XXXXX | Emerging Markets Equity Fund

*Prior to December 18th, 2025, the Fund included “Neuberger Berman” in place of “Neuberger” in its name.

Vera German and Juan Torres assumed portfolio management responsibilities for the Fund on January 15, 2026. While the Fund’s principal investment objective to seek long-term growth of capital remains unchanged, it’s approach will shift from a core, growth-at-a-reasonable-price (GARP) approach to a value strategy. In connection with the transition, there was a reduction to the Fund’s advisory fee and expense limitation arrangement. For more information, please refer to the Fund’s current Prospectus.

Why Invest

A globally diversified contrarian strategy that seeks long-term growth of capital by uncovering out-of-favor opportunities across countries, sectors and market caps

Benchmark Agnostic Unconstrained Investment Style

Absolute return focus for both risk and return.

Portfolio Construction Diversified across Under-Valued Opportunities

Capital is deployed to multiple performance drivers including companies facing structural challenges, cyclical pressures, or special situations.

Low Valuation Stock Selection

Selectively target overlooked companies with attractive upside potential.

Fund Facts

Performance & Exposures

Returns & Distributions

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Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of any fee waivers and/or expense reimbursement). The Fund’s investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 8/31/2029 for Class A at 1.34 %, Class C at 2.09 %, Institutional Class at 0.98%, Class R3 at 1.59 %, Class R6 at 0.88% (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectuses, dated December 18, 2025, as amended and supplemented.

All Risk Measures are calculated using the Fund’s Institutional Share Class.

Beta measures market-related risk. A beta less than 1 indicates the portfolio is less volatile than the index, while a beta greater than 1 indicates more volatility.

Standard Deviation measures the volatility of the Fund's and Benchmark's returns. Higher deviation indicates higher volatility and risk.

Active Share measures the percentage of mutual fund assets that are invested differently from the benchmark.

Portfolio Management Team

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