NPORT-EX 2 intlvalue4.htm NPORT -EX

Pzena International Value Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.1%
  
Shares
    
Value
 
Brazil - 1.6%
        
Ambev S.A.
    
415,600
    
$
870,323
  
Ambev S.A. - ADR
    
13,543
      
28,711
  
Banco do Brasil S.A.
    
151,600
      
619,573
  
             
1,518,607
  
                 
Canada - 2.1%
          
Magna International, Inc.
    
26,252
      
1,193,111
  
Magna International, Inc. (c)
    
16,876
      
761,783
  
             
1,954,894
  
                 
China - 4.6%
          
Alibaba Group Holding, Ltd.
    
162,400
      
1,746,113
  
Alibaba Group Holding, Ltd. - ADR
    
563
      
49,189
  
China Merchants Bank Co., Ltd. - Class H
    
103,000
      
466,677
  
China Overseas Land & Investment, Ltd.
    
368,500
      
631,850
  
Haier Smart Home Co., Ltd. - Class H
    
266,600
      
906,372
  
Weichai Power Co., Ltd. - Class H
    
415,000
      
571,825
  
             
4,372,026
  
                 
Denmark - 1.5%
          
Danske Bank A/S
    
51,025
      
1,465,552
  
                 
Finland - 2.0%
          
Nokia Oyj - ADR
    
453,496
      
1,904,683
  
                 
France - 13.1%
          
Accor S.A.
    
29,585
      
1,365,606
  
Amundi S.A. (b)
    
23,145
      
1,507,861
  
Arkema S.A.
    
10,820
      
857,551
  
Cie Generale des Etablissements Michelin SCA
    
63,484
      
2,062,911
  
Rexel S.A.
    
72,737
      
1,878,572
  
Sanofi
    
25,158
      
2,448,272
  
Teleperformance SE
    
24,205
      
2,277,004
  
             
12,397,777
  
                 
Germany - 12.7%
          
BASF SE
    
51,553
      
2,310,978
  
Bayer AG
    
60,151
      
1,232,387
  
Continental AG
    
28,981
      
1,900,012
  
Daimler Truck Holding AG
    
71,607
      
2,709,004
  
Evonik Industries AG
    
52,486
      
963,140
  
Fresenius Medical Care AG & Co. KGaA
    
41,170
      
1,809,862
  
Mercedes-Benz Group AG
    
19,660
      
1,100,278
  
             
12,025,661
  
                 
Hong Kong - 1.2%
          
Galaxy Entertainment Group, Ltd.
    
257,000
      
1,141,305
  
                 
Hungary - 0.5%
          
OTP Bank PLC
    
9,105
      
493,200
  
                 
Indonesia - 0.7%
          
Bank Rakyat Indonesia Persero Tbk
    
2,326,300
      
623,968
  
                 
Ireland - 3.3%
          
Bank of Ireland Group PLC
    
193,578
      
1,695,419
  
Medtronic PLC
    
16,754
      
1,449,891
  
             
3,145,310
  
                 
Italy - 1.9%
          
Enel S.p.A.
    
253,650
      
1,825,379
  
                 
Japan - 16.7%
          
Bridgestone Corp.
    
26,000
      
929,546
  
Fukuoka Financial Group, Inc.
    
30,600
      
847,756
  
Iida Group Holdings Co., Ltd.
    
32,000
      
479,845
  
Komatsu, Ltd.
    
72,200
      
1,942,834
  
Minebea Mitsumi, Inc.
    
76,500
      
1,252,204
  
Olympus Corp.
    
63,300
      
998,483
  
Resona Holdings, Inc.
    
227,900
      
1,904,054
  
Sumitomo Mitsui Financial Group, Inc.
    
24,000
      
591,277
  
Suntory Beverage & Food, Ltd.
    
53,400
      
1,817,774
  
T&D Holdings, Inc.
    
