NPORT-EX 2 midcapvalue2.htm NPORT -EX

Pzena Mid Cap Value Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.8%
  
Shares
    
Value
 
Basic Materials - 7.3%
        
Dow, Inc.
    
108,414
    
$
4,792,983
  
FMC Corp.
    
46,641
      
2,756,017
  
Olin Corp.
    
83,923
      
3,574,280
  
             
11,123,280
  
                 
Consumer Discretionary - 21.0%
          
Advance Auto Parts, Inc.
    
94,025
      
3,887,934
  
Charter Communications, Inc - Class A (a)
    
13,593
      
5,395,945
  
Delta Air Lines, Inc.
    
75,729
      
4,833,025
  
Dollar General Corp.
    
54,851
      
4,238,337
  
Lear Corp.
    
49,147
      
4,808,542
  
Magna International, Inc.
    
85,391
      
3,854,550
  
Newell Brands, Inc.
    
266,306
      
2,553,874
  
PVH Corp.
    
22,915
      
2,483,299
  
             
32,055,506
  
                 
Consumer Staples - 2.7%
          
Tyson Foods, Inc. - Class A
    
64,047
      
4,131,032
  
                 
Energy - 1.5%
          
NOV, Inc.
    
146,001
      
2,338,936
  
                 
Financials - 20.6%
          
CNO Financial Group, Inc.
    
95,554
      
3,812,605
  
Comerica, Inc.
    
27,060
      
1,955,085
  
Corebridge Financial, Inc.
    
129,021
      
4,176,410
  
Equitable Holdings, Inc.
    
83,348
      
4,019,874
  
Fifth Third Bancorp
    
99,320
      
4,773,319
  
Globe Life, Inc.
    
39,556
      
4,400,209
  
KeyCorp
    
105,047
      
2,046,316
  
MetLife, Inc.
    
26,474
      
2,335,801
  
Voya Financial, Inc.
    
47,312
      
3,926,896
  
             
31,446,515
  
                 
Health Care - 15.8%
          
Baxter International, Inc.
    
151,269
      
5,099,278
  
Fresenius Medical Care AG & Co. KGaA - ADR
    
178,797
      
3,937,110
  
Henry Schein, Inc. (a)
    
47,888
      
3,689,770
  
Humana, Inc.
    
19,004
      
5,632,406
  
Universal Health Services, Inc. - Class B
    
27,781
      
5,695,105
  
             
24,053,669
  
                 
Industrials - 13.8%
          
Capital One Financial Corp.
    
23,524
      
4,516,843
  
CH Robinson Worldwide, Inc.
    
41,395
      
4,370,484
  
Global Payments, Inc.
    
42,248
      
5,025,822
  
JELD-WEN Holding, Inc. (a)
    
244,811
      
2,665,992
  
Robert Half, Inc.
    
59,502
      
4,439,444
  
             
21,018,585
  
                 
Materials - 0.8%
          
Huntsman Corp.
    
61,361
      
1,201,448
  
                 
Technology - 13.4%
          
Avnet, Inc.
    
78,704
      
4,305,896
  
Cognizant Technology Solutions Corp. - Class A
    
46,993
      
3,782,466
  
Concentrix Corp.
    
70,148
      
3,153,153
  
Skyworks Solutions, Inc.
    
25,428
      
2,227,238
  
SS&C Technologies Holdings, Inc.
    
50,611
      
3,914,255
  
TE Connectivity, Ltd.
    
19,843
      
2,998,674
  
             
20,381,682
  
                 
Utilities - 1.9%
          
Edison International
    
34,042
      
2,987,186
  
TOTAL COMMON STOCKS (Cost $132,592,375)
      
150,737,839
  
                 
SHORT-TERM INVESTMENT - 0.9%
                
Money Market Fund - 0.9%
                
First American Government Obligations Fund - Class X, 4.56% (b)
    
1,330,716
      
1,330,716
  
TOTAL SHORT-TERM INVESTMENT (Cost $1,330,716)
      
1,330,716
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $133,923,091)
      
152,068,555
  
Other Assets in Excess of Liabilities - 0.3%
      
422,637
  
TOTAL NET ASSETS - 100.0%
          
$
152,491,192
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
AG - Aktiengesellschaft
KGaA - Kommanditgesellschaft auf Aktien

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of November 30, 2024.
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Pzena Mid Cap Value Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
150,737,839
    
$
–
    
$
–
    
$
150,737,839
  
  Money Market Fund
    
1,330,716
      
–
      
–
      
1,330,716
  
Total Investments
  
$
152,068,555
    
$
–
    
$
–
    
$
152,068,555
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.