avatar Pzena Investment Management, Inc. Finance, Insurance, And Real Estate

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    PZENA MID CAP VALUE FUND Investor Class PZVMX Institutional Class PZIMX PZENA EMERGING MARKETS VALUE FUND Investor Class PZVEX Institutional Class PZIEX PZENA LONG/SHORT VALUE FUND Investor Class PZVLX Institutional Class PZILX PZENA SMALL CAP VALUE FUND Investor Class PZVSX Institutional Class PZISX PZENA INTERNATIONAL SMALL CAP VALUE FUND Investor Class PZVIX Institutional Class PZIIX 1-844-PZN-1996 (1-844-796-1996) • www.pzenafunds.com Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically. You may elect to receive all future reports in paper free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper may apply to all funds held within the fund complex and may apply to all funds held through your financial intermediary.


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    Table of Contents Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Pzena Funds Commentary Pzena Mid Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Pzena Emerging Markets Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Pzena Long/Short Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Pzena Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Pzena International Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Pzena Mid Cap Value Fund Portfolio Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Pzena Emerging Markets Value Fund Portfolio Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Portfolio Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Pzena Long/Short Value Fund Portfolio Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Schedule of Securities Sold Short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Pzena Small Cap Value Fund Portfolio Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Pzena International Small Cap Value Fund Portfolio Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Portfolio Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Statements of Changes in Net Assets Pzena Mid Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Pzena Emerging Markets Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Pzena Long/Short Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Pzena Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Pzena International Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Statement of Cash Flows – Pzena Long/Short Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Financial Highlights Pzena Mid Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Pzena Emerging Markets Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Pzena Long/Short Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Pzena Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Pzena International Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Expense Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Information about Trustees and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Approval of Investment Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Notice to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Privacy Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71


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    Dear Shareholder: As last year’s fiscal year came to a close, investors seemingly held up somewhat better, and value outperformed. Nonetheless, had the wind at their backs. Stocks were strong across the globe. emerging markets still stand out for the compelling valuations Economic growth combined with solid corporate results fueled of the cheapest quintile relative to the universe. the emerging markets, and positive economic data and tax reform The underperformance of a style or approach can be helped the US along. The macro environment across other challenging, but it’s important to keep a long-term perspective. developed markets also continued to strengthen. February 2018 Historically, wide valuation differentials have preceded periods marked a turning point, however. It was remarkable how quickly of significant value outperformance. By our estimation, the the tide turned despite so much positive news coming from the valuation dispersions between the cheapest and most expensive corporate sector. More hawkish telegraphing from the US stocks1 expanded in most markets, leaving them at extreme Federal Reserve seemed to light the fuse, and investors became levels reached only three other times over the last 40 years. The increasingly agitated by a growing chorus of negative headlines long-term track record of value is compelling and reminds us that included monetary tightening, rising interest rates, trade why it is an important component to a well-balanced, wars, BREXIT, whipsawing oil prices, and political dysfunction, thoughtfully constructed portfolio. One that will be well to name a few. By the end of this fiscal year – February 2019 – positioned over the years ahead. non-US markets across the developed and emerging markets were down high single- to low double-digits. The US managed We thank you for investing with us. As always, we are gains, but it took strong returns in January and February to offset committed to our philosophy of value investing with a long-term widespread weakness across the year, which was punctuated by outlook. We have persistently sought to exploit the opportunities considerable declines in October and December. created by widening valuation spreads and are excited by the range and scope of good companies that are in our Funds. The Value stocks again lagged across developed markets. key is always the same: identify a business under a near-term Economically sensitive sectors and businesses facing the most cloud, but with a solid franchise, and an identifiable path to controversy fared worst. As such, we believe that the earnings normalization. The pages that follow discuss the probability for a value resurgence has grown to extremely performance of our Funds and the opportunities that lie ahead. compelling levels. Cyclicals in the emerging markets, however, We welcome your comments and feedback. Best regards, Pzena Investment Management, LLC 1 Based on our analysis of dispersion between the 20% lowest valued versus the 20% highest valued shares in our developed world universe – the ~1,600 largest stocks, equally weighted by market capitalization – on a price-to-book basis. Price-to-book is a ratio comparing a firm’s market price to its book value. The book value of a company is the total value of the company’s assets, minus the company’s outstanding liabilities. 1


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    Pzena Mid Cap Value Fund Commentary February 2019 CHANGE IN VALUE OF $1,000,000 INVESTMENT $1,600,000 $1,500,000 $1,400,000 $1,409,826 $1,300,000 $1,323,540 $1,200,000 $1,100,000 $1,000,000 $900,000 3/31/14 8/31/14 2/28/15 8/31/15 2/29/16 8/31/16 2/28/17 8/31/17 2/28/18 8/31/18 2/28/19 Pzena Mid Cap Value Fund – Institutional Class Russell Midcap® Value Index Average Annual Total Returns for the Fiscal Year Ended February 28, 2019. Three Six One Three Since Inception Months (1) Months (1) Year Years (3/31/2014) _________ _________ _____ _____ _____________ Pzena Mid Cap Value Fund – Investor Class (PZVMX) -0.08% -9.11% -8.12% 12.07% 5.56% Pzena Mid Cap Value Fund – Institutional Class (PZIMX) -0.09% -9.02% -7.82% 12.41% 5.87% Russell Midcap® Value Index 1.86% -3.98% 2.63% 12.58% 7.24% (1) Not annualized. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 30 days or less. If it did, total returns would be reduced. Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. PZVMX Expense Ratio – Gross: 3.71% PZVMX Expense Ratio – Net: 1.26%* PZIMX Expense Ratio – Gross: 2.84% PZIMX Expense Ratio – Net: 0.91%* Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018. * Pzena Investment Management, LLC, the Fund’s investment advisor, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019. US equity returns were broadly positive during the past fiscal valuations, and those that provided stability and yield. year, however, trade war tensions and US economic growth Companies that disappointed in delivering growth were severely concerns led to heightened volatility, especially toward the end punished, even if the underlying businesses remained healthy. of 2018. For the 12 months ended February 28, 2019, value underperformed growth across the market cap spectrum, but the In aggregate, health care and financials positions detracted most. disparity was most acute among mid cap companies. As value In health care, generic pharmaceuticals company Mylan N.V. investors, the Pzena Mid Cap Value Fund’s (the “Fund”) (“Mylan”) was the largest detractor, falling after the company underperformance reflected the market’s preference for received an FDA warning letter regarding a manufacturing companies viewed as delivering reliable growth irrespective of facility and weak 2019 guidance. We continue to hold Mylan, 2


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    Pzena Mid Cap Value Fund Commentary (Continued) February 2019 seeing significant self-help opportunities and a stabilization in Newell is a consumer products company that recently merged generic drug pricing underpinning earnings normalization. with Jarden and now owns a collection of well-known brands Negative results within financials were driven by idiosyncratic including Graco, Coleman, Rubbermaid, and Calphalon. stock-specific issues. The Fund’s largest individual detractor Integration issues, the sudden bankruptcy of Toys-R-Us, and was US oil services company, National Oilwell Varco, Inc. (a inventory tightening by office superstores pressured sales and new buy in 2018). Oil prices fell in the fourth quarter of 2018 margins. The long-term profit history of the brands bolsters our and the company reported weaker-than-expected results due to belief in the durability of the franchise, and management has a an inability to pass through higher raw material and labor costs. credible plan to sell the non-core brands to reduce leverage, The company hosted an analyst day displaying an impressive which enabled us to purchase this diverse set of brands at what array of market leading technologies and a strong balance sheet. we believe to be an attractive valuation. We participated in the The company is a late cycle energy company, which is cheap IPO of AXA, a life insurer that specializes in variable annuities based on our estimate of normalized earnings, and we continued and owns a majority stake in AllianceBernstein Holding L.P. to build our position on the weakness. We believe the stock is priced well below the midpoint of the initial expected range due to general discomfort with Positions in producer durables were the Fund’s main companies that sell variable annuity products. We view AXA contributors, led by Carlisle Companies, Inc. (“Carlisle”) and as a well-capitalized franchise with strong captive distribution KBR, Inc. (“KBR”). Carlisle, an industrial conglomerate with that generates an attractive return on capital. strong positions in commercial roofing, aerospace components, and various other businesses, was a strong contributor on To help fund our purchases, there were several notable sells double digit organic growth in roofing and the Interconnect during the fiscal year. We exited XL Group, Ltd. as it rallied on division (which is approximately two-thirds aerospace-related). news that it was being acquired by AXA S.A., and did the same KBR, the engineering and construction company, with a focus with Validus Holdings, Ltd. as American International Group, on government services and liquified natural gas (LNG), Inc. acquired it. We eliminated our position in Micro Focus appreciated after reporting strong earnings driven by strong International PLC, which spun out of Hewlett Packard organic growth in its Government Services unit on higher Enterprise Co. a year ago, as we were concerned about the defense spending, better margins and a lower tax rate. deterioration in its operations. We sold Superior Energy Services, Inc. and used proceeds to build our position in During the fiscal year, we initiated several new positions in the National Oilwell Varco, Inc. We also exited Lamar Advertising Fund, most notably National Oilwell Varco, Inc. (discussed Co., Hanover Insurance Group, Inc., and Willis Towers Watson above), Fifth Third Bancorp (“Fifth Third”), Newell Brands, PLC, all on valuation. Inc. (“Newell”), and AXA Equitable Holdings, Inc. (“AXA”). Fifth Third Bancorp is a regional bank that has been executing The markets have exhibited continued volatility and increased on several strategic initiatives and has been improving its fear of cyclical companies has set in, enabling us to purchase balance sheet mix, product offerings, and customer experience. several great franchises at what we believe are cheap prices. Capital levels remain elevated, and we believe there is a Our Fund remains skewed toward economically sensitive significant opportunity for capital return in excess of earnings. stocks, many with self-help opportunities. Mutual fund investing involves risk. Principal loss is possible. Investments in mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Mid Cap Fund may underperform other funds that use different investing styles. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate. Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. The Russell Midcap® Value Index is an unmanaged index that measures the performance of those Russell Mid Cap® companies with lower price-to-book ratios and lower forecasted growth rates. The Russell Midcap® Growth Index is an unmanaged index that measures the performance of those Russell Mid Cap® companies with higher price-to-book ratios and higher forecasted growth rates. An index cannot be invested in directly. 3


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    Pzena Emerging Markets Value Fund Commentary February 2019 CHANGE IN VALUE OF $1,000,000 INVESTMENT $1,400,000 $1,300,000 $1,200,000 $1,188,020 $1,100,000 $1,127,884 $1,000,000 $900,000 $800,000 $700,000 $600,000 3/31/14 8/31/14 2/28/15 8/31/15 2/29/16 8/31/16 2/28/17 8/31/17 2/28/18 8/31/18 2/28/19 Pzena Emerging Markets Value Fund – Institutional Class MSCI Emerging Markets Index – Net USD Average Annual Total Returns for the Fiscal Year Ended February 28, 2019. Three Six One Three Since Inception Months (1) Months (1) Year Years (3/31/2014) _________ _________ _____ _____ _____________ Pzena Emerging Markets Value Fund – Investor Class (PZVEX) 5.37% 2.04% -6.95% 17.29% 2.19% Pzena Emerging Markets Value Fund – Institutional Class (PZIEX) 5.49% 2.26% -6.57% 17.62% 2.48% MSCI Emerging Markets Index – Net USD 6.11% 0.33% -9.89% 15.04% 3.57% (1) Not annualized. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced. Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. PZVEX Expense Ratio – Gross: 2.07% PZVEX Expense Ratio – Net: 1.61%* PZIEX Expense Ratio – Gross: 1.76% PZIEX Expense Ratio – Net: 1.26%* Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018. * Pzena Investment Management, LLC, the Fund’s investment advisor, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019. Emerging market equities were down over the trailing fiscal down the index on a combination of structural deleveraging year and lagged the developed markets. Trade fears, and trade tensions. Smaller market participants Qatar and Peru whipsawing oil prices, tighter Federal Reserve monetary were able to produce positive returns. Energy was the sole policy, and the risks these dynamics pose for capital account sector in the black for the year. Investors in emerging markets balances tested emerging market economies. A strong relief rotated into value from growth; the MSCI EM Value Index outperformed its growth counterpart by over 500 basis points. rally in the beginning of 2019 partially helped performance, but most markets declined. Stocks in Turkey were down the The Pzena Emerging Markets Value Fund (the “Fund”) was most on political instability, and China’s weakness dragged down but outperformed both its benchmark, the MSCI 4


