NPORT-EX 2 isc3-soi.htm NPORT-EX
Pzena International Small Cap Value Fund
            
Schedule of Investments
            
November 30, 2020 (Unaudited)
            
             
   
Shares
    
Fair Value
  
COMMON STOCKS - 98.53%
            
Australia - 1.38%
            
OFX Group, Ltd.
    
40,912
    
$
37,389
  
Austria - 4.38%
                
ANDRITZ AG
    
1,300
      
54,802
  
Vienna Insurance Group AG Wiener Versicherung Gruppe
    
2,662
      
63,444
  
             
118,246
  
Belgium - 1.09%
                
Orange Belgium S.A.
    
1,521
      
29,319
  
Canada - 7.74%
                
Celestica, Inc. (a)
    
10,633
      
80,073
  
Linamar Corp.
    
1,452
      
66,881
  
Transcontinental, Inc. - Class A
    
4,199
      
62,337
  
             
209,291
  
France - 8.18%
                
Ipsos
    
2,184
      
70,079
  
Rexel S.A. (a)
    
7,925
      
107,059
  
SCOR SE (a)
    
1,285
      
43,900
  
             
221,038
  
Germany - 9.90%
                
Bertrandt AG
    
630
      
28,519
  
SAF-Holland S.A. (a)
    
3,520
      
43,500
  
Salzgitter AG (a)
    
6,097
      
123,092
  
Siltronic AG
    
497
      
72,446
  
             
267,557
  
Hong Kong - 5.24%
                
Pacific Basin Shipping, Ltd.
    
513,000
      
84,054
  
Yue Yuen Industrial (Holdings), Ltd.
    
28,000
      
57,582
  
             
141,636
  
Ireland - 1.82%
                
Origin Enterprises PLC
    
11,474
      
49,135
  
Israel - 2.34%
                
Ituran Location and Control, Ltd. - ADR
    
3,431
      
63,096
  
Italy - 8.74%
                
Anima Holding S.p.A.
    
11,629
      
50,937
  
BPER Banca (a)
    
18,818
      
32,885
  
Danieli & C Officine Meccaniche S.p.A.
    
7,951
      
85,359
  
Maire Tecnimont S.p.A. (a)
    
35,697
      
67,150
  
             
236,331
  
Japan - 15.29%
                
DIC Corp.
    
1,600
      
39,341
  
Foster Electric Co., Ltd.
    
6,734
      
72,113
  
Fukuoka Financial Group, Inc.
    
2,800
      
49,965
  
Hitachi Metals, Ltd.
    
3,100
      
45,520
  
Open House Co., Ltd.
    
800
      
31,686
  
Persol Holdings Co., Ltd.
    
1,700
      
31,134
  
Tsubakimoto Chain Co.
    
1,600
      
38,759
  
Ube Industries, Ltd.
    
2,600
      
44,205
  
Zeon Corp.
    
4,900
      
60,687
  
             
413,410
  
Netherlands - 4.70%
                
Flow Traders
    
1,113
      
35,766
  
Koninklijke BAM Groep N.V. (a)
    
20,891
      
45,105
  
PostNL N.V. (a)
    
13,527
      
46,229
  
             
127,100
  
Norway - 2.12%
                
Subsea 7 S.A. (a)
    
6,044
      
57,370
  
Republic of Korea - 4.70%
                
DB Insurance Co., Ltd.
    
2,022
      
80,401
  
Hankook Tire & Technology Co., Ltd.
    
1,582
      
46,750
  
             
127,151
  
Spain - 2.26%
                
Unicaja Banco S.A. (a)
    
77,294
      
61,083
  
United Kingdom - 18.65%
                
Balfour Beatty PLC (a)
    
15,657
      
53,310
  
Capita PLC (a)
    
72,105
      
40,806
  
Drax Group PLC
    
25,660
      
112,342
  
Inchcape PLC (a)
    
6,295
      
50,227
  
John Wood Group PLC (a)
    
25,219
      
100,190
  
Northgate PLC
    
20,071
      
64,620
  
TechnipFMC PLC - ADR
    
6,806
      
56,558
  
Travis Perkins PLC (a)
    
