N-CSRS 1 pf-ncsrs.htm PZENA FUNDS - SEMIANNUAL REPORT 8-31-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number 811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)


Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202
(Name and address of agent for service)



(626) 914-7363
Registrant's telephone number, including area code



Date of fiscal year end: February 29, 2024



Date of reporting period:  August 31, 2023


Item 1. Reports to Stockholders.

(a)






 
 
Pzena Funds
Semi-Annual Report
 
August 31, 2023
   
   


PZENA MID CAP VALUE FUND
Investor Class PZVMX
Institutional Class PZIMX
 
PZENA EMERGING MARKETS VALUE FUND
Investor Class PZVEX
Institutional Class PZIEX
 
PZENA SMALL CAP VALUE FUND
Investor Class PZVSX
Institutional Class PZISX
 
PZENA INTERNATIONAL SMALL CAP VALUE FUND
Investor Class PZVIX
Institutional Class PZIIX
 
PZENA INTERNATIONAL VALUE FUND
Investor Class PZVNX
Institutional Class PZINX

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 Small Cap Value Fund
    
6
  
Pzena International Small Cap Value Fund
    
8
  
Pzena International 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 Small Cap Value Fund
        
Portfolio Allocation
    
18
  
Schedule of Investments
    
19
  
         
Pzena International Small Cap Value Fund
        
Portfolio Allocation
    
21
  
Schedule of Investments
    
22
  
Portfolio Diversification
    
24
  
         
Pzena International Value Fund
        
Portfolio Allocation
    
25
  
Schedule of Investments
    
26
  
Portfolio Diversification
    
28
  
         
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 Small Cap Value Fund
    
36
  
Pzena International Small Cap Value Fund
    
37
  
Pzena International Value Fund
    
38
  
         
Financial Highlights
        
Pzena Mid Cap Value Fund
    
39
  
Pzena Emerging Markets Value Fund
    
41
  
Pzena Small Cap Value Fund
    
43
  
Pzena International Small Cap Value Fund
    
45
  
Pzena International Value Fund
    
47
  
         
Notes to Financial Statements
    
49
  
         
Expense Example
    
60
  
         
Notice to Shareholders
    
62
  
         
Privacy Notice
    
63
  
Dear Shareholder:
 
For the six-month period ended August 31, 2023, equities across most geographies and market caps were slightly positive. China was one of the few geographies that was weak, while U.S. mega-cap stocks were standouts, and growth stocks outpaced value stocks. Though investment returns across most equity markets appear fairly unremarkable for the period, a closer inspection tells a different story.
 
The period began with markets giving up much of their year-to-date gains in the wake of Silicon Valley Bank’s collapse in early March. Most indices recouped their losses before the end of March. In contrast, U.S. small cap and mid cap equities remained fairly weak due to concerns over the stability of U.S. regional banks on the possibility of higher interest rates devaluing assets on their balance sheets. Amid this backdrop, investors engaged in a flight to perceived safety, eschewing financials (i.e., banks and insurers) and economically sensitive stocks for tech stocks.
 
In the following months, equity markets continued rising higher as investors weighed the possibility of rate hikes slowing and stopping at a terminal rate lower than they had previously anticipated. Cooling inflation and the continuation of solid economic growth bolstered hopes of a soft landing for the U.S. economy. Though value stocks rose, mega-cap U.S. growth stocks contributed most to world equities’ strong performance in the months following the U.S. regional banking turmoil, as AI exuberance drove tech names higher.
 
Meanwhile, continued uncertainty surrounding the property market in China, weak economic data coming out of the country, notably declining industrial activity, and muted consumer spending, also weighed on Chinese stocks. Overall, there appears to be a lack of Western investor interest in China, as investors have been mostly fixated on the Chinese Communist Party’s regulatory agenda, geopolitical tensions with the West, and the nation’s housing downturn. This has prompted them to “de-risk” away from China-domiciled stocks.
 
Markets dominated by sentiment-driven, growth stocks, like the one seen during this period, are a test of an investor’s value discipline. As dedicated value investors, we will continue to avoid expensive mega-cap stocks as we are not finding valuation opportunities after their long run of outperformance. Instead, we are looking among the cheapest stocks in the market that have strong businesses and are trading at significant discounts to their long-term averages. Among these inexpensive stocks, we are invested in a range of opportunities in good businesses trading at compelling valuations that have not participated in the sentiment-driven rally this year.
 
Please take a few minutes to read the Fund commentaries on the following pages, where our portfolio management teams review investment decisions and current positioning, providing insight into recent performance.
 
If you have questions about your Pzena Fund’s portfolio, please get in touch with your advisor or a member of our team of registered representatives.
 
We thank you for investing with us. As always, we are committed to our philosophy of value investing with a long-term outlook.
 
Best regards,
 
Pzena Investment Management, LLC
 
 
Past performance does not guarantee future results. Index performance is not indicative of fund performance. One cannot invest directly in an index.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Must be preceded or accompanied by a prospectus.
1
Pzena Mid Cap Value Fund
Commentary
August 2023

Average Annual Total Returns for the Semi-Annual Period Ended August 31, 2023.
 
           
Since
 
Three
Six
One
Three
Five
Inception
 
Months(1)
Months(1)
Year(1)
Years
Years
(3/31/2014)
Pzena Mid Cap Value Fund – Investor Class (PZVMX)
13.78%
-0.56%
12.96%
21.19%
7.70%
8.09%
Pzena Mid Cap Value Fund – Institutional Class (PZIMX)
13.89%
-0.36%
13.41%
21.66%
8.09%
8.44%
Russell Midcap® Value Index
  9.39%
1.25%
  5.65%
12.07%
6.12%
7.50%
 
(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).
 
PZVMX Expense Ratio – Gross: 1.33%
PZVMX Expense Ratio – Net: 1.25%*
 
PZIMX Expense Ratio – Gross: 0.98%
PZIMX Expense Ratio – Net: 0.90%*
 
Expense ratios shown are as of the Fund’s prospectus dated June 28, 2023.
 
*
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 28, 2024.

Domestic stocks pulled back in March, as persistent Federal Reserve tightening contributed to turbulence for U.S. regional banks. Amid this turbulence, investors began to anticipate a more benign interest rate environment and rotated from financials into growth stocks. Ultimately, financials rallied but were not able to recoup all their initial losses during the period. More broadly, a continuation of strong economic data in the U.S. perpetuated 2023’s rally in domestic markets, and extreme AI hype pushed mega-cap growth names much higher.
 
Amidst this backdrop, U.S. value stocks underperformed both growth and the broad market, but still closed positive for the period. The Fund declined during the period and underperformed the Russell Midcap Value Index.
 
The financials sector detracted most from absolute performance, with consumer discretionary and basic materials weighing on Fund returns to a lesser extent. Fear of contagion hurt U.S. regional bank Keycorp during March. Though we do not believe that KeyCorp has a similar profile to those regional banks which failed, we trimmed the position and reallocated the proceeds to Comerica to diversify the Fund’s risk. Fellow regional bank Fifth Third Bancorp declined given March’s banking turmoil. Consumer products company Newell Brands’ shares were weak as destocking at retailers continued to weigh on its top line and margins. The company also reduced its dividend in the second quarter, which should improve its leverage. We believe Newell and its brands are well-positioned to recover as channel inventories normalize.
 
Technology, health care and industrials contributed most to the Fund’s performance during the period. Top contributor Fresenius Medical Care, a dialysis service provider and machine manufacturer, posted strong Q1 earnings driven by a moderation in labor costs (mostly nursing) and branch consolidation. Also, the rate of decline in treatments, which is how Fresenius measures same-store sales, has slowed from the previous quarter, signaling progress toward a positive inflection in patient volumes – a major overhang on the stock. IT service provider Cognizant Technology Solutions reported an earnings beat for 2Q 2023. Revenue was flat for the quarter and the gap between Cognizant and its peers looked to be narrowing after many quarters of lagging behind competitors. Bookings continued to grow for the second consecutive quarter, which is a function of booking larger deals, part of the CEO’s new strategy. Semiconductor distributor Avnet posted revenue and margins above consensus expectations for the last two quarters. Though the cycle has turned negative, Avnet has offset weakness with share gains. Additionally, AI enthusiasm boosted shares.
 
We initiated a position in Acuity Brands, a leading supplier of lighting fixtures in North America. The stock has underperformed, as lighting shipments have been challenged due to chip shortages, while management’s outlook dimmed on weak nonresidential construction spending data. We believe the company is well-positioned for the easing of supply tightness and the recovery of demand.
2
Pzena Mid Cap Value Fund
Commentary (Continued)
August 2023

We also added Advance Auto Parts, the third largest auto parts retailer in the U.S. Shares have been weak in recent years due to poor M&A integration and activist investor involvement. Looking forward, we believe that a new management team and self-help initiatives make the company an attractive opportunity.
 
Among the positions exited during the period were aerial work platform company Terex and building products company Fortune Brands, both on recent strength.
 
The portfolio remains positioned toward more economically sensitive and cyclical names, as we believe valuations remain quite attractive.
 
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. 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 emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
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. An index cannot be invested in directly.
3

Pzena Emerging Markets Value Fund
Commentary
August 2023

Average Annual Total Returns for the Semi-Annual Period Ended August 31, 2023.
 
           
Since
 
Three
Six
One
Three
Five
Inception
 
Months(1)
Months(1)
Year(1)
Years
Years
(3/31/2014)
Pzena Emerging Markets Value Fund –
            
  Investor Class (PZVEX)
10.08%
12.18%
17.95%
13.26%
5.50%
3.83%
Pzena Emerging Markets Value Fund –
            
  Institutional Class (PZIEX)
10.12%
12.32%
18.29%
13.63%
5.85%
4.14%
MSCI Emerging Markets Index
  3.47%
  3.62%
  1.25%
 -1.39%
0.98%
2.34%
MSCI Emerging Markets Value Index
  4.31%
  5.29%
  5.22%
  3.94%
0.90%
1.42%

(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).
 
PZVEX Expense Ratio – Gross: 1.51%
PZVEX Expense Ratio – Net: 1.44%*
PZVEX Expense Ratio – Net (ex-AFFE): 1.43%*
 
PZIEX Expense Ratio – Gross: 1.16%
PZIEX Expense Ratio – Net: 1.09%*
PZIEX Expense Ratio – Net (ex-AFFE): 1.08%*
 
Expense ratios as presented in prospectus dated June 28, 2023.
 
*
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 28, 2024.

Emerging markets began the period unscathed by the banking turmoil which reverberated through equity markets in the U.S. and Europe in March. After a hot start to the calendar year following the Chinese Communist Party’s abandonment of zero-COVID, Chinese equities subsequently declined due to a tepid post-lockdown rebound in consumer spending, soft exports and manufacturing data – partially stemming from weakness in Europe – as well as the nation’s well-documented property malaise. While concerns over the Chinese economy are certainly at the forefront of investors’ minds, most other emerging markets, across Asia, Latin America and Eastern Europe, posted strong returns. In this environment, value stocks managed to outperform their growth peers, albeit only slightly.
 
The MSCI Emerging Markets Index rose 3.6% during the period. The index’s energy, information technology and financials constituents were particularly strong in the past six months. Meanwhile, the real estate sector was particularly weak, and the health care and communication services sectors also declined.
 
Amid this backdrop, the Pzena Emerging Markets Value Fund rose and outperformed the MSCI Emerging Markets Index significantly. Information technology and financials drove the Fund’s performance. Industrials and real estate were sources of slight weakness during the period.
 
The top individual contributor, Taiwanese electronics manufacturer Lite-On, benefitted from AI excitement. Elite Material, Taiwanese producer of copper clad laminate (CCL) which is used in the manufacture of circuit boards, reported a strong earnings beat driven mainly by AI server CCLs. These CCLs generate a much higher gross margin than traditional server CCLs. Shares of Korean metals company POSCO were strong on improving steel demand from China’s reopening and increased optimism around the company’s lithium assets in Argentina.
 
Shares of China Overseas Land & Investment (COLI), the large partially state-owned property developer, fell as Chinese property sales have remained tepid. COLI has been using soft land prices to build up land inventory. Hong Kong-based dry bulk shipper Pacific Basin Shipping Limited fell on a weak earnings report. Additionally, general economic uncertainty and concerns over demand in the near-term have weighed on shipping rates. Retail bank China Merchants Bank declined after reporting in-line 2Q23 results. Net interest margin has come under pressure due to lower asset yields driven by falling interest rates, as well as clients’ preference for more expensive time deposits. Furthermore, new loan growth in China declined precipitously in July. On the other hand, the quarter provided some positive developments. CMB’s retail franchise continues to have good momentum with AUMs and clients growing at a
4
Pzena Emerging Markets Value Fund
Commentary (Continued)
August 2023

healthy pace. In particular, Private Banking grew AUM and clients at 10%, while the affluent segment also posted strong growth. Additionally, nonperforming loans (excluding property developers) were broadly stable.
 
During the period, we increased exposure to the consumer staples sector by initiating positions in Vietnam Dairy and Natura & Co. Vietnam Dairy, also known as Vinamilk, is Vietnam’s leading producer of dairy products. The stock has underperformed owing to weaker revenue growth as COVID-19 impacted consumer spending, and narrower margins due to the increase in oil price in 2022. This created an attractive entry point for the stock, and we believe the near-term earnings pain will be temporary. Brazil-based Natura & Co sells cosmetics, fragrances and personal care products; the company is currently working through the integration of its acquisition of Avon while concurrently de-levering its balance sheet.
 
In China, geopolitical concerns, lockdowns, and macroeconomic weakness provided the backdrop for some compelling new investment opportunities where we see room for company-specific improvements. Some of the new names added to the portfolio were:
 
Haier Smart Home, Chinese consumer appliance maker. We exited our position in fellow appliance maker Midea to make this addition.
 
China Merchants Bank (CMB), a leading retail bank in China, shares underperformed as the former president was arrested on corruption charges which sparked fears for CMB’s wealth management and private banking business. Additionally, the bank is exposed to China’s retail market via credit cards, wealth management and mortgages which have been weak given the recent macro weakness. We exited China Construction Bank in order to build the position in CMB.
 
Zhejiang Longsheng, a Chinese producer of textile dyes. The stock has underperformed owing to 1) earnings pain in the core dye business from elevated raw material costs and weak end-market demand, 2) negative sentiment on the company’s real estate exposure, and 3) negative markdowns in the investment portfolio.
 
In terms of disposals, we exited the positions in recent top performers Lite-On, Elite Material and POSCO on strength.
 
Recessionary fears, concerns over interest rates and inflation, and dispersion among countries and sectors all continue to create attractive investment opportunities for the portfolio. We are finding cheap company valuations when assessed against fundamentals and are excited by the opportunity set in emerging markets.
 
Our largest sector exposures are in information technology and financials. The bulk of our portfolio is comprised of Asian companies, with the largest weights in China (a relative underweight) and Taiwan. We have a relative overweight in Brazil and a relative underweight in India.
 
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. Investments in REITs are subject to the risks associated with the direct ownership of real estate. The Fund emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
The Pzena Funds are distributed by Quasar Distributors, LLC.
 
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 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.
 
The MSCI Emerging Markets Value Index is based on a traditional market cap weighted parent index, the MSCI Emerging Markets Index. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.
 
An index cannot be invested in directly.
5
Pzena Small Cap Value Fund
Commentary
August 2023

Average Annual Total Returns for the Semi-Annual Period Ended August 31, 2023.
 
           
Since
 
Three
Six
One
Three
Five
Inception
 
Months(1)
Months(1)
Year(1)
Years
Years
(4/27/2016)
Pzena Small Cap Value Fund – Investor Class (PZVSX)
16.92%
 1.24%
17.87%
20.96%
5.78%
8.03%
Pzena Small Cap Value Fund – Institutional Class (PZISX)
17.08%
 1.46%
18.15%
21.29%
6.07%
8.34%
Russell 2000® Value Index
10.50%
-1.94%
  2.17%
13.54%
3.18%
7.76%

(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).
 
PZVSX Expense Ratio – Gross: 1.53%
PZVSX Expense Ratio – Net: 1.35%*
 
PZISX Expense Ratio – Gross: 1.18%
PZISX Expense Ratio – Net: 1.00%*
 
Expense ratios shown are as of the Fund’s prospectus dated June 28, 2023.
 
*
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 28, 2024.

 
Domestic small caps were weak in March, driven initially by regional bank liquidity concerns, then expanding to broader economic growth fears stemming from a slowdown in lending. Later in the period, small caps regained most of their losses as resilient consumer spending, a hot job market, and signs of cooling inflation bolstered hopes of a soft landing for the economy.
 
Amid this backdrop, small cap stocks underperformed large cap. Our portfolio rose slightly and outperformed the Russell 2000 Value Index which fell during the period. The top contributing sectors were technology and industrials, while financials was the most impactful detracting sector.
 
