Barrow Hanley International Value Fund (BNIVX, BNIYX)

A dedicated value manager focused on fundamental analysis and valuation within the non-U.S. universe.

The Fund is managed by a team with deep experience investing through multiple market cycles. Its consistent, repeatable process identifies non-U.S. companies across the market-cap spectrum to exploit inefficiencies resulting in a diversified portfolio.

Investment Objective:

The Fund seeks to obtain higher returns compared to the MSCI EAFE Index, while maintaining lower risk.

Investment Overview:

We believe markets are inefficient and that these inefficiencies can best be exploited through adherence to a valuation-centric investment process dedicated to the selection of securities on a bottom-up basis. Our team focuses primarily on fundamental securities analysis, valuation, and prospects for a return to fair valuation.

Strategy Summary:

Asset Class	Non-U.S. Equity
Investment Style	Value
Benchmark	MSCI EAFE Value Index
Class I Shares	BNIVX
Class Y Shares	BNIYX

Expense Ratio	Gross	Net*
Class I Shares	1.23%	0.86%
Class Y Shares	1.48%	0.86%

^{*The Fund’s Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 2/28/25.}

Key Documents

Prospectus Summary prospectus Summary of Additional Information Annual Report Semi Annual Report Fund Fact Sheet Holdings 2023 Year-End Capital Gain Distributions Direct Investment Application

Important Information:

Past performance does not guarantee future results and current performance may be lower or higher than the data quoted.

The Fund’s returns will vary, and you could lose money by investing in the Fund. International investing involves special risk considerations, including currency fluctuations, lower liquidity, economic and political risk. Investing in emerging markets can increase these risks, including higher volatility and lower liquidity. Investing in smaller and medium capitalization companies involves special risks, including higher volatility and lower liquidity. Small and mid-cap stocks are also more sensitive to purchase/sale transactions and changes in the issuer’s financial condition. The Fund invests most of its assets in equity securities of international value companies where the primary risk is that securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Diversification does not ensure against loss.

The MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. Developed Markets countries include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

For the most current month end performance information, please call +1 866 778 6397.

Please carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Fund’s prospectus and summary prospectus, which you may obtain by calling +1-866-778-6397. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.

Perpetual US Services LLC serves as investment adviser to the Fund. Barrow Hanley serves as investment sub-adviser to the Fund and is responsible for the management of the Fund’s portfolio of securities.

^{Distributed by SEI Investments Distribution Co., member FINRA/SIPC; not affiliated with Perpetual Asset Management (Americas).}

^{Copyright © 2022 Perpetual Asset Management International.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
FINRA BROKERCHECK}

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