1/4 - pzena · 2020. 11. 30. · states of america ("u.s. gaap") establish a hierarchy...

1/4

Pzena Emerging Markets Value FundSchedule of InvestmentsNovember 30, 2020 (Unaudited)

Shares Fair ValueCOMMON STOCKS - 94.23%Brazil - 3.94%Ambev S.A. 2,839,300 $ 7,488,578 Light S.A. (a) 1,275,339 5,541,847

13,030,425 China - 13.40%Baidu, Inc. - ADR (a) 43,028 5,980,462 China Construction Bank Corp. 4,862,000 3,813,801 China Dongxiang Group Co. 9,041,000 1,049,780 China Mobile, Ltd. 474,000 2,837,499 China Resources Power Holdings Co., Ltd. 4,910,000 5,219,732 Dongfeng Motor Group Co., Ltd. 7,906,000 8,139,527 Grand Baoxin Auto Group, Ltd. (a) 16,849,000 2,152,032 Lenovo Group, Ltd. 9,036,000 6,446,750 Trip.com Group, Ltd. - ADR (a) 257,065 8,634,813

44,274,396 Czech Republic - 1.58%CEZ 246,461 5,223,648 Hong Kong - 7.37%Galaxy Entertainment Group, Ltd. 1,043,000 7,939,182 Man Wah Holdings, Ltd. 1,268,800 2,337,550 Pacific Basin Shipping, Ltd. 51,173,000 8,384,633 Yue Yuen Industrial (Holdings), Ltd. 2,767,000 5,690,323

24,351,688 Hungary - 1.30%OTP Bank PLC (a) 108,199 4,292,337 India - 6.42%Aurobindo Pharma, Ltd. 500,904 5,874,726 ICICI Bank, Ltd. (a) 416,948 2,665,033 ICICI Bank, Ltd. - ADR (a) 271,904 3,496,685 NTPC, Ltd. 5,164,561 6,604,222 State Bank of India (a) 117,859 388,719 State Bank of India - GDR (a) 67,053 2,185,928

21,215,313 Indonesia - 1.35%PT Bank Mandiri (Persero) Tbk 9,985,100 4,472,787 Malaysia - 0.76%Genting Malaysia Berhad 4,177,200 2,512,062 Poland - 0.49%Cyfrowy Polsat S.A. 227,262 1,616,640 Republic of Korea - 18.48%Dongbu Insurance Co., Ltd. 238,370 9,478,361 Hana Financial Group, Inc. 58,147 1,778,750 Hankook Tire & Technology Co., Ltd. 263,055 7,773,619 Hyundai Motor Co. 11,880 1,948,597 KB Financial Group, Inc. 90,180 3,695,868 Korea Shipbuilding & Offshore Engineering Co., Ltd. (a) 66,048 6,147,887 POSCO 66,361 14,033,233 Samsung Electronics Co., Ltd. 176,401 10,633,000 Shinhan Financial Group Co., Ltd. 192,080 5,589,423

61,078,738 Romania - 0.88%Banca Transilvania S.A. 5,399,924 2,900,237 Russian Federation - 6.48%LUKOIL PJSC - ADR 171,340 11,137,100 Rosneft Oil Co. - GDR 1,770,653 10,283,952

21,421,052 Singapore - 2.16%Wilmar International, Ltd. 2,276,900 7,147,410 South Africa - 2.14%Reunert, Ltd. 826,836 1,979,762 Sasol (a) 654,832 5,107,573

7,087,335

2/4

Catcher Technology Co., Ltd. 864,000 5,698,869 Compal Electronics, Inc. 3,806,000 2,577,170 Hon Hai Precision Industry Co., Ltd. 2,737,132 7,903,376 Lite-On Technology Corp. 1,169,000 1,970,720 Taiwan Semiconductor Manufacturing Co., Ltd. 722,000 12,171,599

30,321,734 Thailand - 3.68%Bangkok Bank Public Co., Ltd. 786,900 3,238,646 Bangkok Bank Public Co., Ltd. - NVDR 419,900 1,637,957 Siam Commercial Bank PLC - NVDR 2,581,300 7,295,906

