| Pzena Small Cap Value Fund | ||||||||
| Schedule of Investments | ||||||||
| May 31, 2023 (Unaudited) | ||||||||
| Shares | Fair Value | |||||||
| COMMON STOCKS - 96.88% | ||||||||
| Basic Materials - 6.92% | ||||||||
| Koppers Holdings, Inc. | 17,210 | $ | 498,402 | |||||
| Olin Corp. | 29,200 | 1,381,452 | ||||||
| Orion Engineered Carbons S.A. (b) | 61,743 | 1,431,820 | ||||||
| 3,311,674 | ||||||||
| Consumer Discretionary - 13.99% | ||||||||
| Adient PLC (a)(b) | 29,281 | 986,477 | ||||||
| Dana, Inc. | 131,021 | 1,686,240 | ||||||
| Gap, Inc. | 136,925 | 1,098,138 | ||||||
| Hooker Furnishings Corp. | 32,726 | 485,981 | ||||||
| Interface, Inc. | 6,600 | 45,738 | ||||||
| PVH Corp. | 11,580 | 996,112 | ||||||
| Steelcase, Inc. - Class A | 214,606 | 1,392,793 | ||||||
| 6,691,479 | ||||||||
| Consumer Staples - 7.14% | ||||||||
| Spectrum Brands Holdings, Inc. | 17,008 | 1,228,148 | ||||||
| Universal Corp. | 23,450 | 1,208,847 | ||||||
| USANA Health Sciences, Inc. (a) | 16,143 | 979,396 | ||||||
| 3,416,391 | ||||||||
| Energy - 5.05% | ||||||||
| MRC Global, Inc. (a) | 167,066 | 1,451,804 | ||||||
| NOV, Inc. | 68,676 | 966,271 | ||||||
| 2,418,075 | ||||||||
| Financials - 26.04% | ||||||||
| American Equity Investment Life Holding Co. | 25,291 | 997,730 | ||||||
| Associated Banc-Corp. | 97,500 | 1,443,975 | ||||||
| Axis Capital Holdings, Ltd. (b) | 27,741 | 1,439,758 | ||||||
| CNO Financial Group, Inc. | 88,212 | 1,915,083 | ||||||
| Columbia Banking System, Inc. | 60,334 | 1,208,490 | ||||||
| Hope Bancorp, Inc. | 34,520 | 276,850 | ||||||
| Old National Bancorp of Indiana | 114,135 | 1,417,557 | ||||||
| Synovus Financial Corp. | 14,893 | 403,451 | ||||||
| Univest Financial Corp. | 52,861 | 937,226 | ||||||
| Webster Financial Corp. | 40,231 | 1,430,212 | ||||||
| WSFS Financial Corp. | 29,544 | 987,951 | ||||||
| 12,458,283 | ||||||||
| Health Care - 2.06% | ||||||||
| Phibro Animal Health Corp. - Class A | 36,982 | 491,860 | ||||||
| Varex Imaging Corp. (a) | 22,396 | 493,608 | ||||||
| 985,468 | ||||||||
| Industrials - 27.36% | ||||||||
| American Woodmark Corp. (a) | 15,641 | 930,639 | ||||||
| Axalta Coating Systems, Ltd. (a)(b) | 33,868 | 982,511 | ||||||
| Belden, Inc. | 13,877 | 1,214,099 | ||||||
| GMS, Inc. (a) | 14,924 | 945,137 | ||||||
| JELD-WEN Holding, Inc. (a) | 92,392 | 1,209,411 | ||||||
| Masonite International Corp. (a)(b) | 16,084 | 1,416,518 | ||||||
| MasterBrand, Inc. (a) | 49,472 | 513,519 | ||||||
| Resideo Technologies, Inc. (a) | 80,626 | 1,292,435 | ||||||
| REV Group, Inc. | 96,312 | 976,604 | ||||||
| Terex Corp. | 25,591 | 1,186,655 | ||||||
| TriMas Corp. | 57,089 | 1,444,922 | ||||||
| TrueBlue, Inc. (a) | 59,196 | 979,102 | ||||||
| 13,091,552 | ||||||||
| Technology - 8.32% | ||||||||
| Avnet, Inc. | 29,959 | 1,313,403 | ||||||
| Celestica, Inc. (a)(b) | 113,869 | 1,449,552 | ||||||
| ScanSource, Inc. (a) | 42,433 | 1,220,373 | ||||||
| 3,983,328 | ||||||||
Total Common Stocks (Cost $51,706,125) | 46,356,250 | |||||||
| REIT - 1.62% | ||||||||
| Real Estate - 1.62% | ||||||||
| DiamondRock Hospitality Co. | 98,544 | 773,570 | ||||||
Total REIT (Cost $904,921) | 773,570 | |||||||
| SHORT-TERM INVESTMENT - 0.00% | ||||||||
| Money Market Fund - 0.00% | ||||||||
| Fidelity Institutional Government Portfolio - Class I, 4.98% (c) | 189 | 189 | ||||||
Total Short-Term Investment (Cost $189) | 189 | |||||||
Total Investments (Cost $52,611,235) - 98.50% | 47,130,009 | |||||||
| Other Assets in Excess of Liabilities - 1.50% | 716,107 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 47,846,116 | ||||||
| Percentages are stated as a percent of net assets. |
| PLC | Public Limited Company | ||||
| REIT | Real Estate Investment Trust | ||||
| S.A. | Société Anonyme | ||||
| (a) | Non-income producing security. | ||||
| (b) | Foreign issued security. | ||||
| (c) | The rate listed is the 7-day annualized yield as of May 31, 2023. |
| Note: For presentation purposes, the Fund has grouped some of the | |||
| industry categories. For purposes of categorizing securities for | |||
| compliance with Section 8(b)(1) of the Investment Company Act of | |||
| 1940, as amended, the Fund uses more specific industry classifications. |
| Pzena Small Cap Value Fund | ||||||||||
| Summary of Fair Value Disclosure at May 31, 2023 (Unaudited) | ||||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United | ||||||||||
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||||
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 would be based on the best information available. | ||||||||||
The following is a summary of the inputs used to value the Fund's investments as of May 31, 2023: | ||||||||||
| Pzena Small Cap Value Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Basic Materials | $ | 3,311,674 | $ | - | $ | - | $ | 3,311,674 | ||||||||
| Consumer Discretionary | 6,691,479 | - | - | 6,691,479 | ||||||||||||
| Consumer Staples | 3,416,391 | - | - | 3,416,391 | ||||||||||||
| Energy | 2,418,075 | - | - | 2,418,075 | ||||||||||||
| Financials | 12,458,283 | - | - | 12,458,283 | ||||||||||||
| Health Care | 985,468 | - | - | 985,468 | ||||||||||||
| Industrials | 13,091,552 | - | - | 13,091,552 | ||||||||||||
| Technology | 3,983,328 | - | - | 3,983,328 | ||||||||||||
| Total Common Stocks | 46,356,250 | - | - | 46,356,250 | ||||||||||||
| REIT | 773,570 | - | - | 773,570 | ||||||||||||
| Short-Term Investment | 189 | - | - | 189 | ||||||||||||
| Total Investments | $ | 47,130,009 | $ | - | $ | - | $ | 47,130,009 | ||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security. |