NPORT-EX 2 isc3.htm
Pzena International Small Cap Value Fund
        
Schedule of Investments
        
May 31, 2022 (Unaudited)
        
         
 
Shares
    
Fair Value
COMMON STOCKS - 96.88%
        
Austria - 2.04%
        
ANDRITZ AG
6,715
   $
             310,847
Canada - 5.64%
        
Celestica, Inc. (a)
31,279
    
345,717
Linamar Corp.
7,014
    
309,041
Transcontinental, Inc. - Class A
16,153
    
206,119
       
860,877
France - 9.86%
        
Ipsos
6,732
    
326,667
Rexel S.A.
29,700
    
630,992
SCOR SE
10,521
    
275,932
Societe BIC S.A.
4,719
    
269,515
       
1,503,106
Germany - 2.35%
        
SAF-Holland S.A.
31,900
    
263,696
Salzgitter AG
2,327
    
94,979
       
358,675
Hong Kong - 5.60%
        
Pacific Basin Shipping, Ltd.
614,000
    
320,020
VTech Holdings, Ltd.
40,100
    
299,707
Yue Yuen Industrial (Holdings), Ltd.
161,000
    
234,303
       
854,030
Ireland - 5.42%
        
Bank of Ireland Group PLC
52,209
    
352,996
Origin Enterprises PLC
98,406
    
473,812
       
826,808
Israel - 2.38%
        
Ituran Location and Control, Ltd. - ADR
14,467
    
362,543
Italy - 8.78%
        
Anima Holding S.p.A.
81,243
    
391,262
BPER Banca
182,770
    
376,041
Danieli & C Officine Meccaniche S.p.A.
27,473
    
468,359
Maire Tecnimont S.p.A.
29,282
    
102,920
       
1,338,582
Japan - 18.18%
        
DIC Corp.
13,800
    
265,634
Foster Electric Co., Ltd.
36,734
    
204,308
Fukuoka Financial Group, Inc.
19,800
    
338,216
Hokkoku Financial Holdings, Inc.
6,800
    
215,512
Open House Co., Ltd.
3,000
    
125,141
Sankyu, Inc.
8,900
    
266,858
Toho Holdings Co., Ltd.
21,400
    
324,154
TS Tech Co., Ltd.
23,700
    
241,170
Tsubakimoto Chain Co.
10,100
    
247,920
Ube Industries, Ltd.
15,500
    
238,638
Zeon Corp.
28,600
    
303,917
       
2,771,468
Netherlands - 4.62%
        
Flow Traders
3,331
    
104,490
Koninklijke BAM Groep N.V. (a)
117,872
    
338,372
Technip Energies N.V.
15,377
    
199,003
Technip Energies N.V. - ADR
4,760
    
62,118
       
703,983
Norway - 2.66%
        
Subsea 7 S.A.
38,871
    
405,106
Republic of Korea - 4.51%
        
DB Insurance Co., Ltd.
7,412
    
389,412
Hankook Tire & Technology Co., Ltd.
10,337
    
297,861
       
687,273
Spain - 4.06%
        
Cia de Distribucion Integral Logista Holdings S.A.
15,712
    
303,617
Unicaja Banco S.A.
316,539
    
315,523
       
619,140
Taiwan - 2.82%
        
Elite Material Co., Ltd.
21,000
    
168,217
United Integrated Services Co., Ltd.
42,000
    
261,189
       
429,406
United Kingdom - 17.96%
        
Balfour Beatty PLC
113,263
    
371,649
Capita PLC (a)
491,788
    
150,215
Drax Group PLC
31,155
    
264,405
Inchcape PLC
26,335
    
241,418
John Wood Group PLC (a)
134,362
    
403,972
Sabre Insurance Group PLC
119,826
    
317,084
Senior PLC (a)
279,739
    
445,558
TechnipFMC PLC (a)
48,822
    
402,293
Travis Perkins PLC
9,301
    
141,343
       
2,737,937
Total Common Stocks (Cost $15,933,439)
      
14,769,781
           
SHORT-TERM INVESTMENT - 2.64%
        
Money Market Fund - 2.64%
        
Fidelity Institutional Government Portfolio - Class I, 0.60% (b)
403,180
    
403,180
Total Short-Term Investment (Cost $403,180)
      
403,180
           
Total Investments (Cost $16,336,619) - 99.52%
      
15,172,961
Other Assets in Excess of Liabilities - 0.48%
      
72,849
TOTAL NET ASSETS - 100.00%
     $
        15,245,810

Percentages are stated as a percent of net assets.

      
ADR
  
American Depositary Receipt
      
AG
  
Aktiengesellschaft
      
N.V.
  
Naamloze Vennootschap
      
PLC
  
Public Limited Company
      
S.A.
  
Société Anonyme
      
S.p.A
  
Società per azioni
      
 SE   Societas Europaea
      
(a)
  
Non-income producing security.
      
(b)
  
The rate listed is the 7-day annualized yield as of May 31, 2022.
      
Pzena International Small Cap Value Fund
            
Portfolio Diversification
            
May 31, 2022 (Unaudited)
            
         
% of
  
   
Fair Value
    
Net Assets
  
COMMON STOCKS
            
Communication Services
  
$
326,667
      
2.14
%
Consumer Discretionary
    
1,916,938
      
12.57
%
Consumer Staples
    
473,812
      
3.11
%
Energy
    
1,472,492
      
9.66
%
Financials
    
3,076,468
      
20.18
%
Health Care
    
324,154
      
2.13
%
Industrials
    
4,479,159
      
30.37
%
Information Technology
    
1,326,399
      
7.71
%
Materials
    
1,109,287
      
7.28
%
Utilities
    
264,405
      
1.73
%
Total Common Stocks
    
14,769,781
      
96.88
%
Short-Term Investment
    
403,180
      
2.64
%
Total Investments
    
15,172,961
      
99.52
%
Other Assets in Excess of Liabilities
    
72,849
      
0.48
%
Total Net Assets
  
$
15,245,810
      
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.
          
Pzena International Small Cap Value Fund
                
Summary of Fair Value Disclosure at May 31, 2022 (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 May 31, 2022:
    

Pzena International Small Cap Value Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Austria
  
$
310,847
    
$
-
    
$
-
    
$
310,847
  
Canada
    
860,877
      
-
      
-
      
860,877
  
France
    
1,503,106
      
-
      
-
      
1,503,106
  
Germany
    
358,675
      
-
      
-
      
358,675
  
Hong Kong
    
854,030
      
-
      
-
      
854,030
  
Ireland
    
826,808
      
-
      
-
      
826,808
  
Israel
    
362,543
      
-
      
-
      
362,543
  
Italy
    
1,338,582
      
-
      
-
      
1,338,582
  
Japan
    
2,771,468
      
-
      
-
      
2,771,468
  
Netherlands
    
703,983
      
-
      
-
      
703,983
  
Norway
    
405,106
      
-
      
-
      
405,106
  
Republic of Korea
    
687,273
      
-
      
-
      
687,273
  
Spain
    
619,140
      
-
      
-
      
619,140
  
Taiwan
    
429,406
      
-
      
-
      
429,406
  
United Kingdom
    
2,737,937
      
-
      
-
      
2,737,937
  
Total Common Stocks
    
14,769,781
      
-
      
-
      
14,769,781
  
Short-Term Investment
    
403,180
      
-
      
-
      
403,180
  
Total Investments
  
$
15,172,961
    
$
-
    
$
-
    
$
15,172,961
  

Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security.