
          <ticker value="AMUN"/>
        </identifiers>
        <balance>7196.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>418322.690000000000</valUSD>
        <pctVal>1.7712220599</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>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>N4578E595</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
          <ticker value="INGA"/>
        </identifiers>
        <balance>45537.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".931490000000"/>
        <valUSD>514478.300000000000</valUSD>
        <pctVal>2.1783549783</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>TechnipFMC PLC</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TechnipFMC PLC</title>
        <cusip>G87110105</cusip>
        <identifiers>
          <isin value="GB00BDSFG982"/>
          <ticker value="FTI"/>
        </identifiers>
        <balance>59619.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>491260.560000000000</valUSD>
        <pctVal>2.0800486367</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-06-24</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>
