Pzena International Small Cap Value Fund Institutional Class NMFQS:PZIIX

Under normal market conditions the International Small Cap Fund invests at least 80% of its net assets in common stocks of small-cap companies located in developed markets outside the U.S. The advisor defines a "small-cap" company as an issuer whose market capitalization at the time of initial purchase is in the range of those found in the MSCI World ex USA Small Cap Index, during the most recent 11-month period (based on month-end data) plus the most recent data during the current month ("small cap companies").