# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-011782
**Filing Date:** 2025-11
**Character Count:** 191160
**Document Hash:** a40f5fb15ae744ab28d065c2d47e656f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011782.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001133228-25-011782

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251456985

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Pzena Mid Cap Value Fund (Series ID: S000044707)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138961 | Investor Class      | PZVMX           |
| C000138962 | Institutional Class | PZIMX           |

### Pzena Emerging Markets Value Fund (Series ID: S000044708)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138963 | Investor Class      | PZVEX           |
| C000138964 | Institutional Class | PZIEX           |

### Pzena Small Cap Value Fund (Series ID: S000053713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168873 | Investor Class      | PZVSX           |
| C000168874 | Institutional Class | PZISX           |

### Pzena International Small Cap Value Fund (Series ID: S000062254)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000201595 | Investor Class      | PZVIX           |
| C000201596 | Institutional Class | PZIIX           |

### Pzena International Value Fund (Series ID: S000072390)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000228587 | Institutional | PZINX           |
| C000228588 | Investor      | PZVNX           |

?xml version='1.0' encoding='ASCII'? 2025-07-30197242_PzenaMidCapValueFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-07959</u>**

**<u>Advisors Series Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jeffrey T. Rauman, President/Principal Executive Officer**

**Advisors Series Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Avenue**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(626) 914-7363</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February 28, 2026</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img588513_202510312110510.jpg) | **Pzena Mid Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img588513_202510312110510.jpg) | Investor Class \| PZVMX  | ![image](img122596_202509051754105.jpg) |
| ![image](img588513_202510312110510.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Mid Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzvmx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $65 | 1.25% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $103724331 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $377583 |
| **Portfolio Turnover** | 16% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzvmx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Humana, Inc.  | 5.6% |
|  Advance Auto Parts, Inc.  | 5.1% |
|  Dollar General Corp.  | 3.9% |
|  Baxter International, Inc.  | 3.9% |
|  Universal Health Services, Inc. - Class B  | 3.3% |
|  Fresenius Medical Care AG & Co. KGaA  | 3.2% |
|  Oshkosh Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.0% |
|  Global Payments, Inc.  | 3.0% |
|  Adient PLC  | 3.0% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5330img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5330img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzvmx/

Pzena Mid Cap Value Fund PAGE 1 TSR-SAR-00770X667

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Mid Cap Value Fund PAGE 2 TSR-SAR-00770X667

25.518.517.712.49.17.26.41.61.689.74.03.23.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img368899_202510312105902.jpg) | **Pzena Mid Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img368899_202510312105902.jpg) | Institutional Class \| PZIMX  | ![image](img122596_202509051754105.jpg) |
| ![image](img368899_202510312105902.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Mid Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $47 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $103724331 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $377583 |
| **Portfolio Turnover** | 16% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Humana, Inc.  | 5.6% |
|  Advance Auto Parts, Inc.  | 5.1% |
|  Dollar General Corp.  | 3.9% |
|  Baxter International, Inc.  | 3.9% |
|  Universal Health Services, Inc. - Class B  | 3.3% |
|  Fresenius Medical Care AG & Co. KGaA  | 3.2% |
|  Oshkosh Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.0% |
|  Global Payments, Inc.  | 3.0% |
|  Adient PLC  | 3.0% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5329img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5329img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/

Pzena Mid Cap Value Fund PAGE 1 TSR-SAR-00770X659

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Mid Cap Value Fund PAGE 2 TSR-SAR-00770X659

25.518.517.712.49.17.26.41.61.689.74.03.23.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img588472_202510312112772.jpg) | **Pzena Emerging Markets Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img588472_202510312112772.jpg) | Investor Class \| PZVEX  | ![image](img122596_202509051754105.jpg) |
| ![image](img588472_202510312112772.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Emerging Markets Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pzvex/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $78 | 1.43% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2839584836 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $12072883 |
| **Portfolio Turnover** | 12% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pzvex/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Samsung Electronics Co., Ltd.  | 4.3% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.0% |
|  China Overseas Land & Investment, Ltd.  | 2.7% |
|  WH Group, Ltd.  | 2.7% |
|  Alibaba Group Holding, Ltd.  | 2.6% |
|  Galaxy Entertainment Group, Ltd.  | 2.6% |
|  Haier Smart Home Co., Ltd. - Class H  | 2.6% |
|  Tencent Holdings, Ltd.  | 2.4% |
|  First American Government Obligations Fund - Class X  | 2.3% |
|  Credicorp, Ltd.  | 2.2% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5324img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5324img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pzvex/

Pzena Emerging Markets Value Fund PAGE 1 TSR-SAR-00770X683

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Emerging Markets Value Fund PAGE 2 TSR-SAR-00770X683

27.215.813.011.07.46.95.03.83.16.823.414.59.013.56.54.64.24.23.916.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img368896_202510312111239.jpg) | **Pzena Emerging Markets Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img368896_202510312111239.jpg) | Institutional Class \| PZIEX  | ![image](img122596_202509051754105.jpg) |
| ![image](img368896_202510312111239.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Emerging Markets Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $59 | 1.08% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2839584836 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $12072883 |
| **Portfolio Turnover** | 12% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Samsung Electronics Co., Ltd.  | 4.3% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.0% |
|  China Overseas Land & Investment, Ltd.  | 2.7% |
|  WH Group, Ltd.  | 2.7% |
|  Alibaba Group Holding, Ltd.  | 2.6% |
|  Galaxy Entertainment Group, Ltd.  | 2.6% |
|  Haier Smart Home Co., Ltd. - Class H  | 2.6% |
|  Tencent Holdings, Ltd.  | 2.4% |
|  First American Government Obligations Fund - Class X  | 2.3% |
|  Credicorp, Ltd.  | 2.2% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5323img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5323img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/

Pzena Emerging Markets Value Fund PAGE 1 TSR-SAR-00770X675

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Emerging Markets Value Fund PAGE 2 TSR-SAR-00770X675

27.215.813.011.07.46.95.03.83.16.823.414.59.013.56.54.64.24.23.916.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img588509_202510312115832.jpg) | **Pzena Small Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img588509_202510312115832.jpg) | Investor Class \| PZVSX  | ![image](img122596_202509051754105.jpg) |
| ![image](img588509_202510312115832.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Small Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzvsx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $69 | 1.31% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46490909 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $104084 |
| **Portfolio Turnover** | 14% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzvsx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Advance Auto Parts, Inc.  | 4.3% |
|  Adient PLC  | 3.7% |
|  Resideo Technologies, Inc.  | 3.6% |
|  Spectrum Brands Holdings, Inc.  | 3.4% |
|  MRC Global, Inc.  | 3.1% |
|  TriMas Corp.  | 3.1% |
|  American Woodmark Corp.  | 3.0% |
|  Douglas Dynamics, Inc.  | 2.9% |
|  Aebi Schmidt Holding AG  | 2.7% |
|  Webster Financial Corp.  | 2.5% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5332img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5332img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzvsx/

Pzena Small Cap Value Fund PAGE 1 TSR-SAR-00770X410

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Small Cap Value Fund PAGE 2 TSR-SAR-00770X410

26.820.520.410.56.46.04.41.91.91.291.43.72.72.30.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img368900_202510312114111.jpg) | **Pzena Small Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img368900_202510312114111.jpg) | Institutional Class \| PZISX  | ![image](img122596_202509051754105.jpg) |
| ![image](img368900_202510312114111.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena Small Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $53 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46490909 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $104084 |
| **Portfolio Turnover** | 14% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Advance Auto Parts, Inc.  | 4.3% |
|  Adient PLC  | 3.7% |
|  Resideo Technologies, Inc.  | 3.6% |
|  Spectrum Brands Holdings, Inc.  | 3.4% |
|  MRC Global, Inc.  | 3.1% |
|  TriMas Corp.  | 3.1% |
|  American Woodmark Corp.  | 3.0% |
|  Douglas Dynamics, Inc.  | 2.9% |
|  Aebi Schmidt Holding AG  | 2.7% |
|  Webster Financial Corp.  | 2.5% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5331img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5331img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/

Pzena Small Cap Value Fund PAGE 1 TSR-SAR-00770X394

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena Small Cap Value Fund PAGE 2 TSR-SAR-00770X394

26.820.520.410.56.46.04.41.91.91.291.43.72.72.30.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img588511_202510312113139.jpg) | **Pzena International Small Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img588511_202510312113139.jpg) | Investor Class \| PZVIX  | ![image](img122596_202509051754105.jpg) |
| ![image](img588511_202510312113139.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena International Small Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pzvix/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $75 | 1.33% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $195826004 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $636674 |
| **Portfolio Turnover** | 14% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pzvix/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Origin Enterprises PLC  | 3.8% |
|  WONIK IPS Co., Ltd.  | 3.5% |
|  Signify N.V.  | 3.3% |
|  Elders, Ltd.  | 3.1% |
|  C&C Group PLC  | 2.9% |
|  Nokian Renkaat Oyj  | 2.9% |
|  Unicaja Banco S.A.  | 2.8% |
|  Sabre Insurance Group PLC  | 2.8% |
|  Permanent TSB Group Holdings PLC  | 2.8% |
|  Aurubis AG  | 2.7% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5326img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5326img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pzvix/

Pzena International Small Cap Value Fund PAGE 1 TSR-SAR-00770X352

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena International Small Cap Value Fund PAGE 2 TSR-SAR-00770X352

21.020.719.112.711.36.02.32.32.12.515.914.19.87.27.06.05.45.44.924.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img368897_202510312113989.jpg) | **Pzena International Small Cap Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img368897_202510312113989.jpg) | Institutional Class \| PZIIX  | ![image](img122596_202509051754105.jpg) |
| ![image](img368897_202510312113989.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena International Small Cap Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $58 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $195826004 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $636674 |
| **Portfolio Turnover** | 14% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Origin Enterprises PLC  | 3.8% |
|  WONIK IPS Co., Ltd.  | 3.5% |
|  Signify N.V.  | 3.3% |
|  Elders, Ltd.  | 3.1% |
|  C&C Group PLC  | 2.9% |
|  Nokian Renkaat Oyj  | 2.9% |
|  Unicaja Banco S.A.  | 2.8% |
|  Sabre Insurance Group PLC  | 2.8% |
|  Permanent TSB Group Holdings PLC  | 2.8% |
|  Aurubis AG  | 2.7% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5325img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5325img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/

