PZENA MID CAP VALUE FUND

Investor Class PZVMX

Institutional Class PZIMX

PZENA EMERGING MARKETS VALUE FUND

Investor Class PZVEX

Institutional Class PZIEX

PZENA LONG/SHORT VALUE FUND

Investor Class PZVLX

Institutional Class PZILX

PZENA SMALL CAP VALUE FUND

Investor Class PZVSX

Institutional Class PZISX

PZENA INTERNATIONAL SMALL CAP VALUE FUND

Investor Class PZVIX

Institutional Class PZIIX

1-844-PZN-1996 (1-844-796-1996) • www.pzenafunds.com

Table of Contents

Letter to Shareholders	1

Pzena Funds Commentary
Pzena Mid Cap Value Fund	2
Pzena Emerging Markets Value Fund	4
Pzena Long/Short Value Fund	6
Pzena Small Cap Value Fund	8
Pzena International Small Cap Value Fund	10

Pzena Mid Cap Value Fund
Portfolio Allocation	12
Schedule of Investments	13

Pzena Emerging Markets Value Fund
Portfolio Allocation	14
Schedule of Investments	15
Portfolio Diversification	17

Pzena Long/Short Value Fund
Portfolio Allocation	18
Schedule of Investments	19
Schedule of Securities Sold Short	21

Pzena Small Cap Value Fund
Portfolio Allocation	23
Schedule of Investments	24

Pzena International Small Cap Value Fund
Portfolio Allocation	26
Schedule of Investments	27
Portfolio Diversification	29

Statements of Assets and Liabilities	30

Statements of Operations	32

Statements of Changes in Net Assets
Pzena Mid Cap Value Fund	34
Pzena Emerging Markets Value Fund	35
Pzena Long/Short Value Fund	36
Pzena Small Cap Value Fund	37
Pzena International Small Cap Value Fund	38

Statement of Cash Flows – Pzena Long/Short Value Fund	39

Financial Highlights
Pzena Mid Cap Value Fund	40
Pzena Emerging Markets Value Fund	42
Pzena Long/Short Value Fund	44
Pzena Small Cap Value Fund	46
Pzena International Small Cap Value Fund	48

Notes to Financial Statements	50

Expense Example	62

Notice to Shareholders	64

Privacy Notice	65

Dear Shareholder:

The global bull market in equities that began in March 2009 continued apace. Yet recently, strength in the U.S. market is overshadowing shorter-term forces affecting markets outside the U.S. The emerging markets have pulled back significantly since their high in January as investors worry about trade wars, U.S. interest rates and a strong dollar. Strength in the dollar has reduced the U.S. investor’s returns from overseas investments. And while economic progress roars ahead in the U.S., economic news from Europe is not as strong, as Brexit, tariff concerns, financial problems in Italy, and other events have led to a tapering off of business activity.

This period has also been remarkable for the severe headwinds value stocks have faced. Investors still maintain a preference for what has recently been working for them, namely high growth technology names and stable earners, both of which investors perceive to be immune to the normal economic forces. By way of example, over the past six months, just three names – accounting for 9.1% of the Russell 1000 Index – delivered 29% of the index’s return. Each is a technology company: Apple Inc., Amazon.com, Inc., and Microsoft Corporation.

Some of this strong performance is the result of a premium often bestowed on disruptors. Controversy swirls around disruptors and everything in their path. Retailers the world over, for example, have been faced with the challenge of e-commerce for well over a decade, and a long shadow now looms over every distributor and middle-man. The mere mention of Amazon’s interest in an industry sends investors scurrying for the exits. As the valuations of affected companies sag, our research kicks into high gear, aimed at identifying businesses with defensible franchises that present the opportunity for outsized gains. We rely on this research to differentiate between the potential winners and those destined to a bleak future. Interestingly, and often overlooked, many businesses assumed to be on the wrong side of technology are absorbing technology to make their already good franchises even better. Banks, autos, and industrial distribution provide the backdrop to illustrate how innovative technologies enhance their value proposition and how scale, service, and proximity provide competitive advantages that are hard for the disruptors to duplicate. There are many such examples in our Funds today.

Disruption, however, is not the only driver creating investment opportunities. Historically, over-reaction to earnings disappointments, restructuring situations, and other company-specific challenges, as well as macro events such as tariffs, have enabled us to build portfolios of stocks with, what we believe, have multiple pathways to their full earnings potential. Many of our holdings fall into this more-traditional bucket of value opportunities, and we are finding them in a wide variety of industries.

We continue to wait patiently for value to be realized in our holdings. The climate does, however, continue to present new opportunities as fear drives responses to near-term disappointment or stress. We remain excited by the scope and scale of the opportunity in value today which spans a range of companies and are optimistic that these values will ultimately be unlocked.

We thank you for your investment and commitment to Pzena Investment Management. As always, we welcome your comments and feedback.

Best regards,

Pzena Investment Management, LLC

Past performance does not guarantee future results.

Growth stocks typically are more volatile than value stocks; however, value stocks generally have a lower expected growth rate in earnings and sales.

Pzena Mid Cap Value Fund

Commentary

August 2018

Average Annual Total Returns for the semi-annual fiscal period ended August 31, 2018.

	Three	Six	One	Since Inception
	Months⁽¹⁾	Months⁽¹⁾	Year	(3/31/2014)
Pzena Mid Cap Value Fund – Investor Class (PZVMX)	3.57%	1.08%	12.19%	8.53%
Pzena Mid Cap Value Fund – Institutional Class (PZIMX)	3.64%	1.31%	12.54%	8.85%
Russell Midcap^® Value Index	4.96%	6.89%	12.67%	9.08%

(1)	Not annualized.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 30 days or less. If it did, total returns would be reduced.

PZVMX Expense Ratio – Gross: 3.71%

PZVMX Expense Ratio – Net: 1.26%*

PZIMX Expense Ratio – Gross: 2.84%

PZIMX Expense Ratio – Net: 0.91%*

Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018.

*	Pzena Investment Management, LLC, the Fund’s investment adviser, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019.

Burgeoning trade wars, European political fear, and rising interest rates all conspired to make markets volatile over the past six months, and drove investors towards companies viewed as delivering reliable growth, with little concern for their valuations. Growth stocks outpaced value by a wide margin across the market cap spectrum. The Russell 1000 Value Index and Russell Midcap Value Index advanced 4.86% and 6.89%, respectively, compared to the Russell 1000 Growth Index’s return of 11.66% and Russell Midcap Growth Index’s return of 11.26%. In the Russell Midcap Value Index, financial services, energy, and utilities drove returns, while materials & processing and consumer discretionary were the only sectors in the red.

The continued focus in the market on growth and certainty weighed on Fund performance over the period. Pharmaceutical distributor, Cardinal Health, Inc. (“Cardinal”), declined 23.29%, as the company reported operating and integration issues in its medical segment relating to the Cordis acquisition. The company’s pricing guidance for the pharmaceutical segment was also weaker than expectations. We remain constructive on Cardinal, however, and fellow Fund holding McKesson Corp. The pharmaceutical distributors operate in a highly regulated and evolved industry with efficient operations that operate at low margins, which we believe create significant barriers to entry for a new player. In consumer discretionary, car rental company Avis Budget Group, Inc., traded down 31.14% on continued concerns around used vehicle values and industry pricing, though operating results for the start of the year showed encouraging trends. Also weak was door and window manufacturer, JELD-WEN Holding, Inc. (“JELD-WEN”), as shares declined 21.95%, reflecting concerns about rising costs, recent weakness in organic growth, and an adverse legal decision in an action brought by a customer. JELD-WEN also replaced its CEO over disappointing earnings in recent quarters. Our investment case continues to be based on an attractive duopoly market structure and the company’s ability to generate high returns on capital over the long-term.

Positions in producer durables were the main contributors in the Fund, led by KBR, Inc. (“KBR”) and Carlisle Companies Incorporated (“Carlisle”). KBR, the global engineering and construction firm with a focus on LNG and Government Services, gained 39.85% during the period. For the company’s most recent quarter, KBR reported 11% organic growth in Government Services on higher defense spending. Management raised 2018 guidance, and provided bullish 2019 commentary, on expectations KBR should begin to benefit from LNG and other hydrocarbon recovery. Similarly, Carlisle recently reported strong quarterly results, as earnings beat consensus on higher revenue growth, better margins, and a lower tax rate.

During the period, we initiated several new positions in the Fund, most notably Anixter International Inc. (“Anixter”), Fifth Third Bancorp, and Newell Brands Inc. Anixter is a distributor of enterprise cabling and security products, electrical wiring and cable products. Stock performance has been weak as the Network & Security Solutions division posted negative organic growth and margin pressure due to lower vendor rebates and higher transportation costs. We believe the lull in growth is temporary and that the company

Pzena Mid Cap Value Fund

Commentary (Continued)

August 2018

ultimately should be able to recover margin due to its strong competitive positioning and value proposition. Fifth Third Bancorp, a regional bank, has been executing on several strategic initiatives, and has been improving balance sheet mix, product offerings, and customer experience. Capital levels remain elevated, and we believe there is a significant opportunity for capital return in excess of earnings. Newell Brands Inc. is a consumer products company that recently merged with Jarden and now owns a collection of well-known brands including Graco, Coleman, Rubbermaid, and Calphalon. Integration issues, the sudden bankruptcy of Toys-R-Us, and inventory tightening by office superstores pressured sales and margins. The long-term profit history of the brands bolsters our belief in the durability of the franchise, and management has a credible plan to sell the non-core brands to reduce leverage, which enabled us to purchase this diverse set of brands at what we believe to be an attractive valuation. Other new positions in the Fund included McKesson Corporation, AXA Equitable Holdings, Inc., National Oilwell Varco, Inc., Snap-on Incorporated, Realogy Holdings Corp, and Foot Locker Inc.

To help fund our purchases, there were several sells during the period. We exited XL Group Ltd. as it rallied on news that it was being acquired by AXA S.A., and did the same with Validus Holdings, Ltd. as American International Group Inc. is in the process of acquiring the insurer. We eliminated our position in Micro Focus International plc, which spun out of Hewlett Packard Enterprise Co. a year ago, as we were concerned about the deterioration in its operations. We sold Superior Energy Services, Inc. and used the proceeds to build our position in National Oilwell Varco, Inc. We also exited Lamar Advertising Company, Comerica Incorporated, HP Inc., Flex Ltd., Webster Financial Corporation, Hilton Worldwide Holdings Inc, and Torchmark Corporation, all on valuation.

Valuation dispersion in the market remains wide, and while in aggregate the market appears overvalued, we continue to see opportunities in a broad range of industries. The Fund remains invested in attractively valued, economically sensitive sectors including financials and producer durables, with limited exposure to consumer staples, utilities, and materials as valuations in these sectors are less attractive.

Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible. Investments in mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Mid Cap Fund may underperform other funds that use different investing styles. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate.

Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information.

The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

The Russell Midcap^® Value Index is an unmanaged index that measures the performance of those Russell Mid Cap^® companies with lower price-to-book ratios and lower forecasted growth rates. The Russell Midcap^® Growth Index is an unmanaged index that measures the performance of those Russell Mid Cap^® companies with higher price-to-book ratios and higher forecasted growth rates. The Russell 1000^® Value Index is an unmanaged index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth rates. Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios, higher predicted and historical growth rates. An index cannot be invested in directly.

Pzena Emerging Markets Value Fund

Commentary

August 2018

Average Annual Total Returns for the semi-annual fiscal period ended August 31, 2018.

	Three	Six	One	Since Inception
	Months⁽¹⁾	Months⁽¹⁾	Year	(3/31/2014)
Pzena Emerging Markets Value Fund – Investor Class (PZVEX)	-2.88%	-8.81%	-2.90%	1.97%
Pzena Emerging Markets Value Fund – Institutional Class (PZIEX)	-2.88%	-8.64%	-2.65%	2.24%
MSCI Emerging Markets Index	-4.70%	-10.18%	-0.68%	3.90%

(1)	Not annualized.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced.

PZVEX Expense Ratio – Gross: 2.07%

PZVEX Expense Ratio – Net: 1.61%*

PZIEX Expense Ratio – Gross: 1.76%

PZIEX Expense Ratio – Net: 1.26%*

Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018.

*	Pzena Investment Management, LLC, the Fund’s investment adviser, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019.

Emerging market equities saw outflows during the past six months, as fears over growing protectionist policies, rising geopolitical tensions, and tighter Federal Reserve monetary policy took hold. The MSCI Emerging Markets Index declined by 10.18%. Political uncertainty in Brazil (-28.37%) and the heightened financial crisis in Turkey (-54.86%) caused investors to flee those countries at the greatest pace, while Qatar was up significantly (+21.83%), followed by modest gains in India and Egypt. All sectors declined; energy was the most resilient, down only 0.99%, as crude oil prices strengthened during the period. The Fund was down but outperformed its benchmark driven by stock selection in information technology and positions in China.

On an individual basis, leading detractors were Turkish bank Akbank TAS (“Akbank”), Brazilian water and sewage utility company, Companhia de Saneamento Basico do Estado de Sao Paulo SABESP (“SABESP”), and Standard Chartered PLC (“Standard Chartered”), a London-headquartered bank with approximately 90% of its revenues from Asia, Africa and the Middle East. Akbank declined 67.72%, as Turkey’s already fragile financial health worsened during recent months and the value of the lira continues to decline. Despite announcing good numbers during the latest quarter, that showed earnings per share beating consensus driven by better revenue and lower bad debt provisions, Akbank is highly sensitive to the macro economy and its impact on the credit cycle. SABESP was down 47.63%, reporting an earnings miss that followed on the heels of a sudden CEO replacement and a disappointing tariff decision by the regulator. EBITDA missed consensus (by ~3%) due to weaker than expected water sales volumes and higher costs across the board. Standard Chartered reported a couple of disappointing quarters with lower-than-expected revenue growth and higher-than-expected costs, although a positive was capital ratios showed improvement. We maintain our positions in Akbank, SABESP, and Standard Chartered.

Leading contributors were the Chinese PC, smartphone, and data center equipment manufacturer Lenovo Group (“Lenovo”) and Russian energy names Rosneft Oil Co. (“Rosneft”) and Lukoil PJSC (“Lukoil”). Lenovo, up 31.22%, recently reported better-than-expected and encouraging 1QFY19 results, characterized by healthy topline growth and an improvement in operating income and margins. By segment, PC sales were strong; Mobile and Data Center continued to lose money, but the level of losses appears to be declining with both segments, showing signs that management’s turnaround efforts appear to be progressing. Russian oil majors, Rosneft (+11.76%) and Lukoil (+6.68%), both benefitted from rising crude oil prices during the period. Rosneft announced changes to the strategic outlook, focusing on capital discipline and capital return, looking for a 50% payout ratio and a $2 billion buyback, via lower capex, the sale of non-core assets, and some borrowing. Similar to Rosneft, Lukoil strengthened as it announced a share buyback program and improved their capital return policy to shareholders.

The largest additions to the Fund the past six months were Asian companies ICICI Bank Limited (“ICICI Bank”), Huadian Power International Corp. Ltd. (“Huadian Power”) and Realtek Semiconductor Corp. (“Realtek”). At around 11x our estimate of normalized earnings, private sector bank ICICI is more richly valued than our existing holdings in Indian public-sector banks, but its higher

Pzena Emerging Markets Value Fund

Commentary (Continued)

August 2018

quality (both credit and deposit franchise) makes it a good candidate to increase our exposure to the unwinding of the Indian infrastructure boom. Huadian Power is one of the largest coal utilities in China. While Huadian Power’s profitability has been hurt by rising coal prices, we believe it should improve through a combination of regulatory price increases and coal price normalization. Realtek is a Taiwan-based fabless semiconductor company with approximately $1.4bn in sales, serving end markets like communications, PC peripheral and media. The company has followed a strategy of becoming a market leader by focusing on mature tech categories by focusing on being the cost leader in each market. The company has continued to gain share and recent weakness in its gross margins led to the underperformance of the stock and have created an attractive opportunity. We believe these issues are temporary and should be resolved, as the company executes on launching higher performance WiFi chips and gains share in the auto ethernet business. We exited our position in Russian energy major, PJSC Gazprom, due to its questionable capital discipline.

The opportunity set in emerging markets continues to be highly idiosyncratic based on company-specific opportunities. The Fund’s largest weightings are to the financial and information technology sectors, though we remain below the index weight in both. We do not own any real estate stocks and have a small exposure to health care and consumer staples. Regionally, Asia is our largest area of focus, represented by large weightings to China and Korea; Latin America remains underrepresented.

Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The Fund may invest in participation notes which are a type of equity linked derivative and involve counterparty risk and risk that the performance of the security may not exactly match the performance of the issuer. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate.

Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

EBITDA: Earnings before interest, taxes, depreciation and amortization (EBITDA) refers to a company’s earnings with interest, taxes, depreciation and amortization expenses added back to it.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets, and provides equity returns including dividends net of withholding tax rates as calculated by MSCI. The index cannot be invested in directly.

Pzena Long/Short Value Fund

Commentary

August 2018

Average Annual Total Returns for the semi-annual fiscal period ended August 31, 2018.

	Three	Six	One	Since Inception
	Months⁽¹⁾	Months⁽¹⁾	Year	(3/31/2014)
Pzena Long/Short Value Fund – Investor Class (PZVLX)	0.10%	-3.32%	3.25%	2.52%
Pzena Long/Short Value Fund – Institutional Class (PZILX)	0.19%	-3.10%	3.61%	2.82%
Russell 1000^® Index	7.71%	8.32%	19.82%	12.47%
ICE BofAML 0-3 Month U.S. Treasury Bill Index	0.49%	0.91%	1.47%	0.50%
50% Russell 1000^® Index/50% ICE BofAML
0-3 Month U.S. Treasury Bill Index	4.07%	4.59%	10.39%	6.45%

(1)	Not annualized.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced.

PZVLX Expense Ratio – Gross: 7.49%

PZVLX Expense Ratio – Net: 2.85%*

PZILX Expense Ratio – Gross: 6.73%

PZILX Expense Ratio – Net: 2.50%*

Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018.

*	Pzena Investment Management, LLC, the Fund’s investment adviser, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019.

Burgeoning trade wars, European political fear, and rising interest rates all conspired to make markets volatile over the past six months. Growth stocks outpaced value by a wide margin, with the Russell 1000 Value Index advancing 4.86% for the six months through August 31st, compared to the Growth Index that returned 11.66%, resulting in a 8.32% return for the style neutral Russell 1000 Index. Growth’s outperformance was led by a narrow group of stocks (Amazon.com, Inc., Apple Inc., Microsoft Corporation, Alphabet Inc., Netflix, Inc.), as investors stayed away from stability and yield in favor of companies viewed as delivering reliable growth, with little concern for their valuations. On the other hand, companies that disappointed in delivering growth were severely punished. The Russell 1000 Index was driven by, not surprisingly, technology, followed by health care and consumer discretionary. No sector delivered negative returns; materials & processing and consumer staples lagged most.

The Fund underperformed the Russell 1000 Index and our custom benchmark. The underperformance was primarily driven by our long book which lagged the performance of both the Russell 1000 Index and Russell 1000 Value Index for the period. The short book contributed modestly in the period as the short book’s performance lagged that of the Russell 1000 Index. Long and short positioning in financial services and healthcare, and long positioning in consumer discretionary and technology had the largest impact on performance. Our three largest individual detractors were long positions in Ingredion Inc. (“Ingredion”), down 21.85%, JELD-WEN Holding, Inc. (“JEL-WEN”), down 21.95%, and Morgan Stanley, down 11.90%. Ingredion (starches and sweeteners producer) declined on weaker-than-expected second quarter earnings per share due to lower-than-expected North America performance. JELD-WEN (door and window manufacturer) was weak, reflecting concerns about rising costs, recent weakness in organic growth, and an adverse legal decision in an action brought by a customer. JELD-WEN also replaced its CEO over disappointing earnings. Our investment case continues to be based on an attractive duopoly market structure and the company’s ability to generate high returns on capital over the long-term. Morgan Stanley (universal bank) has reported strong quarterly results and raised guidance, but macro concerns around yield curve inversion, trade wars, and European political uncertainty drove the sector lower. In the short book, health care and financial services positions were the top detractors. Biotech names, for example, such as FibroGen, Inc. and Seattle Genetics, Inc. continued to move against the Fund, as did real estate investment trusts (“REITS”), CyrusOne Inc., and Sun Communities, Inc.

Market leadership by growth stocks has contributed to a widening of valuation spreads to one of the widest points in the past 50+ years. Although the broad market appears fully valued, we believe wide spreads continue to offer a good environment for value investing and we see an assortment of attractive value investments and a broadening opportunity set. Overall, our long book is exposed

Pzena Long/Short Value Fund

Commentary (Continued)

August 2018

to sectors whose earnings are depressed and expectations are low: principally financials, as we continue to see strong earnings growth from large expense reductions and share buybacks, health care, technology, and consumer discretionary names. Our short book is exposed to stocks with rich valuations across sectors like the biotech stocks in health care; some of the new technology stocks in IT; and REITS within financial services. Financials is still our largest net exposure, followed by the health care and consumer discretionary sectors, and we are net short the materials & processing and consumer staples sectors. We remain encouraged by the breadth and depth of opportunities today and are optimistic that these values will ultimately be unlocked.

Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested in these securities. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Long/Short Fund may underperform other funds that use different investing styles. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate.

Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information.

The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

The Russell 1000^® Index is an unmanaged index and is a subset of the Russell 3000^® Index; it measures the performance of approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Value Index is an unmanaged index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth rates. An index cannot be invested in directly. The Bank of America Merrill Lynch 0-3 month U.S. Treasury Bill Index measures the performance of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index cannot be invested in directly. The blended index represents a 50% weighting of the Russell 1000^® Index, and a 50% weighting of the Bank of America Merrill Lynch 0-3 month U.S. Treasury Bill Index, both described above.

Pzena Small Cap Value Fund

Commentary

August 2018

Average Annual Total Returns for the semi-annual fiscal period ended August 31, 2018.

	Three	Six	One	Since Inception
	Months⁽¹⁾	Months⁽¹⁾	Year	(4/27/2016)
Pzena Small Cap Value Fund – Investor Class (PZVSX)	-0.16%	11.35%	17.82%	12.99%
Pzena Small Cap Value Fund – Institutional Class (PZISX)	-0.08%	11.55%	18.20%	13.36%
Russell 2000^® Value Index	4.82%	14.24%	20.05%	18.21%

(1)	Not annualized.

PZVSX Expense Ratio – Gross: 2.95%

PZVSX Expense Ratio – Net: 1.56%*

PZISX Expense Ratio – Gross: 2.57%

PZISX Expense Ratio – Net: 1.21%*

Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018.

*	Pzena Investment Management, LLC, the Fund’s investment adviser, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019.

Small cap stocks delivered very strong returns, performing significantly better than their large cap peers (which also rose), as the threat of foreign tariffs and the benefits of domestic tax cuts drove investors toward smaller companies that tend to be more domestically focused. Small cap value stocks trailed their growth peers, though the gap was less significant than it was in the large cap space. Additionally, M&A activities continued to heat up, with many of the Fund’s positions benefiting from acquisitions or takeover speculation. The strongest returns in the Russell 2000 Value Index came from energy, health care, and utilities stocks.

The Fund’s return trailed the Russell 2000 Value Index as holdings in technology (the ATM manufacturer Diebold Nixdorf, Incorporated (“Diebold”) was the Fund’s largest detractor), consumer discretionary (Avis Budget Group, Inc., was the second-largest detractor) and health care sectors lagged. Diebold traded down as weak results and the new CEO’s expensive restructuring plans have caused free cash flow to turn negative, increasing the company’s leverage. The weakening of the balance sheet put the company at risk of tripping covenants and having to raise new capital, increasing the range of outcomes for the stock and leading to us exiting the position. Avis Budget Group, Inc., was down on continued concerns around used vehicle values and industry pricing, though operating results for the start of the year showed encouraging trends. The third-largest detractor was door and window manufacturer, JELD-WEN Holding, Inc. (“JELD-WEN”), which was down on concerns about rising costs, recent weakness in organic growth, and an adverse legal decision in an action brought by a customer. JELD-WEN also replaced its CEO over disappointing earnings. Our investment case continues to be based on an attractive duopoly market structure and the company’s ability to generate high returns on capital over the long-term.

Conversely, strong performance was delivered by producer durables holdings, led by Essendant, Inc. (“Essendant”), up 86.92% during the period. Essendant (wholesaler of office essentials) was strong after announcing a transaction to combine with competitor S.P. Richards, which should drive substantial synergies, as well as on news that Staples tried to acquire the company. Insight Enterprises (tech. value-added reseller) was another strong performer, up 57.86%; the company reported very strong results in May and raised its 2018 guidance. Earnings per share was well ahead of consensus driven by solid sales on a continued strong device refresh cycle (mostly PCs but also servers) as well as growth in its services business. The company has also demonstrated strong SG&A (selling, general & administrative expense) management, which together with the sales growth has led to better-than-expected operating margins.

During the period we initiated a position in Celestica Inc., an electronic manufacturing services (EMS) company with a global footprint, in Navigant, a professional services company that has a strong consulting franchise and is building a revenue cycle management outsourcing business for hospital groups, and in Ryder Systems, Inc., a leading provider of commercial fleet management and supply chain solutions. And we added the leading provider of neonatal physician services, MEDNAX, Inc., which, despite a long

Pzena Small Cap Value Fund

Commentary (Continued)

August 2018

history of stable margins, has seen earnings suffer recently from weak birth volumes, adverse payer mix, and cyclical wage inflation, which we expect to be offset by management actions and normalization in births. In addition to Diebold, we sold Validus Holdings, Ltd. as AIG (American International Group, Inc.) is in the process of acquiring the insurer, Ply Gem Holdings, Inc. (window and siding manufacturer), which is being acquired by private equity, and Verifone Systems, Inc. (payment terminals), which was acquired by private equity at a substantial premium. We sold our remaining position in Owens & Minor Inc. (health care distributor) as challenging business trends and an expensive acquisition led to lower normalized earnings power and General Cable Corp. (leading wire and cable manufacturer) which was acquired by Italian competitor, Prysmian Group, at a large premium. We trimmed Cubic Corporation (leading developer of mass transit fair collection systems), Chart Industries, Inc. (maker of liquefied gas solutions) and Evertec Inc. (Puerto Rico based data processor), all on valuation.

We continue to see opportunities in a broader number of industries due to market moves in recent months but the Fund remains heavily invested in attractively valued, economically sensitive sectors including financials and producer durables, as well as certain areas of technology, such as specialty technology hardware companies in consolidated markets. We still aren’t finding opportunities in perceived ‘safe’ sectors including REITs and utilities.

Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible. Investments in small-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Small Cap Value Fund may underperform other funds that use different investing styles. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate.

Free cash flow is calculated as operating cash flow minus capital expenditures.

The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. The index cannot be invested in directly.

Pzena International Small Cap Value Fund

Commentary

August 2018

Average Annual Total Returns for the semi-annual period ended August 31, 2018.

	Since Inception⁽¹⁾
	(7/2/2018)
Pzena International Small Cap Value Fund – Investor Class (PZVIX)	1.00%
Pzena International Small Cap Value Fund – Institutional Class (PZIIX)	1.10%
MSCI World ex-USA Small Cap Index	1.44%

(1)	Not annualized.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced.

PZVIX Expense Ratio – Gross: 5.69%

PZVIX Expense Ratio – Net: 1.52%*

PZIIX Expense Ratio – Gross: 5.34%

PZIIX Expense Ratio – Net: 1.17%*

Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018.

*	Pzena Investment Management, LLC, the Fund’s investment adviser, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019.

International small cap equity performance was mixed in the two-month period since Fund inception (July 2, 2018 to August 31, 2018). The Fund slightly underperformed the broad MSCI World ex-USA Small Cap Index in a market environment that favored growth over value. Sector performance was mixed, with the energy and materials sectors contributing positively, offsetting weakness in consumer staples.

Individually, the top contributors were Japanese chemical company, DIC Corporation (“DIC”) and French electrical distributor, Rexel SA (“Rexel”), both up 14%. DIC reported solid quarterly results in the period and maintained full-year guidance despite higher raw material input prices due to the strong performance of Packaging Inks and Fine Chemicals. Investments DIC has made to leverage its technological capabilities in color pigments and resins are paying off, and, while the company remains the largest publishing ink manufacturer, that business now accounts for less than one third of profits. We continue to expect both earnings improvement and market appreciation from this transformation. Rexel also reported strong quarterly earnings during the period with strength in the USA. The U.S. division saw expanded margins and faster organic growth, both positive data points for the self-help initiatives undertaken by the new management team.

The largest individual detractor from performance came from exchange-traded fund liquidity provider, Flow Traders NV, which fell by 20% after second-quarter earnings reported net-trading income declines with sequentially lower trading volume and volatility after a record first quarter. We believe the company’s fundamental earnings drivers remain misunderstood, and we continue to hold the position. Aryzta AG (“Aryzta”), the global provider of Swiss-based baker and servicer of bread and pastry products, also detracted from returns. We bought a small initial position in the company due to its high financial leverage. Meanwhile, management’s announcement of its intent to raise additional capital through a rights issue sent shares plunging (-39%). The increased equity is ultimately positive for Aryzta’s investment case. This positive step buys time and financial flexibility for the new management team to streamline its portfolio and execute on the significant self-help opportunities available in both its U.S. and European markets. The reduced share price during the quarter, provided us with an opportunity to add to our position.

Our Fund remains skewed toward cyclically depressed exposures in financials and industrials, focused on companies with substantial self-help opportunities where market concerns over earnings uncertainty and volatility have created what we believe are attractive valuations.

Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible. Investments in small- and mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences

Pzena International Small Cap Value Fund

Commentary (Continued)

August 2018

in accounting methods. These risks are greater for investments in Emerging Markets. The fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The fund may invest in p-notes which are a type of equity linked derivative and involve counterparty risk and risk that the performance of the security may not exactly match the performance of the issuer. Investments in REITs are subject to the risks associated with the direct ownership of real estate.

Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information.

The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

The MSCI World ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries* (excluding the United States). With 2,580 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. *DM countries in this index include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

Pzena Mid Cap Value Fund

Portfolio Allocation

August 31, 2018 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2018.

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

Schedule of Investments

August 31, 2018 (Unaudited)

						% of
	Shares		Fair Value			Net Assets
COMMON STOCKS – 97.52%
Consumer Discretionary – 11.42%
Avis Budget Group, Inc. (a)		28,600	$	889,746			1.91	%
Foot Locker, Inc.		8,073		397,999			0.85	%
Interpublic Group of Cos., Inc.		48,160		1,124,536			2.41	%
Newell Brands, Inc.		41,323		897,535			1.92	%
News Corp.		55,242		722,013			1.55	%
Omnicom Group, Inc.		18,671		1,294,274			2.78	%
				5,326,103			11.42	%

Energy – 7.99%
Cenovus Energy, Inc. (b)		81,507		758,830			1.63	%
Murphy Oil Corp.		27,235		839,655			1.80	%
National Oilwell Varco, Inc.		20,586		968,983			2.08	%
TechnipFMC PLC (b)		37,890		1,160,571			2.48	%
				3,728,039			7.99	%

Financial Services – 32.83%
Allstate Corp.		4,675		470,165			1.01	%
Apollo Global
Management LLC – Class A		28,658		989,561			2.12	%
AXA Equitable Holdings, Inc.		43,801		1,005,233			2.15	%
Axis Capital Holdings, Ltd. (b)		29,006		1,668,425			3.58	%
Fifth Third Bancorp		36,056		1,061,128			2.27	%
Franklin Resources, Inc.		28,693		910,716			1.95	%
Hanover Insurance Group, Inc.		9,699		1,188,031			2.55	%
Invesco, Ltd. (b)		34,314		826,967			1.77	%
KeyCorp		63,302		1,333,773			2.86	%
KKR & Co, Inc. – Class A		63,481		1,655,585			3.55	%
Realogy Holdings Corp.		31,653		677,058			1.45	%
Regions Financial Corp.		60,616		1,179,587			2.53	%
Voya Financial, Inc.		26,188		1,311,233			2.81	%
Willis Towers Watson PLC (b)		7,068		1,040,904			2.23	%
				15,318,366			32.83	%

Health Care – 9.78%
Cardinal Health, Inc.		18,508		965,933			2.07	%
McKesson Corp.		7,467		961,376			2.06	%
MEDNAX, Inc. (a)		19,522		924,367			1.98	%
Mylan N.V. (a)(b)		43,711		1,710,411			3.67	%
				4,562,087			9.78	%

Materials & Processing – 2.95%
JELD-WEN Holding, Inc. (a)		56,550		1,375,296			2.95	%

Producer Durables – 18.52%
AECOM Technology Corp. (a)		25,131		845,407			1.81	%
Carlisle Cos., Inc.		12,087		1,532,752			3.29	%
Dover Corp.		10,868		933,235			2.00	%
Genpact, Ltd. (b)		27,146		831,753			1.78	%
KBR, Inc.		54,203		1,137,179			2.44	%
Ryder System, Inc.		18,276		1,404,328			3.01	%
Snap-on, Inc.		5,919		1,046,361			2.24	%
Terex Corp.		23,418		907,448			1.95	%
				8,638,463			18.52	%

Technology – 10.95%
Anixter International, Inc. (a)		21,660		1,561,686			3.35	%
Avnet, Inc.		49,934		2,416,805			5.18	%
Hewlett Packard Enterprise Co.		68,275		1,128,586			2.42	%
				5,107,077			10.95	%

Utilities – 3.08%
Edison International		21,827		1,434,689			3.08	%
Total Common Stocks
(Cost $45,735,563)				45,490,120			97.52	%

SHORT-TERM INVESTMENTS – 2.88%
Money Market Fund – 2.88%
Fidelity Government Portfolio –
Class I, 1.82% (c)		1,342,508		1,342,508			2.88	%
Total Short-Term Investments
(Cost $1,342,508)				1,342,508			2.88	%
Total Investments
(Cost $47,078,071) – 100.40%				46,832,628			100.40	%
Liabilities in Excess
of Other Assets – (0.40)%				(187,195	)		(0.40	)%
TOTAL NET ASSETS – 100.00%			$	46,645,433			100.00	%

Percentages are stated as a percent of net assets.

