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    <isConfidential>false</isConfidential>
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        <issuerCredentials>
          <cik>0001027596</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000201595</classId>
        <classId>C000201596</classId>
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      <regFileNumber>811-07959</regFileNumber>
      <regCik>0001027596</regCik>
      <regLei>2549003Z0J6URS6I4Y63</regLei>
      <regStreet1>615 East Michigan Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>626-914-7363</regPhone>
      <seriesName>Pzena International Small Cap Value Fund</seriesName>
      <seriesId>S000062254</seriesId>
      <seriesLei>549300BXMZAGJHSNR496</seriesLei>
      <repPdEnd>2023-02-28</repPdEnd>
      <repPdDate>2022-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>98572.080000000000</totLiabs>
      <netAssets>13537959.500000000000</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>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
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      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>15732.390000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000201595" rtn1="-11.030000000000" rtn2="2.930000000000" rtn3="-2.740000000000"/>
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        <othMon1 netRealizedGain="-46556.800000000000" netUnrealizedAppr="-1632416.470000000000"/>
        <othMon2 netRealizedGain="-533.130000000000" netUnrealizedAppr="389492.890000000000"/>
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      <mon1Flow redemption="-1132.15" reinvestment="0" sales="6949.18"/>
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          <indexIdentifier>N/A</indexIdentifier>

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        <name>Unicaja Banco SA</name>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Travis Perkins PLC</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>Travis Perkins PLC</title>
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        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <ticker value="TPK"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAF-Holland SE</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-Holland SE</title>
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          <isin value="DE000SAFH001"/>
          <ticker value="SFQ"/>
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        <valUSD>254060.020000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hokkoku Financial Holdings Inc</name>
        <lei>N/A</lei>
        <title>Hokkoku Financial Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3851600001"/>
          <ticker value="7381"/>
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        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Anima Holding SpA</name>
        <lei>549300T1EREIRH8ICX03</lei>
        <title>Anima Holding SpA</title>
        <cusip>T0409R106</cusip>
        <identifiers>
          <isin value="IT0004998065"/>
          <ticker value="ANIM"/>
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        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Technip Energies NV</name>
        <lei>724500FLODI49NSCIP70</lei>
        <title>Technip Energies NV</title>
        <cusip>N8486R101</cusip>
        <identifiers>
          <isin value="NL0014559478"/>
          <ticker value="TE"/>
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        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
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        <pctVal>1.4239846854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cia de Distribucion Integral L</name>
        <lei>9598000ANNAL42UJ7X28</lei>
        <title>Cia de Distribucion Integral Logista Holdings SA</title>
        <cusip>E0304S106</cusip>
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          <isin value="ES0105027009"/>
          <ticker value="LOG"/>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Flow Traders</name>
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        <title>Flow Traders</title>
        <cusip>N33101101</cusip>
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          <isin value="NL0011279492"/>
          <ticker value="FLOW"/>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sabre Insurance Group PLC</name>
        <lei>2138006RXRQ8P8VKGV98</lei>
        <title>Sabre Insurance Group PLC</title>
        <cusip>G7739M107</cusip>
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          <isin value="GB00BYWVDP49"/>
          <ticker value="SBRE"/>
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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>TechnipFMC PLC</name>
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        <title>TechnipFMC PLC</title>
        <cusip>G87110105</cusip>
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          <ticker value="FTI"/>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ituran Location and Control Lt</name>
        <lei>N/A</lei>
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        <cusip>M6158M104</cusip>
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          <isin value="IL0010818685"/>
          <ticker value="ITRN"/>
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        <curCd>USD</curCd>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Balfour Beatty PLC</name>
        <lei>CT4UIJ3TUKGYYHMENQ17</lei>
        <title>Balfour Beatty PLC</title>
        <cusip>G3224V108</cusip>
