NPORT-EX 2 midcap2.htm NPORT-EX

Pzena Mid Cap Value Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
  
Basic Materials - 4.3%
        
FMC Corp.
    
39,811
    
$
568,899
  
Huntsman Corp.
    
140,637
      
1,465,437
  
Olin Corp.
    
93,467
      
1,972,154
  
             
4,006,490
  
                 
Consumer Discretionary - 21.7%
          
Adient PLC (a)
    
125,523
      
2,442,678
  
Advance Auto Parts, Inc.
    
86,185
      
4,471,278
  
Delta Air Lines, Inc.
    
15,752
      
1,009,703
  
Dollar General Corp.
    
30,456
      
3,334,627
  
Lear Corp.
    
8,583
      
921,471
  
LKQ Corp.
    
65,113
      
1,933,205
  
Magna International, Inc.
    
63,674
      
3,109,838
  
Newell Brands, Inc.
    
338,861
      
1,236,843
  
PVH Corp.
    
23,945
      
2,029,578
  
             
20,489,221
  
                 
Consumer Staples - 2.8%
          
Tyson Foods, Inc. - Class A
    
46,004
      
2,670,532
  
                 
Energy - 2.0%
          
NOV, Inc.
    
124,619
      
1,914,148
  
                 
Financials - 18.8%
          
CNO Financial Group, Inc.
    
44,834
      
1,835,056
  
Corebridge Financial, Inc.
    
78,067
      
2,343,571
  
Equitable Holdings, Inc.
    
37,448
      
1,748,447
  
Fifth Third Bancorp
    
56,821
      
2,469,441
  
Globe Life, Inc.
    
17,112
      
2,305,500
  
KeyCorp
    
53,346
      
980,499
  
MetLife, Inc.
    
30,308
      
2,320,381
  
Voya Financial, Inc.
    
32,644
      
2,294,873
  
Webster Financial Corp.
    
23,672
      
1,410,851
  
             
17,708,619
  
                 
Health Care - 21.0%
          
Baxter International, Inc.
    
235,147
      
4,406,655
  
Fresenius Medical Care AG & Co. KGaA - ADR
    
129,999
      
3,109,576
  
Henry Schein, Inc. (a)
    
34,269
      
2,555,440
  
Humana, Inc.
    
18,665
      
4,587,297
  
Solventum Corp. (a)
    
26,739
      
2,279,767
  
Universal Health Services, Inc. - Class B
    
11,521
      
2,806,861
  
             
19,745,596
  
                 
Industrials - 18.7%
          
Capital One Financial Corp.
    
12,936
      
2,833,889
  
Dow, Inc.
    
95,139
      
2,269,065
  
Global Payments, Inc.
    
35,327
      
2,676,374
  
Knight-Swift Transportation Holdings, Inc.
    
43,894
      
2,010,345
  
Oshkosh Corp.
    
23,775
      
3,047,479
  
Robert Half, Inc.
    
84,723
      
2,290,910
  
Sensata Technologies Holding PLC
    
77,253
      
2,477,504
  
             
17,605,566
  
                 
Technology - 9.7%
          
Avnet, Inc.
    
56,410
      
2,680,039
  
Cognizant Technology Solutions Corp. - Class A
    
30,426
      
2,364,405
  
Concentrix Corp.
    
46,164
      
1,671,598
  
Skyworks Solutions, Inc.
    
37,335
      
2,462,243
  
             
9,178,285
  
TOTAL COMMON STOCKS (Cost $91,765,792)
      
93,318,457
  
                 
SHORT-TERM INVESTMENTS - 0.0% (b)
                
Money Market Funds – 0.0% (b)
First American Government Obligations Fund - Class X, 4.26% (c)
    
27,158
      
27,158
  
TOTAL SHORT-TERM INVESTMENTS (Cost $27,158)
      
27,158
  
                 
TOTAL INVESTMENTS - 99.0% (Cost $91,792,950)
      
93,345,615
  
Other Assets in Excess of Liabilities - 1.0%
      
932,752
  
TOTAL NET ASSETS - 100.0%
          
$
94,278,367
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Pzena Mid Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 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, 2025:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
  
$
93,318,457
    
$
–
    
$
–
    
$
93,318,457
  
Short-Term Investments
    
27,158
      
–
      
–
      
27,158
  
Total Investments
  
$
93,345,615
    
$
–
    
$
–
    
$
93,345,615