PLC Public Limited Company

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate listed is the Fund’s 7-day yield as of August 31, 2018.

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund

Portfolio Allocation

August 31, 2018 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2018.

Pzena Emerging Markets Value Fund

Schedule of Investments

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 89.51%
Brazil – 1.94%
Cia de Saneamento Basico
do Estrado de San Paulo		671,970	$	3,999,055		1.94	%

China – 22.00%
Baidu, Inc. – ADR (a)		18,265		4,136,657		2.00	%
China Agri-Industries
Holdings, Ltd.		10,448,000		4,153,242		2.01	%
China Construction
Bank Corp.		2,286,000		2,024,233		0.98	%
China Dongxiang Group Co.		6,522,000		1,080,248		0.52	%
China Mobile, Ltd.		851,500		8,006,460		3.88	%
China Resources Power
Holdings Co., Ltd.		2,794,000		5,033,561		2.44	%
China Shenhua Energy
Co., Ltd.		879,000		1,959,866		0.95	%
China Shineway
Pharmaceutical Group, Ltd.		233,000		328,924		0.16	%
Dah Chong Hong
Holdings, Ltd.		2,241,879		974,016		0.47	%
Dongfeng Motor
Group Co., Ltd.		4,144,000		4,630,404		2.24	%
Grand Baoxin Auto
Group, Ltd.		10,501,500		2,876,665		1.39	%
Huadian Power
International Corp Ltd.		8,074,000		3,003,801		1.46	%
Lenovo Group, Ltd.		11,056,000		7,212,195		3.50	%
				45,420,272		22.00	%

Czech Republic – 2.01%
CEZ		164,198		4,161,805		2.01	%

Greece – 0.15%
Alpha Bank AE (a)		82,998		152,410		0.08	%
National Bank of
Greece S.A. (a)		53,031		150,688		0.07	%
				303,098		0.15	%

Hong Kong – 2.64%
Pacific Basin
Shipping, Ltd.		21,022,000		5,035,370		2.44	%
Stella International
Holdings, Ltd.		157,000		157,825		0.08	%
Texwinca Holdings, Ltd.		542,000		250,672		0.12	%
				5,443,867		2.64	%

Hungary – 1.10%
Magyar Telekom
Telecommunications PLC		202,472		296,787		0.15	%
OTP Bank PLC		53,449		1,967,684		0.95	%
				2,264,471		1.10	%

India – 4.49%
ICICI Bank, Ltd. – ADR		405,106		3,901,171		1.89	%
Reliance Industries,
Ltd. – GDR		45,334		1,568,556		0.76	%
State Bank of India – GDR (a)		87,549		3,804,004		1.84	%
				9,273,731		4.49	%

Indonesia – 0.66%
Bank Danamon
Indonesia Tbk PT		2,957,100		1,365,124		0.66	%

Malaysia – 1.98%
Genting Malaysia Berhad		3,217,800		4,087,338		1.98	%

Poland – 1.24%
Cyfrowy Polsat S.A. (a)		420,819		2,552,138		1.24	%

Republic of Korea – 17.53%
Dongbu Insurance Co., Ltd.		72,620		4,175,250		2.02	%
Hana Financial Group, Inc.		79,067		3,032,979		1.47	%
Hyundai Heavy
Industries Co., Inc. (a)		55,030		5,833,482		2.82	%
Hyundai Motor Co.		10,047		1,128,217		0.55	%
KB Financial Group, Inc.		65,610		3,047,242		1.48	%
LG Electronics, Inc.		12,808		883,667		0.43	%
POSCO		24,925		7,310,796		3.54	%
Samsung Electronics Co., Ltd.		147,652		6,426,573		3.11	%
Samsung Electronics
Co., Ltd. – GDR		83		88,644		0.04	%
Shinhan Financial
Group Co., Ltd.		108,930		4,266,584		2.06	%
Shinhan Financial
Group Co., Ltd. – ADR (a)		450		17,739		0.01	%
				36,211,173		17.53	%

Romania – 0.64%
Banca Transilvania S.A.		2,252,204		1,324,147		0.64	%

Russian Federation – 7.59%
LUKOIL PJSC – ADR		77,216		5,327,904		2.58	%
MMC Norilsk Nickel
PJSC – ADR		315,111		5,218,238		2.53	%

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund

Schedule of Investments (Continued)

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 89.51% (Continued)
Russian Federation – 7.59% (Continued)
Rosneft Oil Co. – GDR		803,934	$	5,122,668		2.48	%
				15,668,810		7.59	%

Singapore – 2.39%
Wilmar International, Ltd.		2,117,300	$	4,936,330		2.39	%

South Africa – 3.52%
Reunert, Ltd.		565,785		2,927,683		1.42	%
Sasol		110,449		4,329,270		2.10	%
				7,256,953		3.52	%

Taiwan – 8.56%
Compal Electronics, Inc.		8,059,000		5,050,814		2.45	%
Hon Hai Precision
Industry Co., Ltd.		2,245,165		5,884,284		2.85	%
Realtek
Semiconductor Corp.		486,000		2,357,610		1.14	%
Taiwan Semiconductor
Manufacturing Co., Ltd.		520,000		4,334,039		2.10	%
Taiwan Semiconductor
Manufacturing Co., Ltd. – ADR		1,125		49,050		0.02	%
				17,675,797		8.56	%

Thailand – 2.41%
Bangkok Bank Public
Co., Ltd. – NVDR		530,400		3,322,090		1.61	%
Siam Commercial
Bank PLC – NVDR		363,700		1,644,595		0.80	%
				4,966,685		2.41	%

Turkey – 0.97%
Akbank T.A.S.		2,288,470		2,007,491		0.97	%

United Arab Emirates – 0.43%
Union National Bank PJSC		896,526		893,317		0.43	%

United Kingdom – 2.76%
Antofagasta PLC		62,550		653,282		0.32	%
Standard Chartered PLC		619,648		5,037,743		2.44	%
				5,691,025		2.76	%

United States – 4.50%
Cognizant Technology
Solutions Corp. – Class A		67,002		5,254,967		2.55	%
Flextronics
International, Ltd. (a)		148,290		2,044,919		0.99	%
Genpact, Ltd.		64,824		1,986,207		0.96	%
				9,286,093		4.50	%
Total Common Stocks
(Cost $185,731,701)				184,788,720		89.51	%

PREFERRED STOCKS – 4.69%
Brazil – 2.26%
Petroleo Brasileiro S.A., 0.53%		195,600		929,714		0.45	%
Randon SA Implementos e
Participacoes, 1.57%		201,716		329,829		0.16	%
Telefonica Brasil S.A. –
ADR, 7.65%		316,812		3,133,271		1.52	%
Usinas Siderurgicas de
Minas Gerais S.A., 0.59%		137,700		274,176		0.13	%
				4,666,990		2.26	%

Republic of Korea – 2.43%
Hyundai Motor Co., 5.17%		71,208		5,008,837		2.43	%
Total Preferred Stocks
(Cost $10,678,192)				9,675,827		4.69	%

SHORT-TERM INVESTMENTS – 5.54%
Money Market Fund – 5.54%
Fidelity Institutional
Government Portfolio –
Class I, 1.82%		11,447,396		11,447,396		5.54	%
Total Short-Term Investments
(Cost $11,447,396)				11,447,396		5.54	%
Total Investments
(Cost $207,857,289) – 99.74%				205,911,943		99.74	%
Other Assets in Excess
of Liabilities – 0.26%				529,866		0.26	%
TOTAL NET ASSETS – 100.00%			$	206,441,809		100.00	%

Percentages are stated as a percent of net assets.

ADR		American Depository Receipt
GDR		Global Depository Receipt
NVDR		Non-voting Depository Receipt
PJSC		Private Joint Stock Company
PLC		Public Limited Company
(a)		Non-income producing security.
(b)		The rate listed is the Fund’s 7-day yield as of August 31, 2018.

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund

Portfolio Diversification

August 31, 2018 (Unaudited)

	Fair		% of
	Value		Net Assets
COMMON STOCKS
Consumer Discretionary	$	18,621,191		9.02	%
Consumer Staples		9,089,572		4.40	%
Energy		13,978,994		6.77	%
Financials		42,134,490		20.41	%
Health Care		328,924		0.16	%
Industrials		13,796,534		6.68	%
Information Technology		44,825,960		21.72	%
Materials		17,511,586		8.48	%
Telecommunication Services		8,303,247		4.02	%
Utilities		16,198,222		7.85	%
Total Common Stocks		184,788,720		89.51	%

PREFERRED STOCKS
Consumer Discretionary		5,008,837		2.43	%
Energy		929,714		0.45	%
Industrials		329,829		0.16	%
Materials		274,176		0.13	%
Telecommunication Services		3,133,271		1.52	%
Total Preferred Stocks		9,675,827		4.69	%
Short-Term Investments		11,447,396		5.54	%
Total Investments		205,911,943		99.74	%
Other Assets in Excess
of Liabilities		529,866		0.26	%
Total Net Assets	$	206,441,809		100.00	%

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by Pzena Investment Management, LLC.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Portfolio Allocation

August 31, 2018 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments on long securities as of August 31, 2018.

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments on short securities as of August 31, 2018.

Pzena Long/Short Value Fund

Schedule of Investments

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 105.81%
Consumer Discretionary – 12.94%
AutoZone, Inc. (a)(d)		325	$	249,236		1.01	%
Booking Holdings, Inc. (a)(d)		221		431,293		1.75	%
Carter’s, Inc. (d)		3,083		326,582		1.32	%
Foot Locker, Inc.		2,306		113,686		0.46	%
Ford Motor Co. (d)		62,334		590,926		2.40	%
H&R Block, Inc. (d)		4,786		129,509		0.53	%
Interpublic Group
of Cos., Inc. (d)		3,503		81,795		0.33	%
Newell Brands, Inc.		12,038		261,465		1.06	%
News Corp. – Class A (d)		13,578		177,464		0.72	%
Omnicom Group, Inc. (d)		11,946		828,097		3.36	%
				3,190,053		12.94	%

Consumer Staples – 2.07%
CVS Health Corp. (d)		1,938		145,815		0.59	%
Ingredion, Inc. (d)		3,599		363,751		1.48	%
				509,566		2.07	%

Energy – 12.27%
Cenovus Energy, Inc. (b)(d)		14,298		133,114		0.54	%
ConocoPhillips (d)		6,886		505,639		2.05	%
ExxonMobil Corp. (d)		10,868		871,288		3.53	%
Halliburton Co. (d)		6,615		263,872		1.07	%
HollyFrontier Corp.		3,495		260,448		1.06	%
Murphy Oil Corp. (d)		9,493		292,669		1.19	%
National Oilwell Varco, Inc.		7,326		344,835		1.40	%
Royal Dutch
Shell PLC – ADR (b)(d)		5,393		351,785		1.43	%
				3,023,650		12.27	%

Financial Services – 30.67%
American International
Group, Inc. (d)		9,063		481,880		1.95	%
AXA Equitable Holdings, Inc.		12,856		295,045		1.20	%
Axis Capital
Holdings, Ltd. (b)(d)		4,917		282,826		1.15	%
Bank of America Corp. (d)		16,890		522,408		2.12	%
Capital One Financial
Corp. (d)		5,240		519,232		2.11	%
CBRE Group, Inc. –
Class A (a)		3,991		194,801		0.79	%
Chubb, Ltd. (b)(d)		1,003		135,646		0.55	%
Citigroup, Inc. (d)		8,218		585,450		2.38	%
Franklin Resources, Inc. (d)		10,187		323,335		1.31	%
Goldman Sachs Group, Inc. (d)		1,440		342,446		1.39	%
Jones Lang LaSalle, Inc. (d)		1,823		278,044		1.13	%
JPMorgan Chase & Co. (d)		3,676		421,196		1.71	%
KKR & Co, Inc. – Class A		7,031		183,368		0.74	%
Metlife, Inc. (d)		10,457		479,872		1.95	%
Morgan Stanley (d)		9,051		441,960		1.79	%
Regions Financial Corp. (d)		5,791		112,693		0.46	%
State Street Corp. (d)		3,404		295,842		1.20	%
UBS Group AG (b)(d)		8,061		126,235		0.51	%
Voya Financial, Inc. (d)		10,025		501,952		2.04	%
W.R. Berkley Corp. (d)		6,156		481,768		1.95	%
Wells Fargo & Co. (d)		8,029		469,536		1.90	%
Willis Towers Watson PLC (b)(d)		573		84,386		0.34	%
				7,559,921		30.67	%

Health Care – 15.18%
AmerisourceBergen Corp. (d)		1,521		136,844		0.56	%
Amgen, Inc. (d)		2,269		453,369		1.84	%
Biogen, Inc. (a)(d)		1,381		488,170		1.97	%
Celgene Corp. (a)(d)		3,674		347,009		1.41	%
Charles River Laboratories
International, Inc. (a)(d)		3,791		468,226		1.90	%
Express Scripts
Holding Co. (a)(d)		3,632		319,689		1.30	%
McKesson Corp. (d)		2,889		371,959		1.51	%
MEDNAX, Inc. (a)(d)		6,367		301,477		1.22	%
Mylan N.V. (a)(b)(d)		10,830		423,778		1.72	%
Zimmer Biomet
Holdings, Inc. (d)		3,490		431,469		1.75	%
				3,741,990		15.18	%

Materials & Processing – 2.73%
Alcoa Corp. (a)		2,633		117,616		0.48	%
JELD-WEN
Holding, Inc. (a)(d)		13,358		324,867		1.31	%
NewMarket Corp. (d)		576		230,999		0.94	%
				673,482		2.73	%

Producer Durables – 8.72%
AECOM Technology
Corp. (a)(d)		5,967		200,730		0.81	%
Carlisle Cos., Inc. (d)		1,024		129,853		0.53	%
Dover Corp. (d)		4,769		409,514		1.66	%
General Electric Co.		21,588		279,349		1.13	%
Genpact, Ltd. (b)(d)		12,393		379,722		1.54	%
Ryder System, Inc. (d)		5,712		438,910		1.79	%
Terex Corp. (d)		8,019		310,736		1.26	%
				2,148,814		8.72	%

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Schedule of Investments (Continued)

August 31, 2018 (Unaudited)

						% of
	Shares		Fair Value			Net Assets
COMMON STOCKS – 105.81% (Continued)
Technology – 15.26%
Amdocs, Ltd. (b)(d)		5,370	$	350,554			1.42	%
Avnet, Inc. (d)		14,993		725,661			2.95	%
Broadcom, Inc.		613		134,265			0.54	%
Cognizant Technology
Solutions Corp. – Class A (d)		8,304		651,283			2.64	%
Hewlett Packard
Enterprise Co. (d)		23,283		384,868			1.56	%
Oracle Corp. (d)		15,373		746,820			3.04	%
Qorvo, Inc. (a)(d)		3,076		246,357			1.00	%
SS&C Technologies
Holdings, Inc.		8,781		521,065			2.11	%
				3,760,873			15.26	%

Utilities – 5.97%
Edison International (d)		12,466		819,390			3.32	%
PG&E Corp. (d)		7,986		368,794			1.50	%
Southern Co. (d)		6,498		284,482			1.15	%
				1,472,666			5.97	%
Total Common Stocks
(Cost $26,098,578)				26,081,015			105.81	%

REITs – 6.50%
Financial Services – 6.50%
HCP, Inc.		17,258		466,484			1.89	%
Hospitality Properties Trust (d)		5,362		155,444			0.63	%
Lamar Advertising Co. –
Class A (d)		6,820		525,481			2.13	%
Omega Healthcare
Investors, Inc. (d)		10,272		339,490			1.38	%
Park Hotels & Resorts, Inc. (d)		3,463		115,837			0.47	%
Total REITs
(Cost $1,396,956)				1,602,736			6.50	%

SHORT-TERM INVESTMENTS – 0.57%
Money Market Fund – 0.57%
Fidelity Institutional
Government Portfolio –
Class I, 1.82% (c)		139,589		139,589			0.57	%
Total Short-Term Investments
(Cost $139,589)				139,589			0.57	%
Total Investments
(Cost $27,635,123) – 112.88%				27,823,340			112.88	%
Liabilities in Excess
of Other Assets – (12.88)%				(3,174,201	)		(12.88	)%
TOTAL NET ASSETS – 100.00%			$	24,649,139			100.00	%

Percentages are stated as a percent of net assets.

