NPORT-EX 2 smallcapvalue.htm NPORT -EX

Pzena Small Cap Value Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.1%
  
Shares
    
Value
 
Basic Materials - 8.3%
        
Huntsman, Corp.
    
32,933
    
$
644,828
  
Koppers Holdings, Inc.
    
24,461
      
940,770
  
Olin Corp.
    
46,737
      
1,990,529
  
Orion S.A.
    
101,031
      
1,860,991
  
             
5,437,118
  
                 
Consumer Discretionary – 20.9%
          
Adient PLC (a)
    
85,143
      
1,637,300
  
Advance Auto Parts, Inc.
    
37,248
      
1,540,205
  
Dana, Inc.
    
94,301
      
943,010
  
Genesco, Inc. (a)
    
29,198
      
980,761
  
Haverty Furniture Companies, Inc.
    
24,471
      
577,760
  
Helen of Troy Ltd. (a)
    
19,698
      
1,444,454
  
Hooker Furnishings Corp.
    
23,915
      
447,928
  
Interface, Inc.
    
31,611
      
839,272
  
Malibu Boats, Inc. - Class A (a)
    
38,065
      
1,650,118
  
Newell Brands, Inc.
    
86,731
      
831,750
  
PVH Corp.
    
9,671
      
1,048,046
  
Steelcase, Inc. - Class A
    
127,165
      
1,712,913
  
             
13,653,517
  
                 
Consumer Staples - 6.8%
          
Spectrum Brands Holdings, Inc.
    
20,533
      
1,888,009
  
Universal Corp.
    
28,937
      
1,652,882
  
USANA Health Sciences, Inc. (a)
    
24,251
      
934,391
  
             
4,475,282
  
                 
Energy - 4.8%
          
MRC Global, Inc. (a)
    
138,777
      
1,938,715
  
NOV, Inc.
    
74,381
      
1,191,583
  
             
3,130,298
  
                 
Financials - 22.2%
          
Associated Banc-Corp.
    
64,954
      
1,733,622
  
Axis Capital Holdings, Ltd.
    
7,596
      
706,732
  
CNO Financial Group, Inc.
    
67,750
      
2,703,225
  
Columbia Banking System, Inc.
    
60,372
      
1,872,136
  
Globe Life, Inc.
    
5,851
      
650,865
  
Old National Bancorp of Indiana
    
73,401
      
1,699,967
  
Synovus Financial Corp.
    
18,040
      
1,029,543
  
Univest Financial Corp.
    
33,930
      
1,077,617
  
Webster Financial Corp.
    
27,906
      
1,724,032
  
WSFS Financial Corp.
    
22,040
      
1,322,841
  
             
14,520,580
  
                 
Health Care - 3.7%
          
Phibro Animal Health Corp. - Class A
    
34,533
      
807,036
  
Varex Imaging Corp. (a)
    
98,062
      
1,635,674
  
             
2,442,710
  
                 
Industrials - 23.2%
          
ABM Industries, Inc.
    
20,588
      
1,177,016
  
American Woodmark Corp. (a)
    
13,200
      
1,198,296
  
Belden, Inc.
    
5,390
      
659,736
  
Bread Financial Holdings, Inc.
    
22,175
      
1,304,555
  
Douglas Dynamics, Inc.
    
45,633
      
1,181,438
  
JELD-WEN Holding, Inc. (a)
    
109,000
      
1,187,010
  
Korn Ferry
    
24,752
      
1,939,072
  
Masterbrand, Inc. (a)
    
53,919
      
932,799
  
Resideo Technologies, Inc. (a)
    
71,143
      
1,933,667
  
Shyft Group, Inc.
    
98,404
      
1,387,496
  
TriMas Corp.
    
65,419
      
1,728,370
  
TrueBlue, Inc. (a)
    
72,113
      
542,290
  
             
15,171,745
  
                 
Real Estate - 1.0%
          
Marcus & Millichap, Inc.
    
16,268
      
676,912
  
                 
Technology - 5.2%
          
Avnet, Inc.
    
24,376
      
1,333,611
  
Concentrix Corp.
    
27,076
      
1,217,066
  
ScanSource, Inc. (a)
    
16,716
      
842,654
  
             
3,393,331
  
TOTAL COMMON STOCKS (Cost $55,986,749)
      
62,901,493
  
                 
REAL ESTATE INVESTMENT TRUST - 0.9%
                
DiamondRock Hospitality Co.
    
66,333
      
615,570
  
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $594,612)
      
615,570
  
                 
SHORT-TERM INVESTMENT - 2.6%
                
Money Market Fund - 2.6%
                
First American Government Obligations Fund - Class X, 4.56% (b)
    
1,692,152
      
1,692,152
  
TOTAL SHORT-TERM INVESTMENT (Cost $1,692,152)
      
1,692,152
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $58,273,513)
      
65,209,215
  
Other Assets in Excess of Liabilities - 0.4%
      
248,859
  
TOTAL NET ASSETS - 100.0%
          
$
65,458,074
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company
S.A. - Société Anonyme

(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 Small 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
  
$
62,901,493
    
$
–
    
$
–
    
$
62,901,493
  
  Real Estate Investment Trust
    
615,570
      
–
      
–
      
615,570
  
  Money Market Fund
    
1,692,152
      
–
      
–
      
1,692,152
  
Total Investments
  
$
65,209,215
    
$
–
    
$
–
    
$
65,209,215
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.