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    Pzena Emerging Markets Value Fund Commentary (Continued) February 2019 Emerging Markets Index and the MSCI EM Value Index. Stock the largest Chinese coal utilities, and Siam Commercial Bank selection in China was the largest contributor to relative PLC (“Siam”), one of the largest banks in Thailand. Realtek has outperformance versus the benchmark. Positions in Russia, and followed a strategy of becoming a market leader by focusing on by sector, positions in utilities and information technology also mature tech. categories and on being the cost leader in each drove the outperformance. market. The company has continued to gain share and recent weakness in its gross margins led to the underperformance of The largest individual detractor was the Taiwanese electronic the stock, creating an attractive opportunity. For Catcher, Apple, manufacturing services company Hon Hai Precision Industry Inc. accounts for an estimated 70% of total sales, which has Co., Ltd. (“Hon Hai”). It traded down with the technology sector, recently been an overhang for the stock due to fears of a but the company also reported lower-than-expected margins, material iPhone slowdown. Given its focus on the premium attributable to higher expenses related to iPhone X production, metal market, Catcher commands very high average selling and a more muted iPhone unit growth outlook. Akbank T.A.S. prices and has superior margins. We were able to purchase the (“Akbank”), a leading Turkish bank, detracted as Turkish macro stock at an attractive valuation (under 7x our estimate of normal conditions deteriorated, leading to a Turkish lira decline, and earnings assuming modest sales growth and sustainable causing investors to assess the potential rise in funding costs for margins). Approximately 25% of the company’s market cap is Turkish banks. While Akbank is highly sensitive to the Turkish in net cash. Huadian’s profitability has been hurt by rising coal macroeconomy, we believe it is a great operator with a solid prices, but we believe it should improve through a combination earnings history and the strongest balance sheet among its peers. of regulatory price increases and coal price normalization. We continue to hold both Hon Hai and Akbank in the Fund. Lastly, Siam became cheap due to concerns around the small- and medium-enterprise credit cycle, the costs associated with Lenovo Group Limited was the largest individual contributor in its digitalization program, and the impact of a reduction in the Fund. The Chinese PC, smartphone, and data center transaction related fees. We believe the market overreacted to equipment manufacturer recently reported better-than-expected these issues, and we were able to purchase a solid franchise and encouraging 2QFY19 results, characterized by healthy with self-help opportunities at an attractive valuation. To help topline growth and an improvement in operating income and fund these purchases, we exited Russian energy major Gazprom margins. By segment, PC performance remained strong, and, PJSC, due to its questionable capital discipline. We also sold while Mobile and Data Center businesses continue to lose out of positions in Petroleo Brasileiro S.A. Pref, Randon S.A. money, the level of losses continues to decline with both Implementos e Participacoes Pref, Usinas Siderurgicas de segments showing signs that management’s turnaround efforts Minas Gerais S.A. Pref, and China Shineway Pharmaceutical appear to be progressing. Russian energy positions, Lukoil Group, Ltd., as they reached fair value. PJSC and Rosneft Oil Co., also contributed as both benefitted from rising crude oil prices and improving capital return policy Our largest sector weightings remain in information technology to shareholders, including share buybacks. and financials, and we have no exposure to health care or real estate. While this lends our Fund a more cyclical bent, our During the fiscal year, we added several new diverse companies relatively large exposure to utilities has balanced the Fund to Fund, notably Realtek Semiconductor Corp. (“Realtek”), a during this turbulent period, and remains as we enter the new Taiwan-based fabless semiconductor company, Catcher year. Our largest country concentrations are to China and South Technology Co., Ltd. (“Catcher”), the manufacturer of Korea, with Asia overall constituting the bulk of the Fund, and premium metal casing for smartphones and notebook PCs, we also hold a relative overweight to emerging Europe and very Huadian Power International Corp., Ltd. (“Huadian”), one of little exposure to Latin America. Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The Fund may invest in participatory notes which are a type of equity linked derivative and involve counterparty risk and risk that the performance of the security may not exactly match the performance of the issuer. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate. Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. 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. 5


  • Page 8

    Pzena Long/Short Value Fund Commentary February 2019 CHANGE IN VALUE OF $1,000,000 INVESTMENT $1,700,000 $1,629,118 $1,600,000 $1,500,000 $1,400,000 $1,300,000 $1,308,389 $1,200,000 $1,100,000 $1,086,277 $1,033,501 $1,000,000 $900,000 3/31/14 8/31/14 2/28/15 8/31/15 2/29/16 8/31/16 2/28/17 8/31/17 2/28/18 8/31/18 2/28/19 Pzena Long/Short Value Fund – Institutional Class Russell 1000® Index ICE BofAML 0-3 Month U.S. Treasury Bill Index 50% Russell 1000® Index / 50% ICE BofAML 0-3 Month U.S. Treasury Bill Index Average Annual Total Returns for the Fiscal Year Ended February 28, 2019. Three Six One Three Since Inception Months(1) _________ Months(1) _________ Year _____ Years _____ (3/31/2014) _____________ Pzena Long/Short Value Fund – Investor Class (PZVLX) -0.94% -4.05% -7.24% 4.06% 1.40% Pzena Long/Short Value Fund – Institutional Class (PZILX) -0.86% -3.93% -6.91% 4.41% 1.70% Russell 1000® Index 1.84% -3.07% 4.99% 15.43% 10.44% ICE BofAML 0-3 Month U.S. Treasury Bill Index 0.57% 1.09% 2.02% 1.08% 0.67% 50% Russell 1000® Index/50% ICE BofAML 0-3 Month U.S. Treasury Bill Index 1.42% -0.73% 3.83% 8.21% 5.62% (1) Not annualized. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced. Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. PZVLX Expense Ratio – Gross: 7.49% PZVLX Expense Ratio – Net: 2.85%* PZILX Expense Ratio – Gross: 6.73% PZILX Expense Ratio – Net: 2.50%* Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018. * Pzena Investment Management, LLC, the Fund’s investment advisor, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019. US equity markets were punctuated by heightened volatility, as economy. Equity markets plunged nearing year-end, but then investors struggled with uncertainties that included the impact staged a strong recovery in the beginning of 2019. Most sectors of trade wars, rising interest rates, and the outlook for the US in the Russell 1000® Index ended the period up, led by utilities 6


  • Page 9

    Pzena Long/Short Value Fund Commentary (Continued) February 2019 and health care. Growth-style investing continued to outperform were no new issues identified that could explain the tempered the value approach. outlook. Management also commented that they have already priced for a 10% tariff level. Ford Motor Co., the global auto The Pzena Long/Short Value Fund (the “Fund”) underperformed manufacturer, was also a detractor, driven by fears of peak auto the benchmark on both the long and short sides of the book. The sales, low profitability in its non-US divisions, and worries long book declined for the period compared to 4.98% and 3.14% about how tariffs and the trade war between the US and China returns for the long-only Russell 1000 ® and Russell 1000 ® would affect the auto sector. We continue to see this stock as an Value indices, respectively. The short book was up significantly attractive holding. JELD-WEN Holding, Inc., the leading door more than the indices for the period and so detracted from and window manufacturer, fell on concerns over rising costs, performance. weakness in organic growth, and an adverse legal decision in an On the long side, the relative underperformance was driven by action brought by a customer. We believe the disruptions to holdings in consumer discretionary, financials, and health care. earnings are temporary and our investment case remains intact. Mylan N.V., the generic drug manufacturer, was our largest Financials declined overall, led by Morgan Stanley, American detractor after reporting a mixed quarter, and new guidance for International Group, Inc., Goldman Sachs Group, Inc., and 2019 that was below street expectations. Delays in approval in Citigroup, Inc. Contributors to the long book spanned a variety the US for new generic versions of biosimilars have been of sectors and included AutoZone, Inc. (consumer impactful and create additional uncertainty. But the company is discretionary), HCP, Inc. and Omega Healthcare investors, Inc. working to address these issues and the effects appear to be (financial services), and Express Scripts Holding Co. (health largely reflected in the stock’s price. Meanwhile the company’s care). The short book detracted more than the long book, led by international business continues to grow nicely. Mednax, Inc., holdings in consumer discretionary, health care, and financials. the neo natal/anesthesiology services provider, was weak after reporting better-than-expected 4Q2018 results but disappointing The breadth and scope of the opportunity set among value preliminary 2019 guidance. Generally, the fundamental issues stocks today continues to expand generating new opportunities have been the convergence of soft birth volumes, for the Fund, leading to an increasingly idiosyncratic portfolio demographically driven payer mix shift toward Medicare, and construction. Whether by way of over-reaction to earnings clinician comp inflation. The company is tackling these issues disappointments, restructuring or rationalization situations or with multiple levers, including piloting new staffing models to company-specific challenges, these enable us to continue to reduce fixed cost in neonatology; negotiating better rates; build portfolios of stocks with disparate pathways back to their renegotiating clinician comp where possible; cutting G&A cost; full earnings power. Overall, our long book remains exposed to and deploying IT resources to improve clinician efficiency. We sectors whose earnings are depressed and expectations are low: purchased Newell Brands, Inc. (“Newell”) during the period, a financials, technology, consumer discretionary, and health care. branded consumer products holding. Newell fell after reporting Our short book is exposed to stocks with rich valuations across a decent quarter but issued disappointing guidance and reduced sectors like the biotech stocks in health care; some of the new their targeted proceeds from divestments. The low guidance technology stocks in IT; and some industrial companies that are appears to be a conservative move by management as there enjoying significantly higher margins than their history. Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested in these securities. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Long/Short Value Fund may underperform other funds that use different investing styles. Investments in real estate investment trusts are subject to the risks associated with the direct ownership of real estate. Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. The Russell 1000® Index is an unmanaged index and is a subset of the Russell 3000® Index; it measures the performance of approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Value Index is an unmanaged index that measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth rates. An index cannot be invested in directly. The ICE Bank of America Merrill Lynch 0-3 month U.S. Treasury Bill Index measures the performance of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index cannot be invested in directly. The blended index represents a 50% weighting of the Russell 1000® Index, and a 50% weighting of the ICE Bank of America Merrill Lynch 0-3 month U.S. Treasury Bill Index, both described above. 7


  • Page 10

    Pzena Small Cap Value Fund Commentary February 2019 CHANGE IN VALUE OF $1,000,000 INVESTMENT $1,500,000 $1,400,000 $1,353,379 $1,300,000 $1,236,893 $1,200,000 $1,100,000 $1,000,000 $900,000 4/27/16 8/31/16 2/28/17 8/31/17 2/28/18 8/31/18 2/28/19 Pzena Small Cap Value Fund – Institutional Class Russell 2000® Value Index Average Annual Total Returns for the Fiscal Year Ended February 28, 2019. Three Six One Since Inception Months (1) Months (1) Year (4/27/2016) _________ _________ _____ _____________ Pzena Small Cap Value Fund – Investor Class (PZVSX) 0.85% -8.04% 2.40% 7.39% Pzena Small Cap Value Fund – Institutional Class (PZISX) 1.02% -7.82% 2.83% 7.77% Russell 2000® Value Index 1.32% -8.59% 4.42% 11.24% (1) Not annualized. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 30 days or less. If it did, total returns would be reduced. Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. PZVSX Expense Ratio – Gross: 2.95% PZVSX Expense Ratio – Net: 1.46%* PZISX Expense Ratio – Gross: 2.57% PZISX Expense Ratio – Net: 1.11%* Expense ratios shown are as of a supplement to the Fund’s registration statement dated June 28, 2018. * Pzena Investment Management, LLC, the Fund’s investment advisor, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2020. US equity returns were broadly positive during the past fiscal & processing declined the most. As value investors, the Pzena year, however, trade war tensions and US economic growth Small Cap Value Fund’s (the “Fund”) underperformance concerns led to heightened volatility, especially toward the end reflected the market’s preference for companies viewed as of 2018. For the 12 months ended February 28, 2019, value delivering reliable growth irrespective of valuations, and those underperformed growth across the market cap spectrum, and small cap stocks outperformed large cap. The Russell 2000® that provided stability and yield. Companies that disappointed in Value Index was up 4.4%, led by utilities, technology, and delivering growth were severely punished, even if the financial services, while energy, consumer staples, and materials underlying businesses remained healthy. 8


  • Page 11

    Pzena Small Cap Value Fund Commentary (Continued) February 2019 The Pzena Small Cap Value Fund underperformed its manufacturer Verifone Systems, Inc. (“Verifone”) traded higher benchmark, the Russell 2000® Value Index, largely due to stock after announcing it was being acquired by private equity at a selection within the technology and materials & processing large premium. sectors, as well as our underweight in utilities. The largest individual detractor was Diebold Nixdorf, Inc. (“Diebold While overall portfolio positioning remains largely unchanged, Nixdorf”), the ATM manufacturer and services company. The we have made several notable additions and sales in the stock declined after lowering guidance and reporting weaker- portfolio during the last fiscal year. We established positions in than-expected results, including a swing from positive to Celestica, Inc. and Jabil, Inc., both global electronics negative free cash flow, leaving the company at risk of tripping manufacturing services providers as fears around trade wars its debt covenants. The weakening of the balance sheet developed. We also initiated a position in Ryder Systems, Inc., increased the range of potential outcomes and risk of permanent a leading provider of commercial fleet management and supply impairment, so we exited our position. Also detracting was chain solutions, which came under pressure due to near-term Realogy Holdings Corp. (“Realogy”), a real estate brokerage headwinds in the commercial rental business due to soft leader that we purchased early in the fiscal year. Realogy was demand and weak pricing. We also added CNO Financial down on a combination of transaction declines and margins that Group, Inc., a seller of life and health products to underserved were impacted by negative operating leverage and continued middle income Americans through a captive distribution upward pressure on commission splits. Management is in the network. The company de-risked its legacy long-term care process of implementing strategic initiatives that they expect to book by selling the riskiest portion of the book, mitigating the have a positive impact going forward. Mednax, Inc., the neo tail risk in the long-term care book. Other new positions natal/anesthesiology services provider, was weak after reporting include Varex Imaging Corp., a leading manufacturer of x-ray better-than-expected 4Q2018 results but disappointing tubes and digital detectors for medical and industrial preliminary 2019 guidance. Generally, the fundamental issues applications, C&J Energy Services, Inc., an oil services have been the convergence of soft birth volumes, company, Motorcar Parts of America, Inc., a leading demographically driven payer mix shift toward Medicare, and remanufacturer of alternators and starters for used cars, and clinician comp inflation. The company is tackling these issues REV Group, Inc., a leading manufacturer of specialty vehicles with multiple levers, including piloting new staffing models to (including fire trucks, ambulances, shuttle buses, and reduce fixed cost in neonatology; negotiating better rates; recreational vehicles). We funded these by selling a number of renegotiating clinician comp where possible; cutting G&A cost; positions, including Chart Industries, Inc., Cubic Corp, and and deploying IT resources to improve clinician efficiency. Evertec, Inc., as they reached fair value, Verifone, General Cable Corp., Ply Gem Holdings, Inc., Validus Holdings, Ltd., The largest individual contributor was Essendant, Inc., Genworth Financial, Inc., Hanover Insurance, Group, and wholesaler of office essentials, as it was acquired by Staples Aspen Insurance Holdings, Ltd., as they were all acquired, and (which was acquired by private equity firm Sycamore Partners). finally Diebold Nixdorf and Superior Energy Services, Inc. due We sold out of the position as the stock price converged to the to reallocation to better investment opportunities. We believe acquisition price. Insight Enterprises, Inc., a tech value added the combination of wide spreads and improving fundamentals, reseller, reported very strong results in May driven by solid coupled with company-specific self-help initiatives, continues sales on a continued strong device refresh cycle (mostly PCs to provide significant opportunity looking to 2019. The but also servers), as well as growth in its services business. The portfolio remains heavily invested in what we believe to be company was up further in 2019 after reporting better-than- attractively valued economically sensitive sectors, including expected margins driven by a growing mix of higher margin producer durables and materials and processing. We are still services sales, as well as management’s belief that IT demand not yet finding opportunities in perceived ‘safe’ sectors will be heathy throughout the year. Lastly, payment terminal including real estate investment trusts and utilities. Mutual fund investing involves risk. Principal loss is possible. Investments in small-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Small Cap Value Fund may underperform other funds that use different investing styles. Investments in REITs are subject to the risks associated with the direct ownership of real estate. Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. Free cash flow is calculated as operating cash flow minus capital expenditures. The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The index cannot be invested in directly. 9


