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PZENA VALUE FUNDS PLC An open-ended investment company with variable capital incorporated in Ireland with registered number 412507 established as an umbrella fund with segregated liability between sub-funds.

PZENA GLOBAL FOCUSED VALUE FUND PZENA U.S. LARGE CAP VALUE FUND PZENA EMERGING MARKETS FOCUSED VALUE FUND PZENA GLOBAL VALUE FUND PZENA EMERGING MARKETS SELECT VALUE FUND PZENA EUROPE EX-UK FOCUSED VALUE FUND PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND

SEMI-ANNUAL L REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2026

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PZENA VALUE FUNDS PLC

TABLE OF CONTENTS

MANAGEMENT AND OTHER INFORMATION 1

GENERAL INFORMATION 2

INVESTMENT MANAGER’S REPORTS -Pzena Global Focused Value Fund 3 -Pzena U.S. Large Cap Value Fund 4 -Pzena Emerging Markets Focused Value Fund 5 -Pzena Global Value Fund 6 -Pzena Emerging Markets Select Value Fund 7 -Pzena Europe ex-UK Focused Value Fund 8 -Pzena International Value All Country ex-U.S. Fund 9

SCHEDULE OF INVESTMENTS -Pzena Global Focused Value Fund 10 -Pzena U.S. Large Cap Value Fund 14 -Pzena Emerging Markets Focused Value Fund 17 -Pzena Global Value Fund 22 -Pzena Emerging Markets Select Value Fund 26 -Pzena Europe ex-UK Focused Value Fund 30 -Pzena International Value All Country ex-U.S. Fund 33

STATEMENT OF FINANCIAL POSITION 38

STATEMENT OF COMPREHENSIVE INCOME 52

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS 56

NOTES TO THE FINANCIAL STATEMENTS 60

STATEMENT OF CHANGES IN THE PORTFOLIOS (UNAUDITED) -Pzena Global Focused Value Fund 84 -Pzena U.S. Large Cap Value Fund 86 -Pzena Emerging Markets Focused Value Fund 87 -Pzena Global Value Fund 89 -Pzena Emerging Markets Select Value Fund 91 -Pzena Europe ex-UK Focused Value Fund 93 -Pzena International Value All Country ex-U.S. Fund 95

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PZENA VALUE FUNDS PLC

MANAGEMENT AND OTHER INFORMATION

Directors Registered Office Donard McClean* (Chairman) (Irish) c/o HMP Secretarial Limited Maurice Murphy* (Irish) Riverside One William Andolfi** (United States) Sir John Rogerson’s Quay

*Independent Non-Executive Directors

Dublin 2, D02 X576, Ireland

**Non-Executive Directors

Manager Investment Manager Pzena Investment Management Europe Limited Pzena Investment Management, LLC Riverside One 320 Park Avenue, 8th Floor Sir John Rogerson’s Quay New York, New York 10022 Dublin 2, D02 X576, Ireland United States

Administrator, Registrar and Transfer Agent Depositary Northern Trust International Fund Administration Services Northern Trust Fiduciary Services (Ireland) Limited (Ireland) Limited Georges Court Georges Court 54-62 Townsend Street 54-62 Townsend Street Dublin 2, D02 R156, Ireland Dublin 2, D02 R156, Ireland

Company Secretary Legal Advisers in Ireland HMP Secretarial Limited McCann FitzGerald Riverside One Riverside One Sir John Rogerson’s Quay Sir John Rogerson’s Quay Dublin 2, D02 X576, Ireland Dublin 2, D02 X576, Ireland

Legal Advisers in the United States Independent Auditors (to the Investment Manager) Grant Thornton Winston & Taylor LLP Chartered Accountants & Statutory Audit Firm 300 N. LaSalle Drive 13-18 City Quay Chicago, Illinois 60654-5108 Dublin 2, D02 ED70, Ireland United States

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PZENA VALUE FUNDS PLC

GENERAL INFORMATION

Pzena Value Funds plc (the “Company”) was incorporated on 14 December 2005 under the laws of Ireland as an investment company with variable capital.

The Company is authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 as amended (“UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 as amended (“Central Bank UCITS Regulations”). The Company is structured as an umbrella fund, in that separate classes of Shares (each allocated to a particular sub-fund) may be issued from time to time at the discretion of the Directors with the approval of the Central Bank. The assets of each sub-fund will be separate from one another and will be invested separately in accordance with the investment objectives and policies of each sub-fund.

The Company has appointed Pzena Investment Management Europe Limited (the “Manager”) as the UCITS management company in respect of the Company pursuant to the Management Agreement. The Manager will also act as promoter of the Company. The Manager is authorised and regulated as a management company by the Central Bank under the UCITS Regulations and has the necessary permissions to manage an Irish domiciled UCITS, such as the Company.

As at 30 June 2026 , the Company has seven Sub-Funds, the Pzena Global Focused Value Fund , the Pzena U.S. Large Cap Value Fund , the Pzena Emerging Markets Focused Value Fund , the Pzena Global Value Fund , Pzena Emerging Markets Select Value Fund , the Pzena Europe ex-UK Focused Value Fund and the Pzena International Value All Country ex-U.S. Fund (the “Sub-Funds”). Unless stated otherwise, share classes are Accumulating.

The Pzena Global Focused Value Fund d (the “Sub-Fund”) is offering seven classes of Shares - Class A CHF, Class A EUR , Class A USD, Class C EUR, Class E USD, Cla ss F EUR and Class Z USD . The Sub-Fund commenced operations on 1 March 2006 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 23 December 2005.

The Pzena U.S. Large Cap Value Fund d (the “Sub-Fund”) is offering five classes of Shares - Class A GBP, P, Class A GBP Inc , Class A USD, Class C EUR and Class V GBP. P. The Sub-Fund commenced operations on 21 June 2012 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 22 December 2011.

The Pzena Emerging Markets Focused Value Fund d (the “Sub-Fund”) is offering nine classes of Shares - Class A EUR, Class A GBP , Class A GBP I Inc , Class A USD, Class A-1 USD , Class B USD, Cl ass B-1 USD, Class C USD and Class C-1 USD . The Sub-Fund commenced operations on 2 25 January 2013 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 15 June 2011.

The Pzena Global Value Fund d (the “Sub-Fund”) is offering nine classes of Shares - Class A EUR, Class A EUR Inc , Class A GBP, Class A GBP Inc , Class A JPY, Class A USD , Class A USD Inc , Class F EUR and Class F USD . The Sub-Fund commenced operations on 2 25 June 2014 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 2 January 2014.

The Pzena Emerging Markets Select Value Fund (the “Sub-Fund”) is offering five classes of Shares - Class A AUD , Class A USD, Class C USD, Class E USD and Class F EUR Inc . The Sub-Fund commenced operations on 20 December 2021 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 10 December 2021.

The Pzena Europe ex-UK Focused Value Fund (the “Sub-Fund”) is offering three classes of Shares - Class A GBP, P, C lass A GBP Inc , and Class E GBP. P. The Sub-Fund commenced operations on 21 June 2023 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 15 June 2023.

The Pzena International Value All Country ex-U.S. Fund (the “Sub-Fund”) is offering one class of Shares - Class A EUR . The Sub-Fund commenced operations on 6 December 2024 when the first subscription was made. The Sub-Fund was approved by the Central Bank on 26 August 2024.

The investment objective is the long-term growth of capital. The Directors may declare dividends in respect of distributing classes of Shares. As at 3 30 June 2026 , eight distributing classes were offered, the Pzena Global Focused Value Fund Class F EUR Inc, the Pzena U.S. Large Cap Value Fund Class A GBP Inc, the Pzena Emerging Markets Focused Value Fund Class A GBP Inc, the Pzena Global Value Fund Class A EUR Inc, Class A GBP Inc and Class A USD Inc, the Pzena Emerging Markets Select Value Fund Class F EUR Inc and the Pzena Europe ex-UK Focused Value Fund Class A GBP Inc.

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA GLOBAL FOCUSED VALUE FUND For the period ended 30 June 2026

Background to Pzena Global Focused Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify global companies among the 2000 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings and constructs a portfolio of 40 to 60 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review Global equity markets rose over the first half of 2026, though the advance masked a volatile, two-part path. The year opened under pressure, as scrutiny of the largest technology companies and fears that new artificial intelligence capabilities would disrupt the software sector gave way to an escalating conflict in the Middle East that drove oil prices sharply higher and pressured both stocks and bonds. Value briefly outpaced growth as energy-related areas led, before sentiment reversed decisively in the second quarter; as tensions eased and oil prices fell, a powerful rally in artificial intelligence and semiconductor-related companies carried markets to new highs, with growth resuming a wide lead over value and leadership growing increasingly concentrated in companies tied to the artificial intelligence investment cycle. Overall, dispersion across regions, sectors, and individual stocks remained elevated.

The Pzena Global Focused Value Fund was up but underperformed both the MSCI ACWI Index and the MSCI ACWI Value Index. The health care, financials, and materials sectors contributed the most to absolute performance, while no sector materially detracted from absolute performance.

The top contributors over the first half were Humana, Samsung Electronics, and Nokia. Humana, a U.S. health insurer focused on Medicare Advantage, recovered after early pressure from a proposed 2027 reimbursement cut, Star-rating concerns, and adverse-selection fears tied to unexpectedly strong membership growth gave way to a rebound, as a more favorable final 2027 rate update and first-quarter results showing better-than-feared medical cost trends, with no evidence of adverse selection, eased those concerns and prompted multiple analyst upgrades. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM (dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027. Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and HBM4E samples, reinforced confidence in its AI related memory business. Finnish telecom equipment manufacturer Nokia advanced on growing optimism around its AI RAN prospects and a strategic $1 billion equity investment from NVIDIA, with earnings reflecting strong AI- and cloud related demand, particularly in Optical Networks and IP routing, alongside raised growth expectations for its network infrastructure businesses and robust order activity.

Our biggest absolute detractors over the first half were Cognizant, Amdocs, and Alibaba. IT services provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Amdocs, a market-leading provider of CRM (customer relationship management), billing, and other software to large global telecom customers, declined amid modest growth expectations, continued telecom-customer spending pressure, and a broad software and IT-services sell-off on fears that AI-driven automation could erode demand, compounded by the announcement of a planned CEO transition. Chinese technology company Alibaba Group declined as weak Chinese consumer spending, investor concerns around escalating cloud capital expenditures and persistent losses in its quick-commerce business, and its addition to a U.S. Department of Defense list of companies alleged to have ties to the Chinese military weighed on the stock, even as its cloud and AI businesses continued to grow.

Recent performance has been challenged by a combination of macroeconomic concerns, uncertainty around the impact of technological change across industries, and idiosyncratic developments weighing on the short-term fundamentals of a few large, high-conviction holdings. Despite these headwinds, we believe the current environment provides an exceptional long-term opportunity, given the portfolio's starting valuation and the breadth, magnitude, and quality of the opportunity set.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA U.S. LARGE CAP VALUE FUND For the period ended 30 June 2026

Background to Pzena U.S. Large Cap Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify companies in the United States among the 500 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of generally 50 to 80 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review U.S. equities were volatile over the first half of 2026 but finished higher, as early weakness gave way to a strong second quarter recovery. The largest technology companies came under scrutiny early in the year, and fears that new artificial intelligence capabilities would disrupt the software sector weighed on technology shares, before an escalating conflict in the Middle East and a sharp rise in oil prices pressured the broader market and briefly favored more value-oriented and energy-related areas. As tensions eased and oil prices fell in the second quarter, leadership returned to technology, artificial intelligence, and semiconductor-related companies, and the major large-cap indices reached new highs, with smaller capitalization stocks participating but generally lagging the strongest large-cap growth areas. Overall, dispersion across sectors, capitalization ranges, and individual stocks remained elevated.

The Pzena US Large Cap Value Fund was up but underperformed both the Russell 1000 Value Index and the Russell 1000 Index. The consumer discretionary, health care, and financials sectors contributed the most to absolute performance, while the technology sector was the largest detractor.

The top contributors over the first half were Humana, Dow, and CVS Health. Humana, a U.S. health insurer focused on Medicare Advantage, recovered after early pressure from a proposed 2027 reimbursement cut, Star-rating concerns, and adverse-selection fears tied to unexpectedly strong membership growth gave way to a rebound, as a more favorable final 2027 rate update and first-quarter results showing better-than-feared medical cost trends, with no evidence of adverse selection, eased those concerns and prompted multiple analyst upgrades. Chemical producer Dow rose as fourth-quarter results, stronger profitability, and cost actions gave way to a first-quarter rally when Middle East supply disruptions tightened petrochemical markets, widened oil-to-gas spreads, and supported higher polyethylene pricing, before the shares gave back much of those gains later in the period as those disruptions eased and oil prices fell. CVS Health, a U.S. health care company with pharmacy services, health insurance, and retail operations, advanced on meaningful progress in its Aetna insurance turnaround, with improved Medicare Advantage performance from better Star ratings and moderating medical cost trends, a favorable 2027 rate update, and solid pharmacy momentum behind the CostVantage pricing initiative, while its pharmacy benefit manager operations proved more resilient than those of a key competitor . Our biggest absolute detractors over the first half were Cognizant, Amdocs, and Accenture. IT services provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Amdocs, a market-leading provider of CRM (customer relationship management), billing, and other software to large global telecom customers, declined amid modest growth expectations, continued telecom-customer spending pressure, and a broad software and IT-services sell-off on fears that AI-driven automation could erode demand, compounded by the announcement of a planned CEO transition. Global IT services provider Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services, with the pressure intensifying late in the period after management reduced its full-year revenue guidance and raised its acquisition spend.

Recent performance has been challenged by a combination of macroeconomic concerns, uncertainty around the impact of technological change across industries, and idiosyncratic developments weighing on the near-term fundamentals of a few large, high-conviction holdings. Despite these headwinds, we believe the current environment represents an exceptional long-term opportunity, given the portfolio's starting valuation and the breadth, magnitude, and quality of the opportunity set.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA EMERGING MARKETS FOCUSED VALUE FUND For the period ended 30 June 2026

Background to Pzena Emerging Markets Focused Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify companies from non-developed countries among the 1500 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of generally 40 to 80 stocks that it believes are in the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review Emerging market equities rose over the first half of 2026, though the path was volatile and dispersion across countries was pronounced. A promising start gave way to a sharp pullback as an escalating conflict in the Middle East and rising oil prices weighed on sentiment, pressuring energy-importing economies and lifting the U.S. dollar. As tensions eased and oil prices fell in the second quarter, a powerful rally in AI-linked semiconductor companies drove markets sharply higher, with South Korea and Taiwan leading on their heavy exposure to the semiconductor supply chain while China and several other markets lagged.

