Barrow Hanley US Value Opportunities Fund (BVOIX)

A dynamic fund identifying value opportunities across the market cap spectrum within the Russell 1000® Value universe by leveraging research across the Barrow Hanley US Equity team.

The Fund utilizes the same value philosophy and bottom-up investment process employed since our firm’s inception with a broader selection of securities and the flexibility to capture inefficiencies across the market cap of the Russell 1000® Value Index.

Investment Objective:

The Fund seeks to achieve risk-adjusted equity returns in excess of the Fund's benchmark over multiple year time periods.

Investment Overview:

As a pure value manager, we seek quality companies that are temporarily undervalued for reasons we can identify, understand, and believe will improve over time. In our valuation framework, we strive to construct portfolios that trade at levels below the market across multiple metrics including (P/E, P/B, EV/EBITDA) while simultaneously delivering an above-market dividend yield.

Strategy Summary:

Asset Class	US Equity
Investment Style	Value
Benchmark	Russell 1000® Value Index
Class I Shares	BVOIX

Expense Ratio	Gross	Net*
Class I Shares	0.95%	0.71%

*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. The Fund invests most of its assets in equity securities of 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. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small or mid-cap companies. The value of small and mid-cap equity securities may decrease in response to the activities of those companies or market and economic conditions. Diversification does not ensure against loss. The Fund may invest in equity securities of international companies which have a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns. Real estate securities, including Real Estate Investment Trusts (REITs) may be subject to additional risks, including interest rate, management, tax, economic, environmental and concentration risks.

The Russell 1000® Value Index is an unmanaged index generally representative of the U.S. market for larger capitalization value stocks. It is not possible to directly invest in an unmanaged index. The Russell 1000® Value Index and Russell® are trademarks of Frank Russell Company.

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}

Americas

Please read this information carefully as it governs your use of this website. Except as otherwise indicated, the contents of this website and the products and services are intended for persons residing in the United States, and the information on this website is only for such persons. This website is not directed to any person in any jurisdiction where its publication or availability is prohibited. Persons in such jurisdictions must not use this website. By clicking the “Proceed” button below, you are agreeing to these terms.

Proceed

Australia and New Zealand

The information on this website and the products and services mentioned are intended for Australian residents or citizens who are currently located in Australia, and where expressly indicated, New Zealand residents or citizens who are currently located in New Zealand only. The information on this website should not be relied on by residents or citizens of any other jurisdiction. By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.

Proceed

Singapore

Please read this information carefully as it governs your use of this website. The contents of this website and the products and services mentioned are intended for persons residing in Singapore, and the information on this website if only for such persons. This website is not directed to any person in any jurisdiction where its publication or availability is prohibited. By clicking the “Proceed” button below, you are agreeing to these terms.

Proceed

United Kingdom

This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom, and the European Union, and should not be relied on by residents or citizens of other jurisdictions. All investment products and services referenced in this website are managed and offered by either JOHCM or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates"). By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.

Proceed

Europe

Proceed