(null)

NPORT-P false 0001027596 XXXXXXXX S000044707 C000138962 C000138961 Advisors Series Trust 811-07959 0001027596 2549003Z0J6URS6I4Y63 615 East Michigan Street Milwaukee 53202 626-914-7363 Pzena Mid Cap Value Fund S000044707 2549003EE5AP49SW9G08 2022-02-28 2021-05-31 N 137720698.400000000000 179776.460000000000 137540921.940000000000 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 114596.550000000000 N American International Group I ODVCVCQG2BP6VHV36M30 American International Group Inc 026874784 120345.000000000000 NS USD 6359029.800000000000 4.6233729644 Long EC CORP US N 1 N N N Avnet Inc XJI53DCPL7QABOWK4Z75 Avnet Inc 053807103 112980.000000000000 NS USD 4977898.800000000000 3.6192129075 Long EC CORP US N 1 N N N Baker Hughes Co N/A Baker Hughes Co 05722G100 165391.000000000000 NS USD 4035540.400000000000 2.9340652535 Long EC CORP US N 1 N N N CNO Financial Group Inc 11XPYHB76MPM4Y4P2897 CNO Financial Group Inc 12621E103 178986.000000000000 NS USD 4753868.160000000000 3.4563300092 Long EC CORP US N 1 N N N Cardinal Health Inc CCU46N3GJMF4OK4N7U60 Cardinal Health Inc 14149Y108 28137.000000000000 NS USD 1577641.590000000000 1.1470343282 Long EC CORP US N 1 N N N Cenovus Energy Inc 549300EIRQ0Z2B9C1W06 Cenovus Energy Inc 15135U109 158212.000000000000 NS USD 1286263.560000000000 0.9351860827 Long EC CORP CA N 1 N N N Dow Inc 5493003S21INSLK2IP73 Dow Inc 260557103 38374.000000000000 NS USD 2625549.080000000000 1.9089221178 Long EC CORP US N 1 N N N Edison International 549300I7ROF15MAEVP56 Edison International 281020107 78000.000000000000 NS USD 4357860.000000000000 3.1684097638 Long EC CORP US N 1 N N N Equitable Holdings Inc 549300FIBAKMNHPZ4009 Equitable Holdings Inc 29452E101 140915.000000000000 NS USD 4474051.250000000000 3.2528873494 Long EC CORP US N 1 N N N Fidelity Government Portfolio N/A Fidelity Government Portfolio 316175108 1842009.230000000000 NS USD 1842009.230000000000 1.3392444983 Long STIV RF US N 1 N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 Fifth Third Bancorp 316773100 106123.000000000000 NS USD 4472023.220000000000 3.2514128573 Long EC CORP US N 1 N N N Ford Motor Co 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370860 232935.000000000000 NS USD 3384545.550000000000 2.4607553172 Long EC CORP US N 1 N N N Gap Inc/The T2ZG1WRWZ4BUCMQL9224 Gap Inc/The 364760108 68905.000000000000 NS USD 2304872.250000000000 1.6757719939 Long EC CORP US N 1 N N N Gildan Activewear Inc 549300SB3IBI34M00Z45 Gildan Activewear Inc 375916103 128985.000000000000 NS USD 4664097.600000000000 3.3910617540 Long EC CORP CA N 1 N N N Halliburton Co ENYF8GB5SMQZ25S06U51 Halliburton Co 406216101 201466.000000000000 NS USD 4522911.700000000000 3.2884116496 Long EC CORP US N 1 N N N Hewlett Packard Enterprise Co 549300BX44RGX6ANDV88 Hewlett Packard Enterprise Co 42824C109 176868.000000000000 NS USD 2822813.280000000000 2.0523443061 Long EC CORP US N 1 N N N JELD-WEN Holding Inc 529900AXX7CT9GZSCS30 JELD-WEN Holding Inc 47580P103 144372.000000000000 NS USD 4043859.720000000000 2.9401138679 Long EC CORP US N 1 N N N KeyCorp RKPI3RZGV1V1FJTH5T61 KeyCorp 493267108 194784.000000000000 NS USD 