29,400
      
556,697
  
Takeda Pharmaceutical Co., Ltd.
    
28,200
      
769,579
  
TDK Corp.
    
157,500
      
2,030,662
  
Toray Industries, Inc.
    
261,500
      
1,667,944
  
             
15,788,655
  
                 
Luxembourg - 2.1%
          
ArcelorMittal S.A.
    
77,270
      
1,946,652
  
                 
Netherlands - 4.4%
          
ING Groep N.V.
    
111,878
      
1,732,968
  
Koninklijke Philips N.V. (a)
    
32,865
      
895,687
  
Randstad N.V.
    
34,841
      
1,532,002
  
             
4,160,657
  
                 
Norway - 2.4%
          
Equinor ASA
    
93,378
      
2,259,824
  
                 
Republic of Korea - 0.7%
          
Shinhan Financial Group Co., Ltd.
    
12,850
      
488,190
  
Shinhan Financial Group Co., Ltd. - ADR
    
3,710
      
143,132
  
             
631,322
  
                 
Spain - 2.0%
          
CaixaBank S.A.
    
350,085
      
1,903,770
  
                 
Switzerland - 7.1%
          
Julius Baer Group, Ltd.
    
32,618
      
2,158,612
  
Roche Holding AG
    
8,409
      
2,438,844
  
UBS Group AG
    
64,506
      
2,085,398
  
             
6,682,854
  
                 
Taiwan - 1.0%
          
Taiwan Semiconductor Manufacturing Co. Ltd.
    
31,000
      
950,528
  
                 
United Kingdom - 15.5%
          
Barclays PLC
    
401,950
      
1,349,227
  
HSBC Holdings PLC
    
222,276
      
2,072,321
  
J Sainsbury PLC
    
420,217
      
1,396,642
  
NatWest Group PLC
    
337,305
      
1,728,394
  
Reckitt Benckiser Group PLC
    
40,920
      
2,530,522
  
Shell PLC
    
58,240
      
1,890,661
  
Standard Chartered PLC
    
123,046
      
1,522,477
  
Tesco PLC
    
388,666
      
1,812,050
  
Travis Perkins PLC
    
40,169
      
388,712
  
             
14,691,006
  
TOTAL COMMON STOCKS (Cost $85,892,934)
      
91,883,630
  
                 
SHORT-TERM INVESTMENT - 2.6%
                
Money Market Fund - 2.6%
                
First American Government Obligations Fund - Class X, 4.56% (d)
    
2,476,500
      
2,476,500
  
TOTAL SHORT-TERM INVESTMENT (Cost $2,476,500)
      
2,476,500
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $88,369,434)
      
94,360,130
  
Other Assets in Excess of Liabilities - 0.3%
      
289,569
  
TOTAL NET ASSETS - 100.0%
          
$
94,649,699
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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 U.S. Bank Global Fund Services.

A/S - Aksjeselskap
  
ADR - American Depositary Receipt
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
KGaA - Kommanditgesellschaft auf Aktien
N.V. – Naamloze Vennootschap
Oyj - Julkinen Asakeyhtio
PLC - Public Limited Company
S.A. - Société Anonyme
SCA – Société en Commandite par Actions
S.p.A. – Società per Azioni
SE - Societas Europeae
Tbk - Terbuka

(a) Non-income producing security.
(b)
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 November 30, 2024, the value of these securities total $1,507,861 or 1.6% of the Fund’s net assets.
(c)
U.S. Traded Foreign Security.
(d)
The rate shown represents the 7-day annualized yield as of November 30, 2024.
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Pzena International Value Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of 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. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 fair valuation hierarchy of the Fund’s securities as of November 30, 2024

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
91,883,630
    
$
–
    
$
–
    
$
91,883,630
  
  Money Market Fund
    
2,476,500
      
–
      
–
      
2,476,500
  
Total Investments
  
$
94,360,130
    
$
–
    
$
–
    
$
94,360,130
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.