Individually, the Fund’s largest contributors were Celestica, American Woodmark, and American Equity Investment Life. Outsourced electronics manufacturer Celestica reported strong earnings during the period. Additionally, the company provided further disclosure which sheds light on the size of its AI driven business. American Woodmark, cabinetry manufacturer and distributor, reported strong earnings and guidance which was better than expected as the company manages through de-stocking by retailers. Indexed annuity underwriter American Equity Investment Life surged after Brookfield submitted an offer to take over the business at a substantial premium to its prior price.
 
The largest detractors from Fund performance were Univest Financial, Associated Banc-Corp, and Hope Bancorp. All three regional banks were weak in concert with the rest of the industry as the market continued to digest the fallout from Silicon Valley Bank’s failure and uncertainty weighed on shares. We ultimately exited Hope Bancorp and used the proceeds to continue building the position in fellow regional bank Synovus.
 
Among the names we initiated a position in during the period was Interface, a leading commercial carpet tile manufacturer that has expanded into luxury vinyl tile (LVT) and rubber flooring. Demand from office buildings (50% of sales) has been weak, and raw material costs have weighed on gross margins. We believe that over time, the company can offset margin headwinds with pricing, and office demand will ultimately recover.
 
We also added Newell Brands, a consumer goods company whose portfolio of brands includes Rubbermaid, Sharpie, Coleman, Graco, Yankee Candle, Paper Mate, and Elmer’s. Newell levered its balance sheet to buy Jarden in 2015, but the acquisition suffered from cultural clashes and elevated leverage ratios that have since led to years of write-offs and divestitures as management sought to simplify the portfolio with stronger brand positions. The company is now integrating supply chains
 
6
Pzena Small Cap Value Fund
Commentary (Continued)
August 2023

and ERP systems, while rationalizing 70% of SKUs to become a more focused organization. Despite tangible improvements, destocking at retailers has caused sales and earnings to slump. We believe the company and its brands are positioned to recover as channel inventory normalizes.
 
To fund these purchases, we exited our positions in Moog Inc. and Enerpac Tool Group on valuation. We exited Argo Group in advance of it being bought out by Brookfield Reinsurance.
 
The portfolio remains positioned toward more economically sensitive and cyclical names, as valuations remain quite attractive.
 
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 emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
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 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.
7
Pzena International Small Cap Value Fund
Commentary
August 2023

Average Annual Total Returns for the Semi-Annual Period Ended August 31, 2023.
 
           
Since
 
Three
Six
One
Three
Five
Inception
 
Months(1)
Months(1)
Year(1)
Years
Years
(7/2/2018)
Pzena International Small Cap Value Fund –
            
  Investor Class (PZVIX)
6.73%
3.01%
28.84%
17.64%
3.77%
3.85%
Pzena International Small Cap Value Fund –
            
  Institutional Class (PZIIX)
6.91%
3.20%
29.29%
17.99%
4.04%
4.13%
MSCI World ex-USA Small Cap Index
4.07%
1.48%
  8.77%
  3.00%
2.06%
2.28%
MSCI World ex-USA Small Cap Value Index
5.70%
1.73%
11.50%
  7.17%
2.35%
2.52%
 
(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).
 
PZVIX Expense Ratio – Gross: 2.87%
PZVIX Expense Ratio – Net: 1.53%*
PZVIX Expense Ratio – Net (ex-AFFE): 1.52%*
 
PZIIX Expense Ratio – Gross: 2.52%
PZIIX Expense Ratio – Net: 1.18%*
PZIIX Expense Ratio – Net (ex-AFFE): 1.17%*
 
Expense ratios shown are as of the Fund’s prospectus dated June 28, 2023.
 
*
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 28, 2024.


Equity markets outside the U.S. were up, as Europe continued its recovery from 2022’s extreme recession scenario that did not materialize, but small caps underperformed their large cap peers. The Pzena International Small Cap Value Fund rose this quarter, modestly outperforming the MSCI World ex USA Small Cap Index, with information technology and financials being the main contributors.
 
UK specialty auto insurer Sabre Insurance Group led the gains as the turnaround in the UK motor market continues apace, with further evidence of policy pricing catching up to historic claims inflation. Elite Material, Taiwanese producer of copper clad laminate (CCL) which is used in the manufacture of circuit boards, reported a strong earnings beat driven mainly by AI server CCLs. These CCLs generate a much higher gross margin than traditional server CCLs. Ituran, Israeli provider of Stolen Vehicle Recovery aftermarket and fleet management services, reported a string of earnings reports ahead of consensus expectations and benefitted from sell-side upgrades.
 
Industrials and consumer staples were the largest detractors from Fund performance at the sector level. Irish agriculture services business Origin Enterprises, the top individual detractor, was negatively impacted by unfavorable weather in the UK and Ireland. Duerr, industrial equipment and engineering & construction company primarily serving Auto OEMs with painting, assembly, and inspection systems, and wood product fabricators, declined as margins within the auto segment declined during Q1. One-time employee inflation payments impacted margins, as did startup costs for new projects. Hong Kong-based dry bulk shipper Pacific Basin Shipping Limited fell on a weak earnings report. Additionally, general economic uncertainty and concerns over demand in the near-term have weighed on shipping rates.
 
We initiated a position in Signify, the global leader in lighting solutions, on weakness stemming from a slowdown in construction activity as well as Ushio, a leading Japanese supplier of light sources, which offers long-term earnings growth potential via its technology advantages. We also added UK brick manufacturer Ibstock whose shares have fallen amid weaker residential demand given softness in the UK housing market.
 
Disposals during the period included outsourced electronics manufacturer Celestica, copper clad laminate producer Elite Material and UK oil servicer John Wood Group, all on strength.
 
We believe it is an especially attractive time for cheap international small cap stocks, as valuation spreads are particularly wide. This has historically proven to be a very good entry point for value portfolios, with the long-term performance of small caps improving markedly as valuations become more attractive.
8
Pzena International Small Cap Value Fund
Commentary (Continued)
August 2023

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 emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
The Pzena Funds are distributed by Quasar Distributors, LLC.
 
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). 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 U.K. The index cannot be invested in directly.
9
Pzena International Value Fund
Commentary
August 2023

Average Annual Total Returns for the Semi-Annual Period Ended August 31, 2023.
 
       
Since
 
Three
Six
One
Inception
 
Months(1)
Months(1)
Year(1)
(6/28/2021)
Pzena International Value Fund – Investor Class (PZVNX)
9.16%
5.59%
27.71%
 1.05%
Pzena International Value Fund – Institutional Class (PZINX)
9.26%
5.80%
28.06%
 1.31%
MSCI EAFE Index
3.80%
4.75%
17.92%
-1.88%
MSCI EAFE Value Index
7.15%
4.38%
20.74%
 1.63%
 
(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).
 
PZVNX Expense Ratio – Gross: 1.84%
PZVNX Expense Ratio – Net: 1.10%*
PZVNX Expense Ratio – Net (ex-AFFE): 1.09%*
 
PZINX Expense Ratio – Gross: 1.49%
PZINX Expense Ratio – Net: 0.75%*
PZINX Expense Ratio – Net (ex-AFFE): 0.74%*
 
Expense ratios shown are as of the Fund’s prospectus dated June 28, 2023.
 
*
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 28, 2024.

 
Equity markets outside the U.S. rose during the period, as Europe continued its recovery from 2022’s extreme recession scenario that didn’t materialize. Financials, which experienced turbulence in March following the U.S. regional banking crisis and Credit Suisse’s forced merger with UBS, recovered much of the ground lost over the six months.
 
The Fund rose during the period, outperforming both the MSCI EAFE Value Index and MSCI EAFE Index. Holdings in health care and consumer discretionary stocks contributed most to the Fund’s performance, while communication services and information technology names detracted slightly.
 
The top contributor was German chemical company Covestro which was strong on news of a potential acquisition. Dutch healthcare equipment company Koninklijke Philips rose as increased clarity surrounding the company’s CPAP machines emerged. Additionally, the company reported a strong earnings report during the period which highlighted how the progress of restructuring actions and supply chain improvements have allowed Philips to convert some of its backlog. Italian utility Enel announced the sale of its Peruvian assets, part of its wider deleveraging efforts. Though the exact financial terms were not announced, estimated figures were better than the company had previously guided to.
 
Steelmaker ArcelorMittal declined amid weak macroeconomic sentiment. Additionally, heightened Chinese steel output, combined with the uncertainty of Chinese demand, weighed on shares. Finnish telecom equipment manufacturer Nokia declined as a result of continued litigation surrounding patent licensing fees and a slowdown in North American telecom operator spending. UK builder merchant Travis Perkins issued a profit warning for 2023 which sent shares lower. Rising rates and sticky inflation are weighing on demand, resulting in lower volumes for the year than had been previously anticipated.
 
Additions to the portfolio included China Overseas Land & Investment (COLI) and Haier Smart Home.
 
COLI is a large, partially state-owned homebuilder, which boasts a large landbank in Chinese tier 1 and 2 cities. Tepid Chinese real estate sales and deterioration in China’s re-opening weighed on shares, providing an attractive entry point.
 
Haier Smart Home, one of the big 3 home appliance manufacturers in China with leading positions in air conditioners, washing machines and refrigerators. While there are concerns around the property market in China, demand for Haier is primarily driven by appliance replacement and should therefore be more stable; the company is also set-up well to take share in North America after acquiring and turning around the GE brand.
 
Disposals included online travel agency Trip.com and UK oil servicer John Wood Group, both on recent strength.
10
Pzena International Value Fund
Commentary (Continued)
August 2023

Our portfolio is still exposed to businesses in recovery mode, albeit now less tilted toward energy. We remain overweight in financials and consumer discretionary, overweight in Europe and the UK, and underweight in Japan and Australia.
 
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 emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
The Pzena Funds are distributed by Quasar Distributors, LLC.
 
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.
 
MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada, and provides equity returns including dividends net of withholding tax rates as calculated by MSCI. The index cannot be invested in directly.
 
MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the U.S. and Canada, and provides equity returns including dividends net of withholding tax rates as calculated by MSCI. The index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index. The index cannot be invested in directly.
11
Pzena Mid Cap Value Fund
Portfolio Allocation
August 31, 2023 (Unaudited)


 
The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2023.
 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
12
Pzena Mid Cap Value Fund
Schedule of Investments
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
COMMON STOCKS – 97.50%
            
Basic Materials – 6.91%
            
Dow, Inc.
    
99,810
    
$
5,445,633
  
Olin Corp.
    
65,091
      
3,776,580
  
 
            
9,222,213
  
 
                
Consumer Discretionary – 21.41%
                
Advance Auto Parts, Inc.
    
47,816
      
3,290,697
  
Gap, Inc.
    
328,986
      
3,809,658
  
Gildan Activewear, Inc. (b)
    
132,579
      
3,953,506
  
Lear Corp.
    
38,836
      
5,595,879
  
Magna International, Inc. (b)
    
70,178
      
4,127,870
  
Newell Brands, Inc.
    
266,306
      
2,817,517
  
PVH Corp.
    
31,602
      
2,641,927
  
Skechers U.S.A., Inc. – Class A (a)
    
46,618
      
2,345,352
  
 
            
28,582,406
  
 
                
Consumer Staples – 0.25%
                
Tyson Foods, Inc. – Class A
    
6,295
      
335,335
  
 
                
Energy – 2.50%
                
NOV, Inc.
    
157,957
      
3,337,631
  
 
                
Financials – 26.64%
                
American International Group, Inc.
    
22,676
      
1,326,999
  
Axis Capital Holdings, Ltd. (b)
    
44,448
      
2,438,417
  
CNO Financial Group, Inc.
    
167,112
      
3,910,421
  
Comerica, Inc.
    
27,060
      
1,301,857
  
Equitable Holdings, Inc.
    
151,107
      
4,351,882
  
Fidelity National Financial, Inc.
    
64,017
      
2,650,304
  
Fifth Third Bancorp
    
114,459
      
3,038,886
  
Globe Life, Inc.
    
29,239
      
3,262,195
  
Invesco, Ltd.
    
128,586
      
2,047,089
  
KeyCorp
    
114,579
      
1,298,180
  
MetLife, Inc.
    
31,649
      
2,004,648
  
Reinsurance Group of America, Inc.
    
27,368
      
3,793,752
  
Voya Financial, Inc.
    
59,534
      
4,148,329
  
 
            
35,572,959
  
 
                
Health Care – 6.63%
                
Cardinal Health, Inc.
    
24,196
      
2,113,037
  
Fresenius Medical Care
                
  AG & Co. KGaA – ADR
    
178,797
      
4,283,976
  
Henry Schein, Inc. (a)
    
32,143
      
2,460,225
  
 
            
8,857,238
  
 
                
Industrials – 17.13%
                
Acuity Brands, Inc.
    
23,690
    

3,820,723
  
Axalta Coating Systems, Ltd. (a)
    
143,510
      
4,061,333
  
Capital One Financial Corp.
    
23,709
      
2,427,564
  
Global Payments, Inc.
    
25,146
      
3,185,747
  
JELD-WEN Holding, Inc. (a)
    
219,746
      
3,313,770
  
MasterBrand, Inc. (a)
    
39,598
      
507,250
  
Mohawk Industries, Inc. (a)
    
24,134
      
2,446,946
  
Wabtec Corp.
    
27,678
      
3,114,329
  
 
            
22,877,662
  
 
                
Technology – 13.39%
                
Avnet, Inc.
    
78,704
      
3,994,228
  
Cognizant Technology
                
  Solutions Corp. – Class A
    
62,496
      
4,475,339
  
Leidos Holdings, Inc.
    
29,408
      
2,867,574
  
SS&C Technologies Holdings, Inc.
    
68,168
      
3,914,207
  
TE Connectivity, Ltd. (c)
    
19,843
      
2,627,015
  
 
            
17,878,363
  
 
                
Utilities – 2.64%
                
Edison International
    
51,193
      
3,524,638
  
Total Common Stocks
                
  (Cost $112,261,421)
            
130,188,445
  
 
                
SHORT-TERM INVESTMENT – 2.48%
                
Money Market Fund – 2.48%
                
Fidelity Institutional
                
  Government Portfolio,
                
  Institutional Class, 5.21% (d)
    
3,316,496
      
3,316,496
  
Total Short-Term Investment
                
  (Cost $3,316,496)
            
3,316,496
  
Total Investments
                
  (Cost $115,577,917) – 99.98%
            
133,504,941
  
Other Assets in
                
  Excess of Liabilities – 0.02%
            
25,024
  
Total Net Assets – 100.00%
          
$
133,529,965
  

Percentages are stated as a percent of net assets.

ADR
  
American Depositary Receipt
AG
  
Aktiengesellschaft
KGaA
  
Kommanditgesellschaft Auf Aktien
(a)
  
Non-income producing security.
(b)
  
Foreign issued security.
(c)
  
U.S. traded security of a foreign issuer.
(d)
  
Rate shown represents the 7-day annualized yield as of August 31, 2023.

The accompanying notes are an integral part of these financial statements.
13
Pzena Emerging Markets Value Fund
Portfolio Allocation
August 31, 2023 (Unaudited)


 
The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2023.
 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
14
Pzena Emerging Markets Value Fund
Schedule of Investments
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
COMMON STOCKS – 90.71%
            
Brazil – 6.19%
            
Ambev S.A.
    
14,869,000
    
$
41,495,861
  
Banco do Brasil S.A.
    
1,437,600
      
13,763,314
  
Natura & Co. Holding S.A. (a)
    
4,210,500
      
12,957,870
  
Neoenergia S.A.
    
4,102,350
      
15,201,406
  
 
            
83,418,451
  
 
                
China – 24.56%
                
Alibaba Group Holding, Ltd. (a)
    
3,537,600
      
40,688,253
  
Baidu, Inc. – Class A (a)
    
818,650
      
14,551,736
  
Baidu, Inc. – Class A, ADR (a)
    
90,638
      
12,945,825
  
Brilliance China
                
  Automotive Holdings, Ltd.
    
12,636,000
      
5,139,893
  
China Merchants Bank
                
  Co., Ltd. – H Shares
    
5,787,000
      
22,875,414
  
China Overseas Land
                
  & Investment, Ltd.
    
17,804,618
      
37,551,038
  
CIMC Enric Holdings, Ltd.
    
11,460,000
      
10,901,273
  
GF Securities Co., Ltd. – H Shares
    
13,315,600
      
19,016,586
  
Grand Baoxin Auto Group, Ltd. (a)
    
7,088,000
      
211,492
  
Haier Smart Home Co.,
                
  Ltd. – H Shares
    
11,036,600
      
34,127,213
  
Lenovo Group, Ltd.
    