  • Page 12

    Pzena International Small Cap Value Fund Commentary February 2019 CHANGE IN VALUE OF $1,000,000 INVESTMENT $1,050,000 $1,000,000 $950,000 $936,995 $926,763 $900,000 $850,000 $800,000 7/2/18 7/31/18 8/31/18 9/30/18 10/31/18 11/30/18 12/31/18 1/31/19 2/28/19 Pzena International Small Cap Value Fund – Institutional Class MSCI World ex-USA Small Cap Index – Net USD Total Returns for the Fiscal Year Ended February 28, 2019. Three Six Since Inception(1) Months (1) Months (1) (7/2/2018) _________ _________ _______________ Pzena International Small Cap Value Fund – Investor Class (PZVIX) 1.45% -8.40% -7.48% Pzena International Small Cap Value Fund – Institutional Class (PZIIX) 1.51% -8.33% -7.32% MSCI World ex-USA Small Cap Index – Net USD 3.87% -7.63% -6.30% (1) Not annualized. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 844.PZN.1996 (844.796.1996). Performance data shown does not reflect the 1.00% redemption fee imposed on shares held 60 days or less. If it did, total returns would be reduced. Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. PZVIX Expense Ratio – Gross: 5.69% PZVIX Expense Ratio – Net: 1.52%* PZIIX Expense Ratio – Gross: 5.34% PZIIX Expense Ratio – Net: 1.17%* Expense ratios shown are as of the Fund’s registration statement dated June 28, 2018. * Pzena Investment Management, LLC, the Fund’s investment advisor, has contractually agreed to waive a portion or all of its management fees and pay Fund expenses through at least June 27, 2019. International small cap equity performance was volatile in the relief rally to start off the new year. The MSCI World ex-USA eight-month period since the Pzena International Small Cap Value Small Cap Index ended the eight-month period down 6.30%. Fund’s (the “Fund”) inception (July 2, 2018 to February 28, Defensive sectors such as utilities and real estate outperformed. 2019), as investors struggled with uncertainties that included the Energy was weak as the sharp correction (down ~40%) in oil impact of trade wars, rising political instability in Europe (UK, prices in the fourth quarter took its toll on the sector. Against this Italy, France), and the outlook for the global economy. Equity value style headwind, our Fund was down. markets plunged towards the end of 2018, but then staged a broad 10


  • Page 13

    Pzena International Small Cap Value Fund Commentary (Continued) February 2019 By company, the largest detractors were European-based casing mix. The majority of Ju Teng’s business supplies companies Salzgitter AG (German flat steel producer) and structural share gaining laptop original equipment PostNL N.V. (Dutch mail carrier). Salzgitter AG suffered from manufacturers, and the stock trades at just 0.4x book value. We a contraction in steel spreads and a disappointing earnings trimmed some shares of Ju Teng after its strong performance. report but remains fundamentally strong with a solid position Go-Ahead shares reacted positively to strong interim results and on the cost curve and clean balance sheet. We took advantage of a negotiated settlement with the UK Department for Transport the share price weakness to add to our position. PostNL N.V. regarding operational issues on a train concession. The shares fell during the final months of 2018 due to competitive agreement eliminated an area of uncertainty for the company, pressures and a complex regulatory environment. Ultimately, improving the future earnings profile. we see progress on both fronts due to a reversal of an adverse regulatory decision from 2017, and with the announced merger The Fund’s largest exposures are in industrials and financials. of PostNL N.V. with its largest competitor, Sandd B.V. In the current environment of uncertainty, the opportunity set The Fund’s top contributors were Ju Teng International continues to broaden out particularly in technology, materials Holdings, Ltd. (“Ju Teng”), the Hong Kong-based laptop casing and other cyclicals. As investors flock to safety in reaction to supplier, and Go-Ahead Group PLC (“Go-Ahead”), the UK bus macro and political concerns, we see opportunities to buy high and train operator. Ju Teng was up during the period on quality businesses at valuation levels that are among the lowest improving sentiment and increased guidance on better metal that we have seen in the last few years. Mutual fund investing involves risk. Principal loss is possible. Investments in small- and mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The Fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The Fund may invest in participatory notes which are a type of equity linked derivative and involve counterparty risk and risk that the performance of the security may not exactly match the performance of the issuer. Investments in REITs are subject to the risks associated with the direct ownership of real estate. Fund holdings, exposures and characteristics are as of the date shown and are subject to change at any time. Please refer to the Schedule of Investments for more information. The opinions expressed in this letter are those of the Fund manager, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. The MSCI World ex-USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries* (excluding the United States). With 2,580 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. *DM countries in this index include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. The book value of a company is the total value of the company’s assets, minus the company’s outstanding liabilities. 11


  • Page 14

    Pzena Mid Cap Value Fund Portfolio Allocation February 28, 2019 (Unaudited) Short-Term Investments – 2.38% Utilities – 2.11% Technology – 9.08% Consumer Discretionary – 18.40% Producer Durables – 20.13% Energy – 8.90% Materials & Processing – 3.21% Health Care – 8.21% Financial Services – 27.58% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of February 28, 2019. 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


  • Page 15

    Pzena Mid Cap Value Fund Schedule of Investments February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 97.91% Consumer Discretionary – 18.46% Producer Durables – 20.19% (Continued) Avis Budget Group, Inc. (a) 28,600 $ 1,024,452 2.39% Dover Corp. 1,504 $ 136,157 0.32% Gildan Activewear, Inc. (b) 12,146 433,248 1.01% Genpact, Ltd. (b) 27,146 901,790 2.10% Interpublic Group of Cos., Inc. 42,088 969,286 2.26% KBR, Inc. 54,203 1,071,051 2.50% Lear Corp. 8,630 1,312,364 3.06% Ryder System, Inc. 22,431 1,394,311 3.26% Mohawk Industries, Inc. (a) 3,116 424,150 0.99% Snap-on, Inc. 5,202 832,320 1.94% Newell Brands, Inc. 63,091 1,023,967 2.39% Stanley Black & Decker, Inc. 9,842 1,303,376 3.04% News Corp. 55,242 719,251 1.68% Terex Corp. 23,418 __________ 786,611 1.84% ________ Omnicom Group, Inc. 14,877 1,126,189 2.63% 8,649,092 __________ 20.19% ________ PVH Corp. 7,623 __________ 875,425 2.05% ________ Technology – 9.11% 7,908,332 __________ 18.46% ________ Anixter International, Inc. (a) 18,952 1,112,103 2.60% Energy – 8.92% Avnet, Inc. 38,459 1,672,582 3.90% Cenovus Energy, Inc. (b) 81,507 746,604 1.74% Hewlett Packard Enterprise Co. 68,275 1,118,345 __________ 2.61% ________ Halliburton Co. 26,626 817,152 1.91% 3,903,030 __________ 9.11% ________ Murphy Oil Corp. 11,651 336,714 0.78% Utilities – 2.12% National Oilwell Varco, Inc. 38,339 1,078,859 2.52% TechnipFMC PLC (b) 37,890 844,568 1.97% Edison International 15,143 906,914 __________ 2.12% ________ __________ ________ 3,823,897 8.92% Total Common Stocks __________ ________ (Cost $46,825,192) 41,950,668 __________ 97.91% ________ Financial Services – 27.66% Apollo Global SHORT-TERM INVESTMENTS – 2.39% Management LLC – Class A 28,658 839,679 1.96% Money Market Fund – 2.39% AXA Equitable Holdings, Inc. 66,318 1,268,000 2.96% Axis Capital Holdings, Ltd. (b) 28,163 1,607,262 3.75% Fidelity Institutional Fifth Third Bancorp 46,756 1,289,531 3.01% Government Portfolio – Franklin Resources, Inc. 28,693 935,679 2.18% Class I, 2.29% (c) 1,023,796 1,023,796 __________ 2.39% ________ Invesco, Ltd. (b) 34,314 663,976 1.55% Total Short-Term Investments KeyCorp 63,302 1,117,913 2.61% (Cost $1,023,796) 1,023,796 __________ 2.39% ________ KKR & Co., Inc. – Class A 55,281 1,228,897 2.87% Total Investments Realogy Holdings Corp. 31,653 430,481 1.00% (Cost $47,848,988) – 100.30% 42,974,464 100.30% Regions Financial Corp. 69,885 1,146,114 2.68% Liabilities in Excess Voya Financial, Inc. 26,188 __________ 1,324,327 3.09% ________ of Other Assets – (0.30)% (126,472) ________ __________ (0.30)% 11,851,859 __________ 27.66% ________ TOTAL NET ASSETS – 100.00% $42,847,992 100.00% __________ ________ Health Care – 8.23% Percentages are stated as a percent of net assets. Cardinal Health, Inc. 18,508 1,005,725 2.35% McKesson Corp. 7,467 949,504 2.21% PLC Public Limited Company MEDNAX, Inc. (a) 19,522 642,469 1.50% (a) Non-income producing security. Mylan N.V. (a)(b) 35,244 930,089 __________ 2.17% ________ (b) Foreign issued security. 3,527,787 8.23% (c) The rate listed is the Fund’s 7-day annualized yield as of __________ ________ February 28, 2019. Materials & Processing – 3.22% JELD-WEN Holding, Inc. (a) 68,271 __________ 1,379,757 3.22% ________ Note: For presentation purposes, the Fund has grouped some of the Producer Durables – 20.19% industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of AECOM Technology Corp. (a) 33,709 1,043,631 2.44% 1940, as amended, the Fund uses more specific industry classifications. Carlisle Cos., Inc. 9,586 1,179,845 2.75% The accompanying notes are an integral part of these financial statements. 13


  • Page 16

    Pzena Emerging Markets Value Fund Portfolio Allocation February 28, 2019 (Unaudited) Short-Term Investments – 4.27% Communication Services – 5.94% Preferred Stocks – 4.47% Consumer Discretionary – 7.73% Utilities – 8.55% Consumer Staples – 4.39% Energy – 6.09% Materials – 9.21% Financials – 21.85% Information Technology – 20.98% Industrials – 6.52% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of February 28, 2019. 14


  • Page 17

    Pzena Emerging Markets Value Fund Schedule of Investments February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 90.38% Brazil – 2.42% Indonesia – 0.57% Cia de Saneamento Basico Bank Danamon do Estrado de San Paulo 579,170 $ 6,036,635 1.94% Indonesia Tbk PT 2,957,100 $___________ 1,792,023 0.57% ________ Light S.A. 284,139 ___________ 1,500,823 0.48% ________ Malaysia – 1.61% 7,537,458 ___________ 2.42% ________ Genting Malaysia Berhad 5,829,100 ___________ 5,017,054 1.61% ________ China – 20.69% Poland – 1.24% Baidu, Inc. – ADR (a) 43,698 7,102,673 2.28% Cyfrowy Polsat S.A. (a) 573,594 ___________ 3,868,527 1.24% ________ China Agri-Industries Holdings, Ltd. 16,840,000 5,985,363 1.92% Republic of Korea – 15.54% China Construction Dongbu Insurance Co., Ltd. 96,710 6,234,085 2.00% Bank Corp. 3,331,000 2,961,926 0.95% Hana Financial Group, Inc. 128,167 4,427,214 1.42% China Dongxiang Group Co. 16,208,000 2,333,200 0.75% Hyundai Heavy China Mobile, Ltd. 697,000 7,334,272 2.35% Industries Co., Inc. (a) 65,763 7,689,014 2.47% China Resources Power Hyundai Motor Co. 14,850 1,670,245 0.53% Holdings Co., Ltd. 3,744,000 7,097,133 2.28% KB Financial Group, Inc. 112,700 4,444,070 1.43% China Shenhua Energy LG Electronics, Inc. 22,492 1,409,875 0.45% Co., Ltd. 879,000 2,167,896 0.70% POSCO 38,628 9,032,777 2.90% Dah Chong Hong Samsung Electronics Co., Ltd. 177,570 7,120,483 2.29% Holdings, Ltd. 3,642,272 1,359,515 0.44% Samsung Electronics Dongfeng Motor Co., Ltd. – GDR 83 82,792 0.03% Group Co., Ltd. 5,646,000 6,005,809 1.93% Shinhan Financial Grand Baoxin Auto Group Co., Ltd. 161,060 6,250,795 2.01% Group, Ltd. 18,198,000 5,656,629 1.82% Shinhan Financial Huadian Power Group Co., Ltd. – ADR (a) 450 ___________ 17,545 0.01% ________ International Corp., Ltd. 12,806,000 5,611,980 1.80% 48,378,895 ___________ 15.54% ________ Lenovo Group, Ltd. 11,986,000 ___________ 10,795,378 3.47% ________ 64,411,774 20.69% Romania – 0.99% ___________ ________ Czech Republic – 1.97% Banca Transilvania S.A. 6,749,611 ___________ 3,073,667 0.99% ________ CEZ 252,621 ___________ 6,121,210 1.97% Russian Federation – 7.35% ________ Hong Kong – 2.80% LUKOIL PJSC – ADR 93,516 7,780,531 2.50% MMC Norilsk Nickel Pacific Basin Shipping, Ltd. 38,089,000 8,297,358 2.66% PJSC – ADR 367,032 7,854,485 2.52% Stella International Rosneft Oil Co. – GDR 1,209,684 ___________ 7,246,007 2.33% ________ Holdings, Ltd. 157,000 207,207 0.07% 22,881,023 ___________ 7.35% ________ Texwinca Holdings, Ltd. 542,000 ___________ 209,902 0.07% ________ 8,714,467 2.80% Singapore – 2.42% ___________ ________ Hungary – 0.95% Wilmar International, Ltd. 3,185,000 ___________ 7,538,461 2.42% ________ OTP Bank PLC 69,884 ___________ 2,955,526 0.95% South Africa – 3.42% ________ India – 3.58% Reunert, Ltd. 826,836 4,106,680 1.32% Sasol 215,010 ___________ 6,558,120 2.10% ________ ICICI Bank Ltd. – ADR 470,030 4,634,496 1.49% 10,664,800 ___________ 3.42% ________ Reliance Industries, Ltd. – GDR 45,334 1,573,090 0.51% Taiwan – 11.14% State Bank of India – GDR (a) 130,127 ___________ 4,931,813 1.58% ________ Catcher Technology Co., Ltd. 599,000 4,554,319 1.46% 11,139,399 ___________ 3.58% ________ Compal Electronics, Inc. 8,792,000 5,456,345 1.75% The accompanying notes are an integral part of these financial statements. 15