Pzena International Small Cap Value Fund PAGE 1 TSR-SAR-00770X345

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena International Small Cap Value Fund PAGE 2 TSR-SAR-00770X345

21.020.719.112.711.36.02.32.32.12.515.914.19.87.27.06.05.45.44.924.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img588512_202510312116160.jpg) | **Pzena International Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img588512_202510312116160.jpg) | Investor Class \| PZVNX  | ![image](img122596_202509051754105.jpg) |
| ![image](img588512_202510312116160.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena International Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzvnx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $54 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $116799923 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $263969 |
| **Portfolio Turnover** | 11% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzvnx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% Net** **Assets)**  |
|  Daimler Truck Holding AG  | 2.9% |
|  Rexel S.A.  | 2.7% |
|  BASF SE  | 2.6% |
|  Reckitt Benckiser Group PLC  | 2.5% |
|  Bank of Ireland Group PLC  | 2.5% |
|  Samsung Electronics Co., Ltd.  | 2.4% |
|  Danske Bank A/S  | 2.3% |
|  HSBC Holdings PLC  | 2.3% |
|  ING Groep N.V.  | 2.3% |
|  Galaxy Entertainment Group, Ltd.  | 2.3% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5328img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5328img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzvnx/

Pzena International Value Fund PAGE 1 TSR-SAR-00770X287

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena International Value Fund PAGE 2 TSR-SAR-00770X287

23.415.114.814.58.47.77.53.92.02.718.713.913.812.86.15.25.13.83.017.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img368898_202510312115156.jpg) | **Pzena International Value Fund**  | ![image](img122596_202509051754105.jpg) |
| ![image](img368898_202510312115156.jpg) | Institutional Class \| PZINX  | ![image](img122596_202509051754105.jpg) |
| ![image](img368898_202510312115156.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img122596_202509051754105.jpg) |

---

This semi-annual shareholder report contains important information about the Pzena International Value Fund for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/. You can also request this information by contacting us at 1-844-796-1996.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $40 | 0.74% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $116799923 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $263969 |
| **Portfolio Turnover** | 11% |

---

Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% Net** **Assets)**  |
|  Daimler Truck Holding AG  | 2.9% |
|  Rexel S.A.  | 2.7% |
|  BASF SE  | 2.6% |
|  Reckitt Benckiser Group PLC  | 2.5% |
|  Bank of Ireland Group PLC  | 2.5% |
|  Samsung Electronics Co., Ltd.  | 2.4% |
|  Danske Bank A/S  | 2.3% |
|  HSBC Holdings PLC  | 2.3% |
|  ING Groep N.V.  | 2.3% |
|  Galaxy Entertainment Group, Ltd.  | 2.3% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5327img003.jpg)

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5327img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/

Pzena International Value Fund PAGE 1 TSR-SAR-00770X279

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pzena Investment Management, LLC documents not be householded, please contact Pzena Investment Management, LLC at 1-844-796-1996, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pzena Investment Management, LLC or your financial intermediary.

Pzena International Value Fund PAGE 2 TSR-SAR-00770X279

23.415.114.814.58.47.77.53.92.02.718.713.913.812.86.15.25.13.83.017.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](pzena.jpg)