ADR		American Depository Receipt
PLC		Public Limited Company
REIT		Real Estate Investment Trust
(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		The rate listed is the Fund’s 7-day yield as of August 31, 2018.
(d)		All or a portion of the security has been pledged in connection with open short securities.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Schedule of Securities Sold Short

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 50.84%
Consumer Discretionary – 6.83%
Cable One, Inc.		243	$	203,571		0.83	%
Caesars Entertainment Corp. (a)		17,993		183,528		0.75	%
Charter Communications,
Inc. – Class A (a)		622		193,069		0.78	%
Home Depot, Inc.		1,117		224,260		0.91	%
Liberty Global PLC –
Class A (a)(b)		6,910		185,257		0.75	%
Lions Gate Entertainment
Corp. – Class A (b)		7,700		181,104		0.74	%
Tesla Inc. (a)		571		172,248		0.70	%
Wynn Resorts Ltd.		854		126,682		0.51	%
Yum! Brands, Inc.		2,449		212,794		0.86	%
				1,682,513		6.83	%

Consumer Staples – 5.57%
Casey’s General Stores, Inc.		1,665		190,093		0.77	%
Conagra Brands, Inc.		5,323		195,620		0.80	%
Constellation Brands, Inc.		901		187,588		0.76	%
Lancaster Colony Corp.		1,297		202,682		0.82	%
McCormick & Co., Inc.		1,565		195,437		0.79	%
Pinnacle Foods, Inc.		3,123		207,430		0.84	%
Sysco Corp.		2,604		194,832		0.79	%
				1,373,682		5.57	%

Energy – 3.89%
Cabot Oil & Gas Corp.		7,963		189,758		0.77	%
Core Laboratories N.V. (b)		1,664		190,611		0.77	%
EOG Resources, Inc.		1,653		195,434		0.79	%
EQT Corp.		3,890		198,468		0.81	%
Pioneer Natural Resources Co.		1,062		185,532		0.75	%
				959,803		3.89	%

Financial Services – 5.47%
Cboe Global Markets, Inc.		1,879		189,403		0.77	%
Erie Indemnity Co. – Class A		1,725		213,089		0.87	%
Global Payments, Inc.		1,408		175,409		0.71	%
Jefferies Financial Group, Inc.		8,790		204,104		0.83	%
Markel Corp. (a)		176		212,749		0.86	%
MarketAxess Holdings, Inc.		933		177,102		0.72	%
S&P Global, Inc.		849		175,785		0.71	%
				1,347,641		5.47	%

Health Care – 3.28%
Cantel Medical Corp.		1,830		177,510		0.72	%
IQVIA Holdings, Inc. (a)		1,283		163,056		0.66	%
Medidata Solutions, Inc. (a)		2,512		213,470		0.87	%
West Pharmaceutical
Services, Inc.		1,097		128,404		0.52	%
Zoetis, Inc.		1,384		125,390		0.51	%
				807,830		3.28	%

Materials & Processing – 6.68%
AptarGroup, Inc.		2,089		218,739		0.89	%
Lennox International, Inc.		964		214,789		0.87	%
Louisiana-Pacific Corp.		6,770		197,413		0.80	%
Newmont Mining Corp.		5,060		157,012		0.64	%
Royal Gold, Inc.		1,539		117,364		0.47	%
Steel Dynamics, Inc.		4,147		189,642		0.77	%
United States Steel Corp.		6,208		184,253		0.75	%
Vulcan Materials Co.		1,667		184,704		0.75	%
Watsco, Inc.		1,044		182,690		0.74	%
				1,646,606		6.68	%

Producer Durables – 9.54%
3M Co.		894		188,562		0.77	%
A.O. Smith Corp.		3,079		178,828		0.73	%
Arconic, Inc.		8,643		193,430		0.78	%
Boeing Co.		550		188,535		0.76	%
Brink’s Co.		2,639		198,189		0.80	%
Huntington Ingalls
Industries, Inc.		766		187,264		0.76	%
Knight-Swift Transportation
Holdings, Inc.		6,039		206,111		0.84	%
Mettler-Toledo
International, Inc. (a)		336		196,379		0.80	%
Old Dominion Freight Line, Inc.		1,313		200,101		0.81	%
Pentair PLC (b)		4,391		190,921		0.77	%
Roper Technologies, Inc.		708		211,246		0.86	%
Waste Management, Inc.		2,331		211,888		0.86	%
				2,351,454		9.54	%

Technology – 8.03%
Autodesk, Inc. (a)		1,344		207,446		0.84	%
Cognex Corp.		4,109		221,064		0.90	%
Cypress Semiconductor Corp.		11,251		193,630		0.78	%
EchoStar Corp. – Class A (a)		4,319		207,312		0.84	%
Lumentum Holdings, Inc. (a)		2,099		142,522		0.58	%
Monolithic Power Systems, Inc.		1,365		204,573		0.83	%
Pegasystems, Inc.		2,343		149,249		0.60	%
Take-Two Interactive
Software, Inc. (a)		1,434		191,525		0.78	%
Texas Instruments, Inc.		1,221		137,240		0.56	%

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Schedule of Securities Sold Short (Continued)

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 50.84% (Continued)
Technology – 8.03% (Continued)
Universal Display Corp.		1,572	$	192,413		0.78	%
ViaSat, Inc. (a)		2,112		132,676		0.54	%
				1,979,650		8.03	%

Utilities – 1.55%
American Water Works Co., Inc.		2,221		194,404		0.79	%
U.S. Cellular Corp. (a)		4,386		187,546		0.76	%
				381,950		1.55	%
Total Common Stocks
(Proceeds $12,191,037)				12,531,129		50.84	%

REITs – 8.76%
Financial Services – 8.76%
CoreSite Realty Corp.		1,147		133,591		0.54	%
Crown Castle International Corp.		1,930		220,078		0.89	%
CyrusOne, Inc.		2,534		169,677		0.69	%
Duke Realty Corp.		7,116		202,735		0.82	%
Essex Property Trust, Inc.		844		207,860		0.84	%
Invitation Homes, Inc.		9,013		210,634		0.86	%
JBG SMITH Properties		5,358		200,711		0.81	%
Liberty Property Trust		4,631		202,606		0.82	%
Macerich Co.		3,379		198,482		0.81	%
Prologis, Inc.		3,077		206,713		0.84	%
Sun Communities, Inc.		1,998		206,154		0.84	%
Total REITs
(Proceeds $2,032,160)				2,159,241		8.76	%

TOTAL SECURITIES
SOLD SHORT
(Proceeds $14,223,197) – 59.60%			$	14,690,370		59.60	%

Percentages are stated as a percent of net assets.

As of August 31, 2018 securities and cash collateral of $23,371,062 has been pledged in connection with open short securities.

REIT		Real Estate Investment Trust
PLC		Public Limited Company
(a)		Non-income producing security.
(b)		Foreign issued security.

The accompanying notes are an integral part of these financial statements.

Pzena Small Cap Value Fund

Portfolio Allocation

August 31, 2018 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2018.

Pzena Small Cap Value Fund

Schedule of Investments

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 97.04%
Consumer Discretionary – 2.30%
Avis Budget Group, Inc. (a)		16,536	$	514,435		2.30	%

Consumer Staples – 3.77%
Universal Corp.		14,110		843,778		3.77	%

Energy – 4.70%
Murphy Oil Corp.		26,681		822,575		3.67	%
Superior Energy Services, Inc. (a)		25,619		230,571		1.03	%
				1,053,146		4.70	%

Financial Services – 32.65%
American Equity Investment
Life Holding Co.		15,676		581,423		2.59	%
Argo Group International
Holdings, Ltd. (b)		7,404		471,635		2.10	%
Aspen Insurance
Holdings, Ltd. (b)		18,437		758,682		3.39	%
Associated Banc-Corp		29,479		803,303		3.59	%
Axis Capital Holdings, Ltd. (b)		14,607		840,195		3.75	%
EVERTEC, Inc. (b)		14,017		337,109		1.50	%
First Midwest Bancorp, Inc.		16,707		454,096		2.03	%
Hanover Insurance Group, Inc.		3,610		442,189		1.97	%
Hope Bancorp, Inc.		39,890		698,474		3.12	%
Realogy Holdings Corp.		21,702		464,206		2.07	%
Synovus Financial Corp.		6,859		343,360		1.53	%
TCF Financial Corp.		17,826		451,889		2.02	%
Webster Financial Corp.		8,552		559,130		2.50	%
WSFS Financial Corp.		2,272		110,874		0.49	%
				7,316,565		32.65	%

Health Care – 3.94%
MEDNAX, Inc. (a)		9,684		458,538		2.04	%
Triple-S Management Corp. –
Class B (a)(b)		19,517		424,885		1.90	%
				883,423		3.94	%

Materials & Processing – 10.38%
Gibraltar Industries, Inc. (a)		18,566		842,896		3.76	%
JELD-WEN Holding, Inc. (a)		28,814		700,757		3.13	%
Masonite International
Corp. (a)(b)		11,675		781,641		3.49	%
				2,325,294		10.38	%

Producer Durables – 26.00%
Actuant Corp. – Class A		31,690		933,271		4.17	%
Chart Industries, Inc. (a)		1,424		107,583		0.48	%
Cubic Corp.		3,033		229,598		1.02	%
Essendant, Inc.		45,332		654,141		2.92	%
KBR, Inc.		17,026		357,205		1.59	%
Navigant Consulting, Inc. (a)		24,215		578,496		2.58	%
Ryder System, Inc.		7,346		564,467		2.52	%
Steelcase, Inc.		50,108		731,577		3.27	%
Terex Corp.		12,273		475,579		2.12	%
TriMas Corp. (a)		30,482		935,797		4.18	%
Wesco Aircraft
Holdings, Inc. (a)		21,272		258,455		1.15	%
				5,826,169		26.00	%

Technology – 13.30%
Anixter International, Inc. (a)		12,445		897,285		4.00	%
ARC Document
Solutions, Inc. (a)		26,114		84,087		0.38	%
Celestica, Inc. (a)(b)		57,053		701,752		3.13	%
Insight Enterprises, Inc. (a)		11,365		626,666		2.80	%
ScanSource, Inc. (a)		16,497		670,603		2.99	%
				2,980,393		13.30	%
Total Common Stocks
(Cost $20,153,991)				21,743,203		97.04	%

REITs – 1.03%
Financial Services – 1.03%
DiamondRock Hospitality Co.		19,240		230,110		1.03	%
Total REITs
(Cost $215,472)				230,110		1.03	%

The accompanying notes are an integral part of these financial statements.

Pzena Small Cap Value Fund

Schedule of Investments (Continued)

August 31, 2018 (Unaudited)

						% of
	Shares		Fair Value			Net Assets
SHORT-TERM INVESTMENTS – 1.95%
Money Market Fund – 1.95%
Fidelity Government
Portfolio – Class I, 1.82% (c)		437,949	$	437,949			1.95	%
Total Short-Term Investments
(Cost $437,949)				437,949			1.95	%
Total Investments
(Cost $20,807,412) – 100.02%				22,411,262			100.02	%
Liabilities in Excess
of Other Assets – (0.02)%				(4,929	)		(0.02	)%
TOTAL NET ASSETS – 100.00%			$	22,406,333			100.00	%

Percentages are stated as a percent of net assets.

REIT		Real Estate Investment Trust
(a)		Non-income producing security.
(b)		Foreign issued security.
(c)		The rate listed is the Fund’s 7-day yield as of August 31, 2018.

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund

Portfolio Allocation

August 31, 2018 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2018.

Pzena International Small Cap Value Fund

Schedule of Investments

August 31, 2018 (Unaudited)

					% of
	Shares		Fair Value		Net Assets
COMMON STOCKS – 97.69%
Australia – 1.64%
OFX Group, Ltd.		23,268	$	33,120		1.64	%

Austria – 2.00%
Vienna Insurance Group AG
Wiener Versicherung Gruppe		1,487		40,528		2.00	%

Belgium – 1.77%
Orange Belgium		2,363		35,712		1.77	%

Bermuda – 2.63%
Pacific Basin Shipping, Ltd.		222,000		53,175		2.63	%

Canada – 8.67%
Celestica, Inc. (a)		3,399		41,804		2.07	%
Dorel Industries, Inc. –
Class B		1,212		23,515		1.16	%
Genworth MI Canada, Inc.		1,721		57,894		2.86	%
Linamar Corp.		1,184		52,060		2.58	%
				175,273		8.67	%

Cayman Islands – 2.39%
Ju Teng International
Holdings, Ltd.		256,000		48,273		2.39	%

France – 11.16%
Coface S.A.		4,499		42,143		2.08	%
Europcar Mobility Group		3,871		37,182		1.84	%
Ipsos		1,177		37,298		1.85	%
Rexel S.A.		4,217		66,326		3.28	%
Technicolor S.A. (a)		31,070		42,592		2.11	%
				225,541		11.16	%

Germany – 7.30%
Bertrandt AG		431		41,348		2.05	%
Deutsche Pfandbriefbank AG		2,938		42,970		2.13	%
Salzgitter AG		1,394		63,154		3.12	%
				147,472		7.30	%

Ireland – 3.73%
Grafton Group PLC – UTS		1,926		19,176		0.95	%
Greencore Group PLC		24,892		56,152		2.78	%
				75,328		3.73	%

Italy – 6.82%
BPER Banca S.p.A.		3,686		16,254		0.80	%
Danieli & C Officine
Meccaniche S.p.A.		3,473		61,598		3.05	%
Saipem S.p.A. (a)		7,493		40,035		1.98	%
UBI Banca – Unione di
Banche Italiane S.p.A.		5,422		19,970		0.99	%
				137,857		6.82	%

Japan – 17.77%
DIC Corp.		1,900		67,460		3.34	%
Foster Electric Co., Ltd.		3,600		50,480		2.50	%
Fukuoka Financial Group, Inc.		4,000		22,428		1.11	%
Hitachi Metals, Ltd.		5,300		61,247		3.03	%
Nishi-Nippon Financial
Holdings, Inc.		1,700		19,753		0.98	%
Taiheiyo Cement Corp.		700		21,168		1.05	%
Transcosmos, Inc.		1,700		41,081		2.03	%
Tsubakimoto Chain Co.		4,000		35,784		1.77	%
Zeon Corp.		3,700		39,661		1.96	%
				359,062		17.77	%

Netherlands – 6.91%
Flow Traders		1,564		45,676		2.26	%
Koninklijke BAM Groep N.V.		9,729		39,808		1.97	%
PostNL N.V.		16,189		54,269		2.68	%
				139,753		6.91	%

Spain – 3.94%
Tecnicas Reunidas S.A.		1,257		42,532		2.11	%
Unicaja Banco S.A.		23,647		37,055		1.83	%
				79,587		3.94	%

Switzerland – 1.41%
Aryzta AG (a)		3,032		28,417		1.41	%

United Kingdom – 19.55%
Balfour Beatty PLC		10,934		41,066		2.03	%
Capita PLC		19,559		37,655		1.86	%
Drax Group PLC		9,371		46,433		2.30	%
Go-Ahead Group PLC		2,397		52,176		2.58	%
Jardine Lloyd Thompson
Group PLC		2,306		43,170		2.14	%
John Wood Group PLC		4,735		44,113		2.18	%
Northgate PLC		9,561		50,746		2.51	%
Petrofac Ltd.		2,704		22,997		1.14	%
SIG PLC		10,982		18,509		0.92	%
SThree PLC		8,370		38,251		1.89	%
				395,116		19.55	%
Total Common Stocks
(Cost $1,967,633)				1,974,214		97.69	%

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund

Schedule of Investments (Continued)

August 31, 2018 (Unaudited)

						% of
	Shares		Fair Value			Net Assets
PREFERRED STOCKS – 1.68%
Germany – 1.68%
Draegerwerk AG &
Co. KGaA, 0.66%		420	$	33,882			1.68	%
Total Preferred Stocks
(Cost $30,121)				33,882			1.68	%

SHORT-TERM INVESTMENTS – 0.66%
Money Market Fund – 0.66%
Fidelity Institutional
Government Portfolio –
Class I, 1.82% (b)		13,368		13,368			0.66	%
Total Short-Term Investments
(Cost $13,368)				13,368			0.66	%
Total Investments
(Cost $2,011,122) – 100.03%				2,021,464			100.03	%
Liabilities in Excess
of Other Assets – (0.03)%				(701	)		(0.03	)%
TOTAL NET ASSETS – 100.00%			$	2,020,763			100.00	%

Percentages are stated as a percent of net assets.