1,527
      
26,098
  
             
504,151
  
Total Common Stocks (Cost $2,706,696)
            
2,663,303
  
                 
SHORT-TERM INVESTMENT - 2.29%
                
Money Market Fund - 2.29%
                
Fidelity Institutional Government Portfolio - Class I, 0.01% (b)
    
61,793
      
61,793
  
Total Short-Term Investment (Cost $61,793)
            
61,793
  
                 
Total Investments (Cost $2,768,489) - 100.82%
            
2,725,096
  
Liabilities in Excess of Other Assets - (0.82)%
            
(22,050
)
TOTAL NET ASSETS - 100.00%
          
$
2,703,046
  

Percentages are stated as a percent of net assets.
        

 ADR   American Depositary Receipt        
AG
  
Aktiengesellschaft
        
S.A.
  
Société Anonyme
        
S.p.A
  
Società per azioni
        
PLC
  
Public Limited Company
        
(a)
  
Non-income producing security.
        
(b)
  
The rate listed is the 7-day annualized yield as of November 30, 2020.
        
Pzena International Small Cap Value Fund
            
Portfolio Diversification
            
November 30, 2020 (Unaudited)
            
         
% of
  
   
Fair Value
    
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
99,399
      
3.68
%
Consumer Discretionary
    
337,053
      
12.47
%
Consumer Staples
    
49,135
      
1.82
%
Energy
    
214,118
      
7.92
%
Financials
    
455,770
      
16.86
%
Industrials
    
835,341
      
30.90
%
Information Technology
    
215,615
      
7.98
%
Materials
    
312,845
      
11.57
%
Real Estate
    
31,686
      
1.17
%
Utilities
    
112,341
      
4.16
%
Total Common Stocks
    
2,663,303
      
98.53
%
Short-Term Investment
    
61,793
      
2.29
%
Total Investments
    
2,725,096
      
100.82
%
Liabilities in Excess of Other Assets
    
(22,050
)
    
-0.82
%
Total Net Assets
  
$
2,703,046
      
100.00
%

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.
          
             
The Global Industry Classification Standard (GICS®) was developed
          
by and/or is the exclusive property of MSCI, Inc. and Standard &
          
Poor's Financial Services LLC (“S&P”). GICS is a service mark of
          
MSCI and S&P and has been licensed for use by Pzena Investment
          
Management, LLC.
          
             
The accompanying notes are an integral part of these financial statements.
          
Pzena International Small Cap Value Fund
                
Summary of Fair Value Disclosure at November 30, 2020 (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, 2020:
    

Pzena International Small Cap Value Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Australia
  
$
37,389
    
$
-
    
$
-
    
$
37,389
  
Austria
    
118,246
      
-
      
-
      
118,246
  
Belgium
    
29,319
      
-
      
-
      
29,319
  
Canada
    
209,291
      
-
      
-
      
209,291
  
France
    
221,038
      
-
      
-
      
221,038
  
Germany
    
267,557
      
-
      
-
      
267,557
  
Hong Kong
    
141,636
      
-
      
-
      
141,636
  
Ireland
    
49,135
      
-
      
-
      
49,135
  
Israel
    
63,096
      
-
      
-
      
63,096
  
Italy
    
236,331
      
-
      
-
      
236,331
  
Japan
    
413,410
      
-
      
-
      
413,410
  
Netherlands
    
127,100
      
-
      
-
      
127,100
  
Norway
    
57,370
      
-
      
-
      
57,370
  
Republic of Korea
    
127,151
      
-
      
-
      
127,151
  
Spain
    
61,083
      
-
      
-
      
61,083
  
United Kingdom
    
504,151
      
-
      
-
      
504,151
  
Total Common Stocks
    
2,663,303
      
-
      
-
      
2,663,303
  
Short-Term Investment
    
61,793
      
-
      
-
      
61,793
  
Total Investments
  
$
2,725,096
    
$
-
    
$
-
    
$
2,725,096
  
                                 
                                 
                                 
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry classifications.