Pzena Mid Cap Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 104.3%
  
Shares
    
Value
 
Basic Materials - 6.6%
        
FMC Corp.
    
39,811
    
$
1,614,734
  
Huntsman Corp.
    
140,637
      
1,566,696
  
LyondellBasell Industries N.V. - Class A
    
37,293
      
2,106,682
  
Olin Corp.
    
82,543
      
1,602,160
  
             
6,890,272
  
                 
Consumer Discretionary - 24.8%
          
Adient PLC (a)
    
125,523
      
1,956,904
  
Advance Auto Parts, Inc.
    
127,511
      
6,111,602
  
Delta Air Lines, Inc.
    
64,639
      
3,127,881
  
Dollar General Corp.
    
46,197
      
4,492,658
  
Lear Corp.
    
16,389
      
1,481,893
  
LKQ Corp.
    
51,391
      
2,079,794
  
Magna International, Inc.
    
80,749
      
2,929,574
  
Newell Brands, Inc.
    
227,305
      
1,204,717
  
PVH Corp.
    
28,322
      
2,372,534
  
             
25,757,557
  
                 
Consumer Staples - 2.9%
          
Tyson Foods, Inc. - Class A
    
52,889
      
2,970,246
  
                 
Energy - 1.4%
          
NOV, Inc.
    
124,619
      
1,495,428
  
                 
Financials - 19.2%
          
CNO Financial Group, Inc.
    
59,003
      
2,239,754
  
Comerica, Inc.
    
23,097
      
1,318,608
  
Corebridge Financial, Inc.
    
95,062
      
3,099,972
  
Equitable Holdings, Inc.
    
40,657
      
2,149,536
  
Fifth Third Bancorp
    
65,050
      
2,484,259
  
Globe Life, Inc.
    
25,084
      
3,056,987
  
KeyCorp
    
73,032
      
1,158,288
  
MetLife, Inc.
    
21,183
      
1,664,560
  
Voya Financial, Inc.
    
40,383
      
2,686,277
  
             
19,858,241
  
                 
Health Care - 19.2%
          
Baxter International, Inc.
    
150,839
      
4,600,589
  
Fresenius Medical Care AG & Co. KGaA - ADR
    
147,696
      
4,194,566
  
Henry Schein, Inc. (a)
    
38,530
      
2,696,715
  
Humana, Inc.
    
23,037
      
5,370,616
  
Universal Health Services, Inc. - Class B
    
15,928
      
3,031,895
  
             
19,894,381
  
                 
Industrials - 11.3%
          
Capital One Financial Corp.
    
18,149
      
3,432,883
  
Dow, Inc.
    
21,989
      
609,975
  
Global Payments, Inc.
    
39,489
      
2,985,763
  
Oshkosh Corp.
    
23,775
      
2,358,242
  
Robert Half, Inc.
    
50,788
      
2,325,583
  
             
11,712,446
  
                 
Technology - 15.8%
          
Avnet, Inc.
    
60,251
      
3,013,153
  
Cognizant Technology Solutions Corp. - Class A
    
34,969
      
2,832,139
  
Concentrix Corp.
    
59,875
      
3,350,904
  
Skyworks Solutions, Inc.
    
31,593
      
2,180,865
  
SS&C Technologies Holdings, Inc.
    
30,330
      
2,450,967
  
TE Connectivity PLC
    
15,799
      
2,528,946
  
             
16,356,974
  
                 
Telecommunications - 3.1%
          
Charter Communications, Inc. - Class A (a)
    
8,049
      
3,189,577
  
TOTAL COMMON STOCKS (Cost $103,545,703)
      
108,125,122
  
                 
SHORT-TERM INVESTMENT - 0.8%
                
Money Market Fund - 0.8%
                
First American Government Obligations Fund - Class X, 4.22% (b)
    
782,703
      
782,703
  
TOTAL SHORT-TERM INVESTMENT (Cost $782,703)
      
782,703
  
                 
TOTAL INVESTMENTS - 105.1% (Cost $104,328,406)
      
108,907,825
  
Liabilities in Excess of Other Assets - (5.1)%
      
(5,284,901
)
TOTAL NET ASSETS - 100.0%
          
$
103,622,924
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
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 Mid 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
  
$
108,125,122
    
$
–
    
$
–
    
$
108,125,122
  
  Short-Term Investment
    
782,703
      
–
      
–
      
782,703
  
Total Investments
  
$
108,907,825
    
$
–
    
$
–
    
$
108,907,825
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.