The Pzena Emerging Markets Focused Value Fund was up but underperformed both the MSCI Emerging Markets Index and the MSCI Emerging Markets Value Index. The consumer discretionary and communication services sectors were the largest detractors from absolute performance, while the information technology, financials, and industrials sectors contributed the most to absolute performance.

Our biggest absolute detractors over the first half were Cognizant, Alibaba, and Globant. IT services provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Chinese technology company Alibaba Group declined as weak Chinese consumer spending, investor concerns around escalating cloud capital expenditures and persistent losses in its quick-commerce business, and its addition to a U.S. Department of Defense list of companies alleged to have ties to the Chinese military weighed on the stock, even as its cloud and AI businesses continued to grow. IT services provider Globant declined alongside a broad sell-off across IT services on intensifying fears that AI-driven automation is eroding demand, compounded by weakening discretionary technology spending, reduced U.S. federal spending, and ongoing execution concerns in its Latin American operations, despite delivering in-line results and maintaining full-year guidance.

The top contributors over the first half were Samsung Electronics, Taiwan Semiconductor Manufacturing Co., and Weichai Power. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM (dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027. Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and HBM4E samples, reinforced confidence in its AI-related memory business. Taiwan Semiconductor Manufacturing Co. (TSMC) advanced on sustained AI-driven demand for advanced-node chips, with strong quarterly results, record revenues, and raised capital spending alongside expanded U.S. manufacturing plans reinforcing its advanced-node leadership, as demand for advanced chip capacity continued to outpace the company's conservative capacity expansion. Weichai Power, the Chinese truck and engine manufacturer, advanced on strong demand for large-bore engines tied to the data-center and infrastructure buildout and for LNG (liquefied natural gas) heavy-duty trucks, with solid results, a solid-oxide fuel cell partnership with Ceres Power, and continued share repurchases supporting the gains, though it gave back part of the run late in the period as the data-center demand theme cooled.

While macroeconomic uncertainty and geopolitical risks continue to drive volatility across emerging markets, dispersion remains elevated. We continue to find opportunities in companies where near-term concerns obscure normalized earnings power, and portfolio valuations remain compelling relative to long-term fundamentals. Our largest sector exposure remains in financials, and the portfolio continues to be concentrated in Asia, with the largest country weights in China and Korea.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA GLOBAL VALUE FUND For the period ended 30 June 2026

Background to Pzena Global Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify global companies among the 2000 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of 60 to 95 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

The Pzena Global Value Fund was up but modestly underperformed both the MSCI World Index and the MSCI World Value Index. The information technology, health care, and materials sectors contributed the most to absolute performance, while the consumer staples sector was the only sector to detract.

The top contributors over the first half were Samsung Electronics, Nokia, and Humana. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM (dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027. Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and HBM4E samples, reinforced confidence in its AI-related memory business. Finnish telecom equipment manufacturer Nokia advanced on growing optimism around its AI-RAN prospects and a strategic $1 billion equity investment from NVIDIA, with earnings reflecting strong AI and cloud-related demand, particularly in Optical Networks and IP routing, alongside raised growth expectations for its network infrastructure businesses and robust order activity. Humana, a U.S. health insurer focused on Medicare Advantage, recovered after early pressure from a proposed 2027 reimbursement cut, Star-rating concerns, and adverse-selection fears tied to unexpectedly strong membership growth gave way to a rebound, as a more favorable final 2027 rate update and first-quarter results showing better-than-feared medical cost trends, with no evidence of adverse selection, eased those concerns and prompted multiple analyst upgrades.

Our biggest absolute detractors over the first half were Cognizant, Accenture, and Amdocs. IT services provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Global IT services provider Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services, with the pressure intensifying late in the period after management reduced its full-year revenue guidance and raised its acquisition spend. Amdocs, a market-leading provider of CRM (customer relationship management), billing, and other software to large global telecom customers, declined amid modest growth expectations, continued telecom-customer spending pressure, and a broad software and IT-services sell-off on fears that AI-driven automation could erode demand, compounded by the announcement of a planned CEO transition.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA EMERGING MARKETS SELECT VALUE FUND For the period ended 30 June 2026

Background to Pzena Emerging Markets Select Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify companies from non-developed countries among the 1000 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of generally 30 to 60 stocks that it believes are in the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review Emerging market equities rose over the first half of 2026, though the path was volatile and dispersion across countries was pronounced. A promising start gave way to a sharp pullback as an escalating conflict in the Middle East and rising oil prices weighed on sentiment, pressuring energy-importing economies and lifting the U.S. dollar. As tensions eased and oil prices fell in the second quarter, a powerful rally in artificial-intelligence-linked semiconductor companies drove markets sharply higher, with South Korea and Taiwan leading on their heavy exposure to the semiconductor supply chain while China and several other markets lagged.

The Pzena Emerging Markets Select Value Fund was up but underperformed both the MSCI Emerging Markets Index and the MSCI Emerging Markets Value Index. The information technology, financials, and industrials sectors contributed the most to absolute performance, while the consumer discretionary and communication services sectors were the largest detractors.

Our biggest absolute detractors over the first half were Cognizant, Alibaba, and Shenzhou International. IT services provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Chinese technology company Alibaba Group declined as weak Chinese consumer spending, investor concerns around escalating cloud capital expenditures and persistent losses in its quick-commerce business, and its addition to a U.S. Department of Defense list of companies alleged to have ties to the Chinese military weighed on the stock, even as its cloud and AI businesses continued to grow. Shenzhou International, a China-based apparel manufacturer, declined as weak annual results reflecting margin compression from tariff-sharing and cost pressures, adverse foreign-exchange impacts, and softer demand from key global apparel customers, particularly Nike and PUMA, weighed on the stock, compounded by concerns over conflict-related input-cost pressure on synthetic materials.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA EUROPE EX-UK FOCUSED VALUE FUND For the period ended 30 June 2026

Background to Pzena Europe ex-UK Focused Value Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify European (ex-UK) companies among the 600 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings and constructs a portfolio of 30 to 50 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review European equities were volatile over the first half of 2026 but advanced, supported by a strong second quarter. Early in the year, an escalating conflict in the Middle East and a sharp rise in energy prices increased inflation concerns and weighed on growth expectations, pressuring more economically sensitive areas while energy-related segments proved more resilient. As tensions eased and oil prices fell in the second quarter, sentiment improved and the broad regional market reached new highs, with a rotation into rate-sensitive and consumer-facing areas even as the backdrop remained challenged by soft manufacturing activity and divergent central-bank expectations. Overall, dispersion across markets, sectors, and individual stocks remained elevated.

The Pzena Europe ex-UK Focused Value Fund was up but modestly underperformed the MSCI Europe ex UK Index, while performing broadly in line with the MSCI Europe ex-UK Value Index. The financials, materials, and energy sectors contributed the most to absolute performance, while the industrials, information technology, and consumer discretionary sectors were the largest detractors.

Our biggest absolute detractors over the first half were Accenture, Samsonite, and Randstad. Global IT services provider Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services, with the pressure intensifying late in the period after management reduced its full-year revenue guidance and raised its acquisition spend. Samsonite, a luggage manufacturer, declined as softer travel demand, continued wholesale weakness, and margin compression from higher freight and inflation weighed on results, with the Middle East conflict adding a further drag, despite solid pricing power and tariff-mitigation actions. European staffing firm Randstad declined as persistently weak staffing demand, particularly in white-collar and professional hiring, weighed on revenue and margins amid a soft European macroeconomic backdrop and continued hiring caution, with weak fourth-quarter results and guidance for further margin compression reinforcing the pressure.

The top contributors over the first half were Equinor, Nokia, and Bayer. Norwegian integrated energy company Equinor rose, driven primarily by stronger oil and gas prices as crude broke above $100 per barrel amid escalating Middle East tensions, supported by solid operational results and continued capital returns, though it gave back much of those crude-driven gains later in the period as tensions around the Strait of Hormuz eased. Finnish telecom equipment manufacturer Nokia advanced on growing optimism around its AI-RAN prospects and a strategic $1 billion equity investment from NVIDIA, with earnings reflecting strong AI- and cloud-related demand, particularly in Optical Networks and IP routing, alongside raised growth expectations for its network infrastructure businesses and robust order activity. German pharmaceutical and crop science company Bayer AG advanced as its long-running Roundup litigation moved toward containment, with the U.S. Supreme Court agreeing to review its glyphosate case and ultimately ruling in the company's favor, alongside an expected nationwide class settlement, removing a central overhang that had weighed on the shares for years.

Even after a very strong 2025, we continue to see compelling value in European equities, which trade at a notable valuation discount relative to the rest of the world. We believe the current macroeconomic uncertainty provides a good opportunity to invest in strong businesses trading at depressed valuations.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

INVESTMENT MANAGER’S REPORT – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND For the period ended 30 June 2026

Background to Pzena International Value All Country ex-U.S. Fund (the “Sub-Fund”) In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value strategy. It seeks to identify non-US companies among the 1500 largest by market capitalization, that it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of 60 to 80 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the Fund.

Performance Review Non-U.S. equity markets rose over the first half of 2026, though the path was volatile. Early-year weakness reflected an escalating conflict in the Middle East and a sharp rise in oil prices, which pressured sentiment and briefly favored more value-oriented and energy-related areas, before a decisive second-quarter reversal as tensions eased, oil prices fell, and a powerful rally in artificial intelligence and semiconductor-related companies drove markets higher, with Taiwan and South Korea leading. Our portfolio advanced but underperformed both the MSCI ACWI ex USA Index and the MSCI ACWI ex USA Value Index over the period, as limited exposure to the technology names leading the market weighed on relative results.

The information technology, financials, and industrials sectors contributed the most to absolute performance, while the consumer discretionary and communication services sectors were the largest detractors.

The top contributors over the first half were Murata Manufacturing, Samsung Electronics, and Nokia. Murata Manufacturing, a Japanese producer of electronic passive components, advanced on strong demand for multilayer ceramic capacitors driven by AI server applications, with better-than-expected earnings, raised expectations for AI-driven growth, and an increased share buyback reinforcing the gains. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM (dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027. Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and HBM4E samples, reinforced confidence in its AI-related memory business. Finnish telecom equipment manufacturer Nokia advanced on growing optimism around its AI-RAN prospects and a strategic $1 billion equity investment from NVIDIA, with earnings reflecting strong AI- and cloud-related demand, particularly in Optical Networks and IP routing, alongside raised growth expectations for its network infrastructure businesses and robust order activity.

Our biggest absolute detractors over the first half were Accenture, Alibaba, and Galaxy Entertainment. Global IT services provider Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services, with the pressure intensifying late in the period after management reduced its full-year revenue guidance and raised its acquisition spend. Chinese technology company Alibaba Group declined as weak Chinese consumer spending, investor concerns around escalating cloud capital expenditures and persistent losses in its quick-commerce business, and its addition to a U.S. Department of Defense list of companies alleged to have ties to the Chinese military weighed on the stock, even as its cloud and AI businesses continued to grow. Macau casino operator Galaxy Entertainment declined as softer-than-expected Macau gaming trends and an increasingly competitive operating environment among concessionaires weighed on expectations for a stronger recovery in visitor spending.

The shifting macroeconomic environment and AI uncertainty have resulted in elevated dispersion between individual stocks. We expect to continue finding opportunities where AI-related concerns are particularly acute and potentially overstated. Our portfolio has sizable exposures to businesses in profit recovery mode, especially in Europe.

Pzena Investment Management, LLC

July 2026

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PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA GLOBAL FOCUSED VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Lo ss ( 31 December 2025 : 98.05% ) Common Stock ( 31 December 2025 : 98.05% )

Brazil ( 31 December 2025 : 2.33% ) Ambev BRL 3,381,800 10,643,364 3.02%

10,643,364 3.02%

Canada ( 31 December 2025 : 2.44% ) Magna International USD 153,006 10,046,374 2.85%

10,046,374 2.85%

Cayman Islands ( 31 December 2025 : 1.81% ) Alibaba Group Holding HKD 382,500 4,528,806 1.29%

4,528,806 1.29%

Finland ( 31 December 2025 : 1.68% ) - -

France ( 31 December 2025 : 7.03% ) Amundi EUR 55,005 5,279,382 1.50% Michelin EUR 200,982 7,755,167 2.20% Publicis Groupe EUR 69,713 6,891,111 1.96% Rexel EUR 140,709 6,146,943 1.74% Sanofi EUR 82,300 7,064,547 2.01%

33,137,150 9.41%

Germany ( 31 December 2025 : 7.17% ) BASF EUR 166,571 8,908,813 2.53% Daimler Truck EUR 232,023 11,194,475 3.18% Fresenius Medical Care EUR 186,910 8,462,291 2.41%

28,565,579 8.12%

Guernsey ( 31 December 2025 : 1.96% ) Amdocs USD 107,342 5,425,065 1.54%

5,425,065 1.54%

Hong Kong ( 31 December 2025 : 1.56% ) Galaxy Entertainment HKD 1,686,000 6,325,147 1.80%

6,325,147 1.80%

Page 13

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 98.05%) (Continued)

Common Stock (31 December 2025: 98.05%) (Continued)

Indonesia ( 31 December 2025 : 0.86% ) Bank Rakyat Indonesia Persero IDR 13,898,800 2,122,132 0.60%

2,122,132 0.60%

Ireland ( 31 December 2025 : 1.33% ) Accenture USD 28,527 3,549,900 1.01% Bank of Ireland EUR 245,471 4,890,274 1.39%

8,440,174 2.40%

Italy ( 31 December 2025 : 1.47% ) Enel EUR 454,198 5,220,888 1.48%

5,220,888 1.48%

Japan ( 31 December 2025 : 2.93% ) Daikin Industries JPY 68,300 10,373,700 2.95% Suntory Beverage & Food JPY 106,600 2,949,578 0.84%

