Pzena Small Cap Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.1%
  
Shares
    
Value
 
Basic Materials - 8.1%
        
Huntsman Corp.
    
62,421
    
$
695,370
  
Koppers Holdings, Inc.
    
32,601
      
1,001,503
  
Olin Corp.
    
37,514
      
728,147
  
Orion S.A.
    
102,367
      
1,114,776
  
             
3,539,796
  
                 
Consumer Discretionary - 23.2%
          
Adient PLC (a)
    
66,245
      
1,032,760
  
Advance Auto Parts, Inc.
    
48,662
      
2,332,370
  
Dana, Inc.
    
28,576
      
475,219
  
Genesco, Inc. (a)
    
31,211
      
678,215
  
Haverty Furniture Cos., Inc.
    
31,774
      
665,983
  
Helen of Troy, Ltd. (a)
    
22,299
      
599,620
  
Hooker Furnishings Corp.
    
23,915
      
234,845
  
Lear Corp.
    
5,208
      
470,907
  
Malibu Boats, Inc. - Class A (a)
    
34,675
      
1,045,104
  
Newell Brands, Inc.
    
103,579
      
548,969
  
PVH Corp.
    
11,926
      
999,041
  
Steelcase, Inc. - Class A
    
102,058
      
1,052,218
  
             
10,135,251
  
                 
Consumer Staples - 7.1%
          
Spectrum Brands Holdings, Inc.
    
19,457
      
1,124,031
  
Universal Corp.
    
17,302
      
1,131,378
  
USANA Health Sciences, Inc. (a)
    
28,739
      
858,434
  
             
3,113,843
  
                 
Energy - 4.8%
          
MRC Global, Inc. (a)
    
103,403
      
1,283,231
  
NOV, Inc.
    
67,581
      
810,972
  
             
2,094,203
  
                 
Financials - 19.1%
          
Associated Banc-Corp.
    
35,864
      
830,969
  
Bread Financial Holdings, Inc.
    
17,051
      
873,693
  
CNO Financial Group, Inc.
    
26,218
      
995,235
  
Columbia Banking System, Inc.
    
35,761
      
836,092
  
Globe Life, Inc.
    
3,365
      
410,093
  
Old National Bancorp of Indiana
    
58,480
      
1,219,893
  
Synovus Financial Corp.
    
14,438
      
690,570
  
Univest Financial Corp.
    
20,329
      
600,112
  
Webster Financial Corp.
    
21,069
      
1,084,632
  
WSFS Financial Corp.
    
15,506
      
820,112
  
             
8,361,401
  
                 
Health Care - 5.1%
          
Envista Holdings Corp. (a)
    
49,318
      
901,040
  
Phibro Animal Health Corp. - Class A
    
7,762
      
189,548
  
Teleflex, Inc.
    
3,609
      
441,272
  
Varex Imaging Corp. (a)
    
92,686
      
710,902
  
             
2,242,762
  
                 
Industrials - 22.7%
          
ABM Industries, Inc.
    
16,449
      
866,040
  
American Woodmark Corp. (a)
    
21,418
      
1,207,333
  
Douglas Dynamics, Inc.
    
42,165
      
1,159,116
  
Korn Ferry
    
16,094
      
1,094,553
  
Masterbrand, Inc. (a)
    
70,375
      
717,825
  
Resideo Technologies, Inc. (a)
    
51,216
      
1,060,171
  
Robert Half, Inc.
    
18,521
      
848,077
  
Shyft Group, Inc.
    
90,548
      
949,848
  
TriMas Corp.
    
55,777
      
1,470,839
  
TrueBlue, Inc. (a)
    
93,283
      
559,698
  
             
9,933,500
  
                 
Real Estate - 0.9%
          
Marcus & Millichap, Inc.
    
13,507
      
389,137
  
                 
Technology - 7.1%
          
Avnet, Inc.
    
20,163
      
1,008,352
  
Concentrix Corp.
    
20,396
      
1,141,462
  
ScanSource, Inc. (a)
    
24,135
      
974,571
  
             
3,124,385
  
TOTAL COMMON STOCKS (Cost $47,757,244)
      
42,934,278
  
                 
REAL ESTATE INVESTMENT TRUST - 0.9%
                
Real Estate - 0.9%
          
DiamondRock Hospitality Co.
    
54,450
      
415,998
  
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $485,495)
      
415,998
  
                 
SHORT-TERM INVESTMENT - 1.9%
                
Money Market Fund - 1.9%
                
First American Government Obligations Fund - Class X, 4.22% (b)
    
828,211
      
828,211
  
TOTAL SHORT-TERM INVESTMENT (Cost $828,211)
      
828,211
  
                 
TOTAL INVESTMENTS - 100.9% (Cost $49,070,950)
      
44,178,487
  
Liabilities in Excess of Other Assets - (0.9)%
      
(410,667
)
TOTAL NET ASSETS - 100.0%
          
$
43,767,820
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(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 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
  
$
42,934,278
    
$
–
    
$
–
    
$
42,934,278
  
  Real Estate Investment Trust
    
415,998
      
–
      
–
      
415,998
  
  Short-Term Investment
    
828,211
      
–
      
–
      
828,211
  
Total Investments
  
$
44,178,487
    
$
–
    
$
–
    
$
44,178,487
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.