(null)

NPORT-P false 0001027596 XXXXXXXX S000044708 C000138964 C000138963 Advisors Series Trust 811-07959 0001027596 2549003Z0J6URS6I4Y63 615 East Michigan Street Milwaukee 53202 626-914-7363 Pzena Emerging Markets Value Fund S000044708 254900LZU78524RJ7D30 2022-02-28 2021-05-31 N 476711659.940000000000 686866.200000000000 476024793.740000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 1221345.920000000000 N VTech Holdings Ltd N/A VTech Holdings Ltd G9400S132 418000.000000000000 NS 4316857.580000000000 0.9068556169 Long EC CORP HK N 1 N N N OTP Bank Nyrt 529900W3MOO00A18X956 OTP Bank Nyrt X60746181 199463.000000000000 NS 10959463.280000000000 2.3022883312 Long EC CORP HU N 1 N N N Trip.com Group Ltd 2549004RMYDSRQL4KW41 Trip.com Group Ltd 89677Q107 387466.000000000000 NS USD 16215452.100000000000 3.4064301510 Long EC CORP CN N 1 N N N Pacific Basin Shipping Ltd 254900LNPK737X4Y3V26 Pacific Basin Shipping Ltd G68437139 46798000.000000000000 NS 17667814.300000000000 3.7115323681 Long EC CORP HK N 1 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 Itau Unibanco Holding SA P5968U113 1201443.000000000000 NS 6853598.710000000000 1.4397566682 Long EP CORP BR N 1 N N N Akbank TAS 789000TUMN63Z28TJ497 Akbank T.A.S. M0300L106 4569225.000000000000 NS 2768499.870000000000 0.5815873262 Long EC CORP TR N 1 N N N Ford Otomotiv Sanayi AS 7890006XJG6ZE2H34671 Ford Otomotiv Sanayi AS M7608S105 319630.000000000000 NS 6418160.700000000000 1.3482828593 Long EC CORP TR N 1 N N N China Construction Bank Corp 5493001KQW6DM7KEDR62 China Construction Bank Corp Y1397N101 4862000.000000000000 NS 4009431.900000000000 0.8422737540 Long EC CORP CN N 1 N N N Dongfeng Motor Group Co Ltd 3003002JNYOYPX54GE50 Dongfeng Motor Group Co Ltd Y21042109 4960000.000000000000 NS 4716566.380000000000 0.9908236802 Long EC CORP CN N 1 N N N Light SA N/A Light SA P63529104 1275339.000000000000 NS 4267688.500000000000 0.8965265163 Long EC CORP BR N 1 N N N Rosneft Oil Co PJSC 253400JT3MQWNDKMJE44 Rosneft Oil Co PJSC 67812M207 638513.000000000000 NS USD 4532165.270000000000 0.9520859690 Long EC CORP RU N 1 N N N Wilmar International Ltd 549300H2EAI4YRLWBB20 Wilmar International Ltd Y9586L109 2276900.000000000000 NS 8246768.240000000000 1.7324240982 Long EC CORP SG N 1 N N N Genting Malaysia Bhd 254900LABBWDEDUVRB07 Genting Malaysia Bhd Y2698A103 5181300.000000000000 NS 3472166.690000000000 0.7294087904 Long EC CORP MY N 1 N N N Cia Energetica de Minas Gerais 254900W703PXLDSEM056 Cia Energetica de Minas Gerais P2577R110 5721816.627590000000 NS 15040943.990000000000 3.1596976014 Long EP CORP BR N 1 N N N China Dongxiang Group Co Ltd 529900ZDHJ8HM7VLUX41 China Dongxiang Group Co Ltd G2112Y109 9041000.000000000000 NS 1141643.370000000000 0.2398285520 Long EC CORP CN N 1 N N N KB Financial Group Inc 529900TKE4MXG3Q6GW86 KB Financial Group Inc Y46007103 90180.000000000000 NS 4608858.600000000000 0.9681971739 Long EC CORP KR N 1 N N N Hankook Tire & Technology Co L 9884001BIEVM09M7AH02 Hankook Tire & Technology Co Ltd Y3R57J108 333689.000000000000 NS 14465940.240000000000 3.0389047861 Long EC CORP KR N 1 N N N Ambev SA 549300TH5Q6VRP8OT012 Ambev SA P0273U106 4881300.000000000000 NS 16774580.850000000000 