19,626,000
      
22,197,762
  
Ping An Insurance Group
                
  Co. of China, Ltd. – A Shares
    
625,800
      
4,188,195
  
Ping An Insurance Group
                
  Co. of China, Ltd. – H Shares
    
2,150,500
      
12,874,454
  
Tencent Holdings, Ltd.
    
478,300
      
19,821,546
  
Trip.com Group, Ltd. – ADR (a)
    
770,167
      
30,275,265
  
Weichai Power
                
  Co. Ltd. – H Shares (a)
    
18,861,000
      
24,483,092
  
Zhejiang Longsheng Group Co., Ltd.
    
15,241,205
      
19,275,728
  
 
            
331,124,765
  
 
                
Hong Kong – 5.09%
                
Galaxy Entertainment Group, Ltd.
    
4,189,000
      
27,722,443
  
Pacific Basin Shipping, Ltd.
    
114,955,000
      
31,222,038
  
Yue Yuen Industrial (Holdings), Ltd.
    
7,769,500
      
9,748,593
  
 
            
68,693,074
  
 
                
Hungary – 2.29%
                
OTP Bank Nyrt. PLC
    
754,255
      
30,812,463
  
 
                
India – 6.46%
                
Aurobindo Pharma, Ltd.
    
2,678,546
      
26,854,619
  
Glenmark Pharmaceuticals, Ltd.
    
1,267,229
      
11,738,357
  
ICICI Bank, Ltd.
    
270,321
      
3,130,595
  
Shriram Transport Finance Co., Ltd.
    
1,510,815
      
35,190,682
  
State Bank of India
    
1,102,858
      
7,478,166
  
State Bank of India – GDR
    
40,600
      
2,744,560
  
 
            
87,136,979
  
 
                
Indonesia – 1.95%
                
PT Bank Rakyat Indonesia
                
  Persero Tbk
    
72,175,500
    

26,301,643
  
 
                
Peru – 1.95%
                
Credicorp, Ltd.
    
185,877
      
26,288,584
  
 
                
Republic of Korea – 12.78%
                
DB Insurance Co., Ltd.
    
573,674
      
35,459,933
  
Hankook Tire & Technology Co., Ltd.
    
1,375,035
      
40,312,167
  
KB Financial Group, Inc.
    
345,550
      
14,143,563
  
Samsung Electronics Co., Ltd.
    
994,374
      
50,329,957
  
Shinhan Financial Group Co., Ltd.
    
746,500
      
20,077,984
  
Wonik IPS Co., Ltd.
    
512,073
      
11,951,921
  
 
            
172,275,525
  
 
                
Romania – 0.49%
                
Banca Transilvania S.A. (a)
    
1,422,694
      
6,556,697
  
 
                
Russian Federation – 0.00%
                
Sberbank of Russia
                
  PJSC – ADR (a)(b)
    
408,511
      
4,085
  
 
                
Singapore – 2.20%
                
Wilmar International, Ltd.
    
10,617,800
      
29,697,942
  
 
                
South Africa – 1.96%
                
Sasol
    
2,044,971
      
26,449,808
  
 
                
Taiwan – 9.86%
                
Compal Electronics, Inc.
    
17,875,000
      
17,905,029
  
Hon Hai Precision Industry Co., Ltd.
    
13,582,132
      
45,420,911
  
Taiwan Semiconductor
                
  Manufacturing Co., Ltd.
    
2,185,000
      
37,667,091
  
Taiwan Semiconductor
                
  Manufacturing Co., Ltd. – ADR
    
142,670
      
13,349,632
  
United Integrated Services Co., Ltd.
    
2,717,000
      
18,556,121
  
 
            
132,898,784
  
 
                
Thailand – 4.17%
                
Bangkok Bank Public
                
  Co., Ltd. – NVDR
    
3,977,000
      
19,271,294
  
Indorama Ventures PCL – NVDR
    
14,085,100
      
11,664,679
  
SCB X PCL – NVDR
    
7,541,000
      
25,303,562
  
 
            
56,239,535
  
 
                
Turkey – 1.04%
                
Akbank T.A.S.
    
13,073,172
      
14,080,927
  
 
                
United Arab Emirates – 2.02%
                
Abu Dhabi Commercial Bank PJSC
    
11,611,230
      
27,281,491
  

The accompanying notes are an integral part of these financial statements.
15
Pzena Emerging Markets Value Fund
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)

COMMON STOCKS – 90.71% (Continued)
  
Shares
    
Fair Value
  
             
United Kingdom – 1.91%
            
Standard Chartered PLC
    
2,858,283
    
$
25,766,151
  
                 
United States – 3.73%
                
Cognizant Technology
                
  Solutions Corp. – Class A
    
521,435
      
37,339,961
  
Flex, Ltd. (a)
    
468,929
      
12,937,751
  
             
50,277,712
  
                 
Vietnam – 2.06%
                
Vietnam Dairy Products JSC
    
8,583,500
      
27,726,647
  
                 
Total Common Stocks
                
  (Cost $1,165,498,009)
            
1,223,031,263
  
                 
PREFERRED STOCKS – 4.49%
                
                 
Brazil – 4.49%
                
Cia Energetica de
                
  Minas Gerais, 8.96%
    
12,575,210
      
31,310,738
  
Itau Unibanco Holding S.A., 4.43%
    
2,405,143
      
13,375,801
  
Petroleo Brasileiro S.A., 11.15%
    
2,444,600
      
15,801,869
  
             
60,488,408
  
Total Preferred Stocks
                
  (Cost $48,062,474)
            
60,488,408
  
                 
SHORT-TERM INVESTMENT – 4.47%
                
                 
Money Market Fund – 4.47%
                
Fidelity Institutional
                
  Government Portfolio,
                
  Institutional Class, 5.21% (c)
    
60,334,129
    
$
60,334,129
  
Total Short-Term Investment
                
  (Cost $60,334,129)
            
60,334,129
  
Total Investments
                
  (Cost $1,273,894,612) – 99.67%
            
1,343,853,800
  
Other Assets in
                
  Excess of Liabilities – 0.33%
            
4,486,448
  
Total Net Assets – 100.00%
          
$
1,348,340,248
  

Percentages are stated as a percent of net assets.

ADR
  
American Depositary Receipt
GDR
  
Global Depositary Receipt
JSC
  
Joint Stock Company
NVDR
  
Non-voting Depositary Receipt
PLC
  
Public Limited Company
PJSC
  
Private Joint Stock Company
S.A.
  
Société Anonyme
T.A.S.
  
Turk Anonim Şirketi
(a)
  
Non-income producing security.
(b)
  
Security valued at fair value using methods determined in good faith by or at the direction of Fund’s valuation designee. Value determined using significant unobservable inputs. As of August 31, 2023, the total value of fair valued securities was $4,085 or 0.000% of total net assets.
(c)
  
Rate shown represents the 7-day annualized yield as of August 31, 2023.

The accompanying notes are an integral part of these financial statements.
16
Pzena Emerging Markets Value Fund
Portfolio Diversification
August 31, 2023 (Unaudited)

   
Fair
    
% of
  
   
Value
    
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
47,319,107
      
3.51
%
Consumer Discretionary
    
188,225,319
      
13.96
%
Consumer Staples
    
111,878,320
      
8.30
%
Financials
    
392,610,343
      
29.12
%
Health Care
    
38,592,976
      
2.86
%
Industrials
    
85,162,524
      
6.32
%
Information Technology
    
249,100,015
      
18.47
%
Materials
    
57,390,215
      
4.26
%
Real Estate
    
37,551,038
      
2.78
%
Utilities
    
15,201,406
      
1.13
%
Total Common Stocks
    
1,223,031,263
      
90.71
%
PREFERRED STOCKS
                
Energy
    
15,801,869
      
1.17
%
Financials
    
13,375,801
      
0.99
%
Utilities
    
31,310,738
      
2.33
%
Total Preferred Stocks
    
60,488,408
      
4.49
%
Short-Term Investment
    
60,334,129
      
4.47
%
Total Investments
    
1,343,853,800
      
99.67
%
Other Assets in
                
  Excess of Liabilities
    
4,486,448
      
0.33
%
Total Net Assets
  
$
1,348,340,248
      
100.00
%

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.
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s 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.
17
Pzena Small Cap Value Fund
Portfolio Allocation
August 31, 2023 (Unaudited)


 

 
The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2023.
 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
18
Pzena Small Cap Value Fund
Schedule of Investments
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
COMMON STOCKS – 97.21%
            
Basic Materials – 7.20%
            
Koppers Holdings, Inc.
    
13,714
    
$
525,109
  
Olin Corp.
    
24,476
      
1,420,098
  
Orion S.A.
    
52,268
      
1,182,302
  
 
            
3,127,509
  
 
                
Consumer Discretionary – 18.03%
                
Adient PLC (a)
    
23,393
      
916,304
  
Advance Auto Parts, Inc.
    
10,117
      
696,252
  
Dana, Inc.
    
65,303
      
1,052,031
  
Gap, Inc.
    
92,337
      
1,069,262
  
Genesco, Inc. (a)
    
3,413
      
116,998
  
Hooker Furnishings Corp.
    
25,790
      
555,259
  
Interface, Inc.
    
37,843
      
390,918
  
Newell Brands, Inc.
    
71,881
      
760,501
  
PVH Corp.
    
10,346
      
864,926
  
Steelcase, Inc. – Class A
    
156,143
      
1,416,217
  
 
            
7,838,668
  
 
                
Consumer Staples – 7.27%
                
Spectrum Brands Holdings, Inc.
    
13,836
      
1,150,740
  
Universal Corp.
    
22,739
      
1,082,831
  
USANA Health Sciences, Inc. (a)
    
14,418
      
926,933
  
 
            
3,160,504
  
 
                
Energy – 6.02%
                
MRC Global, Inc. (a)
    
133,028
      
1,239,821
  
NOV, Inc.
    
65,171
      
1,377,063
  
 
            
2,616,884
  
 
                
Financials – 23.38%
                
American Equity
                
  Investment Life Holding Co. (a)
    
12,468
      
669,282
  
Associated Banc-Corp.
    
64,677
      
1,120,853
  
Axis Capital Holdings, Ltd. (b)
    
23,277
      
1,276,976
  
CNO Financial Group, Inc.
    
72,324
      
1,692,382
  
Columbia Banking System, Inc.
    
48,113
      
985,354
  
Old National Bancorp of Indiana
    
73,089
      
1,115,338
  
Synovus Financial Corp.
    
14,893
      
461,087
  
Univest Financial Corp.
    
44,301
      
796,975
  
Webster Financial Corp.
    
26,953
      
1,143,077
  
WSFS Financial Corp.
    
22,947
      
901,817
  
 
            
10,163,141
  
 
                
Health Care – 2.02%
                
Phibro Animal Health Corp. – Class A
    
34,533
    

481,736
  
Varex Imaging Corp. (a)
    
20,181
      
396,960
  
 
            
878,696
  
 
                
Industrials – 26.84%
                
American Woodmark Corp. (a)
    
11,208
      
870,525
  
Axalta Coating Systems, Ltd. (a)
    
26,467
      
749,016
  
Belden, Inc.
    
11,186
      
1,050,366
  
Bread Financial Holdings, Inc.
    
10,112
      
380,009
  
GMS, Inc. (a)
    
12,372
      
857,875
  
JELD-WEN Holding, Inc. (a)
    
73,597
      
1,109,843
  
Masonite International Corp. (a)
    
13,689
      
1,405,997
  
Masterbrand, Inc. (a)
    
49,472
      
633,736
  
Resideo Technologies, Inc. (a)
    
74,653
      
1,258,650
  
REV Group, Inc.
    
66,131
      
898,059
  
Terex Corp.
    
7,318
      
443,544
  
TriMas Corp.
    
48,137
      
1,261,189
  
TrueBlue, Inc. (a)
    
49,303
      
745,954
  
 
            
11,664,763
  
 
                
Technology – 6.45%
                
Avnet, Inc.
    
23,376
      
1,186,332
  
Celestica, Inc. (a)(b)
    
19,279
      
449,393
  
ScanSource, Inc. (a)
    
35,627
      
1,167,853
  
 
            
2,803,578
  
 
                
Total Common Stocks
                
  (Cost $41,313,798)
            
42,253,743
  
 
                
REITs – 1.43%
                
Real Estate – 1.43%
                
DiamondRock Hospitality Co.
    
77,338
      
623,344
  
 
                
Total REITs
                
  (Cost $699,905)
            
623,344
  

The accompanying notes are an integral part of these financial statements.
19
Pzena Small Cap Value Fund
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
SHORT-TERM INVESTMENT – 1.22%
            
Money Market Fund – 1.22%
            
Fidelity Institutional
            
  Government Portfolio,
            
  Institutional Class, 5.21% (c)
    
528,532
    
$
528,532
  
Total Short-Term Investment
                
  (Cost $528,532)
            
528,532
  
Total Investments
                
  (Cost $42,542,235) – 99.86%
            
43,405,619
  
Other Assets in
                
  Excess of Liabilities – 0.14%
            
60,212
  
Total Net Assets – 100.00%
          
$
43,465,831
  

Percentages are stated as a percent of net assets.

PLC
  
Public Limited Company
REIT
  
Real Estate Investment Trust
S.A.
  
Société Anonyme
(a)
  
Non-income producing security.
(b)
  
Foreign issued security.
(c)
  
Rate shown represents the 7-day annualized yield as of August 31, 2023.

The accompanying notes are an integral part of these financial statements.
20
Pzena International Small Cap Value Fund
Portfolio Allocation
August 31, 2023 (Unaudited)

 

The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2023.
 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
21
Pzena International Small Cap Value Fund
Schedule of Investments
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
COMMON STOCKS – 95.31%
            
Austria – 1.48%
            
ANDRITZ AG
    
6,715
    
$
357,372
  
 
                
Canada – 4.59%
                
Linamar Corp.
    
11,614
      
609,494
  
Transcontinental, Inc. – Class A
    
51,012
      
499,474
  
 
            
1,108,968
  
 
                
France – 5.92%
                
Rexel S.A.
    
40,904
      
962,489
  
Societe BIC S.A.
    
7,340
      
469,589
  
 
            
1,432,078
  
 
                
Germany – 3.65%
                
Deutz AG
    
37,621
      
176,722
  
Duerr AG
    
7,192
      
214,775
  
SAF-Holland S.A.
    
39,433
      
491,731
  
 
            
883,228
  
 
                
Hong Kong – 5.24%
                
Pacific Basin Shipping, Ltd.
    
1,716,000
      
466,069
  
VTech Holdings, Ltd.
    
98,300
      
600,403
  
Yue Yuen Industrial (Holdings), Ltd.
    
161,000
      
202,011
  
 
            
1,268,483
  
 
                
Ireland – 8.01%
                
Bank of Ireland Group PLC
    
50,572
      
504,398
  
C&C Group PLC
    
405,174
      
701,133
  
Origin Enterprises PLC
    
205,745
      
731,768
  
 
            
1,937,299
  
 
                
Israel – 2.14%
                
Ituran Location and Control, Ltd.
    
17,093
      
517,576
  
 
                
Italy – 8.53%
                
Anima Holding S.p.A
    
177,882
      
732,969
  
BPER Banca
    
198,755
      
600,871
  
Danieli & C Officine Meccaniche S.p.A
    
38,545
      
728,928
  
 
            
2,062,768
  
 
                
Japan – 23.47%
                
DIC Corp.
    
26,400
      
455,710
  
Foster Electric Co., Ltd.
    
90,534
      
560,646
  
Fukuoka Financial Group, Inc.
    
25,600
      
606,503
  
Hokkoku Financial Holdings, Inc.
    
6,900
      
233,328
  
Open House Group Co., Ltd.
    
7,200
      
243,769
  
Sankyu, Inc.
    
13,700
      
478,716
  
Teijin, Ltd.
    
46,400
      
471,989
  
Toho Holdings Co., Ltd.
    
24,000
      
481,666
  
TS Tech Co., Ltd.
    
37,900
    

449,085
  
Tsubakimoto Chain Co.
    
18,400
      
486,890
  
Ube Industries, Ltd.
    
14,000
      
236,469
  
Ushio, Inc.
    
38,100
      
481,045
  
Zeon Corp.
    
44,400
      
489,942
  
 
            
5,675,758
  
 
                
Netherlands – 5.39%
                
Flow Traders, Ltd.
    
11,063
      
224,089
  
Koninklijke BAM Groep N.V.
    
170,167
      
363,137
  
Signify N.V.
    
21,363
      
605,533
  
Technip Energies N.V.
    
4,810
      
111,460
  
 
            
1,304,219
  
 
                
Norway – 1.91%
                
Subsea 7 S.A.
    
35,404
      
461,211
  
 
                
Republic of Korea – 7.38%
                
DB Insurance Co., Ltd.
    
