# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-007909
**Filing Date:** 2025-8
**Character Count:** 242399
**Document Hash:** c15da7d282adaee66249758c0530bce5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007909.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001133228-25-007909

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250228

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251174423

**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'? 2025-02-27197242_PzenaMidCapValueFund_InvestorClass_TSRAnnual

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/Chief Executive Officer**

**Advisors Series Trust**

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

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

(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, 2025</u>**

Date of reporting period: **<u>February 28, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](368899_202504282059709.jpg) | **Pzena Mid Cap Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368899_202504282059709.jpg) | Investor Class \| PZVMX  | ![image](122596_202409052001639.jpg) |
| ![image](368899_202504282059709.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena Mid Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $123 | 1.24% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Mid-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 1000 Index due to stock selection in the consumer discretionary, industrials, and technology sectors.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equitable Holdings, Inc., CNO Financial Group, Inc., Delta Air Lines, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | JELD-WEN Holding, Inc., Olin Corporation, Dollar General Corporation |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3683img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pzena Mid Cap Value Fund - Investor Class**  | -1.69 | 13.09 | 7.73 |
| **Russell 1000 Total Return**  | 18.11 | 16.54 | 12.71 |
| **Russell Midcap Value Total Return**  | 11.67 | 11.68 | 8.00 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135244048 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1068790 |
| **Portfolio Turnover** | 35% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Humana, Inc.  | 4.5% |
|  Baxter International, Inc.  | 4.5% |
|  Dollar General Corp.  | 3.8% |
|  Charter Communications, Inc. - Class A  | 3.7% |
|  Delta Air Lines, Inc.  | 3.4% |
|  Capital One Financial Corp.  | 3.2% |
|  Dow, Inc.  | 3.1% |
|  CH Robinson Worldwide, Inc.  | 3.1% |
|  Fresenius Medical Care AG & Co. KGaA  | 3.1% |
|  Lear Corp.  | 3.0% |

---

**Sector Breakdown (% of net assets)**

![image](ts3683img004.jpg)

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

![image](ts3683img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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 2 TSR-AR-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 3 TSR-AR-00770X667

10000855612126131071204211382161081893119303214162105510000927911648135931427115388206632349821570280013307210000882811639122751259912427158721805517438193332158919.218.917.015.713.75.13.72.81.62.392.33.12.52.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](368899_202504282059709.jpg) | **Pzena Mid Cap Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368899_202504282059709.jpg) | Institutional Class \| PZIMX  | ![image](122596_202409052001639.jpg) |
| ![image](368899_202504282059709.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena Mid Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $89 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Mid-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 1000 Index due to stock selection in the consumer discretionary, industrials, and technology sectors.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equitable Holdings, Inc., CNO Financial Group, Inc., Delta Air Lines, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | JELD-WEN Holding, Inc., Olin Corporation, Dollar General Corporation |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3684img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pzena Mid Cap Value Fund - Institutional Class**  | -1.33 | 13.53 | 8.09 |
| **Russell 1000 Total Return**  | 18.11 | 16.54 | 12.71 |
| **Russell Midcap Value Total Return**  | 11.67 | 11.68 | 8.00 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135244048 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1068790 |
| **Portfolio Turnover** | 35% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Humana, Inc.  | 4.5% |
|  Baxter International, Inc.  | 4.5% |
|  Dollar General Corp.  | 3.8% |
|  Charter Communications, Inc. - Class A  | 3.7% |
|  Delta Air Lines, Inc.  | 3.4% |
|  Capital One Financial Corp.  | 3.2% |
|  Dow, Inc.  | 3.1% |
|  CH Robinson Worldwide, Inc.  | 3.1% |
|  Fresenius Medical Care AG & Co. KGaA  | 3.1% |
|  Lear Corp.  | 3.0% |

---

**Sector Breakdown (% of net assets)**

![image](ts3684img004.jpg)

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

![image](ts3684img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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 2 TSR-AR-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 3 TSR-AR-00770X659

10000008569331218611132053612172521154278163975619347181980646220589021765841000000927875116475113592581427114153877120663222349802215697928000733307246100000088284711639151227527125986212426661587182180548117437831933270215890919.218.917.015.713.75.13.72.81.62.392.33.12.52.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](368896_202504282056331.jpg) | **Pzena Emerging Markets Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368896_202504282056331.jpg) | Investor Class \| PZVEX  | ![image](122596_202409052001639.jpg) |
| ![image](368896_202504282056331.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena Emerging Markets Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $149 | 1.42% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Emerging markets rose during the trailing 12 months, with broad-based strength across geographies. Chinese equities rebounded on hopes of supportive fiscal and monetary policy. While investors considered a potential recovery in the Chinese economy, many other emerging markets, across Asia, Latin America, and Eastern Europe, also posted strong returns.

China, Taiwan, and India drove absolute Fund performance during the past 12 months. On the other hand, South Korea and Brazil declined, against a backdrop of political and economic uncertainty in both markets. The Fund's overweight to South Korea and Brazil, and stock selection in China caused the Fund to underperform the MSCI Emerging Markets Index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Hon Hai Precision Industry Co., Ltd., Alibaba Group Holding Limited, Taiwan Semiconductor Manufacturing Co., Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Samsung Electronics Co., Ltd., PT Bank Rakyat Indonesia (Persero) Tbk Class B, Hankook Tire & Technology Co., Ltd. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3678img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pzena Emerging Markets Value Fund - Investor Class**  | 9.57 | 10.47 | 5.92 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 10.07 | 4.26 | 3.49 |
| **MSCI EM (EMERGING MARKETS) VALUE Net (USD)**  | 7.05 | 5.33 | 2.81 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2137973654 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $18965253 |
| **Portfolio Turnover** | 22% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Samsung Electronics Co., Ltd.  | 3.8% |
|  China Overseas Land & Investment, Ltd.  | 3.7% |
|  Alibaba Group Holding, Ltd.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  Weichai Power Co., Ltd.  | 2.9% |
|  Ambev S.A.  | 2.7% |
|  WH Group, Ltd.  | 2.6% |
|  Cognizant Technology Solutions Corp.  | 2.6% |
|  First American Government Obligations Fund - Class X  | 2.5% |
|  China Merchants Bank Co., Ltd.  | 2.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts3678img004.jpg)

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

![image](ts3678img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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

------

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/.

**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 3 TSR-AR-00770X683

100007598107611317512259108061444114486139951622317775100007659991512940116601144115565139021177712805140951000074539869120901121610177127331248410916123251319427.115.012.611.77.27.04.43.73.47.926.613.412.87.87.35.14.54.54.413.6 ------

---

| | | |
|:---|:---|:---|
| ![image](ts3677img001.jpg) | **Pzena Emerging Markets Value Fund**  | ![image](ts3677img002.jpg) |
| ![image](ts3677img001.jpg) | Institutional Class \| PZIEX  | ![image](ts3677img002.jpg) |
| ![image](ts3677img001.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](ts3677img002.jpg) |

---

This annual shareholder report contains important information about the Pzena Emerging Markets Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $113 | 1.08% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Emerging markets rose during the trailing 12 months, with broad-based strength across geographies. Chinese equities rebounded on hopes of supportive fiscal and monetary policy. While investors considered a potential recovery in the Chinese economy, many other emerging markets, across Asia, Latin America, and Eastern Europe, also posted strong returns.

China, Taiwan, and India drove absolute Fund performance during the past 12 months. On the other hand, South Korea and Brazil declined, against a backdrop of political and economic uncertainty in both markets. The Fund's overweight to South Korea and Brazil, and stock selection in China caused the Fund to underperform the MSCI Emerging Markets Index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Hon Hai Precision Industry Co., Ltd., Alibaba Group Holding Limited, Taiwan Semiconductor Manufacturing Co., Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Samsung Electronics Co., Ltd., PT Bank Rakyat Indonesia (Persero) Tbk Class B, Hankook Tire & Technology Co., Ltd. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3677img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pzena Emerging Markets Value Fund - Institutional** **Class**  | 9.92 | 10.82 | 6.26 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 10.07 | 4.26 | 3.49 |
| **MSCI EM (EMERGING MARKETS) VALUE Net (USD)**  | 7.05 | 5.33 | 2.81 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2137973654 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $18965253 |
| **Portfolio Turnover** | 22% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Samsung Electronics Co., Ltd.  | 3.8% |
|  China Overseas Land & Investment, Ltd.  | 3.7% |
|  Alibaba Group Holding, Ltd.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  Weichai Power Co., Ltd.  | 2.9% |
|  Ambev S.A.  | 2.7% |
|  WH Group, Ltd.  | 2.6% |
|  Cognizant Technology Solutions Corp.  | 2.6% |
|  First American Government Obligations Fund - Class X  | 2.5% |
|  China Merchants Bank Co., Ltd.  | 2.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts3677img004.jpg)

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

![image](ts3677img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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

------

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/.

**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 3 TSR-AR-00770X675

100000076224810824541327452124020010974061470113148092314348971669063183455410000007658779914871293993116604811440921556509139016911776891280526140951610000007453109869401208980112157410176561273323124835510916421232504131939927.115.012.611.77.27.04.43.73.47.926.613.412.87.87.35.14.54.54.413.6 ------

---

| | | |
|:---|:---|:---|
| ![image](368900_202504282100774.jpg) | **Pzena Small Cap Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368900_202504282100774.jpg) | Investor Class \| PZVSX  | ![image](122596_202409052001639.jpg) |
| ![image](368900_202504282100774.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena Small Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $128 | 1.31% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Small-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 2000 Index due to stock selection in the industrials, consumer discretionary, and basic materials sectors.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | CNO Financial Group, Inc., Columbia Banking System, Inc., Old National Bancorp |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | JELD-WEN Holding, Inc., Adient plc, Olin Corporation |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3685img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/27/2016)** |
| **Pzena Small Cap Value Fund - Investor Class**  | -4.15 | 11.98 | 7.48 |
| **Russell 2000 Total Return Index**  | 6.69 | 9.39 | 8.83 |
| **Russell 2000 Value Total Return**  | 7.58 | 10.32 | 8.19 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60826198 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $314713 |
| **Portfolio Turnover** | 30% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  First American Government Obligations Fund - Class X  | 3.9% |
|  CNO Financial Group, Inc.  | 3.6% |
|  Korn Ferry  | 3.1% |
|  Spectrum Brands Holdings, Inc.  | 3.0% |
|  Advance Auto Parts, Inc.  | 2.9% |
|  Adient PLC  | 2.9% |
|  Old National Bancorp of Indiana  | 2.9% |
|  Douglas Dynamics, Inc.  | 2.8% |
|  MRC Global, Inc.  | 2.8% |
|  Associated Banc-Corp.  | 2.7% |

---

**Sector Breakdown (% of net assets)**

![image](ts3685img004.jpg)

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

![image](ts3685img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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 2 TSR-AR-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 3 TSR-AR-00770X410

10000119721195912245107511488616381174201975018930100001216113439141891349020370191451799419802211271000012587129611353412276173171846617654186442005722.320.420.08.67.15.55.44.81.04.988.62.92.62.03.9 ------