3.5238880560 Long EC CORP BR N 1 N N N State Bank of India 5493001JZ37UBBZF6L49 State Bank of India Y8161Z129 831695.000000000000 NS 4845455.010000000000 1.0178997131 Long EC CORP IN N 1 N N N ICICI Bank Ltd R7RX8ER1V4666J8D1I38 ICICI Bank Ltd Y3860Z132 270321.000000000000 NS 2399557.150000000000 0.5040823885 Long EC CORP IN N 1 N N N LUKOIL PJSC 549300LCJ1UJXHYBWI24 LUKOIL PJSC 69343P105 216956.000000000000 NS USD 17673235.760000000000 3.7126712710 Long EC CORP RU N 1 N N N Grand Baoxin Auto Group Ltd 213800DE8N666AU4ED10 Grand Baoxin Auto Group Ltd G4134L107 16849000.000000000000 NS 1411157.210000000000 0.2964461575 Long EC CORP CN N 1 N N N Flex Ltd 549300EAQH74YHD07T53 Flex Ltd Y2573F102 396162.000000000000 NS USD 7237879.740000000000 1.5204837721 Long EC CORP US N 1 N N N Sasol Ltd 378900F4544561A97588 Sasol Ltd 803866102 698541.000000000000 NS 11383462.150000000000 2.3913590846 Long EC CORP ZA N 1 N N N Shriram Transport Finance Co L 335800TM2YO24B76XL26 Shriram Transport Finance Co Ltd Y7758E119 521156.000000000000 NS 10467723.200000000000 2.1989869725 Long EC CORP IN N 1 N N N TSMC 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co Ltd Y84629107 718000.000000000000 NS 15270813.430000000000 3.2079869853 Long EC CORP TW N 1 N N N Antofagasta PLC 213800MY6QVH4FVLD628 Antofagasta PLC G0398N128 163366.000000000000 NS 3580767.570000000000 0.7522229130 Long EC CORP CL N 1 N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC G84228157 1563536.000000000000 NS 11267488.550000000000 2.3669961519 Long EC CORP GB N 1 N N N Baidu Inc 254900AL64IANZYI1E02 Baidu Inc 056752108 43028.000000000000 NS USD 8445105.560000000000 1.7740894321 Long EC CORP CN N 1 N N N Cognizant Technology Solutions 5493006IEVQEFQO40L83 Cognizant Technology Solutions Corp 192446102 186351.000000000000 NS USD 13335277.560000000000 2.8013829816 Long EC CORP US N 1 N N N Fidelity Government Portfolio N/A Fidelity Government Portfolio 316175108 15979375.040000000000 NS USD 15979375.040000000000 3.3568367132 Long STIV RF US N 1 N N N State Bank of India 5493001JZ37UBBZF6L49 State Bank of India 856552203 67053.000000000000 NS USD 3889074.000000000000 0.8169897978 Long EC CORP IN N 1 N N N Banca Transilvania SA 549300RG3H390KEL8896 Banca Transilvania SA X0308Q105 7261053.000000000000 NS 4877417.620000000000 1.0246141974 Long EC CORP RO N 1 N N N CEZ AS 529900S5R9YHJHYKKG94 CEZ AS X2337V121 327835.000000000000 NS 9797602.430000000000 2.0582126307 Long EC CORP CZ N 1 N N N Bangkok Bank PCL 549300CCL2BKJGMYXV60 Bangkok Bank PCL Y0606R119 786900.000000000000 NS 2895792.000000000000 0.6083279775 Long EC CORP TH N 1 N N N United Integrated Services Co N/A United Integrated Services Co Ltd Y9210Q102 432000.000000000000 NS 3628485.430000000000 0.7622471513 Long EC CORP TW N 1 N N N DB Insurance Co Ltd 9884000ZF26VNJBWSJ91 DB Insurance Co Ltd Y2096K109 324990.000000000000 NS 14744457.990000000000 3.0974138709 Long EC CORP KR N 1 N N N BRILLIANCE CHI 5299005WPCSQN14NBM26 Brilliance China Automotive Holdings Ltd G1368B102 4202000.000000000000 NS 5414.320000000000 0.0011374029 Long EC CORP HK N 3 N N N Catcher Technology Co Ltd 5299006PRSCU66N5JF55 Catcher Technology Co Ltd Y1148A101 