13F-HR 1 pzenainvestmentmg13fhr21028.txt COMBINATION REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: September 30, 2007 PZENA INVESTMENT MANAGEMENT, LLC -------------------------------------------------------------------------------- Name of Institutional Investment Manager 120 West 45th Street, 20th Floor NY NY 10036 -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) 13F File Number: 28-03791 -------------------- The Institutional Investment Manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, and that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, and tables are considered integral parts of this form. Name, Title and Telephone Number of Person Submitting Report: David H. Kanefsky Chief Compliance Officer (212) 355-1600 -------------------------------------------------------------------------------- Name (Title) (Phone) Signature, Place and Date of Signing: /s/David H. Kanefsky -------------------------------- David H. Kanefsky Pzena Investment Management, LLC 120 West 45th Street, 20th Floor New York, New York 10036 11/14/07 Report Type: [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Number of Other Included Managers: One (1) ------------------- Form 13F Information Table Entry Total: 140 -------------- Form 13F Information Table Value Total: $26,085,257,000 ---------------------- List of Other Included Managers: Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filed (other than the one filing this report): (List in alphabetical order). 13F File No.: Name: ------------- -------------------------- 028-12230 - ALPS Advisers, Inc. (1) Name of Reporting Manager: Pzena Investment Management, LLC AS OF DATE: 09/30/07

------------------------------------------------------------------------------------------------------------------------------------ ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 FAIR INVESTMENT DISCRETION VOTING AUTHORITY TITLE MARKET SHARES OR SHARED NAME OF ISSUER OF CUSIP VALUE PRINCIPAL SOLE SHARED OTHER MANA- SOLE SHARED NONE CLASS NUMBER (x$1000) AMOUNT (A) (B) (C) GERS (A) (B) (C) ------------------------------------------------------------------------------------------------------------------------------------ 1ST CITIZENS BK Com 31946M103 923 5295 5295 0 0 2995 0 2300 ACE LTD Com G0070K103 1189 19625 19625 0 0 4875 0 14750 AFFILIATED COMPUTER SVCS IN Com 008190100 450094 8958870 8827495 0 131375 1 6071957 0 2886913 AFTERMARKET TECHNOLOGY CORP Com 008318107 34296 1080542 1080542 0 0 977982 0 102560 ALCATEL-LUCENT Com 013904305 1035184 101688061 100528838 0 1159223 1 52700372 0 48987689 ALCATEL-LUCENT ADR JAN 09 15 PUTS Put OGGMC0000 539 110000 110000 0 0 110000 0 0 ALLSTATE CORP Com 020002101 955352 16704883 16522383 0 182500 1 7422353 0 9282530 AMER NATL INS Com 028591105 20702 157368 157368 0 0 138268 0 19100 AMERICAN EQUITY INVT LIFE Com 025676206 31353 2943950 2943950 0 0 2572900 0 371050 AMERISOURCEBERGEN CORP Com 03073E105 469864 10365403 10260778 0 104625 1 4795528 0 5569875 AMGEN INC Com 031162100 590072 10430833 10348483 0 82350 1 5391740 0 5039093 AMGEN INC JAN 09 50 PUTS Put VAMMJ0000 164 55000 55000 0 0 55000 0 0 AMR CORP Com 001765106 223 10000 10000 0 0 10000 0 0 AMR