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          <ticker value="BBY"/>
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        <valUSD>414731.450000000000</valUSD>
        <pctVal>3.0634709019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>
      <invstOrSec>
        <name>Senior PLC</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>Senior PLC</title>
        <cusip>G8031U102</cusip>
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          <isin value="GB0007958233"/>
          <ticker value="SNR"/>
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        <balance>279739.000000000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Celestica Inc</name>
        <lei>549300J3CG5T6RZWLN53</lei>
        <title>Celestica Inc</title>
        <cusip>15101Q108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Transcontinental Inc</name>
        <lei>549300C86G4JLR01YF53</lei>
        <title>Transcontinental Inc</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Linamar Corp</name>
        <lei>549300LW6VIYFRMFBU20</lei>
        <title>Linamar Corp</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>N/A</lei>
        <title>Fidelity Government Portfolio</title>
        <cusip>316175108</cusip>
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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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        <name>BPER Banca</name>
        <lei>N747OI7JINV7RUUH6190</lei>
        <title>BPER Banca</title>
        <cusip>T1325T119</cusip>
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          <isin value="IT0000066123"/>
          <ticker value="BPE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Danieli &amp; C Officine Meccanich</name>
        <lei>815600B4B8C6A353E566</lei>
        <title>Danieli &amp; C Officine Meccaniche SpA</title>
        <cusip>T73148107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutz AG</name>
        <lei>5299005DETTV58V2PP63</lei>
        <title>Deutz AG</title>
        <cusip>D39176108</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
          <ticker value="DEZ"/>
        </identifiers>
        <balance>100854.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>380278.980000000000</valUSD>
        <pctVal>2.8089829933</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>Duerr AG</name>
        <lei>5299003APZ54EDTSRO20</lei>
        <title>Duerr AG</title>
        <cusip>D23279108</cusip>
        <identifiers>
          <isin value="DE0005565204"/>
          <ticker value="DUE"/>
        </identifiers>
        <balance>11510.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>254011.880000000000</valUSD>
        <pctVal>1.8762936911</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>Subsea 7 SA</name>
        <lei>222100AIF0CBCY80AH62</lei>
        <title>Subsea 7 SA</title>
        <cusip>L8882U106</cusip>
        <identifiers>
          <isin value="LU0075646355"/>
          <ticker value="SUBC"/>
        </identifiers>
        <balance>38871.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.937850000000"/>
        <valUSD>349601.770000000000</valUSD>
        <pctVal>2.5823815620</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>Societe BIC SA</name>
        <lei>969500UR00DF63I0VH67</lei>
        <title>Societe BIC SA</title>
        <cusip>F10080103</cusip>
        <identifiers>
          <isin value="FR0000120966"/>
          <ticker value="BB"/>
        </identifiers>
        <balance>4719.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>268892.940000000000</valUSD>
        <pctVal>1.9862146877</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>Salzgitter AG</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>Salzgitter AG</title>
        <cusip>D80900109</cusip>
        <identifiers>
          <isin value="DE0006202005"/>
          <ticker value="SZG"/>
        </identifiers>
        <balance>2327.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>57387.500000000000</valUSD>
        <pctVal>0.4239006624</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>DB Insurance Co Ltd</name>
        <lei>9884000ZF26VNJBWSJ91</lei>
        <title>DB Insurance Co Ltd</title>
        <cusip>Y2096K109</cusip>
        <identifiers>
          <isin value="KR7005830005"/>
          <ticker value="005830"/>
        </identifiers>
        <balance>7412.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1337.550000000000"/>
        <valUSD>330826.060000000000</valUSD>
        <pctVal>2.4436921975</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>DIC Corp</name>
        <lei>549300F1YB9ARLPUKB67</lei>
        <title>DIC Corp</title>
        <cusip>J1280G103</cusip>
        <identifiers>
          <isin value="JP3493400000"/>
          <ticker value="4631"/>
        </identifiers>
        <balance>13800.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>248832.100000000000</valUSD>
        <pctVal>1.8380325336</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>Elite Material Co Ltd</name>
        <lei>N/A</lei>
        <title>Elite Material Co Ltd</title>
        <cusip>Y2290G102</cusip>
        <identifiers>
          <isin value="TW0002383007"/>
          <ticker value="2383"/>
        </identifiers>
        <balance>21000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.437500000000"/>
        <valUSD>111770.020000000000</valUSD>
        <pctVal>0.8256046268</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>Foster Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Foster Electric Co Ltd</title>
        <cusip>J13650106</cusip>
        <identifiers>
