13F-HR 1 pzenainvestmentmg13fhr21025.txt HOLDINGS 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: June 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 08/14/07 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: 154 ----------------- Form 13F Information Table Value Total: $28,218,739,000 ----------------------- 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: 06/30/07

------------------------------------------------------------------------------------------------------------------------------------ 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 1190 6120 6120 0 0 3420 0 2700 ACE LTD Com G0070K103 1143 18275 18275 0 0 3525 0 14750 ADVANCED MICRO DEVICES Com 007903107 930 65000 65000 0 0 65000 0 0 ADVANCED MICRO DEVICES JAN 08 15 PUT 0000AMDMC 134 65000 65000 0 0 65000 0 0 PUTS AFFILIATED COMPUTER SVCS IN Com 008190100 460119 8112120 7980745 0 131375 1 5554607 0 2557513 AFTERMARKET TECHNOLOGY CORP Com 008318107 57133 1924978 1924978 0 0 1745168 0 179810 ALCATEL-LUCENT Com 013904305 1102334 78738157 77836509 0 901648 1 38570110 0 40168048 ALCATEL-LUCENT ADR JAN 09 15 PUTS Put 0000OGGMC 205 97400 97400 0 0 97400 0 0 ALLSTATE CORP Com 020002101 939329 15271158 15088658 0 182500 1 7064578 0 8206580 AMER EXPRESS Com 025816109 401 6550 6550 0 0 0 0 6550 AMER NATL INS Com 028591105 23812 156043 156043 0 0 136943 0 19100 AMERICAN EQUITY INVT LIFE Com 025676206 34927 2891300 2891300 0 0 2520250 0 371050 AMERICAN HOME MORTGAGE Com 02660R107 22166 1206000 1206000 0 0 1077150 0 128850 AMERISOURCEBERGEN CORP Com 03073E105 489817 9901289 9796664 0 104625 1 4536989 0 5364300 AMGEN INC Com 031162100 529733 9580990 9498640 0 82350 1 5012015 0 4568975 AMGEN INC JAN 08 60 PUTS Put 0000YAAML 465 75000 75000 0 0 75000 0 0 AMR CORP Com 001765106 1345 51055 51055 0 0 51055 0 0 AMR CORP JAN 08 30 PUTS Put 0000AMRMF 825 150000 150000 0 0 150000 0 0 AON CORP Com 037389103 300337 7048512 6975862 0 72650 1 3557437 0 3491075 ARVINMERITOR INC Com 043353101 26035 1172735 1172735 0 0 1028435 0 144300 AT&T INC. 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JAN 09 $60 PUTS Put 0000VRNML 416 40000 40000 0 0 40000 0 0 COCA-COLA CO Com 191216100 1236 23625 23625 0 0 1500 0 22125 COMERICA INC Com 200340107 479673 8065796 7971971 0 93825 1 3791371 0 4274425 COMPUTER SCIENCES Com 205363104 300036 5072467 5021517 0 50950 1 2186436 0 2886031 CONMED CORP. Com 207410101 17248 589059 589059 0 0 511884 0 77175 CON-WAY INC Com 205944101 9667 192425 192425 0 0 136700 0 55725 COUNTRYWIDE FINANCIAL CORP Com 222372104 288015 7923374 7842924 0 80450 1 4609250 0 3314124 CVS CAREMARK CORP Com 126650100 2242 61500 61500 0 0 61500 0 0 CVS CAREMARK CORP JAN 08 40 PUTS Put 0000CVSMH 133 30000 30000 0 0 30000 0 0 CVS/CAREMARK CORP JAN 09 PUTS Put 0000OHSMG 155 50000 50000 0 0 50000 0 0 DEL MONTE FOODS Com 24522P103 39828 3275324 3275324 0 0 2828399 0 446925 DELPHI FINL GRP Com 247131105 33470 800326 800326 0 0 708673 0 91653 DR HORTON INC JAN 08 25 PUTS Put 0000DHIME 550 100000 100000 0 0 100000 0 0 EMPLOYERS HOLDINGS INC. Com 292218104 3335 157000 157000 0 0 120025 0 36975 EXPRESSJET HOLDINGS INC. Com 30218U108 5857 979450 979450 0 0 857525 0 