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

COMMON STOCKS - 92.8%

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Value
Brazil - 8.9%

Ambev S.A.

            32,747,200

    $        106,527,154
B3 S.A. - Brasil Bolsa Balcao

            18,338,000

             59,944,617
Banco do Brasil S.A.

            12,529,200

             51,089,918
Natura Cosmeticos S.A. (a)

            24,153,700

             47,641,378
Petroleo Brasileiro S.A. - Petrobras

            6,260,300

             58,873,167
Vale S.A.

            3,540,600

             57,868,882




             381,945,116






China – 22.0%

Alibaba Group Holding, Ltd.

            7,752,400

             119,596,417
Baidu, Inc. - Class A (a)

            3,963,400

             65,745,639
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A

            23,714,745

             47,754,981
China Merchants Bank Co., Ltd. - Class A

            13,422,895

             75,378,661
China Overseas Land & Investment, Ltd.

            53,919,118

             107,468,084
Haier Smart Home Co., Ltd. - Class H

            39,318,600

             98,837,094
KE Holdings, Inc. - ADR

            1,177,269

             19,542,665
Ping An Insurance Group Co. of China Ltd. - Class H

            7,333,500

             56,192,713
Shenzhou International Group Holdings, Ltd.

            10,164,300

             60,205,796
Tencent Holdings, Ltd.

            1,557,300

             84,890,526
Weichai Power Co., Ltd. - Class H

            18,601,000

             98,833,166
Zhejiang Longsheng Group Co., Ltd. - Class A

            13,845,905

             22,951,896
Zhongsheng Group Holdings, Ltd.

            47,524,500

             37,355,449
ZTO Express Cayman, Inc.

            1,139,000

             25,245,225
ZTO Express Cayman, Inc. - ADR

            1,378,959

             30,502,573




             950,500,885






Hong Kong – 7.8%

Galaxy Entertainment Group, Ltd.

            25,691,000

             102,673,521
Man Wah Holdings, Ltd.

            83,635,845

             38,739,568
Pacific Basin Shipping, Ltd.

            215,367,066

             86,565,639
WH Group, Ltd. (b)

            70,507,200

             81,421,246
Yue Yuen Industrial (Holdings), Ltd.

            13,202,500

             24,713,940




             334,113,914






Hungary – 4.4%

MOL Hungarian Oil & Gas PLC

            3,486,315

             44,280,704
OTP Bank PLC

            611,152

             83,726,984
Richter Gedeon Nyrt

            1,475,383

             62,431,819




             190,439,507






India - 3.5%

HDFC Bank, Ltd.

            8,165,136

             63,993,179
REC, Ltd.

            2,585,530

             9,189,518
UPL, Ltd.

            11,685,559

             79,314,194




             152,496,891






Indonesia - 1.2%

Bank Rakyat Indonesia Persero Tbk

            214,482,600

             35,407,032
PT Bank Mandiri (Persero) Tbk

            65,108,000

             14,865,173




             50,272,205








Kazakhstan - 2.0%

Kaspi.KZ JSC – ADR (a)

            936,034

             84,617,474






Luxembourg - 1.2%

Globant S.A. (a)

            1,252,880

             50,566,237






Peru - 2.0%

Credicorp, Ltd.

            247,531

             84,811,547





Republic of Korea - 16.7%




DB Insurance Co., Ltd.

            324,285

             30,793,088
Doosan Bobcat, Inc.

            1,334,995

             57,315,313
Hankook Tire & Technology Co., Ltd.

            1,877,151

             83,207,490
Hyundai Mobis Co., Ltd.

            86,967

             44,320,276
KB Financial Group, Inc.

            630,220

             62,980,180
Kia Corp.

            505,476

             56,752,846
KT Corp. - ADR

            1,573,478

             28,039,378
Orion Corp.

            610,788

             52,526,957
Samsung Electronics Co., Ltd.

            1,148,061

             241,496,574
Shinhan Financial Group Co., Ltd.

            954,930

             59,310,848




             716,742,950






Romania - 0.4%

Banca Transilvania S.A.

            1,942,250

             16,227,473






Russia - 0.0% (c)

Sberbank of Russia PJSC - ADR (a)(d)

            408,511

             4,085






Saudi Arabia - 1.1%

Saudi Arabian Oil Co. (b)

            6,423,455

             47,757,393






Singapore - 1.7%

Wilmar International, Ltd.

            25,767,600

             72,482,416






Taiwan - 9.0%

Compal Electronics, Inc.

            50,143,161

             58,746,197
Hon Hai Precision Industry Co., Ltd.

            6,810,132

             62,828,308
Nien Made Enterprise Co., Ltd.

            4,192,000

             42,488,069
Taiwan Semiconductor Manufacturing Co., Ltd.

            2,968,000

             223,129,399




             387,191,973






Thailand - 3.5%

Bangkok Bank Public Co., Ltd.

            5,287,900

             28,108,978
Bangkok Bank Public Co., Ltd. - NVDR

            4,268,000

             22,687,479
Indorama Ventures PCL - NVDR

            62,996,200

             45,100,982
SCB X PCL

            13,259,800

             54,799,297




             150,696,736






Turkey - 1.0%

Akbank T.A.S.

            31,771,349

             44,307,643






United Kingdom - 1.4%

Standard Chartered PLC

            749,038

             20,108,910
Wizz Air Holdings PLC (a)

            2,827,593

             39,411,748




              59,520,658








United States - 2.6%

Cognizant Technology Solutions Corp. - Class A

            2,023,838

             112,839,088






Uruguay - 0.7%

Arcos Dorados Holdings, Inc. - Class A

            3,641,568

             31,681,642






Vietnam - 1.7%

Vietnam Dairy Products JSC

            33,497,010

             75,365,726
TOTAL COMMON STOCKS (Cost $3,067,516,098)

             3,994,581,559






PREFERRED STOCKS - 3.7%




Brazil - 3.7%

Cia Energetica de Minas Gerais, 10.16%

            34,527,763

             75,906,254
Itau Unibanco Holding S.A., 8.52%

            6,534,286

             51,864,450
Petroleo Brasileiro S.A. - Petrobras, 7.53%

            3,668,400

             30,666,051
TOTAL PREFERRED STOCKS (Cost $113,744,150)

             158,436,755






SHORT-TERM INVESTMENTS - 2.2%



Money Market Funds – 2.2%



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

            96,046,389

             96,046,389
TOTAL SHORT-TERM INVESTMENTS (Cost $96,046,389)

             96,046,389






TOTAL INVESTMENTS - 98.7% (Cost $3,277,306,637)

             4,249,064,703
Other Assets in Excess of Liabilities - 1.3%
0.01264
            54,384,208
TOTAL NET ASSETS - 100.0%




    $        4,303,448,911


Percentages are stated as a percent of net assets.




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, 2026, the value of these securities total $129,178,639 or 3.0% 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, 2026.
(e)

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




















Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Pzena Emerging Markets 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
    $        3,994,577,474

    $        –

    $        4,085

    $        3,994,581,559
Preferred Stocks
            158,436,755

            –

            –

            158,436,755
Money Market Funds
            96,046,389

            –

            –

            96,046,389
Total Investments
    $        4,249,060,618

    $        –

    $        4,085

    $        4,249,064,703