**PZENA FUNDS**

**Pzena Mid Cap Value Fund** 

**Pzena Emerging Markets Value Fund** 

**Pzena Small Cap Value Fund** 

**Pzena International Small Cap Value Fund** 

**Pzena International Value Fund** 

Core Financial Statements

August 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#a_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Pzena Mid Cap Value Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Pzena Emerging Markets Value Fund](#tsoi2) | [2](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Pzena Small Cap Value Fund](#tsoi3) | [4](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [Pzena International Small Cap Value Fund](#tsoi4) | [5](#tsoi4) |
| &nbsp;&nbsp;&nbsp; [Pzena International Value Fund](#tsoi5) | [7](#tsoi5) |
| [Statements of Assets and Liabilities](#tsal) | [9](#tsal) |
| [Statements of Operations](#tsop) | [12](#tsop) |
| [Statements of Changes in Net Assets](#a_002)<br>|  |
| &nbsp;&nbsp;&nbsp; [Pzena Mid Cap Value Fund](#tscna1) | [14](#tscna1) |
| &nbsp;&nbsp;&nbsp; [Pzena Emerging Markets Value Fund](#tscna2) | [15](#tscna2) |
| &nbsp;&nbsp;&nbsp; [Pzena Small Cap Value Fund](#tscna3) | [16](#tscna3) |
| &nbsp;&nbsp;&nbsp; [Pzena International Small Cap Value Fund](#tscna4) | [17](#tscna4) |
| &nbsp;&nbsp;&nbsp; [Pzena International Value Fund](#tscna5) | [18](#tscna5) |
| [Financial Highlights](#a_003)<br>|  |
| &nbsp;&nbsp;&nbsp; [Pzena Mid Cap Value Fund](#tfihi1) | [19](#tfihi1) |
| &nbsp;&nbsp;&nbsp; [Pzena Emerging Markets Value Fund](#tfihi2) | [21](#tfihi2) |
| &nbsp;&nbsp;&nbsp; [Pzena Small Cap Value Fund](#tfihi3) | [23](#tfihi3) |
| &nbsp;&nbsp;&nbsp; [Pzena International Small Cap Value Fund](#tfihi4) | [25](#tfihi4) |
| &nbsp;&nbsp;&nbsp; [Pzena International Value Fund](#tfihi5) | [27](#tfihi5) |
| [Notes to Financial Statements](#tnotes) | [29](#tnotes) |
| [Additional Information](#tadd) | [39](#tadd) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Mid Cap Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.4%** <br>|  |  |
| **Basic Materials - 4.9%** <br>|  |  |
| FMC Corp. | 39811 | $1556610  |
| Huntsman Corp. | 140637 | 1569509  |
| Olin Corp. | 82543 | 1952967  |
|  |  | 5079086  |
| **Consumer Discretionary - 24.4%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 125523 | 3112970  |
| Advance Auto Parts, Inc. | 86185 | 5256423  |
| Delta Air Lines, Inc. | 46434 | 2868693  |
| Dollar General Corp. | 37238 | 4050005  |
| Lear Corp. | 16389 | 1802790  |
| LKQ Corp. | 51391 | 1676374  |
| Magna International, Inc. | 67036 | 3076952  |
| Newell Brands, Inc. | 227305 | 1345646  |
| PVH Corp. | 25312 | 2134308  |
|  |  | 25324161  |
| **Consumer Staples - 2.5%**<br>|  |  |
| Tyson Foods, Inc. - Class A | 46004 | 2612107  |
| **Energy - 1.6%**<br>|  |  |
| NOV, Inc. | 124619 | 1656187  |
| **Financials - 19.4%**<br>|  |  |
| CNO Financial Group, Inc. | 52228 | 2061439  |
| Comerica, Inc. | 21838 | 1541326  |
| Corebridge Financial, Inc. | 87730 | 3050372  |
| Equitable Holdings, Inc. | 37448 | 1994480  |
| Fifth Third Bancorp | 56821 | 2600697  |
| Globe Life, Inc. | 18406 | 2575920  |
| KeyCorp | 53346 | 1032779  |
| MetLife, Inc. | 33374 | 2715309  |
| Voya Financial, Inc. | 34111 | 2561395  |
|  |  | 20133717  |
| **Health Care - 18.5%**<br>|  |  |
| Baxter International, Inc. | 162931 | 4022766  |
|  Fresenius Medical Care AG & Co. KGaA - ADR | 129999 | 3340974  |
| Henry Schein, Inc.<sup>(a)</sup> | 36914 | 2568476  |
| Humana, Inc. | 19138 | 5811445  |
|  Universal Health Services, Inc. - Class B | 18968 | 3444210  |
|  |  | 19187871  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 13.7%**<br>|  |  |
| Capital One Financial Corp. | 13819 | $3139953  |
| Dow, Inc. | 95139 | 2343274  |
| Global Payments, Inc. | 35327 | 3137744  |
| Oshkosh Corp. | 23775 | 3313522  |
| Robert Half, Inc. | 59992 | 2238901  |
|  |  | 14173394  |
| **Technology - 13.4%**<br>|  |  |
| Avnet, Inc. | 56410 | 3078294  |
|  Cognizant Technology Solutions Corp. - Class A | 31900 | 2304775  |
| Concentrix Corp. | 46164 | 2435613  |
| Skyworks Solutions, Inc. | 40723 | 3051782  |
| SS&C Technologies Holdings, Inc. | 23117 | 2049553  |
| TE Connectivity PLC | 4983 | 1028989  |
|  |  | 13949006  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $90,044,859)** |  | 102115529  |
| **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** |  |
| **Money Market Funds - 1.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 1511019 | 1511019  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,511,019)** |  | 1511019  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $91,555,878)** |  | 103626548  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 97783  |
| **TOTAL NET ASSETS - 100.0%** |  | $103724331 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Emerging Markets Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.3%** <br>|  |  |
| **Brazil - 8.6%** <br>|  |  |
| Ambev S.A. | 24011400 | $54693654  |
| B3 S.A. - Brasil, Bolsa, Balcao | 10340900 | 24832579  |
| Banco do Brasil S.A. | 10102600 | 39856251  |
| Natura Cosmeticos S.A.<sup>(a)</sup> | 23922500 | 39666032  |
| Neoenergia S.A. | 5704950 | 28683371  |
| Vale S.A. | 5622100 | 57726110  |
|  |  | 245457997  |
| **China - 23.4%**<br>|  |  |
| Alibaba Group Holding, Ltd. | 5028800 | 74636926  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 134228 | 12791928  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 5150650 | 59068451  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 27747745 | 45748622  |
|  China Merchants Bank Co., Ltd. - Class H | 8248000 | 50786223  |
|  China Overseas Land & Investment, Ltd. | 43430118 | 77495086  |
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd. - <br>Class H | 21698000 | 73036434  |
|  Ping An Insurance Group Co. of China, Ltd. - Class H | 5912000 | 42697146  |
| Tencent Holdings, Ltd. | 902900 | 69088557  |
| Weichai Power Co., Ltd. - Class H | 26693000 | 55813726  |
|  Zhejiang Longsheng Group Co., Ltd. - Class A | 13845905 | 20498792  |
| Zhongsheng Group Holdings, Ltd. | 17941000 | 36984397  |
| ZTO Express Cayman, Inc. | 1139000 | 20543057  |
| ZTO Express Cayman, Inc. - ADR | 1378959 | 25097054  |
|  |  | 664286399  |
| **Hong Kong - 9.0%**<br>|  |  |
| Galaxy Entertainment Group, Ltd. | 14131000 | 74321211  |
| Man Wah Holdings, Ltd. | 46653445 | 28247612  |
| Pacific Basin Shipping, Ltd. | 225670066 | 63108299  |
| WH Group, Ltd.<sup>(b)</sup> | 70507200 | 75431986  |
| Yue Yuen Industrial (Holdings), Ltd. | 7769500 | 13704140  |
|  |  | 254813248  |
| **Hungary - 4.1%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC | 3003415 | 25831363  |
| OTP Bank PLC | 620584 | 54088689  |
| Richter Gedeon PLC | 1251448 | 37933742  |
|  |  | 117853794  |
| **India - 4.6%**<br>|  |  |
| HDFC Bank, Ltd. | 4371564 | 47152933  |
| UPL, Ltd. | 6131162 | 49741810  |
| WNS (Holdings), Ltd.<sup>(a)</sup> | 429028 | 32370163  |
|  |  | 129264906  |
| **Indonesia - 2.2%**<br>|  |  |
| Bank Rakyat Indonesia Persero Tbk | 252843300 | 62099173  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Kazakhstan - 2.1%**<br>|  |  |
| Kaspi.Kz JSC - ADR | 621188 | $58366824  |
| **Peru - 2.2%**<br>|  |  |
| Credicorp, Ltd. | 247531 | 63664973  |
| **Republic of Korea - 14.5%**<br>|  |  |
| DB Insurance Co., Ltd. | 324285 | 30766547  |
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co., <br>Ltd. | 1751037 | 50569420  |
| Hyundai Mobis Co., Ltd. | 267638 | 61314658  |
| KB Financial Group, Inc. | 549820 | 42791242  |
| Orion Corp. | 540018 | 41873001  |
| Samsung Electronics Co., Ltd. | 2419690 | 121310838  |
| Shinhan Financial Group Co., Ltd. | 954930 | 44853033  |
| WONIK IPS Co., Ltd. | 646815 | 18912447  |
|  |  | 412391186  |
| **Romania - 0.4%**<br>|  |  |
| Banca Transilvania S.A. | 1942250 | 12313835  |
| **Russia - 0.0%<sup>(c)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC - <br>ADR<sup>(a)(d)</sup> | 408511 | 4085  |
| **Saudi Arabia - 1.7%**<br>|  |  |
| Saudi Arabian Oil Co.<sup>(b)</sup> | 7516878 | 47478815  |
| **Singapore - 1.6%**<br>|  |  |
| Wilmar International, Ltd. | 19829300 | 45589927  |
| **Taiwan - 6.5%**<br>|  |  |
| Compal Electronics, Inc. | 19439161 | 17582649  |
| Hon Hai Precision Industry Co., Ltd. | 6810132 | 45334790  |
| Nien Made Enterprise Co., Ltd. | 654000 | 9252850  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2968000 | 112624675  |
|  |  | 184794964  |
| **Thailand - 3.9%**<br>|  |  |
| Bangkok Bank Public Co., Ltd. | 5287900 | 25382573  |
|  Bangkok Bank Public Co., Ltd. - NVDR | 4268000 | 20486927  |
| Indorama Ventures PCL - NVDR | 33708600 | 22579924  |
| SCB X PCL | 10957000 | 43462710  |
|  |  | 111912134  |
| **Turkey - 1.1%**<br>|  |  |
| Akbank T.A.S. | 17961980 | 29792943  |
| **United Arab Emirates - 0.5%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 3625099 | 14942757  |
| **United Kingdom - 1.2%**<br>|  |  |
| Standard Chartered PLC | 1020804 | 19123001  |
| Wizz Air Holdings PLC<sup>(a)</sup> | 736058 | 13510215  |
|  |  | 32633216  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Emerging Markets Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United States - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br>Corp. - Class A | 732662 | $52934830  |
| **Uruguay - 0.9%**<br>|  |  |
|  Arcos Dorados Holdings, Inc. - Class A | 3641568 | 25490976  |
| **Vietnam - 1.9%**<br>|  |  |
| Vietnam Dairy Products JSC | 23507130 | 53804515  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,264,957,038)** |  | 2619891497  |
| **PREFERRED STOCKS - 4.9%**<br>|  |  |
| **Brazil - 4.9%**<br>|  |  |
|  Cia Energetica de Minas Gerais, 12.75% | 29180263 | 59847566  |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., <br>7.48% | 6343967 | 45047858  |
| Petroleo Brasileiro S.A., 9.75% | 6226300 | 35783267  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $118,922,560)** |  | 140678691  |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **Money Market Funds - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, <br>4.22%<sup>(e)</sup> | 65753636 | 65753636  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $65,753,636)** |  | 65753636  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $2,449,633,234)** |  | 2826323824  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 13261012  |
| **TOTAL NET ASSETS - 100.0%** |  | $2839584836 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $122,910,801 or 4.3% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $4,085 or 0.0% of net assets as of August 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Small Cap Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%** <br>|  |  |
| **Basic Materials - 7.3%** <br>|  |  |
| Huntsman Corp. | 62421 | $696619  |
| Koppers Holdings, Inc. | 26091 | 756117  |
| Olin Corp. | 37514 | 887581  |
| Orion S.A. | 102367 | 1079972  |
|  |  | 3420289  |
| **Consumer Discretionary - 20.4%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 69979 | 1735479  |
| Advance Auto Parts, Inc. | 32479 | 1980894  |
| Dana, Inc. | 9857 | 198717  |
| Genesco, Inc.<sup>(a)</sup> | 31211 | 998128  |
| Haverty Furniture Cos., Inc. | 31830 | 717767  |
| Helen of Troy, Ltd.<sup>(a)</sup> | 22299 | 547440  |
| Hooker Furnishings Corp. | 23915 | 238911  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 34675 | 1151210  |
| Newell Brands, Inc. | 103579 | 613188  |
| PVH Corp. | 11926 | 1005600  |
| Samsonite Group SA - ADR | 25829 | 281288  |
|  |  | 9468622 |