PLC		Public Limited Company
(a)		Non-income producing security.
(b)		The rate listed is the Fund’s 7-day yield as of August 31, 2018.

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund

Portfolio Diversification

August 31, 2018 (Unaudited)

	Fair			% of
	Value			Net Assets
COMMON STOCKS
Consumer Discretionary	$	130,369			6.45	%
Consumer Staples		84,568			4.18	%
Energy		149,676			7.41	%
Financials		420,961			20.83	%
Industrials		764,451			37.83	%
Information Technology		89,354			4.42	%
Materials		252,690			12.51	%
Telecommunication Services		35,712			1.76	%
Utilities		46,433			2.30	%
Total Common Stocks		1,974,214			97.69	%

PREFERRED STOCKS
Healthcare		33,882			1.68	%
Total Preferred Stocks		33,882			1.68	%
Short-Term Investments		13,368			0.66	%
Total Investments		2,021,464			100.03	%
Liabilities in Excess
of Other Assets		(701	)		(0.03	)%
Total Net Assets	$	2,020,763			100.00	%

The accompanying notes are an integral part of these financial statements.

Pzena Funds

Statements of Assets and Liabilities

August 31, 2018 (Unaudited)

				PZENA
	PZENA			EMERGING			PZENA
	MID CAP			MARKETS			LONG/SHORT
	VALUE FUND			VALUE FUND			VALUE FUND
ASSETS:
Investments in securities, at value (cost $47,078,071, $207,857,289 and
$27,635,123, respectively)	$	46,832,628		$	205,911,943		$	27,823,340
Foreign currency, at value (cost $0, $507,958 and $0, respectively)		—			506,472			—
Deposits for short sales		—			—			14,673,941
Receivables
Fund shares sold		747			528,304			499
Securities sold		—			404,019			—
Dividends and interest		87,002			366,477			59,576
Dividend tax reclaim		—			18,346			—
Due from advisor (Note 4)		—			—			—
Prepaid expenses		17,492			16,994			15,369
Total assets		46,937,869			207,752,555			42,572,725
LIABILITIES:
Short securities, at value (proceeds received $0, $0 and $14,223,197, respectively)		—			—			14,690,370
Payables
Margin		—			—			3,122,615
Securities purchased		234,297			1,080,247			—
Due to advisor (Note 4)		15,630			180,640			15,997
Administration and fund accounting fees		14,368			15,416			15,495
Audit fees		10,853			10,853			10,853
Transfer agent fees and expenses		5,654			6,770			5,705
12b-1 fees		3,892			4,409			986
Miscellaneous		3,650			449			4,347
Chief Compliance Officer fee		1,537			1,537			1,537
Legal fees		954			954			954
Custody fees		807			—			39,684
Shareholder servicing fees		794			816			135
Shareholder reporting		—			4,090			596
Fund shares redeemed		—			3,476			—
Currency		—			1,089			—
Dividends payable		—			—			10,736
Broker interest and fees payable		—			—			3,576
Trustee fees		—			—			—
Total liabilities		292,436			1,310,746			17,923,586
NET ASSETS	$	46,645,433		$	206,441,809		$	24,649,139
NET ASSETS CONSIST OF:
Capital stock	$	45,756,814		$	207,213,252		$	24,732,552
Accumulated net investment income		315,516			1,823,382			69,560
Accumulated net realized gain/(loss) from investments and foreign currency		818,546			(647,615	)		125,983
Unrealized net appreciation/(depreciation) on:
Investments		(245,443	)		(1,947,210	)		188,217
Securities sold short		—			—			(467,173	)
Total net assets	$	46,645,433		$	206,441,809		$	24,649,139
CALCULATION OF NET ASSET VALUE PER SHARE
Investor Class:
Net assets	$	9,355,540		$	9,520,553		$	1,333,056
Shares outstanding (unlimited number of shares, no par value)		716,455			911,183			127,054
Net asset value, offering and redemption price per share⁽¹⁾	$	13.06		$	10.45		$	10.49
Institutional Class:
Net assets	$	37,289,893		$	196,921,256		$	23,316,083
Shares outstanding (unlimited number of shares, no par value)		2,847,255			18,805,470			2,193,889
Net asset value, offering and redemption price per share⁽¹⁾	$	13.10		$	10.47		$	10.63

⁽¹⁾	A redemption fee of 1.00% is assessed against shares redeemed within 30 days of purchase for the Mid Cap Value Fund and 60 days for the Emerging Markets Value Fund and Long/Short Value Fund.

The accompanying notes are an integral part of these financial statements.

Pzena Funds

Statements of Assets and Liabilities (Continued)

August 31, 2018 (Unaudited)

			PZENA
	PZENA		INTERNATIONAL
	SMALL CAP		SMALL CAP
	VALUE FUND		VALUE FUND
ASSETS:
Investments in securities, at value (cost $20,807,412 and $2,011,122, respectively)	$	22,411,262	$	2,021,464
Foreign currency, at value (cost $0 and $0, respectively)		—		—
Deposits for short sales		—		—
Receivables
Fund shares sold		16,456		—
Securities sold		—		—
Dividends and interest		26,515		3,214
Dividend tax reclaim		—		507
Due from advisor (Note 4)		—		4,590
Prepaid expenses		21,464		30,888
Total assets		22,475,697		2,060,663
LIABILITIES:
Short securities, at value (proceeds received $0 and $0, respectively)		—		—
Payables
Margin		—		—
Securities purchased		19,260		—
Due to advisor (Note 4)		4,261		—
Administration and fund accounting fees		14,375		14,069
Audit fees		10,853		4,090
Transfer agent fees and expenses		6,474		5,575
12b-1 fees		2,797		413
Miscellaneous		4,326		3,432
Chief Compliance Officer fee		1,538		1,483
Legal fees		941		688
Custody fees		1,427		7,177
Shareholder servicing fees		555		85
Shareholder reporting		2,433		1,007
Fund shares redeemed		124		—
Currency		—		—
Dividends payable		—		—
Broker interest and fees payable		—		—
Trustee fees		—		1,881
Total liabilities		69,364		39,900
NET ASSETS	$	22,406,333	$	2,020,763
NET ASSETS CONSIST OF:
Capital stock	$	20,297,853	$	2,000,000
Accumulated net investment income		8,081		5,941
Accumulated net realized gain from investments and foreign currency		496,549		4,476
Unrealized net appreciation on:
Investments		1,603,850		10,346
Securities sold short		—		—
Total net assets	$	22,406,333	$	2,020,763
CALCULATION OF NET ASSET VALUE PER SHARE
Investor Class:
Net assets	$	6,528,202	$	1,010,091
Shares outstanding (unlimited number of shares, no par value)		528,175		100,000
Net asset value, offering and redemption price per share⁽¹⁾	$	12.36	$	10.10
Institutional Class:
Net assets	$	15,878,131	$	1,010,672
Shares outstanding (unlimited number of shares, no par value)		1,274,239		100,000
Net asset value, offering and redemption price per share⁽¹⁾	$	12.46	$	10.11

⁽¹⁾	A redemption fee of 1.00% is assessed against shares redeemed within 30 days of purchase for the Small Cap Value Fund and 60 days for the International Small Cap Value Fund.

The accompanying notes are an integral part of these financial statements.

Pzena Funds

Statements of Operations

For the period ended August 31, 2018 (Unaudited)

				PZENA
	PZENA			EMERGING			PZENA
	MID CAP			MARKETS			LONG/SHORT
	VALUE FUND			VALUE FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (Net of foreign taxes withheld and issuance fees of $1,158,
$269,402, and $1,695, respectively)	$	519,974		$	2,554,364		$	327,271
Interest income		12,673			83,033			80,925
Total investment income		532,647			2,637,397			408,196

EXPENSES:
Investment advisory fees (Note 4)		182,208			590,123			193,756
Administration and accounting fees (Note 4)		43,154			48,885			46,645
Federal and state registration fees		18,040			18,266			16,907
Transfer agent fees and expenses (Note 4)		17,962			19,621			17,325
Distribution fees – Investor Class (Note 5)		11,211			14,295			3,025
Audit fees		10,853			10,853			10,853
Trustee fees and expenses		6,136			6,026			5,834
Chief Compliance Officer fees and expenses (Note 4)		4,537			4,537			4,537
Shareholder servicing fees – Investor Class (Note 6)		4,105			5,432			723
Custody fees (Note 4)		3,090			27,921			51,472
Reports to shareholders		2,323			5,327			1,999
Legal fees		2,186			2,186			2,185
Insurance expense		525			1,077			526
Other expenses		3,434			6,021			4,181
Total expenses before dividend expense on securities sold short and interest expense		309,764			760,570			359,968
Dividend and interest expense on securities sold short		—			—			114,764
Total expenses before reimbursement from advisor		309,764			760,570			474,732
Expense reimbursement from advisor (Note 4)		(89,464	)		(3,189	)		(130,173	)
Net expenses		220,300			757,381			344,559
NET INVESTMENT INCOME		312,347			1,880,016			63,637

REALIZED AND UNREALIZED GAINS/(LOSSES):
Net realized gain/(loss) on:
Investments		483,036			30,486			715,080
Securities sold short		—			—			(712,884	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(323,544	)		(9,293,903	)		(470,926	)
Securities sold short		—			—			(419,789	)
Net gain/(loss) on investments		159,492			(9,263,417	)		(888,519	)
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	471,839		$	(7,383,401	)	$	(824,882	)

The accompanying notes are an integral part of these financial statements.

Pzena Funds

Statements of Operations (Continued)

For the period ended August 31, 2018 (Unaudited)

				PZENA
	PZENA			INTERNATIONAL
	SMALL CAP			SMALL CAP
	VALUE FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (Net of foreign taxes withheld and issuance fees of $70 and $1,105, respectively)	$	128,895		$	10,190
Interest income		7,491			193
Total investment income		136,386			10,383

EXPENSES:
Investment advisory fees (Note 4)		93,347			3,306
Administration and accounting fees (Note 4)		43,061			14,069
Federal and state registration fees		15,261			6,072
Transfer agent fees and expenses (Note 4)		19,152			5,576
Distribution fees – Investor Class (Note 5)		7,830			413
Audit fees		10,853			4,090
Trustee fees and expenses		5,961			1,881
Chief Compliance Officer fees and expenses (Note 4)		4,537			1,483
Shareholder servicing fees – Investor Class (Note 6)		2,563			165
Custody fees (Note 4)		2,872			7,177
Reports to shareholders		3,384			1,007
Legal fees		2,189			688
Insurance expense		524			—
Other expenses		3,476			3,432
Total expenses before dividend expense on securities sold short and interest expense		215,010			49,359
Dividend and interest expense on securities sold short		—			—
Total expenses before reimbursement from advisor		215,010			49,359
Expense reimbursement from advisor (Note 4)		(86,705	)		(44,917	)
Net expenses		128,305			4,442
NET INVESTMENT INCOME		8,081			5,941

REALIZED AND UNREALIZED GAINS:
Net realized gain on:
Investments		207,498			4,476
Securities sold short		—			—
Net change in unrealized appreciation/(depreciation) on:
Investments		1,628,507			10,346
Securities sold short		—			—
Net gain on investments		1,836,005			14,822
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,844,086		$	20,763

The accompanying notes are an integral part of these financial statements.

Pzena Mid Cap Value Fund

Statements of Changes in Net Assets

	Six Months Ended			Year Ended
	August 31, 2018			February 28,
	(Unaudited)			2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	312,347		$	48,926
Net realized gain on investments		483,036			481,078
Change in unrealized appreciation on investments		(323,544	)		(651,787	)
Net increase/(decrease) in net assets resulting from operations		471,839			(121,783	)

DISTRIBUTIONS:
Net investment income – Investor Class		—			(12,019	)
Net investment income – Institutional Class		—			(33,531	)
Net realized gain on investments – Investor Class		—			(66,822	)
Net realized gain on investments – Institutional Class		—			(111,230	)
Net decrease in net assets resulting from distributions paid		—			(223,602	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		1,057,533			6,347,056
Proceeds from shares subscribed – Institutional Class		4,764,033			30,542,966
Net asset value of shares issued to shareholders
in payment of distributions declared – Investor Class		—			78,686
Net asset value of shares issued to shareholders
in payment of distributions declared – Institutional Class		—			144,761
Payments for shares redeemed – Investor Class		(390,551	)		(500,431	)⁽²⁾
Payments for shares redeemed – Institutional Class		(987,658	)⁽¹⁾		(35,143	)
Net increase in net assets derived from capital share transactions		4,443,357			36,577,895

TOTAL INCREASE IN NET ASSETS		4,915,196			36,232,510

NET ASSETS:
Beginning of period		41,730,237			5,497,727
End of period	$	46,645,433		$	41,730,237

Accumulated net investment income, end of period	$	315,516		$	3,169

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		81,520			475,427
Shares sold – Institutional Class		361,933			2,328,994
Shares issued in reinvestments of dividends and distributions – Investor Class		—			6,058
Shares issued in reinvestments of dividends and distributions – Institutional Class		—			11,144
Shares redeemed – Investor Class		(30,147	)		(40,003	)
Shares redeemed – Institutional Class		(76,579	)		(2,889	)
Net increase in shares outstanding		336,727			2,778,731

⁽¹⁾	Net of redemption fees of $5,412.
⁽²⁾	Net of redemption fees of $64.

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund

Statements of Changes in Net Assets

	Six Months Ended			Year Ended
	August 31, 2018			February 28,
	(Unaudited)			2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	1,880,016		$	573,333
Net realized gain on investments		30,486			690,670
Change in unrealized appreciation on investments		(9,293,903	)		6,217,631
Net increase/(decrease) in net assets resulting from operations		(7,383,401	)		7,481,634

DISTRIBUTIONS:
Net investment income – Investor Class		—			(109,674	)
Net investment income – Institutional Class		—			(485,782	)
Net decrease in net assets resulting from distributions paid		—			(595,456	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		4,084,721			8,491,754
Proceeds from shares subscribed – Institutional Class		163,877,147			13,603,544
Net asset value of shares issued to shareholders
in payment of distributions declared – Investor Class		—			109,644
Net asset value of shares issued to shareholders
in payment of distributions declared – Institutional Class		—			427,668
Payments for shares redeemed – Investor Class		(4,492,040	)⁽¹⁾		(1,242,060	)⁽³⁾
Payments for shares redeemed – Institutional Class		(1,890,391	)⁽²⁾		(565,096	)
Net increase in net assets derived from capital share transactions		161,579,437			20,825,454

TOTAL INCREASE IN NET ASSETS		154,196,036			27,711,632

NET ASSETS:
Beginning of period		52,245,773			24,534,141
End of period	$	206,441,809		$	52,245,773

Accumulated net investment income/(loss), end of period	$	1,823,382		$	(56,634	)

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		374,432			788,690
Shares sold – Institutional Class		15,393,429			1,303,876
Shares issued in reinvestments of dividends and distributions – Investor Class		—			10,180
Shares issued in reinvestments of dividends and distributions – Institutional Class		—			39,746
Shares redeemed – Investor Class		(424,988	)		(123,586	)
Shares redeemed – Institutional Class		(183,586	)		(50,685	)
Net increase in shares outstanding		15,159,287			1,968,221

⁽¹⁾	Net of redemption fees of $1,195.
⁽²⁾	Net of redemption fees of $10.
⁽³⁾	Net of redemption fees of $2,944.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Statements of Changes in Net Assets

	Six Months Ended			Year Ended
	August 31, 2018			February 28,
	(Unaudited)			2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	63,637		$	7,029
Net realized gain on investments		2,196			269,707
Net change in unrealized appreciation/(depreciation) on investments		(890,715	)		37,994
Net increase/(decrease) in net assets resulting from operations		(824,882	)		314,730

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		11,923			1,228,965
Proceeds from shares subscribed – Institutional Class		5,590,314			14,333,569
Payments for shares redeemed – Investor Class		(1,111,540	)		(51,399	)
Payments for shares redeemed – Institutional Class		(78,791	)		(7,887	)
Net increase in net assets derived from capital share transactions		4,411,906			15,503,248

TOTAL INCREASE IN NET ASSETS		3,587,024			15,817,978

NET ASSETS:
Beginning of period		21,062,115			5,244,137
End of period	$	24,649,139		$	21,062,115

Accumulated net investment income, end of period	$	69,560		$	5,923

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		1,115			118,938
Shares sold – Institutional Class		509,961			1,314,725
Shares redeemed – Investor Class		(105,428	)		(4,893	)
Shares redeemed – Institutional Class		(7,303	)		(716	)
Net increase in shares outstanding		398,345			1,428,054

The accompanying notes are an integral part of these financial statements.

