Pzena Small Cap Value Institutional (Pzena Small Cap Value Fund - In) fond

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of "small-cap" companies. The adviser 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 Russell 2000® 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").