NPORT-EX 2 iv5.htm NPORT-EX
Pzena International Value Fund
            
Schedule of Investments
            
November 30, 2021 (Unaudited)
            
             
   
Shares
    
Fair Value
  
COMMON STOCKS - 92.98%
            
Belgium - 0.78%
            
KBC Group N.V.
    
1,322
    
$
110,976
  
Brazil - 2.01%
                
Ambev S.A.
    
86,400
      
246,974
  
Ambev S.A. - ADR
    
13,543
      
38,191
  
             
285,165
  
China - 1.55%
                
Alibaba Group Holding, Ltd. (a)
    
7,800
      
127,333
  
Alibaba Group Holding, Ltd. - ADR (a)
    
720
      
91,821
  
             
219,154
  
Denmark - 3.20%
                
AP Moller - Maersk A/S - Series B
    
103
      
310,596
  
Danske Bank A/S
    
8,642
      
142,720
  
             
453,316
  
Finland - 2.58%
                
Nokia Oyj - ADR (a)
    
65,330
      
365,848
  
France - 13.04%
                
Amundi S.A.
    
3,453
      
287,632
  
Bouygues S.A.
    
4,450
      
151,149
  
Cie Generale des Etablissements Michelin SCA
    
2,404
      
355,791
  
Publicis Groupe
    
3,309
      
214,431
  
Rexel S.A.
    
21,172
      
389,580
  
Sanofi
    
1,937
      
184,219
  
Schneider Electric SE
    
826
      
146,341
  
SCOR SE
    
3,753
      
118,281
  
             
1,847,424
  
Germany - 8.55%
                
BASF SE
    
5,851
      
384,068
  
Covestro AG
    
6,425
      
363,162
  
Fresenius Medical Care AG & Co. KGaA
    
4,852
      
290,429
  
Siemens AG
    
1,081
      
173,203
  
             
1,210,862
  
Hong Kong - 1.20%
                
Galaxy Entertainment Group, Ltd. (a)
    
31,000
      
169,550
  
Italy - 2.10%
                
Enel S.p.A.
    
39,082
      
297,272
  
Japan - 16.58%
                
Bridgestone Corp.
    
3,500
      
142,589
  
Fukuoka Financial Group, Inc.
    
7,000
      
113,823
  
Honda Motor Co., Ltd.
    
5,100
      
139,913
  
Honda Motor Co., Ltd. - ADR (a)
    
8,000
      
218,960
  
Iida Group Holdings Co., Ltd.
    
7,200
      
149,561
  
Isuzu Motors, Ltd.
    
21,100
      
285,975
  
Komatsu, Ltd.
    
12,600
      
288,930
  
Komatsu, Ltd. - ADR (a)
    
4,000
      
90,640
  
Mitsui & Co., Ltd.
    
6,800
      
153,825
  
MS&AD Insurance Group Holdings, Inc.
    
2,400
      
70,406
  
Panasonic Corp.
    
25,300
      
278,102
  
Resona Holdings, Inc.
    
31,900
      
117,288
  
Sumitomo Mitsui Financial Group, Inc.
    
2,000
      
65,520
  
Sumitomo Mitsui Financial Group, Inc. - ADR (a)
    
13,500
      
87,345
  
Suzuki Motor Corp.
    
1,700
      
68,956
  
T&D Holdings, Inc.
    
6,500
      
77,171
  
             
2,349,004
  
Luxembourg - 0.98%
                
ArcelorMittal S.A.
    
5,138
      
139,440
  
Netherlands - 2.54%
                
ING Groep N.V.
    
20,707
      
286,689
  
Koninklijke KPN N.V.
    
24,985
      
73,700
  
             
360,389
  
Republic of Korea - 2.69%
                
POSCO - ADR (a)
    
5,008
      
276,291
  
Shinhan Financial Group Co., Ltd. - ADR (a)
    
3,610
      
105,196
  
             
381,487
  
Singapore - 2.53%
                
DBS Group Holdings, Ltd.
    
6,400
      
140,096
  
Wilmar International, Ltd.
    
72,700
      
218,971
  
             
359,067
  
Spain - 1.54%
                
CaixaBank S.A.
    
84,830
      
218,771
  
Switzerland - 7.76%
                
Credit Suisse Group AG
    
11,343
      
110,113
  
Julius Baer Group, Ltd.
    