Pzena Small Cap Value Fund

Statements of Changes in Net Assets

	Six Months Ended			Year Ended
	August 31, 2018			February 28,
	(Unaudited)			2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income/(loss)	$	8,081		$	(6,882	)
Net realized gain on investments		207,498			1,299,334
Net change in unrealized appreciation/(depreciation) on investments		1,628,507			(1,407,655	)
Net increase/(decrease) in net assets resulting from operations		1,844,086			(115,203	)

DISTRIBUTIONS:
Net realized gain on investments – Investor Class		—			(387,060	)
Net realized gain on investments – Institutional Class		—			(665,676	)
Net decrease in net assets resulting from distributions paid		—			(1,052,736	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		585,834			1,704,252
Proceeds from shares subscribed – Institutional Class		5,229,326			6,377,437
Net asset value of shares issued to shareholders
in payment of distributions declared – Investor Class		—			387,060
Net asset value of shares issued to shareholders
in payment of distributions declared – Institutional Class		—			506,119
Payments for shares redeemed – Investor Class		(271,145	)		(1,804,598	)
Payments for shares redeemed – Institutional Class		(919,852	)		(4,888,473	)⁽¹⁾
Net increase in net assets derived from capital share transactions		4,624,163			2,281,797

TOTAL INCREASE IN NET ASSETS		6,468,249			1,113,858

NET ASSETS:
Beginning of period		15,938,084			14,824,226
End of period	$	22,406,333		$	15,938,084

Accumulated net investment income, end of period	$	8,081		$	—

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		47,765			147,004
Shares sold – Institutional Class		421,347			548,715
Shares issued in reinvestments of dividends and distributions – Investor Class		—			34,223
Shares issued in reinvestments of dividends and distributions – Institutional Class		—			44,474
Shares redeemed – Investor Class		(22,459	)		(155,781	)
Shares redeemed – Institutional Class		(73,852	)		(426,250	)
Net increase in shares outstanding		372,801			192,385

⁽¹⁾	Net of redemption fees of $11.

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund

Statement of Changes in Net Assets

	For the Period
	July 2, 2018⁽¹⁾
	through
	August 31, 2018
	(Unaudited)
INCREASE IN NET ASSETS FROM:
OPERATIONS:
Net investment income	$	5,941
Net realized gain on investments		4,476
Change in unrealized appreciation on investments		10,346
Net increase in net assets resulting from operations		20,763

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		1,000,000
Proceeds from shares subscribed – Institutional Class		1,000,000
Net increase in net assets derived from capital share transactions		2,000,000

TOTAL INCREASE IN NET ASSETS		2,020,763

NET ASSETS:
Beginning of period		—
End of period	$	2,020,763

Accumulated net investment income, end of period	$	5,941

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		100,000
Shares sold – Institutional Class		100,000
Net increase in shares outstanding		200,000

⁽¹⁾	Commencement of operations.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund

Statement of Cash Flows

	For the Six
	Months Ended
	August 31, 2018
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets resulting from operations	$	(824,882	)
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments		(13,019,415	)
Purchases to cover securities sold short		17,749,542
Proceeds from sales of long-term investments		7,352,856
Proceeds from securities sold short		(14,699,600	)
Purchases of short-term investments, net		182,150
Net realized gain on investments		(715,080	)
Net realized loss on short transactions		712,884
Change in unrealized appreciation on investments		470,926
Change in unrealized appreciation on short transactions		419,789
(Increases)/Decreases in operating assets:
Increase in dividends and interest receivable		(29,032	)
Increase in deposits at broker for short sales		(3,977,661	)
Decrease in receivable from Advisor		5,704
Decrease in prepaid expenses and other assets		3,034
Increases/(Decreases) in operating liabilities:
Increase in dividends payable on short positions		3,833
Increase in payable to broker		1,915,768
Increase in other accrued expenses		35,746
Net cash used in operating activities		(4,413,438	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		5,603,769
Payment on shares redeemed		(1,190,331	)
Net cash provided by financing activities		4,413,438

Net change in cash		—

CASH:
Beginning balance		—
Ending balance	$	—

SUPPLEMENTAL DISCLOSURES:
Non-cash financing activities – decrease in receivable for Fund shares sold	$	(1,532	)

The accompanying notes are an integral part of these financial statements.

Pzena Mid Cap Value Fund – Investor Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	12.92		$	12.26		$	8.70		$	10.51		$	10.00

Income from investment operations:
Net investment income		0.07			0.05			0.05			0.07			—
Net realized and unrealized gain/(loss)
on investments		0.07			0.94			3.58			(1.55	)		0.81
Total from investment operations		0.14			0.99			3.63			(1.48	)		0.81

Less distributions:
Dividends from net investment income		—			(0.05	)		(0.07	)		(0.05	)		(0.01	)
Dividends from net realized gain on investments		—			(0.28	)		—			(0.28	)		(0.29	)
Total distributions		—			(0.33	)		(0.07	)		(0.33	)		(0.30	)

Redemption fees retained		—			0.00	⁽²⁾		—			—			—

Net asset value, end of period	$	13.06		$	12.92		$	12.26		$	8.70		$	10.51

TOTAL RETURN		1.08	%⁽³⁾		8.09	%		41.73	%		-14.44	%		8.36	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	9,356		$	8,593		$	2,741		$	1,053		$	1,148
Ratio of expenses to average net assets:
Before expense reimbursement		1.63	%⁽⁴⁾		3.63	%		6.90	%		8.51	%		11.32	%⁽⁴⁾
After expense reimbursement		1.24	%⁽⁴⁾		1.22	%⁽⁵⁾		1.35	%		1.17	%		1.35	%⁽⁴⁾
Ratio of net investment income/(loss)
to average net assets:
Before expense reimbursement		0.71	%⁽⁴⁾		(2.09	)%		(5.04	)%		(6.64	)%		(9.94	)%⁽⁴⁾
After expense reimbursement		1.10	%⁽⁴⁾		0.32	%		0.51	%		0.70	%		0.03	%⁽⁴⁾
Portfolio turnover rate⁽⁶⁾		17	%⁽³⁾		16	%		26	%		43	%		22	%⁽³⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Effective October 12, 2017, the advisor contractually agreed to lower the net annual operating expense limit to 1.25%.
⁽⁶⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Mid Cap Value Fund – Institutional Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	12.93		$	12.27		$	8.70		$	10.52		$	10.00

Income from investment operations:
Net investment income		0.09			0.09			0.09			0.08			0.03
Net realized and unrealized gain/(loss)
on investments		0.08			0.94			3.58			(1.55	)		0.81
Total from investment operations		0.17			1.03			3.67			(1.47	)		0.84

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.10	)		(0.07	)		(0.03	)
Dividends from net realized gain on investments		—			(0.28	)		—			(0.28	)		(0.29	)
Total distributions		—			(0.37	)		(0.10	)		(0.35	)		(0.32	)

Redemption fees retained		0.00	⁽²⁾		—			—			—			—

Net asset value, end of period	$	13.10		$	12.93		$	12.27		$	8.70		$	10.52

TOTAL RETURN		1.31	%⁽³⁾		8.36	%		42.21	%		-14.31	%		8.73	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	37,290		$	33,137		$	2,757		$	1,528		$	1,407
Ratio of expenses to average net assets:
Before expense reimbursement		1.29	%⁽⁴⁾		2.83	%		6.64	%		8.25	%		10.94	%⁽⁴⁾
After expense reimbursement		0.90	%⁽⁴⁾		0.93	%⁽⁵⁾		1.00	%		1.00	%		1.00	%⁽⁴⁾
Ratio of net investment income/(loss)
to average net assets:
Before expense reimbursement		1.05	%⁽⁴⁾		(1.27	)%		(4.77	)%		(6.39	)%		(9.56	)%⁽⁴⁾
After expense reimbursement		1.44	%⁽⁴⁾		0.63	%		0.87	%		0.86	%		0.38	%⁽⁴⁾
Portfolio turnover rate⁽⁶⁾		17	%⁽³⁾		16	%		26	%		43	%		22	%⁽³⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Effective October 12, 2017, the advisor contractually agreed to lower the net annual operating expense limit to 0.90%.
⁽⁶⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund – Investor Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	11.46		$	9.47		$	6.74		$	9.04		$	10.00

Income from investment operations:
Net investment income		0.16			0.07			0.03			0.13			0.06
Net realized and unrealized gain/(loss)
on investments		(1.17	)		2.06			2.76			(2.29	)		(0.99	)
Total from investment operations		(1.01	)		2.13			2.79			(2.16	)		(0.93	)

Less distributions:
Dividends from net investment income		—			(0.14	)		(0.06	)		(0.14	)		(0.01	)
Dividends from net realized gain on investments		—			—			—			—			(0.02	)
Total distributions		—			(0.14	)		(0.06	)		(0.14	)		(0.03	)

Redemption fees retained		0.00	⁽²⁾		0.00	⁽²⁾		0.00	⁽²⁾		—			—

Net asset value, end of period	$	10.45		$	11.46		$	9.47		$	6.74		$	9.04

TOTAL RETURN		-8.81	%⁽³⁾		22.56	%		41.63	%		-24.02	%		-9.28	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	9,521		$	11,023		$	2,713		$	811		$	1,186
Ratio of expenses to average net assets:
Before expense reimbursement		1.63	%⁽⁴⁾		2.03	%		3.19	%		3.26	%		7.95	%⁽⁴⁾
After expense reimbursement		1.59	%⁽⁴⁾		1.57	%		1.60	%		1.55	%		1.75	%⁽⁴⁾
Ratio of net investment income/(loss)
to average net assets:
Before expense reimbursement		2.55	%⁽⁴⁾		0.42	%		(0.91	)%		(0.36	)%		(5.50	)%⁽⁴⁾
After expense reimbursement		2.59	%⁽⁴⁾		0.88	%		0.68	%		1.35	%		0.70	%⁽⁴⁾
Portfolio turnover rate⁽⁵⁾		25	%⁽³⁾		7	%		29	%		22	%		13	%⁽³⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Emerging Markets Value Fund – Institutional Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	11.46		$	9.48		$	6.74		$	9.04		$	10.00

Income from investment operations:
Net investment income		0.09			0.17			0.10			0.13			0.03
Net realized and unrealized gain/(loss)
on investments		(1.08	)		1.97			2.72			(2.27	)		(0.93	)
Total from investment operations		(0.99	)		2.14			2.82			(2.14	)		(0.90	)

Less distributions:
Dividends from net investment income		—			(0.16	)		(0.08	)		(0.16	)		(0.04	)
Dividends from net realized gain on investments		—			—			—			—			(0.02	)
Total distributions		—			(0.16	)		(0.08	)		(0.16	)		(0.06	)

Redemption fees retained		0.00	⁽²⁾		—			—			—			—

Net asset value, end of period	$	10.47		$	11.46		$	9.48		$	6.74		$	9.04

TOTAL RETURN		-8.64	%⁽³⁾		22.63	%		42.01	%		-23.78	%		-9.06	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	196,921		$	41,223		$	21,821		$	10,302		$	15,092
Ratio of expenses to average net assets:
Before expense reimbursement		1.25	%⁽⁴⁾		1.75	%		2.88	%		3.02	%		4.48	%⁽⁴⁾
After expense reimbursement		1.25	%⁽⁴⁾		1.25	%		1.25	%		1.40	%		1.40	%⁽⁴⁾
Ratio of net investment income/(loss)
to average net assets:
Before expense reimbursement		3.25	%⁽⁴⁾		1.10	%		(0.45	)%		(0.15	)%		(2.79	)%⁽⁴⁾
After expense reimbursement		3.25	%⁽⁴⁾		1.60	%		1.18	%		1.47	%		0.29	%⁽⁴⁾
Portfolio turnover rate⁽⁵⁾		25	%⁽³⁾		7	%		29	%		22	%		13	%⁽³⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund – Investor Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	10.85		$	10.54		$	9.01		$	9.32		$	10.00

Income from investment operations:
Net investment income/(loss)		(0.02	)		0.04			(0.04	)		(0.05	)		(0.10	)
Net realized and unrealized gain/(loss)
on investments		(0.34	)		0.27			1.66			(0.26	)		(0.07	)
Total from investment operations		(0.36	)		0.31			1.62			(0.31	)		(0.17	)

Less distributions:
Dividends from net realized gain on investments		—			—			(0.09	)		—			(0.51	)
Total distributions		—			—			(0.09	)		—			(0.51	)

Net asset value, end of period	$	10.49		$	10.85		$	10.54		$	9.01		$	9.32

TOTAL RETURN		-3.32	%⁽²⁾		2.94	%		18.00	%		-3.33	%		-1.70	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	1,333		$	2,510		$	1,236		$	967		$	995
Ratio of expenses to average net assets:
Before expense reimbursement		3.93	%⁽³⁾		7.38	%		9.63	%		10.64	%		14.15	%⁽³⁾
After expense reimbursement		2.93	%⁽³⁾		2.74	%		2.88	%		2.97	%		3.12	%⁽³⁾
Ratio of expenses excluding dividend and interest
expense on short positions to average net assets:
Before expense reimbursement and/or waivers		3.06	%⁽³⁾		6.64	%		8.85	%		9.58	%		13.13	%⁽³⁾
After expense reimbursements and/or waivers		2.06	%⁽³⁾		2.00	%		2.10	%		1.91	%		2.10	%⁽³⁾
Ratio of net investment income/(loss)
to average net assets⁽⁴⁾:
Before expense reimbursement		(0.77	)%⁽³⁾		(4.72	)%		(7.19	)%		(8.27	)%		(12.20	)%⁽³⁾
After expense reimbursement		0.23	%⁽³⁾		(0.08	)%		(0.44	)%		(0.60	)%		(1.17	)%⁽³⁾
Portfolio turnover rate⁽⁵⁾		28	%⁽²⁾		36	%		59	%		51	%		148	%⁽²⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Not annualized.
⁽³⁾	Annualized.
⁽⁴⁾	The net investment loss ratios include dividend and interest expense on short positions.
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Long/Short Value Fund – Institutional Class

Financial Highlights

For a share outstanding throughout each period

													For the Period
	Six Months Ended			Year Ended			Year Ended			Year Ended			March 31, 2014⁽¹⁾
	August 31, 2018			February 28,			February 28,			February 29,			through
	(Unaudited)			2018			2017			2016			February 28, 2015
PER SHARE DATA:
Net asset value, beginning of period	$	10.97		$	10.63		$	9.05		$	9.35		$	10.00

Income from investment operations:
Net investment income/(loss)		0.03			(0.01	)		(0.01	)		(0.04	)		(0.04	)
Net realized and unrealized gain/(loss)
on investments		(0.37	)		0.35			1.68			(0.26	)		(0.10	)
Total from investment operations		(0.34	)		0.34			1.67			(0.30	)		(0.14	)

Less distributions:
Dividends from net realized gain on investments		—			—			(0.09	)		—			(0.51	)
Total distributions		—			—			(0.09	)		—			(0.51	)

Net asset value, end of period	$	10.63		$	10.97		$	10.63		$	9.05		$	9.35

TOTAL RETURN		-3.10	%⁽²⁾		3.20	%		18.48	%		-3.21	%		-1.39	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	23,316		$	18,552		$	4,088		$	3,230		$	3,077
Ratio of expenses to average net assets:
Before expense reimbursement		3.65	%⁽³⁾		6.72	%		9.28	%		10.39	%		13.32	%⁽³⁾
After expense reimbursement		2.64	%⁽³⁾		2.49	%		2.53	%		2.81	%		2.79	%⁽³⁾
Ratio of expenses excluding dividend and interest
expense on short positions to average net assets:
Before expense reimbursement and/or waivers		2.76	%⁽³⁾		5.98	%		8.50	%		9.33	%		12.28	%⁽³⁾
After expense reimbursements and/or waivers		1.75	%⁽³⁾		1.75	%		1.75	%		1.75	%		1.75	%⁽³⁾
Ratio of net investment income/(loss)
to average net assets⁽⁴⁾:
Before expense reimbursement		(0.49	)%⁽³⁾		(4.07	)%		(6.84	)%		(8.02	)%		(11.27	)%⁽³⁾
After expense reimbursement		0.52	%⁽³⁾		0.16	%		(0.09	)%		(0.44	)%		(0.74	)%⁽³⁾
Portfolio turnover rate⁽⁵⁾		28	%⁽²⁾		36	%		59	%		51	%		148	%⁽²⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Not annualized.
⁽³⁾	Annualized.
⁽⁴⁾	The net investment loss ratios include dividend and interest expense on short positions.
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Small Cap Value Fund – Investor Class