| **Consumer Staples - 6.4%**<br>|  |  |
| Spectrum Brands Holdings, Inc. | 28073 | 1599880  |
| Universal Corp. | 7870 | 440327  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 28739 | 917061  |
|  |  | 2957268  |
| **Energy - 5.1%**<br>|  |  |
| MRC Global, Inc.<sup>(a)</sup> | 96570 | 1456276  |
| NOV, Inc. | 67581 | 898151  |
|  |  | 2354427  |
| **Financials - 20.5%**<br>|  |  |
| Associated Banc-Corp. | 34654 | 934618  |
| Bread Financial Holdings, Inc. | 15180 | 1004764  |
| CNO Financial Group, Inc. | 26218 | 1034824  |
| Columbia Banking System, Inc. | 35761 | 957322  |
| Globe Life, Inc. | 7330 | 1025834  |
| Old National Bancorp of Indiana | 50767 | 1162057  |
| Synovus Financial Corp. | 13612 | 702515  |
| Univest Financial Corp. | 20329 | 643819  |
| Webster Financial Corp. | 18748 | 1166501  |
| WSFS Financial Corp. | 15506 | 903845  |
|  |  | 9536099  |
| **Health Care - 6.0%**<br>|  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 44958 | 952210  |
| Teleflex, Inc. | 7191 | 909014  |
| Varex Imaging Corp.<sup>(a)</sup> | 78914 | 911457  |
|  |  | 2772681  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 24.6%**<br>|  |  |
| ABM Industries, Inc. | 23232 | $1142318  |
| Aebi Schmidt Holding AG | 100296 | 1232638  |
| American Woodmark Corp.<sup>(a)</sup> | 21418 | 1382960  |
| Douglas Dynamics, Inc. | 39720 | 1337373  |
| Korn Ferry | 15112 | 1120404  |
| Masterbrand, Inc.<sup>(a)</sup> | 70375 | 894466  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 49293 | 1678427  |
| Robert Half, Inc. | 19869 | 741511  |
| TriMas Corp. | 37199 | 1438485  |
| TrueBlue, Inc.<sup>(a)</sup> | 76454 | 456430  |
|  |  | 11425012  |
| **Real Estate - 0.9%**<br>|  |  |
| Marcus & Millichap, Inc. | 13507 | 440193  |
| **Technology - 6.6%**<br>|  |  |
| Avnet, Inc. | 20163 | 1100295  |
| Concentrix Corp. | 19570 | 1032513  |
| ScanSource, Inc.<sup>(a)</sup> | 21957 | 958423  |
|  |  | 3091231  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $44,107,845)** |  | 45465822  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |
| DiamondRock Hospitality Co. | 54450 | 466092  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $485,496)** |  | 466092 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
| **Money Market Funds - 1.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 615919 | 615919  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $615,919)** |  | 615919  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $45,209,260)** |  | 46547833  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.1)% |  | (56924)  |
| **TOTAL NET ASSETS - 100.0%** |  | $46490909 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Small Cap Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%** <br>|  |  |
| **Australia - 5.4%** <br>|  |  |
| Elders, Ltd. | 1252719 | $6099627  |
| Perenti, Ltd. | 2918493 | 4507620  |
|  |  | 10607247  |
| **Belgium - 2.1%**<br>|  |  |
| Umicore S.A. | 268478 | 4190012  |
| **Canada - 6.0%**<br>|  |  |
| Linamar Corp. | 76941 | 4200704  |
| Spin Master Corp.<sup>(b)</sup> | 250967 | 4131768  |
| Transcontinental, Inc. - Class A | 228411 | 3386207  |
|  |  | 11718679  |
| **Denmark - 1.9%**<br>|  |  |
| Solar A/S - Class B | 107719 | 3663395  |
| **Finland - 2.9%**<br>|  |  |
| Nokian Renkaat Oyj | 599078 | 5634951  |
| **France - 7.2%**<br>|  |  |
| Arkema S.A. | 63606 | 4509428  |
| Beneteau SACA | 483483 | 4723005  |
| Nexity S.A.<sup>(a)</sup> | 403373 | 4072568  |
| Rexel S.A. | 22086 | 715210  |
|  |  | 14020211  |
| **Germany - 7.0%**<br>|  |  |
| Aurubis AG | 45754 | 5192201  |
| Duerr AG | 148425 | 3681236  |
| Hornbach Holding AG & Co. KGaA | 39941 | 4859628  |
|  |  | 13733065  |
| **Hong Kong - 5.4%**<br>|  |  |
| Pacific Basin Shipping, Ltd. | 5286426 | 1478341  |
| VTech Holdings, Ltd. | 614416 | 4953633  |
| Yue Yuen Industrial (Holdings), Ltd. | 2388076 | 4212180  |
|  |  | 10644154  |
| **Ireland - 9.8%**<br>|  |  |
| Bank of Ireland Group PLC | 39508 | 584229  |
| C&C Group PLC | 2462875 | 5705630  |
| Origin Enterprises PLC | 1684366 | 7488085  |
| &nbsp;&nbsp;&nbsp; Permanent TSB Group Holdings <br>PLC<sup>(a)</sup> | 2013907 | 5489668  |
|  |  | 19267612  |
| **Italy - 4.3%**<br>|  |  |
| Ariston Holding N.V. | 687803 | 3592022  |
| MARR SpA | 429611 | 4860183  |
|  |  | 8452205  |
| **Japan - 14.1%**<br>|  |  |
| Fukuoka Financial Group, Inc. | 163037 | 4952517  |
| Kanto Denka Kogyo Co., Ltd. | 781545 | 4541795  |
| KH Neochem Co., Ltd. | 252474 | 4825963  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Sawai Group Holdings Co., Ltd. | 357989 | $4565148  |
| Tokai Carbon Co., Ltd. | 589049 | 4080514  |
| Toyota Boshoku Corp. | 279530 | 4608902  |
|  |  | 27574839  |
| **Netherlands - 3.3%**<br>|  |  |
| Signify N.V.<sup>(b)</sup> | 246199 | 6497946  |
| **New Zealand - 2.4%**<br>|  |  |
| Fletcher Building Ltd.<sup>(a)</sup> | 2510299 | 4731454  |
| **Republic of Korea - 3.5%**<br>|  |  |
| WONIK IPS Co., Ltd. | 231952 | 6782125  |
| **Spain - 2.9%**<br>|  |  |
| Unicaja Banco S.A.<sup>(b)</sup> | 2008289 | 5568334  |
| **Switzerland - 0.3%**<br>|  |  |
| Barry Callebaut AG | 468 | 631681  |
| **United Kingdom - 16.3%**<br>|  |  |
| Ferrexpo PLC<sup>(a)</sup> | 1086712 | 810782  |
| Hays PLC | 3596767 | 3033523  |
| Ibstock PLC | 2360076 | 4408435  |
| Pennon Group PLC | 707121 | 4526431  |
| Sabre Insurance Group PLC<sup>(b)</sup> | 2832091 | 5496827  |
| Senior PLC | 1817374 | 4925033  |
| SThree PLC | 1157901 | 3051803  |
| Travis Perkins PLC<sup>(a)</sup> | 360158 | 2898847  |
| Wizz Air Holdings PLC<sup>(a)</sup> | 151099 | 2773396  |
|  |  | 31925077  |
| **United States - 2.5%**<br>|  |  |
| Samsonite Group SA<sup>(b)</sup> | 2281800 | 4970171  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $165,462,575)** |  | 190613158  |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |
| **Money Market Funds - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 4667264 | 4667264  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,667,264)** |  | 4667264  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $170,129,839)** |  | 195280422  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 545582  |
| **TOTAL NET ASSETS - 100.0%** |  | $195826004 |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Small Cap Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $26,665,046 or 13.6% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%** <br>|  |  |
| **Brazil - 1.0%**  | **Brazil - 1.0%**  |  |
| Ambev S.A.  | 254800 | $580389  |
| Banco do Brasil S.A.  | 151600 | 598084  |
|  |  | 1178473  |
| **Canada - 1.7%** | **Canada - 1.7%** |  |
| Magna International, Inc.  | 26252 | 1205029  |
| Magna International, Inc.<sup>(c)</sup> | 16876 | 774608  |
|  |  | 1979637  |
| **China - 5.2%** | **China - 5.2%** |  |
| Alibaba Group Holding, Ltd.  | 149500 | 2218863  |
| Alibaba Group Holding, Ltd. - ADR  | 563 | 76005  |
|  China Merchants Bank Co., Ltd. - Class H  | 103000 | 634212  |
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment, <br>Ltd.  | 652500 | 1164297  |
| Haier Smart Home Co., Ltd. - Class H | 374800 | 1261594  |
| Weichai Power Co., Ltd. - Class H  | 355000 | 742287  |
|  |  | 6097258  |
| **Denmark - 2.3%** | **Denmark - 2.3%** |  |
| Danske Bank A/S  | 66553 | 2735884  |
| **Finland - 0.8%** | **Finland - 0.8%** |  |
| Nokia Oyj - ADR  | 209228 | 899680  |
| **France - 12.8%** | **France - 12.8%** |  |
| Accor S.A.  | 18111 | 895623  |
| Amundi S.A.<sup>(a)</sup> | 23145 | 1709942  |
| Arkema S.A.  | 27557 | 1953688  |
| Michelin SCA  | 68252 | 2469711  |
| Rexel S.A.  | 97976 | 3172755  |
| Sanofi  | 22178 | 2192191  |
| Teleperformance SE  | 33074 | 2550672  |
|  |  | 14944582  |
| **Germany - 13.8%** | **Germany - 13.8%** |  |
| BASF SE  | 56907 | 3019878  |
| Bayer AG  | 53703 | 1762938  |
| Continental AG  | 28981 | 2542877  |
| Daimler Truck Holding AG  | 71607 | 3365178  |
| Evonik Industries AG  | 74496 | 1437157  |
|  Fresenius Medical Care AG & Co. KGaA  | 47232 | 2419703  |
| Mercedes-Benz Group AG  | 24353 | 1519979  |
|  |  | 16067710  |
| **Hong Kong - 2.3%** | **Hong Kong - 2.3%** |  |
| Galaxy Entertainment Group, Ltd.  | 502000 | 2640241  |
| **Indonesia - 1.0%** | **Indonesia - 1.0%** |  |
| Bank Rakyat Indonesia Persero Tbk  | 4579900 | 1124839 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Ireland - 3.8%** | **Ireland - 3.8%** |  |
| Bank of Ireland Group PLC  | 193578 | $2862555  |
| Medtronic PLC  | 16754 | 1554939  |
|  |  | 4417494  |
| **Italy - 2.0%** | **Italy - 2.0%** |  |
| Enel S.p.A.  | 253650 | 2339549  |
| **Japan - 18.7%** | **Japan - 18.7%** |  |
| Bridgestone Corp.  | 26000 | 1185574  |
| Daikin Industries, Ltd.  | 14600 | 1847913  |
| Fukuoka Financial Group, Inc.  | 26200 | 795868  |
| Iida Group Holdings Co., Ltd.  | 32000 | 505515  |
| Komatsu, Ltd.  | 54300 | 1861545  |
| Minebea Mitsumi, Inc.  | 124100 | 2151303  |
| Murata Manufacturing Co., Ltd.  | 150400 | 2489012  |
| Olympus Corp.  | 199500 | 2338395  |
| Resona Holdings, Inc.  | 121200 | 1232990  |
| Sumitomo Mitsui Financial Group, Inc. | 24000 | 661100  |
| Suntory Beverage & Food, Ltd.  | 63000 | 1954884  |
| T&D Holdings, Inc.  | 18100 | 475301  |
| Takeda Pharmaceutical Co., Ltd.  | 32000 | 962689  |
| TDK Corp.  | 194000 | 2555776  |
| Toray Industries, Inc.  | 118700 | 802319  |
|  |  | 21820184  |
| **Luxembourg - 2.2%** | **Luxembourg - 2.2%** |  |
| ArcelorMittal S.A.  | 77270 | 2572744  |
| **Netherlands - 5.1%** | **Netherlands - 5.1%** |  |
| ING Groep N.V.  | 111878 | 2664853  |
| Koninklijke Philips N.V.  | 48105 | 1325354  |
| Randstad N.V.  | 40901 | 1932673  |
|  |  | 5922880  |
| **Norway - 2.1%** | **Norway - 2.1%** |  |
| Equinor ASA  | 99364 | 2449466  |
| **Republic of Korea - 3.0%** | **Republic of Korea - 3.0%** |  |
| Samsung Electronics Co., Ltd.  | 55655 | 2790256  |
| Shinhan Financial Group Co., Ltd.  | 12850 | 603564  |
|  Shinhan Financial Group Co., Ltd. - ADR  | 3710 | 175223  |
|  |  | 3569043  |
| **Spain - 0.5%** | **Spain - 0.5%** |  |
| CaixaBank S.A.  | 64674 | 645401  |
| **Switzerland - 6.1%** | **Switzerland - 6.1%** |  |
| Julius Baer Group, Ltd.  | 32618 | 2352132  |
| Roche Holding AG  | 6961 | 2264511  |
| UBS Group AG  | 62908 | 2545724  |
|  |  | 7162367 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Value Fund** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United Kingdom - 13.9%** | **United Kingdom - 13.9%** |  |
| Barclays PLC  | 352841 | $1718756  |
| GSK PLC  | 106794 | 2096590  |
| HSBC Holdings PLC  | 212342 | 2717057  |
| J Sainsbury PLC  | 576174 | 2331610  |
| NatWest Group PLC  | 78674 | 542953  |
| Reckitt Benckiser Group PLC  | 39568 | 2957465  |
| Shell PLC  | 58240 | 2152394  |
| Standard Chartered PLC  | 31128 | 583129  |
| Tesco PLC  | 204097 | 1166056  |
|  |  | 16266010  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $94,595,532)** |  | 114833442  |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
| **Money Market Funds - 1.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 1484185 | 1484185  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,484,185)** |  | 1484185  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $96,079,717)** |  | 116317627  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4%  |  | 482296  |
| **TOTAL NET ASSETS - 100.0%** |  | $116799923 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $1,709,942 or 1.5% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

