XXXXX | Small Cap Growth Fund

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

Why Invest

Catalyst-driven approach that seeks to develop an investable edge around underappreciated growth opportunities

Experienced Team with Highly Collaborative Co-Portfolio Management Approach

Specialized Co-PM structure leverages the team’s expertise and empowers the nimble decision-making for capitalizing on the inefficiencies and volatility of the small growth universe

Focus On Developing an Investable Edge By “Surrounding” Target Investments

Intriguing business models and catalysts are vetted by a bottom-up approach focused on fundamental analysis, qualitative assessments and valuation appraisal

Active Approach to Security Selection and Risk Management

Buy/sell discipline with an equal focus on addressing positive and negative outcomes, resulting in active position resizing in response to a range of exploitable portfolio and market developments

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 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 8/31/2029 for Institutional Class at 0.90%, Class A at 1.26%, Class C at 2.01%, Class R3 at 1.51%, Class R6 at 0.80%, for Investor Class at 1.30%, Trust Class at 1.40%, and Advisor Class at 1.60% (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.

Sharpe Ratio measures the risk-adjusted return of a portfolio, calculated by dividing the excess return (portfolio annualized return minus the risk-free rate) by the portfolio standard deviation. A higher Sharpe Ratio indicates better performance.

Portfolio Management Team

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