Pzena International Value Fund
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 97.1%

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Value
Brazil - 2.1%

Ambev S.A.

            495,500

    $        1,611,869
Banco do Brasil S.A.

            171,800

             700,543
Vale S.A.

            49,600

             810,681




             3,123,093






Canada - 1.9%

Magna International, Inc.

            25,582

             1,657,964
Magna International, Inc. (c)

            16,876

             1,092,890




             2,750,854






China – 3.9%

Alibaba Group Holding, Ltd.

            136,400

             2,104,245
China Merchants Bank Co., Ltd. - Class H

            195,000

             1,171,956
China Overseas Land & Investment, Ltd.

            690,000

             1,375,263
Haier Smart Home Co., Ltd. - Class H

            374,800

             942,153




             5,593,617






Denmark - 2.0%

Danske Bank A/S

            55,398

             2,916,981






Finland - 1.3%

Nokia Oyj - ADR

            122,495

             1,817,826






France - 13.2%

Accor S.A.

            18,111

             993,492
Amundi S.A. (a)

            23,145

             2,266,339
Arkema S.A.

            22,216

             1,578,084
LVMH Moet Hennessy Louis Vuitton SE

            2,209

             1,218,848
Michelin SCA

            68,252

             2,508,480
Publicis Groupe S.A.

            28,581

             2,791,626
Rexel S.A.

            74,062

             3,179,861
Sanofi

            27,721

             2,434,407
Teleperformance SE

            30,691

             2,256,702




             19,227,839






Germany - 10.2%

BASF SE

            51,381

             3,045,679
Bayer AG

            53,703

             2,288,206
Continental AG

            28,981

             2,412,210
Daimler Truck Holding AG

            76,788

             3,775,182
Evonik Industries AG

            70,934

             1,390,814
Fresenius Medical Care AG & Co. KGaA

            43,191

             1,873,554




             14,785,645






Hong Kong - 1.2%

Galaxy Entertainment Group, Ltd.

            438,000

             1,750,458






Indonesia - 0.3%

Bank Rakyat Indonesia Persero Tbk

            2,253,600

             372,027








Ireland - 3.6%

Accenture PLC - Class A

            5,643

             1,055,636
Bank of Ireland Group PLC

            143,527

             2,918,787
Medtronic PLC

            16,754

             1,236,613




             5,211,036






Italy - 1.0%

Enel S.p.A.

            134,295

             1,507,674






Japan - 23.8%

Bridgestone Corp.

            52,000

             1,124,139
Daikin Industries, Ltd.

            27,700

             4,049,819
FUJIFILM Holdings Corp.

            37,300

             778,015
Fukuoka Financial Group, Inc.

            26,200

             1,078,499
Iida Group Holdings Co., Ltd.

            23,300

             311,905
Komatsu, Ltd.

            18,345

             757,574
Kubota Corp.

            165,129

             2,946,640
Minebea Mitsumi, Inc.

            124,100

             3,554,731
Murata Manufacturing Co., Ltd.

            121,900

             7,366,889
Olympus Corp.

            120,800

             1,354,274
Resona Holdings, Inc.

            121,200

             1,552,051
Sumitomo Mitsui Financial Group, Inc.

            24,000

             876,878
Suntory Beverage & Food Ltd.

            64,100

             1,742,309
Takeda Pharmaceutical Co., Ltd.

            42,900

             1,378,597
TDK Corp.

            194,000

             5,003,937
Toray Industries, Inc.

            87,300

             653,387




             34,529,644






Luxembourg - 1.1%

ArcelorMittal S.A.

            23,153

             1,601,974






Netherlands - 5.5%

ING Groep N.V.

            111,878

             3,484,198
Koninklijke Philips N.V.

            64,140

             1,710,969
Magnum Ice Cream Co. N.V.

            82,863

             1,343,066
Randstad N.V.

            46,918

             1,441,459




             7,979,692






Norway - 2.1%

Equinor ASA

            85,899

             3,113,060






Republic of Korea - 4.2%

Samsung Electronics Co., Ltd.

            23,741

             4,993,960
Shinhan Financial Group Co., Ltd.

            12,850

             798,115
Shinhan Financial Group Co., Ltd. - ADR

            3,710

             234,064




             6,026,139






Singapore - 1.0%

Oversea-Chinese Banking Corp., Ltd.

            76,300

             1,398,958






Switzerland - 5.3%

Julius Baer Group, Ltd.

            32,618

             2,675,299
Roche Holding AG

            4,866

             2,052,878
UBS Group AG

            62,908

             2,985,218




             7,713,395






Thailand - 0.4%



Bangkok Bank PCL - NVDR

            117,100

             622,470






United Kingdom - 13.0%

Barclays PLC

            191,327

             1,179,948
GSK PLC

            106,794

             2,705,949
HSBC Holdings PLC

            212,342

             3,985,130
J Sainsbury PLC

            576,174

             2,299,078
Reckitt Benckiser Group PLC

            56,797

             3,511,586
Shell PLC

            58,240

             2,443,819
Standard Chartered PLC

            31,128

             835,672
Tesco PLC

            104,139

             603,326
United Utilities Group PLC

            71,756

             1,298,751




             18,863,259
TOTAL COMMON STOCKS (Cost $95,717,146)

             140,905,641






PREFERRED STOCKS - 1.1%




Germany - 1.1%

Dr. Ing hc F Porsche AG, 3.14%

            27,884

             1,525,043
TOTAL PREFERRED STOCKS (Cost $1,309,517)

             1,525,043






SHORT-TERM INVESTMENTS - 1.2%



Money Market Funds – 1.2%



First American Government Obligations Fund - Class X, 3.54% (b)

            1,778,889

             1,778,889
TOTAL MONEY MARKET FUNDS (Cost $1,778,889)

             1,778,889






TOTAL INVESTMENTS - 99.4% (Cost $98,805,552)

             144,209,573
Other Assets in Excess of Liabilities - 0.6%
0.00647
            938,486
TOTAL NET ASSETS - 100.0%




    $        145,148,059


Percentages are stated as a percent of net assets.




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



(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, 2026, the value of these securities total $2,266,339 or 1.6% of the Fund’s net assets.
(b)

The rate shown represents the 7-day annualized yield as of May 31, 2026.
(c)

U.S. Traded Foreign Security.









Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Pzena International Value 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







Common Stocks
    $        140,905,641

    $        –

    $        –

    $        140,905,641
Preferred Stocks
            1,525,043

            –

            –

            1,525,043
Money Market Funds
            1,778,889

            –

            –

            1,778,889
Total Investments
    $        144,209,573

    $        –

    $        –

    $        144,209,573