<sup>(c)</sup> U.S. Traded Foreign Security.

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

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Statements of Assets and Liabilities** 

**August 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pzena** <br>**Mid Cap** <br>**Value Fund**  | **Pzena** <br>**Emerging** <br>**Markets** <br>**Value Fund**  | **Pzena** <br>**Small Cap** <br>**Value Fund**  |
| **ASSETS:** <br>|  |  |  |
|  Investments in securities, at value (cost $91,555,878, $2,449,633,234, and $45,209,260, respectively) | $103626548 | $2826323824 | $46547833  |
| Cash |  | 3222006 | —  |
|  Foreign currency, at value (cost $0, $4,195,578, and $0, respectively) |  | 4193998 | —  |
| Receivables: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 33719 | 3001768 | 29014  |
| &nbsp;&nbsp;&nbsp; Securities sold |  | 2291853 | —  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 240044 | 10761242 | 74516  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 53480 |  | —  |
| Prepaid expenses | 23122 | 213664 | 32064  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 103976913 | 2850008355 | 46683427  |
| **LIABILITIES:**<br>|  |  |  |
| Payables: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Taxes |  | 4105795 | —  |
| &nbsp;&nbsp;&nbsp; Securities purchased | 140692 | 2819058 | 50050  |
| &nbsp;&nbsp;&nbsp; Due to Adviser (Note 4) | 56156 | 2341663 | 13718  |
| &nbsp;&nbsp;&nbsp; Audit fees | 14847 | 14847 | 14847  |
| &nbsp;&nbsp;&nbsp; Administration fees | 11912 | 85415 | 9825  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 7207 | 8198 | 8453  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 4549 | 17128 | 5101  |
| &nbsp;&nbsp;&nbsp; Legal fees | 3753 | 3910 | 3910  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees - Investor Class | 3480 | 50133 | 1483  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 3191 | 752202 | 80865  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 1880 | 1880 | 1880  |
| &nbsp;&nbsp;&nbsp; Custody fees | 1688 | 197692 | 921  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 306 | 629 | 354  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees - Investor Class | 167 | 4425 | 333  |
| &nbsp;&nbsp;&nbsp; Shareholder reporting | 43 | 20544 | 778  |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2711 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 252582 | 10423519 | 192518  |
| **NET ASSETS** | $103724331 | $2839584836 | $46490909  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| Paid-in capital | $93798639 | $2315361235 | $46364458  |
| Total distributable earnings | 9925692 | 524223601 | 126451  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $103724331 | $2839584836 | $46490909  |

---

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

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Statements of Assets and Liabilities** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pzena** <br>**Mid Cap** <br>**Value Fund**  | **Pzena** <br>**Emerging** <br>**Markets** <br>**Value Fund**  | **Pzena** <br>**Small Cap** <br>**Value Fund**  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |  |
| **Investor Class:**<br>|  |  |  |
| Net assets | $2059039 | $52787698 | $3367959  |
|  Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 160703 | 3643330 | 236428  |
| **Net asset value, offering and redemption price per share** | $12.81 | $14.49 | $14.25  |
| **Institutional Class:**<br>|  |  |  |
| Net assets | $101665292 | $2786797138 | $43122950  |
|  Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 8064739 | 191179194 | 2995047  |
| **Net asset value, offering and redemption price per share** | $12.61 | $14.58 | $14.40 |

---

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

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Statements of Assets and Liabilities** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pzena** <br>**International** <br>**Small Cap** <br>**Value Fund**  | **Pzena** <br>**International** <br>**Value Fund**  |
| **ASSETS:** <br>|  |  |
|  Investments in securities, at value (cost $170,129,839 and $96,079,717, respectively) | $195280422 | $116317627  |
| Foreign currency, at value (cost $4,514 and $84,341, respectively) | 4551 | 84452  |
| Receivables: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 33724 | 1496  |
| &nbsp;&nbsp;&nbsp; Securities sold |  | 148581  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 562097 | 197363  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 165977 | 213851  |
| &nbsp;&nbsp;&nbsp; Currency | 33 | —  |
| Prepaid expenses | 43338 | 22986  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 196090142 | 116986356  |
| **LIABILITIES:**<br>|  |  |
| Payables: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities purchased | 40597 | 83133  |
| &nbsp;&nbsp;&nbsp; Due to Adviser (Note 4) | 141984 | 49083  |
| &nbsp;&nbsp;&nbsp; Audit fees | 14847 | 14847  |
| &nbsp;&nbsp;&nbsp; Administration fees | 18001 | 14145  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 7207 | 8506  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 3650 | 4402  |
| &nbsp;&nbsp;&nbsp; Legal fees | 3910 | 3910  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees - Investor Class | 6333 | 1738  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 15900 | 242  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 1880 | 1880  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 2682 | 677  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees - Investor Class | 311 | 25  |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6836 | 3845  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 264138 | 186433  |
| **NET ASSETS** | $195826004 | $116799923  |
| **NET ASSETS CONSIST OF:**<br>|  |  |
| Paid-in capital | $163953244 | $89692850  |
| Total distributable earnings | 31872760 | 27107073  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $195826004 | $116799923  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |
| **Investor Class:**<br>|  |  |
| Net assets | $6011562 | $1490448  |
| Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 453015 | 118884  |
| **Net asset value, offering and redemption price per share** | $13.27 | $12.54  |
| **Institutional Class:**<br>|  |  |
| Net assets | $189814442 | $115309475  |
| Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 14246011 | 9178334  |
| **Net asset value, offering and redemption price per share** | $13.32 | $12.56 |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Statements of Operations** 

**For the Period Ended August 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pzena** <br>**Mid Cap** <br>**Value Fund**  | **Pzena** <br>**Emerging** <br>**Markets** <br>**Value Fund**  | **Pzena** <br>**Small Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld and issuance fees of <br>$34,121, $6,608,531, and $991, respectively) | $1446965 | $75419175 | $535996  |
| Interest income | 41460 | 1719636 | 15720  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1488425 | 77138811 | 551716  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 4) | 455713 | 12388478 | 225860  |
| Administration fees (Note 4) | 40196 | 293664 | 36876  |
| Audit fees | 20347 | 20347 | 20347  |
| Federal and state registration fees | 16589 | 75653 | 11612  |
| Trustee fees and expenses | 16147 | 15138 | 14852  |
| Transfer agent fees and expenses (Note 4) | 14675 | 65604 | 15055  |
| Chief Compliance Officer fees (Note 4) | 5547 | 5547 | 5547  |
| 12b-1 distribution fees - Investor Class (Note 5) | 4639 | 59598 | 4022  |
| Reports to shareholders | 4609 | 64661 | 7736  |
| Custody fees (Note 4) | 4448 | 680988 | 3519  |
| Legal fees | 3321 | 3153 | 3153  |
| Interest expense (Note 8) | 2055 |  | 5369  |
| Shareholder servicing fees - Investor Class (Note 6) | 1855 | 23525 | 973  |
| Insurance expense | 1843 | 11151 | 1402  |
| Fund accounting fees (Note 4) | 743 | 1753 | 938  |
| Other expenses | 4575 | 69015 | 7294  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 597302 | 13778275 | 364555  |
| &nbsp;&nbsp;&nbsp; Advisory fee waiver (Note 4) | (78130) | (315595) | (121776)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 519172 | 13462680 | 242779  |
| **NET INVESTMENT INCOME** | 969253 | 63676131 | 308937  |
| **REALIZED AND UNREALIZED GAIN/(LOSS):**<br>|  |  |  |
| Net realized gain/(loss) on transactions from: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (5479422) | 65960026 | (2880506)  |
| &nbsp;&nbsp;&nbsp; Foreign currency |  | (206951) | —  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Taxes |  | (2084521) | —  |
| Net change in unrealized appreciation/(depreciation) from: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 9349812 | 278284591 | 4946318  |
| &nbsp;&nbsp;&nbsp; Foreign currency | 6 | 337897 | —  |
| &nbsp;&nbsp;&nbsp; Deferred non-U.S. Taxes |  | (4105795) | —  |
| **Net gain on investments and foreign currency** | 3870396 | 338185247 | 2065812  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4839649 | $401861378 | $2374749 |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Statements of Operations** 

**For the Period Ended August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pzena**<br>**International**<br>**Small Cap**<br>**Value Fund** | **Pzena** <br>**International** <br>**Value Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |
|  Dividends (net of foreign taxes withheld and issuance fees of $369,161 and $394,852, respectively) | $3655332 | $2966995  |
| Interest income | 124220 | 69312  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3779552 | 3036307  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 4) | 727715 | 355255  |
| Administration fees (Note 4) | 42656 | 41430  |
| Audit fees | 20346 | 20347  |
| Federal and state registration fees | 19296 | 18693  |
| Trustee fees and expenses | 16147 | 14826  |
| Transfer agent fees and expenses (Note 4) | 14397 | 13149  |
| Chief Compliance Officer fees (Note 4) | 5546 | 5547  |
| 12b-1 distribution fees - Investor Class (Note 5) | 5695 | 1714  |
| Reports to shareholders | 4568 | 2765  |
| Custody fees (Note 4) | 19000 | 13966  |
| Legal fees | 3153 | 3153  |
| Shareholder servicing fees - Investor Class (Note 6) | 1213 | 104  |
| Insurance expense | 1474 | 1593  |
| Fund accounting fees (Note 4) | 1310 | 1764  |
| Other expenses | 4429 | 3243  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver and expense reimbursement | 886945 | 497549  |
| &nbsp;&nbsp;&nbsp; Advisory fee waiver and expense reimbursement (Note 4) | (91041) | (91286)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 795904 | 406263  |
| **NET INVESTMENT INCOME** | 2983648 | 2630044  |
| **REALIZED AND UNREALIZED GAIN:**<br>|  |  |
| Net realized gain on transactions from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3464482 | 2684983  |
| &nbsp;&nbsp;&nbsp; Foreign currency | 25864 | 2385  |
| Net change in unrealized appreciation/(depreciation) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 25252122 | 9388568  |
| &nbsp;&nbsp;&nbsp; Foreign currency | 8416 | 17693  |
| **Net gain on investments and foreign currency** | 28750884 | 12093629  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $31734532 | $14723673 |