864000.000000000000 NS 5699680.970000000000 1.1973496013 Long EC CORP TW N 1 N N N Lenovo Group Ltd 254900VUZRGD5U73RE46 Lenovo Group Ltd Y5257Y107 6446000.000000000000 NS 7765864.780000000000 1.6313992217 Long EC CORP CN N 1 N N N Compal Electronics Inc 529900ZPKWFDL21LW166 Compal Electronics Inc Y16907100 7169000.000000000000 NS 6021437.970000000000 1.2649420890 Long EC CORP TW N 1 N N N Siam Commercial Bank PCL/The 54930068OELHUBHH1U03 Siam Commercial Bank PCL/The Y7905M121 2581300.000000000000 NS 8425363.200000000000 1.7699420935 Long EC CORP TH N 1 N N N Bangkok Bank PCL 549300CCL2BKJGMYXV60 Bangkok Bank PCL Y06070109 656900.000000000000 NS 2406881.600000000000 0.5056210583 Long EC CORP TH N 1 N N N Shinhan Financial Group Co Ltd 988400EB8A6G49E5KO54 Shinhan Financial Group Co Ltd Y7749X101 213350.000000000000 NS 8082163.990000000000 1.6978451745 Long EC CORP KR N 1 N N N Hon Hai Precision Industry Co 30030004CM3GSZXX7O56 Hon Hai Precision Industry Co Ltd Y36861105 3980132.000000000000 NS 15925980.140000000000 3.3456198815 Long EC CORP TW N 1 N N N Korea Shipbuilding & Offshore 988400DPTJ9KH5R6W540 Korea Shipbuilding & Offshore Engineering Co Ltd Y3838M106 57613.000000000000 NS 7386944.320000000000 1.5517982292 Long EC CORP KR N 1 N N N Hyundai Motor Co 9884004RQX8PRBXQ8S60 Hyundai Motor Co Y38472133 24063.000000000000 NS 2373289.700000000000 0.4985643040 Long EP CORP KR N 1 N N N Hyundai Motor Co 9884004RQX8PRBXQ8S60 Hyundai Motor Co Y38472109 11880.000000000000 NS 2471227.470000000000 0.5191383942 Long EC CORP KR N 1 N N N Galaxy Entertainment Group Ltd 549300ZSEBV3HR826S10 Galaxy Entertainment Group Ltd Y2679D118 1342000.000000000000 NS 11231029.910000000000 2.3593371727 Long EC CORP HK N 1 N N N Lite-On Technology Corp 2549005GU1PQ73SZBT32 Lite-On Technology Corp Y5313K109 4083000.000000000000 NS 9670088.860000000000 2.0314254609 Long EC CORP TW N 1 N N N Abu Dhabi Commercial Bank PJSC 213800RWVKKIRX1AUH58 Abu Dhabi Commercial Bank PJSC M0152Q104 5047582.000000000000 NS 9344447.570000000000 1.9630169884 Long EC CORP AE N 1 N N N YUE YUEN IND 254900YUFIBANZ1XU687 Yue Yuen Industrial Holdings Ltd G98803144 3663500.000000000000 NS 9558926.800000000000 2.0080733033 Long EC CORP HK N 1 N N N Bank Mandiri Persero Tbk PT 549300RSKQN4Z5ZSGH94 Bank Mandiri Persero Tbk PT Y7123S108 9985100.000000000000 NS 4054153.310000000000 0.8516685188 Long EC CORP ID N 1 N N N POSCO 988400E5HRVX81AYLM04 POSCO Y70750115 66361.000000000000 NS 21241708.060000000000 4.4623112786 Long EC CORP KR N 1 N N N Aurobindo Pharma Ltd 335800G4T2A353RDGM23 Aurobindo Pharma Ltd Y04527134 654186.000000000000 NS 9230892.490000000000 1.9391621217 Long EC CORP IN N 1 N N N CHINA RES POWER 529900K60FC0AI053735 China Resources Power Holdings Co Ltd Y1503A100 4346000.000000000000 NS 5611065.730000000000 1.1787339239 Long EC CORP HK N 1 N N N Reunert Ltd N/A Reunert Ltd S69566156 826836.000000000000 NS 3184049.820000000000 0.6688831888 Long EC CORP ZA N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd Y74718100 176401.000000000000 NS 12668986.010000000000 2.6614130559 Long EC CORP KR N 1 N N N 2021-06-29 Advisors Series Trust /s/ Kevin Hayden Advisors Series Trust Assistant Treasurer XXXX