CORP JAN 08 30 PUTS Put AMRMF0000 120 15000 15000 0 0 15000 0 0 AON CORP Com 037389103 39725 886528 886528 0 0 576128 0 310400 ARGO GROUP INTERNATIONAL Com G0464B107 12822 294684 294684 0 0 242884 0 51800 ARVINMERITOR INC Com 043353101 10273 610735 610735 0 0 520910 0 89825 AT&T INC. Com 00206R102 1482 35025 35025 0 0 1775 0 33250 AUTOZONE INC. Com 053332102 1707 14700 14700 0 0 14700 0 0 BANK OF AMERICA CORP Com 060505104 618935 12312208 12133133 0 179075 1 5334158 0 6978050 BEARINGPOINT INC. Com 074002106 4210 1039475 1039475 0 0 902850 0 136625 BED BATH & BEYOND INC Com 075896100 1485 43525 43525 0 0 0 0 43525 BLACK & DECKER Com 091797100 130268 1563840 1563840 0 0 1356815 0 207025 BLOUNT INTERNATIONAL Com 095180105 30347 2671349 2671349 0 0 2520799 0 150550 BOSTON SCIENTIFIC CORP Com 101137107 4059 290975 290975 0 0 80125 0 210850 BOSTON SCIENTIFIC CORP JAN 09 PUTS Put VSBMC0000 171 65000 65000 0 0 65000 0 0 BOWNE & CO Com 103043105 20297 1218300 1218300 0 0 1063775 0 154525 BP PLC Com 055622104 343258 4949640 4861440 0 88200 1 1450415 0 3499225 BRADY CORP Com 104674106 30319 845000 845000 0 0 750075 0 94925 BRISTOL-MYERS SQUIBB CO Com 110122108 574425 19931466 19732691 0 198775 1 9660116 0 10271350 CA INC. Com 12673P105 696039 27062167 26788117 0 274050 1 13035129 0 14027038 CABOT MICROELECTRONICS CORP Com 12709P103 9064 212027 212027 0 0 180868 0 31159 CAPITAL ONE FINL CORP Com 14040H105 724430 10905160 10801960 0 103200 1 5165960 0 5739200 CBS CORP- CL B Com 124857202 467 14837 14837 0 0 887 0 13950 CHEMICAL FINANCIAL CORP Com 163731102 26247 1082338 1082338 0 0 937538 0 144800 CHEVRON CORPORATION Com 166764100 1779 19012 19012 0 0 1287 0 17725 CHUBB CORP Com 171232101 948 17675 17675 0 0 3325 0 14350 CIBER INC. Com 17163B102 32109 4111210 4111210 0 0 3520935 0 590275 CITIGROUP INC Com 172967101 1111791 23822394 23580969 0 241425 1 11605421 0 12216973 CITIGROUP INC JAN 09 55 PUTS Put VRNMK0000 939 93000 93000 0 0 93000 0 0 CITIGROUP INC. JAN 09 $45 PUT Put VRNMI0000 154 35000 35000 0 0 35000 0 0 CITIGROUP INC. JAN 09 $60 PUTS Put VRNML0000 281 20000 20000 0 0 20000 0 0 COMERICA INC Com 200340107 419239 8175496 8081671 0 93825 1 3891596 0 4283900 COMPUTER SCIENCES Com 205363104 131023 2343886 2323886 0 20000 1 414987 0 1928899 CONMED CORP. Com 207410101 14705 525384 525384 0 0 452984 0 72400 CON-WAY INC Com 205944101 23079 501725 501725 0 0 439950 0 61775 COUNTRYWIDE FINANCIAL CORP Com 222372104 424682 22339949 22147074 0 192875 1 10721900 0 11618049 COVIDIEN LTD Com G2552X108 84527 2036801 2036801 0 0 437224.25 0 1599577 DEL MONTE FOODS Com 24522P103 35953 3424099 3424099 0 0 2977174 0 446925 DELPHI FINL GRP Com 247131105 33659 832727 832727 0 0 741074 0 91653 DISCOVER FINANCIAL Com 254709108 59174 2844917 2809380 0 35537 1 1213302 0 1631615 EXPRESSJET HOLDINGS INC. Com 30218U108 6695 2166575 2166575 0 0 1903175 0 263400 EXXON MOBIL CORP Com 30231G102 32054 346300 346300 0 0 329550 0 16750 FANNIE MAE Com 313586109 936848 15406149 15243849 0 162300 1 7539089 0 7867060 FANNIE MAE JAN 08 70 PUTS Put WFNMN00 404 40000 40000 0 0 40000 0 0 FBL FINANCIAL GROUP INC. - Com 30239F106 25279 640125 640125 0 0 557600 0 82525 FIDELITY NATIONAL FINANCIAL, INC