12,172,509 Turkey - 2.74%Akbank T.A.S. (a) 4,569,225 3,517,485 Ford Otomotiv Sanayi A.S. 400,559 5,521,773

9,039,258 United Arab Emirates - 2.04%Abu Dhabi Commercial Bank PJSC 4,067,190 6,732,237 United Kingdom - 4.48%Antofagasta PLC 350,058 5,849,856 Standard Chartered PLC (a) 1,487,812 8,969,319

14,819,175 United States - 5.37%Cognizant Technology Solutions Corp. - Class A 144,665 11,302,677 Flextronics International, Ltd. (a) 396,162 6,429,709

17,732,386 Total Common Stocks (Cost $314,694,947) 311,441,367

PREFERRED STOCKS - 3.00%Brazil - 2.45%Cia Energetica de Minas Gerais, 4.68% 2,218,411 5,229,874 Itau Unibanco Holding S.A., 4.41% 533,943 2,860,374

8,090,248 Republic of Korea - 0.55%Hyundai Motor Co., 3.63% 24,063 1,826,661 Total Preferred Stocks (Cost $10,062,174) 9,916,909

SHORT-TERM INVESTMENT - 2.61%Money Market Fund - 2.61%Fidelity Institutional Government Portfolio - Class I, 0.01% (b) 8,624,352 8,624,352 Total Short-Term Investment (Cost $8,624,352) 8,624,352

Total Investments (Cost $333,381,473) - 99.84% 329,982,628 Other Assets in Excess of Liabilities - 0.16% 528,564 TOTAL NET ASSETS - 100.00% $ 330,511,192

Percentages are stated as a percent of net assets.

ADR American Depositary ReceiptGDR Global Depository Receipt

NVDR Non-voting Depository ReceiptPJSC Private Joint Stock CompanyPLC Public Limited Company

(a) Non-income producing security.(b) The rate listed is the 7-day annualized yield as of November 30, 2020.

Taiwan - 9.17%

3/4

Pzena Emerging Markets Value FundPortfolio DiversificationNovember 30, 2020 (Unaudited)

% ofFair Value Net Assets

COMMON STOCKSCommunication Services $ 10,434,601 3.16%Consumer Discretionary 53,699,259 16.25%Consumer Staples 14,635,988 4.43%Energy 21,421,052 6.48%Financials 76,149,479 23.04%Health Care 5,874,726 1.78%Industrials 16,512,281 4.99%Information Technology 65,133,870 19.71%Materials 24,990,662 7.56%Utilities 22,589,449 6.83%Total Common Stocks 311,441,367 94.23%PREFERRED STOCKSConsumer Discretionary 1,826,661 0.55%Financials 2,860,374 0.87%Utilities 5,229,874 1.58%Total Preferred Stocks 9,916,909 3.00%Short-Term Investment 8,624,352 2.61%Total Investments 329,982,628 99.84%Other Assets in Excess of Liabilities 528,564 0.16%Total Net Assets $ 330,511,192 100.00%

The Global Industry Classification Standard (GICS®) was developedby and/or is the exclusive property of MSCI, Inc. and Standard &Poor's Financial Services LLC (“S&P”). GICS is a service mark ofMSCI and S&P and has been licensed for use by Pzena InvestmentManagement, LLC.

4/4

Pzena Emerging Markets Value FundLevel 1 Level 2 Level 3 Total

Common StocksBrazil $ 13,030,425 $ - $ - $ 13,030,425 China 44,274,396 - - 44,274,396 Czech Republic 5,223,648 - - 5,223,648 Hong Kong 24,351,688 - - 24,351,688 Hungary 4,292,337 - - 4,292,337 India 21,215,313 - - 21,215,313 Indonesia 4,472,787 - - 4,472,787 Malaysia 2,512,062 - - 2,512,062 Poland 1,616,640 - - 1,616,640 Republic of Korea 61,078,738 - - 61,078,738 Romania 2,900,237 - - 2,900,237 Russian Federation 21,421,052 - - 21,421,052 Singapore 7,147,410 - - 7,147,410 South Africa 7,087,335 - - 7,087,335 Taiwan 30,321,734 - - 30,321,734 Thailand 12,172,509 - - 12,172,509 Turkey 9,039,258 - - 9,039,258 United Arab Emirates 6,732,237 - - 6,732,237 United Kingdom 14,819,175 - - 14,819,175 United States 17,732,386 - - 17,732,386