---

| | | |
|:---|:---|:---|
| ![image](368900_202504282100774.jpg) | **Pzena Small Cap Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368900_202504282100774.jpg) | Institutional Class \| PZISX  | ![image](122596_202409052001639.jpg) |
| ![image](368900_202504282100774.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena Small Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $98 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Small-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 2000 Index due to stock selection in the industrials, consumer discretionary, and basic materials sectors.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | CNO Financial Group, Inc., Columbia Banking System, Inc., Old National Bancorp |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | JELD-WEN Holding, Inc., Adient plc, Olin Corporation |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3686img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/27/2016)** |
| **Pzena Small Cap Value Fund - Institutional Class**  | -3.90 | 12.27 | 7.79 |
| **Russell 2000 Total Return Index**  | 6.69 | 9.39 | 8.83 |
| **Russell 2000 Value Total Return**  | 7.58 | 10.32 | 8.19 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60826198 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $314713 |
| **Portfolio Turnover** | 30% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  First American Government Obligations Fund - Class X  | 3.9% |
|  CNO Financial Group, Inc.  | 3.6% |
|  Korn Ferry  | 3.1% |
|  Spectrum Brands Holdings, Inc.  | 3.0% |
|  Advance Auto Parts, Inc.  | 2.9% |
|  Adient PLC  | 2.9% |
|  Old National Bancorp of Indiana  | 2.9% |
|  Douglas Dynamics, Inc.  | 2.8% |
|  MRC Global, Inc.  | 2.8% |
|  Associated Banc-Corp.  | 2.7% |

---

**Sector Breakdown (% of net assets)**

![image](ts3686img004.jpg)

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

![image](ts3686img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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 2 TSR-AR-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 3 TSR-AR-00770X394

10000001200233120287812368931087606151038216668501775154201904119402501000000121606913438911418870134900920369571914538179937819802032112708100000012587451296059135337912276191731724184662217654051864414200573122.320.420.08.67.15.55.44.81.04.988.62.92.62.03.9 ------

---

| | | |
|:---|:---|:---|
| ![image](368897_202504282057509.jpg) | **Pzena International Small Cap Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368897_202504282057509.jpg) | Investor Class \| PZVIX  | ![image](122596_202409052001639.jpg) |
| ![image](368897_202504282057509.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena International Small Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $150 | 1.44% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International small cap equities rose during the trailing 12 months. Investors reacted positively to directionally dovish interest rate policy in Europe and rate hikes in Japan. The Fund rose during the period but underperformed the MSCI World ex USA IMI. Stock selection in the industrials and consumer staples sectors, and stock selection in the United Kingdom were the largest drivers of underperformance relative to the MSCI World ex USA IMI.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | BPER Banca S.p.A., Unicaja Banco S.A., Yue Yuen Industrial (Holdings) Limited |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ams-OSRAM AG, Nexity SA, Umicore SA |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3679img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/02/2018)** |
| **Pzena International Small Cap Value Fund - Investor** **Class**  | 8.66 | 12.17 | 4.99 |
| **MSCI World ex-USA IMI Index Gross (USD)**  | 9.74 | 9.08 | 6.41 |
| **MSCI WORLD ex USA SMALL CAP Net (USD)**  | 7.13 | 6.20 | 3.45 |
| **MSCI World ex USA Small Cap Value index Net (USD)**  | 9.27 | 7.11 | 3.99 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $64146738 |
| **Number of Holdings** | 47 |
| **Net Advisory Fee** | $94100 |
| **Portfolio Turnover** | 39% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  First American Government Obligations Fund - Class X  | 25.0% |
|  Origin Enterprises PLC  | 3.5% |
|  Senior PLC  | 3.4% |
|  Signify N.V.  | 3.0% |
|  Pennon Group PLC  | 2.7% |
|  C&C Group PLC  | 2.6% |
|  Sabre Insurance Group PLC  | 2.6% |
|  Elders Ltd.  | 2.5% |
|  Nexity SA  | 2.2% |
|  Anima Holding S.p.A.  | 2.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts3679img004.jpg)

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

![image](ts3679img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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

------

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/.

**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 3 TSR-AR-00770X352

100009252778799831067411796127251382710000978797921215312669121461377915122100009370927912256122531106811701125351000094659204113061190511180118741297421.020.012.411.58.64.12.72.22.015.525.016.215.99.05.75.74.64.34.29.4 ------

---

| | | |
|:---|:---|:---|
| ![image](ts3680img001.jpg) | **Pzena International Small Cap Value Fund**  | ![image](ts3680img002.jpg) |
| ![image](ts3680img001.jpg) | Institutional Class \| PZIIX  | ![image](ts3680img002.jpg) |
| ![image](ts3680img001.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](ts3680img002.jpg) |

---

This annual shareholder report contains important information about the Pzena International Small Cap Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $121 | 1.16% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International small cap equities rose during the trailing 12 months. Investors reacted positively to directionally dovish interest rate policy in Europe and rate hikes in Japan. The Fund rose during the period but underperformed the MSCI World ex USA IMI. Stock selection in the industrials and consumer staples sectors, and stock selection in the United Kingdom were the largest drivers of underperformance relative to the MSCI World ex USA IMI.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | BPER Banca S.p.A., Unicaja Banco S.A., Yue Yuen Industrial (Holdings) Limited |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ams-OSRAM AG, Nexity SA, Umicore SA |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3680img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/02/2018)** |
| **Pzena International Small Cap Value Fund -** **Institutional Class**  | 8.99 | 12.46 | 5.27 |
| **MSCI World ex-USA IMI Index Gross (USD)**  | 9.74 | 9.08 | 6.41 |
| **MSCI WORLD ex USA SMALL CAP Net (USD)**  | 7.13 | 6.20 | 3.45 |
| **MSCI World ex USA Small Cap Value index Net (USD)**  | 9.27 | 7.11 | 3.99 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $64146738 |
| **Number of Holdings** | 47 |
| **Net Advisory Fee** | $94100 |
| **Portfolio Turnover** | 39% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  First American Government Obligations Fund - Class X  | 25.0% |
|  Origin Enterprises PLC  | 3.5% |
|  Senior PLC  | 3.4% |
|  Signify N.V.  | 3.0% |
|  Pennon Group PLC  | 2.7% |
|  C&C Group PLC  | 2.6% |
|  Sabre Insurance Group PLC  | 2.6% |
|  Elders Ltd.  | 2.5% |
|  Nexity SA  | 2.2% |
|  Anima Holding S.p.A.  | 2.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts3680img004.jpg)

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

![image](ts3680img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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

------

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/.

**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 3 TSR-AR-00770X345

10000009267637826731004980107858211943341292046140817310000009787399792481215295126689912145811377925151219410000009369959278611225614122534111067711170076125352810000009465299203611130632119050011179801187412129744721.020.012.411.58.64.12.72.22.015.525.016.215.99.05.75.74.64.34.29.4 ------

---

| | | |
|:---|:---|:---|
| ![image](368898_202504282058513.jpg) | **Pzena International Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368898_202504282058513.jpg) | Investor Class \| PZVNX  | ![image](122596_202409052001639.jpg) |
| ![image](368898_202504282058513.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena International Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $108 | 0.99% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International equity markets posted strong returns over the last 12 months. European markets edged higher on interest rate cut expectations and improving economic sentiment. Meanwhile, fiscal and monetary stimulus announcements from the CCP boosted Chinese stocks. The Fund rose during the period and outperformed the MSCI EAFE Index. Stock selection in the information technology and financials sectors, and stock selection in the United Kingdom were the largest drivers of outperformance.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Hon Hai Precision Industry Co., Ltd. Sponsored GDR RegS, Alibaba Group Holding Limited, CaixaBank SA |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Magna International Inc., Randstad NV, Galaxy Entertainment Group Limited |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3682img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2021)** |
| **Pzena International Value Fund - Investor Class**  | 18.67 | 5.38 |
| **MSCI EAFE Net (USD)**  | 8.77 | 3.64 |
| **MSCI EAFE VALUE Net (USD)**  | 15.09 | 6.97 |

---

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

------

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $98499998 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $358480 |
| **Portfolio Turnover** | 21% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Daimler Truck Holding AG  | 3.2% |
|  Roche Holding AG  | 2.8% |
|  Sanofi  | 2.8% |
|  Alibaba Group Holding, Ltd.  | 2.7% |
|  BASF SE  | 2.7% |
|  Reckitt Benckiser Group PLC  | 2.6% |
|  Teleperformance SE  | 2.6% |
|  HSBC Holdings PLC  | 2.5% |
|  CaixaBank S.A.  | 2.5% |
|  Bank of Ireland Group PLC  | 2.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts3682img004.jpg)

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

![image](ts3682img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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/.

**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-AR-00770X287

10000965796891021312120100009459916110482114011000098649924111271280627.914.613.713.28.68.24.74.11.93.115.014.113.913.67.15.84.33.92.519.8 ------

---

| | | |
|:---|:---|:---|
| ![image](368898_202504282058513.jpg) | **Pzena International Value Fund**  | ![image](122596_202409052001639.jpg) |
| ![image](368898_202504282058513.jpg) | Institutional Class \| PZINX  | ![image](122596_202409052001639.jpg) |
| ![image](368898_202504282058513.jpg) | Annual Shareholder Report \| February 28, 2025  | ![image](122596_202409052001639.jpg) |

---

This annual shareholder report contains important information about the Pzena International Value Fund for the period of March 1, 2024, to February 28, 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 PAST YEAR?** (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 | $81 | 0.74% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International equity markets posted strong returns over the last 12 months. European markets edged higher on interest rate cut expectations and improving economic sentiment. Meanwhile, fiscal and monetary stimulus announcements from the CCP boosted Chinese stocks. The Fund rose during the period and outperformed the MSCI EAFE Index. Stock selection in the information technology and financials sectors, and stock selection in the United Kingdom were the largest drivers of outperformance.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Hon Hai Precision Industry Co., Ltd. Sponsored GDR RegS, Alibaba Group Holding Limited, CaixaBank SA |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Magna International Inc., Randstad NV, Galaxy Entertainment Group Limited |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3681img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2021)** |
| **Pzena International Value Fund - Institutional Class**  | 18.97 | 5.64 |
| **MSCI EAFE Net (USD)**  | 8.77 | 3.64 |
| **MSCI EAFE VALUE Net (USD)**  | 15.09 | 6.97 |

---

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

------

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $98499998 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $358480 |
| **Portfolio Turnover** | 21% |

---

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 February 28, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Daimler Truck Holding AG  | 3.2% |
|  Roche Holding AG  | 2.8% |
|  Sanofi  | 2.8% |
|  Alibaba Group Holding, Ltd.  | 2.7% |
|  BASF SE  | 2.7% |
|  Reckitt Benckiser Group PLC  | 2.6% |
|  Teleperformance SE  | 2.6% |
|  HSBC Holdings PLC  | 2.5% |
|  CaixaBank S.A.  | 2.5% |
|  Bank of Ireland Group PLC  | 2.3% |

---

**Sector Breakdown (% of net assets)**

![image](ts3681img004.jpg)

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

![image](ts3681img005.jpg)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.

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/.

**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-AR-00770X279

10000009670689722211028142122317610000009458669161321048156114008110000009863589924051112727128059027.914.613.713.28.68.24.74.11.93.115.014.113.913.67.15.84.33.92.519.8 ------

(b) Not Applicable.

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine, Ms. Michele Rackey, Ms. Anne Kritzmire and Mr. Craig Wainscott are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 2/28/2025 | FYE 2/29/2024 |
| (a) Audit Fees | $125000 | $94500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $25000 | $18000 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Deloitte and Touche LLP (FYE 2/28/2025) and Tait, Weller & Baker LLP (FYE 2/29/2024) and applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 2/28/2025 | FYE 2/29/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) During the audit of the registrant's financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 2/28/2025 | FYE 2/29/2024 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | $30000 | N/A |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed
 under Item 7 of this Form.