Com 31620R105 263826 15092998 14840173 0 252825 1 5319036 0 9773962 FIDELITY NATIONAL INFORMATION Com 31620M106 6079 137000 137000 0 0 81725 0 55275 FIRST AMERICAN CORP Com 318522307 122379 3341853 3341853 0 0 2492610 0 849243 FREDDIE MAC Com 313400301 1207110 20456022 20231797 0 224225 1 10444057 0 10011965 GLOBAL PAYMENTS INC Com 37940X102 12344 279150 279150 0 0 270475 0 8675 GOLDMAN SACHS GROUP INC Com 38141G104 596 2750 2750 0 0 0 0 2750 GRIFFON CORPORATION Com 398433102 27739 1837005 1837005 0 0 1607555 0 229450 HANGER ORTHOPEDIC Com 41043F208 14303 1262375 1262375 0 0 1078600 0 183775 HASBRO INC Com 418056107 19953 715686 715686 0 0 667811 0 47875 HOME DEPOT INC Com 437076102 749961 23118391 22888216 0 230175 1 12081666 0 11036725 HORACE MANN EDUCATORS Com 440327104 25918 1314974 1314974 0 0 1137574 0 177400 IDACORP INC Com 451107106 18000 549800 549800 0 0 482950 0 66850 IMS HEALTH INCORPORATED Com 449934108 69642 2272897 2272897 0 0 1693897 0 579000 INDYMAC BANCORP INC Com 456607100 16369 693329 693329 0 0 617354 0 75975 IPC HOLDINGS LTD Com G4933P101 76080 2637105 2637105 0 0 2032630 0 604475 JOHNSON & JOHNSON Com 478160104 820179 12483705 12328455 0 155250 1 5934655 0 6549050 JOHNSON CONTROLS Com 478366107 4379 37075 37075 0 0 27350 0 9725 JONES APPAREL GROUP INC Com 480074103 9728 460375 460375 0 0 396300 0 64075 JP MORGAN CHASE & CO Com 46625H100 111996 2444255 2444255 0 0 1938655 0 505600 KELLY SERVICES INC Com 488152208 45254 2284422 2284422 0 0 2070726 0 213696 KENNAMETAL INC Com 489170100 2756 32819 32819 0 0 26434 0 6385 KIMBERLY-CLARK CORPORATION Com 494368103 281692 4009280 4009280 0 0 1448555 0 2560725 KOOKMIN BANK Com 50049M109 12128 147925 147925 0 0 123300 0 24625 KOREA ELEC POWER CORP Com 500631106 12155 525050 525050 0 0 331650 0 193400 KRAFT FOODS INC Com 50075N104 177583 5145850 4971275 0 174575 1 3552150 0 1593700 KRAFT FOODS INC. JAN 09 35 PUT Put ODRMG0000 502 147500 147500 0 0 147500 0 0 L-3 COMMUNICATIONS Com 502424104 112575 1102166 1076866 0 25300 1 497016 0 605150 LEAR CORP Com 521865105 214419 6679730 6679730 0 0 5090060 0 1589670 LEHMAN BROTHERS Com 524908100 538650 8725905 8629305 0 96600 1 4181780 0 4544125 LEHMAN BROTHERS HOLDINGS INC Put VHEMK0000 316 55000 55000 0 0 55000 0 0 JAN 09 55 PUTS LOWES COS INC Com 548661107 1510 53900 53900 0 0 750 0 53150 MAGNA INTL INC. Com 559222401 609656 6330142 6253367 0 76775 1 3090417 0 3239725 MCKESSON CORPORATION Com 58155Q103 14373 244476 244476 0 0 196826 0 47650 MERRILL LYNCH Com 590188108 223 3135 3135 0 0 3135 0 0 METLIFE INC Com 59156R108 451586 6476203 6386728 0 89475 1 3000503 0 3475700 MICROSOFT CORP Com 594918104 690929 23453109 23210234 0 242875 1 11568990 0 11884119 MILACRON INC Com 598709301 2313 324871 324871 0 0 281490.9 0 43380 MITSUBISHI UFJ FINL GRP Com 606822104 32 3575 3575 0 0 3575 0 0 MORGAN STANLEY Com 617446448 405634 6438638 6367563 0 71075 1 3035438 0 3403200 NCI BLDG SYS INC Com 628852105 9568 221425 221425 0 0 196775 0 24650 NORTHROP GRUMMAN CORP Com 666807102 525228 6733687 6669012 0 64675 1 3057745 0 3675942 OLD REPBLC INTL Com 680223104 111607 5955533 5955533 0 0 4696980 0 1258553 ORACLE CORP Com 68389X105 368368 17014699 16883874 