4487823.360000000000 3.2629004493 Long EC CORP US N 1 N N N Lear Corp 549300UPNBTXA1SYTQ33 Lear Corp 521865204 20818.000000000000 NS USD 4025368.480000000000 2.9266696945 Long EC CORP US N 1 N N N MasTec Inc 549300TMDIT8WREDOF45 MasTec Inc 576323109 23374.000000000000 NS USD 2719097.420000000000 1.9769370320 Long EC CORP US N 1 N N N McKesson Corp 549300WZWOM80UCFSF54 McKesson Corp 58155Q103 13592.000000000000 NS USD 2614964.880000000000 1.9012268081 Long EC CORP US N 1 N N N Mohawk Industries Inc 549300JI1115MG3Q6322 Mohawk Industries Inc 608190104 13079.000000000000 NS USD 2755483.720000000000 2.0033919223 Long EC CORP US N 1 N N N NRG Energy Inc 5E2UPK5SW04M13XY7I38 NRG Energy Inc 629377508 119474.000000000000 NS USD 3841089.100000000000 2.7926882020 Long EC CORP US N 1 N N N NOV Inc 549300EHF3IW1AR6U008 NOV Inc 62955J103 165627.000000000000 NS USD 2669907.240000000000 1.9411729995 Long EC CORP US N 1 N N N Newell Brands Inc 549300LWGYFM1TVO1Z12 Newell Brands Inc 651229106 147029.000000000000 NS USD 4218262.010000000000 3.0669141594 Long EC CORP US N 1 N N N Olin Corp 549300GKK294V7W57P06 Olin Corp 680665205 103951.000000000000 NS USD 5082164.390000000000 3.6950198663 Long EC CORP US N 1 N N N PVH Corp 123WALMHY1GZXG2YDL90 PVH Corp 693656100 31602.000000000000 NS USD 3628541.640000000000 2.6381542226 Long EC CORP US N 1 N N N Regions Financial Corp CW05CS5KW59QTC0DG824 Regions Financial Corp 7591EP100 195608.000000000000 NS USD 4579183.280000000000 3.3293242589 Long EC CORP US N 1 N N N Reinsurance Group of America I LORM1GNEU1DKEW527V90 Reinsurance Group of America Inc 759351604 22815.000000000000 NS USD 2875374.450000000000 2.0905592383 Long EC CORP US N 1 N N N Ryder System Inc ZXJ6Y2OSPZXIVGRILD15 Ryder System Inc 783549108 41626.000000000000 NS USD 3404590.540000000000 2.4753291544 Long EC CORP US N 1 N N N Skechers USA Inc 529900D2R54KZPA4XR56 Skechers USA Inc 830566105 58668.000000000000 NS USD 2786730.000000000000 2.0261097284 Long EC CORP US N 1 N N N Terex Corp YAWJZJYEQ7M1SYMOS462 Terex Corp 880779103 81220.000000000000 NS USD 4253491.400000000000 3.0925279110 Long EC CORP US N 1 N N N Textron Inc 3PPKBHUG1HD6BO7RNR87 Textron Inc 883203101 56250.000000000000 NS USD 3851437.500000000000 2.8002120719 Long EC CORP US N 1 N N N Voya Financial Inc 549300T065Z4KJ686G75 Voya Financial Inc 929089100 49988.000000000000 NS USD 3275213.760000000000 2.3812649456 Long EC CORP US N 1 N N N Westinghouse Air Brake Technol 06BTX5UWZD0GQ5N5Y745 Westinghouse Air Brake Technologies Corp 929740108 60314.000000000000 NS USD 4991586.640000000000 3.6291647385 Long EC CORP US N 1 N N N Axis Capital Holdings Ltd N/A Axis Capital Holdings Ltd G0692U109 87872.000000000000 NS USD 4713454.080000000000 3.4269466959 Long EC CORP BM N 1 N N N Invesco Ltd ECPGFXU8A2SHKVVGJI15 Invesco Ltd G491BT108 101065.000000000000 NS USD 2883384.450000000000 2.0963829596 Long EC CORP US N 1 N N N TechnipFMC PLC 549300D5I93QWCJTCK36 TechnipFMC PLC G87110105 129300.000000000000 NS USD 1110687.000000000000 0.8075320307 Long EC CORP GB N 1 N N N 2021-06-29 Advisors Series Trust /s/ Kevin Hayden Advisors Series Trust Assistant Treasurer XXXX

