XXXXX | Mid Cap Intrinsic Value Fund

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

Why Invest

Focus on mid cap companies that, in our view, are trading at deep discounts to our estimates of intrinsic value due to complexity, cyclicality or interrupted growth

Highly Disciplined Private Equity Style Analysis

Focuses on finding publicly traded companies with strong businesses that are thought to be undervalued or overlooked

Active Engagement

Participate in ongoing dialogue with companies regarding directors, strategy and financing in an effort to enhance long-term shareholder value

Experienced Value Investors

Led by an experienced portfolio manager with over 40 years of experience

Fund Facts

Performance & Exposures

Returns & Distributions

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Net expense ratio represents, the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement, if any). The 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; consequently, total (net) expenses may exceed the contractual cap) through 08/31/2029 for Institutional Class at 0.85%, 1.21% for Class A, 1.96% for Class C, 1.46% for Class R3, 0.75% for Class R6, 1.50% for Investor Class, and Trust Class at 1.25% (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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