With respect to performance, the Board noted that the Fund was ranked 21 out of 135,
78 out of 128, 13 out of 116, and 29 out of 91 among the Fund’s Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund’s returns were 31.87%, 18.85%, 12.60%, and 8.43% compared to a median return of the Performance
Universe of 26.93%, 19.90%, 6.94%, and 7.47% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.
Turning to the Barrow Hanley Credit Opportunities Fund, the Board noted that the Fund’s Gross Advisory Fee tied with three other funds to rank 11 out of 15 among the Fund’s Expense Group. The Board further noted that the Fund’s Gross Advisory Fee was 0.60% compared to a median Gross Advisory Fee of 0.55% for the Expense Group. The Board next considered the Fund’s total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 15 among the Fund’s Expense Group and 33 out of 107 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.64% compared to a median total expense of 0.71% for the Expense Group and 0.71% for the Expense Universe. With
respect to performance, the Board noted that the Fund was ranked 35 out of 107, eight out of 104, 21 out of 103, and eight out of 90 among the Fund’s Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund’s returns were 7.98%, 10.72%, 6.21%, and 6.17% compared to a median return of the Performance Universe of 7.64%, 9.40%, 5.24%, and
5.19% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.
With respect to the Barrow Hanley Emerging Markets Value Fund, the Board noted that the Fund’s Gross Advisory Fee ranked six out of 13 among the Fund’s Expense Group. The Board further noted that the Fund’s Gross Advisory Fee was 0.87% compared to a median Gross Advisory Fee of 0.90% for the Expense Group. The Board next considered the Fund’s total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 13 among the Fund’s Expense Group and 41 out of 135 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.98% compared to a median total expense of 1.05% for the Expense Group and 1.05% for the Expense Universe. With respect
to performance, the Board noted that the Fund was ranked 15 out of 135 and 85 out of 128 among the Fund’s Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund’s returns were 33.78% and 18.26% compared to a median return of the Performance Universe of 26.93% and 19.90% over the one- and three-year periods ended October 31, 2025,
respectively.
The Board noted that regarding the Barrow Hanley Floating Rate Fund’s Gross Advisory Fee, the Fund ranked one out of 14 among the Fund’s Expense Group. The Board further noted that the Fund’s Gross Advisory Fee was 0.45% compared to a median Gross Advisory Fee of 0.55% for the Expense Group. The Board next considered the Fund’s total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked two out of 14 among the Fund’s Expense Group and two out of 43 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.59% compared to a median total expense of 0.75% for the Expense Group and 0.75% for the Expense Universe. With respect to performance,
the Board noted that the Fund was ranked 16 out of 43, one out of 43, and 42 out of 42 among the Fund’s Performance Universe over the one-, three-, and five-year periods ended October 31, 2025, respectively. The Fund’s returns were 6.40%, 10.31%, and -0.14% compared to a median return of the Performance Universe of 5.94%, 8.95%, and 6.17% over the one-, three-, and five-year periods ended
October 31, 2025, respectively.
With respect to the Barrow Hanley International Value Fund, the Board noted that the Fund’s Gross Advisory Fee ranked five out of 15 among the Fund’s Expense Group. The Board further noted that the Fund’s Gross Advisory Fee was 0.66% compared to a median Gross Advisory Fee of 0.75% for the Expense Group. The Board next considered the Fund’s total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked eight out of 15 among the Fund’s Expense Group and 35 out of 60 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.92% compared to a median total expense of 0.92% for the Expense Group and 0.90% for the Expense Universe. With respect
to performance, the Board noted that the Fund was ranked 35 out of 61 and 51 out of 60 among the Fund’s Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund’s returns were 25.35% and 17.56% compared to a median return of the Performance Universe of 26.64% and 21.56% over the one- and three-year periods ended October 31, 2025, respectively.
Turning to the Barrow Hanley Total Return Bond Fund, the Board noted that the Fund’s Gross Advisory Fee ranked nine out of 13 among the Fund’s Expense Group. The Board further noted that the Fund’s Gross Advisory Fee was 0.35% compared to a median Gross Advisory Fee of 0.32% for the Expense Group. The Board next considered the Fund’s total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked one out of 13 among the Fund’s Expense Group and 11 out of 69 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.35% compared to a median total expense of 0.50% for