Total Common Stocks 311,441,367 - - 311,441,367 Preferred Stocks

Brazil 8,090,248 - - 8,090,248 Republic of Korea 1,826,661 - - 1,826,661

Total Preferred Stocks 9,916,909 - - 9,916,909 Short-Term Investment 8,624,352 - - 8,624,352 Total Investments $ 329,982,628 $ - $ - $ 329,982,628

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

Pzena Emerging Markets Value FundSummary of Fair Value Disclosure at November 30, 2020 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the UnitedStates 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 mayinclude 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 assumptionsabout 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, 2020:

1/4

Pzena International Small Cap Value FundSchedule of InvestmentsNovember 30, 2020 (Unaudited)

Shares Fair ValueCOMMON STOCKS - 98.53%Australia - 1.38%OFX Group, Ltd. 40,912 $ 37,389 Austria - 4.38%ANDRITZ AG 1,300 54,802 Vienna Insurance Group AG Wiener Versicherung Gruppe 2,662 63,444

118,246 Belgium - 1.09%Orange Belgium S.A. 1,521 29,319 Canada - 7.74%Celestica, Inc. (a) 10,633 80,073 Linamar Corp. 1,452 66,881 Transcontinental, Inc. - Class A 4,199 62,337

209,291 France - 8.18%Ipsos 2,184 70,079 Rexel S.A. (a) 7,925 107,059 SCOR SE (a) 1,285 43,900

221,038 Germany - 9.90%Bertrandt AG 630 28,519 SAF-Holland S.A. (a) 3,520 43,500 Salzgitter AG (a) 6,097 123,092 Siltronic AG 497 72,446

267,557 Hong Kong - 5.24%Pacific Basin Shipping, Ltd. 513,000 84,054 Yue Yuen Industrial (Holdings), Ltd. 28,000 57,582

141,636 Ireland - 1.82%Origin Enterprises PLC 11,474 49,135 Israel - 2.34%Ituran Location and Control, Ltd. - ADR 3,431 63,096 Italy - 8.74%Anima Holding S.p.A. 11,629 50,937 BPER Banca (a) 18,818 32,885 Danieli & C Officine Meccaniche S.p.A. 7,951 85,359 Maire Tecnimont S.p.A. (a) 35,697 67,150

236,331 Japan - 15.29%DIC Corp. 1,600 39,341 Foster Electric Co., Ltd. 6,734 72,113 Fukuoka Financial Group, Inc. 2,800 49,965 Hitachi Metals, Ltd. 3,100 45,520 Open House Co., Ltd. 800 31,686 Persol Holdings Co., Ltd. 1,700 31,134 Tsubakimoto Chain Co. 1,600 38,759 Ube Industries, Ltd. 2,600 44,205 Zeon Corp. 4,900 60,687

413,410 Netherlands - 4.70%Flow Traders 1,113 35,766 Koninklijke BAM Groep N.V. (a) 20,891 45,105 PostNL N.V. (a) 13,527 46,229

127,100 Norway - 2.12%Subsea 7 S.A. (a) 6,044 57,370 Republic of Korea - 4.70%DB Insurance Co., Ltd. 2,022 80,401 Hankook Tire & Technology Co., Ltd. 1,582 46,750

127,151 Spain - 2.26%Unicaja Banco S.A. (a) 77,294 61,083

2/4

United Kingdom - 18.65%Balfour Beatty PLC (a) 15,657 53,310 Capita PLC (a) 72,105 40,806 Drax Group PLC 25,660 112,342 Inchcape PLC (a) 6,295 50,227 John Wood Group PLC (a) 25,219 100,190 Northgate PLC 20,071 64,620 TechnipFMC PLC - ADR 6,806 56,558 Travis Perkins PLC (a) 1,527 26,098

504,151 Total Common Stocks (Cost $2,706,696) 2,663,303

SHORT-TERM INVESTMENT - 2.29%Money Market Fund - 2.29%Fidelity Institutional Government Portfolio - Class I, 0.01% (b) 61,793 61,793 Total Short-Term Investment (Cost $61,793) 61,793

Total Investments (Cost $2,768,489) - 100.82% 2,725,096 Liabilities in Excess of Other Assets - (0.82)% (22,050)TOTAL NET ASSETS - 100.00% $ 2,703,046


ADR American Depositary ReceiptAG Aktiengesellschaft

S.A. Société AnonymeS.p.A Società per azioniPLC Public Limited Company

(a) Non-income producing security.(b) The rate listed is the 7-day annualized yield as of November 30, 2020.