  • Page 18

    Pzena Emerging Markets Value Fund Schedule of Investments (Continued) February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 90.38% (Continued) PREFERRED STOCKS – 4.43% Taiwan – 11.14% (Continued) Brazil – 2.54% Hon Hai Precision Cia Energetica de Industry Co., Ltd. 2,181,132 $ 5,152,252 1.66% Minas Gerais, 4.39% 985,300 $ 3,790,473 1.22% Lite-On Technology Corp. 3,001,000 4,344,046 1.39% Telefonica Brasil Realtek Semiconductor Corp. 1,161,000 6,714,799 2.16% S.A. – ADR, 8.15% 329,309 ___________ 4,109,776 1.32% ________ Taiwan Semiconductor 7,900,249 ___________ 2.54% ________ Manufacturing Co., Ltd. 1,086,000 8,433,513 2.71% Republic of Korea – 1.89% Taiwan Semiconductor Manufacturing Hyundai Motor Co., 5.50% 89,926 ___________ 5,892,724 1.89% ________ Co., Ltd. – ADR 1,125 ___________ 43,931 0.01% ________ Total Preferred Stocks 34,699,205 11.14% (Cost $13,968,251) 13,792,973 ___________ 4.43% ________ ___________ ________ Thailand – 3.35% SHORT-TERM INVESTMENTS – 4.22% Bangkok Bank Money Market Fund – 4.22% Public Co., Ltd. 247,800 1,682,799 0.54% Bangkok Bank Public Fidelity Institutional Co., Ltd. – NVDR 400,000 2,652,916 0.85% Government Portfolio – Siam Commercial Bank Class I, 2.29% (b) 13,153,629 ___________ 13,153,629 4.22% ________ PLC – NVDR 1,430,300 ___________ 6,082,037 1.96% ________ Total Short-Term Investments 10,417,752 ___________ 3.35% ________ (Cost $13,153,629) 13,153,629 ___________ 4.22% ________ Turkey – 1.03% Total Investments (Cost $301,933,449) – 99.03% 308,334,041 99.03% Akbank T.A.S. 2,484,493 ___________ 3,197,390 1.03% ________ Other Assets in United Arab Emirates – 1.49% Excess of Liabilities – 0.97% 3,012,153 ___________ 0.97% ________ Abu Dhabi Commercial TOTAL NET ASSETS – 100.00% $311,346,194 ___________ ___________ 100.00% ________ ________ Bank PJSC 1,262,004 3,274,407 1.05% Union National Bank PJSC 896,526 ___________ 1,361,997 0.44% ________ Percentages are stated as a percent of net assets. 4,636,404 ___________ 1.49% ________ ADR American Depository Receipt United Kingdom – 3.97% GDR Global Depository Receipt Antofagasta PLC 399,362 4,962,164 1.59% NVDR Non-voting Depository Receipt Standard Chartered PLC 926,334 ___________ 7,391,505 2.38% PJSC Private Joint Stock Company ________ PLC Public Limited Company 12,353,669 ___________ 3.97% ________ (a) Non-income producing security. United States – 3.85% (b) The rate listed is the Fund’s 7-day annualized yield as of February 28, 2019. Cognizant Technology Solutions Corp. – Class A 107,357 7,620,200 2.45% Flextronics International, Ltd. (a) 414,472 ___________ 4,368,535 1.40% ________ 11,988,735 ___________ 3.85% ________ Total Common Stocks (Cost $274,811,569) 281,387,439 ___________ 90.38% ________ The accompanying notes are an integral part of these financial statements. 16


  • Page 19

    Pzena Emerging Markets Value Fund Portfolio Diversification February 28, 2019 (Unaudited) Fair % of Value _____ Net Assets _________ COMMON STOCKS Communication Services $ 18,305,471 5.88% Consumer Discretionary 23,869,436 7.67% Consumer Staples 13,523,824 4.34% Energy 18,767,524 6.03% Financials 67,366,211 21.64% Industrials 20,093,053 6.45% Information Technology 64,686,594 20.78% Materials 28,407,545 9.12% Utilities 26,367,781 ___________ 8.47% _______ Total Common Stocks 281,387,439 ___________ 90.38% _______ PREFERRED STOCKS Communication Services 4,109,776 1.32% Consumer Discretionary 5,892,724 1.89% Utilities 3,790,473 ___________ 1.22% _______ Total Preferred Stocks 13,792,973 ___________ 4.43% _______ Short-Term Investments 13,153,629 ___________ 4.22% _______ Total Investments 308,334,041 99.03% Other Assets in Excess of Liabilities 3,012,153 ___________ 0.97% _______ Total Net Assets $311,346,194 ___________ ___________ 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. 17


  • Page 20

    Pzena Long/Short Value Fund Portfolio Allocation February 28, 2019 (Unaudited) Short-Term Investments – 2.61% REITs – 5.90% Consumer Discretionary – 13.81% Utilities – 4.60% Consumer Staples – 0.43% Energy – 8.55% Technology – 16.58% Producer Durables – 10.87% Financial Services – 24.18% Materials & Processing – 1.34% Health Care – 11.13% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments of long securities as of February 28, 2019. REITs – 12.41% Consumer Discretionary – 13.57% Utilities – 1.28% Consumer Staples – 3.26% Technology – 13.23% Energy – 5.03% Financial Services – 12.47% Producer Durables – 19.03% Health Care – 10.32% Materials & Processing – 9.40% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments of short securities as of February 28, 2019. 18


  • Page 21

    Pzena Long/Short Value Fund Schedule of Investments February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 99.16% Consumer Discretionary – 14.97% Financial Services – 26.20% (Continued) Booking Holdings, Inc. (a)(d) 221 $ 375,046 1.57% Regions Financial Corp. (d) 5,791 $ 94,973 0.40% Carter’s, Inc. (d) 3,083 300,408 1.26% UBS Group AG (b) 9,311 117,970 0.49% Ford Motor Co. (d) 62,334 546,669 2.29% Voya Financial, Inc. (d) 10,025 506,964 2.13% H&R Block, Inc. (d) 4,786 115,582 0.49% Wells Fargo & Co. (d) 5,808 289,761 1.22% Interpublic Group Willis Towers Watson PLC (b)(d) 573 __________ 98,568 0.41% ________ of Cos., Inc. (d) 3,503 80,674 0.34% 6,250,106 __________ 26.20% ________ Lear Corp. 3,274 497,877 2.09% Health Care – 12.06% Newell Brands, Inc. 16,521 268,136 1.12% News Corp. – Class A (d) 13,578 176,786 0.74% AmerisourceBergen Corp. (d) 1,521 126,699 0.53% Omnicom Group, Inc. (d) 11,946 904,312 3.79% Amgen, Inc. (d) 2,791 530,513 2.22% PVH Corp. 1,067 122,534 0.51% Anthem, Inc. 1,211 364,184 1.52% ServiceMaster Global Biogen, Inc. (a)(d) 1,381 452,982 1.90% Holdings, Inc. (a) 4,063 183,485 0.77% Exelixis, Inc. (a) 9,177 205,473 0.86% __________ ________ McKesson Corp. (d) 3,898 495,670 2.08% 3,571,509 __________ 14.97% ________ MEDNAX, Inc. (a)(d) 6,367 209,538 0.88% Consumer Staples – 0.47% Merck & Co., Inc. 2,546 206,964 0.87% CVS Health Corp. (d) 1,938 112,075 __________ 0.47% ________ Mylan N.V. (a)(b)(d) 10,830 __________ 285,804 1.20% ________ Energy – 9.27% 2,877,827 __________ 12.06% ________ Cenovus Energy, Inc. (b)(d) 14,298 130,970 0.55% Materials & Processing – 1.45% ExxonMobil Corp. (d) 10,868 858,898 3.60% JELD-WEN Holding, Inc. (a)(d) 17,130 346,197 __________ 1.45% ________ Halliburton Co. (d) 10,883 333,999 1.40% Producer Durables – 11.79% HollyFrontier Corp. 3,495 178,944 0.75% Murphy Oil Corp. (d) 6,463 186,781 0.79% AECOM Technology National Oilwell Varco, Inc. 10,268 288,941 1.21% Corp. (a)(d) 10,111 313,036 1.31% Royal Dutch Carlisle Cos., Inc. (d) 1,024 126,034 0.53% CH Robinson Worldwide, Inc. 3,657 330,520 1.38% Shell PLC – ADR (d) 3,722 231,546 __________ 0.97% ________ General Electric Co. 52,284 543,231 2.28% 2,210,079 __________ 9.27% ________ Genpact, Ltd. (b)(d) 12,393 411,695 1.73% Financial Services – 26.20% Ryder System, Inc. (d) 5,712 355,058 1.49% American International Stanley Black & Decker, Inc. 2,437 322,732 1.35% Group, Inc. (d) 12,029 519,653 2.18% Terex Corp. (d) 8,019 269,358 1.13% AXA Equitable Holdings, Inc. 16,269 311,063 1.30% United Continental Axis Capital Holdings, Inc. (a) 1,354 118,895 0.50% Holdings, Ltd. (b)(d) 6,111 348,755 1.46% Wabtec Corp. 281 20,573 __________ 0.09% ________ Bank of America Corp. (d) 16,890 491,161 2.06% 2,811,132 __________ 11.79% ________ Capital One Financial Corp. (d) 5,240 437,959 1.84% Technology – 17.97% CBRE Group, Inc. – Class A (a) 3,991 198,592 0.83% Amdocs, Ltd. (b)(d) 6,971 387,378 1.62% Citigroup, Inc. (d) 8,218 525,788 2.20% Apple, Inc. 923 159,817 0.67% Franklin Resources, Inc. (d) 10,187 332,198 1.39% Avnet, Inc. (d) 14,993 652,046 2.73% Goldman Sachs Group, Inc. (d) 1,440 283,248 1.19% Broadcom, Inc. 1,042 286,925 1.20% Jones Lang LaSalle, Inc. (d) 1,823 301,014 1.26% Cognizant Technology JPMorgan Chase & Co. (d) 3,676 383,627 1.61% Solutions Corp. – Class A (d) 8,304 589,418 2.47% KKR & Co., Inc. – Class A 7,031 156,299 0.66% Facebook, Inc. – Class A (a) 2,668 430,749 1.81% Metlife, Inc. (d) 10,457 472,552 1.98% Hewlett Packard Morgan Stanley (d) 9,051 379,961 1.59% Enterprise Co. (d) 23,283 381,375 1.60% The accompanying notes are an integral part of these financial statements. 19


  • Page 22

    Pzena Long/Short Value Fund Schedule of Investments (Continued) February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 99.16% (Continued) SHORT-TERM INVESTMENTS – 2.83% Technology – 17.97% (Continued) Money Market Fund – 2.83% Leidos Holdings, Inc. 3,685 $ 238,014 1.00% Fidelity Institutional Micron Technology, Inc. (a) 5,070 207,262 0.87% Government Portfolio – Oracle Corp. (d) 14,157 738,004 3.09% Class I, 2.29% (c) 674,860 $__________ 674,860 2.83% ________ Qorvo, Inc. (a)(d) 3,076 215,751 __________ 0.91% ________ Total Short-Term Investments 4,286,739 __________ 17.97% ________ (Cost $674,860) 674,860 __________ 2.83% ________ Utilities – 4.98% Total Investments (Cost $27,344,241) – 108.38% 25,852,640 108.38% Edison International (d) 15,004 898,590 3.77% Liabilities in Excess Verizon Communications, Inc. 5,085 289,438 __________ 1.21% ________ of Other Assets – (8.38)% (1,998,476) ________ __________ (8.38)% 1,188,028 __________ 4.98% ________ TOTAL NET ASSETS – 100.00% $23,854,164 ________ __________ __________ 100.00% ________ Total Common Stocks (Cost $25,416,543) 23,653,692 __________ 99.16% ________ Percentages are stated as a percent of net assets. REITs – 6.39% ADR American Depository Receipt Financial Services – 6.39% PLC Public Limited Company REIT Real Estate Investment Trust HCP, Inc. 15,131 465,581 1.95% (a) Non-income producing security. Hospitality Properties Trust (d) 5,362 145,149 0.61% (b) Foreign issued security. Lamar Advertising Co. – (c) The rate listed is the Fund’s 7-day annualized yield as of Class A (d) 5,626 436,409 1.83% February 28, 2019. Omega Healthcare (d) All or a portion of the security has been pledged in connection Investors, Inc. (d) 10,272 368,765 1.55% with open short securities. Park Hotels & Resorts, Inc. (d) 3,463 108,184 __________ 0.45% ________ Note: For presentation purposes, the Fund has grouped some of the Total REITs industry categories. For purposes of categorizing securities for (Cost $1,252,838) 1,524,088 __________ 6.39% ________ compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications. The accompanying notes are an integral part of these financial statements. 20