Financial Highlights

For a share outstanding throughout each period

							For the Period
	Six Months Ended			Year Ended			April 27, 2016⁽¹⁾
	August 31, 2018			February 28,			through
	(Unaudited)			2018			February 28, 2017
PER SHARE DATA:
Net asset value, beginning of period	$	11.10		$	11.96		$	10.00

Income from investment operations:
Net investment loss		(0.01	)		(0.03	)		(0.03	)
Net realized and unrealized gain on investments		1.27			0.03			2.00
Total from investment operations		1.26			—			1.97

Less distributions:
Dividends from net realized gain on investments		—			(0.86	)		(0.01	)
Total distributions		—			(0.86	)		(0.01	)

Redemption fees retained		—			0.00	⁽²⁾		0.00	⁽²⁾

Net asset value, end of period	$	12.36		$	11.10		$	11.96

TOTAL RETURN		11.35	%⁽³⁾		-0.11	%		19.72	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	6,528		$	5,583		$	5,711
Ratio of expenses to average net assets:
Before expense reimbursement		2.42	%⁽⁴⁾		2.91	%		4.96	%⁽⁴⁾
After expense reimbursement		1.53	%⁽⁴⁾		1.51	%		1.55	%⁽⁴⁾
Ratio of net investment income/(loss) to average net assets:
Before expense reimbursement		(1.03	)%⁽⁴⁾		(1.65	)%		(3.79	)%⁽⁴⁾
After expense reimbursement		(0.14	)%⁽⁴⁾		(0.25	)%		(0.38	)%⁽⁴⁾
Portfolio turnover rate⁽⁵⁾		22	%⁽³⁾		56	%		13	%⁽³⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Small Cap Value Fund – Institutional Class

Financial Highlights

For a share outstanding throughout each period

							For the Period
	Six Months Ended			Year Ended			April 27, 2016⁽¹⁾
	August 31, 2018			February 28,			through
	(Unaudited)			2018			February 28, 2017
PER SHARE DATA:
Net asset value, beginning of period	$	11.17		$	11.99		$	10.00

Income from investment operations:
Net investment income/(loss)		0.01			0.01			(0.00	)⁽²⁾
Net realized and unrealized gain on investments		1.28			0.03			2.00
Total from investment operations		1.29			0.04			2.00

Less distributions:
Dividends from net investment income		—			—			(0.01	)
Dividends from net realized gain on investments		—			(0.86	)		—
Total distributions		—			(0.86	)		(0.01	)

Redemption fees retained		—			0.00	⁽²⁾		0.00	⁽²⁾

Net asset value, end of period	$	12.46		$	11.17		$	11.99

TOTAL RETURN		11.55	%⁽³⁾		0.22	%		20.02	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	15,878		$	10,355		$	9,114
Ratio of expenses to average net assets:
Before expense reimbursement		2.08	%⁽⁴⁾		2.56	%		4.31	%⁽⁴⁾
After expense reimbursement		1.20	%⁽⁴⁾		1.20	%		1.20	%⁽⁴⁾
Ratio of net investment income/(loss) to average net assets:
Before expense reimbursement		(0.69	)%⁽⁴⁾		(1.27	)%		(3.20	)%⁽⁴⁾
After expense reimbursement		0.19	%⁽⁴⁾		0.09	%		(0.09	)%⁽⁴⁾
Portfolio turnover rate⁽⁵⁾		22	%⁽³⁾		56	%		13	%⁽³⁾

⁽¹⁾	Commencement of operations
⁽²⁾	Amount is less than $0.01.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized
⁽⁵⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund – Investor Class

Financial Highlights

For a share outstanding throughout each period

	For the Period
	July 2, 2018⁽¹⁾
	through
	August 31, 2018
	(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain on investments		0.07
Total from investment operations		0.10

Net asset value, end of period	$	10.10

TOTAL RETURN		1.00	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	1,010
Ratio of expenses to average net assets:
Before expense reimbursement		15.11	%⁽³⁾
After expense reimbursement		1.52	%⁽³⁾
Ratio of net investment income/(loss) to average net assets:
Before expense reimbursement		(11.97	)%⁽³⁾
After expense reimbursement		1.62	%⁽³⁾
Portfolio turnover rate⁽⁴⁾		19	%⁽²⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Not annualized.
⁽³⁾	Annualized.
⁽⁴⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena International Small Cap Value Fund – Institutional Class

Financial Highlights

For a share outstanding throughout each period

	For the Period
	July 2, 2018⁽¹⁾
	through
	August 31, 2018
	(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain on investments		0.08
Total from investment operations		0.11

Net asset value, end of period	$	10.11

TOTAL RETURN		1.10	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (thousands)	$	1,011
Ratio of expenses to average net assets:
Before expense reimbursement		14.76	%⁽³⁾
After expense reimbursement		1.17	%⁽³⁾
Ratio of net investment income/(loss) to average net assets:
Before expense reimbursement		(11.62	)%⁽³⁾
After expense reimbursement		1.97	%⁽³⁾
Portfolio turnover rate⁽⁴⁾		19	%⁽²⁾

⁽¹⁾	Commencement of operations.
⁽²⁾	Not annualized.
⁽³⁾	Annualized.
⁽⁴⁾	Portfolio turnover is calculated on the basis of the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

Pzena Funds

Notes to Financial Statements

August 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

The Pzena Mid Cap Value Fund (the “Mid Cap Value Fund”), Pzena Emerging Markets Value Fund (the “Emerging Markets Value Fund”), Pzena Long/Short Value Fund (the “Long/Short Value Fund”), the Pzena Small Cap Value Fund (the “Small Cap Value Fund”), and the Pzena International Small Cap Value Fund (the “International Small Cap Value Fund”), (collectively, the “Funds”), are each a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

The primary investment objective for each Fund is to achieve long-term capital appreciation. Currently, each Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective distribution and shareholder servicing expenses and sales charges, if any. Each class of shares has identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

The Mid Cap Value Fund, Emerging Markets Value Fund, and the Long/Short Value Fund commenced operations on March 31, 2014. The Small Cap Value Fund commenced operations on April 27, 2016, and the International Small Cap Value Fund commenced operations on July 2, 2018.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Federal Income Taxes – It is the policy of the Funds to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no Federal income or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The tax returns of the Funds’ prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Security Transactions, Income and Distributions – Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The Funds will make distributions of dividends and capital gains, if any, at least annually, typically in December. The Funds may make any additional payment of dividends or distributions if they deem it desirable at any other time during the year. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of each Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

The Funds are charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to the Funds are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period. Actual results could differ from those estimates.

Redemption Fees – The Funds charge a 1% redemption fee to shareholders who redeem shares held for 30 days or less for the Mid Cap Value Fund and the Small Cap Value Fund and 60 days for the Emerging Markets Value Fund, Long/Short Value Fund, and the International Small Cap Value Fund. Such fees are retained by the applicable Fund and accounted for as an addition to paid-in capital. During the six-month period ended August 31, 2018, the Mid Cap Value Fund and Emerging Markets Value Fund retained $5,412 and $1,205, respectively, in redemption fees.

REITs – The Funds can make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Each Fund intends to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of each Fund’s distributions may also be designated as a return of capital.

Leverage and Short Sales – The Long/Short Value Fund may use leverage in connection with its investment activities and may effect short sales of securities. Leverage can increase the investment returns of the Fund if the securities purchased increase in value in an amount exceeding the cost of the borrowing. However, if the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions.

With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i) the greater of the current market value of the securities sold short or the market value of such securities at the time they were sold short, less (ii) any collateral deposited with the Fund’s broker (not including the proceeds from the short sales). The Fund may be required to add to the segregated account as the market price of a shorted security increases. As a result of maintaining and adding to its segregated account, the Fund may maintain higher levels of cash or liquid assets (for example, U.S. Treasury bills, repurchase agreements, high quality commercial paper and long equity positions) for collateral needs thus reducing its overall managed assets available for trading purposes. The Fund is obligated to pay the counterparty any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Fund.

Derivatives – The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivatives instruments affect an entity’s result of operations and financial position. During the six-month period ended August 31, 2018, the Funds did not hold any derivative instruments.

Events Subsequent to the Fiscal Period End – In preparing the financial statements as of August 31, 2018, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements.

NOTE 3 – SECURITIES VALUATION

The Funds have 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 in 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:

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.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ 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.

Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis:

Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00pm EST).

Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Participatory Notes – Participatory notes are valued with an evaluated price provided by an independent pricing service. These securities will generally be classified in Level 2 of the fair value hierarchy.

Debt Securities – Debt securities, such as corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Debt securities having a maturity of 60 days or less are valued at the evaluated mean between the bid and asked price. These securities will generally be classified in Level 2 of the fair value hierarchy.

Investment Companies – Investments in open-end mutual funds are valued at their net asset value per share. To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Short-Term Securities – Short-term securities having a maturity of less than 60 days are valued at the evaluated mean between bid and asked price. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.

Illiquid Securities – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Funds. Illiquid securities may be valued under methods approved by the Funds’ Board of Trustees as reflecting fair value. The Funds intend to hold no more than 15% of its net assets in illiquid securities.

Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Funds’ Board of Trustees as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144a securities, are not subject to the limitation on the Funds’ investment in illiquid securities if they are determined to be liquid in accordance with the procedures adopted by the Funds’ Board of Trustees.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (“Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Funds could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Funds determine their net asset value per share.

The Board has delegated day-to-day valuation issues to a Valuation Committee of the Trust that comprises representatives from U.S. Bancorp Fund Services, LLC, the Funds’ administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ securities as of August 31, 2018:

Mid Cap Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	5,326,103	$	—	$	—	$	5,326,103
Energy		3,728,039		—		—		3,728,039
Financial Services		15,318,366		—		—		15,318,366
Health Care		4,562,087		—		—		4,562,087
Materials & Processing		1,375,296		—		—		1,375,296
Producer Durables		8,638,463		—		—		8,638,463
Technology		5,107,077		—		—		5,107,077
Utilities		1,434,689		—		—		1,434,689
Total Common Stocks		45,490,120		—		—		45,490,120
Short-Term Investments		1,342,508		—		—		1,342,508
Total Investments in Securities	$	46,832,628	$	—	$	—	$	46,832,628

Emerging Markets Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Brazil	$	3,999,055	$	—	$	—	$	3,999,055
China		45,420,272		—		—		45,420,272
Czech Republic		4,161,805		—		—		4,161,805
Greece		152,410		150,688		—		303,098
Hong Kong		5,443,867		—		—		5,443,867
Hungary		2,264,471		—		—		2,264,471
India		9,273,731		—		—		9,273,731
Indonesia		1,365,124		—		—		1,365,124
Malaysia		4,087,338		—		—		4,087,338
Poland		2,552,138		—		—		2,552,138
Republic of Korea		36,211,173		—		—		36,211,173
Romania		1,324,147		—		—		1,324,147
Russian Federation		15,668,810		—		—		15,668,810
Singapore		4,936,330		—		—		4,936,330
South Africa		7,256,953		—		—		7,256,953
Taiwan		17,675,797		—		—		17,675,797
Thailand		4,966,685		—		—		4,966,685
Turkey		2,007,491		—		—		2,007,491
United Arab Emirates		893,317		—		—		893,317
United Kingdom		5,691,025		—		—		5,691,025
United States		9,286,093		—		—		9,286,093
Total Common Stocks		184,638,032		150,688		—		184,788,720
Preferred Stocks
Brazil		4,666,990		—		—		4,666,990
Republic of Korea		5,008,837		—		—		5,008,837
Total Preferred Stocks		9,675,827		—		—		9,675,827
Short-Term Investments		11,447,396		—		—		11,447,396
Total Investments in Securities	$	205,761,255	$	150,688	$	—	$	205,911,943

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

Long/Short Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	3,190,053	$	—	$	—	$	3,190,053
Consumer Staples		509,566		—		—		509,566
Energy		3,023,650		—		—		3,023,650
Financial Services		7,559,921		—		—		7,559,921
Health Care		3,741,990		—		—		3,741,990
Materials & Processing		673,482		—		—		673,482
Producer Durables		2,148,814		—		—		2,148,814
Technology		3,760,873		—		—		3,760,873
Utilities		1,472,666		—		—		1,472,666
Total Common Stocks		26,081,015		—		—		26,081,015
REITs		1,602,736		—		—		1,602,736
Short-Term Investments		139,589		—		—		139,589
Total Investments in Securities	$	27,823,340	$	—	$	—	$	27,823,340

Long/Short Value Fund (Continued)	Level 1		Level 2		Level 3		Total
Securities Sold Short
Common Stock
Consumer Discretionary	$	1,682,513	$	—	$	—	$	1,682,513
Consumer Staples		1,373,682		—		—		1,373,682
Energy		959,803		—		—		959,803
Financial Services		1,347,641		—		—		1,347,641
Health Care		807,830		—		—		807,830
Materials & Processing		1,646,606		—		—		1,646,606
Producer Durables		2,351,454		—		—		2,351,454
Technology		1,979,650		—		—		1,979,650
Utilities		381,950		—		—		381,950
Total Common Stocks		12,531,129		—		—		12,531,129
REITs		2,159,241		—		—		2,159,241
Total Securities Sold Short	$	14,690,370	$	—	$	—	$	14,690,370

Small Cap Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	514,435	$	—	$	—	$	514,435
Consumer Staples		843,778		—		—		843,778
Energy		1,053,146		—		—		1,053,146
Financial Services		7,316,565		—		—		7,316,565
Health Care		883,423		—		—		883,423
Materials & Processing		2,325,294		—		—		2,325,294
Producer Durables		5,826,169		—		—		5,826,169
Technology		2,980,393		—		—		2,980,393
Total Common Stocks		21,743,203		—		—		21,743,203
REITs		230,110		—		—		230,110
Short-Term Investments		437,949		—		—		437,949
Total Investments in Securities	$	22,411,262	$	—	$	—	$	22,411,262

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

International Small Cap Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	33,120	$	—	$	—	$	33,120
Austria		40,528		—		—		40,528
Belgium		35,712		—		—		35,712
Bermuda		53,175		—		—		53,175
Canada		175,273		—		—		175,273
Cayman Islands		48,273		—		—		48,273
France		225,541		—		—		225,541
Germany		147,472		—		—		147,472
Ireland		75,328		—		—		75,328
Italy		137,857		—		—		137,857
Japan		359,062		—		—		359,062
Netherlands		139,753		—		—		139,753
Spain		79,587		—		—		79,587
Switzerland		28,417		—		—		28,417
United Kingdom		395,116		—		—		395,116
Total Common Stocks		1,974,214		—		—		1,974,214
Preferred Stocks
Germany		33,882		—		—		33,882
Total Preferred Stocks		33,882		—		—		33,882
Short-Term Investments		13,368		—		—		13,368
Total Investments in Securities	$	2,021,464	$	—	$	—	$	2,021,464

Refer to the Funds’ Schedule of Investments for a detailed break-out of securities. Transfers between levels are recognized at August 31, 2018, the end of the reporting period. During the six-month period ended August 31, 2018, the Emerging Markets Fund recognized transfers between Levels 1 and 2. Below is a reconciliation that details the transfers of securities between Level 1 and Level 2 during the reporting period:

	Common Stock
Transfers into Level 1	$	—
Transfers out of Level 1		(150,688	)
Net Transfers into/(out of) Level 1	$	(150,688	)

Transfers into Level 2	$	150,688
Transfers out of Level 2		—
Net transfers into/(out of) Level 2	$	150,688

The Emerging Markets Value Fund transferred $150,688 from Level 1 to Level 2 at August 31, 2018. The security was transferred due to lack of an active market on August 31, 2018, but was actively traded on February 28, 2018.