(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** 

Annual Financial Statements and Other Information

February 28, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<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](#soc001)<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](#fihi001)<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) |
| [Report of Independent Registered Public Accounting Firm](#trept) | [39](#trept) |
| [Approval of Investment Advisory Agreement](#taprov) | [40](#taprov) |
| [Additional Information](#add) | [44](#add) |

---

------

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

**Pzena Mid Cap Value Fund** 

**Schedule of Investments** 

**February 28, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%**<br>|  |  |
| **Basic Materials - 5.1%**<br>|  |  |
| FMC Corp. | 46641 | $1721053  |
| Huntsman Corp.  | 164768  | 2789522 |
| Olin Corp. | 96706 | 2455365  |
|  |  | 6965940  |
| **Consumer Discretionary - 19.2%**<br>|  |  |
| Advance Auto Parts, Inc. | 103236 | 3809408  |
| Delta Air Lines, Inc. | 75729 | 4552827  |
| Dollar General Corp. | 69344 | 5143938  |
| Lear Corp. | 43418 | 4080858  |
| LKQ Corp.  | 19528  | 823886 |
| Magna International, Inc. | 94604 | 3446424  |
| Newell Brands, Inc. | 362136 | 2324913  |
| PVH Corp. | 22915 | 1714959  |
|  |  | 25897213  |
| **Consumer Staples - 2.8%**<br>|  |  |
| Tyson Foods, Inc. - Class A | 61963 | 3800811  |
| **Energy - 1.6%**<br>|  |  |
| NOV, Inc. | 146001 | 2178335  |
| **Financials - 18.9%**<br>|  |  |
| CNO Financial Group, Inc. | 69126 | 2881863  |
| Comerica, Inc. | 27060 | 1740770  |
| Corebridge Financial, Inc. | 106992 | 3710483  |
| Equitable Holdings, Inc. | 64968 | 3574539  |
| Fifth Third Bancorp | 73649 | 3201522  |
| Globe Life, Inc. | 29387 | 3744785  |
| KeyCorp | 74061 | 1282737  |
| MetLife, Inc. | 23311 | 2008942  |
| Voya Financial, Inc. | 47312 | 3418765  |
|  |  | 25564406  |
| **Health Care - 17.0%**<br>|  |  |
| Baxter International, Inc. | 176720 | 6098607  |
|  Fresenius Medical Care AG & Co. KGaA - ADR | 173038 | 4189250  |
| Henry Schein, Inc.<sup>(a)</sup> | 45140 | 3257754  |
| Humana, Inc. | 22701 | 6138805  |
|  Universal Health Services, Inc. - Class B | 18660 | 3270165  |
|  |  | 22954581  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 15.7%**<br>|  |  |
| Capital One Financial Corp. | 21262 | $4264094  |
| CH Robinson Worldwide, Inc. | 41395 | 4206560  |
| Dow, Inc.  | 111463  | 4247855 |
| Global Payments, Inc. | 33775 | 3555832  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 273350 | 1503425  |
| Robert Half, Inc. | 59502 | 3515973  |
|  |  | 21293739  |
| **Technology - 13.7%**<br>|  |  |
| Avnet, Inc. | 70589 | 3567568  |
|  Cognizant Technology Solutions Corp. - Class A | 40969 | 3413947  |
| Concentrix Corp. | 70148 | 3167884  |
| Skyworks Solutions, Inc. | 37013 | 2467286  |
| SS&C Technologies Holdings, Inc. | 35534 | 3164303  |
| TE Connectivity PLC | 17304 | 2665335 |
|  |  | 18446323  |
| **Telecommunications - 3.7%**<br>|  |  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup>  | 13593  | 4942007  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $129,322,497)** |  | 132043355  |
| **SHORT-TERM INVESTMENTS - 2.2%**<br>|  |  |
| **Money Market Funds - 2.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.29%<sup>(b)</sup> | 3001668 | 3001668  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,001,668)** |  | 3001668  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $132,324,165)** |  | 135045023  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 199025  |
| **TOTAL NET ASSETS - 100.0%** |  | $135244048 |

---

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 February 28, 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** 

**February 28, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.9%**<br>|  |  |
| **Brazil - 8.8%**<br>|  |  |
| Ambev S.A. | 27818500 | $57738159  |
| Banco do Brasil S.A. | 7145700 | 33072673  |
| Natura & Co. Holding S.A. | 18288700 | 40226349  |
| Neoenergia S.A. | 5704950 | 18933653  |
| Vale S.A. | 3970100 | 37316304  |
|  |  | 187287138  |
| **China - 26.6%<sup>(a)</sup>**<br>|  |  |
| Alibaba Group Holding, Ltd. | 4731200 | 77565144  |
| Baidu, Inc. - ADR<sup>(b)</sup> | 134228 | 11604011  |
| Baidu, Inc. - Class A<sup>(b)</sup> | 3303900 | 35473046  |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 12983766 | 23014666  |
|  China Merchants Bank Co., Ltd. - Class H | 8248000 | 48255315  |
|  China Overseas Land & Investment, Ltd. | 43153618 | 79903318  |
| GF Securities Co., Ltd. - Class H | 10758400 | 14220862  |
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd. - <br>Class H | 14751400 | 46945455  |
|  Ping An Insurance Group Co. of China, Ltd. - Class H | 4947000 | 29228904  |
|  Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 35177200 | 22932655  |
| Tencent Holdings, Ltd. | 778200 | 47890462  |
| Weichai Power Co., Ltd. - Class H | 31964000 | 62801437  |
| &nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co., <br>Ltd. - Class A | 13845905 | 17870099  |
| Zhongsheng Group Holdings, Ltd. | 15482500 | 25243261  |
| ZTO Express Cayman, Inc. - ADR | 1378959 | 26738015  |
|  |  | 569686650  |
| **Hong Kong - 7.8%**<br>|  |  |
| Galaxy Entertainment Group, Ltd. | 8808000 | 36128764  |
| Man Wah Holdings, Ltd. | 30087845 | 17951228  |
| Pacific Basin Shipping, Ltd. | 201210066 | 40619490  |
| WH Group, Ltd.<sup>(c)</sup> | 69136700 | 56361561  |
| Yue Yuen Industrial (Holdings), Ltd. | 7769500 | 15884564  |
|  |  | 166945607  |
| **Hungary - 4.4%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC | 2849585 | 21127499  |
| OTP Bank PLC | 664516 | 40698075  |
| Richter Gedeon PLC | 1179646 | 32737420  |
|  |  | 94562994  |
| **India - 4.5%**<br>|  |  |
| HDFC Bank, Ltd. | 2185782 | 43274131  |
| Shriram Finance Ltd. | 2610805 | 18418067  |
| UPL Ltd. | 4766890 | 34480843  |
|  |  | 96173041  |
| **Indonesia - 1.4%**<br>|  |  |
| Bank Rakyat Indonesia Persero Tbk | 148075000 | 30007961  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Kazakhstan - 1.1%**<br>|  |  |
| Kaspi.KZ JSC - ADR | 214914 | $22510092  |
| **Peru - 1.9%**<br>|  |  |
| Credicorp, Ltd. | 222974 | 40808702  |
| **Republic of Korea - 12.8%**<br>|  |  |
| DB Insurance Co., Ltd. | 381345 | 23825916  |
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co., <br>Ltd. | 1458367 | 37782562  |
| Hyundai Mobis Co., Ltd. | 235812 | 39573345  |
| KB Financial Group, Inc. | 675120 | 36135003  |
| Orion Corp./Republic of Korea  | 413840  | 28826506 |
| Samsung Electronics Co., Ltd. | 2182367 | 81303576  |
| Shinhan Financial Group Co., Ltd. | 816270 | 25583416  |
|  |  | 273030324  |
| **Romania - 0.5%**<br>|  |  |
| Banca Transilvania S.A. | 1633288 | 9736340  |
| **Russia - 0.0%<sup>(d)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC - <br>ADR<sup>(b)(e)</sup> | 408511 | 4085  |
| **Saudi Arabia - 1.0%**<br>|  |  |
| Saudi Arabian Oil Co.<sup>(c)</sup> | 2821148 | 20385865  |
| **Singapore - 2.0%**<br>|  |  |
| Wilmar International, Ltd. | 17918300 | 42560023  |
| **South Africa - 1.0%**<br>|  |  |
| Sasol, Ltd. | 5099995 | 22081806  |
| **Taiwan - 7.3%**<br>|  |  |
| Compal Electronics, Inc. | 15767161 | 18644292  |
| Hon Hai Precision Industry Co., Ltd. | 3617132 | 19181134  |
| Nien Made Enterprise Co., Ltd. | 1787000 | 24289585  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2356000 | 74673981  |
| United Integrated Services Co., Ltd. | 1516000 | 20074728  |
|  |  | 156863720  |
| **Thailand - 4.5%**<br>|  |  |
|  Bangkok Bank Public Co., Ltd. - NVDR | 4268000 | 18921706  |
| Bangkok Bank Public Co., Ltd. | 5287900 | 23443320  |
| Indorama Ventures PCL - NVDR | 33708600 | 18840713  |
| SCB X PCL | 10060900 | 35918642  |
|  |  | 97124381  |
| **Turkey - 0.9%**<br>|  |  |
| Akbank T.A.S. | 10545699 | 19452663  |
| **United Arab Emirates - 0.6%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 4291114 | 13366100  |

---

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** 

**February 28, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United Kingdom - 1.2%**<br>|  |  |
| Standard Chartered PLC | 1621288 | $25880078  |
| **United States - 2.6%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 667067 | 55586693  |
| Smithfield Foods, Inc.<sup>(b)</sup> | 7434 | 154926  |
|  |  | 55741619  |
| **Vietnam - 2.0%**<br>|  |  |
| Vietnam Dairy Products JSC | 17444010 | 42458127  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,890,345,700)** |  | 1986667316  |
| **PREFERRED STOCKS - 4.6%**<br>|  |  |
| **Brazil - 4.6%**<br>|  |  |
|  Cia Energetica de Minas Gerais, 0.00% | 22011363 | 41460687  |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., <br>0.00% | 4903243 | 26807876  |
| Petroleo Brasileiro S.A., 0.00% | 5033500 | 30828601  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $92,906,986)** |  | 99097164  |
| **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |  |
| **Money Market Funds - 2.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.29%<sup>(f)</sup> | 53028265 | 53028265  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $53,028,265)** |  | 53028265  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $2,036,280,951)** |  | 2138792745  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.0)%<sup>(d)</sup> |  | (819091)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2137973654 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

<sup>(a)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

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

<sup>(c)</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 February 28, 2025, the value of these securities total $76,747,426 or 3.6% of the Fund's net assets.