Pzena Emerging Markets Value Fund
Schedule of Investments
May 31, 2021 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.32%
Brazil - 4.40%
Ambev S.A.		4,881,300	$	16,774,581
Light S.A.		1,275,339		4,267,688
				21,042,269
China - 10.32%
Baidu, Inc. - ADR (a)		43,028		8,445,106
Brilliance China Automotive Holdings, Ltd. (b)		4,202,000		5,414
China Construction Bank Corp.		4,862,000		4,009,432
China Dongxiang Group Co.		9,041,000		1,141,643
China Resources Power Holdings Co., Ltd.		4,346,000		5,611,066
Dongfeng Motor Group Co., Ltd.		4,960,000		4,716,566
Grand Baoxin Auto Group, Ltd. (a)		16,849,000		1,411,157
Lenovo Group, Ltd.		6,446,000		7,765,865
Trip.com Group, Ltd. - ADR (a)		387,466		16,215,452
				49,321,701
Czech Republic - 2.05%
CEZ		327,835		9,797,602
Hong Kong - 8.95%
Galaxy Entertainment Group, Ltd. (a)		1,342,000		11,231,030
Pacific Basin Shipping, Ltd. (a)		46,798,000		17,667,814
VTech Holdings, Ltd.		418,000		4,316,858
Yue Yuen Industrial (Holdings), Ltd.		3,663,500		9,558,927
				42,774,629
Hungary - 2.29%
OTP Bank PLC (a)		199,463		10,959,463
India - 6.45%
Aurobindo Pharma, Ltd.		654,186		9,230,893
ICICI Bank, Ltd. (a)		270,321		2,399,557
Shriram Transport Finance Co., Ltd.		521,156		10,467,723
State Bank of India		831,695		4,845,455
State Bank of India - GDR		67,053		3,889,074
				30,832,702
Indonesia - 0.85%
PT Bank Mandiri (Persero) Tbk		9,985,100		4,054,153
Malaysia - 0.73%
Genting Malaysia Berhad		5,181,300		3,472,167
Republic of Korea - 17.92%
Dongbu Insurance Co., Ltd.		324,990		14,744,458
Hankook Tire & Technology Co., Ltd.		333,689		14,465,940
Hyundai Motor Co.		11,880		2,471,228
KB Financial Group, Inc.		90,180		4,608,859
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)		57,613		7,386,944
POSCO		66,361		21,241,708
Samsung Electronics Co., Ltd.		176,401		12,668,986
Shinhan Financial Group Co., Ltd.		213,350		8,082,164
				85,670,287
Romania - 1.02%
Banca Transilvania S.A.		7,261,053		4,877,418
Russian Federation - 4.65%
LUKOIL PJSC - ADR		216,956		17,673,236
Rosneft Oil Co. - GDR		638,513		4,532,165
				22,205,401
Singapore - 1.73%
Wilmar International, Ltd.		2,276,900		8,246,768
South Africa - 3.05%
Reunert, Ltd.		826,836		3,184,050
Sasol, Ltd. (a)		698,541		11,383,462
				14,567,512
Taiwan - 11.76%
Catcher Technology Co., Ltd.		864,000		5,699,681
Compal Electronics, Inc.		7,169,000		6,021,438
Hon Hai Precision Industry Co., Ltd.		3,980,132		15,925,980
Lite-On Technology Corp.		4,083,000		9,670,089
Taiwan Semiconductor Manufacturing Co., Ltd.		718,000		15,270,814
United Integrated Services Co., Ltd.		432,000		3,628,485
				56,216,487
Thailand - 2.87%
Bangkok Bank Public Co., Ltd.		786,900		2,895,792
Bangkok Bank Public Co., Ltd. - NVDR		656,900		2,406,882
Siam Commercial Bank PLC - NVDR		2,581,300		8,425,363
				13,728,037
Turkey - 1.92%
Akbank T.A.S.		4,569,225		2,768,500
Ford Otomotiv Sanayi A.S.		319,630		6,418,161
				9,186,661
United Arab Emirates - 1.95%
Abu Dhabi Commercial Bank PJSC		5,047,582		9,344,448
United Kingdom - 3.11%
Antofagasta PLC		163,366		3,580,768
Standard Chartered PLC		1,563,536		11,267,488
				14,848,256
United States - 4.30%
Cognizant Technology Solutions Corp. - Class A		186,351		13,335,277
Flextronics International, Ltd. (a)		396,162		7,237,880
				20,573,157
Total Common Stocks (Cost $355,622,478)				431,719,118