Pzena Mid Cap Value Fund
Schedule of Investments
May 31, 2021 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 98.81%
Basic Materials - 5.62%
Dow, Inc.		38,374	$	2,625,549
Olin Corp.		103,951		5,082,164
				7,707,713
Consumer Discretionary - 18.25%
Ford Motor Co. (a)		232,935		3,384,546
Gap, Inc.		68,905		2,304,872
Gildan Activewear, Inc. (b)		128,985		4,664,098
Lear Corp.		20,818		4,025,368
Newell Brands, Inc.		147,029		4,218,262
PVH Corp. (a)		31,602		3,628,542
Skechers U.S.A., Inc. - Class A (a)		58,668		2,786,730
				25,012,418
Consumer Staples - 1.91%
McKesson Corp.		13,592		2,614,965
Energy - 9.94%
Baker Hughes, a GE Co.		165,391		4,035,540
Cenovus Energy, Inc. (b)		158,212		1,286,264
Halliburton Co.		201,466		4,522,912
NOV, Inc. (a)		165,627		2,669,907
TechnipFMC PLC - ADR (a)		129,300		1,110,687
				13,625,310
Financials - 31.28%
American International Group, Inc.		120,345		6,359,030
Axis Capital Holdings, Ltd. (b)		87,872		4,713,455
CNO Financial Group, Inc.		178,986		4,753,869
Equitable Holdings, Inc.		140,915		4,474,051
Fifth Third Bancorp		106,123		4,472,023
Invesco, Ltd. (b)		101,065		2,883,384
KeyCorp		194,784		4,487,823
Regions Financial Corp.		195,608		4,579,183
Reinsurance Group of America, Inc.		22,815		2,875,374
Voya Financial, Inc.		49,988		3,275,214
				42,873,406
Health Care - 1.15%
Cardinal Health, Inc.		28,137		1,577,642
Industrials - 18.99%
JELD-WEN Holding, Inc. (a)		144,372		4,043,860
MasTec, Inc. (a)		23,374		2,719,097
Mohawk Industries, Inc. (a)		13,079		2,755,484
Ryder System, Inc.		41,626		3,404,591
Terex Corp.		81,220		4,253,491
Textron, Inc.		56,250		3,851,438
Wabtec Corp.		60,314		4,991,586
				26,019,547
Technology - 5.69%
Avnet, Inc.		112,980		4,977,899
Hewlett Packard Enterprise Co.		176,868		2,822,813
				7,800,712
Utilities - 5.98%
Edison International		78,000		4,357,860
NRG Energy, Inc.		119,474		3,841,089
				8,198,949
Total Common Stocks (Cost $83,827,158)				135,430,662

SHORT-TERM INVESTMENT - 1.35%
Money Market Fund - 1.35%
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)		1,842,009		1,842,009
Total Short-Term Investment (Cost $1,842,009)				1,842,009

Total Investments (Cost $85,669,167) - 100.16%				137,272,671
Liabilities in Excess of Other Assets - (0.16)%				(214,903	)
TOTAL NET ASSETS - 100.00%			$	137,057,768

Percentages are stated as a percent of net assets.

ADR		American Depositary Receipt
PLC		Public Limited Company
(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		The rate listed is the 7-day annualized yield as of May 31, 2021.

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for
compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry
classifications.

Pzena Mid Cap 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 Mid Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Basic Materials	$	7,707,713	$	-	$	-	$	7,707,713
Consumer Discretionary		25,012,418		-		-		25,012,418
Consumer Staples		2,614,965		-		-		2,614,965
Energy		13,625,310		-		-		13,625,310
Financials		42,873,406		-		-		42,873,406
Health Care		1,577,642		-		-		1,577,642
Industrials		26,019,547		-		-		26,019,547
Technology		7,800,712		-		-		7,800,712
Utilities		8,198,949		-		-		8,198,949
Total Common Stocks		135,430,662		-		-		135,430,662
Short-Term Investment		1,842,009		-		-		1,842,009
Total Investments	$	137,272,671	$	-	$	-	$	137,272,671


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