---

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

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Mid Cap Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** <br>|  |  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $969253 | $1954754  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (5479422) | 18081294  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9349812 | (21769126)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 6 | (8)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | 4839649 | (1733086)  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class |  | (1091717)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class |  | (21562211)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** |  | (22653928)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 128650 | 737649  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 4948434 | 18942956  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class |  | 996839  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class |  | 12116221  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (3686886) | (2605426)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (37749564) | (17583164)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets derived from capital share transactions** | (36359366) | 12605075  |
| **TOTAL DECREASE IN NET ASSETS** | (31519717) | (11781939)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 135244048 | 147025987  |
| &nbsp;&nbsp;&nbsp; End of period | $103724331 | $135244048  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 10890 | 52362  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 425803 | 1514254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class |  | 83139  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class |  | 1030291  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (312899) | (197842)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (3325501) | (1299054)  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in shares outstanding | (3201707) | 1183150 |

---

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

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Emerging Markets Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** <br>|  |  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $63676131 | $67707451  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 65960026 | 106793145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (206951) | (2010513)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Taxes | (2084521) | (7857597)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 278284591 | 13945662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 337897 | (208289)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred non-U.S. Taxes | (4105795) | (3576391)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 401861378 | 174793468  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class |  | (2951017)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class |  | (138217242)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** |  | (141168259)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 13223662 | 16959682  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 545580751 | 918399856  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class |  | 2884744  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class |  | 94472625  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (11777155) | (19467847)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (247277454) | (530968915)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 299749804 | 482280145  |
| **TOTAL INCREASE IN NET ASSETS** | 701611182 | 515905354  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 2137973654 | 1622068300  |
| &nbsp;&nbsp;&nbsp; End of period | $2839584836 | $2137973654  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 1004416 | 1333723  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 41470975 | 72468038  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class |  | 242619  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class |  | 7918912  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (892781) | (1544524)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (19048220) | (41963382)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 22534390 | 38455386 |

---

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

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Small Cap Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** <br>|  |  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $308937 | $441186  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | &nbsp;&nbsp; (2880506) | 5400443  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; 4946318 | (8654293)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | &nbsp;&nbsp; 2374749 | (2812664)  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | &nbsp;&nbsp; — | (311220)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | &nbsp;&nbsp; — | (3811100)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | &nbsp;&nbsp; — | (4122320)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | &nbsp;&nbsp; 118528 | 852224  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | &nbsp;&nbsp; 6729672 | 26851205  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | &nbsp;&nbsp; — | 311221  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | &nbsp;&nbsp; — | 3609479  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | &nbsp;&nbsp; (1152616) | (611351)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | &nbsp;&nbsp; (22405622) | (13097570)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets derived from capital share transactions** | &nbsp;&nbsp; (16710038) | 17915208  |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (14335289) | 10980224  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 60826198 | 49845974  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $46490909 | $60826198  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | &nbsp;&nbsp; 9585 | 57180  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | &nbsp;&nbsp; 544193 | 1814176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | &nbsp;&nbsp; — | 22634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional <br>Class | &nbsp;&nbsp; — | 260424  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | &nbsp;&nbsp; (99265) | (42499)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | &nbsp;&nbsp; (1853305) | (879506)  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in shares outstanding | &nbsp;&nbsp; (1398792) | 1232409 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Small Cap Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** <br>|  |  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2983648 | $785485  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3464482 | 2027353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 25864 | (14381)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 25252122 | (809779)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 8416 | (4313)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 31734532 | 1984365  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class |  | (353089)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class |  | (2724867)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** |  | (3077956)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 2759797 | 557234  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 103618784 | 37262400  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class |  | 246020  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class |  | 2557372  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (1032043) | (836669)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (5401804) | (752775)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 99944734 | 39033582  |
| **TOTAL INCREASE IN NET ASSETS** | 131679266 | 37939991  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 64146738 | 26206747  |
| &nbsp;&nbsp;&nbsp; End of period | $195826004 | $64146738  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 221362 | 48245  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 9039263 | 3393224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class |  | 23408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional <br>Class |  | 242866  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (81296) | (72365)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (427527) | (66891)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 8751802 | 3568487 |

---

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** <br>|  |  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2630044 | $2826580  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2684983 | 4414843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 2385 | (19108)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9388568 | 7245750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 17693 | (2690)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 14723673 | 14465375  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class |  | (66518)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class |  | (5518005)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** |  | (5584523)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 119160 | 3000  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 3945788 | 11947550  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class |  | 66519  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class |  | 3186600  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (24607) | (87228)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (464089) | (1741406)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 3576252 | 13375035  |
| **TOTAL INCREASE IN NET ASSETS** | 18299925 | 22255887  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 98499998 | 76244111  |
| &nbsp;&nbsp;&nbsp; End of period | $116799923 | $98499998  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 10236 | 295  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 357734 | 1063276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class |  | 6685  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class |  | 320262  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (2147) | (8266)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (38311) | (167384)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 327512 | 1214868 |

---

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

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Mid Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $14.28 | $16.12 | $15.05 | $10.86  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.17 | 0.12 | 0.16  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | (0.01) | 2.44 | 4.32  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | 0.16 | 2.56 | 4.48  |
| **Less distributions:** <br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.15) | (0.15) | (0.24) | (0.05)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (1.12) | (1.85) | (1.25) | (0.24)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp; (1.27) | (2.00) | (1.49) | (0.29)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $14.56 | $14.28 | $16.12 | $15.05  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; -1.69% | &nbsp;&nbsp;&nbsp; 10.95% | 1.96% | 17.52% | 41.53%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:**  | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:**  | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:**  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2059 | &nbsp;&nbsp;&nbsp; $5576 | &nbsp;&nbsp;&nbsp; $7645 | $6667 | $11934 | $8972  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.33% | 1.32% | 1.31% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.24% | 1.24% | 1.24% | 1.24%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 1.03% | 1.07% | 0.63% | 1.33%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.12% | 1.15% | 0.70% | 1.49%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 39% | 35% | 22% | 45% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Mid Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $11.83 | $14.34 | $14.07 | $15.92 | $14.87 | $10.72 |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.19 | 0.20 | 0.22 | 0.17 | 0.20  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | (0.40) | 1.38 |  | 2.42 | 4.27  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | (0.21) | 1.58 | 0.22 | 2.59 | 4.47  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.20) | (0.19) | (0.22) | (0.29) | (0.08)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; — | (2.10) | (1.12) | (1.85) | (1.25) | (0.24)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (2.30) | (1.31) | (2.07) | (1.54) | (0.32)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | $11.83 | $14.34 | $14.07 | $15.92 | $14.87  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 6.59%<sup>(2)</sup> | -1.33% | 11.37% | 2.37% | 17.99% | 42.06%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $101665 | $129668 | $139381 | $128225 | $123926 | $108895  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<sup>(3)</sup> | 0.97% | 0.99% | 0.98% | 0.97% | 1.06%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(3)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.57%<sup>(3)</sup> | 1.28% | 1.37% | 1.42% | 0.97% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.71%<sup>(3)</sup> | 1.35% | 1.46% | 1.50% | 1.04% | 1.83%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16%<sup>(2)</sup> | 35% | 39% | 35% | 22% | 45% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Emerging Markets Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.36 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $11.00 | $11.59 | $11.84 | $8.96  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.39 | 0.27 | 0.29 | 0.20 | 0.14  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | 0.73 | 1.47 | (0.69) | (0.16) | 2.86  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | 1.12 | 1.74 | (0.40) | 0.04 | 3.00  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.38) | (0.16) | (0.21) | (0.09)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.29) | (0.03) | (0.08) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.67) | (0.19) | (0.29) | (0.12)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | 0.00<sup>(1)(2)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $12.36 | &nbsp;&nbsp; $12.07 | $11.00 | $11.59 | $11.84  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 17.23%<sup>(3)</sup> | &nbsp;&nbsp; 9.57% | &nbsp;&nbsp; 15.92% | -3.39% | 0.31% | 33.63%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $52788 | &nbsp;&nbsp; $43642 | &nbsp;&nbsp; $42250 | $36800 | $22332 | $17996  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.46%<sup>(4)</sup> | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.50% | 1.50% | 1.50% | 1.56%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.43%<sup>(4)</sup> | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.43% | 1.43% | 1.43% | 1.43%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers  | &nbsp;&nbsp;&nbsp;&nbsp; 4.77%<sup>(4)</sup> | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 2.20% | 2.61% | 1.57% | 1.32%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 4.80%<sup>(4)</sup> | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 2.27% | 2.68% | 1.64% | 1.45%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12%<sup>(3)</sup> | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 38% | 15% | 10% | 43% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Emerging Markets Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.41 | $12.12 | $11.04 | $11.63 | $11.87 | $8.98  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | 0.44 | 0.31 | 0.33 | 0.24 | 0.17  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | 0.72 | 1.48 | (0.70) | (0.15) | 2.86  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | 1.16 | 1.79 | (0.37) | 0.09 | 3.03  |
| **LESS DISTRIBUTIONS:**  | **LESS DISTRIBUTIONS:**  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp; — | (0.54) | (0.42) | (0.19) | (0.25) | (0.11)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp; — | (0.33) | (0.29) | (0.03) | (0.08) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.87) | (0.71) | (0.22) | (0.33) | (0.14)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; — |  |  |  |  | 0.00<sup>(1)(2)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.58 | $12.41 | $12.12 | $11.04 | $11.63 | $11.87  |
| Total return | &nbsp;&nbsp;&nbsp; 17.49%<sup>(3)</sup> | 9.92% | 16.32% | -3.11% | 0.74% | 33.96%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $2786797 | $2094332 | $1579818 | $1014109 | $537475 | $403412  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp; 1.11%<sup>(4)</sup> | 1.13% | 1.15% | 1.15% | 1.15% | 1.21%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp; 1.08%<sup>(4)</sup> | 1.08% | 1.08% | 1.08% | 1.08% | 1.08%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp; 5.12%<sup>(4)</sup> | 3.36% | 2.55% | 2.96% | 1.92% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp; 5.15%<sup>(4)</sup> | 3.41% | 2.62% | 3.03% | 1.99% | 1.80%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 12%<sup>(3)</sup> | 22% | 38% | 15% | 10% | 43% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Small Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $12.90 | $14.20 | $13.07 | $9.57  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.06 | 0.01 | 0.11  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | 0.66 | 1.31 | 3.55  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | 0.72 | 1.32 | 3.66  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.02) | (0.08) | (0.09) | —  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; (0.05) | (1.94) | (0.10) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.07) | (2.02) | (0.19) | (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp; $14.56 | $12.90 | $14.20 | $13.07  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.36%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; -4.15% | &nbsp;&nbsp;&nbsp; 13.38% | 6.34% | 10.04% | 38.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3368 | &nbsp;&nbsp;&nbsp; $4248 | &nbsp;&nbsp;&nbsp; $4204 | $4132 | $3663 | $2409  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.77% | 1.49% | 1.48% | 1.69%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.31% | 1.34% | 1.41% | 1.38%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.29% | 0.31% | 0.00% | 0.90%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.75% | 0.46% | 0.07% | 1.21%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp;&nbsp; 25% | 28% | 10% | 26% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Small Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.14 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $12.97 | $14.28 | $13.14 | $9.60  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.12 | 0.13 | 0.10 | 0.05 | 0.14  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp; (0.64) | 1.65 | 0.65 | 1.31 | 3.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (0.52) | 1.78 | 0.75 | 1.36 | 3.71  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.02) | (0.12) | (0.12) | (0.01)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.05) | (1.94) | (0.10) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.07) | (2.06) | (0.22) | (0.17)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | 0.00<sup>(1</sup><sup>)(2)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $13.14 | &nbsp;&nbsp; $14.68 | $12.97 | $14.28 | $13.14  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 9.59%<sup>(3)</sup> | &nbsp;&nbsp; -3.90% | &nbsp;&nbsp; 13.74% | 6.50% | 10.36% | 38.87%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $43123 | &nbsp;&nbsp; $56578 | &nbsp;&nbsp; $45642 | $91814 | $118998 | $70012  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.51%<sup>(4)</sup> | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.46% | 1.18% | 1.17% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(4)</sup> | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | 1.03% | 1.10% | 1.10%  |
|  Ratio of net investment income to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<sup>(4)</sup> | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.60% | 0.62% | 0.31% | 1.18%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.32%<sup>(4)</sup> | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.06% | 0.77% | 0.38% | 1.49%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14%<sup>(3)</sup> | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 25% | 28% | 10% | 26% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Small Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $10.62 | $10.05 | $9.48 | $7.48  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.18 | 0.05 | 0.09  |
|  Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.83 | 0.61 | 2.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | 1.01 | 0.66 | 2.10  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.17) | (0.16) | (0.07) | (0.09)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; (0.30) | (0.28) | (0.02) | (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; (0.47) | (0.44) | (0.09) | (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.99 | $10.62 | $10.05 | $9.48  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.21%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 8.66% | &nbsp;&nbsp;&nbsp; 7.87% | 10.51% | 6.93% | 28.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6012 | &nbsp;&nbsp;&nbsp; $3367 | &nbsp;&nbsp;&nbsp; $3448 | $1589 | $1538 | $1254  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp; 2.38% | 2.79% | 3.16% | 8.18%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.46% | 1.45% | 1.45% | 1.42%  |
|  Ratio of net investment income/(loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; 0.83% | 0.53% | (1.25)% | (5.56)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 1.75% | 1.87% | 0.46% | 1.20%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 39% | &nbsp;&nbsp;&nbsp; 43% | 26% | 22% | 32% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Small Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp; $10.64 | $10.07 | $9.49 | $7.49  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.31 | 0.22 | 0.20 | 0.08 | 0.10  |
|  Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | 0.65 | 0.65 | 0.83 | 0.61 | 2.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | 0.96 | 0.87 | 1.03 | 0.69 | 2.11  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.19) | (0.18) | (0.09) | (0.10)  |
|  Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.30) | (0.28) | (0.02) | (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.49) | (0.46) | (0.11) | (0.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.32 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.02 | $10.64 | $10.07 | $9.49  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 23.33%<sup>(2)</sup> | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 8.18% | 10.73% | 7.32% | 28.40%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $189814 | &nbsp;&nbsp; $60780 | &nbsp;&nbsp; $22759 | $16424 | $13919 | $2107  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<sup>(3)</sup> | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 2.09% | 2.51% | 2.88% | 7.93%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<sup>(3)</sup> | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.17% | 1.17% | 1.17% | 1.17%  |
|  Ratio of net investment income/(loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 3.78%<sup>(3)</sup> | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.12% | 0.81% | (0.97)% | (5.31)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 3.90%<sup>(3)</sup> | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 2.04% | 2.15% | 0.74% | 1.45%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14%<sup>(2)</sup> | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 43% | 26% | 22% | 32% |