9,743
      
602,234
  
Hankook Tire & Technology Co., Ltd.
    
24,327
      
713,200
  
Wonik IPS Co., Ltd.
    
20,096
      
469,046
  
 
            
1,784,480
  
 
                
Spain – 3.86%
                
Cia de Distribucion Integral
                
  Logista Holdings S.A.
    
17,214
      
466,651
  
Unicaja Banco S.A.
    
422,976
      
467,828
  
 
            
934,479
  
 
                
United Kingdom – 13.74%
                
Balfour Beatty PLC
    
109,764
      
454,969
  
Direct Line Insurance Group PLC (a)
    
181,831
      
373,502
  
Ibstock PLC
    
382,704
      
721,882
  
Sabre Insurance Group PLC
    
377,765
      
734,100
  
Senior PLC
    
270,333
      
617,110
  
Travis Perkins PLC
    
19,470
      
212,510
  
Wizz Air Holdings PLC (a)
    
7,352
      
209,834
  
 
            
3,323,907
  
Total Common Stocks
                
  (Cost $22,871,023)
            
23,051,826
  

The accompanying notes are an integral part of these financial statements.
22
Pzena International Small Cap Value Fund
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
SHORT-TERM INVESTMENT – 5.20%
            
Money Market Fund – 5.20%
            
Fidelity Institutional
            
  Government Portfolio,
            
  Institutional Class, 5.21% (b)
    
1,257,512
    
$
1,257,512
  
Total Short-Term Investment
                
  (Cost $1,257,512)
            
1,257,512
  
Total Investments
                
  (Cost $24,128,535) – 100.51%
            
24,309,338
  
Liabilities in Excess
                
  of Other Assets – (0.51)%
            
(124,061
)
Total Net Assets – 100.00%
          
$
24,185,277
  

Percentages are stated as a percent of net assets.

AG
  
Aktiengesellschaft
N.V.
  
Naamloze Vennootschap
PLC
  
Public Limited Company
S.A.
  
Société Anonyme
S.p.A
  
Società per Azioni
(a)
  
Non-income producing security.
(b)
  
Rate shown represents the 7-day annualized yield as of August 31, 2023.

The accompanying notes are an integral part of these financial statements.
23
Pzena International Small Cap Value Fund
Portfolio Diversification
August 31, 2023 (Unaudited)

   
Fair
    
% of
  
   
Value
    
Net Assets
  
             
COMMON STOCKS
            
Consumer Discretionary
  
$
3,269,936
      
13.52
%
Consumer Staples
    
1,432,901
      
5.93
%
Energy
    
572,671
      
2.37
%
Financials
    
5,079,822
      
21.00
%
Health Care
    
481,666
      
1.99
%
Industrials
    
7,752,339
      
32.05
%
Information Technology
    
1,587,025
      
6.56
%
Materials
    
2,875,466
      
11.89
%
Total Common Stocks
    
23,051,826
      
95.31
%
Short-Term Investment
    
1,257,512
      
5.20
%
Total Investments
    
24,309,338
      
100.51
%
Liabilities in Excess
                
  of Other Assets
    
(124,061
)
    
(0.51
)%
Total Net Assets
  
$
24,185,277
      
100.00
%

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.
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s 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.
24
Pzena International Value Fund
Portfolio Allocation
August 31, 2023 (Unaudited)

 

 
The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of August 31, 2023.
25
Pzena International Value Fund
Schedule of Investments
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
COMMON STOCKS – 93.07%
            
Brazil – 1.87%
            
Ambev S.A.
    
279,800
    
$
780,856
  
Ambev S.A. – ADR
    
13,543
      
37,514
  
Banco do Brasil S.A.
    
29,300
      
280,513
  
 
            
1,098,883
  
 
                
Canada – 2.04%
                
Magna International, Inc.
    
17,205
      
1,012,029
  
Magna International, Inc. (b)
    
3,230
      
189,989
  
 
            
1,202,018
  
 
                
China – 3.02%
                
Alibaba Group Holding, Ltd. (a)
    
99,200
      
1,140,964
  
Alibaba Group Holding, Ltd. – ADR (a)
    
563
      
52,303
  
China Overseas Land & Investment, Ltd.
    
149,000
      
314,250
  
Haier Smart Home Co., Ltd. – H Shares
    
88,000
      
272,112
  
 
            
1,779,629
  
 
                
Denmark – 1.21%
                
Danske Bank A/S
    
31,650
      
712,149
  
 
                
Finland – 2.55%
                
Nokia Oyj
    
129,090
      
516,102
  
Nokia Oyj – ADR
    
247,627
      
988,032
  
 
            
1,504,134
  
 
                
France – 14.73%
                
Accor S.A.
    
32,471
      
1,165,098
  
Amundi S.A.
    
25,221
      
1,505,531
  
Bouygues S.A.
    
17,018
      
588,667
  
Cie Generale des Etablissements
                
  Michelin SCA
    
53,168
      
1,666,743
  
Publicis Groupe S.A.
    
6,244
      
487,896
  
Rexel S.A.
    
71,406
      
1,680,214
  
Sanofi
    
14,815
      
1,584,619
  
 
            
8,678,768
  
 
                
Germany – 10.62%
                
BASF SE
    
33,385
      
1,693,849
  
Bayer AG
    
10,604
      
581,133
  
Covestro AG (a)
    
22,379
      
1,190,767
  
Daimler Truck Holding AG
    
45,337
      
1,597,249
  
Fresenius Medical Care AG & Co. KGaA
    
18,558
      
896,497
  
Siemens AG
    
1,946
      
293,057
  
 
            
6,252,552
  
 
                
Hong Kong – 1.80%
                
Galaxy Entertainment Group, Ltd.
    
160,000
      
1,058,866
  
 
                
Hungary – 0.49%
                
OTP Bank Nyrt. PLC
    
7,087
    

289,515
  
 
                
Ireland – 1.24%
                
Bank of Ireland Group PLC
    
73,125
      
729,339
  
 
                
Italy – 2.01%
                
Enel S.p.A
    
175,876
      
1,184,318
  
 
                
Japan – 13.71%
                
Bridgestone Corp.
    
7,400
      
287,923
  
Fukuoka Financial Group, Inc.
    
18,600
      
440,663
  
Iida Group Holdings Co.. Ltd.
    
17,800
      
292,089
  
Isuzu Motors, Ltd.
    
23,300
      
299,467
  
Komatsu, Ltd.
    
45,100
      
1,286,402
  
Komatsu, Ltd. – ADR (a)
    
4,000
      
114,120
  
Minebea Mitsumi, Inc.
    
51,000
      
867,731
  
MS&AD Insurance Group Holdings, Inc.
    
8,100
      
291,721
  
Resona Holdings, Inc.
    
168,700
      
895,474
  
Subaru Corp.
    
51,200
      
988,669
  
Sumitomo Mitsui Financial Group, Inc.
    
6,300
      
289,290
  
T&D Holdings, Inc.
    
18,000
      
286,216
  
Takeda Pharmaceutical Co., Ltd.
    
28,200
      
873,746
  
Toray Industries, Inc.
    
159,600
      
862,309
  
 
            
8,075,820
  
 
                
Luxembourg – 1.98%
                
ArcelorMittal S.A.
    
43,846
      
1,166,266
  
                 
Netherlands – 6.74%
                
ING Groep N.V.
    
81,524
      
1,158,049
  
Koninklijke Philips N.V.
    
52,004
      
1,172,925
  
Randstad N.V.
    
27,912
      
1,639,835
  
 
            
3,970,809
  
 
                
Republic of Korea – 2.24%
                
Samsung Electronics Co., Ltd.
    
17,320
      
876,647
  
Shinhan Financial Group Co., Ltd.
    
6,190
      
166,487
  
Shinhan Financial Group Co., Ltd. – ADR
    
10,210
      
274,649
  
 
            
1,317,783
  
 
                
Spain – 1.95%
                
CaixaBank S.A.
    
283,449
      
1,147,676
  
 
                
Switzerland – 6.37%
                
Julius Baer Group, Ltd.
    
17,249
      
1,200,117
  
Roche Holding AG
    
4,358
      
1,284,188
  
UBS Group AG
    
47,702
      
1,269,029
  
 
            
3,753,334
  

The accompanying notes are an integral part of these financial statements.
26
Pzena International Value Fund
Schedule of Investments (Continued)
August 31, 2023 (Unaudited)

   
Shares
    
Fair Value
  
             
COMMON STOCKS – 93.07% (Continued)
            
Taiwan – 1.95%
            
Hon Hai Precision Industry
            
  Co., Ltd. – GDR
    
174,500
    
$
1,150,828
  
                 
United Kingdom – 16.55%
                
Aviva PLC – B Shares (a)
    
119,802
      
569,423
  
Barclays PLC
    
318,768
      
595,063
  
HSBC Holdings PLC
    
155,939
      
1,151,877
  
J Sainsbury PLC
    
398,107
      
1,362,174
  
NatWest Group PLC
    
203,556
      
594,121
  
Reckitt Benckiser Group PLC
    
12,092
      
873,441
  
Shell PLC – Class A
    
54,337
      
1,682,473
  
Standard Chartered PLC
    
80,118
      
722,228
  
Tesco PLC
    
360,020
      
1,211,788
  
Travis Perkins PLC
    
63,234
      
690,184
  
Vodafone Group PLC
    
318,678
      
295,550
  
 
            
9,748,322
  
Total Common Stocks
                
  (Cost $50,677,842)
            
54,821,009
  
 
                
PREFERRED STOCK – 1.06%
                
Germany – 1.06%
                
Volkswagen AG, 24.42%
    
5,091
      
624,030
  
Total Preferred Stock
                
  (Cost $912,354)
            
624,030
  
 
                
SHORT-TERM INVESTMENT – 5.57%
                
Money Market Fund – 5.57%
                
Fidelity Institutional
                
  Government Portfolio,
                
  Institutional Class, 5.21% (c)
    
3,279,888
    
$
3,279,888
  
Total Short-Term Investment
                
  (Cost $3,279,888)
            
3,279,888
  
Total Investments
                
  (Cost $54,870,084) – 99.70%
            
58,724,927
  
Other Assets in
                
  Excess of Liabilities – 0.30%
            
178,324
  
Total Net Assets – 100.00%
          
$
58,903,251
  

Percentages are stated as a percent of net assets.

A/S
  
Aksjeselskap
ADR
  
American Depositary Receipt
AG
  
Aktiengesellschaft
GDR
  
Global Depositary Receipt
KGaA
  
Kommanditgesellschaft Auf Aktien
N.V.
  
Naamloze Vennootschap
Oyj
  
Julkinen osakeyhtiö
PLC
  
Public Limited Company
S.A.
  
Société Anonyme
S.p.A
  
Società per Azioni
SCA
  
Société en Commandite par Actions
SE
  
Societas Europea
(a)
  
Non-income producing security.
(b)
  
U.S. traded security of a foreign issuer.
(c)
  
Rate shown represents the 7-day annualized yield as of August 31, 2023.

The accompanying notes are an integral part of these financial statements.
27
Pzena International Value Fund
Portfolio Diversification
August 31, 2023 (Unaudited)

   
Fair
    
% of
  
   
Value
    
Net Assets
  
             
COMMON STOCKS
            
Communication Services
  
$
783,446
      
1.33
%
Consumer Discretionary
    
8,426,252
      
14.31
%
Consumer Staples
    
4,265,773
      
7.24
%
Energy
    
1,682,473
      
2.86
%
Financials
    
14,569,130
      
24.73
%
Health Care
    
6,393,108
      
10.85
%
Industrials
    
8,757,459
      
14.87
%
Information Technology
    
3,531,609
      
6.00
%
Materials
    
4,913,191
      
8.34
%
Real Estate
    
314,250
      
0.53
%
Utilities
    
1,184,318
      
2.01
%
Total Common Stocks
    
54,821,009
      
93.07
%
                 
PREFERRED STOCK
                
Consumer Discretionary
    
624,030
      
1.06
%
Total Preferred Stock
    
624,030
      
1.06
%
Short-Term Investment
    
3,279,888
      
5.57
%
Total Investments
    
58,724,927
      
99.70
%
Other Assets in
                
  Excess of Liabilities
    
178,324
      
0.30
%
Total Net Assets
  
$
58,903,251
      
100.00
%

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s 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.
28








(This Page Intentionally Left Blank.)
 







29
Pzena Funds
Statements of Assets and Liabilities
August 31, 2023 (Unaudited)

         
PZENA
        
   
PZENA
    
EMERGING
    
PZENA
  
   
MID CAP
    
MARKETS
    
SMALL CAP
  
   
VALUE FUND
    
VALUE FUND
    
VALUE FUND
  
ASSETS:
                  
Investments in securities, at value
                  
  (cost $115,577,917, $1,273,894,612, and $42,542,235, respectively)
  
$
133,504,941
    
$
1,343,853,800
    
$
43,405,619
  
Receivables:
                        
Fund shares sold
    
123,246
      
2,480,707
      
23,342
  
Securities sold
    
—
      
1,217,748
      
—
  
Dividends and interest
    
302,658
      
5,061,740
      
69,735
  
Dividend tax reclaim
    
30,608
      
4,171
      
—
  
Prepaid expenses
    
26,123
      
122,911
      
31,204
  
  Total assets
    
133,987,576
      
1,352,741,077
      
43,529,900
  
                         
LIABILITIES:
                        
Payables:
                        
Securities purchased
    
335,590
      
353,579
      
21,497
  
Fund shares redeemed
    
271
      
2,712,603
      
1,014
  
Due to Adviser (Note 4)
    
81,275
      
1,072,271
      
14,364
  
Audit fees
    
11,342
      
11,342
      
11,342
  
Administration fees
    
9,022
      
76,324
      
5,269
  
12b-1 distribution fees – Investor Class
    
6,463
      
43,405
      
5,594
  
Transfer agent fees and expenses
    
5,486
      
10,861
      
1,757
  
Custody fees
    
1,642
      
113,611
      
—
  
Chief Compliance Officer fee
    
1,537
      
1,538
      
1,537
  
Legal fees
    
880
      
880
      
981
  
Shareholder servicing fees – Investor Class
    
531
      
3,751
      
251
  
Fund accounting fees
    
294
      
615
      
369
  
Trustee fees and expenses
    
49
      
49
      
49
  
Miscellaneous
    
3,229
      
—
      
45
  
  Total liabilities
    
457,611
      
4,400,829
      
64,069
  
NET ASSETS
  
$
133,529,965
    
$
1,348,340,248
    
$
43,465,831
  
NET ASSETS CONSIST OF:
                        
Paid-in capital
  
$
105,103,599
    
$
1,204,786,377
    
$
43,759,269
  
Total distributable earnings/(accumulated deficit)
    
28,426,366
      
143,553,871
      
(293,438
)
Net assets
  
$
133,529,965
    
$
1,348,340,248
    
$
43,465,831
  
CALCULATION OF NET ASSET VALUE PER SHARE
                        
Investor Class:
                        
Net assets
  
$
6,277,635
    
$
44,193,120
    
$
4,222,307
  
Shares outstanding [unlimited number of shares (par value $0.01) authorized]
    
441,956
      
3,581,933
      
323,258
  
Net asset value, offering and redemption price per share
  
$
14.20
    
$
12.34
    
$
13.06
  
Institutional Class:
                        
Net assets
  
$
127,252,330
    
$
1,304,147,128
    
$
39,243,524
  
Shares outstanding [unlimited number of shares (par value $0.01) authorized]
    
9,073,353
      
105,135,240
      
2,983,102
  
Net asset value, offering and redemption price per share
  
$
14.02
    
$
12.40
    
$
13.16
  

The accompanying notes are an integral part of these financial statements.
30
Pzena Funds
Statements of Assets and Liabilities (Continued)
August 31, 2023 (Unaudited)

   
PZENA
        
   
INTERNATIONAL
    
PZENA
  
   
SMALL CAP
    
INTERNATIONAL
  
   
VALUE FUND
    
VALUE FUND
  
ASSETS:
            
Investments in securities, at value (cost $24,128,535 and $54,870,084, respectively)
  
$
24,309,338
    
$
58,724,927
  
Foreign currency, at value (cost $216 and $0, respectively)
    
183
      
—
  
Receivables:
                
Fund shares sold
    
1,941
      
781
  
Dividends and interest
    
31,904
      
84,384
  
Dividend tax reclaim
    
23,041
      
126,941
  
Prepaid expenses
    
20,782
      
17,039
  
  Total assets
    
24,387,189
      
58,954,072
  
LIABILITIES:
                
Payables:
                
Securities purchased
    
160,943
      
761
  
Due to Adviser (Note 4)
    