3/4

Pzena International Small Cap Value FundPortfolio DiversificationNovember 30, 2020 (Unaudited)

% ofFair Value Net Assets

COMMON STOCKSCommunication Services $ 99,399 3.68%Consumer Discretionary 337,053 12.47%Consumer Staples 49,135 1.82%Energy 214,118 7.92%Financials 455,770 16.86%Industrials 835,341 30.90%Information Technology 215,615 7.98%Materials 312,845 11.57%Real Estate 31,686 1.17%Utilities 112,341 4.16%Total Common Stocks 2,663,303 98.53%Short-Term Investment 61,793 2.29%Total Investments 2,725,096 100.82%Liabilities in Excess of Other Assets (22,050) -0.82%Total Net Assets $ 2,703,046 100.00%

Note: For presentation purposes, the Fund has grouped some of theindustry categories. For purposes of categorizing securities forcompliance with Section 8(b)(1) of the Investment Company Act of1940, as amended, the Fund uses more specific industry classifications.

The Global Industry Classification Standard (GICS®) was developedby and/or is the exclusive property of MSCI, Inc. and Standard &Poor's Financial Services LLC (“S&P”). GICS is a service mark ofMSCI and S&P and has been licensed for use by Pzena InvestmentManagement, LLC.

The accompanying notes are an integral part of these financial statements.

4/4

Pzena International Small Cap Value FundLevel 1 Level 2 Level 3 Total

Common StocksAustralia $ 37,389 $ - $ - $ 37,389 Austria 118,246 - - 118,246 Belgium 29,319 - - 29,319 Canada 209,291 - - 209,291 France 221,038 - - 221,038 Germany 267,557 - - 267,557 Hong Kong 141,636 - - 141,636 Ireland 49,135 - - 49,135 Israel 63,096 - - 63,096 Italy 236,331 - - 236,331 Japan 413,410 - - 413,410 Netherlands 127,100 - - 127,100 Norway 57,370 - - 57,370 Republic of Korea 127,151 - - 127,151 Spain 61,083 - - 61,083 United Kingdom 504,151 - - 504,151

Total Common Stocks 2,663,303 - - 2,663,303 Short-Term Investment 61,793 - - 61,793 Total Investments $ 2,725,096 $ - $ - $ 2,725,096


Pzena International Small Cap Value FundSummary of Fair Value Disclosure at November 30, 2020 (Unaudited)


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 mayinclude 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 assumptionsabout the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.


1/3

Pzena Mid Cap Value FundSchedule of InvestmentsNovember 30, 2020 (Unaudited)

Shares Fair ValueCOMMON STOCKS - 99.10%Consumer Discretionary - 21.81%Avis Budget Group, Inc. (a) 60,005 $ 2,110,376 Ford Motor Co. 383,778 3,484,704 Gap, Inc. 82,720 1,733,811 Gildan Activewear, Inc. (b) 146,368 3,824,596 Lear Corp. 25,093 3,587,044 Mohawk Industries, Inc. (a) 16,692 2,100,354 Newell Brands, Inc. 163,323 3,472,247 PVH Corp. 32,348 2,571,343

22,884,475 Consumer Staples - 2.08%McKesson Corp. 12,123 2,181,049 Energy - 10.45%Baker Hughes, a GE Co. 170,416 3,190,188 Cenovus Energy, Inc. (b) 226,742 1,124,640 Halliburton Co. 214,645 3,560,960 National Oilwell Varco, Inc. 185,100 2,269,326 TechnipFMC PLC (b) 99,000 822,690

