NPORT-EX 2 intl-value3.htm NPORT-EX

Pzena International Value Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.4%
  
Shares
    
Value
  
Brazil - 1.5%
        
Ambev S.A.
    
495,500
    
$
1,290,304
  
Banco do Brasil S.A.
    
151,600
      
639,873
  
             
1,930,177
  
                 
Canada - 1.7%
          
Magna International, Inc.
    
25,582
      
1,251,961
  
Magna International, Inc. (c)
    
16,876
      
824,224
  
             
2,076,185
  
                 
China - 4.7%
          
Alibaba Group Holding, Ltd.
    
93,600
      
1,821,351
  
China Merchants Bank Co., Ltd. - Class H
    
103,000
      
691,901
  
China Overseas Land & Investment, Ltd.
    
652,500
      
1,113,809
  
Haier Smart Home Co., Ltd. - Class H
    
374,800
      
1,279,557
  
Weichai Power Co., Ltd. - Class H
    
355,000
      
878,649
  
             
5,785,267
  
                 
Denmark - 2.4%
          
Danske Bank A/S
    
66,553
      
3,060,740
  
                 
Finland - 1.2%
          
Nokia Oyj - ADR
    
242,316
      
1,473,281
  
                 
France - 11.7%
          
Accor S.A.
    
18,111
      
979,723
  
Amundi S.A. (a)
    
23,145
      
1,853,082
  
Arkema S.A.
    
21,849
      
1,329,736
  
Michelin SCA
    
68,252
      
2,229,370
  
Publicis Groupe S.A.
    
12,354
      
1,203,849
  
Rexel S.A.
    
74,062
      
2,817,898
  
Sanofi
    
22,258
      
2,214,927
  
Teleperformance SE
    
28,647
      
1,969,168
  
             
14,597,753
  
                 
Germany - 11.6%
          
BASF SE
    
51,381
      
2,676,932
  
Bayer AG
    
53,703
      
1,899,648
  
Continental AG
    
28,981
      
2,170,355
  
Daimler Truck Holding AG
    
71,607
      
3,030,259
  
Evonik Industries AG
    
96,818
      
1,490,787
  
Fresenius Medical Care AG & Co. KGaA
    
43,191
      
2,067,311
  
Mercedes-Benz Group AG
    
19,265
      
1,300,115
  
             
14,635,407
  
                 
Hong Kong – 1.8%
          
Galaxy Entertainment Group, Ltd.
    
438,000
      
2,263,795
  
                 
Indonesia - 0.4%
          
Bank Rakyat Indonesia Persero Tbk
    
2,253,600
      
497,943
  
                 
Ireland - 4.2%
          
Accenture PLC - Class A     3,617
      904,250
 
Bank of Ireland Group PLC
    
143,527
      
2,658,000
  
Medtronic PLC
    
16,754
      
1,764,699
  
              5,326,949
 
                 
Italy - 2.1%
          
Enel S.p.A.
    
253,650
      
2,621,824
  
                 
Japan - 19.7%
          
Bridgestone Corp.
    
26,000
      
1,218,898
  
Daikin Industries, Ltd.
    
18,800
      
2,441,394
  
Fukuoka Financial Group, Inc.
    
26,200
      
806,270
  
Iida Group Holdings Co., Ltd.
    
32,000
      
508,050
  
Komatsu, Ltd.
    
38,121
      
1,249,997
  
Kubota Corp.
    
39,553
      
570,740
  
Minebea Mitsumi, Inc.
    
124,100
      
2,519,261
  
Murata Manufacturing Co., Ltd.
    
150,400
      
3,093,596
  
Olympus Corp.
    
176,400
      
2,371,499
  
Resona Holdings, Inc.
    
121,200
      
1,233,299
  
Sumitomo Mitsui Financial Group, Inc.
    
24,000
      
721,821
  
Suntory Beverage & Food, Ltd.
    
76,893
      
2,437,656
  
T&D Holdings, Inc.
    
11,400
      
247,625
  
Takeda Pharmaceutical Co., Ltd.
    
42,900
      
1,237,524
  
TDK Corp.
    
194,000
      
3,178,791
  
Toray Industries, Inc.
    
87,300
      
567,264
  
             
24,403,685
  
                 
Luxembourg - 2.7%
          
ArcelorMittal S.A.
    
77,270
      
3,333,564
  
                 
Netherlands - 4.8%
          
ING Groep N.V.
    
111,878
      
2,901,421
  
Koninklijke Philips N.V.
    
64,140
      
1,805,545
  
Randstad N.V.
    
34,271
      
1,332,966
  
             
6,039,932
  
                 
Norway - 1.9%
          
Equinor ASA
    
102,484
      
2,361,018
  
                 
Republic of Korea - 3.7
          
Samsung Electronics Co., Ltd.
    
55,655
      
3,803,303
  
Shinhan Financial Group Co., Ltd.
    
12,850
      
681,535
  
Shinhan Financial Group Co., Ltd. - ADR
    
3,710
      
200,674
  
             
4,685,512
  
                 
Spain - 0.6%
          
CaixaBank S.A.
    
64,674
      
721,627
  
                 
Switzerland - 5.9%
          
Julius Baer Group, Ltd.
    
32,618
      
2,331,308
  
Roche Holding AG
    
6,961
      
2,664,439
  
UBS Group AG
    
62,908
      
2,429,842
  
             
7,425,589
  
                 
United Kingdom - 13.8%
          
Barclays PLC
    
352,841
      
2,009,502
  
GSK PLC
    
106,794
      
2,531,809
  
HSBC Holdings PLC
    
212,342
      
3,008,080
  
J Sainsbury PLC
    
576,174
      
2,457,354
  
Reckitt Benckiser Group PLC
    
39,568
      
3,065,046
  
Shell PLC
    
58,240
      
2,153,057
  
Standard Chartered PLC
    
31,128
      
689,550
  
Tesco PLC
    
204,097
      
1,216,542
  
             
17,130,940
  

   

     

 
TOTAL COMMON STOCKS (Cost $92,095,780)
      
120,371,188
  
                 
SHORT-TERM INVESTMENTS - 3.2%
                
Money Market Funds – 3.2%
First American Government Obligations Fund - Class X, 4.26% (b)
    
4,058,255
      
4,058,255
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,058,255)
      
4,058,255
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $96,154,035)
      
124,429,443
  
Other Assets in Excess of Liabilities - 0.4%
      
498,139
  
TOTAL NET ASSETS - 100.0%
          
$
124,927,582
  
                 
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.
  

ADR - American Depositary Receipt

(a)
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, 2025, the value of these securities total $1,853,082 or 1.5% of the Fund’s net assets.
(b)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
(c)
U.S. Traded Foreign Security.
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Pzena International Value Fund (the "Fund") has adopted 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 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 valuation 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 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, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
  
$
120,371,188
    
$
–
    
$
–
    
$
120,371,188
  
Short-Term Investments
    
4,058,255
      
–
      
–
      
4,058,255
  
Total Investments
  
$
124,429,443
    
$
–
    
$
–
    
$
124,429,443