13,323,278 3.79%

Luxembourg ( 31 December 2025 : 1.56% ) - -

Netherlands ( 31 December 2025 : 4.01% ) ING Groep EUR 184,425 5,834,306 1.66% Randstad EUR 136,762 3,941,836 1.12%

9,776,142 2.78%

People's Republic of China ( 31 December 2025 : 1.63% ) China Overseas Land & Investment HKD 3,169,000 4,873,488 1.38%

4,873,488 1.38%

South Korea ( 31 December 2025 : 4.16% ) Shinhan Financial KRW 103,020 6,370,178 1.81%

6,370,178 1.81%

Switzerland ( 31 December 2025 : 4.15% ) Julius Baer CHF 64,881 5,614,199 1.59%

SCHEDULE OF INVESTMENTS – PZENA GLOBAL FOCUSED VALUE FUND (Continued) As at 30 June 2026

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PZENA VALUE FUNDS PLC

12 13

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 98.05%) (Continued)

Common Stock (31 December 2025: 98.05%) (Continued)

Switzerland (31 December 2025: 4.15%) (Continued) UBS Group CHF 113,072 5,615,403 1.60%

11,229,602 3.19%

United Kingdom ( 31 December 2025 : 9.62% ) HSBC Holdings GBP 333,509 6,333,434 1.80% J Sainsbury GBP 1,355,230 5,752,336 1.63% Reckitt Benckiser Group GBP 108,231 7,054,632 2.00% Shell EUR 170,316 6,633,215 1.89% Travis Perkins GBP 47,937 351,525 0.10% United Utilities Group GBP 30,102 522,983 0.15%

26,648,125 7.57%

United States ( 31 December 2025 : 40.35% ) Avnet USD 16,220 1,440,660 0.41% Baxter International USD 577,400 12,310,168 3.50% Bristol-Myers Squibb USD 165,788 9,552,705 2.71% Capital One Financial USD 37,473 7,517,833 2.14% Citigroup USD 36,668 5,132,053 1.46% Cognizant Technology Solutions USD 149,122 5,775,495 1.64% Corebridge Financial USD 277,261 7,937,982 2.25% CVS Health USD 109,087 11,285,050 3.21% Dollar General USD 86,891 10,002,023 2.84% Dow USD 133,417 3,650,289 1.04% Global Payments USD 82,568 5,991,134 1.70% Globe Life USD 3,933 702,749 0.20% Humana USD 39,842 15,826,039 4.50% Lear USD 58,928 7,899,888 2.24% LKQ USD 166,630 4,387,368 1.25% MetLife USD 88,846 7,517,260 2.14% Newell Brands USD 152,237 934,735 0.27% NOV USD 281,422 5,220,378 1.48% PPG Industries USD 61,775 7,492,690 2.13% PVH USD 32,935 2,445,753 0.69% Skyworks Solutions USD 100,747 6,830,647 1.94% SS&C Technologies USD 77,290 4,795,845 1.36% Tyson Foods USD 152,211 8,714,080 2.48%

SCHEDULE OF INVESTMENTS – PZENA GLOBAL FOCUSED VALUE FUND (Continued) As at 30 June 2026

Page 15

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 98.05%) (Continued)

Common Stock (31 December 2025: 98.05%) (Continued)

United States (31 December 2025: 40.35%) (Continued) Universal Health Services USD 24,448 3,635,173 1.03% Wells Fargo USD 61,875 5,113,350 1.45%

162,111,347 46.06%

Total Common Stock 348,786,839 99.09%

Total Financial Assets at Fair Value through Profit or Loss 348,786,839 99.09%

Cash at bank (31 December 2025: 2.16%) 7,455,890 2.12% Other net current liabilities (31 December 2025: (0.21%)) (4,253,909) (1.21%)

Net Assets Attributable to Holders of Redeemable Participating Shareholders 351,988,820 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 88.42 Transferable securities and money market instruments traded on another regulated market 8.20

96.62

SCHEDULE OF INVESTMENTS – PZENA GLOBAL FOCUSED VALUE FUND (Continued) As at 30 June 2026

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PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA U.S. LARGE CAP VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 98.79% ) Common Stock ( 31 December 2025 : 98.79% )

Canada ( 31 December 2025 : 3.68% ) Magna International USD 14,140 928,432 3.13%

928,432 3.13%

Germany ( 31 December 2025 : 2.78% ) Fresenius Medical Care USD 36,528 825,898 2.78%

825,898 2.78%

Guernsey ( 31 December 2025 : 2.48% ) Amdocs USD 13,803 697,604 2.35%

697,604 2.35%

Ireland ( 31 December 2025 : 4.07% ) Accenture USD 3,484 433,549 1.46% Medtronic USD 5,508 430,891 1.45% TE Connectivity USD 688 138,707 0.47%

1,003,147 3.38%

Switzerland ( 31 December 2025 : 2.43% ) UBS Group USD 12,132 601,262 2.02%

601,262 2.02%

United Kingdom ( 31 December 2025 : 2.47% ) Shell USD 7,443 577,130 1.94%

577,130 1.94%

United States ( 31 December 2025 : 80.88% ) American International Group USD 1,985 147,942 0.50% Anthem USD 1,126 435,458 1.47% Bank of America USD 13,397 763,361 2.57% Baxter International USD 43,057 917,975 3.09% Bristol-Myers Squibb USD 13,084 753,900 2.54% Capital One Financial USD 4,614 925,661 3.12% CBRE USD 1,102 148,428 0.50% CDW USD 6,198 871,687 2.93% Cigna USD 1,023 282,021 0.95% Cisco Systems USD 1,249 146,708 0.49%

Page 17

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 98.79%) (Continued)

Common Stock (31 December 2025: 98.79%) (Continued)

United States (31 December 2025: 80.88%) (Continued) Citigroup USD 5,326 745,427 2.51% Cognizant Technology Solutions USD 15,802 612,011 2.06% Constellation Brands USD 2,072 288,194 0.97% Corebridge Financial USD 31,693 907,371 3.06% CVS Health USD 9,191 950,809 3.20% Delta Air Lines USD 7,363 689,619 2.32% Dollar General USD 8,138 936,765 3.15% Dow USD 9,060 247,882 0.83% Equitable Holdings USD 13,517 593,126 2.00% Exxon Mobil USD 2,105 287,796 0.97% Genuine Parts Company USD 2,784 328,456 1.11% Global Payments USD 13,517 980,794 3.30% Halliburton USD 12,041 408,792 1.38% HCA Healthcare USD 376 146,599 0.49% Humana USD 2,384 946,972 3.19% JPMorgan Chase USD 1,849 605,233 2.04% Lear USD 3,162 423,898 1.43% Leidos Holdings USD 888 91,437 0.31% MetLife USD 10,592 896,189 3.02% Mohawk Industries USD 4,017 487,383 1.64% Morgan Stanley USD 1,352 282,622 0.95% Newell Brands USD 44,101 270,780 0.91% NOV USD 22,442 416,299 1.40% Pfizer USD 17,202 414,224 1.39% PPG Industries USD 6,312 765,582 2.58% PVH USD 3,657 271,569 0.91% Skyworks Solutions USD 12,707 861,535 2.90% SS&C Technologies USD 13,578 842,515 2.84% Target USD 1,119 146,153 0.49% Tyson Foods USD 16,173 925,904 3.12% Voya Financial USD 6,721 608,452 2.05% Walt Disney USD 2,949 283,841 0.96% Wells Fargo USD 10,885 899,536 3.03%

SCHEDULE OF INVESTMENTS – PZENA U.S. LARGE CAP VALUE FUND (Continued) As at 30 June 2026

Page 18

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 98.79%) (Continued)

Common Stock (31 December 2025: 98.79%) (Continued)

United States (31 December 2025: 80.88%) (Continued) Workday USD 3,238 396,396 1.33%

24,353,302 82.00%

Total Common Stock 28,986,775 97.60%

Total Financial Assets at Fair Value through Profit or Loss 28,986,775 97.60%

Cash at bank (31 December 2025: 1.36%) 744,675 2.51% Other net current liabilities (31 December 2025: (0.15%)) (32,971) (0.11%)

Net Assets Attributable to Holders of Redeemable Participating Shareholders 29,698,479 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 81.53 Transferable securities and money market instruments traded on another regulated market 15.77

97.30

SCHEDULE OF INVESTMENTS – PZENA U.S. LARGE CAP VALUE FUND (Continued) As at 30 June 2026

Page 19

PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS FOCUSED VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 96.54% ) Common Stock ( 31 December 2025 : 96.54% )

Bermuda ( 31 December 2025 : 4.94% ) Credicorp USD 33,132 12,907,565 2.17% Kunlun Energy HKD 1,220,000 1,000,325 0.17% Man Wah HKD 13,863,200 5,285,731 0.89% Pacific Basin Shipping HKD 29,162,882 10,040,714 1.68%

29,234,335 4.91%

Brazil ( 31 December 2025 : 13.02% ) Ambev BRL 4,749,800 14,948,800 2.51% B3 SA - Brasil Bolsa Balcao BRL 3,071,300 8,621,797 1.45% Banco do Brasil BRL 2,311,800 8,892,655 1.49% Cia Energetica De Minas Gerais BRL 5,763,610 12,104,143 2.03% Itau Unibanco BRL 1,099,793 8,962,465 1.51% Natura Cosmeticos BRL 5,730,800 9,665,836 1.62% Petroleo Brasileiro BRL 1,590,000 11,611,781 1.95% Vale BRL 628,500 9,456,734 1.59%

84,264,211 14.15%

British Virgin Islands ( 31 December 2025 : 0.96% ) Arcos Dorados Holdings USD 717,144 5,780,181 0.97%

5,780,181 0.97%

Cayman Islands ( 31 December 2025 : 9.08% ) Alibaba Group Holding HKD 1,363,100 16,139,126 2.71% Baidu HKD 653,350 9,131,179 1.53% KE Holdings USD 380,766 5,532,530 0.93% Shenzhou International Group Holdings HKD 2,881,400 14,462,023 2.43% Tencent HKD 280,300 15,362,429 2.58% Zhongsheng Group Holdings HKD 8,606,500 5,322,782 0.89% ZTO Express Cayman HKD 259,750 5,683,858 0.96%

71,633,927 12.03%

Hong Kong ( 31 December 2025 : 5.04% ) Galaxy Entertainment HKD 3,923,000 14,717,410 2.47% WH HKD 10,689,000 11,299,572 1.90%

Page 20

PZENA VALUE FUNDS PLC

18 19

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.54%) (Continued)

Common Stock (31 December 2025: 96.54%) (Continued)

Hong Kong (31 December 2025: 5.04%) (Continued) Yue Yuen Industrial HKD 3,397,000 5,306,425 0.89%

31,323,407 5.26%

Hungary ( 31 December 2025 : 4.47% ) Gedeon Richter HUF 214,267 8,293,618 1.39% MOL Hungarian Oil & Gas HUF 466,931 5,549,529 0.93% OTP Bank HUF 41,275 6,092,202 1.03%

19,935,349 3.35%

India ( 31 December 2025 : 3.70% ) HDFC Bank INR 1,454,953 12,264,896 2.06% REC INR 505,658 1,943,385 0.33% UPL INR 1,863,921 11,247,472 1.89%

25,455,753 4.28%

Indonesia ( 31 December 2025 : 1.46% ) Bank Rakyat Indonesia Persero IDR 46,777,000 7,142,126 1.20%

7,142,126 1.20%

Jersey ( 31 December 2025 : 0.98% ) Wizz Air Holdings GBP 433,432 6,845,745 1.15%

6,845,745 1.15%

Kazakhstan ( 31 December 2025 : 1.52% ) Kaspi.KZ USD 127,742 11,067,567 1.86%

11,067,567 1.86%

Luxembourg ( 31 December 2025 : 0.00% ) Globant USD 171,422 4,960,953 0.83%

4,960,953 0.83%

People's Republic of China ( 31 December 2025 : 14.06% ) Beijing Oriental Yuhong Waterproof Technology CNH 4,792,700 8,380,871 1.41% China Merchants Bank CNH 2,141,200 11,198,085 1.88% China Overseas Land & Investment HKD 7,168,000 11,023,403 1.85% Haier Smart Home HKD 5,869,600 14,954,586 2.51%

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS FOCUSED VALUE FUND (Continued) As at 30 June 2026

Page 21

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.54%) (Continued)

Common Stock (31 December 2025: 96.54%) (Continued)

People’s Republic of China (31 December 2025: 14.06%) (Continued) Ping An Insurance of China HKD 1,238,000 8,059,104 1.36% Weichai Power HKD 998,626 4,342,378 0.73% ZTO Express Cayman Inc USD 285,353 6,386,200 1.07%

64,344,627 10.81%

Romania ( 31 December 2025 : 0.54% ) - -

Russian Federation ( 31 December 2025 : 0.00% ) PJSC Sberbank* USD 322,470 1,443,444 0.24%

1,443,444 0.24%

Saudi Arabia ( 31 December 2025 : 1.26% ) Saudi Arabian Oil SAR 1,250,655 8,694,535 1.46%

8,694,535 1.46%

Singapore ( 31 December 2025 : 1.76% ) Wilmar International SGD 3,630,200 10,131,835 1.70%

10,131,835 1.70%

South Korea ( 31 December 2025 : 17.23% ) Doosan Bobcat KRW 203,206 8,092,564 1.36% Hankook Tire & Technology KRW 298,130 11,911,345 2.00% KB Financial KRW 98,130 10,070,787 1.69% Kia KRW 97,800 8,711,289 1.46% KT USD 323,630 5,592,326 0.94% Orion KRW 91,500 7,789,873 1.31% Samsung Electronics KRW 111,130 15,206,584 2.55% Shinhan Financial KRW 137,330 8,491,715 1.43%

75,866,483 12.74%

Taiwan ( 31 December 2025 : 7.93% ) Compal Electronics TWD 7,067,000 7,830,901 1.31% Hon Hai Precision Industry TWD 887,665 6,993,986 1.17% Nien Made Enterprise TWD 804,000 8,732,409 1.47%

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS FOCUSED VALUE FUND (Continued) As at 30 June 2026

Page 22

PZENA VALUE FUNDS PLC

20 21

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.54%) (Continued)

Common Stock (31 December 2025: 96.54%) (Continued)

Taiwan (31 December 2025: 7.93%) (Continued) Taiwan Semiconductor Manufacturing TWD 294,000 22,241,615 3.74%

45,798,911 7.69%

Thailand ( 31 December 2025 : 4.57% ) Bangkok Bank THB 2,268,700 12,258,444 2.06% Indorama Ventures THB 6,424,200 4,254,373 0.71% SCB X THB 2,440,900 10,874,406 1.83%

27,387,223 4.60%

United States ( 31 December 2025 : 2.26% ) Cognizant Technology Solutions USD 322,522 12,491,277 2.10%

12,491,277 2.10%

Vietnam ( 31 December 2025 : 1.76% ) Vietnam Dairy Products VND 4,662,920 9,711,648 1.63%

9,711,648 1.63%

Total Common Stock 553,513,537 92.96%

Total Financial Assets at Fair Value through Profit or Loss 553,513,537 92.96%

Cash at bank (31 December 2025: 3.82%) 11,865,864 1.99% Other net current assets (31 December 2025: (0.36%)) 30,022,347 5.05%

Net Assets Attributable to Holders of Redeemable Participating Shareholders 595,401,748 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 88.53 Transferable securities and money market instruments traded on another regulated market 3.93

92.46

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS FOCUSED VALUE FUND (Continued) As at 30 June 2026

Page 23

PZENA VALUE FUNDS PLC

*Level 3 Investment. As at the 30 June 2026, the position continued to be reflected in the financial statements at the final liquidation rate of $4.476211 per ADR, as the ADR had not yet been formally derecognised from the books at that date, pending internal confirmation of the appropriate accounting treatment following the termination. This treatment was subsequently finalised, and the position was reclassified from the ADR holding to a receivable to reflect J.P. Morgan's confirmation that the underlying shares had been sold and only the right to proceeds remained outstanding. The cash proceeds relating to this receivable remain held in a restricted account pending release, and are not yet available to the fund.