121925 EXXON MOBIL CORP Com 30231G102 42657 508550 508550 0 0 476500 0 32050 FANNIE MAE Com 313586109 1184518 18131299 17934049 0 197250 1 8601314 0 9529985 FANNIE MAE JAN 08 70 PUTS Put 0000WFNMN 438 60000 60000 0 0 60000 0 0 FBL FINANCIAL GROUP INC. - CL-A Com 30239F106 15741 400325 400325 0 0 344025 0 56300 FIDELITY NATIONAL FINANCIAL, INC Com 31620R105 368973 15568485 15315660 0 252825 1 5757998 0 9810487 FIDELITY NATIONAL INFORMATION Com 31620M106 7869 144975 144975 0 0 89700 0 55275 FIRST AMERICAN CORP Com 318522307 186456 3766792 3766792 0 0 2903892 0 862900 FIRST DATA CORP Com 319963104 1246 38150 38150 0 0 5050 0 33100 FMC CORP Com 302491303 6950 77750 77750 0 0 69944 0 7806 FREDDIE MAC Com 313400301 1287847 21216597 20992372 0 224225 1 10223732 0 10992865 GLOBAL PAYMENTS INC Com 37940X102 5099 128600 128600 0 0 119925 0 8675 GOLDMAN SACHS GROUP INC Com 38141G104 596 2750 2750 0 0 0 0 2750 GRIFFON CORPORATION Com 398433102 22192 1018901 1018901 0 0 884501 0 134400 HANGER ORTHOPEDIC Com 41043F208 13154 1218000 1218000 0 0 1034225 0 183775 HASBRO INC Com 418056107 23465 747061 747061 0 0 687636 0 59425 HOME DEPOT INC Com 437076102 723229 18379391 18184791 0 194600 1 9041566 0 9337825 HOME DEPOT INC JUN 09 40 PUTS Put 0000VHDMH 172 40000 40000 0 0 40000 0 0 HORACE MANN EDUCATORS Com 440327104 31644 1489850 1489850 0 0 1307375 0 182475 IDACORP INC Com 451107106 16693 521000 521000 0 0 454150 0 66850 IMS HEALTH INCORPORATED Com 449934108 50570 1573922 1573922 0 0 1234572 0 339350 INDYMAC BANCORP INC Com 456607100 10990 376750 376750 0 0 330150 0 46600 IPC HLDGS LTD Com G4933P101 84272 2609855 2609855 0 0 2005380 0 604475 ITC HOLDINGS CORP. Com 465685105 652 16050 16050 0 0 16050 0 0 JOHNSON & JOHNSON Com 478160104 621455 10085280 9977705 0 107575 1 4335905 0 5749375 JOHNSON CONTROLS Com 478366107 4616 39875 39875 0 0 30150 0 9725 JP MORGAN CHASE & CO Com 46625H100 98263 2028130 2028130 0 0 1573480 0 454650 KELLY SERVICES INC Com 488152208 52718 1919797 1919797 0 0 1736476 0 183321 KENNAMETAL INC Com 489170100 41609 507239 507239 0 0 442914 0 64325 KIMBERLY-CLARK CORPORATION Com 494368103 267072 3992705 3992705 0 0 1436930 0 2555775 KOOKMIN BANK- SPON ADR Com 50049M109 8441 96225 96225 0 0 71600 0 24625 KOREA ELECTRIC POWER CORP- ADR Com 500631106 11260 514150 514150 0 0 289750 0 224400 KRAFT FOODS INC Com 50075N104 171860 4875475 4700900 0 174575 1 3292275 0 1583200 L-3 COMMUNICATIONS Com 502424104 101912 1046434 1021134 0 25300 1 462659 0 583775 LEAR CORP Com 521865105 231197 6492474 6492474 0 0 4920929 0 1571545 LEHMAN BROTHERS Com 524908100 278624 3675780 3635505 0 40275 1 1633480 0 2042300 LEHMAN BROTHERS JAN 08 75 PUTS Put 0000LESMO 431 70000 70000 0 0 70000 0 0 LOWES COS INC Com 548661107 1671 54450 54450 0 0 775 0 53675 MAGNA INTL INC.