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

<sup>(e)</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 February 28, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of February 28, 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** 

**February 28, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.1%**<br>|  |  |
| **Basic Materials - 8.6%**<br>|  |  |
| Huntsman Corp.  | 71365  | $1208209 |
| Koppers Holdings, Inc. | 42451 | 1235749  |
| Olin Corp. | 46737 | 1186652  |
| Orion S.A. | 114294 | 1597830  |
|  |  | 5228440  |
| **Consumer Discretionary - 20.0%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 110892 | 1755420  |
| Advance Auto Parts, Inc. | 47665 | 1758839  |
| Dana, Inc. | 52156 | 775560  |
| Genesco, Inc.<sup>(a)</sup> | 24756 | 905327  |
| Haverty Furniture Cos., Inc.  | 27289  | 623008 |
| Helen of Troy Ltd.<sup>(a)</sup>  | 22299  | 1227114 |
| Hooker Furnishings Corp. | 23915 | 312569  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 44655 | 1490584  |
| Newell Brands, Inc. | 149975 | 962840  |
| PVH Corp. | 10441 | 781404  |
| Steelcase, Inc. - Class A | 127165 | 1546326  |
|  |  | 12138991  |
| **Consumer Staples - 7.1%**<br>|  |  |
| Spectrum Brands Holdings, Inc. | 23258 | 1801099  |
| Universal Corp. | 28937 | 1551313  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 31417 | 929629  |
|  |  | 4282041  |
| **Energy - 4.8%**<br>|  |  |
| MRC Global, Inc.<sup>(a)</sup> | 138777 | 1688916  |
| NOV, Inc. | 82597 | 1232347  |
|  |  | 2921263  |
| **Financials - 22.3%**<br>|  |  |
| Associated Banc-Corp. | 64954 | 1614107  |
| Bread Financial Holdings, Inc.  | 22516  | 1215864 |
| CNO Financial Group, Inc. | 53172 | 2216741  |
| Columbia Banking System, Inc. | 46268 | 1236743  |
| Globe Life, Inc. | 5851 | 745593  |
| Old National Bancorp of Indiana | 73401 | 1743274  |
| Synovus Financial Corp. | 18040 | 935915  |
| Univest Financial Corp. | 33930 | 1036901  |
| Webster Financial Corp. | 27906 | 1571666  |
| WSFS Financial Corp. | 23212 | 1260179  |
|  |  | 13576983  |
| **Health Care - 5.4%**<br>|  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 61727 | 1233305 |
| Phibro Animal Health Corp. - Class A | 34533 | 785281  |
| Varex Imaging Corp.<sup>(a)</sup> | 98062 | 1261077  |
|  |  | 3279663  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 20.4%**<br>|  |  |
| ABM Industries, Inc. | 24078 | $1308158  |
| American Woodmark Corp.<sup>(a)</sup> | 15095 | 937098  |
| Douglas Dynamics, Inc. | 63003 | 1703601  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 153098 | 842039  |
| Korn Ferry | 28442 | 1867217  |
| Masterbrand, Inc.<sup>(a)</sup> | 61946 | 866625  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 71143 | 1366657  |
| Shyft Group, Inc. | 118873 | 1191107  |
| TriMas Corp. | 78577 | 1610043  |
| TrueBlue, Inc.<sup>(a)</sup> | 112190 | 704553  |
|  |  | 12397098  |
| **Real Estate - 1.0%**<br>|  |  |
| Marcus & Millichap, Inc. | 16268 | 625993  |
| **Technology - 5.5%**<br>|  |  |
| Avnet, Inc. | 24376 | 1231963  |
| Concentrix Corp. | 29410 | 1328156  |
| ScanSource, Inc.<sup>(a)</sup> | 21728 | 795462  |
|  |  | 3355581  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $61,359,858)** |  | 57806053  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |
| **Real Estate - 1.0%**<br>|  |  |
| DiamondRock Hospitality Co. | 74938 | 616740  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $670,561)** |  | 616740  |
| **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** |
| **Money Market Funds - 3.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.29%<sup>(b)</sup> | 2392167 | 2392167  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,392,167)** |  | 2392167  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $64,422,586)** |  | 60814960  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 11238  |
| **TOTAL NET ASSETS - 100.0%** |  | $60826198 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

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

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** 

**February 28, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 84.5%**<br>|  |  |
| **Australia - 4.2%**<br>|  |  |
| Elders, Ltd. | 364871 | $1600669  |
| Perenti, Ltd. | 1378672 | 1094999  |
|  |  | 2695668  |
| **Belgium - 2.2%**<br>|  |  |
| Umicore SA | 152760 | 1388165  |
| **Canada - 5.7%**<br>|  |  |
| Linamar Corp. | 30715 | 1109073  |
| Spin Master Corp.<sup>(a)</sup> | 74649 | 1414294  |
| Transcontinental, Inc. - Class A | 92844 | 1113422  |
|  |  | 3636789  |
| **Denmark - 2.2%**<br>|  |  |
| Solar A/S - Class B | 36392 | 1389500  |
| **Finland - 1.7%**<br>|  |  |
| Nokian Renkaat Oyj | 170309 | 1107727  |
| **France - 3.2%**<br>|  |  |
| Nexity SA<sup>(b)</sup> | 129191 | 1423260  |
| Rexel S.A. | 22086 | 597061  |
|  |  | 2020321  |
| **Germany - 5.7%**<br>|  |  |
| Aurubis AG | 16139 | 1397109  |
| Duerr AG | 53617 | 1402733  |
| Hornbach Holding AG & Co. KGaA | 10303 | 849686  |
|  |  | 3649528  |
| **Hong Kong - 4.6%**<br>|  |  |
| Pacific Basin Shipping, Ltd. | 2589929 | 522845  |
| VTech Holdings, Ltd. | 195500 | 1351171  |
| Yue Yuen Industrial (Holdings), Ltd. | 540000 | 1104017  |
|  |  | 2978033  |
| **Ireland - 9.0%**<br>|  |  |
| Bank of Ireland Group PLC | 39508 | 464756  |
| C&C Group PLC | 913120 | 1683859  |
| Origin Enterprises PLC | 723471 | 2228974  |
| &nbsp;&nbsp;&nbsp; Permanent TSB Group <br>Holdings PLC<sup>(b)</sup> | 877314 | 1401533  |
|  |  | 5779122  |
| **Italy - 4.3%**<br>|  |  |
| Anima Holding S.p.A.<sup>(a)</sup> | 196595 | 1414316  |
| Ariston Holding NV | 215547 | 825079  |
| BPER Banca SPA | 72148 | 549947  |
|  |  | 2789342  |
| **Japan - 16.2%**<br>|  |  |
| DIC Corp. | 15900 | 338523  |
| Fukuoka Financial Group, Inc. | 40100 | 1045288  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kanto Denka Kogyo Co., Ltd. | 229900 | $1347008  |
| KH Neochem Co., Ltd. | 83100 | 1374005  |
| Sankyu, Inc. | 13900 | 544052  |
| Sawai Group Holdings Co., Ltd. | 100400 | 1271882  |
| Teijin, Ltd. | 74700 | 655272  |
| Tokai Carbon Co., Ltd. | 219400 | 1335915  |
| Toyota Boshoku Corp. | 101900 | 1359930  |
| Zeon Corp. | 110900 | 1087009  |
|  |  | 10358884  |
| **Netherlands - 3.0%**<br>|  |  |
| Signify N.V.<sup>(a)</sup> | 91128 | 1936017  |
| **New Zealand - 2.0%**<br>|  |  |
| Fletcher Building, Ltd.<sup>(b)</sup> | 669580 | 1263045  |
| **Republic of Korea - 2.0%**<br>|  |  |
| WONIK IPS Co., Ltd. | 73847 | 1279665  |
| **Spain - 2.2%**<br>|  |  |
| Unicaja Banco S.A.<sup>(a)</sup> | 805049 | 1396324  |
| **Switzerland - 0.4%**<br>|  |  |
| Ferrexpo PLC<sup>(b)</sup> | 301096 | 282924  |
| **United Kingdom - 15.9%**<br>|  |  |
| Burberry Group PLC | 32213 | 440053  |
| Hays PLC | 1582138 | 1400078  |
| Ibstock PLC | 686240 | 1413949  |
| Pennon Group PLC | 324067 | 1707203  |
| Sabre Insurance Group PLC<sup>(a)</sup> | 1023722 | 1650874  |
| Senior PLC | 1085992 | 2207556  |
| Travis Perkins PLC | 103094 | 845522  |
| Wizz Air Holdings PLC<sup>(b)</sup> | 26776 | 562479  |
|  |  | 10227714  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,280,307)** |  | 54178768  |
| **SHORT-TERM INVESTMENTS - 25.0%**<br>|  |  |
| **Money Market Funds - 25.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.29%<sup>(c)</sup> | 16063658 | 16063658  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $16,063,658)** |  | 16063658  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.5%** <br>**(Cost $70,343,965)** |  | 70242426  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.5)% |  | (6095688)  |
| **TOTAL NET ASSETS - 100.0%** |  | $64146738 |

---

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** 

**February 28, 2025(Continued)** 

Percentages are stated as a percent of net assets.

<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 February 28, 2025, the value of these securities total $7,811,825 or 12.2% of the Fund's net assets.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of February 28, 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** 

**February 28, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%**<br>|  |  |
| **Brazil - 1.6%**<br>|  |  |
| Ambev S.A. | 415600 | $862591  |
| Ambev S.A. - ADR | 13543 | 28034  |
| Banco do Brasil S.A. | 151600 | 701655  |
|  |  | 1592280  |
| **Canada - 1.6%**<br>|  |  |
| Magna International, Inc. | 26252 | 956086  |
| Magna International, Inc.<sup>(d)</sup> | 16876 | 614793  |
|  |  | 1570879  |
| **China - 5.8%**<br>|  |  |
| Alibaba Group Holding, Ltd. | 162400 | 2662449  |
| Alibaba Group Holding, Ltd. - ADR | 563 | 74603  |
|  China Merchants Bank Co., Ltd. - Class H | 103000 | 602606  |
|  China Overseas Land & Investment, Ltd. | 368500 | 682315  |
| Haier Smart Home Co., Ltd. - Class H | 266600 | 848439  |
| Weichai Power Co., Ltd. - Class H | 415000 | 815374  |
|  |  | 5685786  |
| **Denmark - 2.3%**<br>|  |  |
| Danske Bank A/S | 66553 | 2233754  |
| **Finland - 1.4%**<br>|  |  |
| Nokia Oyj - ADR | 300103 | 1440494  |
| **France - 13.9%**<br>|  |  |
| Accor S.A. | 23123 | 1152804  |
| Amundi S.A.<sup>(a)</sup> | 23145 | 1651860  |
| Arkema SA | 17265 | 1422049  |
|  Cie Generale des Etablissements Michelin SCA | 63484 | 2249622  |
| Rexel S.A. | 72737 | 1966334  |
| Sanofi | 25158 | 2723564  |
| Teleperformance SE | 26232 | 2521455  |
|  |  | 13687688  |
| **Germany - 13.6%**<br>|  |  |
| BASF SE | 51553 | 2631690  |
| Bayer AG | 60151 | 1417058  |
| Continental AG | 28981 | 2078597  |
| Daimler Truck Holding AG | 71607 | 3128010  |
| Evonik Industries AG | 50443 | 1002591  |
|  Fresenius Medical Care AG & Co. KGaA | 41170 | 1981647  |
| Mercedes-Benz Group AG | 19660 | 1218973  |
|  |  | 13458566  |
| **Hong Kong - 1.1%**<br>|  |  |
| Galaxy Entertainment Group, Ltd. | 257000 | 1054166  |
| **Hungary - 0.6%**<br>|  |  |
| OTP Bank PLC | 9105 | 557633  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Indonesia - 0.5%**<br>|  |  |
| Bank Rakyat Indonesia Persero Tbk | 2326300 | $471434  |
| **Ireland - 3.9%**<br>|  |  |
| Bank of Ireland Group PLC | 193578 | 2277176  |
| Medtronic PLC | 16754 | 1541703  |
|  |  | 3818879  |
| **Italy - 1.9%**<br>|  |  |
| Enel S.p.A. | 253650 | 1857400  |
| **Japan - 15.0%**<br>|  |  |
| Bridgestone Corp. | 26000 | 1008324  |
| Fukuoka Financial Group, Inc. | 26200 | 682956  |
| Iida Group Holdings Co., Ltd. | 32000 | 477337  |
| Komatsu, Ltd. | 72200 | 2141995  |
| Minebea Mitsumi, Inc. | 76500 | 1169339  |
| Olympus Corp. | 63300 | 860764  |
| Resona Holdings, Inc. | 227900 | 1762219  |
| Sumitomo Mitsui Financial Group, Inc. | 24000 | 604564  |
| Suntory Beverage & Food, Ltd. | 53400 | 1706629  |
| T&D Holdings, Inc. | 29400 | 612276  |
| Takeda Pharmaceutical Co., Ltd. | 28200 | 811896  |
| TDK Corp. | 157500 | 1659382  |
| Toray Industries, Inc. | 188100 | 1244545  |
|  |  | 14742226  |
| **Luxembourg - 2.2%**<br>|  |  |
| ArcelorMittal S.A. | 77270 | 2199492  |
| **Netherlands - 4.3%**<br>|  |  |
| ING Groep N.V. | 111878 | 1989685  |
| Koninklijke Philips N.V.<sup>(b)</sup> | 32865 | 855044  |
| Randstad N.V. | 34841 | 1398353  |
|  |  | 4243082  |
| **Norway - 2.2%**<br>|  |  |
| Equinor ASA | 93378 | 2133966  |
| **Republic of Korea - 1.9%**<br>|  |  |
| Samsung Electronics Co., Ltd. | 37527 | 1398060  |
| Shinhan Financial Group Co., Ltd. | 12850 | 402743  |
|  Shinhan Financial Group Co., Ltd. - ADR | 3710 | 118534  |
|  |  | 1919337  |
| **Spain - 2.5%**<br>|  |  |
| CaixaBank S.A. | 350085 | 2428831  |
| **Switzerland - 7.1%**<br>|  |  |
| Julius Baer Group, Ltd. | 32618 | 2189103  |
| Roche Holding AG | 8409 | 2786392  |
| UBS Group AG | 59187 | 2025448  |
|  |  | 7000943  |