---

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023** | **For the Period** <br>**June 28, 2021<sup>(1)</sup>** <br>**through** <br>**February 28,** <br>**2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.97  | &nbsp;&nbsp;&nbsp; $9.82  | &nbsp;&nbsp;&nbsp; $9.48  | &nbsp;&nbsp;&nbsp; $9.62  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27  | &nbsp;&nbsp;&nbsp;&nbsp;0.32  | &nbsp;&nbsp;&nbsp;&nbsp;0.21  | &nbsp;&nbsp;&nbsp;&nbsp;0.21  | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.30  | &nbsp;&nbsp;&nbsp;&nbsp;1.45  | &nbsp;&nbsp;&nbsp;&nbsp;0.30  | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.57  | &nbsp;&nbsp;&nbsp;&nbsp;1.77  | &nbsp;&nbsp;&nbsp;&nbsp;0.51  | &nbsp;&nbsp;&nbsp;&nbsp;0.02  | &nbsp;&nbsp;&nbsp;&nbsp; (0.34)  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.54  | &nbsp;&nbsp;&nbsp; $10.97  | &nbsp;&nbsp;&nbsp; $9.82  | &nbsp;&nbsp;&nbsp; $9.48  | &nbsp;&nbsp;&nbsp;&nbsp; $9.62  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 14.31% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 18.67% | &nbsp;&nbsp;&nbsp; 5.41% | &nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; -3.43%<sup>(4)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1490  | &nbsp;&nbsp;&nbsp; $1216  | &nbsp;&nbsp;&nbsp; $1101  | &nbsp;&nbsp;&nbsp; $969  | &nbsp;&nbsp;&nbsp;&nbsp; $966  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp;&nbsp; 2.83%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <sup>(5)</sup>  |
|  Ratio of net investment income/(loss) to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; (1.34)%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 4.55% <sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 2.95% | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<sup>(5)</sup>  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 4%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations.

<sup>(2)</sup> Based on average shares outstanding.

<sup>(3)</sup> Amount is less than $0.01 per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena International Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023** | **June 28, 2021<sup>(1)</sup>** <br>**through**<br>**February 28,** <br>**2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $10.00  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:**  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.34 | 0.24 | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | 1.46 | 0.31 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.38)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.80 | 0.55 | 0.04 | &nbsp;&nbsp;&nbsp; (0.33)  |
| **LESS DISTRIBUTIONS:** <br>|  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.05)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.05)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.56 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $9.62  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 14.39%<sup>(4)</sup> | &nbsp;&nbsp; 18.97% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; -3.29%<sup>(4)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $115310 | &nbsp;&nbsp; $97284 | &nbsp;&nbsp; $75143 | &nbsp;&nbsp; $42424 | &nbsp;&nbsp;&nbsp; $23612  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<sup>(5)</sup> | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 2.58%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<sup>(5)</sup> | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.74%<sup>(5)</sup>  |
|  Ratio of net investment income/(loss) to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 4.64%<sup>(5)</sup> | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; (1.09)%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 4.81%<sup>(5)</sup> | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.75%<sup>(5)</sup>  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11%<sup>(4)</sup> | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp; 4%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations.

<sup>(2)</sup> Based on average shares outstanding.

<sup>(3)</sup> Amount is less than $0.01 per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

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

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

The Mid Cap Value Fund and Emerging Markets Value Fund commenced operations on March 31, 2014. The Small Cap Value Fund commenced operations on April 27, 2016, the International Small Cap Value Fund commenced operations on July 2, 2018, and the International Value Fund commenced operations on June 28, 2021.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security Transactions, Income and Distributions – Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates. The Funds will make distributions of dividends and capital gains, if any, at least annually, typically in December. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America.** 

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

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

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

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

**Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated to U.S. dollar amounts on the respective dates of such transactions.** 

The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

**Derivatives *–* The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Each Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of the Fund's net assets. For the six months ended August 31, 2025, the Funds did not enter into derivatives transactions.** 

**Events Subsequent to the Fiscal Period End – In preparing the financial statements as August 31, 2025, management considered the impact of subsequent events for the potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds' financial statements.**

**Accounting Pronouncements – During the reporting period, the Funds adopted FASB Accounting Standards** 

**Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU** 

**2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Management Committee of the Trust's adviser acts as the CODM. This committee is composed of the Executive Committee, which includes the Chief Executive Officer, Chief Financial Officer and Treasurer, Chief Operating Officer, Co-Chief Investment Officer, and President. Each Fund within the Trust represents a single operating** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

segment, as the CODM monitors the operating results of each fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of a fund's total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions and profitability to the advisor, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and peers to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 –

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

Level 2 –

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

Level 3 –

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

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

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

**Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds and REITs, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

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

**Investment Companies – Investments in open-end mutual funds, including money market funds, are valued at their net asset value per share provided by the service agent of the Funds and will be classified in Level 1 of the fair value hierarchy.** 

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

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**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

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

The Board has adopted a valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Funds' investment adviser, Pzena Investment Management, LLC ("Adviser"), as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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

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

The following is a summary of the inputs used to value the Funds' securities as of August 31, 2025:

**Mid Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $102115529 | $— | $— | $102115529  |
| Short-Term Investment | 1511019 |  |  | 1511019  |
| **Total Assets** | $103626548 | $— | $— | $103626548 |

---

**Emerging Markets Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $2619887412 | $— | $4085 | $2619891497  |
| Preferred Stocks | 140678691 |  |  | 140678691  |
| Short-Term Investment | 65753636 |  |  | 65753636  |
| **Total Assets** | $2826319739 | $— | $4085 | $2826323824 |

---

**Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $45184534 | $281288 | $— | $45465822  |
| Real Estate Investment Trust | 466092 |  |  | 466092  |
| Short-Term Investment | 615919 |  |  | 615919  |
| **Total Assets** | $46266545 | $281288 | $— | $46547833 |

---

**International Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $190613158 | $— | $— | $190613158  |
| Short-Term Investment | 4667264 |  |  | 4667264  |
| **Total Assets** | $195280422 | $— | $— | $195280422 |

---

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**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

**International Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $114833442 | $— | $— | $114833442  |
| Short-Term Investment | 1484185 |  |  | 1484185  |
| **Total Assets** | $116317627 | $— | $— | $116317627 |

---

Refer to the Funds' schedule of investments for a detailed break-out of securities.

