Pzena Emerging Markets Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 91.8%
  
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Value
 
Brazil - 7.2%
        
Ambev S.A.
    
20,923,000
    
$
51,104,871
  
Banco do Brasil S.A.
    
7,145,700
      
29,259,952
  
Natura & Co. Holding S.A. (a)
    
18,288,700
      
33,574,849
  
Neoenergia S.A.
    
5,704,950
      
24,936,402
  
Vale S.A.
    
3,970,100
      
36,254,624
  
             
175,130,698
  
                 
China - 23.6%
          
Alibaba Group Holding, Ltd.
    
4,902,300
      
71,210,923
  
Baidu, Inc. - ADR (a)
    
134,228
      
10,993,273
  
Baidu, Inc. - Class A (a)
    
3,303,900
      
34,403,774
  
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A
    
19,350,745
      
30,038,262
  
China Merchants Bank Co., Ltd. - Class H
    
8,248,000
      
51,437,579
  
China Overseas Land & Investment, Ltd.
    
43,430,118
      
73,111,879
  
GF Securities Co., Ltd. - Class H
    
4,224,600
      
5,948,092
  
Haier Smart Home Co., Ltd. - Class H
    
19,743,000
      
57,911,390
  
Ping An Insurance Group Co. of China, Ltd. - Class H
    
4,947,000
      
29,116,329
  
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H
    
19,146,183
      
13,698,344
  
Tencent Holdings, Ltd.
    
902,900
      
57,367,561
  
Weichai Power Co., Ltd. - Class H
    
26,693,000
      
52,221,069
  
Zhejiang Longsheng Group Co., Ltd. - Class A
    
13,845,905
      
18,876,188
  
Zhongsheng Group Holdings, Ltd.
    
15,482,500
      
23,378,455
  
ZTO Express Cayman, Inc.
    
934,250
      
16,478,144
  
ZTO Express Cayman, Inc. - ADR
    
1,378,959
      
24,269,678
  
             
570,460,940
  
                 
Hong Kong - 8.6%
          
Galaxy Entertainment Group, Ltd.
    
13,976,000
      
59,532,260
  
Man Wah Holdings, Ltd.
    
30,087,845
      
15,962,739
  
Pacific Basin Shipping, Ltd.
    
201,210,066
      
49,782,241
  
WH Group, Ltd. (b)
    
75,975,700
      
70,151,390
  
Yue Yuen Industrial (Holdings), Ltd.
    
7,769,500
      
11,712,067
  
             
207,140,697
  
                 
Hungary - 4.4%
          
MOL Hungarian Oil & Gas PLC
    
2,849,585
      
24,639,687
  
OTP Bank PLC
    
597,584
      
45,321,904
  
Richter Gedeon PLC
    
1,251,448
      
36,409,976
  
             
106,371,567
  
                 
India - 4.6%
          
HDFC Bank, Ltd.
    
2,185,782
      
49,677,212
  
Shriram Finance Ltd.
    
2,610,805
      
19,505,909
  
UPL Ltd.
    
5,668,301
      
41,590,724
  
             
110,773,845
  
                 
Indonesia - 2.2%
          
Bank Rakyat Indonesia Persero Tbk
    
194,469,000
      
53,123,821
  
                 
Kazakhstan - 1.2%
          
Kaspi.kz JSC - ADR
    
379,408
      
30,263,479
  
                 
Peru - 2.2%
          
Credicorp, Ltd.
    
247,531
      
52,429,541
  
                 
Republic of Korea - 15.1%
          
DB Insurance Co., Ltd.
    
535,307
      
38,992,791
  
Hankook Tire & Technology Co., Ltd.
    
1,751,037
      
48,862,017
  
Hyundai Mobis Co., Ltd.
    
267,638
      
49,077,636
  
KB Financial Group, Inc.
    
675,120
      
51,036,469
  
Orion Corp.
    
413,840
      
33,114,399
  
Samsung Electronics Co., Ltd.
    
2,284,893
      
93,071,672
  
Shinhan Financial Group Co., Ltd.
    
954,930
      
40,212,679
  
WONIK IPS Co., Ltd.
    
646,815
      
10,688,832
  
             
365,056,495
  
                 
Romania - 0.5%
          
Banca Transilvania S.A.
    