0 130825 1 5658599 0 11356100 PEDIATRIX MEDICAL GROUP, INC. Com 705324101 22321 341200 341200 0 0 296825 0 44375 PFIZER INC Com 717081103 842603 34490523 34112323 0 378200 1 18398028 0 16092495 PFIZER INC. JAN 08 25 PUTS Put 7BW99F979 43 30000 30000 0 0 30000 0 0 PHARMERICA CORP Com 71714F104 7926 531262 522539 0 8723 1 379708 0 151554 PHH CORP Com 693320202 32048 1219500 1219500 0 0 1068950 0 150550 PIKE ELECTRIC CORPORATION Com 721283109 29550 1575175 1575175 0 0 1367475 0 207700 PLANTRONICS, INC. Com 727493108 29411 1030150 1030150 0 0 904750 0 125400 POPULAR INC. Com 733174106 6951 566050 566050 0 0 504675 0 61375 PROGRESSIVE CORP Com 743315103 110481 5691952 5606902 0 85050 1 1290330 0 4401622 PROTECTIVE LIFE CORP Com 743674103 17229 405964 405964 0 0 348539 0 57425 RADIO ONE, INC. Com 75040P405 11613 3113350 3113350 0 0 2721575 0 391775 REGIS CORP Com 758932107 51667 1619142 1619142 0 0 1396017 0 223125 RENAISSANCE RE HLDGS LTD Com G7496G103 358723 5484216 5484216 0 0 4155041 0 1329175 RENT A CENTER INC Com 76009N100 149937 8270111 8270111 0 0 6634561 0 1635550 SARA LEE CORP Com 803111103 61885 3707888 3707888 0 120296 1 2706003 0 1001885 SCHWEITZER MAUDUIT INTL I Com 808541106 25881 1110775 1110775 0 0 1039575 0 71200 SEALY CORPORATION Com 812139301 59318 4224925 4224925 0 0 3850100 0 374825 SEMPRA ENERGY Com 816851109 492781 8478687 8376762 101925 1 3870937 0 4607750 SPHERION CORPORATION Com 848420105 11743 1421681 1421681 0 0 1206156 0 215525 STEWART INFORMATION SERVICES Com 860372101 20779 606322 606322 0 0 519072 0 87250 TECH DATA CORP Com 878237106 43394 1081596 1081596 0 0 938396 0 143200 TEMPUR-PEDIC INTERNATIONAL Com 88023U101 4984 139400 139400 0 0 120525 0 18875 TJX COS INC NEW Com 872540109 739036 25422652 25128452 0 294200 1 11541355 0 13881297 TORCHMARK CORP Com 891027104 729166 11700355 11534055 0 166300 1 5469370 0 6230985 TREX COMPANY Com 89531P105 23459 2109646 2109646 0 0 1929921 0 179725 TYCO INTL LTD Com G9143X208 89925 2028072 2028072 0 0 428495 0 1599577 UNION PAC CORP Com 907818108 64515 570626 570626 0 0 33228 0 537398 UNIONBANCAL CORP Com 908906100 34552 591550 591550 0 0 532300 0 59250 UNITED STATIONERS INC Com 913004107 31942 575320 575320 0 0 503070 0 72250 UNITED AMERICA INDEMNITY - A Com 90933T109 36704 1706358 1706358 0 0 1485707 0 220651 UNIVERSAL CORP Com 913456109 23975 489794 489794 0 0 461319 0 28475 VERIZON COMMUNICATIONS Com 92343V104 344 7775 7775 0 0 1125 0 6650 VIACOM INC Com 92553P201 1142 29312 29312 0 0 5262 0 24050 VIAD CORP NEW Com 92552R406 20413 567034 567034 0 0 497186 0 69848 WACHOVIA CORP Com 929903102 1586 31625 31625 0 0 475 0 31150 WAL-MART STORES Com 931142103 1085939 24878332 24606857 0 271475 1 12741282 0 12137050 WASH MUTUAL INC Com 939322103 310714 8799610 8619110 0 180500 1 4182660 0 4616950 WASHINGTON MUTUAL INC Put WMMG0000 265 100000 100000 0 0 100000 0 0 JAN 08 35 PUTS WESTERN UNION CO Com 959802109 614 29275 29275 0 0 350 0 28925 WHIRLPOOL CORP Com 963320106 723340 8118293 8041468 0 76825 1 4160997 0 3957296 WISCONSIN ENERGY Com 976657106 402479 8938022 8827822 0 110200 1 5189572 0 3748450 XL CAPITAL LTD Com G98255105 962814 12156741 12007716 0 149025 1 5659316 0 6497425