10,967,804 Financial Services - 31.81%American International Group, Inc. 115,496 4,439,666 Axis Capital Holdings, Ltd. (b) 71,734 3,594,591 CNO Financial Group, Inc. 183,595 3,906,902 Equitable Holdings, Inc. 140,915 3,576,423 Fifth Third Bancorp 119,040 3,016,474 Invesco, Ltd. - (b) 166,702 2,705,573 KeyCorp 194,784 3,011,361 Realogy Holdings Corp. (a) 39,736 489,150 Regions Financial Corp. 204,084 3,116,363 Reinsurance Group of America, Inc. 22,815 2,630,113 Voya Financial, Inc. 49,988 2,880,808

33,367,424 Health Care - 2.30%Cardinal Health, Inc. 28,137 1,535,999 Viatris, Inc. (a) 52,311 879,871

2,415,870 Materials & Processing - 8.80%Dow, Inc. 43,160 2,287,912 JELD-WEN Holding, Inc. (a) 113,400 2,743,146 Olin Corp. 191,966 4,202,135

9,233,193 Producer Durables - 13.46%MasTec, Inc. (a) 18,294 1,037,453 Ryder System, Inc. 55,694 3,298,199 Snap-on, Inc. 5,433 955,393 Terex Corp. 107,778 3,341,117 Textron, Inc. 59,588 2,687,419 Wabtec Corp. 38,153 2,796,615

14,116,196 Technology - 5.35%Avnet, Inc. 112,980 3,428,943 Hewlett Packard Enterprise Co. 198,094 2,186,958

5,615,901 Utilities - 3.04%Edison International 11,776 722,575 NRG Energy, Inc. 75,305 2,466,239


SHORT-TERM INVESTMENT - 1.02%Money Market Fund- 1.02%Fidelity Institutional Government Portfolio - Class I, 0.01% (c) 1,072,904 1,072,904 Total Short-Term Investment (Cost $1,072,904) 1,072,904

2/3

Total Investments (Cost $85,855,387) - 100.12% 105,043,630 Liabilities in Excess of Other Assets - (0.12)% (127,671)TOTAL NET ASSETS - 100.00% $ 104,915,959


PLC Public Limited Company(a) Non-income producing security.(b) Foreign issued security.(c) The rate listed is the 7-day annualized yield as of November 30, 2020.

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities forcompliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industryclassifications.

3/3

Pzena Mid Cap Value FundLevel 1 Level 2 Level 3 Total

Common StocksConsumer Discretionary $ 22,884,475 $ - $ - $ 22,884,475 Consumer Staples 2,181,049 - - 2,181,049 Energy 10,967,804 - - 10,967,804 Financial Services 33,367,424 - - 33,367,424 Health Care 2,415,870 - - 2,415,870 Materials & Processing 9,233,193 - - 9,233,193 Producer Durables 14,116,196 - - 14,116,196 Technology 5,615,901 - - 5,615,901 Utilities 3,188,814 - - 3,188,814

Total Common Stocks 103,970,726 - - 103,970,726 Short-Term Investment 1,072,904 - - 1,072,904 Total Investments $ 105,043,630 $ - $ - $ 105,043,630


Pzena Mid Cap Value FundSummary of Fair Value Disclosure at November 30, 2020 (Unaudited)


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 mayinclude 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 assumptionsabout the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.


1/3

Pzena Small Cap Value FundSchedule of InvestmentsNovember 30, 2020 (Unaudited)

Shares Fair ValueCOMMON STOCKS - 96.26%Consumer Discretionary - 10.86%Avis Budget Group, Inc. (a) 20,375 $ 716,589 Dana, Inc. 85,853 1,445,764 Hooker Furniture Corp. 35,455 1,073,223 Motorcar Parts of America, Inc. (a) 47,874 963,225 PVH Corp. 12,538 996,646

5,195,447 Consumer Staples - 3.48%Spectrum Brands Holdings, Inc. 10,672 713,210 Universal Corp. 20,906 951,432

1,664,642 Energy - 6.64%Murphy Oil Corp. 77,006 774,680 National Oilwell Varco, Inc. 64,777 794,166 NexTier Oilfield Solutions, Inc. (a) 300,963 842,696 TechnipFMC PLC (b) 91,670 761,778