  • Page 23

    Pzena Long/Short Value Fund Schedule of Securities Sold Short February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 49.07% Consumer Discretionary – 7.60% Health Care – 5.78% (Continued) Amazon.com, Inc. (a) 97 $ 159,063 0.67% FibroGen, Inc. (a) 3,454 $ 199,641 0.84% Caesars Entertainment Corp. (a) 17,993 155,100 0.65% HealthEquity, Inc. (a) 2,588 208,282 0.87% GCI Liberty, Inc. (a) 3,863 206,825 0.87% Medidata Solutions, Inc. (a) 2,512 188,450 0.79% Home Depot, Inc. 869 160,887 0.67% STERIS PLC (b) 1,039 125,678 0.53% Liberty Global PLC – Zoetis, Inc. 1,384 __________ 130,414 0.55% ________ Class A (a)(b) 7,093 186,900 0.78% 1,379,333 __________ 5.78% ________ Lions Gate Entertainment Materials & Processing – 5.27% Corp. – Class A (b) 10,004 154,562 0.65% Madison Square Garden AptarGroup, Inc. 1,797 182,809 0.76% Co. – Class A (a) 431 124,188 0.52% Ashland Global Holdings, Inc. 2,404 186,022 0.78% Marriott International, Louisiana-Pacific Corp. 6,770 171,078 0.72% Inc. – Class A 1,391 174,251 0.73% Martin Marietta Materials, Inc. 939 176,344 0.74% Vail Resorts, Inc. 579 120,658 0.51% Newmont Mining Corp. 5,060 172,647 0.73% Wynn Resorts, Ltd. 1,403 177,536 0.74% Royal Gold, Inc. 2,056 181,771 0.76% Yum! Brands, Inc. 2,041 192,874 0.81% Vulcan Materials Co. 1,667 __________ 185,804 0.78% ________ __________ ________ 1,812,844 7.60% 1,256,475 __________ 5.27% ________ __________ ________ Consumer Staples – 1.83% Producer Durables – 10.66% Constellation Brands, Inc. 901 152,413 0.64% 3M Co. 894 185,407 0.78% National Beverage Corp. 1,571 107,755 0.45% Arconic, Inc. 8,643 159,809 0.67% Sysco Corp. 2,604 __________ 175,900 0.74% Boeing Co. 433 190,503 0.80% ________ Brink’s Co. 2,639 208,270 0.87% 436,068 __________ 1.83% ________ CSX Corp. 2,488 180,803 0.76% Energy – 2.82% Curtiss-Wright Corp. 1,373 169,277 0.71% Cabot Oil & Gas Corp. 7,963 196,049 0.83% Deere & Co. 1,232 202,097 0.85% EOG Resources, Inc. 1,653 155,382 0.65% Knight-Swift Transportation Equitrans Midstream Corp. 8,792 155,091 0.65% Holdings, Inc. 5,276 177,432 0.74% Viper Energy Partners LP 5,011 164,912 __________ 0.69% ________ Macquarie Infrastructure Corp. 4,246 173,619 0.73% 671,434 __________ 2.82% ________ Mettler-Toledo International, Inc. (a) 278 189,293 0.79% Financial Services – 6.98% MSA Safety, Inc. 1,188 122,827 0.51% Cboe Global Markets, Inc. 1,879 180,215 0.76% Norfolk Southern Corp. 971 174,100 0.73% Global Payments, Inc. 1,408 183,575 0.77% Old Dominion Freight Line, Inc. 1,358 204,746 0.86% Jefferies Financial Group, Inc. 8,790 178,173 0.75% Union Pacific Corp. 1,222 __________ 204,929 0.86% ________ LendingTree, Inc. (a) 638 203,490 0.85% 2,543,112 __________ 10.66% ________ Markel Corp. (a) 176 176,859 0.74% MarketAxess Holdings, Inc. 764 186,325 0.78% Technology – 7.41% S&P Global, Inc. 849 170,114 0.71% Arista Networks, Inc. (a) 572 163,163 0.68% Texas Pacific Land Trust 273 203,008 0.85% Autodesk, Inc. (a) 1,123 183,060 0.77% Weyerhaeuser Co. 7,386 __________ 183,838 0.77% ________ Cognex Corp. 3,504 187,113 0.78% 1,665,597 __________ 6.98% ________ Cypress Semiconductor Corp. 11,251 173,603 0.73% EchoStar Corp. – Class A (a) 4,319 166,541 0.70% Health Care – 5.78% Monolithic Power Systems, Inc. 988 132,501 0.56% Align Technology, Inc. (a) 802 207,694 0.87% NVIDIA Corp. 1,055 162,744 0.68% Alnylam Pharmaceuticals, Inc. (a) 1,495 127,075 0.53% Take-Two Interactive Chemed Corp. 583 192,099 0.80% Software, Inc. (a) 1,434 125,131 0.52% The accompanying notes are an integral part of these financial statements. 21


  • Page 24

    Pzena Long/Short Value Fund Schedule of Securities Sold Short (Continued) February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 49.07% (Continued) REITs – 6.95% Technology – 7.41% (Continued) Financial Services – 6.95% Universal Display Corp. 1,148 $ 171,327 0.72% CoreSite Realty Corp. 1,814 $ 185,481 0.78% ViaSat, Inc. (a) 2,112 159,562 0.67% Crown Castle International Corp. 1,609 191,069 0.80% Yelp, Inc. (a) 3,853 143,563 __________ 0.60% ________ CyrusOne, Inc. 2,534 126,295 0.53% 1,768,308 __________ 7.41% ________ Duke Realty Corp. 7,116 210,420 0.88% Equinix, Inc. 457 193,539 0.81% Utilities – 0.72% Invitation Homes, Inc. 9,013 207,299 0.87% Zayo Group Holdings, Inc. (a) 6,893 __________ 170,946 0.72% ________ JBG SMITH Properties 4,632 186,623 0.78% Total Common Stocks Liberty Property Trust 3,734 176,730 0.74% (Proceeds $11,656,545) 11,704,117 __________ 49.07% ________ Prologis, Inc. 2,577 __________ 180,545 0.76% ________ Total REITs (Proceeds $1,569,732) 1,658,001 __________ 6.95% ________ TOTAL SECURITIES SOLD SHORT (Proceeds $13,226,277) – 56.02% $13,362,118 __________ __________ 56.02% ________ ________ Percentages are stated as a percent of net assets. As of February 28, 2019, securities and cash collateral of $17,156,924 has been pledged in connection with open short securities. REIT Real Estate Investment Trust PLC Public Limited Company (a) Non-income producing security. (b) Foreign issued security. The accompanying notes are an integral part of these financial statements. 22


  • Page 25

    Pzena Small Cap Value Fund Portfolio Allocation February 28, 2019 (Unaudited) Consumer Discretionary – 4.78% Short-Term Investments – 4.51% Consumer Staples – 2.57% REITs – 0.95% Energy – 5.47% Technology – 12.89% Producer Durables – 20.27% Financial Services – 30.93% Materials & Processing – 10.05% Health Care – 7.58% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of February 28, 2019. 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. 23


  • Page 26

    Pzena Small Cap Value Fund Schedule of Investments February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 94.54% Consumer Discretionary – 4.78% Producer Durables – 20.27% Avis Budget Group, Inc. (a) 27,748 $ 993,933 3.79% Actuant Corp. – Class A 41,121 $ 1,005,408 3.83% Motorcar Parts of KBR, Inc. 34,016 672,156 2.56% America, Inc. (a) 12,582 __________ 260,322 0.99% ________ Navigant Consulting, Inc. 8,772 180,616 0.69% 1,254,255 __________ 4.78% ________ REV Group, Inc. 70,545 623,618 2.38% Ryder System, Inc. 12,500 777,000 2.96% Consumer Staples – 2.57% Steelcase, Inc. 21,185 370,949 1.42% Universal Corp. 11,334 672,560 __________ 2.57% ________ Terex Corp. 15,143 508,653 1.94% Energy – 5.47% TriMas Corp. (a) 28,999 937,538 3.58% Wesco Aircraft C&J Energy Services, Inc. (a) 46,561 804,108 3.06% Holdings, Inc. (a) 28,133 238,849 __________ 0.91% ________ Murphy Oil Corp. 21,825 __________ 630,743 2.41% ________ 5,314,787 __________ 20.27% ________ 1,434,851 __________ 5.47% ________ Technology – 12.89% Financial Services – 30.93% Anixter International, Inc. (a) 14,201 833,315 3.18% American Equity Investment ARC Document Life Holding Co. 24,560 777,324 2.96% Solutions, Inc. (a) 26,114 61,890 0.24% Argo Group International Celestica, Inc. (a)(b) 72,719 669,742 2.55% Holdings, Ltd. (b) 9,098 632,402 2.41% Insight Enterprises, Inc. (a) 12,525 699,146 2.66% Associated Banc-Corp. 39,413 917,535 3.50% Jabil, Inc. 14,555 413,362 1.58% Axis Capital Holdings Ltd. (b) 16,044 915,631 3.49% ScanSource, Inc. (a) 18,726 703,161 __________ 2.68% ________ CNO Financial Group, Inc. 45,437 773,792 2.95% First Midwest Bancorp, Inc. 26,481 613,035 2.34% 3,380,616 __________ 12.89% ________ Hope Bancorp, Inc. 50,018 729,263 2.78% Total Common Stocks Realogy Holdings Corp. 27,690 376,584 1.44% (Cost $24,709,246) 24,791,028 __________ 94.54% ________ Synovus Financial Corp. 16,355 648,966 2.47% TCF Financial Corp. 22,762 521,250 1.99% REITs – 0.95% Webster Financial Corp. 11,682 670,780 2.56% Financial Services – 0.95% WSFS Financial Corp. 12,343 534,205 __________ 2.04% ________ DiamondRock Hospitality Co. 23,316 249,248 __________ 0.95% ________ 8,110,767 __________ 30.93% ________ Total REITs Health Care – 7.58% (Cost $257,304) 249,248 0.95% __________ ________ MEDNAX, Inc. (a) 21,411 704,636 2.69% Triple-S Management Corp. – Class B (a)(b) 23,526 598,502 2.28% Varex Imaging Corp. (a) 21,794 __________ 685,203 2.61% ________ 1,988,341 __________ 7.58% ________ Materials & Processing – 10.05% Gibraltar Industries, Inc. (a) 19,888 805,464 3.07% JELD-WEN Holding, Inc. (a) 48,513 980,448 3.74% Masonite International Corp. (a)(b) 15,310 __________ 848,939 3.24% ________ 2,634,851 __________ 10.05% ________ The accompanying notes are an integral part of these financial statements. 24


  • Page 27

    Pzena Small Cap Value Fund Schedule of Investments (Continued) February 28, 2019 % of Shares ______ Fair Value _________ Net Assets _________ SHORT-TERM INVESTMENTS – 4.51% Money Market Fund- 4.51% Fidelity Institutional Government Portfolio – Class I, 2.29% (c) 1,182,574 $__________ 1,182,574 4.51% ________ Total Short-Term Investments (Cost $1,182,574) 1,182,574 __________ 4.51% ________ Total Investments (Cost $26,149,124) – 100.00% 26,222,850 100.00% Liabilities in Excess of Other Assets – 0.00% (607) ________ __________ 0.00% TOTAL NET ASSETS – 100.00% $26,222,243 __________ 100.00% __________ ________ ________ Percentages are stated as a percent of net assets. REIT Real Estate Investment Trust (a) Non-income producing security. (b) Foreign issued security. (c) The rate listed is the Fund’s 7-day annualized yield as of February 28, 2019. 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 accompanying notes are an integral part of these financial statements. 25


  • Page 28

    Pzena International Small Cap Value Fund Portfolio Allocation February 28, 2019 (Unaudited) Short-Term Investments – 4.15% Preferred Stocks – 1.21% Communication Services – 4.73% Utilities – 2.33% Consumer Discretionary – 6.28% Consumer Staples – 2.54% Materials – 13.53% Energy – 6.86% Information Technology – 6.26% Financials – 18.03% Industrials – 34.08% The portfolio’s holdings and allocations are subject to change. The percentages are of total investments as of February 28, 2019. 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. 26


  • Page 29

    Pzena International Small Cap Value Fund Schedule of Investments February 28, 2019 % of % of Shares ______ Fair Value _________ Net Assets _________ Shares ______ Fair Value _________ Net Assets _________ COMMON STOCKS – 95.29% Australia – 1.55% Japan – 17.17% OFX Group, Ltd. 23,268 $_________ 29,874 1.55% ________ DIC Corp. 1,900 $ 60,342 3.13% Austria – 1.86% Foster Electric Co., Ltd. 4,100 56,719 2.94% Fukuoka Financial Group, Inc. 800 17,283 0.90% Vienna Insurance Group AG Hitachi Metals, Ltd. 5,600 56,972 2.95% Wiener Versicherung Gruppe 1,487 35,857 _________ 1.86% ________ Nishi-Nippon Financial Belgium – 1.93% Holdings, Inc. 1,700 15,084 0.78% Orange Belgium S.A. 1,835 37,194 1.93% Taiheiyo Cement Corp. 700 23,895 1.24% _________ ________ Transcosmos, Inc. 1,700 33,873 1.75% Canada – 9.19% Tsubakimoto Chain Co. 800 29,606 1.53% Celestica, Inc. (a) 5,891 54,212 2.81% Zeon Corp. 3,700 37,709 _________ 1.95% ________ Dorel Industries, Inc. – Class B 1,466 18,726 0.97% 331,483 17.17% _________ ________ Genworth MI Canada, Inc. 1,721 57,975 3.00% Linamar Corp. 1,184 46,561 2.41% Netherlands – 8.08% _________ ________ 177,474 9.19% Flow Traders 1,763 51,136 2.65% _________ ________ Koninklijke BAM Groep N.V. 12,378 50,404 2.61% France – 10.38% PostNL N.V. 20,243 54,455 _________ 2.82% ________ Coface S.A. 4,499 40,478 2.10% 155,995 8.08% _________ ________ Europcar Mobility Group 3,871 33,155 1.72% Spain – 1.43% Ipsos 1,671 44,096 2.28% Rexel S.A. 5,782 72,081 3.73% Unicaja Banco S.A. 23,647 27,704 _________ 1.43% ________ Technicolor S.A. (a) 9,732 10,688 _________ 0.55% ________ Switzerland – 2.05% 200,498 _________ 10.38% ________ Aryzta AG (a) 34,673 39,605 _________ 2.05% ________ Germany – 8.38% United Kingdom – 21.49% Bertrandt AG 431 34,317 1.78% Balfour Beatty PLC 10,934 41,767 2.16% Deutsche Pfandbriefbank AG 3,510 43,278 2.24% Capita PLC (a) 19,559 32,168 1.67% Salzgitter AG 2,755 84,171 _________ 4.36% ________ Drax Group PLC 9,371 45,342 2.35% 161,766 _________ 8.38% ________ Go-Ahead Group PLC 2,397 64,984 3.37% Hong Kong – 4.99% Greencore Group PLC 3,757 9,767 0.51% John Wood Group PLC 8,504 58,697 3.04% Ju Teng International Northgate PLC 11,427 55,381 2.87% Holdings, Ltd. 124,000 33,647 1.74% Petrofac, Ltd. 5,453 30,941 1.60% Pacific Basin Shipping, Ltd. 288,000 62,738 _________ 3.25% ________ SIG PLC 24,423 40,556 2.10% 96,385 _________ 4.99% ________ SThree PLC 8,370 35,192 _________ 1.82% ________ Italy – 6.79% 414,795 21.49% _________ ________ BPER Banca 3,686 15,576 0.81% Total Common Stocks Danieli & C Officine (Cost $2,017,252) 1,839,649 _________ 95.29% ________ Meccaniche S.p.A. 3,473 55,621 2.88% Saipem S.p.A. (a) 8,408 43,658 2.26% PREFERRED STOCKS – 1.22% UBI Banca – Unione di Germany – 1.22% Banche Italiane S.p.A. 5,422 16,164 _________ 0.84% ________ 131,019 6.79% Draegerwerk AG & Co. KGaA 420 23,600 _________ 1.22% ________ _________ ________ Total Preferred Stocks (Cost $30,121) 23,600 _________ 1.22% ________ The accompanying notes are an integral part of these financial statements. 27