1,633,288
      
10,988,583
  
                 
Russia - 0.0%(c)
          
Sberbank of Russia PJSC - ADR (a)(d)
    
408,511
      
4,085
  
                 
Saudi Arabia - 1.4%
          
Saudi Arabian Oil Co. (b)
    
5,206,581
      
34,695,274
  
                 
Singapore - 1.9%
          
Wilmar International, Ltd.
    
19,829,300
      
46,892,316
  
                 
Taiwan - 8.3%
          
Compal Electronics, Inc.
    
15,767,161
      
15,152,385
  
Hon Hai Precision Industry Co., Ltd.
    
6,810,132
      
35,449,909
  
Nien Made Enterprise Co., Ltd.
    
1,787,000
      
25,819,477
  
Taiwan Semiconductor Manufacturing Co., Ltd.
    
2,968,000
      
95,769,091
  
United Integrated Services Co., Ltd.
    
1,516,000
      
28,277,825
  
             
200,468,687
  
                 
Thailand - 4.1%
          
Bangkok Bank Public Co., Ltd.
    
5,287,900
      
22,793,020
  
Bangkok Bank Public Co., Ltd. - NVDR
    
4,268,000
      
18,396,832
  
Indorama Ventures PCL - NVDR
    
33,708,600
      
20,844,858
  
SCB X PCL
    
10,060,900
      
36,317,619
  
             
98,352,329
  
                 
Turkey - 1.0%
          
Akbank T.A.S.
    
17,961,980
      
23,337,657
  
                 
United Arab Emirates - 0.5%
          
Abu Dhabi Commercial Bank PJSC
    
3,625,099
      
11,922,460
  
                 
United Kingdom - 1.0%
          
Standard Chartered PLC
    
1,621,288
      
25,295,763
  
                 
United States - 2.5%
          
Cognizant Technology Solutions Corp. - Class A
    
732,662
      
59,338,295
  
                 
Vietnam - 1.5%
          
Vietnam Dairy Products JSC
    
17,444,010
      
36,770,058
  
TOTAL COMMON STOCKS (Cost $2,035,551,324)
      
2,218,816,590
  
                 
PREFERRED STOCKS - 4.6%
                
Brazil - 4.6%
          
Cia Energetica de Minas Gerais, 17.01%
    
22,011,363
      
41,679,003
  
Itau Unibanco Holding S.A., 6.39%
    
5,634,567
      
36,893,878
  
Petroleo Brasileiro S.A., 11.44%
    
6,226,300
      
33,790,428
  
TOTAL PREFERRED STOCKS (Cost $100,615,272)
      
112,363,309
  
                 
SHORT-TERM INVESTMENT - 3.7%
                
Money Market Fund - 3.7%
                
First American Government Obligations Fund - Class X, 4.22% (e)
    
88,790,016
      
88,790,016
  
TOTAL SHORT-TERM INVESTMENT (Cost $88,790,016)
      
88,790,016
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $2,224,956,612)
      
2,419,969,915
  
Liabilities in Excess of Other Assets - (0.1)%
      
(2,315,450
)
TOTAL NET ASSETS - 100.0%
          
$
2,417,654,465
  
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.
  
   

ADR - American Depositary Receipt
NVDR - Non-Voting Depositary Receipt

(a)
Non-income producing security.
(b)
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 $104,846,664 or 4.3% of the Fund’s net assets.
(c)
Represents less than 0.05% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $4,085 or 0.0% of net assets as of May 31, 2025.
(e)
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 Emerging Markets 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
  
$
2,218,812,505
    
$
–
    
$
4,085
    
$
2,218,816,590
  
  Preferred Stocks
    
112,363,309
      
–
      
–
      
112,363,309
  
  Short-Term Investment
    
88,790,016
      
–
      
–
      
88,790,016
  
Total Investments
  
$
2,419,965,830
    
$
–
    
$
4,085
    
$
2,419,969,915
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

Fair Value Measurement Using Significant Unobservable Inputs
  
Level 3
  
Beginning balance as of February 28, 2025
  
$
4,085
  
Ending balance as of May 31, 2025
  
$
4,085
  
   
$
0
  
Change in unrealized appreciation / (depreciation) still held as of May 31, 2025
  
$
-
  
     
0