NPORT-EX 2 mc4.htm NPORT-EX
Pzena Mid Cap Value Fund
            
Schedule of Investments
            
November 30, 2022 (Unaudited)
            
             
   
Shares
    
Fair Value
  
COMMON STOCKS - 98.88%
            
Basic Materials - 6.72%
            
Dow, Inc.
    
99,810
    
$
5,087,315
  
Olin Corp.
    
62,764
      
3,576,293
  
             
8,663,608
  
Consumer Discretionary - 17.35%
                
Gap, Inc.
    
262,203
      
3,812,432
  
Gildan Activewear, Inc. (b)
    
134,666
      
3,890,501
  
Lear Corp.
    
38,836
      
5,601,705
  
Newell Brands, Inc.
    
266,306
      
3,453,989
  
PVH Corp.
    
31,602
      
2,123,022
  
Skechers U.S.A., Inc. - Class A (a)
    
82,697
      
3,487,332
  
             
22,368,981
  
Energy - 3.89%
                
Halliburton Co.
    
67,263
      
2,548,595
  
NOV, Inc.
    
109,676
      
2,463,323
  
             
5,011,918
  
Financials - 31.81%
                
American International Group, Inc.
    
61,547
      
3,884,231
  
Axis Capital Holdings, Ltd. (b)
    
67,197
      
3,867,859
  
CNO Financial Group, Inc.
    
199,944
      
4,694,685
  
Equitable Holdings, Inc.
    
153,270
      
4,864,790
  
Fidelity National Financial, Inc.
    
59,927
      
2,418,654
  
Fifth Third Bancorp
    
106,123
      
3,858,632
  
Globe Life, Inc.
    
5,528
      
663,139
  
Invesco, Ltd. (b)
    
101,065
      
1,931,352
  
KeyCorp
    
206,303
      
3,880,559
  
Regions Financial Corp.
    
148,051
      
3,436,264
  
Reinsurance Group of America, Inc.
    
26,750
      
3,862,700
  
Voya Financial, Inc.
    
55,459
      
3,659,185
  
             
41,022,050
  
Health Care - 7.53%
                
Cardinal Health, Inc.
    
24,040
      
1,927,287
  
Fresenius Medical Care AG & Co. KGaA - ADR
    
346,381
      
5,410,471
  
Henry Schein, Inc. (a)
    
29,254
      
2,367,234
  
             
9,704,992
  
Industrials - 16.10%
                
Axalta Coating Systems Ltd. (a)(b)
    
127,465
      
3,421,161
  
Fortune Brands Innovations, Inc.
    
39,598
      
2,587,333
  
JELD-WEN Holding, Inc. (a)
    
237,648
      
2,457,280
  
MasTec, Inc. (a)
    
25,682
      
2,332,696
  
Mohawk Industries, Inc. (a)
    
20,026
      
2,029,235
  
Terex Corp.
    
99,743
      
4,579,201
  
Wabtec Corp.
    
33,194
      
3,355,582
  
             
20,762,488
  
Technology - 9.62%
                
Avnet, Inc.
    
89,266
      
4,032,145
  
Cognizant Technology Solutions Corp. - Class A
    
53,977
      
3,357,909
  
Hewlett Packard Enterprise Co.
    
80,365
      
1,348,525
  
SS&C Technologies Holdings, Inc.
    
68,168
      
3,664,712
  
             
12,403,291
  
Utilities - 5.86%
                
Edison International
    
59,541
      
3,969,003
  
NRG Energy, Inc.
    
84,425
      
3,583,841
  
             
7,552,844
  
Total Common Stocks (Cost $103,316,439)
            
127,490,172
  
                 
SHORT-TERM INVESTMENT - 0.00%
                
Money Market Fund - 0.00%
                
Fidelity Institutional Government Portfolio - Class I, 3.56% (c)
    
892
      
892
  
Total Short-Term Investment (Cost $892)
            
892
  
                 
Total Investments (Cost $103,317,331) - 98.88%
            
127,491,064
  
Other Assets in Excess of Liabilities - 1.12%
            
1,446,253
  
TOTAL NET ASSETS - 100.00%
          
$
128,937,317
  

Percentages are stated as a percent of net assets.
      

ADR
  
American Depositary Receipt
      
KGaA
  
Kommanditgesellschaft Auf Aktien
      
(a)
  
Non-income producing security.
      
(b)
  
Foreign issued security.
      
(c)
  
The rate listed is the 7-day annualized yield as of November 30, 2022.
      

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for
compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry
classifications.
      
Pzena Mid Cap Value Fund
                  
Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)
        
                     
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                     
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
  
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
                  
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                     
The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:
    

Pzena Mid Cap Value Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Basic Materials
  
$
8,663,608
    
$
-
    
$
-
    
$
8,663,608
  
Consumer Discretionary
    
22,368,981
      
-
      
-
      
22,368,981
  
Energy
    
5,011,918
      
-
      
-
      
5,011,918
  
Financials
    
41,022,050
      
-
      
-
      
41,022,050
  
Health Care
    
9,704,992
      
-
      
-
      
9,704,992
  
Industrials
    
20,762,488
      
-
      
-
      
20,762,488
  
Technology
    
12,403,291
      
-
      
-
      
12,403,291
  
Utilities
    
7,552,844
      
-
      
-
      
7,552,844
  
Total Common Stocks
    
127,490,172
      
-
      
-
      
127,490,172
  
Short-Term Investment
    
892
      
-
      
-
      
892
  
Total Investments
  
$
127,491,064
    
$
-
    
$
-
    
$
127,491,064
  

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