  • Page 30

    Pzena International Small Cap Value Fund Schedule of Investments (Continued) February 28, 2019 % of Shares ______ Fair Value _________ Net Assets _________ SHORT-TERM INVESTMENTS – 4.18% Money Market Fund – 4.18% Fidelity Institutional Government Portfolio – Class I, 2.29% (b) 80,658 $_________ 80,658 4.18% ________ Total Short-Term Investments (Cost $80,658) 80,658 _________ 4.18% ________ Total Investments (Cost $2,128,031) – 100.69% 1,943,907 100.69% Liabilities in Excess of Other Assets – (0.69)% (13,320) ________ _________ (0.69)% TOTAL NET ASSETS – 100.00% $1,930,587 _________ 100.00% _________ ________ ________ Percentages are stated as a percent of net assets. PLC Public Limited Company (a) Non-income producing security. (b) The rate listed is the Fund’s 7-day annualized yield as of February 28, 2019. The accompanying notes are an integral part of these financial statements. 28


  • Page 31

    Pzena International Small Cap Value Fund Portfolio Diversification February 28, 2019 (Unaudited) Fair % of Value _____ Net Assets _________ COMMON STOCKS Communication Services $ 91,978 4.76% Consumer Discretionary 122,007 6.32% Consumer Staples 49,371 2.56% Energy 133,296 6.90% Financials 350,409 18.15% Industrials 662,425 34.31% Information Technology 121,732 6.31% Materials 263,089 13.63% Utilities 45,342 _________ 2.35% _______ Total Common Stocks 1,839,649 _________ 95.29% _______ PREFERRED STOCKS Health Care 23,600 _________ 1.22% _______ Total Preferred Stocks 23,600 _________ 1.22% _______ Short-Term Investments 80,658 _________ 4.18% _______ Total Investments 1,943,907 100.69% Liabilities in Excess of Other Assets (13,320) _________ (0.69)% _______ Total Net Assets $1,930,587 _________ _________ 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. 29


  • Page 32

    Pzena Funds Statements of Assets and Liabilities February 28, 2019 PZENA PZENA EMERGING PZENA MID CAP MARKETS LONG/SHORT VALUE FUND VALUE FUND VALUE FUND ASSETS: Investments in securities, at value (cost $47,848,988, $301,933,449 and $27,344,241, respectively) $42,974,464 $308,334,041 $25,852,640 Foreign currency, at value (cost $0, $91 and $0, respectively) — 91 — Deposits for short sales — — 13,405,596 Receivables Fund shares sold 1,411 2,233,601 1,574 Securities sold 95,977 — — Dividends and interest 72,212 1,065,910 56,089 Dividend tax reclaim — 76,983 — Prepaid expenses 19,381 __________ 23,878 ___________ 18,841 __________ Total assets 43,163,445 __________ 311,734,504 ___________ 39,334,740 __________ LIABILITIES: Securities sold short, at value (proceeds received $0, $0 and $13,226,277, respectively) — — 13,362,118 Payables Margin — — 2,028,490 Securities purchased 245,160 27,613 — Fund shares redeemed — 17,725 — Audit fees 22,000 22,000 22,000 Administration and fund accounting fees 14,430 30,848 15,601 Due to Advisor (Note 4) 11,792 227,915 17,020 12b-1 distribution fees 8,669 11,385 1,597 Transfer agent fees and expenses 5,929 6,756 5,730 Shareholder reporting 4,338 8,020 2,892 Chief Compliance Officer fee 1,500 1,500 1,500 Custody fees 926 32,127 7,021 Shareholder servicing fees 680 965 84 Legal fees 24 — 24 Miscellaneous 5 1,454 1,419 Currency — 2 — Dividends payable — — 13,571 Broker interest and fees payable — __________ — ___________ 1,509 __________ Total liabilities 315,453 __________ 388,310 ___________ 15,480,576 __________ NET ASSETS $42,847,992 __________ __________ $311,346,194 ___________ ___________ $23,854,164 __________ __________ NET ASSETS CONSIST OF: Paid-in capital $47,436,989 $305,808,723 $25,207,277 Total distributable earnings (4,588,997) __________ 5,537,471 ___________ (1,353,113) __________ Net assets $42,847,992 __________ __________ $311,346,194 ___________ ___________ $23,854,164 __________ __________ CALCULATION OF NET ASSET VALUE PER SHARE Investor Class: Net assets $ 8,919,674 $ 12,814,276 $ 1,563,915 Shares outstanding [unlimited number of shares (par value $0.01) authorized] 769,853 __________ 1,213,050 ___________ 156,863 __________ Net asset value, offering and redemption price per share(1) $ 11.59 __________ __________ $___________ 10.56 ___________ $ 9.97 __________ __________ Institutional Class: Net assets $33,928,318 $298,531,918 $22,290,249 Shares outstanding [unlimited number of shares (par value $0.01) authorized] 2,965,036 __________ 28,241,128 ___________ 2,209,918 __________ Net asset value, offering and redemption price per share(1) $ 11.44 __________ __________ $___________ 10.57 ___________ $ 10.09 __________ __________ (1) A redemption fee of 1.00% is assessed against shares redeemed within 30 days of purchase for the Mid Cap Value Fund and 60 days for the Emerging Markets Value Fund and Long/Short Value Fund. The accompanying notes are an integral part of these financial statements. 30


  • Page 33

    Pzena Funds Statements of Assets and Liabilities (Continued) February 28, 2019 PZENA PZENA INTERNATIONAL SMALL CAP SMALL CAP VALUE FUND VALUE FUND ASSETS: Investments in securities, at value (cost $26,149,124 and $2,128,031, respectively) $26,222,850 $1,943,907 Receivables Fund shares sold 20,607 793 Securities sold 8,241 — Dividends and interest 29,363 1,611 Dividend tax reclaim — 895 Due from Advisor (Note 4) — 15,897 Prepaid expenses 10,207 __________ 16,642 _________ Total assets 26,291,268 __________ 1,979,745 _________ LIABILITIES: Payables Securities purchased 9,508 — Fund shares redeemed 217 — Audit fees 22,000 16,600 Administration and fund accounting fees 14,393 15,462 Due to Advisor (Note 4) 4,545 — 12b-1 distribution fees 6,032 943 Transfer agent fees and expenses 6,282 5,938 Shareholder reporting 2,950 2,577 Chief Compliance Officer fee 1,500 1,500 Custody fees 1,117 3,408 Shareholder servicing fees 462 69 Legal fees 19 24 Miscellaneous — __________ 2,637 _________ Total liabilities 69,025 __________ 49,158 _________ NET ASSETS $26,222,243 __________ __________ $1,930,587 _________ _________ NET ASSETS CONSIST OF: Paid-in capital $26,301,108 $2,114,149 Total distributable earnings (78,865) __________ (183,562) _________ Net assets $26,222,243 __________ __________ $1,930,587 _________ _________ CALCULATION OF NET ASSET VALUE PER SHARE Investor Class: Net assets $ 6,139,030 $ 925,023 Shares outstanding [unlimited number of shares (par value $0.01) authorized] 563,005 __________ 102,005 _________ Net asset value, offering and redemption price per share(1) $__________ 10.90 __________ $_________ 9.07 _________ Institutional Class: Net assets $20,083,213 $1,005,564 Shares outstanding [unlimited number of shares (par value $0.01) authorized] 1,828,198 __________ 110,877 _________ Net asset value, offering and redemption price per share(1) $__________ 10.99 __________ $_________ 9.07 _________ (1) A redemption fee of 1.00% is assessed against shares redeemed within 30 days of purchase for the Small Cap Value Fund and 60 days for the International Small Cap Value Fund. The accompanying notes are an integral part of these financial statements. 31


  • Page 34

    Pzena Funds Statements of Operations For the year ended February 28, 2019 PZENA PZENA EMERGING PZENA MID CAP MARKETS LONG/SHORT VALUE FUND VALUE FUND VALUE FUND INVESTMENT INCOME: Dividends (Net of foreign taxes withheld and issuance fees of $2,182, $747,483 and $3,143, respectively) $ 906,800 $ 4,908,812 $ 632,806 Interest income 26,728 __________ 217,286 __________ 195,202 __________ Total investment income 933,528 __________ 5,126,098 __________ 828,008 __________ EXPENSES: Investment advisory fees (Note 4) 348,854 1,798,720 371,405 Administration and accounting fees (Note 4) 86,543 163,667 93,631 Federal and state registration fees 36,232 36,287 33,617 Transfer agent fees and expenses (Note 4) 35,891 41,153 34,492 Audit fees 22,000 22,000 22,000 12b-1 distribution fees – Investor Class (Note 5) 21,796 27,639 4,894 Trustee fees and expenses 13,948 14,323 13,280 Chief Compliance Officer fees (Note 4) 9,000 9,000 9,000 Shareholder servicing fees – Investor Class (Note 6) 7,485 9,800 916 Reports to shareholders 7,455 10,863 4,799 Custody fees (Note 4) 5,912 153,643 43,654 Legal fees 4,620 3,801 4,620 Insurance expense 1,496 2,200 1,398 Other expenses 5,750 __________ 16,207 __________ 7,764 __________ Total expenses before dividend expense on securities sold short and interest expense 606,982 2,309,303 645,470 Dividend and interest expense on securities sold short — __________ — __________ 235,847 __________ Total expenses before advisory fee waiver 606,982 2,309,303 881,317 Less: advisory fee waiver (Note 4) (185,240) __________ (23,464) __________ (206,354) __________ Net expenses 421,742 __________ 2,285,839 __________ 674,963 __________ NET INVESTMENT INCOME 511,786 __________ 2,840,259 __________ 153,045 __________ REALIZED AND UNREALIZED GAIN/(LOSS): Net realized gain/(loss) on transactions from: Investments 863,977 323,097 1,223,799 Foreign currency (66) (299,241) (7) Securities sold short — — (960,385) Net change in unrealized appreciation/(depreciation) from: Investments (4,952,625) (946,778) (2,150,744) Foreign currency — (304) — Securities sold short — __________ — __________ (88,457) __________ Net loss on investments, foreign currency, and securities sold short (4,088,714) __________ (923,226) __________ (1,975,794) __________ NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(3,576,928) __________ __________ $__________ 1,917,033 __________ $(1,822,749) __________ __________ The accompanying notes are an integral part of these financial statements. 32


  • Page 35

    Pzena Funds Statements of Operations (Continued) For the year ended February 28, 2019 PZENA PZENA INTERNATIONAL SMALL CAP SMALL CAP VALUE FUND VALUE FUND(1) INVESTMENT INCOME: Dividends (Net of foreign taxes withheld and issuance fees of $0 and $2,166, respectively) $ 301,346 $ 22,688 Interest income 16,964 ________ 1,051 _________ Total investment income 318,310 ________ 23,739 _________ EXPENSES: Investment advisory fees (Note 4) 195,280 12,694 Administration and accounting fees (Note 4) 86,326 61,521 Federal and state registration fees 30,329 24,909 Transfer agent fees and expenses (Note 4) 38,034 22,572 Audit fees 22,000 16,600 12b-1 distribution fees – Investor Class (Note 5) 15,204 1,565 Trustee fees and expenses 13,512 5,291 Chief Compliance Officer fees (Note 4) 9,000 6,000 Shareholder servicing fees – Investor Class (Note 6) 4,760 144 Reports to shareholders 5,065 2,581 Custody fees (Note 4) 6,326 11,473 Legal fees 4,631 2,927 Insurance expense 1,352 — Other expenses 4,456 ________ 6,741 _________ Total expenses before advisory fee waiver and expense reimbursement 436,275 175,018 Less: advisory fee waiver and expense reimbursement (Note 4) (171,647) ________ (158,461) _________ Net expenses 264,628 ________ 16,557 _________ NET INVESTMENT INCOME 53,682 ________ 7,182 _________ REALIZED AND UNREALIZED GAIN/(LOSS): Net realized gain on transactions from: Investments 288,345 28,533 Foreign currency — 824 Net change in unrealized appreciation/(depreciation) from: Investments 98,383 (184,124) Foreign currency — ________ (3) _________ Net gain/(loss) on investments and foreign currency 386,728 ________ (154,770) _________ NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $________ 440,410 ________ $(147,588) _________ _________ (1) For the period July 2, 2018 (commencement of operations) through February 28, 2019. The accompanying notes are an integral part of these financial statements. 33


