NPORT-EX 2 pzenaem-nport.htm NPORT-EX
Pzena Emerging Markets Value Fund
            
Schedule of Investments
            
May 31, 2020 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 100.76%
            
Brazil - 1.69%
            
Light S.A. (a)
    
1,577,939
    
$
4,092,475
  
China - 15.81%
                
Baidu, Inc. - ADR (a)
    
50,348
      
5,364,579
  
China Construction Bank Corp.
    
4,862,000
      
3,819,852
  
China Dongxiang Group Co.
    
24,196,000
      
1,904,091
  
China Mobile, Ltd.
    
712,500
      
4,972,747
  
China Resources Power Holdings Co., Ltd.
    
4,910,000
      
5,688,163
  
Dongfeng Motor Group Co., Ltd.
    
7,906,000
      
4,956,868
  
Grand Baoxin Auto Group, Ltd. (a)
    
20,327,000
      
2,255,205
  
Huadian Power International Corp., Ltd.
    
8,626,000
      
2,648,504
  
Lenovo Group, Ltd.
    
12,298,000
      
6,679,298
  
             
38,289,307
  
Czech Republic - 2.13%
                
CEZ
    
263,128
      
5,161,139
  
Hong Kong - 5.27%
                
Galaxy Entertainment Group, Ltd.
    
463,000
      
3,123,898
  
Man Wah Holdings, Ltd.
    
4,481,600
      
3,486,299
  
Pacific Basin Shipping, Ltd.
    
51,173,000
      
6,139,572
  
             
12,749,769
  
Hungary - 0.86%
                
OTP Bank PLC
    
63,087
      
2,092,216
  
India - 8.47%
                
Aurobindo Pharma, Ltd.
    
944,032
      
9,309,076
  
ICICI Bank, Ltd.
    
416,948
      
1,830,372
  
ICICI Bank, Ltd. - ADR
    
271,904
      
2,365,565
  
NTPC, Ltd.
    
3,403,241
      
4,403,910
  
Punjab National Bank (a)
    
2,643,236
      
935,071
  
State Bank of India (a)
    
117,859
      
251,410
  
State Bank of India - GDR (a)
    
67,053
      
1,421,524
  
             
20,516,928
  
Indonesia - 1.26%
                
PT Bank Mandiri (Persero) Tbk
    
9,985,100
      
3,054,990
  
Malaysia - 1.29%
                
Genting Malaysia Berhad
    
5,829,100
      
3,110,641
  
Poland - 1.16%
                
Cyfrowy Polsat S.A.
    
430,211
      
2,801,539
  
Republic of Korea - 18.04%
                
Dongbu Insurance Co., Ltd.
    
238,370
      
8,353,392
  
Hana Financial Group, Inc.
    
58,147
      
1,396,805
  
Hankook Tire & Technology Co., Ltd.
    
239,051
      
4,526,421
  
Hyundai Motor Co.
    
11,880
      
940,078
  
KB Financial Group, Inc.
    
90,180
      
2,475,772
  
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)
    
74,766
      
5,481,653
  
POSCO
    
68,050
      
9,945,537
  
Samsung Electronics Co., Ltd.
    
143,842
      
5,888,643
  
Shinhan Financial Group Co., Ltd.
    
192,080
      
4,676,177
  
             
43,684,478
  
Romania - 0.95%
                
Banca Transilvania S.A.
    
4,909,022
      
2,294,014
  
Russian Federation - 8.03%
                
LUKOIL PJSC - ADR
    
147,682
      
10,963,912
  
Rosneft Oil Co. - GDR
    
1,629,613
      
8,480,506
  
             
19,444,418
  
Singapore - 2.65%
                
Wilmar International, Ltd.
    
2,276,900
      
6,414,257
  
South Africa - 2.24%
                
Reunert, Ltd.
    
826,836
      
2,055,313
  
Sasol (a)
    
654,832
      
3,376,384
  
             
5,431,697
  
Taiwan - 12.20%
                
Catcher Technology Co., Ltd.
    
864,000
      
6,273,173
  
Compal Electronics, Inc.
    
4,454,000
      
2,833,352
  
Hon Hai Precision Industry Co., Ltd.
    
2,737,132
      
6,910,062
  
Lite-On Technology Corp.
    
3,025,000
      
4,846,045
  
Taiwan Semiconductor Manufacturing Co., Ltd.
    
892,000
      
8,674,904
  
             
29,537,536
  
Thailand - 3.74%
                
Bangkok Bank Public Co., Ltd.
    
786,900
      
2,684,019
  
Bangkok Bank Public Co., Ltd. - NVDR
    
419,900
      
1,438,828
  
Siam Commercial Bank PLC - NVDR
    
2,117,600
      
4,926,199
  
             
9,049,046
  
Turkey - 2.49%
                
Akbank T.A.S. (a)
    
2,212,607
      
1,844,109
  
Ford Otomotiv Sanayi A.S.
    
