Pzena Expands Into ETFs With Classic Value Strategies

Further Information

Before you invest in Pzena Funds, please refer to the statutory and summary prospectuses for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectuses by calling 1-844-PZN-1996 (1-844-796-1996) or by clicking on statutory prospectus or summary prospectus. The prospectuses should be read carefully before you invest or send money.

Investing involves risk. Principal loss is possible. The Fund is an actively managed investment portfolio and relies on the Adviser’s ability to pursue the Fund’s goal. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. Larger, more established companies may be unable to respond quickly to new competitive challenges, like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion Investments in REITs are subject to the risks associated with the direct ownership of real estate. The Fund emphasizes a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The Pzena Funds are distributed by Quasar Distributors, LLC.

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