3,173,320 Financial Services - 30.52%American Equity Investment Life Holding Co. 24,945 655,555 Argo Group International Holdings, Ltd. (b) 23,425 918,026 Associated Banc-Corp. 86,755 1,329,087 Axis Capital Holdings, Ltd. (b) 34,903 1,748,989 CNO Financial Group, Inc. 85,193 1,812,907 Cowen, Inc. - Class A 19,647 470,742 First Midwest Bancorp, Inc. 66,127 925,117 Hope Bancorp, Inc. 98,536 934,121 Realogy Holdings Corp. (a) 42,073 517,919 TCF Financial Corp. 28,432 955,315 Umpqua Holdings Corp. 66,546 924,324 Univest Financial Corp. 49,701 910,025 Webster Financial Corp. 41,484 1,569,755 WSFS Financial Corp. 24,276 925,644

14,597,526 Health Care - 3.53%Triple-S Management Corp. - Class B (a)(b) 44,987 1,008,159 Varex Imaging Corp. (a) 40,803 680,594

1,688,753 Materials & Processing - 6.53%JELD-WEN Holding, Inc. (a) 47,335 1,145,034 Olin Corp. 55,169 1,207,649 Orion Engineered Carbons S.A. (b) 49,491 770,080

3,122,763 Producer Durables - 24.46%Belden, Inc. 37,328 1,436,381 Enerpac Tool Group Corp. 68,508 1,533,894 MasTec, Inc. (a) 7,866 446,081 Moog, Inc. - Class A 12,626 976,747 REV Group, Inc. 103,614 957,393 Ryder System, Inc. 28,517 1,688,778 Steelcase, Inc. 114,402 1,389,984 Terex Corp. 52,221 1,618,851 TriMas Corp. (a) 34,362 918,496 TrueBlue, Inc. (a) 38,207 729,754

2/3

11,696,359 Technology - 10.24%Avnet, Inc. 38,526 1,169,264 Celestica, Inc. (a)(b) 192,859 1,452,229 Plantronics, Inc. 25,013 683,355 ScanSource, Inc. (a) 36,731 921,948 Super Micro Computer, Inc. (a) 23,673 667,815


REIT - 1.64%Financial Services - 1.64%DiamondRock Hospitality Co. 104,518 785,975 Total REIT (Cost $698,525) 785,975

SHORT-TERM INVESTMENT - 1.78%Money Market Fund - 1.78%Fidelity Institutional Government Portfolio - Class I, 0.01% (c) 851,545 851,545 Total Short-Term Investment (Cost $851,545) 851,545

Total Investments (Cost $45,744,452) - 99.68% 47,670,941 Other Assets in Excess of Liabilities - 0.32% 153,751 TOTAL NET ASSETS - 100.00% $ 47,824,692


PLC Public Limited Company REIT Real Estate Investment Trust

(a) Non-income producing security.(b) Foreign issued security.(c) The rate listed is the 7-day annualized yield as of November 30, 2020.

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities forcompliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industryclassifications.

3/3

Pzena Small Cap Value FundLevel 1 Level 2 Level 3 Total

Common StocksBasic Materials $ 1,977,729 $ - $ - $ 1,977,729Consumer Discretionary 6,585,431 - - 6,585,431 Consumer Staples 1,664,642 - - 1,664,642 Energy 3,173,321 - - 3,173,321 Financials 14,597,525 - - 14,597,525 Health Care 1,688,753 - - 1,688,753 Industrials 11,451,409 - - 11,451,409 Technology 4,211,256 - - 4,211,256 Telecommunications 683,355 - - 683,355 Total Common Stocks 46,033,421 - - 46,033,421

REIT 785,975 - - 785,975 Short-Term Investment 851,545 - - 851,545 Total Investments $ 47,670,941 $ - $ - $ 47,670,941

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

Pzena Small Cap Value FundSummary of Fair Value Disclosure at November 30, 2020 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generallyaccepted in the UnitedStates 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 orindirectly. These inputs mayinclude quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepaymentspeeds, 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 theFund's own assumptionsabout the assumptions a market participant would use in valuing the asset or liability, and would be based on the best informationavailable.


1/4 - pzena · 2020. 11. 30. · states of america ("u.s. gaap") establish a hierarchy...

Documents