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS FOCUSED VALUE FUND (Continued) As at 30 June 2026

Page 24

PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA GLOBAL VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 96.51% ) Common Stock ( 31 December 2025 : 96.51% )

Brazil ( 31 December 2025 : 1.07% ) Ambev BRL 1,780,828 4,259,719 1.03%

4,259,719 1.03%

Canada ( 31 December 2025 : 1.91% ) Magna International USD 165,228 8,171,088 1.98% Magna International Class A CAD 26,588 1,314,930 0.32%

9,486,018 2.30%

Cayman Islands ( 31 December 2025 : 0.86% ) Alibaba Group Holding HKD 375,200 3,360,746 0.81%

3,360,746 0.81%

Finland ( 31 December 2025 : 2.17% ) Nokia USD 513,745 5,192,444 1.26%

5,192,444 1.26%

France ( 31 December 2025 : 6.59% ) Accor EUR 44,212 1,924,703 0.47% Amundi EUR 60,701 4,395,490 1.06% Michelin EUR 328,139 9,529,958 2.31% Publicis Groupe EUR 92,986 6,901,649 1.67% Rexel EUR 215,191 7,056,620 1.71% Sanofi EUR 120,741 7,778,250 1.88%

37,586,670 9.10%

Germany ( 31 December 2025 : 6.16% ) BASF EUR 257,242 10,358,191 2.51% Daimler Truck EUR 301,776 10,918,320 2.64% Fresenius Medical Care EUR 241,980 8,197,929 1.98% SAP EUR 27,250 3,156,230 0.77%

32,630,670 7.90%

Guernsey ( 31 December 2025 : 2.21% ) Amdocs USD 204,870 7,883,430 1.91%

7,883,430 1.91%

Page 25

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.51%) (Continued)

Common Stock (31 December 2025: 96.51%) (Continued)

Hong Kong ( 31 December 2025 : 1.25% ) Galaxy Entertainment HKD 1,951,000 5,537,208 1.34%

5,537,208 1.34%

Indonesia ( 31 December 2025 : 0.49% ) Bank Rakyat Indonesia Persero IDR 11,909,900 1,375,691 0.33%

1,375,691 0.33%

Ireland ( 31 December 2025 : 3.25% ) Accenture USD 56,600 5,279,983 1.28% Bank of Ireland EUR 272,480 4,095,328 0.99% TE Connectivity USD 20,888 3,197,712 0.77%

12,573,023 3.04%

Italy ( 31 December 2025 : 2.02% ) Enel EUR 883,726 7,680,623 1.86%

7,680,623 1.86%

Japan ( 31 December 2025 : 4.33% ) Daikin Industries JPY 88,900 10,216,433 2.47% FUJIFILM Holdings JPY 201,500 3,267,330 0.79% Suntory Beverage & Food JPY 93,536 1,958,241 0.48% TDK JPY 363,600 6,043,054 1.46%

21,485,058 5.20%

Luxembourg ( 31 December 2025 : 1.70% ) - -

Netherlands ( 31 December 2025 : 3.03% ) ING Groep EUR 328,211 7,794,834 1.89% Randstad EUR 163,677 3,620,566 0.87%

11,415,400 2.76%

People's Republic of China ( 31 December 2025 : 1.19% ) China Overseas Land & Investment HKD 4,050,558 4,712,519 1.14%

4,712,519 1.14%

SCHEDULE OF INVESTMENTS – PZENA GLOBAL VALUE FUND (Continued) As at 30 June 2026

Page 26

PZENA VALUE FUNDS PLC

24 25

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.51%) (Continued)

Common Stock (31 December 2025: 96.51%) (Continued)

South Korea ( 31 December 2025 : 3.40% ) Samsung Electronics KRW 39,745 6,482,033 1.57% Samsung Electronics Co Ltd KRW 24,427 2,528,647 0.61% Shinhan Financial KRW 39,940 1,868,340 0.45%

10,879,020 2.63%

Switzerland ( 31 December 2025 : 4.72% ) Julius Baer CHF 104,897 6,820,309 1.65% UBS Group CHF 185,238 6,960,453 1.68%

13,780,762 3.33%

Taiwan ( 31 December 2025 : 2.00% ) Taiwan Semiconductor Manufacturing TWD 198,000 11,331,880 2.74%

11,331,880 2.74%

United Kingdom ( 31 December 2025 : 7.96% ) HSBC Holdings GBP 452,112 6,512,221 1.58% J Sainsbury GBP 1,892,959 6,068,827 1.47% Reckitt Benckiser Group GBP 135,322 6,675,434 1.61% Shell EUR 223,042 6,523,830 1.58% Travis Perkins GBP 119,242 661,197 0.16% United Utilities Group GBP 47,364 619,048 0.15%

27,060,557 6.55%

United States ( 31 December 2025 : 40.20% ) Avnet USD 78,740 5,239,008 1.27% Bank of America USD 50,119 2,171,817 0.53% Baxter International USD 779,519 12,649,454 3.06% Bristol-Myers Squibb USD 201,205 8,822,363 2.13% Capital One Financial USD 63,066 9,729,105 2.35% Cigna USD 11,994 2,529,369 0.61% Cisco Systems USD 64,739 5,824,281 1.41% Citigroup USD 61,433 6,580,397 1.59% Cognizant Technology Solutions USD 310,727 8,886,812 2.15% Corebridge Financial USD 435,875 9,508,230 2.30% CVS Health USD 141,234 11,018,997 2.67% Dollar General USD 109,729 9,427,636 2.28%

SCHEDULE OF INVESTMENTS – PZENA GLOBAL VALUE FUND (Continued) As at 30 June 2026

Page 27

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.51%) (Continued)

Common Stock (31 December 2025: 96.51%) (Continued)

United States (31 December 2025: 40.20%) (Continued) Dow USD 220,608 4,592,905 1.11% Global Payments USD 91,821 4,908,326 1.19% Globe Life USD 1,581 214,512 0.05% Humana USD 52,815 15,595,376 3.77% Lear USD 40,490 4,114,091 1.00% LKQ USD 263,727 5,250,199 1.27% MetLife USD 107,334 6,915,789 1.67% Newell Brands USD 443,724 2,012,426 0.49% NOV USD 395,733 5,604,358 1.36% PPG Industries USD 105,483 9,593,497 2.32% PVH USD 64,435 3,520,929 0.85% Skyworks Solutions USD 180,805 9,358,608 2.26% SS&C Technologies USD 128,285 6,025,808 1.46% Tyson Foods USD 182,205 7,964,446 1.93% Universal Health Services USD 23,705 2,635,463 0.64% Wells Fargo USD 82,774 5,238,147 1.27% Workday USD 30,453 2,815,955 0.68%

188,748,304 45.67%

Total Common Stock 416,979,742 100.90%

Total Financial Assets at Fair Value through Profit or Loss 416,979,742 100.90%

Cash at bank (31 December 2025: 3.57%) 4,892,645 1.18% Other net current liabilities (31 December 2025: (0.08%)) (8,608,520) (2.08%)

Net Assets Attributable to Holders of Redeemable Participating Shareholders 413,263,867 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 85.92 Transferable securities and money market instruments traded on another regulated market 12.59

98.51

SCHEDULE OF INVESTMENTS – PZENA GLOBAL VALUE FUND (Continued) As at 30 June 2026

Page 28

PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS SELECT VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 96.61% ) Common Stock ( 31 December 2025 : 96.61% )

Bermuda ( 31 December 2025 : 2.06% ) Credicorp USD 5,101 1,987,248 2.51% Kunlun Energy HKD 190,000 155,788 0.20%

2,143,036 2.71%

Brazil ( 31 December 2025 : 14.68% ) Ambev BRL 728,000 2,291,197 2.90% B3 SA - Brasil Bolsa Balcao BRL 424,000 1,190,259 1.50% Banco do Brasil BRL 449,200 1,727,909 2.19% Cia Energetica De Minas Gerais BRL 1,011,276 2,123,778 2.69% Itau Unibanco BRL 150,753 1,228,521 1.55% Natura Cosmeticos BRL 743,200 1,253,516 1.58% Petroleo Brasileiro BRL 226,100 1,651,210 2.09% Vale BRL 78,300 1,178,142 1.49%

12,644,532 15.99%

Cayman Islands ( 31 December 2025 : 8.57% ) Alibaba Group Holding HKD 213,000 2,521,923 3.19% Baidu HKD 85,745 1,198,367 1.52% KE Holdings USD 82,903 1,204,581 1.52% Shenzhou International Group Holdings HKD 375,700 1,885,674 2.39% Tencent HKD 50,654 2,776,199 3.51% Zhongsheng Group Holdings HKD 1,130,500 699,170 0.88% ZTO Express Cayman HKD 64,500 1,411,391 1.79%

11,697,305 14.80%

Hong Kong ( 31 December 2025 : 4.96% ) Galaxy Entertainment HKD 547,809 2,055,144 2.60% WH HKD 1,670,000 1,765,393 2.23% Yue Yuen Industrial HKD 82,000 128,091 0.16%

3,948,628 4.99%

Hungary ( 31 December 2025 : 3.55% ) Gedeon Richter HUF 31,624 1,224,068 1.55% OTP Bank HUF 10,891 1,607,515 2.03%

2,831,583 3.58%

Page 29

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.61%) (Continued)

Common Stock (31 December 2025: 96.61%) (Continued)

India ( 31 December 2025 : 5.04% ) HDFC Bank INR 201,755 1,700,745 2.15% Indraprastha Gas INR 496,550 864,384 1.09% REC INR 55,033 211,507 0.27% UPL INR 244,914 1,477,887 1.87%

4,254,523 5.38%

Indonesia ( 31 December 2025 : 1.89% ) Bank Rakyat Indonesia Persero IDR 7,270,200 1,110,047 1.40%

1,110,047 1.40%

Kazakhstan ( 31 December 2025 : 1.59% ) Kaspi.KZ USD 17,766 1,539,246 1.95%

1,539,246 1.95%

Luxembourg ( 31 December 2025 : 0.00% ) Globant USD 22,274 644,610 0.82%

644,610 0.82%

People's Republic of China ( 31 December 2025 : 16.71% ) Beijing Oriental Yuhong Waterproof Technology CNH 632,400 1,105,862 1.40% China Merchants Bank CNH 291,600 1,525,015 1.93% China Overseas Land & Investment HKD 953,000 1,465,584 1.85% Haier Smart Home HKD 762,532 1,942,781 2.46% Ping An Insurance of China HKD 170,500 1,109,917 1.41% Weichai Power HKD 191,318 831,918 1.05% ZTO Express Cayman Inc USD 29,037 649,848 0.82%

8,630,925 10.92%

Russian Federation ( 31 December 2025 : 0.00% ) PJSC Sberbank* USD 6,475 28,983 0.04%

28,983 0.04%

Saudi Arabia ( 31 December 2025 : 1.28% ) Saudi Arabian Oil SAR 169,837 1,180,704 1.49%

1,180,704 1.49%

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS SELECT VALUE FUND (Continued) As at 30 June 2026 (continued)

Page 30

PZENA VALUE FUNDS PLC

28 29

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.61%) (Continued)

Common Stock (31 December 2025: 96.61%) (Continued)

Singapore ( 31 December 2025 : 2.16% ) Wilmar International SGD 627,000 1,749,948 2.21%

1,749,948 2.21%

South Korea ( 31 December 2025 : 17.56% ) DB Insurance KRW 4,451 384,682 0.49% Doosan Bobcat KRW 34,762 1,384,377 1.75% Hankook Tire & Technology KRW 37,208 1,486,591 1.88% Hyundai Mobis KRW 1,404 453,108 0.57% KB Financial KRW 15,570 1,597,902 2.02% Kia KRW 12,068 1,074,927 1.36% KT USD 60,301 1,042,001 1.32% Samsung Electronics KRW 16,110 2,204,428 2.79% Shinhan Financial KRW 18,640 1,152,593 1.46%

10,780,609 13.64%

Taiwan ( 31 December 2025 : 7.80% ) Compal Electronics TWD 1,196,000 1,325,280 1.68% Hon Hai Precision Industry TWD 113,370 893,252 1.13% Taiwan Semiconductor Manufacturing TWD 44,317 3,352,659 4.24%

