XXXXX | Large Cap Value Fund

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

Why Invest

Actively managed large cap value fund that seeks to outperform by identifying undervalued businesses with a catalyst for price appreciation

Catalyst-Driven Normalization

Employs bottom-up research to identify catalysts that we believe have the potential to return below-normal earnings to normalized levels within 12-18 months

Industry-Specific Approach

Focus on industries that have been starved of capital and capacity, value companies based on normalized earnings

True Value and Experienced Team

Experienced portfolio managers with an average of 33 years of experience that seek to deliver upside participation while mitigating downside risk

Fund Facts

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Quarterly Update Video

Associate Portfolio Manager David Levine provides a Fund update for the fourth quarter of 2025.

Performance & Exposures

Returns & Distributions

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Gross expense represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses are capped (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; through 08/31/2029 for Institutional Class at 0.70%, 1.11% for Class A, 1.86% for Class C, 1.36% for Class R3, 0.60% for Class R6, 1.50% for Trust Class and Advisor Class at 1.50% (each as a % of average net assets). As of the Fund’s most recent prospectuses, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement. 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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