Small-Mid Cap Core Portfolio

Source: SS&C GWP™ and FactSet Research Systems. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Numbers may not always add up due to rounding.

Source: SS&C GWP™ and FactSet Research Systems. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. The sector information represented above is based on GICS sector classifications.

*KAR utilizes the interquartile method when calculating Debt/EBITDA. The interquartile method excludes outliers from an aggregate statistic such as weighted average. The interquartile method does not assume that data from the top or bottom of the distribution are outliers—only the extreme ends are excluded—and that it can be applied consistently as a quantitative method for most fundamental characteristics. Debt/EBITDA utilizes net debt for the calculation.

†Dividend yield is a financial ratio that shows how much companies have paid out in dividends in the most recent year relative to their stock price at the end of such year. Dividend yield is being shown here as a characteristic of the stocks held in the portfolio and not to infer how the stocks have or will perform, as dividends are not the only component of the portfolio’s performance. Dividends are subject to change from year-to-year, and the portfolio’s dividend yield could be lower or higher in future years.

‡Free cash flow data is as of March 31, 2026. Prices are as of June 30, 2026. Excludes financials.

Source: SS&C GWP™ and BNY Mellon. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Small-Mid Cap Core fact sheet. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.

*April 1, 1992

†Performance calculations are for the nine months ended December 31, 1992.

For periods prior to July 1, 2000, the Small-Mid Cap Core composite calculations have been linked to the firm’s Small Cap Core composite performance, which represents all taxable and nontaxable, fully discretionary Small Cap Core Portfolios (including cash) under management for at least one full quarter. Beginning on July 1, 2000, only Small-Mid Cap Core Portfolios are included in the composite.

Source: SS&C GWP™ and FactSet Research Systems. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Small-Mid Cap Core fact sheet. Returns for the Kayne Anderson Rudnick (“KAR”) composite are final. All periods less than one year are total returns and are not annualized. Composite performance does not represent the performance of any individual client account, which can differ based on factors such as cash flows and different fee arrangements. Attribution results are based on a representative client account using an external returns methodology and may differ from composite performance or the performance of any individual client account. Final performance information for existing client accounts is reflected in account statements, where applicable. Net-of-fee returns reflect an assumed maximum fee of 3.00%, as further described on the Disclosure page of the KAR Small-Mid Cap Core fact sheet. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.

IMPORTANT RISK CONSIDERATIONS: Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small, medium, or large-sized companies may enhance that risk. Technology Concentration: Because the portfolio is presently heavily weighted in the technology sector, it will be impacted by that sector’s performance more than a portfolio with broader sector diversification. Limited Number of Investments: Because the portfolio has a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a portfolio with a greater number of securities. Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.

Source: SS&C GWP™ and FactSet Research Systems. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Small-Mid Cap Core fact sheet. Returns for the Kayne Anderson Rudnick (“KAR”) composite are final. All periods less than one year are total returns and are not annualized. Composite performance does not represent the performance of any individual client account, which can differ based on factors such as cash flows and different fee arrangements. Attribution results are based on a representative client account using an external returns methodology and may differ from composite performance or the performance of any individual client account. Final performance information for existing client accounts is reflected in account statements, where applicable. Net-of-fee returns reflect an assumed maximum fee of 3.00%, as further described on the Disclosure page of the KAR Small-Mid Cap Core fact sheet. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.

IMPORTANT RISK CONSIDERATIONS: Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small, medium, or large-sized companies may enhance that risk. Technology Concentration: Because the portfolio is presently heavily weighted in the technology sector, it will be impacted by that sector’s performance more than a portfolio with broader sector diversification. Limited Number of Investments: Because the portfolio has a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a portfolio with a greater number of securities. Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio’s manager(s) to invest its assets as intended.