5,571,191 7.05%

Thailand ( 31 December 2025 : 4.49% ) Bangkok Bank THB 154,800 836,429 1.06% Bangkok Bank PCL THB 142,200 768,348 0.97% Indorama Ventures THB 924,900 612,507 0.77% SCB X THB 347,900 1,549,923 1.96%

3,767,207 4.76%

United States ( 31 December 2025 : 2.61% ) Cognizant Technology Solutions USD 46,268 1,791,960 2.27%

1,791,960 2.27%

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS SELECT VALUE FUND (Continued) As at 30 June 2026 (continued)

Page 31

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value US$

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 96.61%) (Continued)

Common Stock (31 December 2025: 96.61%) (Continued)

Vietnam ( 31 December 2025 : 1.66% ) Vietnam Dairy Products VND 711,150 1,481,140 1.87%

1,481,140 1.87%

Total Common Stock 75,796,177 95.87%

Total Financial Assets at Fair Value through Profit or Loss 75,796,177 95.87%

Cash at bank (31 December 2025: 3.60%) 3,485,311 4.41% Other net current liabilities (31 December 2025: (0.21%)) (218,541) (0.28%)

Net Assets Attributable to Holders of Redeemable Participating Shareholders 79,062,947 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 90.96 Transferable securities and money market instruments traded on another regulated market 4.18

95.14

SCHEDULE OF INVESTMENTS – PZENA EMERGING MARKETS SELECT VALUE FUND (Continued) As at 30 June 2026 (continued)

Page 32

PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA EUROPE EX-UK FOCUSED VALUE FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 102.08% ) Common Stock ( 31 December 2025 : 102.08% )

Belgium ( 31 December 2025 : 5.14% ) KBC EUR 119 12,197 2.83%

12,197 2.83%

Denmark ( 31 December 2025 : 3.61% ) Danske Bank DKK 358 14,455 3.36%

14,455 3.36%

Finland ( 31 December 2025 : 2.00% ) - -

France ( 31 December 2025 : 29.04% ) Amundi EUR 134 9,703 2.26% Arkema EUR 244 11,485 2.67% LVMH Moet Hennessy Louis Vuitton EUR 12 4,962 1.15% Michelin EUR 602 17,484 4.07% Publicis Groupe EUR 202 14,993 3.49% Remy Cointreau EUR 403 14,890 3.46% Rexel EUR 449 14,724 3.42% Sanofi EUR 312 20,099 4.67% Teleperformance EUR 316 12,582 2.93% TotalEnergies EUR 199 11,615 2.70%

132,537 30.82%

Germany ( 31 December 2025 : 25.53% ) BASF EUR 460 18,523 4.31% Bayer EUR 449 18,494 4.30% Continental EUR 166 10,320 2.40% Daimler Truck EUR 546 19,754 4.59% Dr Ing hc F Porsche EUR 256 9,527 2.22% Evonik Industries EUR 905 12,225 2.84% Fresenius Medical Care EUR 547 18,532 4.31%

107,375 24.97%

Ireland ( 31 December 2025 : 3.78% ) Accenture USD 127 11,847 2.76%

Page 33

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value GBP

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 102.08%) (Continued)

Common Stock (31 December 2025: 102.08%) (Continued)

Ireland (31 December 2025: 3.78%) (Continued) Bank of Ireland EUR 968 14,549 3.38%

26,396 6.14%

Italy ( 31 December 2025 : 2.20% ) Enel EUR 1,125 9,778 2.27% Pirelli & C EUR 482 2,734 0.64%

12,512 2.91%

Luxembourg ( 31 December 2025 : 5.37% ) Samsonite Group USD 1,976 13,698 3.18%

13,698 3.18%

Netherlands ( 31 December 2025 : 11.32% ) ING Groep EUR 649 15,413 3.58% Magnum Ice Cream EUR 1,184 15,532 3.61% Randstad EUR 746 16,502 3.84% Signify EUR 1,059 15,310 3.56%

62,757 14.59%

Norway ( 31 December 2025 : 3.57% ) Equinor NOK 439 10,481 2.44%

10,481 2.44%

Switzerland ( 31 December 2025 : 10.52% ) Julius Baer CHF 316 20,546 4.78% Roche Holding CHF 32 9,966 2.32% UBS Group CHF 422 15,857 3.68%

46,369 10.78%

Total Common Stock 438,777 102.02%

SCHEDULE OF INVESTMENTS – PZENA EUROPE EX-UK FOCUSED VALUE FUND (Continued) As at 30 June 2026 (continued)

Page 34

PZENA VALUE FUNDS PLC

Fair Value GBP

% of Net Assets

Total Financial Assets at Fair Value through Profit or Loss 438,777 102.02%

Cash at bank (31 December 2025: 1.82%) 15,152 3.52% Other net current liabilities (31 December 2025: (3.90%)) (23,860) (5.54%)

Net Assets Attributable to Holders of Redeemable Participating Shareholders 430,069 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 93.73 Transferable securities and money market instruments traded on another regulated market 93.73

SCHEDULE OF INVESTMENTS – PZENA EUROPE EX-UK FOCUSED VALUE FUND (Continued) As at 30 June 2026 (continued)

Page 35

PZENA VALUE FUNDS PLC

SCHEDULE OF INVESTMENTS – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND As at 30 June 2026

Currency

Nominal Holdings

Fair Value EUR

% of Net Assets

Financial Assets at Fair Value through Profit or Loss ( 31 December 2025 : 97.84% ) Common Stock ( 31 December 2025 : 97.84% )

Brazil ( 31 December 2025 : 5.72% ) Ambev BRL 1,850,100 5,092,909 2.11% Banco do Brasil BRL 810,700 2,727,603 1.13% Cia Energetica De Minas Gerais BRL 963,100 1,769,093 0.73% Itau Unibanco BRL 171,900 1,225,271 0.51% Petroleo Brasileiro BRL 315,300 2,014,028 0.83% Vale BRL 98,200 1,292,371 0.54%

14,121,275 5.85%

Canada ( 31 December 2025 : 1.78% ) Magna International USD 72,263 4,150,082 1.72%

4,150,082 1.72%

Cayman Islands ( 31 December 2025 : 3.03% ) Alibaba Group Holding HKD 459,100 4,754,440 1.97% Baidu HKD 161,600 1,975,432 0.82% Shenzhou International Group Holdings HKD 756,800 3,322,357 1.37% Tencent HKD 51,900 2,487,963 1.03%

12,540,192 5.19%

Denmark ( 31 December 2025 : 1.91% ) Danske Bank DKK 94,010 4,404,383 1.82%

4,404,383 1.82%

Finland ( 31 December 2025 : 1.22% ) - -

France ( 31 December 2025 : 11.37% ) Accor EUR 29,233 1,486,206 0.61% Amundi EUR 26,378 2,214,433 0.92% Arkema EUR 53,483 2,949,587 1.22% Michelin EUR 141,414 4,772,722 1.98% Publicis Groupe EUR 42,262 3,653,973 1.51% Rexel EUR 138,795 5,303,357 2.19% Sanofi EUR 51,360 3,856,109 1.60% Teleperformance EUR 64,043 2,944,697 1.22%

27,181,084 11.25%

Page 36

PZENA VALUE FUNDS PLC

34 35

Currency

Nominal Holdings

Fair Value EUR

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 97.84%) (Continued) Common Stock (31 December 2025: 97.84%) (Continued)

Germany ( 31 December 2025 : 9.90% ) BASF EUR 127,711 5,974,321 2.47% Bayer EUR 101,850 4,930,559 2.04% Continental EUR 13,413 967,882 0.40% Daimler Truck EUR 118,161 4,986,394 2.06% Evonik Industries EUR 210,922 3,349,441 1.39% Fresenius Medical Care EUR 65,570 2,596,572 1.08% SAP EUR 1,854 248,436 0.10%

23,053,605 9.54%

Hong Kong ( 31 December 2025 : 2.12% ) Galaxy Entertainment HKD 1,075,000 3,527,453 1.46%

3,527,453 1.46%

Hungary ( 31 December 2025 : 0.65% ) OTP Bank HUF 10,760 1,389,118 0.58%

1,389,118 0.58%

India ( 31 December 2025 : 0.00% ) HDFC Bank USD 55,938 1,263,779 0.52%

1,263,779 0.52%

Indonesia ( 31 December 2025 : 1.19% ) Bank Rakyat Indonesia Persero IDR 13,430,800 1,793,632 0.74%

1,793,632 0.74%

Ireland ( 31 December 2025 : 3.66% ) Accenture USD 34,387 3,742,778 1.55% Bank of Ireland EUR 404,476 7,047,994 2.92%

10,790,772 4.47%

Italy ( 31 December 2025 : 1.88% ) Enel EUR 205,316 2,064,247 0.85% Pirelli & C EUR 210,994 1,395,725 0.58%

3,459,972 1.43%

SCHEDULE OF INVESTMENTS – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND (Continued) As at 30 June 2026

Page 37

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value EUR

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 97.84%) (Continued) Common Stock (31 December 2025: 97.84%) (Continued)

Japan ( 31 December 2025 : 14.28% ) Daikin Industries JPY 39,900 5,300,607 2.19% FUJIFILM Holdings JPY 236,900 4,440,564 1.84% Fukuoka Financial JPY 32,800 1,206,866 0.50% Kubota JPY 232,214 3,356,086 1.39% Minebea Mitsumi JPY 89,600 2,293,345 0.95% Murata Manufacturing JPY 157,300 9,646,341 3.99% Olympus JPY 316,600 2,894,835 1.20% Resona Holdings JPY 225,500 2,555,786 1.06% Sumitomo Mitsui Financial Group JPY 35,900 1,226,067 0.51% Suntory Beverage & Food JPY 184,900 4,474,859 1.85% Takeda Pharmaceutical JPY 33,100 918,282 0.38% TDK JPY 304,100 5,842,574 2.42%

44,156,212 18.28%

Luxembourg ( 31 December 2025 : 1.97% ) - -

Netherlands ( 31 December 2025 : 5.09% ) ING Groep EUR 139,711 3,865,803 1.60% Koninklijke Philips EUR 81,767 1,942,784 0.80% Magnum Ice Cream EUR 257,750 3,927,079 1.63% Randstad EUR 104,369 2,631,143 1.09%

12,366,809 5.12%

Norway ( 31 December 2025 : 1.78% ) Equinor NOK 147,209 4,079,190 1.69%

4,079,190 1.69%

People's Republic of China ( 31 December 2025 : 5.54% ) China Merchants Bank HKD 705,500 3,534,654 1.46% China Overseas Land & Investment HKD 3,351,500 4,508,132 1.87% Haier Smart Home HKD 2,149,400 4,789,861 1.98%

12,832,647 5.31%

SCHEDULE OF INVESTMENTS – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND (Continued) As at 30 June 2026

Page 38

PZENA VALUE FUNDS PLC

36 37

Currency

Nominal Holdings

Fair Value EUR

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 97.84%) (Continued) Common Stock (31 December 2025: 97.84%) (Continued)

Singapore ( 31 December 2025 : 0.00% ) Oversea-Chinese Banking SGD 151,600 2,541,358 1.05%

2,541,358 1.05%

South Korea ( 31 December 2025 : 4.02% ) Samsung Electronics KRW 16,603 3,130,668 1.30% Samsung Electronics Co Ltd KRW 16,508 1,975,760 0.82% Shinhan Financial KRW 52,270 2,826,975 1.17%

7,933,403 3.29%

Switzerland ( 31 December 2025 : 5.03% ) Julius Baer CHF 46,860 3,546,601 1.47% Roche Holding CHF 8,510 3,070,913 1.27% UBS Group CHF 99,547 4,324,080 1.79%

10,941,594 4.53%

Taiwan ( 31 December 2025 : 2.48% ) Hon Hai Precision Industry TWD 365,000 2,515,407 1.04% Taiwan Semiconductor Manufacturing TWD 91,000 6,021,437 2.50%

8,536,844 3.54%

Thailand ( 31 December 2025 : 0.89% ) Bangkok Bank THB 269,300 1,272,724 0.53% SCB X THB 256,200 998,331 0.41%

2,271,055 0.94%

United Kingdom ( 31 December 2025 : 11.54% ) Barclays GBP 211,401 1,243,268 0.51% GSK GBP 184,110 4,234,034 1.75% HSBC Holdings GBP 315,067 5,233,285 2.17% J Sainsbury GBP 1,046,588 3,885,499 1.61% Reckitt Benckiser Group GBP 71,662 4,085,558 1.69% Shell EUR 114,791 3,910,356 1.62% United Utilities Group GBP 173,162 2,631,387 1.09%

25,223,387 10.44%

SCHEDULE OF INVESTMENTS – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND (Continued) As at 30 June 2026

Page 39

PZENA VALUE FUNDS PLC

Currency

Nominal Holdings

Fair Value EUR

% of Net Assets

Financial Assets at Fair Value through Profit or Loss (31 December 2025: 97.84%) (Continued) Common Stock (31 December 2025: 97.84%) (Continued)

Vietnam ( 31 December 2025 : 0.79% ) Vietnam Dairy Products VND 842,630 1,535,033 0.64%

1,535,033 0.64%

Total Common Stock 240,092,879 99.40%

Total Financial Assets at Fair Value through Profit or Loss 240,092,879 99.40%

Cash at bank (31 December 2025: 2.18%) 1,302,871 0.54% Other net current assets (31 December 2025: (0.02%)) 151,364 0.06%

Net Assets Attributable to Holders of Redeemable Participating Shareholders 241,547,114 100.00%

Portfolio Analysis % of total assets

Transferable securities and money market instruments admitted to an official stock exchange 99.05 Transferable securities and money market instruments traded on another regulated market 99.05

SCHEDULE OF INVESTMENTS – PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND (Continued) As at 30 June 2026

Page 40

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION

The accompanying notes form an integral part of the financial statements.