2,644
      
10,018
  
Audit fees
    
11,342
      
11,342
  
Administration fees
    
14,067
      
13,865
  
12b-1 distribution fees – Investor Class
    
1,476
      
689
  
Transfer agent fees and expenses
    
4,368
      
4,611
  
Custody fees
    
1,078
      
1,871
  
Chief Compliance Officer fee
    
1,537
      
1,537
  
Legal fees
    
880
      
880
  
Shareholder servicing fees – Investor Class
    
117
      
17
  
Fund accounting fees
    
1,853
      
721
  
Trustee fees and expenses
    
559
      
559
  
Miscellaneous
    
1,048
      
3,950
  
  Total liabilities
    
201,912
      
50,821
  
NET ASSETS
  
$
24,185,277
    
$
58,903,251
  
NET ASSETS CONSIST OF:
                
Paid-in capital
  
$
22,950,852
    
$
54,464,812
  
Total distributable earnings
    
1,234,425
      
4,438,439
  
Net assets
  
$
24,185,277
    
$
58,903,251
  
CALCULATION OF NET ASSET VALUE PER SHARE
                
Investor Class:
                
Net assets
  
$
3,483,328
    
$
1,023,465
  
Shares outstanding [unlimited number of shares (par value $0.01) authorized]
    
318,399
      
102,206
  
Net asset value, offering and redemption price per share
  
$
10.94
    
$
10.01
  
Institutional Class:
                
Net assets
  
$
20,701,949
    
$
57,879,786
  
Shares outstanding [unlimited number of shares (par value $0.01) authorized]
    
1,886,189
      
5,769,377
  
Net asset value, offering and redemption price per share
  
$
10.98
    
$
10.03
  

The accompanying notes are an integral part of these financial statements.
31
Pzena Funds
Statements of Operations
For the Six Months Ended August 31, 2023 (Unaudited)

         
PZENA
        
   
PZENA
    
EMERGING
    
PZENA
  
   
MID CAP
    
MARKETS
    
SMALL CAP
  
   
VALUE FUND
    
VALUE FUND
    
VALUE FUND
  
INVESTMENT INCOME:
                  
Dividends (net of foreign taxes withheld and
                  
  issuance fees of $42,368, $2,905,404, and $696, respectively)
  
$
1,488,711
    
$
29,637,895
    
$
561,624
  
Interest income
    
79,689
      
1,125,117
      
18,466
  
Total investment income
    
1,568,400
      
30,763,012
      
580,090
  
EXPENSES:
                        
Investment advisory fees (Note 4)
    
512,618
      
5,887,274
      
290,365
  
Administration fees (Note 4)
    
42,894
      
221,305
      
37,051
  
Federal and state registration fees
    
17,047
      
57,325
      
18,959
  
Transfer agent fees and expenses (Note 4)
    
15,329
      
35,452
      
12,900
  
Audit fees
    
11,342
      
11,342
      
11,342
  
Trustee fees and expenses
    
9,865
      
9,865
      
9,866
  
12b-1 distribution fees – Investor Class (Note 5)
    
7,776
      
51,310
      
4,952
  
Custody fees (Note 4)
    
5,449
      
379,777
      
4,973
  
Chief Compliance Officer fees (Note 4)
    
4,537
      
4,537
      
4,538
  
Shareholder servicing fees – Investor Class (Note 6)
    
2,804
      
19,983
      
1,179
  
Legal fees
    
3,212
      
3,212
      
3,313
  
Interest expense (Note 9)
    
—
      
—
      
18,915
  
Reports to shareholders
    
2,610
      
6,881
      
3,420
  
Insurance expense
    
2,072
      
7,453
      
1,824
  
Fund accounting fees (Note 4)
    
635
      
1,439
      
756
  
Other expenses
    
3,669
      
22,764
      
383
  
Total expenses before advisory fee waiver
    
641,859
      
6,719,919
      
424,736
  
Advisory fee waiver (Note 4)
    
(54,584
)
    
(290,370
)
    
(112,957
)
Net expenses
    
587,275
      
6,429,549
      
311,779
  
NET INVESTMENT INCOME
    
981,125
      
24,333,463
      
268,311
  
REALIZED AND UNREALIZED GAIN/(LOSS):
                        
Net realized gain/(loss) on transactions from:
                        
  Investments
    
7,342,047
      
66,071,456
      
(948,111
)
  Foreign currency
    
—
      
(547,095
)
    
—
  
Net change in unrealized appreciation/(depreciation) from:
                        
  Investments
    
(8,831,989
)
    
42,424,300
      
(4,623,528
)
  Foreign currency
    
1
      
153,677
      
—
  
Net gain/(loss) on investments and foreign currency
    
(1,489,941
)
    
108,102,338
      
(5,571,639
)
NET INCREASE/(DECREASE) IN NET
                        
  ASSETS RESULTING FROM OPERATIONS
  
$
(508,816
)
  
$
132,435,801
    
$
(5,303,328
)

The accompanying notes are an integral part of these financial statements.
32
Pzena Funds
Statements of Operations (Continued)
For the Six Months Ended August 31, 2023 (Unaudited)

   
PZENA
        
   
INTERNATIONAL
    
PZENA
  
   
SMALL CAP
    
INTERNATIONAL
  
   
VALUE FUND
    
VALUE FUND
  
INVESTMENT INCOME:
            
Dividends (net of foreign taxes withheld and issuance fees of $36,236 and $155,537, respectively)
  
$
439,561
    
$
1,183,780
  
Interest income
    
24,957
      
36,691
  
Total investment income
    
464,518
      
1,220,471
  
                 
EXPENSES:
                
Investment advisory fees (Note 4)
    
100,674
      
143,913
  
Administration fees (Note 4)
    
41,055
      
41,027
  
Federal and state registration fees
    
15,279
      
15,947
  
Transfer agent fees and expenses (Note 4)
    
13,026
      
13,256
  
12b-1 distribution fees – Investor Class (Note 5)
    
2,919
      
1,245
  
Audit fees
    
11,342
      
11,342
  
Trustee fees and expenses
    
9,345
      
9,345
  
Custody fees (Note 4)
    
11,206
      
12,628
  
Chief Compliance Officer fees (Note 4)
    
4,538
      
4,537
  
Shareholder servicing fees – Investor Class (Note 6)
    
382
      
27
  
Legal fees
    
3,212
      
3,212
  
Reports to shareholders
    
1,814
      
1,823
  
Insurance expense
    
1,320
      
1,464
  
Fund accounting fees (Note 4)
    
1,284
      
1,510
  
Other expenses
    
4,232
      
3,440
  
Total expenses before advisory fee waiver and expense reimbursement
    
221,628
      
264,716
  
Advisory fee waiver and expense reimbursement (Note 4)
    
(100,538
)
    
(99,605
)
Net expenses
    
121,090
      
165,111
  
NET INVESTMENT INCOME
    
343,428
      
1,055,360
  
                 
REALIZED AND UNREALIZED GAIN/(LOSS):
                
Net realized gain/(loss) on transactions from:
                
  Investments
    
797,957
      
307,204
  
  Foreign currency
    
(12,992
)
    
(24,971
)
Net change in unrealized appreciation/(depreciation) from:
                
  Investments
    
(533,308
)
    
1,315,815
  
  Foreign currency
    
1,333
      
944
  
Net gain on investments and foreign currency
    
252,990
      
1,598,992
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
596,418
    
$
2,654,352
  

The accompanying notes are an integral part of these financial statements.
33
Pzena Mid Cap Value Fund
Statements of Changes in Net Assets

   
Six Months Ended
    
Year Ended
  
   
August 31, 2023
    
February 28,
  
   
(Unaudited)
    
2023
  
INCREASE/(DECREASE) IN NET ASSETS FROM:
            
OPERATIONS:
            
Net investment income
  
$
981,125
    
$
1,855,741
  
Net realized gain/(loss) from:
                
  Investments
    
7,342,047
      
15,554,123
  
  Foreign currency
    
—
      
(33
)
Change in unrealized appreciation/(depreciation) on:
                
  Investments
    
(8,831,989
)
    
(15,205,505
)
  Foreign currency
    
1
      
(6
)
Net increase/(decrease) in net assets resulting from operations
    
(508,816
)
    
2,204,320
  
                 
DISTRIBUTIONS:
                
Net dividends and distributions to shareholders – Investor Class
    
—
      
(1,082,994
)
Net dividends and distributions to shareholders – Institutional Class
    
—
      
(15,897,427
)
Net decrease in net assets resulting from distributions paid
    
—
      
(16,980,421
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
185,459
      
436,447
  
Proceeds from shares subscribed – Institutional Class
    
5,765,154
      
25,089,255
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Investor Class
    
—
      
1,004,419
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Institutional Class
    
—
      
8,871,842
  
Payments for shares redeemed – Investor Class
    
(531,243
)
    
(5,535,811
)
Payments for shares redeemed – Institutional Class
    
(6,272,272
)
    
(16,058,473
)
Net increase/(decrease) in net assets derived from capital share transactions
    
(852,902
)
    
13,807,679
  
                 
TOTAL DECREASE IN NET ASSETS
    
(1,361,718
)
    
(968,422
)
                 
NET ASSETS:
                
Beginning of period
    
134,891,683
      
135,860,105
  
End of period
  
$
133,529,965
    
$
134,891,683
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
13,769
      
30,554
  
Shares sold – Institutional Class
    
430,746
      
1,772,714
  
Shares issued in reinvestments of dividends and distributions – Investor Class
    
—
      
75,920
  
Shares issued in reinvestments of dividends and distributions – Institutional Class
    
—
      
680,878
  
Shares redeemed – Investor Class
    
(38,818
)
    
(379,887
)
Shares redeemed – Institutional Class
    
(471,105
)
    
(1,124,758
)
Net increase/(decrease) in shares outstanding
    
(65,408
)
    
1,055,421
  

The accompanying notes are an integral part of these financial statements.
34
Pzena Emerging Markets Value Fund
Statements of Changes in Net Assets

   
Six Months Ended
    
Year Ended
  
   
August 31, 2023
    
February 28,
  
   
(Unaudited)
    
2023
  
INCREASE/(DECREASE) IN NET ASSETS FROM:
            
OPERATIONS:
            
Net investment income
  
$
24,333,463
    
$
21,296,514
  
Net realized gain/(loss) from:
                
  Investments
    
66,071,456
      
(17,883,049
)
  Foreign currency
    
(547,095
)
    
(782,073
)
Change in unrealized appreciation/(depreciation) on:
                
  Investments
    
42,424,300
      
(240,049
)
  Foreign currency
    
153,677
      
(159,308
)
Net increase in net assets resulting from operations
    
132,435,801
      
2,232,035
  
                 
DISTRIBUTIONS:
                
Net dividends and distributions to shareholders – Investor Class
    
—
      
(585,945
)
Net dividends and distributions to shareholders – Institutional Class
    
—
      
(18,017,824
)
Net decrease in net assets resulting from distributions paid
    
—
      
(18,603,769
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
8,963,545
      
29,917,010
  
Proceeds from shares subscribed – Institutional Class
    
282,025,590
      
692,225,655
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Investor Class
    
—
      
571,987
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Institutional Class
    
—
      
12,277,850
  
Payments for shares redeemed – Investor Class
    
(6,220,003
)
    
(15,068,732
)
Payments for shares redeemed – Institutional Class
    
(119,773,413
)
    
(212,449,963
)
Net increase in net assets derived from capital share transactions
    
164,995,719
      
507,473,807
  
                 
TOTAL INCREASE IN NET ASSETS
    
297,431,520
      
491,102,073
  
                 
NET ASSETS:
                
Beginning of period
    
1,050,908,728
      
559,806,655
  
End of period
  
$
1,348,340,248
    
$
1,050,908,728
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
757,727
      
2,772,130
  
Shares sold – Institutional Class
    
23,451,642
      
64,646,801
  
Shares issued in reinvestments of dividends and distributions – Investor Class
    
—
      
53,307
  
Shares issued in reinvestments of dividends and distributions – Institutional Class
    
—
      
1,140,005
  
Shares redeemed – Investor Class
    
(521,662
)
    
(1,405,801
)
Shares redeemed – Institutional Class
    
(10,184,188
)
    
(20,145,453
)
Net increase in shares outstanding
    
13,503,519
      
47,060,989
  

The accompanying notes are an integral part of these financial statements.
35
Pzena Small Cap Value Fund
Statements of Changes in Net Assets

   
Six Months Ended
    
Year Ended
  
   
August 31, 2023
    
February 28,
  
   
(Unaudited)
    
2023
  
INCREASE/(DECREASE) IN NET ASSETS FROM:
            
OPERATIONS:
            
Net investment income
  
$
268,311
    
$
783,741
  
Net realized gain/(loss) on investments
    
(948,111
)
    
14,730,376
  
Net change in unrealized depreciation on investments
    
(4,623,528
)
    
(12,359,658
)
Net increase/(decrease) in net assets resulting from operations
    
(5,303,328
)
    
3,154,459
  
                 
DISTRIBUTIONS:
                
Net dividends and distributions to shareholders – Investor Class
    
—
      
(553,706
)
Net dividends and distributions to shareholders – Institutional Class
    
—
      
(11,926,073
)
Net decrease in net assets resulting from distributions paid
    
—
      
(12,479,779
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
89,203
      
417,112
  
Proceeds from shares subscribed – Institutional Class
    
8,591,834
      
39,672,273
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Investor Class
    
—
      
553,706
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Institutional Class
    
—
      
10,669,139
  
Payments for shares redeemed – Investor Class
    
(54,896
)
    
(199,320
)
Payments for shares redeemed – Institutional Class
    
(55,802,737
)
    
(68,502,989
)
Net decrease in net assets derived from capital share transactions
    
(47,176,596
)
    
(17,390,079
)
                 
TOTAL DECREASE IN NET ASSETS
    
(52,479,924
)
    
(26,715,399
)
                 
NET ASSETS:
                
Beginning of period
    
95,945,755
      
122,661,154
  
End of period
  
$
43,465,831
    
$
95,945,755
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
7,211
      
31,976
  
Shares sold – Institutional Class
    
698,218
      
2,995,844
  
Shares issued in reinvestments of dividends and distributions – Investor Class
    
—
      
46,648
  
Shares issued in reinvestments of dividends and distributions – Institutional Class
    
—
      
894,312
  
Shares redeemed – Investor Class
    
(4,298
)
    
(16,201
)
Shares redeemed – Institutional Class
    
(4,792,805
)
    
(5,143,345
)
Net decrease in shares outstanding
    
(4,091,674
)
    
(1,190,766
)

The accompanying notes are an integral part of these financial statements.
36
Pzena International Small Cap Value Fund
Statements of Changes in Net Assets

   
Six Months Ended
    
Year Ended
  
   
August 31, 2023
    
February 28,
  
   
(Unaudited)
    
2023
  
INCREASE/(DECREASE) IN NET ASSETS FROM:
            
OPERATIONS:
            
Net investment income
  
$
343,428
    
$
310,637
  
Net realized gain/(loss) from:
                
  Investments
    
797,957
      
69,658
  
  Foreign currency
    
(12,992
)
    
(13,509
)
Change in unrealized appreciation/(depreciation) on:
                
  Investments
    
(533,308
)
    
1,324,717
  
  Foreign currency
    
1,333
      
(1,113
)
Net increase in net assets resulting from operations
    
596,418
      
1,690,390
  
                 
DISTRIBUTIONS:
                
Net dividends and distributions to shareholders – Investor Class
    
—
      
(63,740
)
Net dividends and distributions to shareholders – Institutional Class
    
—
      
(641,563
)
Net decrease in net assets resulting from distributions paid
    
—
      
(705,303
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
2,218,284
      
554,032
  
Proceeds from shares subscribed – Institutional Class
    
3,924,326
      
1,150,132
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Investor Class
    
—
      
63,740
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Institutional Class
    
—
      
641,562
  
Payments for shares redeemed – Investor Class
    
(366,967
)
    
(642,646
)
Payments for shares redeemed – Institutional Class
    
(199,665
)
    
(195,587
)
Net increase in net assets derived from capital share transactions
    
5,575,978
      
1,571,233
  
                 
TOTAL INCREASE IN NET ASSETS
    
6,172,396
      
2,556,320
  
                 
NET ASSETS:
                
Beginning of period
    
18,012,881
      
15,456,561
  
End of period
  
$
24,185,277
    
$
18,012,881
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
203,052
      
64,477
  
Shares sold – Institutional Class
    
361,538
      
113,891
  
Shares issued in reinvestments of dividends and distributions – Investor Class
    
—
      
6,674
  
Shares issued in reinvestments of dividends and distributions – Institutional Class
    
—
      
67,109
  
Shares redeemed – Investor Class
    
(34,301
)
    
(74,401
)
Shares redeemed – Institutional Class
    
(18,845
)
    
