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Pzena International Small Cap Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.8%
  
Shares
    
Value
 
Australia - 5.5%
        
Elders, Ltd.
    
1,101,571
    
$
4,473,457
  
Perenti, Ltd.
    
4,358,734
      
4,425,182
  
             
8,898,639
  
                 
Belgium - 2.8%
          
Umicore S.A.
    
414,557
      
4,542,330
  
                 
Canada - 7.1%
          
Linamar Corp.
    
76,941
      
3,517,527
  
Spin Master Corp. (a)
    
219,986
      
3,847,170
  
Transcontinental, Inc. - Class A
    
261,460
      
4,073,316
  
             
11,438,013
  
                 
Denmark - 2.6%
          
Solar A/S - Class B
    
91,224
      
4,297,386
  
                 
Finland - 1.9%
          
Nokian Renkaat Oyj
    
423,588
      
3,159,920
  
                 
France - 7.7%
          
Arkema S.A.
    
51,696
      
3,692,110
  
Beneteau SACA
    
429,893
      
4,109,978
  
Nexity S.A. (b)
    
357,959
      
4,072,566
  
Rexel S.A.
    
22,086
      
620,167
  
             
12,494,821
  
                 
Germany - 6.9%
          
Aurubis AG
    
44,942
      
3,944,563
  
Duerr AG
    
151,978
      
3,951,694
  
Hornbach Holding AG & Co. KGaA
    
32,307
      
3,261,110
  
             
11,157,367
  
                 
Hong Kong - 5.3%
          
Pacific Basin Shipping, Ltd.
    
6,344,426
      
1,569,701
  
VTech Holdings, Ltd.
    
585,216
      
3,895,917
  
Yue Yuen Industrial (Holdings), Ltd.
    
2,039,076
      
3,073,788
  
             
8,539,406
  
                 
Ireland - 9.8%
          
Bank of Ireland Group PLC
    
39,508
      
541,900
  
C&C Group PLC
    
2,294,942
      
4,984,433
  
Origin Enterprises PLC
    
1,563,292
      
6,265,877
  
Permanent TSB Group Holdings PLC (b)
    
2,013,907
      
4,047,434
  
             
15,839,644
  
                 
Italy - 2.5%
          
Ariston Holding N.V.
    
627,123
      
3,403,672
  
BPER Banca S.p.A.
    
72,148
      
639,961
  
             
4,043,633
  
                 
Japan - 15.0%
          
Fukuoka Financial Group, Inc.
    
143,837
      
3,956,405
  
Kanto Denka Kogyo Co., Ltd.
    
674,145
      
3,968,177
  
KH Neochem Co., Ltd.
    
239,774
      
4,120,790
  
Sawai Group Holdings Co., Ltd.
    
319,189
      
3,962,828
  
Tokai Carbon Co., Ltd.
    
594,849
      
4,286,865
  
Toyota Boshoku Corp.
    
279,530
      
4,001,750
  
             
24,296,815
  
                 
Netherlands - 3.7%
          
Signify N.V. (a)
    
242,981
      
5,942,718
  
                 
New Zealand - 2.3%
          
Fletcher Building, Ltd. (b)
    
1,948,116
      
3,679,363
  
                 
Republic of Korea - 2.4%
          
WONIK IPS Co., Ltd.
    
235,113
      
3,885,320
  
                 
Spain - 2.5%
          
Unicaja Banco S.A. (a)
    
1,881,592
      
4,138,302
  
                 
Switzerland - 0.4%
          
Ferrexpo PLC (b)
    
904,211
      
657,874
  
                 
United Kingdom - 17.4%
          
Hays PLC
    
4,004,687
      
3,884,902
  
Ibstock PLC
    
1,553,946
      
4,099,470
  
Pennon Group PLC
    
700,873
      
4,806,580
  
Sabre Insurance Group PLC (a)
    
2,577,723
      
4,577,525
  
Senior PLC
    
3,018,640
      
6,897,889
  
Travis Perkins PLC
    
281,670
      
2,411,766
  
Wizz Air Holdings PLC (b)
    
68,943
      
1,482,525
  
             
28,160,657
  
TOTAL COMMON STOCKS (Cost $143,083,930)
      
155,172,208
  
                 
SHORT-TERM INVESTMENT - 3.7%
                
Money Market Fund - 3.7%
                
First American Government Obligations Fund - Class X, 4.22% (c)
    
5,985,568
      
5,985,568
  
TOTAL SHORT-TERM INVESTMENT (Cost $5,985,568)
      
5,985,568
  
                 
TOTAL INVESTMENTS - 99.5% (Cost $149,069,498)
      
161,157,776
  
Other Assets in Excess of Liabilities - 0.5%
      
767,047
  
TOTAL NET ASSETS - 100.0%
          
$
161,924,823
  
two
      
–
%

Percentages are stated as a percent of net assets.
–%
 
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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 U.S. Bank Global Fund Services.

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $18,505,715 or 11.4% of the Fund’s net assets.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Pzena International Small Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Investments:
                        
  Common Stocks
  
$
155,172,208
    
$
–
    
$
–
    
$
155,172,208
  
  Short-Term Investment
    
5,985,568
      
–
      
–
      
5,985,568
  
Total Investments
  
$
161,157,776
    
$
–
    
$
–
    
$
161,157,776
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.