-CL A Com 559222401 635015 6978950 6891175 0 87775 1 3578350 0 3400600 MCKESSON CORPORATION Com 58155Q103 13867 232515 232515 0 0 185015 0 47500 METLIFE INC Com 59156R108 625370 9698674 9567874 0 130800 1 4455499 0 5243175 MICROSOFT CORP Com 594918104 720289 24441432 24198557 0 242875 1 12251307 0 12190125 MILACRON INC Com 598709301 3006 344334.8 344334.8 0 0 300955 0 43380 MORGAN STANLEY Com 617446448 503356 6000908 5929833 0 71075 1 2724208 0 3276700 NCI BLDG SYS INC Com 628852105 10092 204575 204575 0 0 179925 0 24650 NORTHROP GRUMMAN CORP Com 666807102 433353 5565077 5500402 0 64675 1 2506835 0 3058242 OLD REPBLC INTL Com 680223104 120391 5662786 5662786 0 0 4404233 0 1258553 ORACLE CORP Com 68389X105 625421 31731128 31314553 0 416575 1 15433328 0 16297800 ORACLE CORP JAN 08 17.5 PUTS Put WOQ.MW 19 30000 30000 0 0 30000 0 0 PEDIATRIX MEDICAL GROUP, INC. 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Com 75040P405 21598 3059225 3059225 0 0 2667450 0 391775 REGIS CORP Com 758932107 51683 1351200 1351200 0 0 1177800 0 173400 RENAISSANCE RE HLDGS LTD Com G7496G103 367001 5920321 5920321 0 0 4472996 0 1447325 RENT A CENTER INC Com 76009N100 203127 7744086 7744086 0 0 6185061 0 1559025 SARA LEE CORP Com 803111103 193933 11145570 10953647 0 191923 1 4244551 0 6901019 SCHWEITZER MAUDUIT INTL I Com 808541106 36739 1185125 1185125 0 0 1113925 0 71200 SEALY CORPORATION Com 812139301 70952 4294914 4294914 0 0 3913789 0 381125 SEMPRA ENERGY Com 816851109 471763 7964937 7886262 0 78675 1 3518637 0 4446300 SPHERION CORPORATION Com 848420105 16540 1761450 1761450 0 0 1596775 0 164675 SPRINT NEXTEL CORP JAN 08 20 PUT Put 000000SMD 68 50000 50000 0 0 50000 0 0 STEWART INFORMATION SERVICES Com 860372101 19903 499692 499692 0 0 425992 0 73700 TECH DATA CORP Com 878237106 32590 847378 847378 0 0 714953 0 132425 TEMPUR-PEDIC INTERNATIONAL Com 88023U101 22909 884500 884500 0 0 781225 0 103275 TJX COS INC NEW Com 872540109 686010 24945830 24709180 0 236650 1 12565028 0 12380802 TORCHMARK CORP Com 891027104 843185 12584855 12418555 0 166300 1 6151945 0 6432910 TREDEGAR CORPORATION Com 894650100 308 14475 14475 0 0 14475 0 0 TREX COMPANY Com 89531P105 42459 2162971 2162971 0 0 1983246 0 179725 TYCO INTL LTD Com 902124106 322131 9533314 9533314 0 0 2978114 0 6555200 UNION PAC CORP Com 907818108 342571 2974998 2949848 0 25150 1 977100 0 1997898 UNIONBANCAL CORP Com 908906100 30590 512400 512400 0 0 453150 0 59250 UNITED AMERICA INDEMNITY-A Com 90933T109 32400 1302790 1302790 0 0 1121240 0 181550 UNITED MICROELECTRONICS ADR Com 910873207 58 16900 16900 0 0 16900 0 0 UNITED STATIONERS INC Com 913004107 45093 676670 676670 0 0 583245 0 93425 UNIVERSAL CORP Com 913456109 26718 438575 438575 0 0 413500 0 25075 VERIZON COMMUNICATIONS Com 92343V104 320 7775 7775 0 0 1125 0 6650 VIACOM INC CL B COM - NEW Com 92553P201 1176 28237 28237 0 0 4187 0 24050 VIAD CORP NEW Com 92552R406 23803 564464 564464 0 0 494616 0 69848 WACHOVIA CORP Com 929903102 1117 21800 21800 0 0 475 0 21325 WAL-MART STORES Com 931142103 1099711 22858257 22617182 0 241075 1 11072757 0 11785500 WAL-MART STORES INC JAN 09 50 PUTS Put 0000VWTMJ 264 55000 55000 0 0 55000 0 0 WASH MUTUAL INC Com 939322103 440813 10338013 10200588 0 137425 1 4188313 0 6149700 WESTERN UNION CO Com 959802109 610 29275 29275 0 0 350 0 28925 WHIRLPOOL CORP Com 963320106 837228 7529031 7452206 0 76825 1 3712485 0 3816546 WISCONSIN ENERGY Com 976657106 364136 8232792 8122592 0 110200 1 4587517 0 3645275 XL CAPITAL LTD Com G98255105 1061411 12592366 12443341 0 149025 1 5893966 0 6698400