Pzena Global Focused

Value Fund

As at 30 June 2026

Pzena Global Focused

Value Fund

As at 31 December 2025

Pzena U.S. Large Cap

Value Fund

As at 30 June 2026

Pzena U.S. Large Cap

Value Fund

As at 31 December 2025 Current Assets Notes US$ US$ US$ US$ Financial assets at fair value through profit or loss 348,786,839 347,462,485 28,986,775 45,582,143 Cash at bank 2 7,455,890 7,664,003 744,675 626,736 Dividends & bank receivable 520,453 335,760 22,102 22,158 Securities sold receivable 289,203 13,945 – Subscriptions receivable 3,953,814 24,943 17,721 Other receivables 524 1,837 19,036 28,628

Total Current Assets 361,006,723 355,502,973 29,790,309 46,259,665

space Current Liabilities - Amounts falling due within one year Investment Management fees payable 4 (a) (566,729) (573,208) (39,021) (48,223) Management fees payable 4 (a) (25,804) (25,558) (2,309) (3,026) Management Company fees payable – – – Administration and Transfer Agent fees payable 4 (c) (27,219) (37,998) (14,513) (17,595) Depositary fees payable 4 (d) (8,847) (22,927) (606) (4,782) Audit fees payable (14,831) (13,736) (14,831) (13,736) Legal fees payable (18,432) (13,845) (1,580) (150) Miscellaneous fees payable (254,236) (22,202) (18,580) (21,952) Securities purchased payable (289,600) (420,441) – (9,644) Directors' fees payable 4 (e) (3,049) (81) (390) Redemptions payable (7,809,156) (12,294) – Total Current Liabilities (9,017,903) (1,142,290) (91,830) (119,108)

Net Assets Attributable to Holders of Redeemable Participating Shares 351,988,820 354,360,683 29,698,479 46,140,557

Page 41

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

Pzena Emerging Markets Focused Value

Fund

As at 30 June 2026

Pzena Emerging Markets Focused Value

Fund

As at 31 December 2025

Pzena Global Value

Fund

As at 30 June 2026

Pzena Global Value

Fund

As at 31 December 2025 Current Assets Notes US$ US$ GBP GBP Financial assets at fair value through profit or loss 553,513,537 477,199,574 416,979,742 386,310,021 Cash at bank 2 11,865,864 18,861,958 4,892,645 14,309,168 Dividends & bank receivable 2,631,176 1,960,177 546,056 318,199 Securities sold receivable – 140,038 342,285 74,028 Subscriptions receivable 30,609,072 492,535 537,904 24,789 Other receivables 2,818 1,263 2,715 32,946

Total Current Assets 598,622,467 498,655,545 423,301,347 401,069,151

space Current Liabilities - Amounts falling due within one year Investment Management fees payable 4 (a) (1,233,152) (1,065,539) (577,868) (548,905) Management fees payable 4 (a) (43,492) (38,050) (31,383) (29,803) Management Company fees payable – – – Administration and Transfer Agent fees payable 4 (c) (37,078) (44,459) (45,829) (57,252) Depositary fees payable 4 (d) (29,716) (53,826) (20,356) (31,844) Audit fees payable (14,831) (13,736) (10,823) (10,365) Legal fees payable (19,382) (18,411) (18,607) (16,141) Miscellaneous fees payable (1,696,581) (2,466,153) (7,355) (45,422) Securities purchased payable (88,797) (632,710) (343,332) Directors' fees payable 4 (e) (684) – (1,077) (97) Redemptions payable (57,006) – (8,980,850) (66,176)

Total Current Liabilities (3,220,719) (4,332,884) (10,037,480) (806,005)

Net Assets Attributable to Holders of Redeemable Participating Shares 595,401,748 494,322,661 413,263,867 400,263,146

Page 42

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

Pzena Emerging Markets Select Value

Fund

As at 30 June 2026

Pzena Emerging Markets Select Value

Fund

As at 31 December 2025

Pzena Europe ex-UK

Focused Value Fund

As at 30 June 2026

Pzena Europe ex-UK

Focused Value Fund

As at 31 December 2025 Current Assets Notes US$ US$ GBP GBP Financial assets at fair value through profit or loss 75,796,177 45,572,612 438,777 441,898 Cash at bank 2 3,485,311 1,699,114 15,152 7,890 Dividends & bank receivable 362,752 196,602 787 137 Securities sold receivable – – – 433 Subscriptions receivable 325 4,325 – Other receivables 21,111 63,177 13,407 28,856

Total Current Assets 79,665,676 47,535,830 468,123 479,214

space Current Liabilities - Amounts falling due within one year Investment Management fees payable 4 (a) (123,097) (79,476) (703) (686) Management fees payable 4 (a) (5,289) (3,260) (23) (22) Management Company fees payable – – – Administration and Transfer Agent fees payable 4 (c) (8,975) (13,814) (9,125) (11,183) Depositary fees payable 4 (d) (13,721) (17,580) (3,354) (7,955) Audit fees payable (14,830) (13,736) (10,843) (10,450) Legal fees payable – – – Miscellaneous fees payable (114,940) (185,456) (13,960) (15,851) Securities purchased payable (292,486) (46,350) – (189) Directors' fees payable 4 (e) (220) (148) (46) Redemptions payable (29,171) (3,743) – Total Current Liabilities (602,729) (363,563) (38,054) (46,336)

Net Assets Attributable to Holders of Redeemable Participating Shares 79,062,947 47,172,267 430,069 432,878

Page 43

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

40 41

Pzena International Value All Country ex

U.S. Fund

As at 30 June 2026

Pzena International Value All Country ex

U.S. Fund

As at 31 December 2025

Total*

As at 30 June 2026

Total*

As at 31 December 2025 Current Assets Notes EUR EUR US$ US$ Financial assets at fair value through profit or loss 240,092,879 205,528,713 1,835,600,678 1,677,401,339 Cash at bank 2 1,302,871 4,588,881 31,555,191 53,498,404 Dividends & bank receivable 764,223 468,323 5,136,017 3,492,898 Securities sold receivable 247,204 90,650 1,026,129 360,601 Subscriptions receivable – – 35,294,866 555,145 Other receivables 516 25 65,477 178,061

Total Current Assets 242,407,693 210,676,592 1,908,678,358 1,735,486,448

space Current Liabilities - Amounts falling due within one year Investment Management fees payable 4 (a) (334,115) (308,661) (3,111,901) (2,868,181) Management fees payable 4 (a) – – (118,578) (110,010) Management Company fees payable (33,899) (15,433) (38,757) (18,125) Administration and Transfer Agent fees payable 4 (c) (21,054) (24,833) (184,794) (235,080) Depositary fees payable 4 (d) (22,106) (25,288) (109,633) (182,346) Audit fees payable (10,965) (11,878) (100,615) (96,892) Legal fees payable (14,737) (9,599) (80,939) (65,390) Miscellaneous fees payable (176,872) (73,875) (2,314,845) (2,864,941) Securities purchased payable (246,854) (135,941) (1,408,799) (1,269,055) Directors' fees payable 4 (e) 23 (1) (5,807) (361) Redemptions payable – – (19,815,175) (105,047)

Total Current Liabilities (860,579) (605,509) (27,289,843) (7,815,428)

Net Assets Attributable to Holders of Redeemable Participating Shares 241,547,114 210,071,083 1,881,388,515 1,727,671,020

*The Company Total at 30 June 2026 and 31 December 2025 has been adjusted to account for the FX rate difference on the Pzena Global Value Fund, Pzena Europe Ex-UK Focused Value Fund and Pzena International Value All Country ex-U.S. Fund.

Page 44

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

1 PZENA GLOBAL FOCUSED VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A CHF Class A CHF Class A CHF * Net Assets Attributable to Holders of Redeemable Participating Shares CHF5,501,761 CHF5,804,136 CHF5,654,110 Redeemable Participating Shares issued and outstanding 47,152 54,421 57,858 Net Asset Value per Redeemable Participating Share CHF116.68 CHF106.65 CHF97.72

Class A EUR Class A EUR Class A EUR * Net Assets Attributable to Holders of Redeemable Participating Shares EUR98,240,695 EUR110,831,917 EUR123,171,666 Redeemable Participating Shares issued and outstanding 834,650 1,039,346 1,271,402 Net Asset Value per Redeemable Participating Share EUR117.70 EUR106.64 EUR96.88

Class A USD Class A USD Class A USD Net Assets Attributable to Holders of Redeemable Participating Shares US$121,924,479 US$130,794,601 US$70,129,011 Redeemable Participating Shares issued and outstanding 439,077 506,114 338,780 Net Asset Value per Redeemable Participating Share US$277.68 US$258.43 US$207.00

Class C EUR Class C EUR Class C EUR Net Assets Attributable to Holders of Redeemable Participating Shares EUR36,896 EUR28,599 EUR25,175 Redeemable Participating Shares issued and outstanding 255 217 210 Net Asset Value per Redeemable Participating Share EUR144.85 EUR131.55 EUR120.11

Class E USD Class E USD Class E USD Net Assets Attributable to Holders of Redeemable Participating Shares US$100,087,988 US$86,039,550 US$75,136,575 Redeemable Participating Shares issued and outstanding 427,589 395,742 433,150 Net Asset Value per Redeemable Participating Share US$234.07 US$217.41 US$173.47

Class F EUR Inc Class F EUR Inc ** Class F EUR Inc Net Assets Attributable to Holders of Redeemable Participating Shares EUR229 EUR208 Redeemable Participating Shares issued and outstanding 2 2 Net Asset Value per Redeemable Participating Share EUR114.32 EUR103.89 –

Page 45

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

42 43

1 PZENA GLOBAL FOCUSED VALUE FUND (Continued) Class Z USD *** Class Z USD Class Z USD Net Assets Attributable to Holders of Redeemable Participating Shares US$10,794,808 – Redeemable Participating Shares issued and outstanding 99,614 – Net Asset Value per Redeemable Participating Share US$108.37 – –

*Class A CHF and Class A EUR were launched on 5 December 2024. **Class F EUR Inc was launched on 14 November 2025. ***Class Z USD was launched on 1 April 2026.

Page 46

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

2 PZENA U.S. LARGE CAP VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A GBP Class A GBP Class A GBP * Net Assets Attributable to Holders of Redeemable Participating Shares GBP1,518 GBP1,423 GBP98,824 Redeemable Participating Shares issued and outstanding 14 14 1,001 Net Asset Value per Redeemable Participating Share GBP109.87 GBP102.99 GBP98.73

Class A GBP Inc Class A GBP Inc Class A GBP Inc * Net Assets Attributable to Holders of Redeemable Participating Shares GBP1,518 GBP1,423 GBP98,725 Redeemable Participating Shares issued and outstanding 14 14 1,000 Net Asset Value per Redeemable Participating Share GBP108.12 GBP102.75 GBP98.73

Class A USD Class A USD Class A USD Net Assets Attributable to Holders of Redeemable Participating Shares US$28,909,876 US$45,868,112 US$63,508,156 Redeemable Participating Shares issued and outstanding 66,151 110,488 171,401 Net Asset Value per Redeemable Participating Share US$437.03 US$415.14 US$370.52

Class C EUR Class C EUR Class C EUR Net Assets Attributable to Holders of Redeemable Participating Shares EUR538,259 EUR228,598 EUR101,169 Redeemable Participating Shares issued and outstanding 4,161 1,904 826 Net Asset Value per Redeemable Participating Share EUR129.38 EUR120.08 EUR122.48

Class V GBP Class V GBP ** Class V GBP Net Assets Attributable to Holders of Redeemable Participating Shares GBP127,468 GBP104 Redeemable Participating Shares issued and outstanding 1,149 1 Net Asset Value per Redeemable Participating Share GBP110.90 GBP103.89 –

*Class A GBP and Class A GBP Inc were launched on 8 November 2024. **Class V GBP was launched on 2 January 2025.

Page 47

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

44 45

3 PZENA EMERGING MARKETS FOCUSED VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A EUR Class A EUR Class A EUR Net Assets Attributable to Holders of Redeemable Participating Shares EUR84,051,918 EUR26,095,715 EUR32,601,097 Redeemable Participating Shares issued and outstanding 322,984 107,550 161,541 Net Asset Value per Redeemable Participating Share EUR260.24 EUR242.64 EUR201.81

Class A GBP Class A GBP Class A GBP * Net Assets Attributable to Holders of Redeemable Participating Shares GBP5,879,785 GBP2,560,096 GBP2,110,720 Redeemable Participating Shares issued and outstanding 45,485 20,955 21,936 Net Asset Value per Redeemable Participating Share GBP129.27 GBP122.17 GBP96.22

Class A GBP Inc Class A GBP Inc Class A GBP Inc Net Assets Attributable to Holders of Redeemable Participating Shares GBP92,994,833 GBP89,576,857 GBP57,955,836 Redeemable Participating Shares issued and outstanding 560,298 555,201 441,536 Net Asset Value per Redeemable Participating Share GBP165.97 GBP161.34 GBP131.26

Class A USD Class A USD Class A USD Net Assets Attributable to Holders of Redeemable Participating Shares US$236,298,360 US$221,056,196 US$172,822,038 Redeemable Participating Shares issued and outstanding 971,165 948,566 1,011,249 Net Asset Value per Redeemable Participating Share US$243.31 US$233.04 US$170.90

Class A-1 USD Class A-1 USD Class A-1 USD Net Assets Attributable to Holders of Redeemable Participating Shares US$100,298,572 US$115,003,628 US$50,885,634 Redeemable Participating Shares issued and outstanding 660,694 791,988 476,519 Net Asset Value per Redeemable Participating Share US$151.81 US$145.21 US$106.79

Class B USD Class B USD Class B USD Net Assets Attributable to Holders of Redeemable Participating Shares US$698,091 US$669,283 US$491,795 Redeemable Participating Shares issued and outstanding 3,920 3,920 3,920 Net Asset Value per Redeemable Participating Share US$178.08 US$170.74 US$125.46

Class B-1 USD Class B-1 USD Class B-1 USD Net Assets Attributable to Holders of Redeemable Participating Shares US$29,477,354 US$2,408,739 US$698,882 Redeemable Participating Shares issued and outstanding 185,878 15,867 6,266 Net Asset Value per Redeemable Participating Share US$158.58 US$151.80 US$111.53

Page 48

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

3 PZENA EMERGING MARKETS FOCUSED VALUE FUND (Continued) Class C USD *** Class C USD Class C USD Net Assets Attributable to Holders of Redeemable Participating Shares US$601,643 – Redeemable Participating Shares issued and outstanding 6,380 – Net Asset Value per Redeemable Participating Share US$94.30 – –

Class C-1 USD Class C-1 USD ** Class C-1 USD Net Assets Attributable to Holders of Redeemable Participating Shares US$699,816 US$607,876 Redeemable Participating Shares issued and outstanding 5,278 4,783 Net Asset Value per Redeemable Participating Share US$132.59 US$127.09 –

*Class A GBP was launched on 5 November 2024. **Class C-1 USD was launched on 19 February 2025 ***Class C USD was launched on 16 June 2026.