---

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

7<br>

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

**Pzena International Value Fund** 

**Schedule of Investments** 

**February 28, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Taiwan - 0.1%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 3000 | $95086  |
| **United Kingdom - 14.1%**<br>|  |  |
| Barclays PLC | 352841 | 1381662  |
| HSBC Holdings PLC | 212342 | 2493679  |
| J Sainsbury PLC | 576174 | 1874243  |
| NatWest Group PLC | 185487 | 1117150  |
| Reckitt Benckiser Group PLC | 39568 | 2608070  |
| Shell PLC | 58240 | 1942662  |
| Standard Chartered PLC | 76485 | 1220905  |
| Tesco PLC | 204097 | 976096  |
| Travis Perkins PLC | 40169 | 329445  |
|  |  | 13943912  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $85,286,492)** |  | 96135834  |
| **SHORT-TERM INVESTMENTS - 2.2%**<br>|  |  |
| **Money Market Funds - 2.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.29%<sup>(c)</sup> | 2178422 | 2178422  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,178,422)** |  | 2178422  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $87,464,914)** |  | 98314256  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 185742  |
| **TOTAL NET ASSETS - 100.0%** |  | $98499998 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

<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 February 28, 2025, the value of these securities total $1,651,860 or 1.7% of the Fund's net assets.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

<sup>(d)</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** 

**February 28, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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 $132,324,165, $2,036,280,951, and $64,422,586, respectively) | $135045023 | $2138792745 | $60814960  |
| Cash | 13074 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $0, $620,674,and $0, <br>respectively) |  | 619201 | —  |
| Receivables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 38675 | 2133084 | 369966  |
| &nbsp;&nbsp;&nbsp; Securities Sold |  | 3851767 |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 338081 | 6229112 | 63960  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 32307 | 77585 | —  |
| Prepaid expenses | 25311 | 73259 | 19628  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 135492471 | 2151776753 | 61268514  |
| **LIABILITIES:**<br>|  |  |  |
| Payables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Taxes |  | 3576391 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 100790 | 8176657 | 89604  |
| &nbsp;&nbsp;&nbsp; Securities purchased |  | 4511 | 252741  |
| &nbsp;&nbsp;&nbsp; Due to Adviser (Note 4) | 78501 | 1542813 | 26140  |
| &nbsp;&nbsp;&nbsp; Audit fees | 19500 | 19500 | 19500  |
| &nbsp;&nbsp;&nbsp; Administration fees | 18447 | 140612 | 19735  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees - Investor Class | 6929 | 47280 | 3234  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 6211 | 29149 | 7171  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 2750 | 2750 | 2750  |
| &nbsp;&nbsp;&nbsp; Legal fees | 2604 | 2930 | 2930  |
| &nbsp;&nbsp;&nbsp; Shareholder reporting | 2273 | 42432 | 5245  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 2068 | 4068 | 4608  |
| &nbsp;&nbsp;&nbsp; Custody fees | 1218 | 194505 | 993  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 436 | 862 | 486  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees - Investor Class | 67 | 2608 | 79  |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6629 | 16031 | 7100  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 248423 | 13803099 | 442316  |
| Commitments and Contingencies (Note 2)<br>|  |  |  |
| **NET ASSETS** | $135244048 | $2137973654 | $60826198  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| Paid-in capital | $130158005 | $2015611431 | $63074496  |
| Total distributable earnings/(accumulated deficit) | 5086043 | 122362223 | (2248298)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $135244048 | $2137973654 | $60826198  |

---

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

9<br>

------

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

**Pzena Funds** 

**Statements of Assets and Liabilities** 

**February 28, 2025(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 | $5575623 | $43641363 | $4248305  |
|  Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 462712 | 3531695 | 326108  |
| **Net asset value, offering and redemption price per share** | $12.05 | $12.36 | $13.03  |
| **Institutional Class:**<br>|  |  |  |
| Net assets | $129668425 | $2094332291 | $56577893  |
|  Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 10964437 | 168756439 | 4304159  |
| **Net asset value, offering and redemption price per share** | $11.83 | $12.41 | $13.14 |

---

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

10<br>

------

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

**Pzena Funds** 

**Statements of Assets and Liabilities** 

**February 28, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pzena** <br>**International** <br>**Small Cap** <br>**Value Fund**  | **Pzena** <br>**International** <br>**Value Fund**  |
| **ASSETS:**<br>|  |  |
|  Investments in securities, at value (cost $70,343,965 and $87,464,914, respectively) | $70242426 | $98314256  |
| Foreign currency, at value (cost $4,059 and $48,704, respectively) | 4046 | 48704  |
| Receivables:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 8135590 | 27482  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 86368 | 110098  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 40158 | 142746  |
| Prepaid expenses  | 5603 | 778  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 78514191 | 98644064  |
| **LIABILITIES:**<br>|  |  |
| Payables:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities purchased | 14288411 | 16  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 35030 |
| &nbsp;&nbsp;&nbsp; Due to Adviser (Note 4) | 4381 | 32958  |
| &nbsp;&nbsp;&nbsp; Audit fees | 19500 | 19500  |
| &nbsp;&nbsp;&nbsp; Administration fees | 19892 | 21284  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees - Investor Class | 5174 | 1531  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 6449 | 6426  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 2750 | 2750  |
| &nbsp;&nbsp;&nbsp; Legal fees | 2929 | 2930  |
| &nbsp;&nbsp;&nbsp; Shareholder reporting | 1508 | 1726  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 3924 | 4688  |
| &nbsp;&nbsp;&nbsp; Custody fees | 3509 | 6049  |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 2754 | 969  |
| &nbsp;&nbsp;&nbsp; Blue Sky fees |  | 195 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6272 | 8014  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 14367453 | 144066  |
| Commitments and Contingencies (Note 2)<br>|  |  |
| **NET ASSETS** | $64146738 | $98499998  |
| **NET ASSETS CONSIST OF:**<br>|  |  |
| Paid-in capital | $64008510 | $86116598  |
| Total distributable earnings | 138228 | 12383400  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $64146738 | $98499998  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |
| **Investor Class:**<br>|  |  |
| Net assets | $3366693 | $1215783  |
| Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 312949 | 110795  |
| **Net asset value, offering and redemption price per share** | $10.76 | $10.97  |
| **Institutional Class:**<br>|  |  |
| Net assets | $60780045 | $97284215  |
| Shares outstanding [unlimited number of shares (par value $0.01) authorized] | 5634275 | 8858911  |
| **Net asset value, offering and redemption price per share** | $10.79 | $10.98 |

---

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 February 28, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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>|  |  |  |
|  Dividends (net of foreign taxes withheld and issuance fees of $54,580, $6,632,893, and $873, respectively) | $3174344 | $86572099 | $941698  |
| Interest income | 122388 | 2794697 | 77906  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3296732  | 89366796  | 1019604  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 4) | 1171294 | 19910210 | 536428  |
| Administration fees (Note 4) | 79209 | 658301 | 78831  |
| Federal and state registration fees | 31936 | 157522 | 31600  |
| Audit fees | 30000 | 30000 | 30000  |
| Transfer agent fees and expenses (Note 4) | 27942 | 126030 | 28947  |
| Trustee fees and expenses | 19351 | 21350 | 21626  |
| 12b-1 distribution fees - Investor Class (Note 5) | 17978 | 113298 | 11264  |
| Chief Compliance Officer fees (Note 4) | 11000 | 11000 | 11000  |
| Custody fees (Note 4) | 10804 | 1299289 | 6535  |
| Legal fees | 8730 | 9251 | 9250  |
| Interest expense (Note 9) | 7881 | 4357 | 141  |
| Shareholder servicing fees - Investor Class (Note 6) | 6294 | 43021 | 2493  |
| Reports to shareholders | 5532 | 152584 | 15123  |
| Insurance expense | 4723 | 25490 | 3578  |
| Fund accounting fees (Note 4) | 1539 | 3307 | 1785  |
| Other expenses | 10269 | 39292 | 11532  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 1444482 | 22604302 | 800133  |
| &nbsp;&nbsp;&nbsp; Advisory fee waiver (Note 4) | (102504) | (944957) | (221715)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1341978 | 21659345 | 578418  |
| **NET INVESTMENT INCOME** | 1954754 | 67707451 | 441186  |
| **REALIZED AND UNREALIZED GAIN/(LOSS):**<br>|  |  |  |
| Net realized gain/(loss) on transactions from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 18081294 | 106793145 | 5400443  |
| &nbsp;&nbsp;&nbsp; Foreign currency |  | (2010513) | —  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Taxes |  | (7857597) | —  |
| Net change in unrealized appreciation/(depreciation) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (21769126) | 13945662 | (8654293)  |
| &nbsp;&nbsp;&nbsp; Foreign currency | (8) | (208289) | —  |
| &nbsp;&nbsp;&nbsp; Deferred non-U.S. Taxes |  | (3576391) | —  |
| **Net gain/(loss) on investments and foreign currency** | (3687840) | 107086017 | (3253850)  |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1733086) | $174793468 | $(2812664) |