(20,262
)
Net increase in shares outstanding
    
511,444
      
157,488
  

The accompanying notes are an integral part of these financial statements.
37
Pzena International Value Fund
Statements of Changes in Net Assets

   
Six Months Ended
    
Year Ended
  
   
August 31, 2023
    
February 28,
  
   
(Unaudited)
    
2023
  
INCREASE/(DECREASE) IN NET ASSETS FROM:
            
OPERATIONS:
            
Net investment income
  
$
1,055,360
    
$
850,172
  
Net realized gain/(loss) from:
                
  Investments
    
307,204
      
(786,308
)
  Foreign currency
    
(24,971
)
    
(15,362
)
Change in unrealized appreciation/(depreciation) on:
                
  Investments
    
1,315,815
      
2,896,168
  
  Foreign Currency
    
944
      
(979
)
Net increase in net assets resulting from operations
    
2,654,352
      
2,943,691
  
                 
DISTRIBUTIONS:
                
Net dividends and distributions to shareholders – Investor Class
    
—
      
(16,048
)
Net dividends and distributions to shareholders – Institutional Class
    
—
      
(763,152
)
Net decrease in net assets resulting from distributions paid
    
—
      
(779,200
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Institutional Class
    
14,956,215
      
17,013,283
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Investor Class
    
—
      
16,048
  
Net asset value of shares issued to shareholders
                
  in payment of distributions declared – Institutional Class
    
—
      
441,083
  
Payments for shares redeemed – Institutional Class
    
(2,100,413
)
    
(819,741
)
Net increase in net assets derived from capital share transactions
    
12,855,802
      
16,650,673
  
                 
TOTAL INCREASE IN NET ASSETS
    
15,510,154
      
18,815,164
  
                 
NET ASSETS:
                
Beginning of period
    
43,393,097
      
24,577,933
  
End of period
  
$
58,903,251
    
$
43,393,097
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Institutional Class
    
1,517,865
      
2,068,119
  
Shares issued in reinvestments of dividends and distributions – Investor Class
    
—
      
1,817
  
Shares issued in reinvestments of dividends and distributions – Institutional Class
    
—
      
49,953
  
Shares redeemed – Institutional Class
    
(221,714
)
    
(99,381
)
Net increase in shares outstanding
    
1,296,151
      
2,020,508
  

The accompanying notes are an integral part of these financial statements.
38
Pzena Mid Cap Value Fund – Investor Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
14.28
    
$
16.12
    
$
15.05
    
$
10.86
    
$
11.59
    
$
12.92
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.08
      
0.17
      
0.12
      
0.16
      
0.12
      
0.11
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
(0.16
)
    
(0.01
)
    
2.44
      
4.32
      
(0.74
)
    
(1.18
)
Total from investment operations
    
(0.08
)
    
0.16
      
2.56
      
4.48
      
(0.62
)
    
(1.07
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.15
)
    
(0.24
)
    
(0.05
)
    
(0.06
)
    
—
  
Dividends from net realized
                                                
  gain on investments
    
—
      
(1.85
)
    
(1.25
)
    
(0.24
)
    
(0.05
)
    
(0.26
)
Total distributions
    
—
      
(2.00
)
    
(1.49
)
    
(0.29
)
    
(0.11
)
    
(0.26
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
14.20
    
$
14.28
    
$
16.12
    
$
15.05
    
$
10.86
    
$
11.59
  
                                                 
TOTAL RETURN
    
-0.56
%(3)
    
1.96
%
    
17.52
%
    
41.53
%
    
-5.49
%
    
-8.12
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
6,278
    
$
6,667
    
$
11,934
    
$
8,972
    
$
3,387
    
$
8,920
  
Ratio of expenses to average net assets:
                                                
Before fee waivers
    
1.33
%(4)
    
1.32
%
    
1.31
%
    
1.40
%
    
1.56
%
    
1.66
%
After fee waivers
    
1.24
%(4)
    
1.24
%
    
1.24
%
    
1.24
%
    
1.23
%
    
1.24
%
Ratio of net investment income
                                                
  to average net assets:
                                                
Before fee waivers
    
1.12
%(4)
    
1.07
%
    
0.63
%
    
1.33
%
    
0.69
%
    
0.48
%
After fee waivers
    
1.21
%(4)
    
1.15
%
    
0.70
%
    
1.49
%
    
1.02
%
    
0.90
%
Portfolio turnover rate(5)
    
19
%(3)
    
35
%
    
22
%
    
45
%
    
32
%
    
34
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
39
Pzena Mid Cap Value Fund – Institutional Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
14.07
    
$
15.92
    
$
14.87
    
$
10.72
    
$
11.44
    
$
12.93
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.10
      
0.22
      
0.17
      
0.20
      
0.16
      
0.15
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
(0.15
)
    
—
      
2.42
      
4.27
      
(0.73
)
    
(1.20
)
Total from investment operations
    
(0.05
)
    
0.22
      
2.59
      
4.47
      
(0.57
)
    
(1.05
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.22
)
    
(0.29
)
    
(0.08
)
    
(0.10
)
    
(0.18
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(1.85
)
    
(1.25
)
    
(0.24
)
    
(0.05
)
    
(0.26
)
Total distributions
    
—
      
(2.07
)
    
(1.54
)
    
(0.32
)
    
(0.15
)
    
(0.44
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
14.02
    
$
14.07
    
$
15.92
    
$
14.87
    
$
10.72
    
$
11.44
  
                                                 
TOTAL RETURN
    
-0.36
%(3)
    
2.37
%
    
17.99
%
    
42.06
%
    
-5.17
%
    
-7.82
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
127,252
    
$
128,225
    
$
123,926
    
$
108,895
    
$
51,867
    
$
33,928
  
Ratio of expenses to average net assets:
                                                
Before fee waivers
    
0.99
%(4)
    
0.98
%
    
0.97
%
    
1.06
%
    
1.23
%
    
1.32
%
After fee waivers
    
0.90
%(4)
    
0.90
%
    
0.90
%
    
0.90
%
    
0.90
%
    
0.90
%
Ratio of net investment income
                                                
  to average net assets:
                                                
Before fee waivers
    
1.46
%(4)
    
1.42
%
    
0.97
%
    
1.67
%
    
1.02
%
    
0.82
%
After fee waivers
    
1.55
%(4)
    
1.50
%
    
1.04
%
    
1.83
%
    
1.35
%
    
1.24
%
Portfolio turnover rate(5)
    
19
%(3)
    
35
%
    
22
%
    
45
%
    
32
%
    
34
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
40
Pzena Emerging Markets Value Fund – Investor Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
11.00
    
$
11.59
    
$
11.84
    
$
8.96
    
$
10.56
    
$
11.46
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.22
      
0.29
      
0.20
      
0.14
      
0.16
      
0.13
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
1.12
      
(0.69
)
    
(0.16
)
    
2.86
      
(1.37
)
    
(0.93
)
Total from investment operations
    
1.34
      
(0.40
)
    
0.04
      
3.00
      
(1.21
)
    
(0.80
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.16
)
    
(0.21
)
    
(0.09
)
    
(0.14
)
    
(0.10
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(0.03
)
    
(0.08
)
    
(0.03
)
    
(0.25
)
    
—
  
Total distributions
    
—
      
(0.19
)
    
(0.29
)
    
(0.12
)
    
(0.39
)
    
(0.10
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
12.34
    
$
11.00
    
$
11.59
    
$
11.84
    
$
8.96
    
$
10.56
  
                                                 
TOTAL RETURN
    
12.18
%(3)
    
-3.39
%
    
0.31
%
    
33.63
%
    
-11.85
%
    
-6.95
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
44,193
    
$
36,800
    
$
22,332
    
$
17,996
    
$
10,563
    
$
12,814
  
Ratio of expenses to average net assets:
                                                
Before fee waivers
    
1.48
%(4)
    
1.50
%
    
1.50
%
    
1.56
%
    
1.58
%
    
1.60
%
After fee waivers
    
1.43
%(4)
    
1.43
%
    
1.43
%
    
1.43
%
    
1.56
%
    
1.59
%
Ratio of net investment income
                                                
  to average net assets:
                                                
Before fee waivers
    
3.75
%(4)
    
2.61
%
    
1.57
%
    
1.32
%
    
1.55
%
    
1.25
%
After fee waivers
    
3.80
%(4)
    
2.68
%
    
1.64
%
    
1.45
%
    
1.57
%
    
1.26
%
Portfolio turnover rate(5)
    
20
%(3)
    
15
%
    
10
%
    
43
%
    
18
%
    
21
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
41
Pzena Emerging Markets Value Fund – Institutional Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
11.04
    
$
11.63
    
$
11.87
    
$
8.98
    
$
10.57
    
$
11.46
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.25
      
0.33
      
0.24
      
0.17
      
0.20
      
0.17
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
1.11
      
(0.70
)
    
(0.15
)
    
2.86
      
(1.37
)
    
(0.93
)
Total from investment operations
    
1.36
      
(0.37
)
    
0.09
      
3.03
      
(1.17
)
    
(0.76
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.19
)
    
(0.25
)
    
(0.11
)
    
(0.17
)
    
(0.13
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(0.03
)
    
(0.08
)
    
(0.03
)
    
(0.25
)
    
—
  
Total distributions
    
—
      
(0.22
)
    
(0.33
)
    
(0.14
)
    
(0.42
)
    
(0.13
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
12.40
    
$
11.04
    
$
11.63
    
$
11.87
    
$
8.98
    
$
10.57
  
                                                 
TOTAL RETURN
    
12.32
%(3)
    
-3.11
%
    
0.74
%
    
33.96
%
    
-11.51
%
    
-6.57
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
1,304,147
    
$
1,014,109
    
$
537,475
    
$
403,412
    
$
299,920
    
$
298,532
  
Ratio of expenses to average net assets:
                                                
Before fee waivers
    
1.13
%(4)
    
1.15
%
    
1.15
%
    
1.21
%
    
1.23
%
    
1.26
%
After fee waivers
    
1.08
%(4)
    
1.08
%
    
1.08
%
    
1.08
%
    
1.21
%
    
1.25
%
Ratio of net investment income
                                                
  to average net assets:
                                                
Before fee waivers
    
4.10
%(4)
    
2.96
%
    
1.92
%
    
1.67
%
    
1.90
%
    
1.59
%
After fee waivers
    
4.15
%(4)
    
3.03
%
    
1.99
%
    
1.80
%
    
1.92
%
    
1.60
%
Portfolio turnover rate(5)
    
20
%(3)
    
15
%
    
10
%
    
43
%
    
18
%
    
21
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
42
Pzena Small Cap Value Fund – Investor Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
12.90
    
$
14.20
    
$
13.07
    
$
9.57
    
$
10.90
    
$
11.10
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.04
      
0.06
      
0.01
      
0.11
      
0.06
      
0.00
(2) 
Net realized and unrealized
                                                
  gain/(loss) on investments
    
0.12
      
0.66
      
1.31
      
3.55
      
(1.39
)
    
0.22
  
Total from investment operations
    
0.16
      
0.72
      
1.32
      
3.66
      
(1.33
)
    
0.22
  
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.08
)
    
(0.09
)
    
—
      
—
      
—
  
Dividends from net realized
                                                
  gain on investments
    
—
      
(1.94
)
    
(0.10
)
    
(0.16
)
    
—
      
(0.42
)
Total distributions
    
—
      
(2.02
)
    
(0.19
)
    
(0.16
)
    
—
      
(0.42
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
13.06
    
$
12.90
    
$
14.20
    
$
13.07
    
$
9.57
    
$
10.90
  
                                                 
TOTAL RETURN
    
1.24
%(3)
    
6.34
%
    
10.04
%
    
38.46
%
    
-12.20
%
    
2.40
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
4,222
    
$
4,132
    
$
3,663
    
$
2,409
    
$
1,310
    
$
6,139
  
Ratio of expenses to average net assets:
                                                
Before fee waivers and
                                                
  expense reimbursement
    
1.68
%(4)
    
1.49
%
    
1.48
%
    
1.69
%
    
2.09
%
    
2.36
%
After fee waivers and
                                                
  expense reimbursement
    
1.31
%(4)
    
1.34
%
    
1.41
%
    
1.38
%
    
1.42
%
    
1.52
%
Ratio of net investment income/(loss)
                                                
  to average net assets:
                                                
Before fee waivers and
                                                
  expense reimbursement
    
0.22
%(4)
    
0.31
%
    
0.00
%
    
0.90
%
    
(0.13
)%
    
(0.81
)%
After fee waivers and
                                                
  expense reimbursement
    
0.59
%(4)
    
0.46
%
    
0.07
%
    
1.21
%
    
0.54
%
    
0.03
%
Portfolio turnover rate(5)
    
12
%(3)
    
28
%
    
10
%
    
26
%
    
38
%
    
52
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
43
Pzena Small Cap Value Fund – Institutional Class
Financial Highlights


For a share outstanding throughout each period

   
Six Months
                                
   
Ended
                                
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
12.97
    
$
14.28
    
$
13.14
    
$
9.60
    
$
10.99
    
$
11.17
  
                                                 
Income from investment operations:
                                                
Net investment income(1)
    
0.05
      
0.10
      
0.05
      
0.14
      
0.09
      
0.04
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
0.14
      
0.65
      
1.31
      
3.57
      
(1.40
)
    
0.23
  
Total from investment operations
    
0.19
      
0.75
      
1.36
      
3.71
      
(1.31
)
    
0.27
  
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.12
)
    
(0.12
)
    
(0.01
)
    
(0.08
)
    
(0.03
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(1.94
)
    
(0.10
)
    
(0.16
)
    
—
      
(0.42
)
Total distributions
    
—
      
(2.06
)
    
(0.22
)
    
(0.17
)
    
(0.08
)
    
(0.45
)
                                                 
Redemption fees retained
    
—
      
—
      
—
      
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
                                                 
Net asset value, end of period
  
$
13.16
    
$
12.97
    
$
14.28
    
$
13.14
    
$
9.60
    
$
10.99
  
                                                 
TOTAL RETURN
    
1.46
%(3)
    
6.50
%
    
10.36
%
    
38.87
%
    
-12.07
%
    
2.83
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
39,244
    
$
91,814
    
$
118,998
    
$
70,012
    
$
30,593
    
$
20,083
  
Ratio of expenses to average net assets:
                                                
Before fee waivers and
                                                
  expense reimbursement
    
1.37
%(4)
    
1.18
%
    
1.17
%
    
1.41
%
    
1.77
%
    
2.03
%
After fee waivers and
                                                
  expense reimbursement
    
1.00
%(4)
    
1.03
%
    
1.10
%
    
1.10
%
    
1.10
%
    
1.19
%
Ratio of net investment income/(loss)
                                                
  to average net assets:
                                                
Before fee waivers and
                                                
  expense reimbursement
    
0.53
%(4)
    
0.62
%
    
0.31
%
    
1.18
%
    
0.19
%
    
(0.48
)%
After fee waivers and
                                                
  expense reimbursement
    
0.90
%(4)
    
0.77
%
    
0.38
%
    
1.49
%
    
0.86
%
    
0.36
%
Portfolio turnover rate(5)
    
12
%(3)
    
28
%
    
10
%
    
26
%
    
38
%
    
52
%

(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
(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.
44
Pzena International Small Cap Value Fund – Investor Class
Financial Highlights


For a share outstanding throughout each period

                                 
For the
  
   
Six Months
                            
Period
  
   
Ended
                            
July 2, 2018(1)
  
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
through
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
10.62
    
$
10.05
    
$
9.48
    
$
7.48
    
$
9.07
    
$
10.00
  
                                                 
Income from investment operations:
                                                
Net investment income(2)
    
0.17
      
0.18
      
0.05
      
0.09
      
0.18
      
0.03
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
0.15
      
0.83
      
0.61
      
2.01
      
(1.59
)
    
(0.79
)
Total from investment operations
    
0.32
      
1.01
      
0.66
      
2.10
      
(1.41
)
    
(0.76
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.16
)
    
(0.07
)
    
(0.09
)
    
(0.18
)
    
(0.04
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(0.28
)
    
(0.02
)
    
(0.01
)
    
(0.00
)(3)
    
(0.13
)
Total distributions
    
—
      
(0.44
)
    
(0.09
)
    
(0.10
)
    
(0.18
)
    
(0.17
)
                                                 
Net asset value, end of period
  
$
10.94
    
$
10.62
    
$
10.05
    
$
9.48
    
$
7.48
    
$
9.07
  
                                                 
TOTAL RETURN
    
3.01
%(4)
    
10.51
%
    
6.93
%
    
28.19
%
    
-15.83
%
    
-7.48
%(4)
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
3,483
    
$
1,589
    
$
1,538
    
$
1,254
    
$
819
    
$
925
  
Ratio of expenses to average net assets:
                                                
Before expense reimbursement
    
2.45
%(5)
    