Page 49

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

46 47

4 PZENA GLOBAL VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A EUR Class A EUR Class A EUR Net Assets Attributable to Holders of Redeemable Participating Shares EUR189,342,911 EUR225,638,506 EUR209,111,719 Redeemable Participating Shares issued and outstanding 845,749 1,124,964 1,152,723 Net Asset Value per Redeemable Participating Share EUR223.88 EUR200.57 EUR181.41

Class A EUR Inc Class A EUR Inc Class A EUR Inc * Net Assets Attributable to Holders of Redeemable Participating Shares EUR336 EUR301 EUR272 Redeemable Participating Shares issued and outstanding 3 3 3 Net Asset Value per Redeemable Participating Share EUR125.88 EUR114.84 EUR105.78

Class A GBP Class A GBP Class A GBP Net Assets Attributable to Holders of Redeemable Participating Shares GBP192,384,575 GBP149,427,295 GBP108,795,362 Redeemable Participating Shares issued and outstanding 605,631 518,340 439,911 Net Asset Value per Redeemable Participating Share GBP317.66 GBP288.28 GBP247.31

Class A GBP Inc Class A GBP Inc Class A GBP Inc Net Assets Attributable to Holders of Redeemable Participating Shares GBP2,628,448 GBP3,055,764 GBP513,081 Redeemable Participating Shares issued and outstanding 18,285 22,989 4,404 Net Asset Value per Redeemable Participating Share GBP143.75 GBP132.92 GBP116.50

Class A JPY Class A JPY Class A JPY Net Assets Attributable to Holders of Redeemable Participating Shares JPY605,277,162 JPY541,410,858 JPY175,792,829 Redeemable Participating Shares issued and outstanding 29,201 29,327 11,913 Net Asset Value per Redeemable Participating Share JPY20,728.19 JPY18,460.82 JPY14,755.97

Class A USD Class A USD Class A USD * Net Assets Attributable to Holders of Redeemable Participating Shares US$33,395,240 US$6,245,783 US$282 Redeemable Participating Shares issued and outstanding 241,718 49,025 3 Net Asset Value per Redeemable Participating Share US$138.16 US$127.40 US$101.93

Class A USD Inc Class A USD Inc Class A USD Inc Net Assets Attributable to Holders of Redeemable Participating Shares US$35,283,322 US$58,160,686 US$65,862,551 Redeemable Participating Shares issued and outstanding 193,830 340,048 471,041 Net Asset Value per Redeemable Participating Share US$182.03 US$171.04 US$139.82

Page 50

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

4 PZENA GLOBAL VALUE FUND (Continued) Class F EUR Class F EUR Class F EUR * Net Assets Attributable to Holders of Redeemable Participating Shares EUR293,577 EUR263,346 EUR239,048 Redeemable Participating Shares issued and outstanding 2,260 2,260 2,262 Net Asset Value per Redeemable Participating Share EUR129.91 EUR116.53 EUR105.66

Class F USD Class F USD Class F USD * Net Assets Attributable to Holders of Redeemable Participating Shares US$379 US$351 US$282 Redeemable Participating Shares issued and outstanding 3 3 3 Net Asset Value per Redeemable Participating Share US$137.02 US$126.66 US$101.82

*Class A EUR Inc, Class A USD, Class F EUR and Class F USD were launched on 1 April 2024.

Page 51

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

48 49

5 PZENA EMERGING MARKETS SELECT VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A AUD* * Class A AUD Class A AUD Net Assets Attributable to Holders of Redeemable Participating Shares AUD20,862,010 – Redeemable Participating Shares issued and outstanding 216,934 – Net Asset Value per Redeemable Participating Share AUD96.17 – –

Class A USD Class A USD Class A USD Net Assets Attributable to Holders of Redeemable Participating Shares US$29,816,986 US$29,596,268 US$14,230,943 Redeemable Participating Shares issued and outstanding 176,709 181,279 117,812 Net Asset Value per Redeemable Participating Share US$168.74 US$163.26 US$120.79

Class C USD Class C USD Class C USD Net Assets Attributable to Holders of Redeemable Participating Shares US$3,550,561 US$2,965,574 US$1,328,120 Redeemable Participating Shares issued and outstanding 21,769 18,722 11,248 Net Asset Value per Redeemable Participating Share US$163.11 US$158.40 US$118.08

Class E USD Class E USD Class E USD Net Assets Attributable to Holders of Redeemable Participating Shares US$31,012,921 US$14,610,187 US$7,335,666 Redeemable Participating Shares issued and outstanding 179,993 87,701 59,606 Net Asset Value per Redeemable Participating Share US$172.30 US$166.59 US$123.07

Class F EUR Inc Class F EUR Inc * Class F EUR Inc Net Assets Attributable to Holders of Redeemable Participating Shares EUR200,541 EUR202 Redeemable Participating Shares issued and outstanding 1,876 2 Net Asset Value per Redeemable Participating Share EUR106.87 EUR101.04 –

*Class F EUR Inc was launched on 14 November 2025. **Class A AUD was launched on 9 April 2026.

Page 52

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

6 PZENA EUROPE EX-UK FOCUSED VALUE FUND 30 June 2026 31 December 2025 31 December 2024

space Class A EUR Class A EUR* * Class A EUR Net Assets Attributable to Holders of Redeemable Participating Shares – – EUR224,083 Redeemable Participating Shares issued and outstanding – – 2,183 Net Asset Value per Redeemable Participating Share – – EUR102.66

Class A GBP Class A GBP Class A GBP Net Assets Attributable to Holders of Redeemable Participating Shares GBP210,773 GBP197,664 GBP129,356 Redeemable Participating Shares issued and outstanding 1,371 1,397 1,255 Net Asset Value per Redeemable Participating Share GBP153.71 GBP141.47 GBP103.07

Class A GBP Inc Class A GBP Inc Class A GBP Inc Net Assets Attributable to Holders of Redeemable Participating Shares GBP192,687 GBP210,255 GBP129,361 Redeemable Participating Shares issued and outstanding 1,337 1,543 1,258 Net Asset Value per Redeemable Participating Share GBP144.12 GBP136.28 GBP102.87

Class A USD Class A USD * Class A USD Net Assets Attributable to Holders of Redeemable Participating Shares – – US$278,269 Redeemable Participating Shares issued and outstanding – – 2,882 Net Asset Value per Redeemable Participating Share – – US$96.55

Class E GBP Class E GBP Class E GBP Net Assets Attributable to Holders of Redeemable Participating Shares GBP26,609 GBP24,959 GBP8,565,439 Redeemable Participating Shares issued and outstanding 180 184 86,540 Net Asset Value per Redeemable Participating Share GBP147.90 GBP136.03 GBP98.98

*Class A USD was closed on 4 March 2025. **Class A EUR was closed on 10 March 2025.

Page 53

PZENA VALUE FUNDS PLC

STATEMENT OF FINANCIAL POSITION (Continued)

The accompanying notes form an integral part of the financial statements.

50 51

7 PZENA INTERNATIONAL VALUE ALL COUNTRY EX-U.S. FUND* 30 June 2026 31 December 2025 31 December 2024

space Class A EUR Class A EUR Class A EUR ** Net Assets Attributable to Holders of Redeemable Participating Shares EUR241,547,114 EUR210,071,083 EUR171,550,613 Redeemable Participating Shares issued and outstanding 1,746,817 1,747,502 1,748,274 Net Asset Value per Redeemable Participating Share EUR138.28 EUR120.21 EUR98.13

*The Pzena International Value All Country ex-U.S. Fund launched on 6 December 2024. **Class A EUR was launched on 6 December 2024.

Donard McClean Maurice Murphy Director Director

18 August 2026

Page 54

PZENA VALUE FUNDS PLC

STATEMENT OF COMPREHENSIVE INCOME

The accompanying notes form an integral part of the financial statements.

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

Pzena Global Focused

Value Fund

Period ended 30 June 2026

Pzena Global Focused

Value Fund

Period ended 30 June 2025

Pzena U.S. Large Cap

Value Fund

Period ended 30 June 2026

Pzena U.S. Large Cap

Value Fund

Period ended 30 June 2025 Investment Income Notes US$ US$ US$ US$ Net gain on financial assets and liabilities at fair value through profit or loss 20,934,529 32,103,705 1,647,356 2,068,765 Dividend income 7,065,906 6,837,807 561,118 914,237 Interest income 212,253 137,719 20,660 36,988 Total Investment Income 28,212,688 39,079,231 2,229,134 3,019,990

Operating expenses Investment Management fees 4 (a) (1,123,777) (927,740) (83,525) (127,966) Manager fees 4 (a) (52,272) (43,476) (6,183) (9,568) Management Company fees – – – Performance fees 4 (b) – (708) – Transaction fees – (905) – Administration and Transfer Agent fees 4 (c) (55,824) (49,960) (21,472) (21,472) Depositary fees 4 (d) (38,313) (32,152) (5,042) (6,801) Legal and professional fees (61,466) (61,725) (16,959) (14,103) Other expenses (103,494) (25,559) (20,606) (20,040) Audit fees (7,830) (6,104) (7,830) (5,935) Directors' fees 4 (e) (8,064) (8,667) (1,021) (1,589) Total Operating Expenses (1,451,040) (1,156,996) (162,638) (207,474)

Distributions – – (26) (290) Operating Expenses - general reimbursement 4 (g) 712 11,835 41,357 31,362 Net Profit for the Period before Tax 26,762,360 37,934,070 2,107,827 2,843,588

Withholding taxes on dividends (990,818) (992,612) (135,002) (247,744) Net Profit for the Period after Tax 25,771,542 36,941,458 1,972,825 2,595,844 Increase in Net Assets Attributable to Redeemable Participating Shareholders from Operations 25,771,542 36,941,458 1,972,825 2,595,844

Page 55

PZENA VALUE FUNDS PLC

STATEMENT OF COMPREHENSIVE INCOME (Continued)

The accompanying notes form an integral part of the financial statements.

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

Pzena Emerging Markets Focused Value

Fund

Period ended 30 June 2026

Pzena Emerging Markets Focused Value

Fund

Period ended 30 June 2025

Pzena Global Value

Fund

Period ended 30 June 2026

Pzena Global Value

Fund

Period ended 30 June 2025 Investment Income Notes US$ US$ GBP GBP Net gain on financial assets and liabilities at fair value through profit or loss 12,247,983 44,529,419 35,681,789 3,259,243 Dividend income 11,180,402 11,351,819 8,041,009 7,425,916 Interest income 390,108 204,732 227,234 229,819 Total Investment Income 23,818,493 56,085,970 43,950,032 10,914,978

Operating expenses Investment Management fees 4 (a) (2,439,126) (1,678,982) (1,132,511) (946,096) Manager fees 4 (a) (80,711) (54,859) (61,757) (51,591) Management Company fees – – – Performance fees 4 (b) – (202) – Transaction fees – – – Administration and Transfer Agent fees 4 (c) (78,403) (61,169) (81,996) (73,515) Depositary fees 4 (d) (149,555) (87,626) (45,893) (39,198) Legal and professional fees (98,397) (84,759) (51,727) (67,928) Other expenses (180,302) (104,416) (49,005) (60,477) Audit fees (7,830) (6,778) (5,482) (4,105) Directors' fees 4 (e) (6,002) (8,247) (7,222) (8,486) Total Operating Expenses (3,040,326) (2,087,038) (1,435,593) (1,251,396)

Distributions (3,379,808) (2,298,947) (860,804) (1,137,437) Operating Expenses - general reimbursement 4 (g) – – 5,496 45,888 Net Profit for the Period before Tax 17,398,359 51,699,985 41,659,131 8,572,033

Withholding taxes on dividends (1,199,784) (943,858) (1,191,415) (1,146,628) Net Profit for the Period after Tax 16,198,575 50,756,127 40,467,716 7,425,405 Increase in Net Assets Attributable to Redeemable Participating Shareholders from Operations 16,198,575 50,756,127 40,467,716 7,425,405

Page 56

PZENA VALUE FUNDS PLC

STATEMENT OF COMPREHENSIVE INCOME (Continued)

The accompanying notes form an integral part of the financial statements.

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

Pzena Emerging Markets Select Value

Fund

Period ended 30 June 2026

Pzena Emerging Markets Select Value

Fund

Period ended 30 June 2025

Pzena Europe ex-UK

Focused Value Fund

Period ended 30 June 2026

Pzena Europe ex-UK

Focused Value Fund

Period ended 30 June 2025 Investment Income Notes US$ US$ GBP GBP Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (1,710,126) 2,989,548 22,573 871,942 Dividend income 1,387,338 815,101 17,953 48,280 Interest income 5,455 4,571 25 494 Total Investment (Expense)/Income (317,333) 3,809,220 40,551 920,716

Operating expenses Investment Management fees 4 (a) (213,212) (91,421) (1,398) (10,364) Manager fees 4 (a) (9,247) (3,912) (65) (579) Management Company fees – – – Performance fees 4 (b) – – – Transaction fees – (2,715) – Administration and Transfer Agent fees 4 (c) (21,472) (21,472) (16,208) (19,755) Depositary fees 4 (d) (31,230) (12,998) (723) (4,345) Legal and professional fees (25,487) (8,672) (2,210) (693) Other expenses (23,850) (18,537) (8,119) (19,326) Audit fees (7,832) (5,871) (5,416) (4,602) Directors' fees 4 (e) (594) (500) (52) (134) Total Operating Expenses (332,924) (166,098) (34,191) (59,798)

Distributions – – (5,652) (4,506) Operating Expenses - general reimbursement 4 (g) 55,795 47,930 32,411 46,303 Net (Loss)/Profit for the Period before Tax (594,462) 3,691,052 33,119 902,715

Withholding taxes on dividends (136,282) (70,403) (2,314) (6,261) Net (Loss)/Profit for the Period after Tax (730,744) 3,620,649 30,805 896,454 (Decrease)/Increase in Net Assets Attributable to Redeemable Participating Shareholders from Operations (730,744) 3,620,649 30,805 896,454

Page 57

PZENA VALUE FUNDS PLC

STATEMENT OF COMPREHENSIVE INCOME (Continued)

The accompanying notes form an integral part of the financial statements.