---

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 February 28, 2025(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 $101,059 and $424,469, respectively) | &nbsp;&nbsp; $1091878 | $3367677  |
| Interest income | &nbsp;&nbsp; 56175 | 116916  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1148053  | 3484593  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 4) | &nbsp;&nbsp; 302637 | 575418  |
| Administration fees (Note 4) | &nbsp;&nbsp; 80285 | 82708  |
| Federal and state registration fees | &nbsp;&nbsp; 31577 | 52739  |
| Audit fees | &nbsp;&nbsp; 30000 | 30000  |
| Transfer agent fees and expenses (Note 4) | &nbsp;&nbsp; 26971 | 26104  |
| Trustee fees and expenses | &nbsp;&nbsp; 21206 | 21970  |
| 12b-1 distribution fees - Investor Class (Note 5) | &nbsp;&nbsp; 9533 | 2916  |
| Chief Compliance Officer fees (Note 4) | &nbsp;&nbsp; 11000 | 11000  |
| Custody fees (Note 4) | &nbsp;&nbsp; 22836 | 38916  |
| Legal fees | &nbsp;&nbsp; 9055 | 9055  |
| Interest expense (Note 9) | &nbsp;&nbsp; — | 379  |
| Shareholder servicing fees - Investor Class (Note 6) | &nbsp;&nbsp; 1120 | 6  |
| Reports to shareholders | &nbsp;&nbsp; 5718 | 5537  |
| Insurance expense | &nbsp;&nbsp; 3204 | 3828  |
| Fund accounting fees (Note 4) | &nbsp;&nbsp; 2694 | 3634  |
| Other expenses | &nbsp;&nbsp; 13269 | 10741  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver and expense reimbursement | &nbsp;&nbsp; 571105 | 874951  |
| &nbsp;&nbsp;&nbsp; Advisory fee waiver and expense reimbursement (Note 4) | &nbsp;&nbsp; (208537) | (216938)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 362568 | 658013  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 785485 | 2826580  |
| **REALIZED AND UNREALIZED GAIN/(LOSS):**<br>|  |  |
| Net realized gain/(loss) on transactions from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2027353 | 4414843  |
| &nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; (14381) | (19108)  |
| Net change in unrealized appreciation/(depreciation) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (809779) | 7245750  |
| &nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; (4313) | (2690)  |
| **Net gain on investments and foreign currency** | &nbsp;&nbsp; 1198880 | 11638795  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $1984365 | $14465375 |

---

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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1954754 | $1905047  |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments | 18081294 | 15791329  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (21769126) | (2269029)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (8) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | (1733086) | 15427347  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (1091717) | (614598)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (21562211) | (12072330)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | (22653928) | (12686928)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 737649 | 1354953  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 18942956 | 16401396  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | 996839 | 561459  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | 12116221 | 6725059  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (2605426) | (1076830)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (17583164) | (14572152)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 12605075 | 9393885  |
| **Total increase/(decrease) in net assets** | (11781939) | 12134304  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 147025987 | 134891683  |
| &nbsp;&nbsp;&nbsp; End of year | $135244048 | $147025987  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 52362 | 96499  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1514254 | 1189290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | 83139 | 39017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional <br>Class | 1030291 | 474933  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (197842) | (77468)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (1299054) | (1058989)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 1183150 | 663282 |

---

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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28,** <br>**2025**  | **Year Ended** <br>**February 29,** <br>**2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $67707451 | $33675646  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 106793145 | 91777958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (2010513) | (1182556)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Taxes | (7857597) | (1504213)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 13945662 | 67360609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (208289) | 41744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred non-U.S. Taxes | (3576391) | (2614934)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 174793468 | 187554254  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (2951017) | (2438970)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (138217242) | (77933647)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | (141168259) | (80372617)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 16959682 | 18454492  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 918399856 | 794909952  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | 2884744 | 2389161  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | 94472625 | 52784955  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (19467847) | (19124629)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (530968915) | (385435996)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 482280145 | 463977935  |
| **TOTAL INCREASE IN NET ASSETS** | 515905354 | 571159572  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1622068300 | 1050908728  |
| &nbsp;&nbsp;&nbsp; End of year | $2137973654 | $1622068300  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 1333723 | 1544545  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 72468038 | 66111152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | 242619 | 202129  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional <br>Class | 7918912 | 4450671  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (1544524) | (1592665)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (41963382) | (32096738)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 38455386 | 38619094 |

---

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

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

**Pzena Small Cap Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28,** <br>**2025**  | **Year Ended** <br>**February 29,** <br>**2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $441186 | $550868  |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments | 5400443 | 419334  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on investments | (8654293) | (440245)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | (2812664) | 529957  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (311220) | (20383)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (3811100) | (218009)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | (4122320) | (238392)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 852224 | 703790  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 26851205 | 19322940  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | 311221 | 20383  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | 3609479 | 190864  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (611351) | (1164150)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (13097570) | (65465173)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets derived from capital share transactions** | 17915208 | (46391346)  |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | 10980224 | (46099781)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 49845974 | 95945755  |
| &nbsp;&nbsp;&nbsp; End of year | $60826198 | $49845974  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 57180 | 51124  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1814176 | 1513153  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | 22634 | 1397  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class | 260424 | 12984  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (42499) | (84073)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (879506) | (5494761)  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in shares outstanding | 1232409 | (4000176) |

---

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

16<br>

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

**Pzena International Small Cap Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28,** <br>**2025**  | **Year Ended** <br>**February 29,** <br>**2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $785485 | $448499  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2027353 | 1368772  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (14381) | (18882)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (809779) | (5079)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (4313) | 1084  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1984365 | 1794394  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (353089) | (143599)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (2724867) | (947546)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | (3077956) | (1091145)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 557234 | 2617090  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 37262400 | 5321085  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | 246020 | 103688  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | 2557372 | 940794  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (836669) | (921633)  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (752775) | (570407)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 39033582 | 7490617  |
| **TOTAL INCREASE IN NET ASSETS** | 37939991 | 8193866  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 26206747 | 18012881  |
| &nbsp;&nbsp;&nbsp; End of year | $64146738 | $26206747  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 48245 | 239760  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 3393224 | 489123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | 23408 | 9443  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class | 242866 | 85527  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (72365) | (85190)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (66891) | (53070)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 3568487 | 685593 |

---

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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28,** <br>**2025**  | **Year Ended** <br>**February 29,** <br>**2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2826580 | $1360627  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 4414843 | 752574  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (19108) | (17137)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 7245750 | 1064564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (2690) | 1044  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 14465375 | 3161672  |
| **DISTRIBUTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (66518) | (18723)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (5518005) | (1370945)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from distributions paid** | (5584523) | (1389668)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Investor Class | 3000 | 80000  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares subscribed - Institutional Class | 11947550 | 32669745  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Investor Class | 66519 | 18724  |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders in payment of distributions declared - Institutional Class | 3186600 | 675740  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Investor Class | (87228) | —  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed - Institutional Class | (1741406) | (2365199)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets derived from capital share transactions** | 13375035 | 31079010  |
| **TOTAL INCREASE IN NET ASSETS** | 22255887 | 32851014  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 76244111 | 43393097  |
| &nbsp;&nbsp;&nbsp; End of year | $98499998 | $76244111  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 295 | 7991  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1063276 | 3350080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Investor <br>Class | 6685 | 1884  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions - Institutional Class | 320262 | 67914  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (8266) | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (167384) | (248463)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 1214868 | 3179406 |

---

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 year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **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 year | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $14.28 | $16.12 | $15.05 | $10.86  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.17 | 0.12 | 0.16  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on <br>investments | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | (0.01) | 2.44 | 4.32  |
| **Total from investment operations** | &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; (0.15) | &nbsp;&nbsp;&nbsp; (0.15) | (0.15) | (0.24) | (0.05)  |
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (1.12) | (1.85) | (1.25) | (0.24)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp; (1.27) | (2.00) | (1.49) | (0.29)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $14.56 | $14.28 | $16.12 | $15.05  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; -1.69% | &nbsp;&nbsp;&nbsp; 10.95% | 1.96% | 17.52% | 41.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &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; 1.31% | &nbsp;&nbsp;&nbsp; 1.33% | 1.32% | 1.31% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &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; 0.94% | &nbsp;&nbsp;&nbsp; 1.03% | 1.07% | 0.63% | 1.33%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.12% | 1.15% | 0.70% | 1.49%  |
| Portfolio turnover rate<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> 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 year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **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 year | $14.34 | $14.07 | $15.92 | $14.87 | $10.72  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>(1)</sup> | 0.19 | 0.20 | 0.22 | 0.17 | 0.20  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on <br>investments | (0.40) | 1.38 |  | 2.42 | 4.27  |
| **Total from investment operations** | (0.21) | 1.58 | 0.22 | 2.59 | 4.47  |
| **Less distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.20) | (0.19) | (0.22) | (0.29) | (0.08)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | (2.10) | (1.12) | (1.85) | (1.25) | (0.24)  |
| **Total distributions** | (2.30) | (1.31) | (2.07) | (1.54) | (0.32)  |
| **Net asset value, end of year** | $11.83 | $14.34 | $14.07 | $15.92 | $14.87  |
| TOTAL RETURN | -1.33% | 11.37% | 2.37% | 17.99% | 42.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $129668 | $139381 | $128225 | $123926 | $108895  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | 0.97% | 0.99% | 0.98% | 0.97% | 1.06%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | 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 | 1.28% | 1.37% | 1.42% | 0.97% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | 1.35% | 1.46% | 1.50% | 1.04% | 1.83%  |
| Portfolio turnover rate<sup>(2)</sup> | 35% | 39% | 35% | 22% | 45% |

---

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

<sup>(2)</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 year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $11.00 | $11.59 | $11.84 | $8.96  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>(1)</sup> | 0.39 | 0.27 | 0.29 | 0.20 | 0.14  |
|  Net realized and unrealized gain/(loss) on investments | 0.73 | 1.47 | (0.69) | (0.16) | 2.86  |
| **Total from investment operations** | 1.12 | 1.74 | (0.40) | 0.04 | 3.00  |
| **Less distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.38) | (0.16) | (0.21) | (0.09)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.29) | (0.03) | (0.08) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.67) | (0.19) | (0.29) | (0.12)  |
| Redemption fees retained | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | 0.00<sup>(1)(2)</sup>  |
| **Net asset value, end of year** | &nbsp;&nbsp; $12.36 | &nbsp;&nbsp; $12.07 | $11.00 | $11.59 | $11.84  |
| TOTAL RETURN | &nbsp;&nbsp; 9.57% | &nbsp;&nbsp; 15.92% | -3.39% | 0.31% | 33.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &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; 1.47% | &nbsp;&nbsp; 1.50% | 1.50% | 1.50% | 1.56%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &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; 3.02% | &nbsp;&nbsp; 2.20% | 2.61% | 1.57% | 1.32%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 2.27% | 2.68% | 1.64% | 1.45%  |
| Portfolio turnover rate<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> 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 year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | $12.12 | $11.04 | $11.63 | $11.87 | $8.98  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>(1)</sup> | 0.44 | 0.31 | 0.33 | 0.24 | 0.17  |
|  Net realized and unrealized gain/(loss) on investments | 0.72 | 1.48 | (0.70) | (0.15) | 2.86  |
| **Total from investment operations** | 1.16 | 1.79 | (0.37) | 0.09 | 3.03  |
| **Less distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.54) | (0.42) | (0.19) | (0.25) | (0.11)  |
|  Dividends from net realized gain on investments | (0.33) | (0.29) | (0.03) | (0.08) | (0.03)  |
| **Total distributions** | (0.87) | (0.71) | (0.22) | (0.33) | (0.14)  |
| Redemption fees retained |  |  |  |  | 0.00<sup>(1)(2)</sup>  |
| **Net asset value, end of year** | $12.41 | $12.12 | $11.04 | $11.63 | $11.87  |
| TOTAL RETURN | 9.92% | 16.32% | -3.11% | 0.74% | 33.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $2094332 | $1579818 | $1014109 | $537475 | $403412  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | 1.13% | 1.15% | 1.15% | 1.15% | 1.21%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | 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 | 3.36% | 2.55% | 2.96% | 1.92% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | 3.41% | 2.62% | 3.03% | 1.99% | 1.80%  |
| Portfolio turnover rate<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> 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>

