Summary Prospectus by Investment Company (Form 497K)

PZENA EMERGING MARKETS VALUE FUND

Investor Class PZVEX

Institutional Class PZIEX

Supplement dated December 7, 2021 to the

Summary Prospectus dated June 28, 2021

Effective January 1, 2022, Mr. John Goetz will no longer serve as a portfolio manager to the Pzena Emerging Markets Value Fund (the "Emerging Markets Fund"). Thereafter, please disregard all references to Mr. John Goetz in the Summary Prospectus for the Emerging Markets Fund. Mr. John Goetz will continue in his capacity as Co-Chief Investment Officer for Pzena Investment Management, LLC and as a portfolio manager to the Pzena International Value Fund.

Please retain this Supplement with your Summary Prospectus.