          <isin value="JP3802800007"/>
          <ticker value="6794"/>
        </identifiers>
        <balance>36734.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>205980.100000000000</valUSD>
        <pctVal>1.5215003413</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>YUE YUEN IND</name>
        <lei>254900YUFIBANZ1XU687</lei>
        <title>Yue Yuen Industrial Holdings Ltd</title>
        <cusip>G98803144</cusip>
        <identifiers>
          <isin value="BMG988031446"/>
          <ticker value="551"/>
        </identifiers>
        <balance>161000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.848700000000"/>
        <valUSD>240411.790000000000</valUSD>
        <pctVal>1.7758347556</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>Zeon Corp</name>
        <lei>529900UEFURDYZ4F4U10</lei>
        <title>Zeon Corp</title>
        <cusip>J9886P104</cusip>
        <identifiers>
          <isin value="JP3725400000"/>
          <ticker value="4205"/>
        </identifiers>
        <balance>28600.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>276478.680000000000</valUSD>
        <pctVal>2.0422477996</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>Sankyu Inc</name>
        <lei>529900QWTXZZEM1T5G75</lei>
        <title>Sankyu Inc</title>
        <cusip>J68037100</cusip>
        <identifiers>
          <isin value="JP3326000001"/>
          <ticker value="9065"/>
        </identifiers>
        <balance>8900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>275152.060000000000</valUSD>
        <pctVal>2.0324485385</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>Teijin Ltd</name>
        <lei>3538000RF6UCIMPKCO54</lei>
        <title>Teijin Ltd</title>
        <cusip>J82270117</cusip>
        <identifiers>
          <isin value="JP3544000007"/>
          <ticker value="3401"/>
        </identifiers>
        <balance>26100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>277109.950000000000</valUSD>
        <pctVal>2.0469107623</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Toho Holdings Co Ltd</name>
        <lei>353800Z8BQ3ZHELA4J90</lei>
        <title>Toho Holdings Co Ltd</title>
        <cusip>J85237105</cusip>
        <identifiers>
          <isin value="JP3602600003"/>
          <ticker value="8129"/>
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        <balance>21400.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>284665.830000000000</valUSD>
        <pctVal>2.1027233092</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>Tsubakimoto Chain Co</name>
        <lei>N/A</lei>
        <title>Tsubakimoto Chain Co</title>
        <cusip>J93020105</cusip>
        <identifiers>
          <isin value="JP3535400000"/>
          <ticker value="6371"/>
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        <balance>10100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>234824.550000000000</valUSD>
        <pctVal>1.7345638388</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>
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      </invstOrSec>
      <invstOrSec>
        <name>UBE Corp</name>
        <lei>529900XMRZ2VNF3ZPS69</lei>
        <title>Ube Industries Ltd</title>
        <cusip>J93796159</cusip>
        <identifiers>
          <isin value="JP3158800007"/>
          <ticker value="4208"/>
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        <balance>8700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>128691.740000000000</valUSD>
        <pctVal>0.9505992391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTech Holdings Ltd</name>
        <lei>N/A</lei>
        <title>VTech Holdings Ltd</title>
        <cusip>G9400S132</cusip>
        <identifiers>
          <isin value="BMG9400S1329"/>
          <ticker value="303"/>
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        <balance>40100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.848700000000"/>
        <valUSD>273082.800000000000</valUSD>
        <pctVal>2.0171636649</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies NV</name>
        <lei>724500FLODI49NSCIP70</lei>
        <title>Technip Energies NV</title>
        <cusip>87854Y109</cusip>
        <identifiers>
          <isin value="US87854Y1091"/>
          <ticker value="THNPY"/>
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        <balance>4760.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59214.400000000000</valUSD>
        <pctVal>0.4373953106</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Pacific Basin Shipping Ltd</name>
        <lei>254900LNPK737X4Y3V26</lei>
        <title>Pacific Basin Shipping Ltd</title>
        <cusip>G68437139</cusip>
        <identifiers>
          <isin value="BMG684371393"/>
          <ticker value="2343"/>
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        <balance>614000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.848700000000"/>
        <valUSD>219042.640000000000</valUSD>
        <pctVal>1.6179885898</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke BAM Groep NV</name>
        <lei>724500V38C5KTDY5BS93</lei>
        <title>Koninklijke BAM Groep NV</title>
        <cusip>N0157T177</cusip>
        <identifiers>
          <isin value="NL0000337319"/>
          <ticker value="BAMNB"/>
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        <balance>117872.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>315092.930000000000</valUSD>
        <pctVal>2.3274772686</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SCOR SE</name>
        <lei>96950056ULJ4JI7V3752</lei>
        <title>SCOR SE</title>
