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Value
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The Fund seeks long-term capital appreciation.
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Risks include stock market fluctuations and changes in the values of specific fund holdings due to economic and business developments. Value stocks may also be subject to specific business risks that have caused the stocks to be out of favor.
> View risk spectrum For more information on investment risk, please see the prospectus.
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| $2,500.00 |
| $1,000.00 |
| $50.00 |
| $50.00 |
The fund reserves the right to change the criteria for eligible investors and the investment minimums. The fund also reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the fund and its shareholders.
Please consider the investment objectives, risks, charges and expenses of the funds carefully before investing. Contact us or your financial advisor for a prospectus, which contains this and other important information about the fund.
The fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for all periods prior to the inception of the fund are those of Shares Class shares of the predecessor to the fund and a series of Excelsior Funds Trust (the “Predecessor Fund”). The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to March 31, 2008 would be lower. The returns of Class R shares shown include the returns of Retirement Shares Class shares of the Predecessor Fund for periods after December 30, 2004, and include the returns of Shares Class shares of the Predecessor Fund for periods prior to December 31, 2004. The returns shown reflect that Class R shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for all periods would be lower. The returns of the Class Z shares shown for all periods are the returns of Shares Class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for all periods would be higher. Inception date refers to the date on which the fund class commenced operations for Classes A and C and the date on which the Predecessor Fund class commenced operations for Classes R and Z.
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The Morningstar® Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds line owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate or long). All of these numbers are drawn from the data most recently provided by the fund and entered into Morningstar’s database as of quarter-end. Although the data are gathered from reliable sources, Morningstar cannot guarantee completeness and accuracy. |
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* Expense ratios are as of the fund’s most recent prospectus. Performance may reflect waivers or reimbursements of fund expenses by the advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. View a list of funds for which the investment advisor or its affiliates has agreed to reimburse or waive a portion of the fund expenses. Unless a specific end date is provided, the waiver or reimbursement may be revised or discontinued at any time. |
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Equity Funds: Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would have been lower. Class Z and Y shares are sold only at NAV with no 12b-1 fee. Public offering price (POP) returns include the maximum 5.75% sales charge for class A, the appropriate class B contingent deferred sales charge for the holding period after purchase as follows: first year - 5%, second year - 4%, third year - 3%, fourth year - 3%, fifth year -2%, sixth year -1%, thereafter - 0% and the class C contingent deferred sales charge of 1% for the first year only. Performance for different share classes varies based on differences in sales charges and fees associated with each class.
Fixed Income Funds: Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would have been lower. Class Z and Y shares are sold only at NAV with no 12b-1 fee. POP returns include the maximum 4.75% sales charge for class A, the appropriate class B contingent deferred salescharge for the holding period after purchase as follows: first year -5 %, second year - 4%, third year - 3%, fourth year - 3%, fifth year - 2%, sixth year - 1%, thereafter - 0% and the class C contingent deferred sales charge of 1% for the first year only. Performance for different share classes varies based on differences in sales charges and fees associated with each class. Short-Intermediate Fixed Income Funds: Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would have been lower. Class Z and Y shares are sold at NAV with no 12b-1 fee. Public offering price (POP) returns include the maximum initial sales charge of 3.25% for class A shares,the applicable CDSC for class B shares (3%, 3%, 2%, 1%, 0% for the first through fifth years after purchase, respectively), and the maximum CDSC of 1.00% for class C shares during the first year after purchase. Performance for different share classes varies based on differences in sales charges and fees associated with each class.
Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost.
All results shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
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| The sales charge typically applied to class A shares, which carry a 12b-1 fee, is waived for purchases of the fund through Registered Investment Advisors (RIAs) and defined contribution plans. |
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David J. Williams, CFA
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Senior Portfolio Manager
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Guy W. Pope, CFA
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Managing Director, Senior Portfolio Manager
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J. Nicholas Smith, CFA
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Senior Vice President, Senior Portfolio Manager
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