PREFERRED STOCKS - 5.08%
Brazil - 4.58%
Cia Energetica de Minas Gerais, 6.37%		5,721,817		15,040,944
Itau Unibanco Holding S.A., 2.23%		1,201,443		6,853,599
				21,894,543
Republic of Korea - 0.50%
Hyundai Motor Co., 2.77%		24,063		2,373,289
Total Preferred Stocks (Cost $20,948,403)				24,267,832

SHORT-TERM INVESTMENT - 3.34%
Money Market Fund- 3.34%
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)		15,979,375		15,979,375
Total Short-Term Investment (Cost $15,979,375)				15,979,375

Total Investments (Cost $392,550,256) - 98.74%				471,966,325
Other Assets in Excess of Liabilities - 1.26%				6,031,785
TOTAL NET ASSETS - 100.00%			$	477,998,110

ADR		American Depository Receipt
GDR		Global Depository Receipt
NVDR		Non-voting Depository Receipt
PJSC		Private Joint Stock Company
PLC		Public Limited Company
S.A.		Société Anonyme
(a)		Non-income producing security.
(b)		Value determined using significant unobservable inputs.
(c)		The rate listed is the 7-day annualized yield as of May 31, 2021.

Pzena Emerging Markets Value Fund
Portfolio Diversification
May 31, 2021 (Unaudited)
			% of
	Fair Value		Net Assets
Common Stocks
Communication Services	$	8,445,106		1.77	%
Consumer Discretionary		71,107,685		14.88	%
Consumer Staples		25,021,349		5.23	%
Energy		22,205,401		4.65	%
Financials		110,046,229		23.02	%
Health Care		9,230,892		1.93	%
Industrials		31,867,294		6.67	%
Information Technology		97,912,867		20.48	%
Materials		36,205,938		7.57	%
Utilities		19,676,357		4.12	%
Total Common Stocks		431,719,118		90.32	%
Preferred Stocks
Consumer Discretionary		2,373,289		0.50	%
Financials		6,853,599		1.43	%
Utilities		15,040,944		3.15	%
Total Preferred Stocks		24,267,832		5.08	%
Short-Term Investment		15,979,375		3.34	%
Total Investments		471,966,325		98.74	%
Other Assets in Excess of Liabilities		6,031,785		1.26	%
Total Net Assets	$	477,998,110		100.00	%

The Global Industry Classification Standard (GICS^®) was developed
by and/or is the exclusive property of MSCI, Inc. and Standard &
Poor's Financial Services LLC (“S&P”). GICS is a service mark of
MSCI and S&P and has been licensed for use by Pzena Investment
Management, LLC.

Pzena Emerging Markets Value Fund
Summary of Fair Value Disclosure at May 31, 2021 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the inputs used to value the Fund's investments as of May 31, 2021:

Pzena Emerging Markets Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Brazil	$	21,042,269	$	-	$	-	$	21,042,269
China		49,316,287		-		5,414		49,321,701
Czech Republic		9,797,602		-		-		9,797,602
Hong Kong		42,774,629		-		-		42,774,629
Hungary		10,959,463		-		-		10,959,463
India		30,832,702		-		-		30,832,702
Indonesia		4,054,153		-		-		4,054,153
Malaysia		3,472,167		-		-		3,472,167
Republic of Korea		85,670,287		-		-		85,670,287
Romania		4,877,418		-		-		4,877,418
Russian Federation		22,205,401		-		-		22,205,401
Singapore		8,246,768		-		-		8,246,768
South Africa		14,567,512		-		-		14,567,512
Taiwan		56,216,487		-		-		56,216,487
Thailand		13,728,037		-		-		13,728,037
Turkey		9,186,661		-		-		9,186,661
United Arab Emirates		9,344,448		-		-		9,344,448
United Kingdom		14,848,256		-		-		14,848,256
United States		20,573,157		-		-		20,573,157
Total Common Stocks		431,713,704		-		5,414		431,719,118
Preferred Stocks
Brazil		21,894,543		-		-		21,894,543
Republic of Korea		2,373,289		-		-		2,373,289
Total Preferred Stocks		24,267,832		-		-		24,267,832
Short-Term Investment		15,979,375		-		-		15,979,375
Total Investments	$	471,960,911	$	-	$	5,414	$	471,966,325

Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry classifications.

Pzena Emerging Markets Value Fund
Level 3 Reconciliation Disclosure (Unaudited)

	Common Stock			Total
Balance as of February 28, 2021	$	-		$	-
Transfer in at May 31, 2021		2,205,607			2,205,607
Purchases		1,558,879			1,558,879
Change in unrealized appreciation		(3,759,072	)		(3,759,072	)
Balance as of May 31, 2021	$	5,414		$	5,414

Change in unrealized appreciation/(depreciation) during the period for
Level 3 investments held at May 31, 2021	$	(3,759,072	)

The Level 3 investments as of May 31, 2021 represented less than 0.01% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.