**Pzena Emerging Markets Value Fund** 

**Level 3 Reconciliation Disclosure** 

---

| | |
|:---|:---|
|  | **Common Stocks**  |
| Balance as of February 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4085  |
| Balance as of August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4085  |
|  Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

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

---

| | |
|:---|:---|
| Mid Cap Value Fund  | 0.80%  |
| Emerging Markets Value Fund | 1.00%  |
| Small Cap Value Fund | 0.95%  |
| International Small Cap Value Fund  | 0.95%  |
| International Value Fund  | 0.65% |

---

For the six months ended August 31, 2025, the Funds incurred the following in advisory fees:

---

| | |
|:---|:---|
|  | **Advisory** <br>**Fees**  |
| Mid Cap Value Fund | $455713  |
| Emerging Markets Value Fund | 12388478  |
| Small Cap Value Fund | 225860  |
| International Small Cap Value Fund | 727715  |
| International Value Fund | 355255 |

---

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

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap** <br>**Value Fund** | **Emerging** <br>**Markets** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Value Fund** | **International** <br>**Value Fund**  |
| 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |

---

Any such reduction made by the Adviser in its fees or payment of expenses which are the Funds' obligation are subject to reimbursement by the Funds to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Funds to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the six months ended August 31, 2025, the Adviser reduced its fees and reduced other operating expenses in the amount of $78,130 for the Mid Cap Value Fund, $315,595 for the Emerging Markets Value Fund, $121,776 for the Small Cap Value Fund, $91,041 for the International Small Cap Value Fund, and $91,286 for the International Value Fund. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2/28/2026** | **2/28/2027** | **2/29/2028** | **8/31/2028** | **Total**  |
| Mid Cap Value Fund | $51849 | $116009 | $102504 | $78130 | $348492  |
| Emerging Markets Value Fund | 289191 | 858787 | 944957 | 315595 | 2408530  |
| Small Cap Value Fund | 101913 | 243889 | 221715 | 121776 | 689293  |
| International Small Cap Value Fund | 101832 | 205550 | 208537 | 91041 | 606960  |
| International Value Fund | 114835 | 207618 | 216938 | 91286 | 630677 |

---

U.S. Bancorp Fund Services, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator, fund accountant, and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board.

The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the six months ended August 31, 2025 are disclosed in the statements of operations.

Quasar Distributors, LLC ("Quasar") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

**NOTE 5 – 12b-1 DISTRIBUTION FEES** 

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Funds to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Funds' Investor Class shares. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the six months ended August 31, 2025, the 12b-1 distribution fees incurred under the Plan by each of the Fund's Investor Class shares are disclosed in the statements of operations.

**NOTE 6 – SHAREHOLDER SERVICING FEES** 

The Funds have entered into a shareholder servicing agreement (the "Agreement") with the Adviser, under which the Adviser will provide, or arrange for others to provide, certain specified shareholder services. As compensation for the provision of shareholder services, the Funds may pay servicing fees at an annual rate of up to 0.10% of the average daily net assets of the Investor Class shares. Payments to the Adviser under the Agreement

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of each Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the six months ended August 31, 2025, the shareholder servicing fees incurred under the Agreement by each of the Fund's Investor Class shares are disclosed in the statements of operations.

**NOTE 7 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended August 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Mid Cap Value Fund | $17843086 | $51531137  |
| Emerging Markets Value Fund | 596748829 | 262081752  |
| Small Cap Value Fund | 6687718 | 21244409  |
| International Small Cap Value Fund | 127574777 | 19548753  |
| International Value Fund | 18325483 | 11701410 |

---

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

**NOTE 8 – LINE OF CREDIT** 

The Funds have a secured line of credit in the amount of $100,000,000 or 10% of the market value or 33% of the fair value of the unencumbered assets of each Fund. The line of credit matures on March 19, 2026. This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds' custodian. During the six months ended August 31, 2025, the Emerging Markets Fund, International Small Cap Value Fund, and International Value Fund did not draw upon the line of credit. During the six months ended August 31, 2025, the Mid Cap Value Fund had an average daily outstanding balance of $3,288,667, a weighted average interest rate of 7.50%, incurred interest expense of $2,055 and had a maximum amount outstanding of $4,782,000. The Small Cap Value Fund had an average daily outstanding balance of $1,356,474, a weighted average interest rate of 7.50%, incurred interest expense of $5,369 and had a maximum amount outstanding of $6,561,000. At August 31, 2025, the Funds had no outstanding loan amounts.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

**NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of February 28, 2025, the Funds' most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap** <br>**Value Fund** | **Emerging** <br>**Markets** <br>**Value Fund** | **Small Cap** <br>**Value Fund** | **International** <br>**Small Cap** <br>**Value Fund** | **International** <br>**Value Fund**  |
| Cost of investments<sup>(a)</sup> | $134096775 | $2049734375 | $64816778 | $70343965 | $87579717  |
| Gross unrealized appreciation  | 24022233 | 289712073 | 6272706 | 3676289 | 16794779  |
| Gross unrealized depreciation | (23073985) | (200653703) | (10274524) | (3777828) | (6060240)  |
|  Net unrealized appreciation/ (depreciation)<sup>(a)</sup> | 948248 | 89058370 | (4001818) | (101539) | 10734539  |
|  Net unrealized depreciation on foreign currency | (14) | (139269) |  | (4322) | (2294)  |
| Undistributed ordinary income | 207557 |  | 47761 |  | 23764  |
|  Undistributed long-term capital gains | 3930252 | 33443122 | 1705759 | 244089 | 1627391  |
| Total distributable earnings | 4137809 | 33443122 | 1753520 | 244089 | 1651155  |
| Total accumulated earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(losses) | $5086043 | $122362223 | $(2248298) | $138228 | $12383400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between the book basis and tax
 basis net unrealized appreciation/(depreciation) and cost is attributable primarily to the tax deferral of losses on wash sales adjustments
 and passive foreign investment companies.

The tax character of distributions paid during the six months ended August 31, 2025 and the year ended February 28, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**August 31, 2025** | **Year Ended**<br>**February 28, 2025**  |
| **Mid Cap Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $3614367  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 19039561  |
| **Emerging Markets Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $79046110  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 62122149  |
| **Small Cap Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $979195  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3143125  |
| **International Small Cap Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1151319  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1926637  |
| **International Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $2942125  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2642398 |

---

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

**NOTE 10 – PRINCIPAL RISKS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk.** Changes in foreign currency exchange rates will affect the value of what the Funds own and the Funds' share price. Generally,
 when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth
 fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also will have a significant impact
 on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets and
 the risk may be higher in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk.** In addition to the risks of foreign securities in general, investments in emerging markets may be riskier than investments
 in or exposure to investments in the U.S. and other developed markets for many reasons, including smaller market capitalizations, greater
 price volatility, less liquidity, a higher degree of political and economic instability (which can freeze, restrict or suspend transactions
 in those investments, including cash), the impact of economic sanctions, less governmental regulation and supervision of the financial
 industry and markets, and less stringent financial reporting and accounting standards and controls.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Securities Risk.** The price of equity securities may rise or fall because of economic or political
 changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from
 factors affecting individual companies, sectors or industries selected for the Funds' portfolio or the securities market as a whole,
 such as changes in economic or political conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk.** Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated
 with: (i) internal and external political and economic developments – *e.g.*, the political,
 economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some
 foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – *e.g.*,
 government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the
 U.S.; (iii) availability of information – *e.g.*, foreign issuers may not be subject to the
 same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – *e.g.*,
 the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations
 and policies.

&nbsp;&nbsp;&nbsp;&nbsp;• **General Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
 that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market
 or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand
 for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls.
 U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic,
 political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare
 system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern
 and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the
 U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict
 between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including
 significant adverse effects on the regional or global economies and the markets for certain

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Notes to Financial Statements** 

**August 31, 2025 (Unaudited)(Continued)** 

securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** Each Fund is an actively managed investment portfolio and each Fund relies on the
 Adviser's ability to pursue the Fund's goal. The Adviser will apply its investment techniques and risk analyses in making
 investment decisions for the Funds, but there can be no guarantee that its decisions will produce the desired results.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Small Cap Company Risk (Small Cap Value Fund and International Small Cap Value Fund).** Securities of companies with smaller market capitalizations
 tend to be more volatile and less liquid than larger company stocks. Smaller companies may have no or relatively short operating histories,
 or be newly public companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Value Style Investing Risk**. The Funds emphasize a "value" style of investing, which targets undervalued companies with characteristics
 for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value"
 securities may not move in tandem with the returns on other
styles of investing or the stock market in general.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pzena Funds** 

**Additional Information** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within ﬁnancial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable as the investment advisory agreement was not approved during the period covered by this report.

39<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable, investment advisory agreement was not approved during the reporting period.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

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

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

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

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

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](psa-efp18217_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](psa-efp18217_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>11/6/2025</u>

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>11/6/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin J. Hayden |
|  | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |

---

Date <u>11/6/2025</u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Cert

**EX.99.CERT**

 

**<u>CERTIFICATIONS</u>**

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/6/2025 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/6/2025 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jeffrey T. Rauman | /s/ Kevin J. Hayden |
| Jeffrey T. Rauman | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer | Vice President/Treasurer/Principal Financial <br> Officer |
| Advisors Series Trust | Advisors Series Trust |

---

Dated: <u>11/6/2025</u> Dated: <u>11/6/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.