2.79
%
    
3.16
%
    
8.18
%
    
13.43
%
    
13.92
%(5)
After expense reimbursement
    
1.45
%(5)
    
1.45
%
    
1.45
%
    
1.42
%
    
1.42
%
    
1.44
%(5)
Ratio of net investment income/(loss)
                                                
  to average net assets:
                                                
Before expense reimbursement
    
2.16
%(5)
    
0.53
%
    
(1.25
)%
    
(5.56
)%
    
(9.91
)%
    
(12.05
)%(5)
After expense reimbursement
    
3.16
%(5)
    
1.87
%
    
0.46
%
    
1.20
%
    
2.10
%
    
0.43
%(5)
Portfolio turnover rate(6)
    
14
%(4)
    
26
%
    
22
%
    
32
%
    
18
%
    
32
%(4)

(1)
Commencement of operations.
(2)
Based on average shares outstanding.
(3)
Amount is less than $0.01 per share.
(4)
Not annualized.
(5)
Annualized.
(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.
45
Pzena International Small Cap Value Fund – Institutional Class
Financial Highlights


For a share outstanding throughout each period

                                 
For the
  
   
Six Months
                            
Period
  
   
Ended
                            
July 2, 2018(1)
  
   
August 31,
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
through
  
   
2023
    
February 28,
    
February 28,
    
February 28,
    
February 29,
    
February 28,
  
   
(Unaudited)
    
2023
    
2022
    
2021
    
2020
    
2019
  
PER SHARE DATA:
                                    
Net asset value, beginning of period
  
$
10.64
    
$
10.07
    
$
9.49
    
$
7.49
    
$
9.07
    
$
10.00
  
                                                 
Income from investment operations:
                                                
Net investment income(2)
    
0.19
      
0.20
      
0.08
      
0.10
      
0.20
      
0.04
  
Net realized and unrealized
                                                
  gain/(loss) on investments
    
0.15
      
0.83
      
0.61
      
2.01
      
(1.59
)
    
(0.78
)
Total from investment operations
    
0.34
      
1.03
      
0.69
      
2.11
      
(1.39
)
    
(0.74
)
                                                 
Less distributions:
                                                
Dividends from net investment income
    
—
      
(0.18
)
    
(0.09
)
    
(0.10
)
    
(0.19
)
    
(0.06
)
Dividends from net realized
                                                
  gain on investments
    
—
      
(0.28
)
    
(0.02
)
    
(0.01
)
    
(0.00
)(3)
    
(0.13
)
Total distributions
    
—
      
(0.46
)
    
(0.11
)
    
(0.11
)
    
(0.19
)
    
(0.19
)
                                                 
Net asset value, end of period
  
$
10.98
    
$
10.64
    
$
10.07
    
$
9.49
    
$
7.49
    
$
9.07
  
                                                 
TOTAL RETURN
    
3.20
%(4)
    
10.73
%
    
7.32
%
    
28.40
%
    
-15.55
%
    
-7.32
%(4)
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of period (thousands)
  
$
20,702
    
$
16,424
    
$
13,919
    
$
2,107
    
$
1,424
    
$
1,006
  
Ratio of expenses to average net assets:
                                                
Before expense reimbursement
    
2.17
%(5)
    
2.51
%
    
2.88
%
    
7.93
%
    
13.18
%
    
13.65
%(5)
After expense reimbursement
    
1.17
%(5)
    
1.17
%
    
1.17
%
    
1.17
%
    
1.17
%
    
1.17
%(5)
Ratio of net investment income/(loss)
                                                
  to average net assets:
                                                
Before expense reimbursement
    
2.44
%(5)
    
0.81
%
    
(0.97
)%
    
(5.31
)%
    
(9.66
)%
    
(11.78
)%(5)
After expense reimbursement
    
3.44
%(5)
    
2.15
%
    
0.74
%
    
1.45
%
    
2.35
%
    
0.70
%(5)
Portfolio turnover rate(6)
    
14
%(4)
    
26
%
    
22
%
    
32
%
    
18
%
    
32
%(4)

(1)
Commencement of operations.
(2)
Based on average shares outstanding.
(3)
Amount is less than $0.01 per share.
(4)
Not annualized.
(5)
Annualized.
(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.
46
Pzena International Value Fund – Investor Class
Financial Highlights


For a share outstanding throughout each period

               
For the Period
  
   
Six Months Ended
    
Year Ended
    
June 28, 2021(1)
  
   
August 31, 2023
    
February 28,
    
through
  
   
(Unaudited)
    
2023
    
February 28, 2022
  
PER SHARE DATA:
                  
Net asset value, beginning of period
  
$
9.48
    
$
9.62
    
$
10.00
  
                         
Income from investment operations:
                        
Net investment income(2)
    
0.22
      
0.21
      
0.03
  
Net realized and unrealized gain/(loss) on investments
    
0.31
      
(0.19
)
    
(0.37
)
Total from investment operations
    
0.53
      
0.02
      
(0.34
)
                         
Less distributions:
                        
Dividends from net investment income
    
—
      
(0.16
)
    
(0.04
)
Dividends from net realized gain on investments
    
—
      
(0.00
)(3)
    
—
  
Total distributions
    
—
      
(0.16
)
    
(0.04
)
                         
Net asset value, end of period
  
$
10.01
    
$
9.48
    
$
9.62
  
                         
TOTAL RETURN
    
5.59
%(4)
    
0.33
%
    
-3.43
%(4)
                         
SUPPLEMENTAL DATA AND RATIOS:
                        
Net assets, end of period (thousands)
  
$
1,023
    
$
969
    
$
966
  
Ratio of expenses to average net assets:
                        
Before expense reimbursement
    
1.44
%(5)
    
1.73
%
    
2.83
%(5)
After expense reimbursement
    
0.99
%(5)
    
0.99
%
    
0.99
%(5)
Ratio of net investment income/(loss) to average net assets:
                        
Before expense reimbursement
    
4.07
%(5)
    
1.69
%
    
(1.34
)%(5)
After expense reimbursement
    
4.52
%(5)
    
2.43
%
    
0.50
%(5)
Portfolio turnover rate(6)
    
8
%(4)
    
19
%
    
4
%(4)

(1)
Commencement of operations.
(2)
Based on average shares outstanding.
(3)
Amount is less than $0.01 per share.
(4)
Not annualized.
(5)
Annualized.
(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.
47
Pzena International Value Fund – Institutional Class
Financial Highlights


For a share outstanding throughout each period

               
For the Period
  
   
Six Months Ended
    
Year Ended
    
June 28, 2021(1)
  
   
August 31, 2023
    
February 28,
    
through
  
   
(Unaudited)
    
2023
    
February 28, 2022
  
PER SHARE DATA:
                  
Net asset value, beginning of period
  
$
9.48
    
$
9.62
    
$
10.00
  
                         
Income from investment operations:
                        
Net investment income(2)
    
0.23
      
0.23
      
0.05
  
Net realized and unrealized gain/(loss) on investments
    
0.32
      
(0.19
)
    
(0.38
)
Total from investment operations
    
0.55
      
0.04
      
(0.33
)
                         
Less distributions:
                        
Dividends from net investment income
    
—
      
(0.18
)
    
(0.05
)
Dividends from net realized gain on investments
    
—
      
(0.00
)(3)
    
—
  
Total distributions
    
—
      
(0.18
)
    
(0.05
)
                         
Net asset value, end of period
  
$
10.03
    
$
9.48
    
$
9.62
  
                         
TOTAL RETURN
    
5.80
%(4)
    
0.53
%
    
-3.29
%(4)
                         
SUPPLEMENTAL DATA AND RATIOS:
                        
Net assets, end of period (thousands)
  
$
27,880
    
$
42,424
    
$
23,612
  
Ratio of expenses to average net assets:
                        
Before expense reimbursement
    
1.19
%(5)
    
1.48
%
    
2.58
%(5)
After expense reimbursement
    
0.74
%(5)
    
0.74
%
    
0.74
%(5)
Ratio of net investment income/(loss) to average net assets:
                        
Before expense reimbursement
    
4.32
%(5)
    
1.94
%
    
(1.09
)%(5)
After expense reimbursement
    
4.77
%(5)
    
2.68
%
    
0.75
%(5)
Portfolio turnover rate(6)
    
8
%(4)
    
19
%
    
4
%(4)

(1)
Commencement of operations.
(2)
Based on average shares outstanding.
(3)
Amount is less than $0.01 per share.
(4)
Not annualized.
(5)
Annualized.
(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.
48
Pzena Funds
Notes to Financial Statements
August 31, 2023 (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 Small Cap Value Fund (the “Small Cap Value Fund”), Pzena International Small Cap Value Fund (the “International Small Cap Value Fund”), and Pzena International Value Fund (the “International 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 and Emerging Markets Value Fund commenced operations on March 31, 2014. The Small Cap Value Fund commenced operations on April 27, 2016, the International Small Cap Value Fund commenced operations on July 2, 2018, and the International Value Fund commenced operations on June 28, 2021.
 
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.  Withholding taxes on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.  The Funds will make distributions of dividends and capital gains, if any, at least annually, typically in December.  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.
 
Each Fund is 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 a Fund 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.
49
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (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.
 
Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated to U.S. dollar amounts on the respective dates of such transactions.
 
The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
 
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
 
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.
 
Events Subsequent to the Fiscal Period End – In preparing the financial statements as of August 31, 2023, management considered the impact of subsequent events for the potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds’ 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.
   
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 (4:00 pm EST).
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds and 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
50
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

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.  The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. 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.
 
Investment Companies – Investments in open-end mutual funds, including money market funds, are valued at their net asset value per share provided by the service agent of the Funds and will be classified 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.
 
Restricted Securities – The Funds may invest in securities that are subject to legal or contractual restrictions on resale (“restricted securities”). 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 Board of Trustees (“Board”) 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 Board.
 
Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Funds’ financial statements.
 
The Trust Rule 18f-4 Compliance Policy (“Trust Policy”) governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Pzena Emerging Markets Value Fund, International Small Cap Value Fund, and the International Value Fund are considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of the Fund’s net assets. For the six months ended August 31, 2023, the Funds did not enter into derivatives transactions.
 
The Board of Trustees (the “Board”) has adopted a valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund’s net asset value (“NAV”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment adviser, Pzena Investment Management, LLC (“Adviser”), as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board’s oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that the Funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
 
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.
51
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

The following is a summary of the inputs used to value the Funds’ securities as of August 31, 2023:
 
Mid Cap Value Fund
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Basic Materials
  
$
9,222,213
    
$
—
    
$
—
    
$
9,222,213
  
Consumer Discretionary
    
28,582,406
      
—
      
—
      
28,582,406
  
Consumer Staples
    
335,335
      
—
      
—
      
335,335
  
Energy
    
3,337,631
      
—
      
—
      
3,337,631
  
Financials
    
35,572,959
      
—
      
—
      
35,572,959
  
Health Care
    
8,857,238
      
—
      
—
      
8,857,238
  
Industrials
    
22,877,662
      
—
      
—
      
22,877,662
  
Technology
    
17,878,363
      
—
      
—
      
17,878,363
  
Utilities
    
3,524,638
      
—
      
—
      
3,524,638
  
Total Common Stocks
    
130,188,445
      
—
      
—
      
130,188,445
  
Short-Term Investment
    
3,316,496
      
—
      
—
      
3,316,496
  
Total Investments
  
$
133,504,941
    
$
—
    
$
—
    
$
133,504,941
  

Emerging Markets Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Brazil
  
$
83,418,451
    
$
—
    
$
—
    
$
83,418,451
  
China
    
331,124,765
      
—
      
—
      
331,124,765
  
Hong Kong
    
68,693,074
      
—
      
—
      
68,693,074
  
Hungary
    
30,812,463
      
—
      
—
      
30,812,463
  
India
    
87,136,979
      
—
      
—
      
87,136,979
  
Indonesia
    
26,301,643
      
—
      
—
      
26,301,643
  
Peru
    
26,288,584
      
—
      
—
      
26,288,584
  
Republic of Korea
    
172,275,525
      
—
      
—
      
172,275,525
  
Romania
    
6,556,697
      
—
      
—
      
6,556,697
  
Russian Federation
    
—
      
—
      
4,085
      
4,085
  
Singapore
    
29,697,942
      
—
      
—
      
29,697,942
  
South Africa
    
26,449,808
      
—
      
—
      
26,449,808
  
Taiwan
    
132,898,784
      
—
      
—
      
132,898,784
  
Thailand
    
56,239,535
      
—
      
—
      
56,239,535
  
Turkey
    
14,080,927
      
—
      
—
      
14,080,927
  
United Arab Emirates
    
27,281,491
      
—
      
—
      
27,281,491
  
United Kingdom
    
25,766,151
      
—
      
—
      
25,766,151
  
United States
    
50,277,712
      
—
      
—
      
50,277,712
  
Vietnam
    
27,726,647
      
—
      
—
      
27,726,647
  
Total Common Stocks
    
1,223,027,178
      
—
      
4,085
      
1,223,031,263
  
Preferred Stocks
                                
Brazil
    
60,488,408
      
—
      
—
      
60,488,408
  
Total Preferred Stocks
    
60,488,408
      
—
      
—
      
60,488,408
  
Short-Term Investment
    
60,334,129
      
—
      
—
      
60,334,129
  
Total Investments
  
$
1,343,849,715
    
$
—
    
$
4,085
    
$
1,343,853,800
  
52
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Basic Materials
  
$
3,127,509
    
$
—
    
$
—
    
$
3,127,509
  
Consumer Discretionary
    
7,838,668
      
—
      
—
      
7,838,668
  
Consumer Staples
    
3,160,504
      
—
      
—
      
3,160,504
  
Energy
    
2,616,884
      
—
      
—
      
2,616,884
  
Financials
    
10,163,141
      
—
      
—
      
10,163,141
  
Health Care
    
878,696
      
—
      
—
      
878,696
  
Industrials
    
11,664,763
      
—
      
—
      
11,664,763
  
Technology
    
2,803,578
      
—
      
—
      
2,803,578
  
Total Common Stocks
    
42,253,743
      
—
      
—
      
42,253,743
  
REIT
    
623,344
      
—
      
—
      
623,344
  
Short-Term Investment
    
528,532
      
—
      
—
      
528,532
  
Total Investments
  
$
43,405,619
    
$
—
    
$
—
    
$
43,405,619
  

International Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Austria
  
$
357,372
    
$
—
    
$
—
    
$
357,372
  
Canada
    
1,108,968
      
—
      
—
      
1,108,968
  
France
    
1,432,078
      
—
      
—
      
1,432,078
  
Germany
    
883,228
      
—
      
—
      
883,228
  
Hong Kong
    
1,268,483
      
—
      
—
      
1,268,483
  
Ireland
    
1,937,299
      
—
      
—
      
1,937,299
  
Israel
    
517,576
      
—
      
—
      
517,576
  
Italy
    
2,062,768
      
—
      
—
      
2,062,768
  
Japan
    
5,675,758
      
—
      
—
      
5,675,758
  
Netherlands
    
1,304,219
      
—
      
—
      
1,304,219
  
Norway
    
461,211
      
—
      
—
      
461,211
  
Republic of Korea
    
1,784,480
      
—
      
—
      
1,784,480
  
Spain
    
934,479
      
—
      
—
      
934,479
  
United Kingdom
    
3,323,907
      
—
      
—
      
3,323,907
  
Total Common Stocks
    
23,051,826
      
—
      
—
      
23,051,826
  
Short-Term Investment
    
1,257,512
      
—
      
—
      
1,257,512
  
Total Investments
  
$
24,309,338
    
$
—
    
$
—
    
$
24,309,338
  
53
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

International Value Fund
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Brazil
  
$
1,098,883
    
$
—
    
$
—
    
$
1,098,883
  
Canada
    
1,202,018
      
—
      
—
      
1,202,018
  
China
    
1,779,629
      
—
      
—
      
1,779,629
  
Denmark
    
712,149
      
—
      
—
      
712,149
  
Finland
    
1,504,134
      
—
      
—
      
1,504,134
  
France
    
8,678,768
      
—
      
—
      
8,678,768
  
Germany
    
6,252,552
      
—
      
—
      
6,252,552
  
Hong Kong
    
1,058,866
      
—
      
—
      
1,058,866
  
Hungry
    
289,515
      
—
      
—
      
289,515
  
Ireland
    
729,339
      
—
      
—
      
729,339
  
Italy
    
1,184,318
      
—
      
—
      
1,184,318
  
Japan
    
8,075,820
      
—
      
—
      
8,075,820
  
Luxembourg
    
1,166,266
      
—
      
—
      
1,166,266
  
Netherlands
    
3,970,809
      
—
      
—
      
3,970,809
  
Republic of Korea
    
1,317,783
      
—
      
—
      
1,317,783
  
Spain
    
1,147,676
      
—
      
—
      
1,147,676
  
Switzerland
    
3,753,334
      
—
      
—
      
3,753,334
  
Taiwan
    
1,150,828
      
—
      
—
      
1,150,828
  
United Kingdom
    
9,748,322
      
—
      
—
      
9,748,322
  
Total Common Stocks
    
54,821,009
      
—
      
—
      
54,821,009
  
Preferred Stock
                                
Germany
    
624,030
      
—
      
—
      
624,030
  
Total Preferred Stock
    
624,030
      
—
      
—
      
624,030
  
Short-Term Investment
    
3,279,888
      
—
      
—
      
3,279,888
  
Total Investments
  
$
58,724,927
    
$
—
    
$
—
    
$
58,724,927
  
 
Refer to the Funds’ schedule of investments for a detailed break-out of securities.
 