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

**Pzena Small Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | &nbsp;&nbsp;&nbsp; $14.56 | &nbsp;&nbsp;&nbsp; $12.90 | $14.20 | $13.07 | $9.57  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.06 | 0.01 | 0.11  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on <br>investments | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | 0.66 | 1.31 | 3.55  |
| **Total from investment operations** | &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; (0.19) | &nbsp;&nbsp;&nbsp; (0.02) | (0.08) | (0.09) | —  |
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; (0.05) | (1.94) | (0.10) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.07) | (2.02) | (0.19) | (0.16)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp; $14.56 | $12.90 | $14.20 | $13.07  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; -4.15% | &nbsp;&nbsp;&nbsp; 13.38% | 6.34% | 10.04% | 38.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &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; 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; 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; 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; 0.50% | &nbsp;&nbsp;&nbsp; 0.75% | 0.46% | 0.07% | 1.21%  |
| Portfolio turnover rate<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> 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>

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

**Pzena Small Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $12.97 | $14.28 | $13.14 | $9.60  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>(1)</sup> | 0.12 | 0.13 | 0.10 | 0.05 | 0.14  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; (0.64) | 1.65 | 0.65 | 1.31 | 3.57  |
| **Total from investment operations** | &nbsp;&nbsp; (0.52) | 1.78 | 0.75 | 1.36 | 3.71  |
| **Less distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.02) | (0.12) | (0.12) | (0.01)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.05) | (1.94) | (0.10) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.07) | (2.06) | (0.22) | (0.17)  |
| Redemption fees retained | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | 0.00<sup>(1)(2)</sup>  |
| **Net asset value, end of year** | &nbsp;&nbsp; $13.14 | &nbsp;&nbsp; $14.68 | $12.97 | $14.28 | $13.14  |
| TOTAL RETURN | &nbsp;&nbsp; -3.90% | &nbsp;&nbsp; 13.74% | 6.50% | 10.36% | 38.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &nbsp;&nbsp; $56578 | &nbsp;&nbsp; $45642 | $91814 | $118998 | $70012  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense <br>reimbursement | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.46% | 1.18% | 1.17% | 1.41%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense <br>reimbursement | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | 1.03% | 1.10% | 1.10%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense <br>reimbursement | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.60% | 0.62% | 0.31% | 1.18%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense <br>reimbursement | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.06% | 0.77% | 0.38% | 1.49%  |
| Portfolio turnover rate<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> 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>

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

**Pzena International Small Cap Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $10.62 | $10.05 | $9.48 | $7.48  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &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;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.83 | 0.61 | 2.01  |
| **Total from investment operations** | &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; (0.37) | &nbsp;&nbsp;&nbsp; (0.17) | (0.16) | (0.07) | (0.09)  |
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; (0.30) | (0.28) | (0.02) | (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; (0.47) | (0.44) | (0.09) | (0.10)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.99 | $10.62 | $10.05 | $9.48  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; 8.66% | &nbsp;&nbsp;&nbsp; 7.87% | 10.51% | 6.93% | 28.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &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; 2.13% | &nbsp;&nbsp;&nbsp; 2.38% | 2.79% | 3.16% | 8.18%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &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; 1.65% | &nbsp;&nbsp;&nbsp; 0.83% | 0.53% | (1.25)% | (5.56)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 1.75% | 1.87% | 0.46% | 1.20%  |
| Portfolio turnover rate<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> 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>

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

**Pzena International Small Cap Value Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **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 year | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp; $10.64 | $10.07 | $9.49 | $7.49  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>(1)</sup> | 0.31 | 0.22 | 0.20 | 0.08 | 0.10  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain on <br>investments | 0.65 | 0.65 | 0.83 | 0.61 | 2.01  |
| **Total from investment operations** | 0.96 | 0.87 | 1.03 | 0.69 | 2.11  |
| **Less distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.19) | (0.18) | (0.09) | (0.10)  |
| &nbsp;&nbsp;&nbsp; Dividends from net realized gain on <br>investments | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.30) | (0.28) | (0.02) | (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.49) | (0.46) | (0.11) | (0.11)  |
| **Net asset value, end of year** | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.02 | $10.64 | $10.07 | $9.49  |
| TOTAL RETURN | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 8.18% | 10.73% | 7.32% | 28.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | &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; 1.85% | &nbsp;&nbsp; 2.09% | 2.51% | 2.88% | 7.93%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &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; 1.93% | &nbsp;&nbsp; 1.12% | 0.81% | (0.97)% | (5.31)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 2.04% | 2.15% | 0.74% | 1.45%  |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 43% | 26% | 22% | 32% |

---

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

<sup>(2)</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>

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

**Pzena International Value Fund** 

**Financial Highlights** 

**Investor Class** 

**For a share outstanding throughout each period** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $9.82 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **Income from investment operations:**<br>|  |  |  |  |
| Net investment income<sup>(2)</sup> | &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;1.45 | &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;1.77 | &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; (0.30) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Dividends from net realized gain on investments | &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; (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; $10.97 | &nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.62  |
| TOTAL RETURN | &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:**<br>|  |  |  |  |
| Net assets, end of period (thousands) | &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; 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; 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; 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; 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; 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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $9.83 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $10.00  |
| **Income from investment operations:**<br>|  |  |  |  |
| Net investment income<sup>(2)</sup> | 0.34 | 0.24 | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain/(loss) on investments | 1.46 | 0.31 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.38)  |
| **Total from investment operations** | 1.80 | 0.55 | 0.04 | &nbsp;&nbsp;&nbsp; (0.33)  |
| **Less distributions:**<br>|  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.05)  |
| Dividends from net realized gain on investments | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &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; $10.98 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $9.62  |
| TOTAL RETURN | &nbsp;&nbsp; 18.97% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; -3.29%<sup>(4)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (thousands) | &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; 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; 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; 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; 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; 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** 

**February 28, 2025** 

**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.

29<br>

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(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. For the year ended February 28, 2025, the Funds made the following permanent tax adjustments on the Statements of Assets and Liabilities:** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** | **Paid-in** <br>**Capital**  |
| Mid Cap Value Fund | $(1506709) | $1506709  |
| Emerging Markets Value Fund | $(20339889) | $20339889  |
| Small Cap Value Fund | $(529685) | $529685  |
| International Small Cap Value Fund | $(71475) | $71475  |
| International Value Fund | $(53543) | $53543 |

---

**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.** 

**Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.**

**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 year ended February 28, 2025, the Funds did not enter into derivatives transactions.** 

30<br>

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

**Events Subsequent to the Fiscal Year End – In preparing the financial statements as February 28, 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 Pzena Investment Management, LLC ("Adviser") acts as the CODM. Each Fund within the Trust represents a single operating 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 Adviser, 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.** 

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments of the Fund's financial statements.

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish a 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.

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

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.** 

**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 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.

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

The following is a summary of the inputs used to value the Funds' securities as of February 28, 2025:

**Mid Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $132043355 | $— | $— | $132043355  |
| Short-Term Investment | 3001668 |  |  | 3001668  |
| **Total Assets** | $135045023 | $— | $— | $135045023 |

---

**Emerging Markets Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $1986663231 | $— | $4085 | $1986667316  |
| Preferred Stocks | 99097164 |  |  | 99097164  |
| Short-Term Investment | 53028265 |  |  | 53028265  |
| **Total Assets** | $2138788660 | $— | $4085 | $2138792745 |

---

**Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $57806053 | $— | $— | $57806053  |
| Real Estate Investment Trust | 616740 |  |  | 616740  |
| Short-Term Investment | 2392167 |  |  | 2392167  |
| **Total Assets** | $60814960 | $— | $— | $60814960 |

---

**International Small Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $54178768 | $— | $— | $54178768  |
| Short-Term Investment | 16063658 |  |  | 16063658  |
| **Total Assets** | $70242426 | $— | $— | $70242426 |

---

**International Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $96135834 | $— | $— | $96135834  |
| Short-Term Investment | 2178422 |  |  | 2178422  |
| **Total Assets** | $98314256 | $— | $— | $98314256 |

---

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 29, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $4085  |
| Balance as of February 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4085  |
|  Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at February 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

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% |

---

\* Effective February 1, 2025. Prior to February 1, 2025, the management fee was 1.00% 

For the year ended February 28, 2025, the Funds incurred the following in advisory fees:

---

| | |
|:---|:---|
|  | **Advisory** <br>**Fees**  |
| Mid Cap Value Fund | $1171294  |
| Emerging Markets Value Fund | 19910210  |
| Small Cap Value Fund | 536428  |
| International Small Cap Value Fund | 302637  |
| International Value Fund | 575418 |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

\* Effective February 1, 2025. Prior to February 1, 2025, the operating expense limitation was 1.17% 

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 year ended February 28, 2025, the Adviser reduced its fees and reduced other operating expenses in the amount of $102,504 for the Mid Cap Value Fund, $944,957 for the Emerging Markets

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

Value Fund, $221,715 for the Small Cap Value Fund, $208,537 for the International Small Cap Value Fund, and $216,938 for the International Value Fund. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 28,**  | **February 28,**  | **February 29,**<br>**2028**  | **Total**  |
|  | **2026** | **2027** | **February 29,**<br>**2028**  | **Total**  |
| Mid Cap Value Fund | $98328 | $116009 | $102504 | $316841  |
| Emerging Markets Value Fund | 485364 | 858787 | 944957 | 2289108  |
| Small Cap Value Fund | 159587 | 243889 | 221715 | 625191  |
| International Small Cap Value Fund | 195567 | 205550 | 208537 | 609654  |
| International Value Fund | 235358 | 207618 | 216938 | 659914 |

---

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 year ended February 28, 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 year ended February 28, 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 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 year ended February 28, 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.

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

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

For the year ended February 28, 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 | $50207140 | $59989573  |
| Emerging Markets Value Fund | 890172970 | 427529118  |
| Small Cap Value Fund | 29657817 | 16661214  |
| International Small Cap Value Fund | 40329664 | 12239903  |
| International Value Fund | 29043850 | 17894927 |

---

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, U.S. Bank N.A. During the year ended February 28, 2025, the International Small Cap Value Fund, did not draw upon the line of credit. During the year ended February 28, 2025, the Mid Cap Value Fund had an average daily outstanding balance of $103,137, a weighted average interest rate of 7.51%, incurred interest expense of $7,858 and had a maximum amount outstanding of $12,064,000. The Fund settled $7,881 in borrowing expenses during the fiscal year, including $7,858 incurred during the current year and $23 related to prior year accruals. The Emerging Markets Value Fund had an average daily outstanding balance of $57,296, a weighted average interest rate of 7.50%, incurred interest expense of $4,357 and had a maximum amount outstanding of $6,971,000. The Small Cap Value Fund had an average daily outstanding balance of $1,640, a weighted average interest rate of 8.50%, incurred interest expense of $141 and had a maximum amount outstanding of $153,000. The International Value Fund had an average daily outstanding balance of $4,984, a weighted average interest rate of 7.50%, incurred interest expense of $379 and had a maximum amount outstanding of $557,000. At February 28, 2025, the Funds had no outstanding loan amounts.

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

As of February 28, 2025, 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/<br>&nbsp;&nbsp;&nbsp;&nbsp;(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/ (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.