  • Page 36

    Pzena Mid Cap Value Fund Statements of Changes in Net Assets Year Ended Year Ended February 28, February 28, 2019 ___________ 2018 ___________ INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS: Net investment income $ 511,786 $ 48,926 Net realized gain/(loss) from: Investments 863,977 481,081 Foreign currency (66) (3) Change in unrealized depreciation on investments (4,952,625) __________ (651,787) __________ Net decrease in net assets resulting from operations (3,576,928) __________ (121,783) __________ DISTRIBUTIONS: Net dividends and distributions to shareholders – Investor Class (186,228) (78,841) Net dividends and distributions to shareholders – Institutional Class (1,242,621) __________ (144,761) __________ Net decrease in net assets resulting from distributions paid (1,428,849) __________ (223,602)(1) __________ CAPITAL SHARE TRANSACTIONS: Proceeds from shares subscribed – Investor Class 1,853,880 6,347,056 Proceeds from shares subscribed – Institutional Class 6,353,272 30,542,966 Net asset value of shares issued to shareholders in payment of distributions declared – Investor Class 186,121 78,686 Net asset value of shares issued to shareholders in payment of distributions declared – Institutional Class 1,242,621 144,761 Payments for shares redeemed – Investor Class (794,226)(2) (500,431)(3) Payments for shares redeemed – Institutional Class __________ (4) (2,718,136) (35,143) __________ Net increase in net assets derived from capital share transactions 6,123,532 __________ 36,577,895 __________ TOTAL INCREASE IN NET ASSETS 1,117,755 __________ 36,232,510 __________ NET ASSETS: Beginning of year 41,730,237 __________ 5,497,727 __________ End of year $42,847,992 __________ __________ __________(5) $41,730,237 __________ CHANGES IN SHARES OUTSTANDING: Shares sold – Investor Class 154,546 475,427 Shares sold – Institutional Class 514,634 2,328,994 Shares issued in reinvestments of dividends and distributions – Investor Class 17,330 6,058 Shares issued in reinvestments of dividends and distributions – Institutional Class 117,228 11,144 Shares redeemed – Investor Class (67,105) (40,003) Shares redeemed – Institutional Class (228,727) __________ (2,889) __________ Net increase in shares outstanding 507,906 __________ __________ 2,778,731 __________ __________ (1) Includes net investment income distributions of $12,019 and $33,531, and net realized gain distributions of $66,822 and $111,230, for the Investor and Institutional Class, respectively. (2) Net of redemption fees of $24. (3) Net of redemption fees of $64. (4) Net of redemption fees of $5,811. (5) Includes accumulated net investment income of $3,169. The accompanying notes are an integral part of these financial statements. 34


  • Page 37

    Pzena Emerging Markets Value Fund Statements of Changes in Net Assets Year Ended Year Ended February 28, February 28, 2019 ___________ 2018 ___________ INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS: Net investment income $ 2,840,259 $ 573,333 Net realized gain/(loss) from: Investments 323,097 698,407 Foreign currency (299,241) (7,737) Change in unrealized appreciation/(depreciation) on: Investments (946,778) 6,220,441 Foreign currency (304) ___________ (2,810) __________ Net increase in net assets resulting from operations 1,917,033 ___________ 7,481,634 __________ DISTRIBUTIONS: Net dividends and distributions to shareholders – Investor Class (103,483) (109,674) Net dividends and distributions to shareholders – Institutional Class (2,888,037) ___________ (485,782) __________ Net decrease in net assets resulting from distributions paid (2,991,520) ___________ __________ (1) (595,456) CAPITAL SHARE TRANSACTIONS: Proceeds from shares subscribed – Investor Class 8,663,630 8,491,754 Proceeds from shares subscribed – Institutional Class 283,979,019 13,603,544 Net asset value of shares issued to shareholders in payment of distributions declared – Investor Class 103,147 109,644 Net asset value of shares issued to shareholders in payment of distributions declared – Institutional Class 2,270,656 427,668 Payments for shares redeemed – Investor Class (6,140,004)(2) (1,242,060)(3) Payments for shares redeemed – Institutional Class (28,701,540)(4) ___________ (565,096) __________ Net increase in net assets derived from capital share transactions 260,174,908 ___________ 20,825,454 __________ TOTAL INCREASE IN NET ASSETS 259,100,421 ___________ 27,711,632 __________ NET ASSETS: Beginning of year 52,245,773 ___________ 24,534,141 __________ End of year $311,346,194 ___________ ___________ __________(5) $52,245,773 __________ CHANGES IN SHARES OUTSTANDING: Shares sold – Investor Class 832,127 788,690 Shares sold – Institutional Class 27,288,062 1,303,876 Shares issued in reinvestments of dividends and distributions – Investor Class 10,588 10,180 Shares issued in reinvestments of dividends and distributions – Institutional Class 233,057 39,746 Shares redeemed – Investor Class (591,404) (123,586) Shares redeemed – Institutional Class (2,875,618) ___________ (50,685) __________ Net increase in shares outstanding 24,896,812 ___________ ___________ 1,968,221 __________ __________ (1) Includes net investment income distributions of $109,674 and $485,782, for the Investor and Institutional Class, respectively. (2) Net of redemption fees of $1,616. (3) Net of redemption fees of $2,944. (4) Net of redemption fees of $1,992. (5) Includes accumulated net investment loss of $(56,634). The accompanying notes are an integral part of these financial statements. 35


  • Page 38

    Pzena Long/Short Value Fund Statements of Changes in Net Assets Year Ended Year Ended February 28, February 28, 2019 ___________ 2018 ___________ INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS: Net investment income $ 153,045 $ 7,029 Net realized gain/(loss) from: Investments 1,223,799 603,809 Foreign currency (7) 18 Securities sold short (960,385) (334,120) Net change in unrealized appreciation/(depreciation) on: Investments (2,150,744) (13,195) Securities sold short (88,457) __________ 51,189 __________ Net increase/(decrease) in net assets resulting from operations (1,822,749) __________ 314,730 __________ DISTRIBUTIONS: Net dividends and distributions to shareholders – Investor Class (14,215) — Net dividends and distributions to shareholders – Institutional Class (257,618) __________ — __________ Net decrease in net assets resulting from distributions paid (271,833) __________ — __________ CAPITAL SHARE TRANSACTIONS: Proceeds from shares subscribed – Investor Class 386,923 1,228,965 Proceeds from shares subscribed – Institutional Class 5,837,025 14,333,569 Net asset value of shares issued to shareholders in payment of distributions declared – Investor Class 14,204 — Net asset value of shares issued to shareholders in payment of distributions declared – Institutional Class 257,618 — Payments for shares redeemed – Investor Class (1,189,362) (51,399) Payments for shares redeemed – Institutional Class (419,777) __________ (7,887) __________ Net increase in net assets derived from capital share transactions 4,886,631 __________ 15,503,248 __________ TOTAL INCREASE IN NET ASSETS 2,792,049 __________ 15,817,978 __________ NET ASSETS: Beginning of year 21,062,115 __________ 5,244,137 __________ End of year $23,854,164 __________ __________ __________(1) $21,062,115 __________ CHANGES IN SHARES OUTSTANDING: Shares sold – Investor Class 37,140 118,938 Shares sold – Institutional Class 535,362 1,314,725 Shares issued in reinvestments of dividends and distributions – Investor Class 1,475 — Shares issued in reinvestments of dividends and distributions – Institutional Class 26,446 — Shares redeemed – Investor Class (113,119) (4,893) Shares redeemed – Institutional Class (43,121) __________ (716) __________ Net increase in shares outstanding 444,183 __________ __________ 1,428,054 __________ __________ (1) Includes accumulated net investment income of $5,923. The accompanying notes are an integral part of these financial statements. 36


  • Page 39

    Pzena Small Cap Value Fund Statements of Changes in Net Assets Year Ended Year Ended February 28, February 28, 2019 ___________ 2018 ___________ INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS: Net investment income/(loss) $ 53,682 $ (6,882) Net realized gain on investments from investments 288,345 1,299,334 Net change in unrealized appreciation/(depreciation) on investments 98,383 __________ (1,407,655) __________ Net increase/(decrease) in net assets resulting from operations 440,410 __________ (115,203) __________ DISTRIBUTIONS: Net dividends and distributions to shareholders – Investor Class (223,408) (387,060) Net dividends and distributions to shareholders – Institutional Class (560,261) __________ (665,676) __________ Net decrease in net assets resulting from distributions paid (783,669) __________ __________ (1) (1,052,736) CAPITAL SHARE TRANSACTIONS: Proceeds from shares subscribed – Investor Class 1,154,334 1,704,252 Proceeds from shares subscribed – Institutional Class 16,536,202 6,377,437 Net asset value of shares issued to shareholders in payment of distributions declared – Investor Class 223,408 387,060 Net asset value of shares issued to shareholders in payment of distributions declared – Institutional Class 515,499 506,119 Payments for shares redeemed – Investor Class (733,967)(2) (1,804,598) Payments for shares redeemed – Institutional Class (7,068,058)(3) __________ (4,888,473)(4) __________ Net increase in net assets derived from capital share transactions 10,627,418 __________ 2,281,797 __________ TOTAL INCREASE IN NET ASSETS 10,284,159 __________ 1,113,858 __________ NET ASSETS: Beginning of year 15,938,084 __________ 14,824,226 __________ End of year $26,222,243 __________ __________ $15,938,084 __________ __________ CHANGES IN SHARES OUTSTANDING: Shares sold – Investor Class 104,467 147,004 Shares sold – Institutional Class 1,530,946 548,715 Shares issued in reinvestments of dividends and distributions – Investor Class 22,521 34,223 Shares issued in reinvestments of dividends and distributions – Institutional Class 51,653 44,474 Shares redeemed – Investor Class (66,852) (155,781) Shares redeemed – Institutional Class (681,145) __________ (426,250) __________ Net increase in shares outstanding 961,590 __________ __________ 192,385 __________ __________ (1) Includes net realized gain distributions of $387,060 and $665,676, for the Investor and Institutional Class, respectively. (2) Net of redemption fees of $12. (3) Net of redemption fees of $41. (4) Net of redemption fees of $11. The accompanying notes are an integral part of these financial statements. 37


  • Page 40

    Pzena International Small Cap Value Fund Statement of Changes in Net Assets For the Period July 2, 2018(1) through February 28, 2019 ________________ INCREASE IN NET ASSETS FROM: OPERATIONS: Net investment income $ 7,182 Net realized gain from: Investments 28,533 Foreign currency 824 Change in unrealized depreciation on: Investments (184,124) Foreign currency (3) _________ Net decrease in net assets resulting from operations (147,588) _________ DISTRIBUTIONS: Net dividends and distributions to shareholders – Investor Class (16,898) Net dividends and distributions to shareholders – Institutional Class (19,076) _________ Net decrease in net assets resulting from distributions paid (35,974) _________ CAPITAL SHARE TRANSACTIONS: Proceeds from shares subscribed – Investor Class 1,000,000 Proceeds from shares subscribed – Institutional Class 1,078,175 Net asset value of shares issued to shareholders in payment of distributions declared – Investor Class 16,898 Net asset value of shares issued to shareholders in payment of distributions declared – Institutional Class 19,076 _________ Net increase in net assets derived from capital share transactions 2,114,149 _________ TOTAL INCREASE IN NET ASSETS 1,930,587 _________ NET ASSETS: Beginning of period — _________ End of period $1,930,587 _________ _________ CHANGES IN SHARES OUTSTANDING: Shares sold – Investor Class 100,000 Shares sold – Institutional Class 108,614 Shares issued in reinvestments of dividends and distributions – Investor Class 2,005 Shares issued in reinvestments of dividends and distributions – Institutional Class 2,263 _________ Net increase in shares outstanding 212,882 _________ _________ (1) Commencement of operations. The accompanying notes are an integral part of these financial statements. 38


  • Page 41

    Pzena Long/Short Value Fund Statement of Cash Flows Year Ended February 28, 2019 ________________ CASH FLOWS FROM OPERATING ACTIVITIES: Net decrease in net assets resulting from operations $ (1,822,749) Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: Purchases of investments (19,503,402) Purchases to cover securities sold short (24,510,456) Proceeds from sales of long-term investments 14,987,530 Proceeds from securities sold short 26,321,668 Purchases of short-term investments, net (353,121) Cash received through merger 177,060 Return of capital dividends received (6,958) Long-term distributions received 8,392 Net realized gain on investments (1,223,799) Net realized loss on short transactions 960,385 Change in unrealized appreciation on investments 2,150,744 Change in unrealized appreciation on short transactions 88,457 (Increases)/Decreases in operating assets: Increase in dividends and interest receivable (25,545) Increase in deposits at broker for short sales (2,709,316) Decrease in receivable from Advisor 5,704 Increase in prepaid expenses and other assets (438) Increases/(Decreases) in operating liabilities: Increase in dividends payable on short positions 6,668 Increase in payable to broker 822,443 Increase in other accrued expenses 11,478 ___________ Net cash used in operating activities (4,615,255) ___________ CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from shares sold 6,224,405 Payment on shares redeemed (1,609,139) Cash distributions paid to shareholders (11) ___________ Net cash provided by financing activities 4,615,255 ___________ Net change in cash — CASH: Beginning balance — ___________ Ending balance $ — ___________ ___________ SUPPLEMENTAL DISCLOSURES: Non-cash financing activities – distributions reinvested $ 271,821 The accompanying notes are an integral part of these financial statements. 39


  • Page 42

    Pzena Mid Cap Value Fund – Investor Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $12.92 ______ $12.26 ______ $ 8.70 ______ $10.51 ______ $10.00 ______ Income from investment operations: Net investment income 0.11(2) 0.05 0.05 0.07 — Net realized and unrealized gain/(loss) on investments (1.18) ______ 0.94 ______ 3.58 ______ (1.55) ______ 0.81 ______ Total from investment operations (1.07) ______ 0.99 ______ 3.63 ______ (1.48) ______ 0.81 ______ Less distributions: Dividends from net investment income — (0.05) (0.07) (0.05) (0.01) Dividends from net realized gain on investments (0.26) ______ (0.28) ______ — ______ (0.28) ______ (0.29) ______ Total distributions (0.26) ______ (0.33) ______ (0.07) ______ (0.33) ______ (0.30) ______ Redemption fees retained 0.00(2)(3) ______ 0.00(2)(3) ______ — ______ — ______ — ______ Net asset value, end of period $11.59 ______ ______ $12.92 ______ ______ $12.26 ______ ______ $ 8.70 ______ ______ $10.51 ______ ______ TOTAL RETURN -8.12% 8.09% 41.73% -14.44% 8.36%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $8,920 $8,593 $2,741 $1,053 $1,148 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 1.66% 3.63% 6.90% 8.51% 11.32%(5) After fee waivers and expense reimbursement 1.24% 1.22%(6) 1.35% 1.17% 1.35%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement 0.48% (2.09)% (5.04)% (6.64)% (9.94)%(5) After fee waivers and expense reimbursement 0.90% 0.32% 0.51% 0.70% 0.03%(5) Portfolio turnover rate(7) 34% 16% 26% 43% 22%(4) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Amount is less than $0.01. (4) Not annualized. (5) Annualized. (6) Effective October 12, 2017, the advisor contractually agreed to lower the net annual operating expense limit to 1.25%. (7) 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