462,686
      
4,191,758
  
             
6,035,867
  
United Arab Emirates - 2.01%
                
Abu Dhabi Commercial Bank PJSC
    
4,067,190
      
4,872,013
  
United Kingdom - 3.86%
                
Antofagasta PLC
    
350,058
      
3,788,851
  
Standard Chartered PLC
    
1,222,850
      
5,563,626
  
             
9,352,477
  
United States - 6.61%
                
Cognizant Technology Solutions Corp. - Class A
    
144,665
      
7,667,245
  
Flextronics International, Ltd. (a)
    
857,549
      
8,326,801
  
             
15,994,046
  
Total Common Stocks (Cost $317,379,839)
            
243,978,853
  
PREFERRED STOCKS - 2.62%
                
Brazil - 2.01%
                
Cia Energetica de Minas Gerais, 6.83%
    
2,438,670
      
4,876,152
  
Republic of Korea - 0.61%
                
Hyundai Motor Co., 7.19%
    
32,428
      
1,474,178
  
Total Preferred Stocks (Cost $8,853,130)
            
6,350,330
  
                 
SHORT-TERM INVESTMENT - 2.20%
                
Money Market Fund - 2.20%
                
Fidelity Institutional - Government Portfolio - Class I, 0.08% (b)
    
5,314,930
      
5,314,930
  
Total Short-Term Investment (Cost $5,314,930)
            
5,314,930
  
                 
Total Investments (Cost $331,547,899) - 105.58%
            
255,644,113
  
Liabilities in Excess of Other Assets - (5.58)%
            
(13,502,633
)
TOTAL NET ASSETS - 100.00%
          
$
242,141,480
  

Percentages are stated as a percent of net assets.
      

ADR
  
American Depository Receipt
      
GDR
  
Global Depository Receipt
      
NVDR
  
Non-voting Depository Receipt
      
PJSC
  
Private Joint Stock Company
      
PLC
  
Public Limited Company
      
(a)
  
Non-income producing security.
      
(b)
  
The rate listed is the 7-day annualized yield as of May 31, 2020.
      

Pzena Emerging Markets Value Fund
            
Portfolio Diversification
            
May 31, 2020 (Unaudited)
            
             
   
Value
    
% of Net Assets
  
Common Stocks
            
Communication Services
  
$
13,138,865
      
5.43
%
Consumer Discretionary
    
28,495,259
      
11.77
%
Consumer Staples
    
6,414,257
      
2.65
%
Energy
    
19,444,418
      
8.03
%
Financials
    
56,295,954
      
23.25
%
Health Care
    
9,309,077
      
3.84
%
Industrials
    
13,676,537
      
5.65
%
Information Technology
    
58,099,522
      
23.99
%
Materials
    
17,110,772
      
7.07
%
Utilities
    
21,994,192
      
9.08
%
Total Common Stocks
    
243,978,853
      
100.76
%
Preferred Stocks
                
Consumer Discretionary
    
1,474,178
      
0.61
%
Utilities
    
4,876,152
      
2.01
%
Total Preferred Stocks
    
6,350,330
      
2.62
%
Short-Term Investment
    
5,314,930
      
2.20
%
Total Investments
    
255,644,113
      
105.58
%
Liabilities in Excess of Other Assets
    
(13,502,633
)
    
(5.58
)%
Total Net Assets
  
$
242,141,480
      
100.00
%

The Global Industry Classification Standard (GICS®) was developed
          
by and/or is the exclusive property of MSCI, Inc. and Standard &
          
Poor's Financial Services LLC (“S&P”). GICS is a service mark of
          
MSCI and S&P and has been licensed for use by Pzena Investment
          
Management, LLC.
          
             
Pzena Emerging Markets Value Fund
                
Summary of Fair Value Disclosure at May 31, 2020 (Unaudited)
            
                     
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principals generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                     
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
  
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
                  
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                     
The following is a summary of the inputs used to value the Fund's investments as of May 31, 2020:
    

Pzena Emerging Markets Value Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Brazil
  
$
4,092,475
    
$
-
    
$
-
    
$
4,092,475
  
China
    
38,289,307
      
-
      
-
      
38,289,307
  
Czech Republic
    
5,161,139
      
-
      
-
      
5,161,139
  
Hong Kong
    
12,749,769
      
-
      
-
      
12,749,769
  
Hungary
    
2,092,216
      
-
      
-
      
2,092,216
  
India
    
20,516,928
      
-
      
-
      
20,516,928
  
Indonesia
    
3,054,990
      
-
      
-
      
3,054,990
  
Malaysia
    
3,110,641
      
-
      
-
      
3,110,641
  
Poland
    
2,801,539
      
-
      
-
      
2,801,539
  
Republic of Korea
    
43,684,478
      
-
      
-
      
43,684,478
  
Romania
    
2,294,014
      
-
      
-
      
2,294,014
  
Russian Federation
    
19,444,418
      
-
      
-
      
19,444,418
  
Singapore
    
6,414,257
      
-
      
-
      
6,414,257
  
South Africa
    
5,431,697
      
-
      
-
      
5,431,697
  
Taiwan
    
29,537,536
      
-
      
-
      
29,537,536
  
Thailand
    
9,049,046
      
-
      
-
      
9,049,046
  
Turkey
    
6,035,867
      
-
      
-
      
6,035,867
  
United Arab Emirates
    
4,872,013
      
-
      
-
      
4,872,013
  
United Kingdom
    
9,352,477
      
-
      
-
      
9,352,477
  
United States
    
15,994,046
      
-
      
-
      
15,994,046
  
Total Common Stocks
    
243,978,853
      
-
      
-
      
243,978,853
  
Preferred Stocks
                                
Brazil
    
4,876,152
      
-
      
-
      
4,876,152
  
Republic of Korea
    
1,474,178
      
-
      
-
      
1,474,178
  
Total Preferred Stocks
    
6,350,330
      
-
      
-
      
6,350,330
  
Short-Term Investment
    
5,314,930
      
-
      
-
      
5,314,930
  
Total Investments
 
$
255,644,113
    
$
-
    
$
-
    
$
255,644,113
  
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of securities.  For the period ended May 31, 2020, the Fund did not recognize any transfers to or from Level 3.