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

The tax character of distributions paid during the years ended February 28, 2025 and February 29, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28, 2025** | **Year Ended** <br>**February 29, 2024**  |
| **Mid Cap Value Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $3614367 | &nbsp;&nbsp; $2312121  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 19039561 | &nbsp;&nbsp; 10374807  |
| **Emerging Markets Value Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $79046110 | &nbsp;&nbsp; $59979575  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 62122149 | &nbsp;&nbsp; 20393042  |
| **Small Cap Value Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $979195 | &nbsp;&nbsp; $238392  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 3143125 | &nbsp;&nbsp; —  |
| **International Small Cap Value Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $1151319 | &nbsp;&nbsp; $420663  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 1926637 | &nbsp;&nbsp; 670482  |
| **International Value Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $2942125 | &nbsp;&nbsp; $1389668  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 2642398 | &nbsp;&nbsp; — |

---

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.

**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.

37<br>

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

**Pzena Funds** 

**Notes to Financial Statements** 

**February 28, 2025(Continued)** 

&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 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.

**NOTE 11 – OFFICERS (Unaudited)** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

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

**PZENA FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders of Pzena Funds and Board of Trustees of Advisors Series Trust:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of Pzena Funds, (the "Funds"), comprising Pzena Mid Cap Value Fund, Pzena Emerging Markets Value Fund, Pzena Small Cap Value Fund, Pzena International Small Cap Value Fund, and Pzena International Value Fund, including the schedules of investments as of February 28, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Advisors Series Trust as of February 28, 2025, and the results of their operations, changes in their net assets and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended February 29, 2024 and the financial highlights for the year or period ended February 29 (28), 2024, 2023, 2022 and 2021, were audited by other auditors, whose report dated April 29, 2024, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](sigefp-15189.jpg)

Milwaukee, Wisconsin

April 29, 2025

We have served as the auditor of one or more Advisors Series Trust investment companies since 2024.

39<br>

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

**Pzena Funds** 

**Approval of Investment Advisory Agreement (Unaudited)** 

**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** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreement") between Advisors Series Trust (the "Trust") and Pzena Investment Management, LLC (the "Adviser") on behalf of 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 ("International Small Cap Value Fund") and Pzena International Value Fund ("International Value Fund") (each, a "Fund," and together, the "Funds"). At both meetings, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Subsequent to the Board's renewal of the Advisory Agreement, the Board approved reductions in the Small Cap Value Fund's management fee and Expense Cap (as defined below). Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered
 the nature, extent and quality of the Adviser's overall services provided to the Funds, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities
 of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities
 of the Funds, noting that the Adviser currently serves as investment sub-adviser to a number of mutual funds not affiliated with the Trust
 and previously managed its own family of proprietary mutual funds. The Board also considered the resources and compliance structure of
 the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser's compliance record,
 as well as the Adviser's cybersecurity program, liquidity risk management program, valuation procedures, business continuity plan,
 and risk management process. The Board further considered its knowledge of the Adviser's operations and noted that during the course
 of the prior year they had met with certain personnel of the Adviser to discuss the Funds' performance and investment outlook as
 well as various compliance topics and fund marketing/distribution. The Board concluded that the Adviser had the quality and depth of personnel,
 resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement
 and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Funds historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management delivered
 by the Adviser, the Board reviewed the short-term and long-term performance of the Funds as of June 30, 2024 on both an absolute basis
 and a relative basis in comparison to their peer funds utilizing Morningstar classifications, appropriate securities market benchmarks,
 the Adviser's similarly managed accounts, and a cohort that is comprised of similarly managed funds selected by an independent third-party
 consulting firm engaged by the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term
 and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer
 group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance,
 may differ significantly from funds in the peer universe. When reviewing a Fund's performance against broad market benchmarks, the
 Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between
 actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance,
 the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods
 of underperformance may be transitory in nature while others may reflect more significant underlying issues.

40<br>

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

**Pzena Funds** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

**Mid Cap Value Fund: The Board noted that the Fund outperformed the Morningstar peer group and Cohort average for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had outperformed its primary benchmark index over the one-, three-, five-, and ten-year periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed accounts, noting that the Fund outperformed the similarly managed composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

**Emerging Markets Value Fund: The Board noted that the Fund outperformed the Morningstar peer group average for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board further noted that the Fund underperformed the Cohort average for the one-year period, and outperformed for the three-, five-, and ten-year periods, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against two broad-based securities market benchmarks, noting that it had outperformed its primary benchmark over the one-, three-, five-, and ten-year periods ended June 30, 2024. The Fund underperformed its secondary benchmark for the one-year period and outperformed for the three-, five-, and ten-year periods, all periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed accounts, noting that the Fund underperformed the similarly managed account composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

**Small Cap Value Fund: The Board noted that the Fund outperformed each of the Morningstar peer group and Cohort average for the one-, three-, and five-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had outperformed its primary benchmark index for the one-, three-, and five-year periods ended June 30, 2024.** 

The Adviser represented that it does not manage any other accounts with a similar strategy to that of the Small Cap Value Fund.

**International Small Cap Value Fund: The Board noted that the Fund outperformed each of the Morningstar peer group and Cohort average for the one-, three-, and five-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against two broad-based securities market benchmarks, noting that it outperformed both its primary and secondary benchmark over the one-, three-, and five-year periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed accounts, noting that the Fund outperformed the similarly managed account composite for the one-, and three-year periods and underperformed for the five-year period ended June 30, 2024.

**International Value Fund: The Board noted that the Fund underperformed each of the Morningstar peer group and Cohort average for the one-year period, and outperformed both for the three-year period, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against two broad-based securities market benchmarks. The Board noted that the Fund underperformed its primary benchmark for the one-year period, and outperformed for the three-year period, all periods ended June 30, 2024. The Fund underperformed its secondary benchmark for the one-and three-year periods ended June 30, 2024.** 

The Board also considered the Fund's performance compared to the Adviser's similarly managed accounts, noting that the Fund underperformed the similarly managed account composite for the one-year period and outperformed for the three-year period, all periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreement. In considering the advisory fee and total fees and expenses of the Funds, the Board reviewed comparisons to the applicable Morningstar
 peer group, the Cohort and the Adviser's similarly managed accounts for other types of clients, as well as all expense waivers and
 reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the
 differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

41<br>

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

**Pzena Funds** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

**Mid Cap Value Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.90%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the Fund's contractual management fee and net expense ratio were above the Cohort median and average. The Board also took into consideration the services the Adviser provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were lower than, equal to, or higher than the fees charged to the Adviser's similarly managed account clients depending on the asset level.** 

**Emerging Markets Value Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 1.08%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the contractual advisory fee was above the Cohort median and average. The Board noted that the Fund's net expense ratio was at the median and above the average of the Cohort. The Board also took into consideration the services the Adviser provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were equal to or higher than the fees charged to the Adviser's similarly managed account clients depending on the asset level.** 

**Small Cap Value Fund: The Board noted that the Adviser had contractually agreed to maintain annual expense ratios for the Fund of 1.00%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the contractual advisory fee and net expense ratio were above the Cohort median and average. The Board also considered that the Adviser does not manage any other accounts with a similar strategy to that of the Small Cap Value Fund.** 

**International Small Cap Value Fund: Effective February 1, 2025, the Board approved an amendment to the Fund's operating expenses limitation agreement, as the Adviser contractually agreed to maintain an annual expense ratio for the Fund of 1.03%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). Prior to February 1, 2025, the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 1.17%, excluding certain operating expenses and class-level expenses. Also effective February 1, 2025, the Board approved a reduction in the Fund's contractual management fee (from 1.00% to 0.95%). The Board noted that the Fund's contractual management fee was at the median and above the average of the Cohort, and the Fund's net expense ratio was above the Cohort median and average. The Board found that the management fees charged to the Fund were equal to or higher than the fees charged to the Adviser's similarly managed account clients depending on the asset level.** 

**International Value Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.74%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the Fund's contractual management fee was at the median and below the average of the Cohort, and the Fund's net expense ratio was below the Cohort median and average. The Board found that the management fees charged to the Fund were higher than the fees charged to the Adviser's similarly managed account clients.** 

The Board determined that it would continue to monitor the appropriateness of the advisory fees for the Funds and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
 The Board further noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds
 do not exceed the specified Expense Caps. The Board noted that at current asset levels, it did not appear that there were additional significant
 economies of scale being realized by the Adviser that should be shared with shareholders and concluded that it would continue to monitor
 economies of scale in the future as circumstances changed and assuming asset levels increase.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Funds. The Board reviewed the Adviser's
 financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds.
 The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional material benefits
 derived by the Adviser from its

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

**Pzena Funds** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

relationship with the Funds, such as Rule 12b-1 fees received from the Funds' Investor Class shares. The Board also considered "soft dollar" benefits that may be received by the Adviser in exchange for Fund brokerage. After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services it provides to the Funds.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement for the Funds, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangement with the Adviser, including the advisory fee, was fair and reasonable to the Funds. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Funds would be in the best interest of each Fund and its shareholders.

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**[**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.** 

Based on the recommendation of Pzena Investment Management, LLC (the "Adviser"), the Audit Committee and Board of Trustees ("Board") of Advisors Series Trust approved a change of the independent registered public accounting firm for the Funds, from Tait, Weller and Baker, LLP ("Tait") to Deloitte LLP ("Deloitte"). At a meeting of the Board held on June 26, 2024, the Board accepted Tait's resignation effective June 27, 2024. Deloitte's engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Funds.

**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.** 

Refer to information provided within ﬁnancial statements.

44<br>

&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>**

Effective June 27, 2024, the Independent Registered Public Accounting Firm for the Funds changed from Tait Weller & Baker LLP to Deloitte & Touche LLP. The decision to engage Deloitte & Touche LLP was approved by the Board of Trustees, including a majority of the Independent Trustees.

There were no disagreements with Tait Weller & Baker LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the Fund's two most recent fiscal years or any subsequent interim period preceding the change in auditor.

**<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>**

See Item 7(a).

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

&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>**

---

| | |
|:---|:---|
| (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.* Filed herewith.](piml-efp17059_ex99code.htm) |
|  | (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. |
|  | [(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.](piml-efp17059_ex99cert.htm) |
|  | (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. |
|  | [(5) *Change in the registrant's independent public accountant.* There was a change in the registrant's independent public accountant during the period covered by this report. The agreement letter from the predecessor auditor, Tait Weller & Baker LLP, is filed herewith.](piml-efp17059_ex99a5.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](piml-efp17059_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

---

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

---

Date <u>8/1/25</u> <br>

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

---

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

---

Date <u>8/1/25</u>

---

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

---

Date <u>8/1/25</u>

## Ex-99.Code

**EX.99.CODE ETH**

**<u>Exhibit A</u>**

**ADVISORS SERIES TRUST**

**Code of Ethics** 

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Advisors Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT.

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**Adopted by the Board of Trustees on March 18, 2010**

## 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: | 8/1/25 | /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: | 8/1/25 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |

---

## Ex-99.(A)(5)

**Exhibit (a)(5)**

July 25, 2025

Office of the Chief Accountant

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

**Re**:

---

| |
|:---|
| 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 |

---

(the "Funds"), each a series of Advisors Series Trust, Commission File Number 811-07959

To whom it may concern:

We have received a copy of, and are in agreement with, the statements concerning our Firm being made by the Funds pursuant to Item 304(a) of Regulation S-K in its Form N-CSR to be filed on or about July 25, 2025, captioned "Changes in and Disagreements with Accountants for Open-End Investment Companies."

We hereby consent to the filing of this letter as an exhibit to the foregoing report.

---

| |
|:---|
| Sincerely, |
| /s/ **TAIT WELLER & BAKER LLP** |

---

cc: Jeffrey T. Rauman, President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 East Michigan Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milwaukee, WI 53202

## 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 year ended February 28, 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<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust |

---

Dated: <u>8/1/25</u> Dated: <u>8/1/25</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.