  • Page 43

    Pzena Mid Cap Value Fund – Institutional Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $12.93 ______ $12.27 ______ $ 8.70 ______ $10.52 ______ $10.00 ______ Income from investment operations: Net investment income 0.15(2) 0.09 0.09 0.08 0.03 Net realized and unrealized gain/(loss) on investments (1.20) ______ 0.94 ______ 3.58 ______ (1.55) ______ 0.81 ______ Total from investment operations (1.05) ______ 1.03 ______ 3.67 ______ (1.47) ______ 0.84 ______ Less distributions: Dividends from net investment income (0.18) (0.09) (0.10) (0.07) (0.03) Dividends from net realized gain on investments (0.26) ______ (0.28) ______ — ______ (0.28) ______ (0.29) ______ Total distributions (0.44) ______ (0.37) ______ (0.10) ______ (0.35) ______ (0.32) ______ Redemption fees retained 0.00(2)(3) ______ — ______ — ______ — ______ — ______ Net asset value, end of period $11.44 ______ ______ $12.93 ______ ______ $12.27 ______ ______ $ 8.70 ______ ______ $10.52 ______ ______ TOTAL RETURN -7.82% 8.36% 42.21% -14.31% 8.73%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $33,928 $33,137 $2,757 $1,528 $1,407 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 1.32% 2.83% 6.64% 8.25% 10.94%(5) After fee waivers and expense reimbursement 0.90% 0.93%(6) 1.00% 1.00% 1.00%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement 0.82% (1.27)% (4.77)% (6.39)% (9.56)%(5) After fee waivers and expense reimbursement 1.24% 0.63% 0.87% 0.86% 0.38%(5) Portfolio turnover rate(7) 34% 16% 26% 43% 22%(4) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Amount is less than $0.01. (4) Not annualized. (5) Annualized. (6) Effective October 12, 2017, the advisor contractually agreed to lower the net annual operating expense limit to 0.90%. (7) 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


  • Page 44

    Pzena Emerging Markets Value Fund – Investor Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $11.46 ______ $______ 9.47 $ 6.74 ______ $ 9.04 ______ $10.00 ______ Income from investment operations: Net investment income 0.13(2) 0.07 0.03 0.13 0.06 Net realized and unrealized gain/(loss) on investments (0.93) ______ 2.06 ______ 2.76 ______ (2.29) ______ (0.99) ______ Total from investment operations (0.80) ______ 2.13 ______ 2.79 ______ (2.16) ______ (0.93) ______ Less distributions: Dividends from net investment income (0.10) (0.14) (0.06) (0.14) (0.01) Dividends from net realized gain on investments — ______ — ______ — ______ — ______ (0.02) ______ Total distributions (0.10) ______ (0.14) ______ (0.06) ______ (0.14) ______ (0.03) ______ Redemption fees retained 0.00(2)(3) ______ 0.00(2)(3) ______ 0.00(2)(3) ______ — ______ — ______ Net asset value, end of period $10.56 ______ ______ $11.46 ______ ______ $ 9.47 ______ ______ $ 6.74 ______ ______ $ 9.04 ______ ______ TOTAL RETURN -6.95% 22.56% 41.63% -24.02% -9.28%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $12,814 $11,023 $2,713 $811 $1,186 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 1.60% 2.03% 3.19% 3.26% 7.95%(5) After fee waivers and expense reimbursement 1.59% 1.57% 1.60% 1.55% 1.75%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement 1.25% 0.42% (0.91)% (0.36)% (5.50)%(5) After fee waivers and expense reimbursement 1.26% 0.88% 0.68% 1.35% 0.70%(5) Portfolio turnover rate(6) 21% 7% 29% 22% 13%(4) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Amount is less than $0.01. (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. 42


  • Page 45

    Pzena Emerging Markets Value Fund – Institutional Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $11.46 ______ $______ 9.48 $ 6.74 ______ $ 9.04 ______ $10.00 ______ Income from investment operations: Net investment income 0.17(2) 0.17 0.10 0.13 0.03 Net realized and unrealized gain/(loss) on investments (0.93) ______ 1.97 ______ 2.72 ______ (2.27) ______ (0.93) ______ Total from investment operations (0.76) ______ 2.14 ______ 2.82 ______ (2.14) ______ (0.90) ______ Less distributions: Dividends from net investment income (0.13) (0.16) (0.08) (0.16) (0.04) Dividends from net realized gain on investments — ______ — ______ — ______ — ______ (0.02) ______ Total distributions (0.13) ______ (0.16) ______ (0.08) ______ (0.16) ______ (0.06) ______ Redemption fees retained 0.00(2)(3) ______ — ______ — ______ — ______ — ______ Net asset value, end of period $10.57 ______ ______ $11.46 ______ ______ $ 9.48 ______ ______ $ 6.74 ______ ______ $ 9.04 ______ ______ TOTAL RETURN -6.57% 22.63% 42.01% -23.78% -9.06%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $298,532 $41,223 $21,821 $10,302 $15,092 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 1.26% 1.75% 2.88% 3.02% 4.48%(5) After fee waivers and expense reimbursement 1.25% 1.25% 1.25% 1.40% 1.40%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement 1.59% 1.10% (0.45)% (0.15)% (2.79)%(5) After fee waivers and expense reimbursement 1.60% 1.60% 1.18% 1.47% 0.29%(5) Portfolio turnover rate(6) 21% 7% 29% 22% 13%(4) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Amount is less than $0.01. (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. 43


  • Page 46

    Pzena Long/Short Value Fund – Investor Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $10.85 ______ $10.54 ______ $ 9.01 ______ $ 9.32 ______ $10.00 ______ Income from investment operations: Net investment income/(loss) 0.04(2) 0.04 (0.04) (0.05) (0.10) Net realized and unrealized gain/(loss) on investments (0.83) ______ 0.27 ______ 1.66 ______ (0.26) ______ (0.07) ______ Total from investment operations (0.79) ______ 0.31 ______ 1.62 ______ (0.31) ______ (0.17) ______ Less distributions: Dividends from net investment income (0.01) — — — — Dividends from net realized gain on investments (0.08) ______ — ______ (0.09) ______ — ______ (0.51) ______ Total distributions (0.09) ______ — ______ (0.09) ______ — ______ (0.51) ______ Net asset value, end of period $ 9.97 ______ ______ $10.85 ______ ______ $10.54 ______ ______ $ 9.01 ______ ______ $ 9.32 ______ ______ TOTAL RETURN -7.24% 2.94% 18.00% -3.33% -1.70%(3) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $1,564 $2,510 $1,236 $967 $995 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 3.83% 7.38% 9.63% 10.64% 14.15%(4) After fee waivers and expense reimbursement(5) 3.00% 2.74% 2.88% 2.97% 3.12%(4) Ratio of net investment income/(loss) to average net assets(6): Before fee waivers and expense reimbursement (0.49)% (4.72)% (7.19)% (8.27)% (12.20)%(4) After fee waivers and expense reimbursement 0.34% (0.08)% (0.44)% (0.60)% (1.17)%(4) Portfolio turnover rate(7) 58% 36% 59% 51% 148%(3) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Not annualized. (4) Annualized. (5) Excluding interest expense and dividends on securities sold short, the ratio of expenses to average net assets would have been 2.05%, 2.00%, 2.10%, 1.91%, 2.10% for the periods ending 2019, 2018, 2017, 2016 and 2015, respectively. (6) The net investment income/(loss) ratios include dividend and interest expense on short positions. (7) 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


  • Page 47

    Pzena Long/Short Value Fund – Institutional Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended Year Ended Year Ended March 31, 2014(1) February 28, February 28, February 28, February 29, through 2019 ___________ 2018 ___________ 2017 ___________ 2016 ___________ February 28, 2015 ________________ PER SHARE DATA: Net asset value, beginning of period $10.97 ______ $10.63 ______ $ 9.05 ______ $ 9.35 ______ $10.00 ______ Income from investment operations: Net investment income/(loss) 0.07(2) (0.01) (0.01) (0.04) (0.04) Net realized and unrealized gain/(loss) on investments (0.84) ______ 0.35 ______ 1.68 ______ (0.26) ______ (0.10) ______ Total from investment operations (0.77) ______ 0.34 ______ 1.67 ______ (0.30) ______ (0.14) ______ Less distributions: Dividends from net investment income (0.03) — — — — Dividends from net realized gain on investments (0.08) ______ — ______ (0.09) ______ — ______ (0.51) ______ Total distributions (0.11) ______ — ______ (0.09) ______ — ______ (0.51) ______ Net asset value, end of period $10.09 ______ ______ $10.97 ______ ______ $10.63 ______ ______ $ 9.05 ______ ______ $ 9.35 ______ ______ TOTAL RETURN -6.91% 3.20% 18.48% -3.21% -1.39%(3) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $22,290 $18,552 $4,088 $3,230 $3,077 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 3.53% 6.72% 9.28% 10.39% 13.32%(4) After fee waivers and expense reimbursement(5) 2.70% 2.49% 2.53% 2.81% 2.79%(4) Ratio of net investment income/(loss) to average net assets(6): Before fee waivers and expense reimbursement (0.19)% (4.07)% (6.84)% (8.02)% (11.27)%(4) After fee waivers and expense reimbursement 0.64% 0.16% (0.09)% (0.44)% (0.74)%(4) Portfolio turnover rate(7) 58% 36% 59% 51% 148%(3) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Not annualized. (4) Annualized. (5) Excluding interest expense and dividends on securities sold short, the ratio of expenses to average net assets would have been 1.75% for all the periods shown in the table. (6) The net investment income/(loss) ratios include dividend and interest expense on short positions. (7) 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


  • Page 48

    Pzena Small Cap Value Fund – Investor Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended April 27, 2016(1) February 28, February 28, through 2019 ___________ 2018 ___________ February 28, 2017 ________________ PER SHARE DATA: Net asset value, beginning of period $11.10 ______ $11.96 ______ $10.00 ______ Income from investment operations: Net investment income/(loss) 0.00(2)(3) (0.03) (0.03) Net realized and unrealized gain on investments 0.22 ______ 0.03 ______ 2.00 ______ Total from investment operations 0.22 ______ — ______ 1.97 ______ Less distributions: Dividends from net realized gain on investments (0.42) ______ (0.86) ______ (0.01) ______ Total distributions (0.42) ______ (0.86) ______ (0.01) ______ Redemption fees retained(2)(3) 0.00 ______ 0.00 ______ 0.00 ______ Net asset value, end of period $10.90 ______ ______ $11.10 ______ ______ $11.96 ______ ______ TOTAL RETURN 2.40% -0.11% 19.72%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $6,139 $5,583 $5,711 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 2.36% 2.91% 4.96%(5) After fee waivers and expense reimbursement 1.52%(6) 1.51% 1.55%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement (0.81)% (1.65)% (3.79)%(5) After fee waivers and expense reimbursement 0.03% (0.25)% (0.38)%(5) Portfolio turnover rate(7) 52% 56% 13%(4) (1) Commencement of operations. (2) Amount is less than $0.01. (3) Based on average shares outstanding. (4) Not annualized. (5) Annualized. (6) Effective January 31, 2019, the advisor contractually agreed to lower the net annual operating expense limit to 1.45%. (7) 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


  • Page 49

    Pzena Small Cap Value Fund – Institutional Class Financial Highlights For a share outstanding throughout each period For the Period Year Ended Year Ended April 27, 2016(1) February 28, February 28, through 2019 ___________ 2018 ___________ February 28, 2017 ________________ PER SHARE DATA: Net asset value, beginning of period $11.17 ______ $11.99 ______ $10.00 ______ Income from investment operations: Net investment income/(loss) 0.04(2) 0.01 (0.00)(3) Net realized and unrealized gain on investments 0.23 ______ 0.03 ______ 2.00 ______ Total from investment operations 0.27 ______ 0.04 ______ 2.00 ______ Less distributions: Dividends from net investment income (0.03) — (0.01) Dividends from net realized gain on investments (0.42) ______ (0.86) ______ — ______ Total distributions (0.45) ______ (0.86) ______ (0.01) ______ Redemption fees retained(2)(3) 0.00 ______ 0.00 ______ 0.00 ______ Net asset value, end of period $10.99 ______ ______ $11.17 ______ ______ $11.99 ______ ______ TOTAL RETURN 2.83% 0.22% 20.02%(4) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $20,083 $10,355 $9,114 Ratio of expenses to average net assets: Before fee waivers and expense reimbursement 2.03% 2.56% 4.31%(5) After fee waivers and expense reimbursement 1.19%(6) 1.20% 1.20%(5) Ratio of net investment income/(loss) to average net assets: Before fee waivers and expense reimbursement (0.48)% (1.27)% (3.20)%(5) After fee waivers and expense reimbursement 0.36% 0.09% (0.09)%(5) Portfolio turnover rate(7) 52% 56% 13%(4) (1) Commencement of operations. (2) Based on average shares outstanding. (3) Amount is less than $0.01. (4) Not annualized. (5) Annualized. (6) Effective January 31, 2019, the advisor contractually agreed to lower the net annual operating expense limit to 1.10%. (7) 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


  • Page 50

    Pzena International Small Cap Value Fund – Investor Class Financial Highlights For a share outstanding throughout the period For the Period July 2, 2018(1) through February 28, 2019 ________________ PER SHARE DATA: Net asset value, beginning of period $10.00 ______ Income from investment operations: Net investment income 0.03(2) Net realized and unrealized loss on investments (0.79) ______ Total from investment operations (0.76) ______ Less distributions: Dividends from net investment income (0.04) Dividends from net realized gain on investments (0.13) ______ Total distributions (0.17) ______ Net asset value, end of period $ 9.07 ______ ______ TOTAL RETURN -7.48%(3) SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (thousands) $925 Ratio of expenses to average net assets: Before expense reimbursement 13.92%(4) After expense reimbursement 1.44%(4) Ratio of net investment income/(loss) to average net assets: Before expense reimbursement (12.05)%(4) After expense reimbursement 0.43%(4) Portfolio turnover rate(5) 32%(3) (1) Commencement of operations. (2) Based on average shares outstanding. (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. 48

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