Pzena International Small Cap Value Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 97.2%	Shares		Value
Australia - 5.1%
Elders Ltd.		125,417	$	637,249
Elders Ltd. (a)		24,835		126,188
Perenti Ltd.		1,002,432		810,759
				1,574,196
Austria - 1.2%
ams-OSRAM AG (a)		56,058		361,057
Belgium - 2.4%
Umicore S.A.		68,817		741,766
Canada - 6.1%
Linamar Corp.		11,814		518,701
Spin Master Corp. (b)		33,500		780,522
Transcontinental, Inc. - Class A		48,872		595,170
				1,894,393
Denmark - 2.2%
Solar A/S - Class B		15,367		669,574
Finland - 1.7%
Nokian Renkaat Oyj		68,913		536,419
France - 3.8%
Nexity S.A. (a)		49,691		612,276
Rexel S.A.		22,086		570,413
				1,182,689
Germany - 5.0%
Aurubis AG		10,412		819,713
Duerr AG		30,897		713,736
				1,533,449
Hong Kong - 5.3%
Pacific Basin Shipping, Ltd.		1,345,929		320,047
VTech Holdings, Ltd.		101,000		689,994
Yue Yuen Industrial (Holdings), Ltd.		287,000		641,877
				1,651,918
Ireland - 10.1%
Bank of Ireland Group PLC		39,508		346,024
C&C Group PLC		454,154		855,270
Origin Enterprises PLC		339,842		1,100,724
Permanent TSB Group Holdings PLC (a)		527,907		831,218
				3,133,236
Italy - 5.1%
Anima Holding S.p.A. (b)		116,655		769,235
BPER Banca		129,490		790,651
				1,559,886
Japan - 22.3%
DIC Corp.		14,400		313,861
Fukuoka Financial Group, Inc.		21,200		587,334
Kanto Denka Kogyo Co., Ltd.		115,100		842,392
KH Neochem Co., Ltd.		61,300		833,367
Sankyu, Inc.		9,200		318,217
Sawai Group Holdings Co., Ltd.		53,100		771,754
Teijin, Ltd.		74,700		657,054
THK Co., Ltd.		30,700		740,543
Tokai Carbon Co., Ltd.		83,100		503,438
Toyota Boshoku Corp.		60,900		774,810
Zeon Corp.		57,000		535,083
				6,877,853
Netherlands - 2.7%
Signify N.V. (b)		36,940		826,788
Republic of Korea - 1.1%
WONIK IPS Co., Ltd. (a)		20,958		343,278
Spain - 2.3%
Unicaja Banco S.A. (b)		560,902		721,947
Switzerland - 0.8%
Ferrexpo PLC (a)		236,110		244,255
United Kingdom - 20.0%
Burberry Group PLC		32,213		368,165
Direct Line Insurance Group PLC		185,862		555,299
Hays PLC		770,061		769,679
Ibstock PLC		460,884		1,093,140
Pennon Group PLC		96,453		740,068
Sabre Insurance Group PLC (b)		525,400		877,126
Senior PLC		550,239		1,016,614
Travis Perkins PLC		46,229		447,355
Wizz Air Holdings PLC (a)		19,364		317,111
				6,184,557
TOTAL COMMON STOCKS (Cost $29,446,030)				30,037,261
SHORT-TERM INVESTMENT - 2.8%
Money Market Fund - 2.8%
First American Government Obligations Fund - Class X, 4.56% (c)		859,551		859,551
TOTAL SHORT-TERM INVESTMENT (Cost $859,551)				859,551
TOTAL INVESTMENTS - 100.0% (Cost $30,305,581)				30,896,812
Other Assets in Excess of Liabilities - 0.0% (d)				11,949
TOTAL NET ASSETS - 100.0%			$	30,908,761
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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 U.S. Bank Global Fund Services.

AG - Aktiengesellschaft

A/S – Aksjeselskap

N.V. – Naamloze Vennootschap

Oyj - Julkinen Asakeyhtio

PLC - Public Limited Company

S.A. – Société Anonyme

S.p.A. - Società per Azioni

(a)	Non-income producing security.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2024, the value of these securities total $3,975,618 or 12.9% of the Fund’s net assets.
(c)	The rate shown represents the 7-day annualized yield as of November 30, 2024.
(d)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

Pzena International Small Cap Value Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	30,037,261	$	–	$	–	$	30,037,261
Money Market Fund		859,551		–		–		859,551
Total Investments	$	30,896,812	$	–	$	–	$	30,896,812
Refer to the Schedule of Investments for further disaggregation of investment categories.