| Pzena Mid Cap Value Fund | ||||||||
| Schedule of Investments | ||||||||
| May 31, 2023 (Unaudited) | ||||||||
| Shares | Fair Value | |||||||
| COMMON STOCKS - 98.34% | ||||||||
| Basic Materials - 6.76% | ||||||||
| Dow, Inc. | 99,810 | $ | 4,868,732 | |||||
| Olin Corp. | 65,091 | 3,079,455 | ||||||
| 7,948,187 | ||||||||
| Consumer Discretionary - 17.80% | ||||||||
| Gap, Inc. | 227,810 | 1,827,036 | ||||||
| Gildan Activewear, Inc. (b) | 132,579 | 3,615,429 | ||||||
| Lear Corp. | 38,836 | 4,763,624 | ||||||
| Magna International, Inc. (b) | 70,178 | 3,393,808 | ||||||
| Newell Brands, Inc. | 266,306 | 2,213,003 | ||||||
| PVH Corp. | 31,602 | 2,718,404 | ||||||
| Skechers U.S.A., Inc. - Class A (a) | 46,618 | 2,394,767 | ||||||
| 20,926,071 | ||||||||
| Energy - 3.53% | ||||||||
| Halliburton Co. | 67,179 | 1,924,678 | ||||||
| NOV, Inc. | 157,957 | 2,222,455 | ||||||
| 4,147,133 | ||||||||
| Financials - 29.18% | ||||||||
| American International Group, Inc. | 36,542 | 1,930,514 | ||||||
| Axis Capital Holdings, Ltd. (b) | 44,448 | 2,306,851 | ||||||
| CNO Financial Group, Inc. | 188,121 | 4,084,107 | ||||||
| Comerica, Inc. | 27,060 | 976,866 | ||||||
| Equitable Holdings, Inc. | 151,107 | 3,708,166 | ||||||
| Fidelity National Financial, Inc. | 64,017 | 2,185,540 | ||||||
| Fifth Third Bancorp | 114,459 | 2,777,920 | ||||||
| Globe Life, Inc. | 29,239 | 3,016,880 | ||||||
| Invesco, Ltd. (b) | 128,586 | 1,849,067 | ||||||
| KeyCorp | 114,579 | 1,070,168 | ||||||
| Regions Financial Corp. | 147,044 | 2,539,450 | ||||||
| Reinsurance Group of America, Inc. | 27,368 | 3,831,520 | ||||||
| Voya Financial, Inc. | 59,534 | 4,036,405 | ||||||
| 34,313,454 | ||||||||
| Health Care - 6.97% | ||||||||
| Cardinal Health, Inc. | 24,196 | 1,991,331 | ||||||
| Fresenius Medical Care AG & Co. KGaA - ADR | 178,797 | 3,831,619 | ||||||
| Henry Schein, Inc. (a) | 32,143 | 2,375,368 | ||||||
| 8,198,318 | ||||||||
| Industrials - 19.65% | ||||||||
| Acuity Brands, Inc. | 23,690 | 3,569,846 | ||||||
| Axalta Coating Systems, Ltd. (a)(b) | 115,817 | 3,359,851 | ||||||
| Fortune Brands Home & Security, Inc. | 39,598 | 2,393,699 | ||||||
| JELD-WEN Holding, Inc. (a) | 219,746 | 2,876,475 | ||||||
| MasTec, Inc. (a) | 13,958 | 1,414,783 | ||||||
| MasterBrand, Inc. (a) | 39,598 | 411,027 | ||||||
| Mohawk Industries, Inc. (a) | 24,134 | 2,221,294 | ||||||
| Terex Corp. | 92,735 | 4,300,122 | ||||||
| Wabtec Corp. | 27,678 | 2,563,813 | ||||||
| 23,110,910 | ||||||||
| Technology - 11.51% | ||||||||
| Avnet, Inc. | 78,704 | 3,450,383 | ||||||
| Cognizant Technology Solutions Corp. - Class A | 62,496 | 3,905,375 | ||||||
| SS&C Technologies Holdings, Inc. | 68,168 | 3,746,513 | ||||||
| TE Connectivity, Ltd. - ADR | 19,843 | 2,430,371 | ||||||
| 13,532,642 | ||||||||
| Utilities - 2.94% | ||||||||
| Edison International | 51,193 | 3,456,552 | ||||||
Total Common Stocks (Cost $105,094,299) | 115,633,267 | |||||||
| SHORT-TERM INVESTMENT - 0.96% | ||||||||
| Money Market Fund - 0.96% | ||||||||
| Fidelity Institutional Government Portfolio - Class I, 4.98% (c) | 1,123,791 | 1,123,791 | ||||||
Total Short-Term Investment (Cost $1,123,791) | 1,123,791 | |||||||
Total Investments (Cost $106,218,090) - 99.30% | 116,757,058 | |||||||
| Other Assets in Excess of Liabilities - 0.70% | 822,018 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 117,579,076 | ||||||
| Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt | ||||
| KGaA | Kommanditgesellschaft Auf Aktien | ||||
| (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 Mid 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 Mid Cap Value Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Basic Materials | $ | 7,948,187 | $ | - | $ | - | $ | 7,948,187 | ||||||||
| Consumer Discretionary | 20,926,071 | - | - | 20,926,071 | ||||||||||||
| Energy | 4,147,133 | - | - | 4,147,133 | ||||||||||||
| Financials | 34,313,454 | - | - | 34,313,454 | ||||||||||||
| Health Care | 8,198,318 | - | - | 8,198,318 | ||||||||||||
| Industrials | 23,110,910 | - | - | 23,110,910 | ||||||||||||
| Technology | 13,532,642 | - | - | 13,532,642 | ||||||||||||
| Utilities | 3,456,552 | - | - | 3,456,552 | ||||||||||||
| Total Common Stocks | 115,633,267 | - | - | 115,633,267 | ||||||||||||
| Short-Term Investment | 1,123,791 | - | - | 1,123,791 | ||||||||||||
| Total Investments | $ | 116,757,058 | $ | - | $ | - | $ | 116,757,058 | ||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security. |