54 55

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

Pzena International Value All Country ex

U.S. Fund

Period ended 30 June 2026

Pzena International Value All Country ex

U.S. Fund

Period ended 30 June 2025

Total

Period ended 30 June 2026

Total

Period ended 30 June 2025 Investment Income Notes EUR EUR US$ US$ Net gain on financial assets and liabilities at fair value through profit or loss 27,114,630 6,182,402 112,757,034 93,800,273 Dividend income 5,913,028 5,563,362 37,928,417 35,686,479 Interest income 1,131 8,260 935,390 691,669 Total Investment Income 33,028,789 11,754,024 151,620,841 130,178,421

Operating expenses Investment Management fees 4 (a) (677,970) (532,610) (6,175,170) (4,648,003) Manager fees 4 (a) – – (231,545) (179,462) Management Company fees (33,898) (26,631) (39,538) (29,084) Performance fees 4 (b) – – – (910) Transaction fees – – – (3,620) Administration and Transfer Agent fees 4 (c) (40,791) (33,621) (356,803) (311,732) Depositary fees 4 (d) (32,679) (8,877) (324,940) (205,732) Legal and professional fees (13,609) (15,771) (290,711) (275,462) Other expenses (16,077) (18,255) (423,818) (291,967) Audit fees (4,898) (6,290) (51,690) (42,848) Directors' fees 4 (e) (2,900) (4,052) (28,845) (34,606) Total Operating Expenses (822,822) (646,107) (7,923,060) (6,023,426)

Distributions – – (4,544,959) (3,779,953) Operating Expenses - general reimbursement 4 (g) – – 148,838 210,668 Net Profit for the Period before Tax 32,205,967 11,107,917 139,301,660 120,585,710

Withholding taxes on dividends (631,443) (598,728) (4,803,589) (4,403,424) Net Profit for the Period after Tax 31,574,524 10,509,189 134,498,071 116,182,286 Increase in Net Assets Attributable to Redeemable Participating Shareholders from Operations 31,574,524 10,509,189 134,498,071 116,182,286

Page 58

PZENA VALUE FUNDS PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS

The accompanying notes form an integral part of the financial statements.

Pzena Global Focused

Value Fund

Period ended 30 June 2026

Pzena Global Focused

Value Fund

Period ended 30 June 2025

Pzena U.S. Large Cap

Value Fund

Period ended 30 June 2026

Pzena U.S. Large Cap

Value Fund

Period ended 30 June 2025

Notes US$ US$ US$ US$

Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the period 354,360,683 279,074,939 46,140,557 63,860,328

Proceeds from redeemable participating shares issued 3 33,412,959 33,287,164 1,949,311 3,531,365

Redemption of redeemable participating shares 3 (61,556,364) (22,583,512) (20,364,214) (6,388,518)

Net (decrease)/increase from share transactions (28,143,405) 10,703,652 (18,414,903) (2,857,153)

Movement in currency translation – – – –

Increase in Net Assets Attributable to Redeemable Participating Shareholders 25,771,542 36,941,458 1,972,825 2,595,844

Net assets Attributable to Holders of Redeemable Participating Shares at the end of the period 351,988,820 326,720,049 29,698,479 63,599,019

Page 59

PZENA VALUE FUNDS PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (Continued)

The accompanying notes form an integral part of the financial statements.

Pzena Emerging Markets

Focused Value Fund

Period ended 30 June 2026

Pzena Emerging Markets

Focused Value Fund

Period ended 30 June 2025

Pzena Global Value Fund

Period ended 30 June 2026

Pzena Global Value Fund

Period ended 30 June 2025

Notes US$ US$ GBP GBP

Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the period 494,322,661 333,884,146 400,263,146 336,174,300

Proceeds from redeemable participating shares issued 3 201,196,152 47,769,164 84,506,266 44,371,387

Redemption of redeemable participating shares 3 (116,315,640) (34,830,259) (111,973,261) (28,677,888)

Net increase/(decrease) from share transactions 84,880,512 12,938,905 (27,466,995) 15,693,499

Movement in currency translation – – – –

Increase in Net Assets Attributable to Redeemable Participating Shareholders 16,198,575 50,756,127 40,467,716 7,425,405

Net assets Attributable to Holders of Redeemable Participating Shares at the end of the period 595,401,748 397,579,178 413,263,867 359,293,204

Page 60

PZENA VALUE FUNDS PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (Continued)

The accompanying notes form an integral part of the financial statements.

Pzena Emerging Markets

Select Value Fund

Period ended 30 June 2026

Pzena Emerging Markets

Select Value Fund

Period ended 30 June 2025

Pzena Europe ex-UK

Focused Value Fund

Period ended 30 June 2026

Pzena Europe ex-UK

Focused Value Fund

Period ended 30 June 2025

Notes US$ US$ GBP GBP

Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the period 47,172,267 22,894,729 432,878 9,231,859

Proceeds from redeemable participating shares issued 3 35,111,122 4,349,808 23,629 782,992

Redemption of redeemable participating shares 3 (2,489,698) (734,447) (57,243) (10,424,006)

Net increase/(decrease) from share transactions 32,621,424 3,615,361 (33,614) (9,641,014)

Movement in currency translation – – – –

(Decrease)/Increase in Net Assets Attributable to Redeemable Participating Shareholders (730,744) 3,620,649 30,805 896,454

Net assets Attributable to Holders of Redeemable Participating Shares at the end of the period 79,062,947 30,130,739 430,069 487,299

Page 61

PZENA VALUE FUNDS PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (Continued)

The accompanying notes form an integral part of the financial statements.

58 59

Pzena International Value All Country ex

U.S. Fund

Period ended 30 June 2026

Pzena International Value All Country ex

U.S. Fund

Period ended 30 June 2025

Total

Period ended 30 June 2026

Total

Period ended 30 June 2025

Notes EUR EUR US$ US$

Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the period 210,071,083 171,550,613 1,727,671,020 1,309,941,995

Proceeds from redeemable participating shares issued 3 101,507 41,935 385,455,427 147,533,340

Redemption of redeemable participating shares 3 (200,000) (200,000) (351,606,792) (115,457,167)

Net (decrease)/increase from share transactions (98,493) (158,065) 33,848,635 32,076,173

Movement in currency translation – – (14,629,211) 66,379,638

Increase in Net Assets Attributable to Redeemable Participating Shareholders 31,574,524 10,509,189 134,498,071 116,182,286

Net assets Attributable to Holders of Redeemable Participating Shares at the end of the period 241,547,114 181,901,737 1,881,388,515 1,524,580,092

Page 62

PZENA VALUE FUNDS PLC

NOTES TO THE FINANCIAL STATEMENTS For the period ended 30 June 2026

1 Material Accounting Policies

The following accounting policies have been applied to Pzena Value Funds Plc (the “Company”) and Pzena Global Focused Value Fund, Pzena U.S. Large Cap Value Fund, Pzena Emerging Markets Focused Value Fund, Pzena Global Value Fund, Pzena Emerging Markets Select Value Fund, Pzena Europe ex-UK Focused Value Fund and Pzena International Value All Country ex-U.S. Fund (the “Sub-Funds”) consistently in dealing with the Company’s Financial Statements.

(a) Basis of Preparation of Financial Statements The Financial Statements for the financial period ended 30 June 2026 have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Companies Act 2014, as amended, and the requirements of the Irish Collective Asset-management Vehicles Act 2015 and pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “UCITS Regulations”) and the Central Bank of Ireland (the “Central Bank”) (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The financial statements are prepared in accordance with generally accepted accounting principles under the historical cost convention, as modified by the reduction of financial assets and financial liabilities at fair value through profit or loss and they comply with accounting standards issued by the Financial Reporting Council (“FRC”), as promulgated by Chartered Accountants Ireland.

The unaudited condensed financial statements have been prepared in accordance FRS 104 and should be read in conjunction with the audited financial statements for the year ended 31 December 2025 . The preparation of the financial statements requires management to make certain estimates and assumptions that may affect the amounts reported in the financial statements and related notes. Actual results may differ from these estimates and the differences could be material.

The Company meets the criteria to avail of the exemption available to certain open-ended investment funds under FRS 102 (section 7.1 a (c)) not to prepare a cash flow statement. The information required to be included in the Statement of Total Recognised Gains and Losses and a Reconciliation of Movements in Shareholders Funds, is, in the opinion of the Directors contained in the Condensed Statement of Comprehensive Income and the Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares on pages 52 to 59 . The increase in Net Assets Attributable to Redeemable Participating Shareholders arose solely from continuing operations. The Company has availed of the exemption available to open-ended investment funds under section 7 of FRS 102 not to prepare a Cash Flow Statement.

The preparation of the condensed financial statements requires management to make certain estimates and assumptions that may affect the amount reported in the financial statements and related notes. Actual results may differ from these estimates and the differences could be material. The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The valuation point for financial reporting is Close of Business 5.00pm (GMT) on the last business day of the period, 30 June 2026 , with the exception of Pzena Global Value Fund and Pzena Europe ex-UK Focused Value Fund which are priced at last trade of 3.00pm (GMT).

The main risks arising from the Company’s financial instruments are market price, credit, liquidity, interest rate and foreign currency risk. These risks are outlined in the 31 December 2025 Audited Financial Statements.

2 Cash at Bank

Cash at bank balances are held with Northern Trust Fiduciary Services (Ireland) Limited, or with third party institutions approved by the Investment Manager on overnight deposit, or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following day.

Page 63

PZENA VALUE FUNDS PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the period ended 30 June 2026

In line with the Central Bank Guidance paper entitled Umbrella Funds – Cash Accounts Holding Subscription, Redemption and Dividend Monies published in March 2016, one or more Company cash accounts are being operated by the Administrator, on behalf of the Company, in accordance with the requirements of the Central Bank. Such Company cash accounts are designed to hold unprocessed subscription monies received from investors, redemption monies payable to investors and/or other amounts due to investors. As at 30 June 2026 , the amount held in these cash accounts was US$31,868 ( 31 December 2025 : US$12,294).

3 Share Capital

The authorised Share Capital of the Company is 100,000, 400,000 divided into 400,000 Subscriber Shares of US$1.00 each and 100,000,000,000 Redeemable Participating Shares of no par value. As at 30 June 2026 the Investment Manager and Michael D. Peterson each held X Subscriber Share. The Subscriber Shares do not form part of the Net Asset Value of the Company and are thus disclosed in the financial statements by way of this note only, which in the opinion of the Directors reflects the nature of the Company’s business as an investment fund.

Every holder of Shares present in person or by proxy will have one vote and on a poll every holder of Shares who is present in person or by proxy will have one vote in respect of each whole Share held by them.

The following tables represent the change in Redeemable Participating Shares during the period:

Pzena Global Focused Value Fund 30 June 2026 31 December 2025 Number of Shares

Proceeds US$

Number of Shares

Proceeds US$ Class A CHF Class A CHF Class A CHF Class A CHF Shares in issue at the start of the year/ period 54,421 6,104,561 57,858 6,526,370 Shares issued during the year/period 51 7,303 2,658 337,535 Shares redeemed during the year/ period (7,320) (1,059,785) (6,095) (759,344) Shares in issue at the end of the year/period 47,152 5,052,079 54,421 6,104,561

Class A EUR Class A EUR Class A EUR Class A EUR Shares in issue at the start of the year/ period 1,039,346 108,260,507 1,271,402 134,411,455 Shares issued during the year/period 958 127,443 30,985 3,482,978 Shares redeemed during the year/ period (205,654) (26,972,957) (263,041) (29,633,926) Shares in issue at the end of the year/period 834,650 81,414,993 1,039,346 108,260,507

Class A USD Class A USD Class A USD Class A USD Shares in issue at the start of the year 506,114 133,221,958 338,780 95,492,750 Shares issued during the year 46,867 12,905,043 220,324 50,372,643 Shares redeemed during the year (113,904) (30,769,948) (52,990) (12,643,435) Shares in issue at the end of the year 439,077 115,357,053 506,114 133,221,958

2 Cash at Bank (Continued)

Page 64

PZENA VALUE FUNDS PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the period ended 30 June 2026

62 63

Pzena Global Focused Value Fund 30 June 2026 31 December 2025 Number of Shares

Proceeds US$

Number of Shares

Proceeds US$ Class C EUR Class C EUR Class C EUR Class C EUR Shares in issue at the start of the year 217 22,100 210 22,856 Shares issued during the year 41 6,764 96 12,774 Shares redeemed during the year (3) (593) (89) (13,530) Shares in issue at the end of the year 255 28,271 217 22,100

Class E USD Class E USD Class E USD Class E USD Shares in issue at the start of the year 395,742 37,625,122 433,150 45,046,547 Shares issued during the year 43,457 10,120,000 27,589 5,220,584 Shares redeemed during the year (11,610) (2,657,580) (64,997) (12,642,009) Shares in issue at the end of the year 427,589 45,087,542 395,742 37,625,122

Class F EUR Inc Class F EUR Inc

Class F EUR Inc **

Class F EUR Inc ** Shares in issue at the start of the period 2 234 – Shares issued during the period – – 2 234 Shares redeemed during the period – – – Shares in issue at the end of the period 2 234 2 234

Class Z USD * Class Z USD * Class Z USD Class Z USD Shares in issue at the start of the period – – – Shares issued during the period 100,502 10,246,406 – Shares redeemed during the period (888) (95,501) – Shares in issue at the end of the period 99,614 10,150,905 – –

*Class Z USD was launched on 1 April 2026. **Class F EUR Inc was launched on 14 November 2025.

3 Share Capital (Continued)

Page 65

PZENA VALUE FUNDS PLC

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the period ended 30 June 2026

Pzena U.S. Large Cap Value Fund 30 June 2026 31 December 2025 Number of Shares

Proceeds US$

Number of Shares

Proceeds US$ Class A GBP Class A GBP Class A GBP Class A GBP Shares in issue at the start of the year/ period 14 (9,146)

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