| Pzena Small Cap Value Fund | |
| Schedule of Investments | |
| November 30, 2024 (Unaudited) | |
| | |
| COMMON STOCKS - 96.1% | | Shares | | | Value | |
| Basic Materials - 8.3% | | | | |
| Huntsman, Corp. | | | 32,933 | | | $ | 644,828 | |
| Koppers Holdings, Inc. | | | 24,461 | | | | 940,770 | |
| Olin Corp. | | | 46,737 | | | | 1,990,529 | |
| Orion S.A. | | | 101,031 | | | | 1,860,991 | |
| | | | | | | | 5,437,118 | |
| | | | | | | | | |
| Consumer Discretionary – 20.9% | | | | | |
Adient PLC (a) | | | 85,143 | | | | 1,637,300 | |
| Advance Auto Parts, Inc. | | | 37,248 | | | | 1,540,205 | |
| Dana, Inc. | | | 94,301 | | | | 943,010 | |
Genesco, Inc. (a) | | | 29,198 | | | | 980,761 | |
| Haverty Furniture Companies, Inc. | | | 24,471 | | | | 577,760 | |
| Helen of Troy Ltd. (a) | | | 19,698 | | | | 1,444,454 | |
| Hooker Furnishings Corp. | | | 23,915 | | | | 447,928 | |
| Interface, Inc. | | | 31,611 | | | | 839,272 | |
Malibu Boats, Inc. - Class A (a) | | | 38,065 | | | | 1,650,118 | |
| Newell Brands, Inc. | | | 86,731 | | | | 831,750 | |
| PVH Corp. | | | 9,671 | | | | 1,048,046 | |
| Steelcase, Inc. - Class A | | | 127,165 | | | | 1,712,913 | |
| | | | | | | | 13,653,517 | |
| | | | | | | | | |
| Consumer Staples - 6.8% | | | | | |
| Spectrum Brands Holdings, Inc. | | | 20,533 | | | | 1,888,009 | |
| Universal Corp. | | | 28,937 | | | | 1,652,882 | |
USANA Health Sciences, Inc. (a) | | | 24,251 | | | | 934,391 | |
| | | | | | | | 4,475,282 | |
| | | | | | | | | |
| Energy - 4.8% | | | | | |
MRC Global, Inc. (a) | | | 138,777 | | | | 1,938,715 | |
| NOV, Inc. | | | 74,381 | | | | 1,191,583 | |
| | | | | | | | 3,130,298 | |
| | | | | | | | | |
| Financials - 22.2% | | | | | |
| Associated Banc-Corp. | | | 64,954 | | | | 1,733,622 | |
| Axis Capital Holdings, Ltd. | | | 7,596 | | | | 706,732 | |
| CNO Financial Group, Inc. | | | 67,750 | | | | 2,703,225 | |
| Columbia Banking System, Inc. | | | 60,372 | | | | 1,872,136 | |
| Globe Life, Inc. | | | 5,851 | | | | 650,865 | |
| Old National Bancorp of Indiana | | | 73,401 | | | | 1,699,967 | |
| Synovus Financial Corp. | | | 18,040 | | | | 1,029,543 | |
| Univest Financial Corp. | | | 33,930 | | | | 1,077,617 | |
| Webster Financial Corp. | | | 27,906 | | | | 1,724,032 | |
| WSFS Financial Corp. | | | 22,040 | | | | 1,322,841 | |
| | | | | | | | 14,520,580 | |
| | | | | | | | | |
| Health Care - 3.7% | | | | | |
| Phibro Animal Health Corp. - Class A | | | 34,533 | | | | 807,036 | |
Varex Imaging Corp. (a) | | | 98,062 | | | | 1,635,674 | |
| | | | | | | | 2,442,710 | |
| | | | | | | | | |
| Industrials - 23.2% | | | | | |
| ABM Industries, Inc. | | | 20,588 | | | | 1,177,016 | |
American Woodmark Corp. (a) | | | 13,200 | | | | 1,198,296 | |
| Belden, Inc. | | | 5,390 | | | | 659,736 | |
| Bread Financial Holdings, Inc. | | | 22,175 | | | | 1,304,555 | |
| Douglas Dynamics, Inc. | | | 45,633 | | | | 1,181,438 | |
JELD-WEN Holding, Inc. (a) | | | 109,000 | | | | 1,187,010 | |
| Korn Ferry | | | 24,752 | | | | 1,939,072 | |
Masterbrand, Inc. (a) | | | 53,919 | | | | 932,799 | |
Resideo Technologies, Inc. (a) | | | 71,143 | | | | 1,933,667 | |
| Shyft Group, Inc. | | | 98,404 | | | | 1,387,496 | |
| TriMas Corp. | | | 65,419 | | | | 1,728,370 | |
TrueBlue, Inc. (a) | | | 72,113 | | | | 542,290 | |
| | | | | | | | 15,171,745 | |
| | | | | | | | | |
| Real Estate - 1.0% | | | | | |
| Marcus & Millichap, Inc. | | | 16,268 | | | | 676,912 | |
| | | | | | | | | |
| Technology - 5.2% | | | | | |
| Avnet, Inc. | | | 24,376 | | | | 1,333,611 | |
| Concentrix Corp. | | | 27,076 | | | | 1,217,066 | |
ScanSource, Inc. (a) | | | 16,716 | | | | 842,654 | |
| | | | | | | | 3,393,331 | |
TOTAL COMMON STOCKS (Cost $55,986,749) | | | | 62,901,493 | |
| | | | | | | | | |
| REAL ESTATE INVESTMENT TRUST - 0.9% | | | | | | | | |
| DiamondRock Hospitality Co. | | | 66,333 | | | | 615,570 | |
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $594,612) | | | | 615,570 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 2.6% | | | | | | | | |
| Money Market Fund - 2.6% | | | | | | | | |
First American Government Obligations Fund - Class X, 4.56% (b) | | | 1,692,152 | | | | 1,692,152 | |
TOTAL SHORT-TERM INVESTMENT (Cost $1,692,152) | | | | 1,692,152 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.6% (Cost $58,273,513) | | | | 65,209,215 | |
| Other Assets in Excess of Liabilities - 0.4% | | | | 248,859 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 65,458,074 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
PLC - Public Limited Company S.A. - Société Anonyme |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of November 30, 2024. |
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
Pzena Small Cap Value Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 62,901,493 | | | $ | – | | | $ | – | | | $ | 62,901,493 | |
| Real Estate Investment Trust | | | 615,570 | | | | – | | | | – | | | | 615,570 | |
| Money Market Fund | | | 1,692,152 | | | | – | | | | – | | | | 1,692,152 | |
| Total Investments | | $ | 65,209,215 | | | $ | – | | | $ | – | | | $ | 65,209,215 | |
| | |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | |
