NPORT-EX 2 iv2.htm NPORT-EX
Pzena International Value Fund
            
Schedule of Investments
            
May 31, 2023 (Unaudited)
            
             
   
Shares
    
Fair Value
  
COMMON STOCKS - 96.22%
            
Brazil - 2.92%
            
Ambev S.A. (a)
    
333,000
    
$
943,871
  
Ambev S.A. - ADR
    
13,543
      
37,785
  
Banco do Brasil S.A.
    
22,900
      
202,264
  
             
1,183,920
  
Canada - 0.82%
                
Magna International, Inc.
    
3,600
      
174,179
  
Magna International, Inc. - ADR
    
3,230
      
156,203
  
             
330,382
  
China - 3.15%
                
Alibaba Group Holding, Ltd. (a)
    
78,000
      
775,971
  
Alibaba Group Holding, Ltd. - ADR (a)
    
563
      
44,787
  
Trip.com Group, Ltd. - ADR (a)
    
14,371
      
453,836
  
             
1,274,594
  
Denmark - 1.28%
                
Danske Bank A/S (a)
    
25,554
      
519,762
  
Finland - 2.03%
                
Nokia Oyj
    
107,014
      
434,100
  
Nokia Oyj - ADR
    
96,837
      
388,317
  
             
822,417
  
France - 16.13%
                
Accor S.A.
    
31,200
      
1,032,841
  
Amundi S.A.
    
18,641
      
1,048,076
  
Bouygues S.A.
    
11,875
      
380,288
  
Cie Generale des Etablissements Michelin SCA
    
41,773
      
1,185,936
  
Publicis Groupe S.A.
    
6,244
      
462,657
  
Rexel S.A.
    
62,466
      
1,276,642
  
Sanofi
    
11,347
      
1,150,783
  
             
6,537,223
  
Germany - 11.48%
                
BASF SE
    
20,282
      
962,893
  
Bayer AG
    
7,506
      
418,328
  
Covestro AG (a)
    
30,793
      
1,186,903
  
Daimler Truck Holding AG
    
35,153
      
1,063,375
  
Fresenius Medical Care AG & Co. KGaA
    
18,558
      
792,475
  
Siemens AG
    
1,389
      
227,665
  
             
4,651,639
  
Hong Kong - 1.76%
                
Galaxy Entertainment Group, Ltd. (a)
    
115,000
      
713,018
  
Ireland - 1.39%
                
Bank of Ireland Group PLC
    
59,869
      
562,764
  
Italy - 2.46%
                
Enel S.p.A
    
159,051
      
995,918
  
Japan - 15.13%
                
Bridgestone Corp.
    
5,800
      
236,371
  
Fukuoka Financial Group, Inc.
    
13,600
      
252,819
  
Iida Group Holdings Co., Ltd.
    
10,800
      
178,598
  
Isuzu Motors, Ltd.
    
44,200
      
515,204
  
Komatsu, Ltd.
    
45,100
      
1,065,632
  
Komatsu, Ltd. - ADR (a)
    
4,000
      
93,840
  
Minebea Mitsumi, Inc.
    
29,900
      
577,076
  
MS&AD Insurance Group Holdings, Inc. (a)
    
6,100
      
210,069
  
Resona Holdings, Inc.
    
133,100
      
605,195
  
Subaru Corp.
    
51,200
      
881,599
  
Sumitomo Mitsui Financial Group, Inc.
    
5,000
      
203,768
  
T&D Holdings, Inc.
    
13,400
      
182,931
  
Takeda Pharmaceutical Co., Ltd.
    
19,200
      
609,246
  
Toray Industries, Inc.
    
98,000
      
518,540
  
             
6,130,888
  
Luxembourg - 1.78%
                
ArcelorMittal S.A.
    
29,094
      
722,421
  
Netherlands - 7.04%
                
ING Groep N.V.
    
76,745
      
944,034
  
Koninklijke Philips N.V.
    
48,124
      
907,707
  
Randstad N.V.
    
20,452
      
1,002,553
  
             
2,854,294
  
Republic of Korea - 1.77%
                
Samsung Electronics Co., Ltd.
    
8,380
      
450,806
  
Shinhan Financial Group Co., Ltd. - ADR
    
10,210
      
268,012
  
             
718,818
  
Singapore - 0.46%
                
DBS Group Holdings, Ltd.
    
8,300
      
185,972
  
Spain - 1.88%
                
CaixaBank S.A.
    
207,594
      
760,443
  
Switzerland - 6.22%
                
Julius Baer Group, Ltd.
    
11,215
      
685,153
  
Roche Holding AG
    
3,304
      
1,045,526
  
UBS Group AG
    
41,842
      
792,046
  
             
2,522,725
  
Taiwan - 2.13%
                
Hon Hai Precision Industry Co., Ltd. - GDR
    
127,000
      
864,235
  
United Kingdom - 16.39%
                
Aviva PLC
    
73,334
      
359,605
  
Barclays PLC
    
225,941
      
425,356
  
HSBC Holdings PLC
    
112,586
      
827,004
  
J Sainsbury PLC
    
311,903
      
1,049,907
  
John Wood Group PLC (a)
    
17,880
      
31,272
  
NatWest Group PLC
    
116,680
      
376,795
  
Reckitt Benckiser Group PLC
    
5,382
      
418,166
  
Shell PLC - Class A
    
35,040
      
980,928
  
Standard Chartered PLC
    
63,737
      
502,354
  
Tesco PLC
    
240,362
      
779,788
  
Travis Perkins PLC
    
63,234
      
686,859
  
Vodafone Group PLC
    
217,082
      
206,229
  
             
6,644,263
  
Total Common Stocks (Cost $38,516,824)
            
38,995,696
  
                 
PREFERRED STOCK - 1.57%
                
Germany - 1.57%
                
Volkswagen AG, 23.48%
    
5,091
      
634,402
  
Total Preferred Stock (Cost $912,354)
            
634,402
  
                 
SHORT-TERM INVESTMENT - 1.49%
                
Money Market Fund - 1.49%
                
Fidelity Institutional Government Portfolio - Class I, 4.98% (b)
    
603,642
      
603,642
  
Total Short-Term Investment (Cost $603,642)
            
603,642
  
                 
Total Investments (Cost $40,032,820) - 99.28%
            
40,233,740
  
Other Assets in Excess of Liabilities - 0.72%
            
292,826
  
TOTAL NET ASSETS - 100.00%
          
$
40,526,566
  

Percentages are stated as a percent of net assets.
      

A/S
  
Aktieselskab
      
ADR
  
American Depository Receipt
      
AG
  
Aktiengesellschaft
      
GDR
  
Global Depository Receipt
      
KGaA
  
Kommanditgesellschaft Auf Aktien
      
N.V.
  
Naamloze Vennootschap
      
Oyj
  
Julkinen osakeyhtiö
      
PLC
  
Public Limited Company
      
S.A.
  
Société Anonyme
      
S.p.A
  
Società per azioni
      
SCA
  
Société en Commandite par Actions
      
SE
  
Societas Europea
      
(a)
  
Non-income producing security.
      
(b)
  
The rate listed is the 7-day annualized yield as of May 31, 2023.
      
Pzena International Value Fund
            
Portfolio Diversification
            
May 31, 2023 (Unaudited)
            
         
% of
  
   
Fair Value
    
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
668,886
      
1.65
%
Consumer Discretionary
    
6,348,543
      
15.66
%
Consumer Staples
    
3,229,517
      
7.97
%
Energy
    
1,012,200
      
2.50
%
Financials
    
9,914,422
      
24.46
%
Health Care
    
4,924,065
      
12.15
%
Industrials
    
6,373,930
      
15.73
%
Information Technology
    
2,137,458
      
5.27
%
Materials
    
3,390,757
      
8.37
%
Utilities
    
995,918
      
2.46
%
Total Common Stocks
    
38,995,696
      
96.22
%
PREFERRED STOCK
                
Consumer Discretionary
    
634,402
      
1.57
%
Total Preferred Stock
    
634,402
      
1.57
%
Short-Term Investment
    
603,642
      
1.49
%
Total Investments
    
40,233,740
      
99.28
%
Other Assets in Excess of Liabilities
    
292,826
      
0.72
%
Total Net Assets
  
$
40,526,566
      
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 May 31, 2023 (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 May 31, 2023:
    

Pzena International Value Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Brazil
  
$
1,183,920
    
$
-
    
$
-
    
$
1,183,920
  
Canada
    
330,382
      
-
      
-
      
330,382
  
China
    
1,274,594
      
-
      
-
      
1,274,594
  
Denmark
    
519,762
      
-
      
-
      
519,762
  
Finland
    
822,417
      
-
      
-
      
822,417
  
France
    
6,537,223
      
-
      
-
      
6,537,223
  
Germany
    
4,651,639
      
-
      
-
      
4,651,639
  
Hong Kong
    
713,018
      
-
      
-
      
713,018
  
Ireland
    
562,764
      
-
      
-
      
562,764
  
Italy
    
995,918
      
-
      
-
      
995,918
  
Japan
    
6,130,888
      
-
      
-
      
6,130,888
  
Luxembourg
    
722,421
      
-
      
-
      
722,421
  
Netherlands
    
2,854,294
      
-
      
-
      
2,854,294
  
Republic of Korea
    
718,818
      
-
      
-
      
718,818
  
Singapore
    
185,972
      
-
      
-
      
185,972
  
Spain
    
760,443
      
-
      
-
      
760,443
  
Switzerland
    
2,522,725
      
-
      
-
      
2,522,725
  
Taiwan
    
864,235
      
-
      
-
      
864,235
  
United Kingdom
    
6,644,263
      
-
      
-
      
6,644,263
  
Total Common Stocks
    
38,995,696
      
-
      
-
      
38,995,696
  
Preferred Stock
                                
Germany
    
634,402
      
-
      
-
      
634,402
  
Total Preferred Stock
    
634,402
      
-
      
-
      
634,402
  
Short-Term Investment
    
603,642
      
-
      
-
      
603,642
  
Total Investments
  
$
40,233,740
    
$
-
    
$
-
    
$
40,233,740
  

Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security.