XXXXX | Long Short Fund

*Prior to February 28, 2026, the Fund included “Neuberger Berman” in place of “Neuberger” in its name.

Why Invest

Long-biased, fundamentally-driven long/short strategy unconstrained by market cap, sector, or style

Seeks Downside Mitigation Relative to Market Indices

Short positions employed to generate alpha and reduce risk

Reduced Volatility

Seeks to participate in up markets with less volatility than the S&P 500 Index

Tenured Track Record

Investment team has been managing long/short portfolios since 2008

Fund Facts

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Quarterly Update

Associate Portfolio Manager Kelly McMahon provides a Fund update for the fourth quarter of 2025

Performance & Exposures

Returns & Distributions

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Total net expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s Investment Manager (the “Manager”) contractually caps certain direct expenses the Fund (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 10/31/2028 for Institutional Class at 1.70%, 2.06% for Class A and 2.81% for Class C (each as a % of average net assets). As of the Fund’s most recent prospectus, 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 is as of the most recent prospectus dated February 28, 2025, as amended and supplemented.

All exposure information reflects notional value of underlying securities as applicable.

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

Beta is a measure of market-related risk (expressed between 0-1%) of a portfolio compared to that of the overall market, as represented by an index. The lower the beta the lower the sensitivity to the movements of the market, as represented by the index.

Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the portfolio returns.

Standard Deviation is a statistical measure of portfolio risk. The standard deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk.

Portfolio Management Team

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