Pzena Emerging Markets Value Fund
 
Level 3 Reconciliation Disclosure (Unaudited)
 
   
Common Stocks
  
Balance as of February 28, 2023
  
$
4,085
  
Balance as of August 31, 2023
  
$
4,085
  
Change in unrealized appreciation/(depreciation) during the period for
        
  Level 3 investments held at August 31, 2023
  
$
—
  

The Level 3 investments as of August 31, 2023 represented less than 0.01% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.
 
On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effecton the Funds.
54
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Funds have an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to each Fund.  The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Funds.  As compensation for its services, the Adviser 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
%
 
Small Cap Value Fund
    
0.95
%
 
International Small Cap Value Fund
    
1.00
%
 
International Value Fund
    
0.65
%

For the six months ended August 31, 2023, the Funds incurred the following in advisory fees:
 
     
Advisory Fees
  
 
Mid Cap Value Fund
  
$
512,618
  
 
Emerging Markets Value Fund
    
5,887,274
  
 
Small Cap Value Fund
    
290,365
  
 
International Small Cap Value Fund
    
100,674
  
 
International Value Fund
    
143,913
  

The Funds are responsible for their own operating expenses.  The Adviser has contractually agreed to waive a portion or all of its management fees and pay expenses of the Funds to ensure that the net annual operating expenses (excluding acquired fund fees, interest expense, taxes, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees, and other class-specific expenses) do not exceed the following amounts of the average daily net assets for each class of shares:
 
 
Emerging
  
International
  
Mid Cap
Markets
Small Cap
Small Cap
International
Value Fund
Value Fund
Value Fund
Value Fund
Value Fund
0.90%
1.08%
1.00%
1.17%
0.74%

Any such reduction made by the Adviser in its fees or payment of expenses which are the Funds’ obligation are subject to reimbursement by the Funds to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month 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 Funds 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 review and approval. Such reimbursement may not be paid prior to the Funds’ payment of current ordinary operating expenses.  For the six months ended August 31, 2023, the Adviser reduced its fees and reduced other operating expenses in the amount of $54,584 for the Mid Cap Value Fund, $290,370 for the Emerging Markets Value Fund, $112,957 for the Small Cap Value Fund, $100,538 for the International Small Cap Value Fund, and $99,605 for the International Value Fund.  The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:
 
     
2/29/2024
    
2/28/2025
    
2/28/2026
    
8/31/2026
    
Total
  
 
Mid Cap Value Fund
  
$
51,499
    
$
86,609
    
$
98,328
    
$
54,584
    
$
291,020
  
 
Emerging Markets Value Fund
    
145,782
      
351,524
      
485,364
      
290,370
      
1,273,040
  
 
Small Cap Value Fund
    
37,507
      
68,655
      
159,587
      
112,957
      
378,706
  
 
International Small Cap Value Fund
    
57,144
      
209,293
      
195,567
      
100,538
      
562,542
  
 
International Value Fund
    
N/A
      
151,402
      
235,358
      
99,605
      
486,365
  

U.S. Bancorp Fund Services, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as the Funds’ administrator, fund accountant, and transfer agent.  U.S. Bank N.A. serves as custodian (the “Custodian”) to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board.
55
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the six months ended August 31, 2023 are disclosed in the statements of operations.
 
Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.  Quasar is a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, doing business as ACA Foreside, a division of ACA Group.
 
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 for specific expenses incurred.  For the six months ended August 31, 2023, the 12b-1 distribution fees incurred under the Plan by each of the Fund’s Investor Class shares are disclosed in the statements of operations.
 
NOTE 6 – SHAREHOLDER SERVICING FEES
 
The Funds have entered into a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Adviser 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 Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser 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 months ended August 31, 2023, the shareholder servicing fees incurred under the Agreement by each of the Fund’s Investor Class shares are disclosed in the statements of operations.
 
NOTE 7 – PURCHASES AND SALES OF SECURITIES
 
For the six months ended August 31, 2023, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:
 
   
Purchases
    
Sales
  
Mid Cap Value Fund
  
$
25,668,842
    
$
24,167,741
  
Emerging Markets Value Fund
    
390,931,259
      
220,043,883
  
Small Cap Value Fund
    
7,294,652
      
51,002,144
  
International Small Cap Value Fund
    
8,131,883
      
2,728,289
  
International Value Fund
    
15,388,789
      
3,530,879
  

There were no purchases or sales of long-term U.S. Government securities.
56
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

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, 2023:
 
Fund
Shareholder
Percent of Shares Held
Mid Cap Value Fund
Mac & Co.
46%
     
Emerging Markets Value Fund
National Financial Services, LLC
35%
     
Small Cap Value Fund
National Financial Services, LLC
35%
     
International Small Cap Value Fund
J.P. Morgan Securities, LLC
37%
 
ValueQuest Partners, LLC
27%
     
International Value Fund
Legacy Trust Co.
34%
 
J.P. Morgan Securities, LLC
26%
 
Band & Co.
25%
 
NOTE 9 – LINE OF CREDIT
 
The Funds have a secured line of credit in the amount of $50,000,000.  This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank N.A.  During the six months ended August 31, 2023, the Emerging Markets Value Fund, the Mid Cap Value Fund, the International Small Cap Value Fund, and the International Value Fund did not draw upon the line of credit. During the six months ended August 31, 2023, the Small Cap Value Fund had an average daily outstanding balance of $451,114, a weighted average interest rate of 8.22%, incurred interest expense of $18,915 and had a maximum amount outstanding of $7,088,000. At August 31, 2023, the Funds had no outstanding loan amounts.
 
NOTE 10 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
 
As of February 28, 2023, 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
    
Small Cap
    
Small Cap
    
International
  
   
Value Fund
    
Value Fund
    
Value Fund
    
Value Fund
    
Value Fund
  
Cost of investments (a)
  
$
109,087,975
    
$
1,025,500,945
    
$
90,782,133
    
$
17,425,407
    
$
40,668,967
  
Gross unrealized appreciation
    
32,806,114
      
109,735,760
      
14,791,716
      
2,517,268
      
5,579,162
  
Gross unrealized depreciation
    
(7,563,503
)
    
(84,656,594
)
    
(10,020,192
)
    
(1,807,391
)
    
(3,184,467
)
Net unrealized appreciation (a)
    
25,242,611
      
25,079,166
      
4,771,524
      
709,877
      
2,394,695
  
Net unrealized depreciation on foreign currency
    
(6
)
    
(110,724
)
    
—
      
(1,885
)
    
(647
)
Undistributed ordinary income
    
251,091
      
5,068,062
      
238,366
      
14,509
      
92,956
  
Undistributed long-term capital gains
    
3,441,486
      
—
      
—
      
—
      
—
  
Total distributable earnings
    
3,692,577
      
5,068,062
      
238,366
      
14,509
      
92,956
  
Other accumulated gain/loss
    
—
      
(18,918,434
)
    
—
      
(84,494
)
    
(702,917
)
Total accumulated earnings
  
$
28,935,182
    
$
11,118,070
    
$
5,009,890
    
$
638,007
    
$
1,784,087
  

(a)
The difference between the book basis and tax basis net unrealized appreciation/(depreciation) and cost is attributable primarily to the tax deferral of losses on wash sales adjustments and passive foreign investment companies.
57
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

At February 28, 2023, the Funds had tax basis capital losses to offset future gains as follows:
 
     
Capital Loss Carryover
           
     
Long-Term
    
Short-Term
    
Total
  
Expiration Date
 
Pzena Emerging Markets Value Fund
  
$
17,474,043
    
$
1,444,351
    
$
18,918,394
  
No Expiration
 
Pzena International Value Fund
    
226,759
      
476,158
      
702,917
  
No Expiration

At February 28, 2023, the following Fund deferred, on a tax basis, post-October losses:
 
     
Post-October
    
Late Year Ordinary
  
     
Capital Loss
    
Loss Deferral
  
 
International Small Cap Value Fund
  
$
84,494
    
$
—
  

The tax character of distributions paid during the six months ended August 31, 2023 and the year ended February 28, 2023 was as follows:
 
     
Six Months Ended
    
Year Ended
  
     
August 31, 2023
    
February 28, 2023
  
 
Mid Cap Value Fund
            
 
Ordinary income
  
$
—
    
$
1,738,933
  
 
Long-term capital gains
    
—
      
15,241,488
  
                   
 
Emerging Markets Value Fund
                
 
Ordinary income
  
$
—
    
$
16,166,313
  
 
Long-term capital gains
    
—
      
2,437,456
  
                   
 
Small Cap Value Fund
                
 
Ordinary income
  
$
—
    
$
1,171,434
  
 
Long-term capital gains
    
—
      
11,308,345
  
                   
 
International Small Cap Value Fund
                
 
Ordinary income
  
$
—
    
$
554,897
  
 
Long-term capital gains
    
—
      
150,406
  
                   
 
International Value Fund
                
 
Ordinary income
  
$
—
    
$
779,200
  

NOTE 11 – 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.
 
• Currency Risk. Changes in foreign currency exchange rates will affect the value of what the Funds own and the Funds’ 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 may be higher in emerging markets.
 
• Emerging Markets Risk. In addition to the risks of foreign securities in general, investments in emerging markets may be riskier than investments in or exposure to investments in the U.S. and other developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, a higher degree of political and economic instability (which can freeze, restrict or suspend transactions in those investments, including cash), the impact of economic sanctions, less governmental regulation and supervision of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.
 
• Equity Securities Risk. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds’ portfolio or the securities market as a whole, such as changes in economic or political conditions.
58
Pzena Funds
Notes to Financial Statements (Continued)
August 31, 2023 (Unaudited)

• Foreign Securities Risk. Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies.
 
• General Market Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact markets or issuers in which the Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value, even if the individual results of the securities and other instruments in which the Fund invests outperform the broader financial markets. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions, and the market in general, in ways that cannot necessarily be foreseen.
 
• Management Risk. Each Fund is an actively managed investment portfolio and each Fund relies on the Adviser’s ability to pursue the Fund’s goal. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that its decisions will produce the desired results.
 
• 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.
 
• Small Cap Company Risk (Small Cap Value Fund and International Small Cap Value Fund). Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks. Smaller companies may have no or relatively short operating histories, or be newly public companies.
 
• Value Style Investing Risk. The Funds emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
 
NOTE 12 – TRUSTEES AND OFFICERS
 
At a meeting held on June 22-23, 2023, the Board of Trustees of the Trust appointed Ms. Lillian A. Kabakali the Assistant Secretary of the Trust, effective July 10, 2023. Effective July 20, 2023, Mr. Michael L. Ceccato retired from his service as Vice President, Chief Compliance Officer and Anti-Money Laundering Officer of the Trust. At a meeting held on July 20, 2023, the Board of Trustees of the Trust appointed Joseph Kolinsky as the successor Vice President, Chief Compliance Officer and Anti-Money Laundering Officer of the Trust, effective July 20, 2023.
59
Pzena Funds
Expense Example
August 31, 2023 (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 (March 1, 2023 to August 31, 2023).
 
Actual Expenses
 
The first line of the tables below provides information about actual account values and actual expenses. The example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses. In addition, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates changes by U.S. Bank Global Fund Services, the Funds’ transfer agent. 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.
 
Hypothetical Example for Comparison Purposes
 
The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ 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.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds, as they may charge transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of each table 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.
60
Pzena Funds
Expense Example (Continued)
August 31, 2023 (Unaudited)

 
Beginning
Ending
Expenses Paid
Expense Ratio
Six Month
 
Account Value
Account Value
During Period(1)
During Period
Total Return
Investor Class
3/1/23
8/31/23
3/1/23 – 8/31/23
3/1/23 – 8/31/23
3/1/23 – 8/31/23
Actual
          
Mid Cap Value Fund
$1,000.00
 $994.40
$6.23
1.24%
-0.56%
Emerging Markets Value Fund
  1,000.00
1,121.80
  7.65
1.43%
12.18%
Small Cap Value Fund
  1,000.00
1,012.40
  6.64
1.31%
  1.24%
International Small Cap Value Fund
  1,000.00
1,030.10
  7.42
1.45%
  3.01%
International Value Fund
  1,000.00
1,055.90
  5.13
0.99%
  5.59%
           
Hypothetical
          
  (5% return before expenses)
          
Mid Cap Value Fund
$1,000.00
$1,018.95
$6.31
1.24%
2.52%
Emerging Markets Value Fund
  1,000.00
  1,018.00
  7.27
1.43%
2.52%
Small Cap Value Fund
  1,000.00
  1,018.60
  6.67
1.31%
2.52%
International Small Cap Value Fund
  1,000.00
  1,017.90
  7.37
1.45%
2.52%
International Value Fund
  1,000.00
  1,020.21
  5.04
0.99%
2.52%

(1)
Each Fund’s expenses are equal to the expense ratio multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the six-month period of operation of the Funds). The ending account values in the table are based on the actual total returns of the Investor Class shares of each Fund.

 
Beginning
Ending
Expenses Paid
Expense Ratio
Six Month
 
Account Value
Account Value
During Period(2)
During Period
Total Return
Institutional Class
3/1/23
8/31/23
3/1/23 – 8/31/23
3/1/23 – 8/31/23
3/1/23 – 8/31/23
Actual
          
Mid Cap Value Fund
$1,000.00
 $996.40
$4.53
0.90%
-0.36%
Emerging Markets Value Fund
  1,000.00
1,123.20
 5.78
1.08%
12.32%
Small Cap Value Fund
  1,000.00
1,014.60
 5.08
1.00%
  1.46%
International Small Cap Value Fund
  1,000.00
1,032.00
 5.99
1.17%
  3.20%
International Value Fund
  1,000.00
1,058.00
 3.84
0.74%
  5.80%
           
Hypothetical
          
  (5% return before expenses)
          
Mid Cap Value Fund
$1,000.00
$1,020.67
$4.58
0.90%
2.52%
Emerging Markets Value Fund
  1,000.00
  1,019.76
 5.50
1.08%
2.52%
Small Cap Value Fund
  1,000.00
  1,020.16
 5.09
1.00%
2.52%
International Small Cap Value Fund
  1,000.00
  1,019.31
 5.96
1.17%
2.52%
International Value Fund
  1,000.00
  1,021.48
 3.77
0.74%
2.52%

(2)
Each Fund’s expenses are equal to the expense ratio multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the six-month period of operation of the Funds). The ending account values in the table are based on the actual total returns of the Investor Class shares of each Fund.
61
Pzena Funds
Notice to Shareholders
August 31, 2023 (Unaudited)
 
How to Obtain a Copy of the Funds’ Proxy Voting Policies
 
A description of the policies and procedures that the Funds use 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-PORT
 
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT.  The Funds’ Form N-PORT is available on the SEC website at http://www.sec.gov. Information included in the Funds’ Form N-PORT is also available by calling 1-844-PZN-1996 (1-844-796-1996).
 
Householding
 
In an effort to decrease costs, the Funds will reduce the number of duplicate prospectuses, supplements, and certain other shareholder documents that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Funds’ transfer agent toll free at 1-844-PZN-1996 (1-844-796-1996) to request individual copies of these documents. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.
62
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.
63






(This Page Intentionally Left Blank.)
 





Investment Adviser
Pzena Investment Management, LLC
320 Park Avenue, 8th Floor
New York, New York 10022


Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102


Legal Counsel
Sullivan & Worcester LLP
1633 Broadway, 32nd Floor
New York, New York 10019


Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212


Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, Wisconsin 53202


Distributor
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
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-1996 (1-844-796-1996).
 

(b) Not Applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable.

Item 6. Investments.

(a)
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
 
(b)
 
Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.  Not Applicable.


(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust 

By (Signature and Title)                 /s/ Jeffrey T. Rauman
Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer

Date 11/7/23


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)                 /s/ Jeffrey T. Rauman
Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer

Date 11/7/23

By (Signature and Title)                /s/ Kevin J. Hayden
Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer

Date  11/8/23