The Mid Cap Value Fund, Long/Short Value Fund, Small Cap Value Fund, and International Small Cap Value Fund recognized no transfers between levels during the six-month period ended August 31, 2018. The Emerging Markets Value Fund did not recognize any other transfers between levels during the six-month period ended August 31, 2018.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

The following is a reconciliation of the Emerging Markets Value Fund’s Level 3 investments for which significant unobservable inputs were used in determining fair value:

Pzena Emerging Markets Value Fund

Level 3 Reconciliation Disclosure

	Rights			Total
Balance as of February 28, 2018	$	35,337		$	35,337
Exercised		(46,441	)		(46,441	)
Change in unrealized depreciation		11,104			11,104
Balance as of August 31, 2018	$	—		$	—
Change in unrealized depreciation during the period for
Level 3 investments held at August 31, 2018	$	11,104

The Level 3 investments as of August 31, 2018 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Funds have an investment advisory agreement with Pzena Investment Management, LLC. (the “Advisor”) pursuant to which the Advisor is responsible for providing investment management services to each Fund. The Advisor furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly management fee, based upon the average daily net assets of the Funds at the annual rates of:

Mid Cap Value Fund	0.80%
Emerging Markets Value Fund	1.00%
Long/Short Value Fund	1.50%
Small Cap Value Fund	0.95%
International Small Cap Value Fund	1.00%

For the six-month period ended August 31, 2018, the Funds incurred the following in advisory fees:

	Advisory Fees
Mid Cap Value Fund	$	182,208
Emerging Markets Value Fund		590,123
Long/Short Value Fund		193,756
Small Cap Value Fund		93,347
International Small Cap Value Fund		3,306

The Funds are responsible for their own operating expenses. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Funds to ensure that the net annual operating expenses (excluding Acquired Fund Fees and Expenses, taxes, interest and dividends on securities sold short and extraordinary expenses) do not exceed the following amounts of the average daily net assets for each class of shares:

	Investor Class	Institutional Class
Mid Cap Value Fund	1.25%	0.90%
Emerging Markets Value Fund	1.60%	1.25%
Long/Short Value Fund	2.10%	1.75%
Small Cap Value Fund	1.55%	1.20%
International Small Cap Value Fund	1.52%	1.17%

Any such reduction made by the Advisor in its fees or payment of expenses which are the Funds’ obligation are subject to reimbursement by the Funds to the Advisor, if so requested by the Advisor, in any subsequent month in the three year period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Funds’ payment of current ordinary operating expenses. For

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

the six-month period ended August 31, 2018, the Advisor reduced its fees and reduced other operating expenses in the amount of $89,464 for the Mid Cap Value Fund, $3,189 for the Emerging Markets Value Fund, $130,173 for the Long/Short Value Fund, $86,705 for the Small Cap Value Fund, and $44,917 for the International Small Cap Value Fund. Cumulative expenses subject to recapture pursuant to the aforementioned conditions and the period of expiration are as follows:

	8/31/19		8/31/20		8/31/21		Total
Mid Cap Value Fund	$	187,531	$	195,323	$	188,601	$	571,455
Emerging Markets Value Fund		230,807		207,762		120,352		558,921
Long/Short Value Fund		300,981		328,247		285,197		914,425
Small Cap Value Fund		84,776		188,659		174,708		448,143
International Small Cap Value Fund		—		—		44,917		44,917

U.S. Bancorp Fund Services, LLC ("Fund Services" or the "Administrator"), doing business as U.S. Bank Global Fund Services, serves as the Funds' administrator, fund accountant and transfer agent. In those capacities, Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied of the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services.

Quasar Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. U.S. Bank N.A. serves as custodian (the "Custodian") to the Fund. Both the Distributor and Custodian are affiliates of the Administrator.

For the six-month period ended August 31, 2018, the Funds incurred the following expenses for administration, fund accounting, transfer agency, custody and Chief Compliance Officer fees:

			Emerging						International
	Mid Cap		Markets		Long/Short		Small Cap		Small Cap
	Value Fund		Value Fund		Value Fund		Value Fund		Value Fund
Administration and accounting	$	43,154	$	48,885	$	46,645	$	43,061	$	14,069
Custody		3,090		27,921		51,472		2,872		7,177
Transfer Agency^(a)		16,605		16,657		16,569		18,072		5,400
Chief Compliance Officer		4,537		4,537		4,537		4,537		1,483

^(a)	Does not include out-of-pocket expenses

At August 31, 2018, the Funds had payables due to Fund Services for administration, fund accounting, transfer agency and Chief Compliance Officer fees and to U.S. Bank N.A. for custody fees in the following amounts:

			Emerging						International
	Mid Cap		Markets		Long/Short		Small Cap		Small Cap
	Value Fund		Value Fund		Value Fund		Value Fund		Value Fund
Administration and accounting	$	14,368	$	15,416	$	15,495	$	14,375	$	14,069
Custody		807		—		39,684		1,427		7,177
Transfer Agency^(a)		5,526		5,551		5,518		5,908		5,399
Chief Compliance Officer		1,537		1,537		1,537		1,538		1,483

^(a)	Does not include out-of-pocket expenses

NOTE 5 – 12b-1 DISTRIBUTION FEES

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”). The Plan permits the Funds to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Investor Class shares. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

for specific expenses incurred. For the six-month period ended August 31, 2018, the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, Small Cap Value Fund, and International Small Cap Value Fund incurred distribution expenses on their Investor Class shares of $11,211, $14,295, $3,025, $7,830, and $413, respectively.

NOTE 6 – SHAREHOLDER SERVICING FEES

The Funds have entered into a shareholder servicing agreement (the “Agreement”) with the Advisor, under which the Advisor will provide, or arrange for others to provide, certain specified shareholder services. As compensation for the provision of shareholder services, the Funds may pay servicing fees at an annual rate of up to 0.10% of the average daily net assets of the Investor Class shares. Payments to the Advisor under the Agreement may reimburse the Advisor for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Advisor for services provided to shareholders of each Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the six-month period ended August 31, 2018, the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, Small Cap Value Fund, and International Small Cap Value Fund incurred shareholder servicing expenses on their Investor Class shares of $4,105, $5,432, $723, $2,563, and $165, respectively.

NOTE 7 – PURCHASES AND SALES OF SECURITIES

For the six-month period ended August 31, 2018, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

	Purchases		Sales
Mid Cap Value Fund	$	19,915,623	$	7,347,499
Emerging Markets Value Fund		182,744,759		26,995,143
Long/Short Value Fund		13,019,415		7,346,839
Small Cap Value Fund		8,937,512		4,017,847
International Small Cap Value Fund		2,307,760		313,355

There were no purchases or sales of long-term U.S. Government securities.

NOTE 8 – CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. The following table reflects shareholders that maintain accounts of more than 25% of the voting securities of a Fund as of August 31, 2018:

	Mid Cap Value Fund
	Investor Class	Institutional Class
Charles Schwab & Co., Inc.	73%	30%
National Financial Services, LLC	—	37%

	Emerging Markets Value Fund
	Investor Class	Institutional Class
LPL Financial	59%	—


	Long/Short Value Fund
	Investor Class	Institutional Class
Pzena Investment Management, LLC	84%	—
ValueQuest Partners, LLC	—	81%

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

	Small Cap Value Fund
	Investor Class	Institutional Class
Charles Schwab & Co., Inc.	77%	—
National Financial Services, LLC	—	33%
Pershing, LLC	—	54%

	International Small Cap Value Fund
	Investor Class	Institutional Class
Pzena Investment Management, LLC	100%	100%

NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

As of February 28, 2018, the Funds’ most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

				Emerging									International
	Mid Cap			Markets			Long/Short			Small Cap			Small Cap
	Value Fund			Value Fund			Value Fund			Value Fund			Value Fund
Cost of investments^(a)	$	33,618,849		$	43,114,251		$	11,048,878		$	16,156,155			N/A
Gross unrealized appreciation		1,510,164			8,572,801			1,460,987			1,527,517			N/A
Gross unrealized depreciation		(1,436,495	)		(1,313,814	)		(922,843	)		(1,636,868	)		N/A
Net unrealized appreciation/(depreciation)		73,669			7,258,987			538,144			(109,351	)		N/A
Undistributed ordinary income		16,061			—			5,923			73,960			N/A
Undistributed long-term capital gain		327,050			—			197,402			299,785			N/A
Total distributable earnings		343,111			—			203,325			373,745			N/A
Other accumulated gains/(losses)		—			(647,029	)		—			—			N/A
Total accumulated earnings/(losses)	$	416,780		$	6,611,958		$	741,469		$	264,394			N/A

^(a)	The difference between the book basis and tax basis net unrealized depreciation is attributable primarily to the tax deferral of losses on wash sales adjustments.

At February 28, 2018, the following Fund had tax basis capital losses to offset future capital gains:

	Capital Loss Carryover	Expires
Emerging Markets Value Fund
Long-Term	$613,079	Indefinite

The tax character of distributions paid during the six-month period ended August 31, 2018 and for the year ended February 28, 2018 were as follows:

	Six Month Ended		Year Ended
	August 31, 2018		February 28, 2018
Mid Cap Value Fund
Ordinary income	$	—	$	95,287
Long-Term Capital Gain		—		128,315

Emerging Markets Value Fund
Ordinary income	$	—	$	595,456

Small Cap Value Fund
Ordinary income	$	—	$	695,179
Long-Term Capital Gain		—		357,557

Ordinary income distributions may include dividends paid from short-term capital gains.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

At February 28, 2018, the following Fund deferred, on a tax basis, post-October losses:

	Post-October	Late Year Ordinary
	Capital Loss	Loss Deferral
Emerging Markets Value Fund	$—	$33,950

NOTE 10 – PRINCIPAL RISKS

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund’s net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks. The following risks apply to all Funds, unless specifically noted.

• Market Risk. The value of each Fund’s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Funds, and you could lose money.

• Equity Risk. The risks that could affect the value of the Funds’ shares and the total return on your investment include the possibility that the equity securities held by the Funds will experience sudden, unpredictable drops in value or long periods of decline in value. Equity securities generally have greater price volatility than fixed income securities.

• Foreign Securities Risk. Foreign securities are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid than U.S. securities, which could affect the Funds’ investments. Foreign securities may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

• Value Style Investing Risk. The Adviser follows an investing style that favors value investments. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Funds may underperform other funds that use different investing styles.

• Mid Cap Company Risk (Mid Cap Value Fund). A mid cap company may be more vulnerable to adverse business or economic events than stocks of larger companies. These stocks present greater risks than securities of larger, more diversified companies.

• Emerging Markets Risk (Emerging Markets Value Fund and International Small Cap Value Fund). Emerging markets are markets of countries in the initial stages of industrialization and that generally have low per capita income. In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.

• Currency Risk (Emerging Markets Value Fund and International Small Cap Value Fund). Changes in foreign currency exchange rates will affect the value of what each Fund owns and each Fund’s share price. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets and the risk is especially high in emerging markets.

• P-Note Risk (Emerging Markets Value Fund). P-Notes are a type of equity-linked derivative which generally are traded over-the-counter. Even though a P-Note is intended to reflect the performance of the underlying equity security, the performance of a P-Note will not replicate exactly the performance of the issuers or markets that the P-Note seeks to replicate due to transaction costs and other expenses. In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with the Fund.

• Short Sales Risk (Long/Short Value Fund). A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Long/Short Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions.

Pzena Funds

Notes to Financial Statements (Continued)

August 31, 2018 (Unaudited)

• Portfolio Turnover Risk (Long/Short Value Fund). A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.

• Small Cap Company Risk (Small Cap Value Fund and International Small Cap Value Fund). Investing in securities of small cap companies may involve greater risk than investing in larger, more established companies because they can be subject to more abrupt or erratic share price changes. Smaller companies may have limited product lines, or limited market or financial resources and their management may be dependent on a limited number of key individuals. Securities of these companies may have limited market liquidity and their prices may be more volatile. These stocks present greater risks than securities of larger, more diversified companies.

Pzena Funds

Expense Example

August 31, 2018 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs including sales charges (loads), if applicable; redemption fees, if applicable; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1 fees); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period indicated and held for the entire period from March 1, 2018 to August 31, 2018.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts (generally, a $15 fee is charged to the account annually) that would increase the amount of expenses paid on your account. The example below does not include portfolio trading commissions and related expenses, and other extraordinary expenses as determined under generally accepted accounting principles.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As noted above, there are some account fees that are charged to certain types of accounts that would increase the amount of expense paid on your account.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Pzena Funds

Expense Example (Continued)

August 31, 2018 (Unaudited)

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period⁽¹⁾
Investor Class	3/1/18		8/31/18		3/1/18 – 8/31/18
Actual
Mid Cap Value Fund	$	1,000.00	$	1,010.80	$	6.28
Emerging Markets Value Fund		1,000.00		911.90		7.66
Long/Short Value Fund		1,000.00		966.80		14.48
Small Cap Value Fund		1,000.00		1,113.50		8.15
International Small Cap Value Fund		1,000.00		1,010.00		2.51

Hypothetical (5% return before expenses)
Mid Cap Value Fund	$	1,000.00	$	1,018.95	$	6.31
Emerging Markets Value Fund		1,000.00		1,017.19		8.08
Long/Short Value Fund		1,000.00		1,010.49		14.80
Small Cap Value Fund		1,000.00		1,017.49		7.78
International Small Cap Value Fund		1,000.00		1,005.72		2.51

⁽¹⁾

The Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, the Small Cap Value Fund, and the International Small Cap Value Fund expenses are equal to the expense ratio of 1.24%, 1.59%, 2.92%, 1.53%, and 1.52%, respectively, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the six month period of operation of the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Fund, and the Small Cap Value Fund), and 60/365 days (to reflect the shortened period of operation of the International Small Cap Value Fund). The ending account values in the table are based on its actual total returns of the Investor Class shares of the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, Small Cap Value Fund, and International Small Cap Value Fund. Each of the Fund’s Investor Class shares returned 1.08%, -8.81%, -3.32%, 11.35%, and 1.00%, respectively.

	Beginning		Ending		Expenses Paid
	Account Value		Account Value		During Period⁽²⁾
Institutional Class	3/1/18		8/31/18		3/1/18 – 8/31/18
Actual
Mid Cap Value Fund	$	1,000.00	$	1,013.10	$	4.57
Emerging Markets Value Fund		1,000.00		913.60		6.03
Long/Short Value Fund		1,000.00		969.00		13.34
Small Cap Value Fund		1,000.00		1,115.50		6.40
International Small Cap Value Fund		1,000.00		1,011.00		1.93

Hypothetical (5% return before expenses)
Mid Cap Value Fund	$	1,000.00	$	1,020.67	$	4.58
Emerging Markets Value Fund		1,000.00		1,018.90		6.36
Long/Short Value Fund		1,000.00		1,011.95		13.34
Small Cap Value Fund		1,000.00		1,019.16		6.11
International Small Cap Value Fund		1,000.00		1,006.30		1.93

⁽²⁾

The Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, the Small Cap Value Fund, and the International Small Cap Value Fund expenses are equal to the expense ratio of 0.90%, 1.25%, 2.63%, 1.20%, and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the six month period of operation of the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Fund, and the Small Cap Value Fund), and 60/365 days (to reflect the shortened period of operation of the International Small Cap Value Fund). The ending account values in the table are based on its actual total returns of the Institutional Class shares of the Mid Cap Value Fund, Emerging Markets Value Fund, Long/Short Value Fund, Small Cap Value Fund, and International Small Cap Value Fund. Each of the Fund’s Institutional Class shares returned 1.31%, -8.64%, -3.10%, 11.55%, and 1.10%, respectively.

Pzena Funds

Notice to Shareholders

August 31, 2018 (Unaudited)

How to Obtain a Copy of the Funds’ Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-844-PZN-1996 (1-844-796-1996) or on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain a Copy of the Funds’ Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-844-PZN-1996 (1-844-796-1996). Furthermore, you can obtain a Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. A Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090. Information included in the Funds’ Form N-Q is also available, upon request, by calling 1-844-PZN-1996 (1-844-796-1996).

Householding

In an effort to decrease costs, the Transfer Agent intends to reduce the number of duplicate prospectuses, annual and semi-annual reports, proxy statements and other regulatory documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-PZN-1996 (1-844-796-1996) to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

Pzena Funds

Privacy Notice

The Funds collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

Investment Advisor

Pzena Investment Management, LLC

320 Park Avenue, 8th Floor

New York, New York 10022

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, Pennsylvania 19103

Legal Counsel

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, New York 10103

Custodian

US, Bank N.A.

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

Transfer Agent, Fund Accountant and Fund Administrator

U,S, Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

Distributor

Quasar Distributors, LLC

777 East Wisconsin Avenue, 6th Floor

Milwaukee, Wisconsin 53202

This report is intended for the shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus, To obtain a free prospectus, please call 1-844-PZN-l996 (l-844-796-1996).

ZP-SEMI