        <cusip>F15561677</cusip>
        <identifiers>
          <isin value="FR0010411983"/>
          <ticker value="SCR"/>
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        <balance>10521.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>174562.300000000000</valUSD>
        <pctVal>1.2894284401</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>TS Tech Co Ltd</name>
        <lei>N/A</lei>
        <title>TS Tech Co Ltd</title>
        <cusip>J9299N100</cusip>
        <identifiers>
          <isin value="JP3539230007"/>
          <ticker value="7313"/>
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        <balance>23700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>266811.590000000000</valUSD>
        <pctVal>1.9708405096</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>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>21800.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>390101.130000000000</valUSD>
        <pctVal>2.8815356554</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>29700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>483523.770000000000</valUSD>
        <pctVal>3.5716148360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANDRITZ AG</name>
        <lei>549300VZKC61IR5U8G96</lei>
        <title>ANDRITZ AG</title>
        <cusip>A11123105</cusip>
        <identifiers>
          <isin value="AT0000730007"/>
          <ticker value="ANDR"/>
        </identifiers>
        <balance>6715.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>310285.410000000000</valUSD>
        <pctVal>2.2919658609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Origin Enterprises PLC</name>
        <lei>213800AIB4U7N5BLS350</lei>
        <title>Origin Enterprises PLC</title>
        <cusip>G68097107</cusip>
        <identifiers>
          <isin value="IE00B1WV4493"/>
          <ticker value="OGN"/>
        </identifiers>
        <balance>98406.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>368872.920000000000</valUSD>
        <pctVal>2.7247305622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capita PLC</name>
        <lei>CMIGEWPLHL4M7ZV0IZ88</lei>
        <title>Capita PLC</title>
        <cusip>G1846J115</cusip>
        <identifiers>
          <isin value="GB00B23K0M20"/>
          <ticker value="CPI"/>
        </identifiers>
        <balance>491788.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".860810000000"/>
        <valUSD>148540.190000000000</valUSD>
        <pctVal>1.0972125452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Wood Group PLC</name>
        <lei>549300PLYY6I10B6S323</lei>
        <title>John Wood Group PLC</title>
        <cusip>G9745T118</cusip>
        <identifiers>
          <isin value="GB00B5N0P849"/>
          <ticker value="WG/"/>
        </identifiers>
        <balance>95558.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".860810000000"/>
        <valUSD>143590.660000000000</valUSD>
        <pctVal>1.0606521611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inchcape PLC</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>Inchcape PLC</title>
        <cusip>G47320208</cusip>
        <identifiers>
          <isin value="GB00B61TVQ02"/>
          <ticker value="INCH"/>
        </identifiers>
        <balance>26335.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".860810000000"/>
        <valUSD>232508.920000000000</valUSD>
        <pctVal>1.7174591193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hankook Tire &amp; Technology Co L</name>
        <lei>9884001BIEVM09M7AH02</lei>
        <title>Hankook Tire &amp; Technology Co Ltd</title>
        <cusip>Y3R57J108</cusip>
        <identifiers>
          <isin value="KR7161390000"/>
          <ticker value="161390"/>
        </identifiers>
        <balance>10337.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1337.550000000000"/>
        <valUSD>293289.330000000000</valUSD>
        <pctVal>2.1664219781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maire Tecnimont SpA</name>
        <lei>815600D85A61200A1B83</lei>
        <title>Maire Tecnimont SpA</title>
        <cusip>T6388T112</cusip>
        <identifiers>
          <isin value="IT0004931058"/>
          <ticker value="MT"/>
        </identifiers>
        <balance>29282.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>74685.920000000000</valUSD>
        <pctVal>0.5516778212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Ireland Group PLC</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC</title>
        <cusip>G0756R109</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
          <ticker value="BIRG"/>
        </identifiers>
        <balance>52209.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".995070000000"/>
        <valUSD>323305.760000000000</valUSD>
        <pctVal>2.3881424671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co Ltd</name>
        <lei>529900WQOGPBIJEHW865</lei>
        <title>Open House Co Ltd</title>
        <cusip>J3072G101</cusip>
        <identifiers>
          <isin value="JP3173540000"/>
          <ticker value="3288"/>
        </identifiers>
        <balance>3000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.925000000000"/>
        <valUSD>118121.290000000000</valUSD>
        <pctVal>0.8725191562</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>2022-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Advisors Series Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kevin Hayden</ncom:signature>
      <ncom:signerName>Advisors Series Trust</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
