Pzena Small Cap Value Fund
|
|||||||
Schedule of Investments - November 30, 2023 (Unaudited)
|
|||||||
Shares
|
Fair Value
|
||||||
Common Stocks —97.1%
|
|||||||
Basic Materials — 7.6%
|
|||||||
13,714
|
Koppers Holdings, Inc.
|
$
|
619,461
|
||||
29,778
|
Olin Corp.
|
1,403,735
|
|||||
60,804
|
Orion S.A.
|
1,448,959
|
|||||
3,472,155
|
|||||||
Consumer Discretionary — 19.3%
|
|||||||
31,696
|
Adient PLC (a)
|
1,020,611
|
|||||
12,125
|
Advance Auto Parts, Inc.
|
615,829
|
|||||
73,035
|
Dana, Inc.
|
964,792
|
|||||
64,853
|
Gap, Inc.
|
1,301,600
|
|||||
14,584
|
Genesco, Inc. (a)
|
545,004
|
|||||
25,790
|
Hooker Furnishings Corp.
|
461,125
|
|||||
70,280
|
Interface, Inc.
|
710,531
|
|||||
86,731
|
Newell Brands, Inc.
|
661,757
|
|||||
10,346
|
PVH Corp.
|
1,011,632
|
|||||
122,328
|
Steelcase, Inc. - Class A
|
1,505,858
|
|||||
8,798,739
|
|||||||
Consumer Staples — 6.4%
|
|||||||
13,241
|
Spectrum Brands Holdings, Inc.
|
917,999
|
|||||
21,602
|
Universal Corp.
|
1,215,328
|
|||||
16,607
|
USANA Health Sciences, Inc. (a)
|
784,847
|
|||||
2,918,174
|
|||||||
Energy — 5.7%
|
|||||||
133,028
|
MRC Global, Inc. (a)
|
1,375,510
|
|||||
65,171
|
NOV, Inc.
|
1,226,518
|
|||||
2,602,028
|
|||||||
Financials — 22.1%
|
|||||||
5,917
|
American Equity Investment Life Holding Co. (a)
|
326,382
|
|||||
61,831
|
Associated Banc-Corp.
|
1,096,882
|
|||||
23,923
|
Axis Capital Holdings, Ltd. (b)
|
1,347,822
|
|||||
69,462
|
CNO Financial Group, Inc.
|
1,840,743
|
|||||
48,113
|
Columbia Banking System, Inc.
|
1,079,174
|
|||||
77,126
|
Old National Bancorp of Indiana
|
1,148,406
|
|||||
18,040
|
Synovus Financial Corp.
|
555,452
|
|||||
37,991
|
Univest Financial Corp.
|
717,650
|
|||||
25,712
|
Webster Financial Corp.
|
1,153,183
|
|||||
22,040
|
WSFS Financial Corp.
|
850,083
|
|||||
10,115,777
|
|||||||
Health Care — 1.7%
|
|||||||
34,533
|
Phibro Animal Health Corp. - Class A
|
331,172
|
|||||
23,184
|
Varex Imaging Corp. (a)
|
437,018
|
|||||
768,190
|
|||||||
Industrials — 28.8%
|
|||||||
11,947
|
American Woodmark Corp. (a)
|
864,963
|
|||||
29,079
|
Axalta Coating Systems, Ltd. (a)
|
915,116
|
|||||
16,238
|
Belden, Inc.
|
1,078,853
|
|||||
15,549
|
Bread Financial Holdings, Inc.
|
436,927
|
|||||
13,673
|
GMS, Inc. (a)
|
924,842
|
|||||
77,126
|
JELD-WEN Holding, Inc. (a)
|
1,232,473
|
|||||
17,890
|
Korn Ferry
|
925,628
|
|||||
15,902
|
Masonite International Corp. (a)
|
1,412,893
|
|||||
54,126
|
Masterbrand, Inc. (a)
|
726,371
|
|||||
82,288
|
Resideo Technologies, Inc. (a)
|
1,351,992
|
|||||
62,329
|
REV Group, Inc.
|
984,175
|
|||||
1,891
|
Terex Corp.
|
93,604
|
|||||
54,823
|
TriMas Corp.
|
1,405,113
|
|||||
56,387
|
TrueBlue, Inc. (a)
|
786,035
|
|||||
13,138,985
|
|||||||
Real Estate — 0.3%
|
|||||||
4,800
|
Marcus & Millichap, Inc.
|
165,168
|
|||||
Technology — 5.2%
|
|||||||
23,376
|
Avnet, Inc.
|
1,093,062
|
|||||
37,958
|
ScanSource, Inc. (a)
|
1,268,936
|
|||||
2,361,998
|
|||||||
Total Common Stocks (Cost $43,939,108)
|
44,341,214
|
||||||
REIT —1.4%
|
|||||||
Real Estate — 1.4%
|
|||||||
77,338
|
DiamondRock Hospitality Co.
|
643,452
|
|||||
Total REIT (Cost $700,025)
|
643,452
|
||||||
Short-Term Investment — 1.4%
Money Market Fund — 1.4%
|
|||||||
618,624
|
Fidelity Institutional Government Portfolio, Institutional Class, 5.24% (c)
|
618,624
|
|||||
Total Short-Term Investment (Cost $618,624)
|
618,624
|
||||||
Total Investments (Cost $45,257,757) — 99.9%
|
45,603,290
|
||||||
Other Assets in Excess of Liabilities — 0.1%
|
67,895
|
||||||
Total Net Assets — 100.00%
|
$
|
45,671,185
|
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
|
REIT - Real Estate Investment Trust
S.A. - Société Anonyme
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign issued security
|
(c)
|
Rate shown represents the 7-day annualized yield as of November 30, 2023.
|
Pzena Small Cap Value Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Basic Materials
|
$
|
3,472,155
|
$
|
–
|
$
|
–
|
$
|
3,472,155
|
||||||||
Consumer Discretionary
|
8,798,739
|
–
|
–
|
8,798,739
|
||||||||||||
Consumer Staples
|
2,918,174
|
–
|
–
|
2,918,174
|
||||||||||||
Energy
|
2,602,028
|
–
|
–
|
2,602,028
|
||||||||||||
Financials
|
10,115,777
|
–
|
–
|
10,115,777
|
||||||||||||
Health Care
|
768,190
|
–
|
–
|
768,190
|
||||||||||||
Industrials
|
13,138,985
|
–
|
–
|
13,138,985
|
||||||||||||
Real Estate
|
165,168
|
–
|
–
|
165,168
|
||||||||||||
Technology
|
2,361,998
|
–
|
–
|
2,361,998
|
||||||||||||
Total Common Stocks
|
44,341,214
|
–
|
–
|
44,341,214
|
||||||||||||
REIT
|
643,452
|
–
|
–
|
643,452
|
||||||||||||
Short-Term Investment
|
618,624
|
–
|
–
|
618,624
|
||||||||||||
Total Investments
|
$
|
45,603,290
|
$
|
–
|
$
|
–
|
$
|
45,603,290
|
||||||||
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.
|