1,288
      
80,306
  
Novartis AG
    
2,751
      
220,068
  
Roche Holding AG
    
987
      
386,662
  
UBS Group AG
    
17,406
      
302,218
  
             
1,099,367
  
Taiwan - 2.60%
                
Hon Hai Precision Industry Co., Ltd. - GDR
    
50,000
      
368,500
  
United Kingdom - 20.75%
                
Aviva PLC
    
28,313
      
144,971
  
Barclays PLC
    
57,700
      
141,367
  
HSBC Holdings PLC
    
51,343
      
286,347
  
J Sainsbury PLC
    
86,310
      
317,503
  
John Wood Group PLC (a)
    
93,972
      
251,830
  
Natwest Group PLC
    
51,659
      
146,064
  
Royal Dutch Shell PLC - Class A
    
19,299
      
406,659
  
Standard Chartered PLC
    
31,648
      
175,179
  
TechnipFMC PLC (a)(b)
    
36,089
      
204,625
  
Tesco PLC
    
79,739
      
293,489
  
Travis Perkins PLC
    
18,593
      
358,551
  
Vodafone Group PLC
    
146,298
      
212,741
  
             
2,939,326
  
Total Common Stocks (Cost $13,947,820)
            
13,174,918
  
                 
PREFERRED STOCK - 2.45%
                
Germany - 2.45%
                
Volkswagen AG, 2.98%
    
1,894
      
347,242
  
Total Preferred Stock (Cost $408,646)
            
347,242
  
                 
SHORT-TERM INVESTMENT - 4.53%
                
Money Market Fund - 4.53%
                
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)
    
641,484
      
641,484
  
Total Short-Term Investment (Cost $641,484)
            
641,484
  
                 
Total Investments (Cost $14,997,950) - 99.96%
            
14,163,644
  
Other Assets in Excess of Liabilities - 0.04%
            
5,479
  
TOTAL NET ASSETS - 100.00%
          
$
14,169,123
  

Percentages are stated as a percent of net assets.
      

ADR
  
American Depository Receipt
      
AG
  
Aktiengesellschaft
      
GDR
  
Global Depository Receipt
      
N.V.
  
Naamloze Vennootschap
      
PLC
  
Public Limited Company
      
S.A.
  
Société Anonyme
      
S.p.A
  
Società per azioni
      
(a)
  
Non-income producing security.
      
(b)
   Foreign issued security.      
(c)
  
The rate listed is the 7-day annualized yield as of November 30, 2021.
      
Pzena International Value Fund
            
Portfolio Diversification
            
November 30, 2021 (Unaudited)
            
         
% of
  
   
Fair Value
    
Net Assets
  
Common Stocks
            
Communication Services
  
$
500,872
      
3.53
%
Consumer Discretionary
    
2,028,551
      
14.32
%
Consumer Staples
    
1,115,128
      
7.87
%
Energy
    
863,114
      
6.09
%
Financials
    
3,328,479
      
23.49
%
Health Care
    
1,081,377
      
7.63
%
Industrials
    
2,062,816
      
14.56
%
Information Technology
    
734,348
      
5.18
%
Materials
    
1,162,961
      
8.21
%
Utilities
    
297,272
      
2.10
%
Total Common Stocks
    
13,174,918
      
92.98
%
Preferred Stock
                
Consumer Discretionary
    
347,242
      
2.45
%
Total Preferred Stock
    
347,242
      
2.45
%
Short-Term Investment
    
641,484
      
4.53
%
Total Investments
    
14,163,644
      
99.96
%
Other Assets in Excess of Liabilities
    
5,479
      
0.04
%
Total Net Assets
  
$
14,169,123
      
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 International Value Fund
                
Summary of Fair Value Disclosure at November 30, 2021 (Unaudited)
        
                     
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles 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 November 30, 2021:
    

Pzena International Value Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Belgium
  
$
110,976
    
$
-
    
$
-
    
$
110,976
  
Brazil
    
285,165
      
-
      
-
      
285,165
  
China
    
219,154
      
-
      
-
      
219,154
  
Denmark
    
453,316
      
-
      
-
      
453,316
  
Finland
    
365,848
      
-
      
-
      
365,848
  
France
    
1,847,424
      
-
      
-
      
1,847,424
  
Germany
    
1,210,862
      
-
      
-
      
1,210,862
  
Hong Kong
    
169,550
      
-
      
-
      
169,550
  
Italy
    
297,272
      
-
      
-
      
297,272
  
Japan
    
2,349,004
      
-
      
-
      
2,349,004
  
Luxembourg
    
139,440
      
-
      
-
      
139,440
  
Netherlands
    
360,389
      
-
      
-
      
360,389
  
Republic of Korea
    
381,487
      
-
      
-
      
381,487
  
Singapore
    
359,067
      
-
      
-
      
359,067
  
Spain
    
218,771
      
-
      
-
      
218,771
  
Switzerland
    
1,099,367
      
-
      
-
      
1,099,367
  
Taiwan
    
368,500
      
-
      
-
      
368,500
  
United Kingdom
    
2,939,326
      
-
      
-
      
2,939,326
  
Total Common Stocks
    
13,174,918
      
-
      
-
      
13,174,918
  
Total Preferred Stock
                                
Germany
    
347,242
      
-
      
-
      
347,242
  
Total Preferred Stock
    
347,242
      
-
      
-
      
347,242
  
Short-Term Investment
    
641,484
      
-
      
-
      
641,484
  
Total Investments
  
$
14,163,644
    
$
-
    
$
-
    
$
14,163,644
  

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