U.S. Small-Cap Value

Disclosures

DePrince, Race & Zollo, Inc. has presented this report in compliance with the Global Investment Performance Standards (GIPS®).

1.DePrince, Race & Zollo Inc. (DRZ) is an independent investment management firm, founded in 1995, that manages equity portfolios primarily for U.S. institutional clients.

2.DRZ claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. DRZ has been independently verified for the periods March 31, 1995 through December 31, 2023 by The Spaulding Group. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS Standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The verification reports are available upon request.

3.GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

4.Accounts that experience cash flows of 10% or more will be temporary removed from the composite for one month; this policy applies to all periods. Additional information regarding the firm’s policies for valuing portfolios, calculating performance, and preparing GIPS reports are available upon request.

5.The composite invests in U.S. stocks, ADRs and foreign domiciled stocks traded in US dollars on the major US exchanges that generally have the following characteristics; a dividend yield generally above 1% and a market capitalization that does not exceed the largest market capitalization in the Russell 2000 Value Index.

6.Past performance is not indicative of future results. The actual return and value of an account will fluctuate and at any point could be worth more or less than the amount invested. Individual account performance will vary according to individual client investment objectives.

7.The benchmark is the Russell 2000 Value Index (“Index”) which measures the performance of those 2000 companies with lower price-to-book ratios and lower forecasted growth values. DRZ’s managed portfolios generally consist of 50-80 securities. Material differences exist between the Index and DRZ’s managed portfolios.

8.Total time-weighted rates of return are expressed in US dollars. Computations include the reinvestment of all dividends and capital gains. For investments in ADRs and foreign domiciled companies, dividends are included net of any withholding taxes.

9.The composite creation date is July 1, 1995, and the composite inception date is June 30, 1995. DRZ’s list of composite descriptions is available upon request.

10.The composite included non-fee paying accounts during the calendar year end 2018. The portion of non-fee paying accounts represented 0.43% of the composite’s total market value.

11.The gross-of fees returns are net of transaction costs.

12.Net-of-fees returns are calculated by deducting a model management fee of 0.075% using the highest management fee of 0.90% from the monthly gross-of fee composite return.

13.DRZ’s standard fee schedule for Small Cap Value 0.90% on all amounts.

14.Internal dispersion is calculated using the equal-weighted standard deviation of annual gross-of-fee returns of those portfolios that were included in the composite for the entire year; it is not presented for periods with 5 or fewer portfolios. The three-year annualized ex-post standard deviation measures the variability of the composite gross-of-fee returns and the benchmark returns over the preceding 36 months period. The three-year ex-post standard deviation is not required for periods prior to 2011.

15.All information including portfolio and performance statistics contained in this document is presented at the composite level rather than for an individual account. This presentation is for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. The securities highlighted in this document, if any, represent recent holdings. Each quarter, DRZ uses the same objective, non-performance based criteria to select these securities. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities discussed in this report.

16.If clients are listed in this document, it is not known whether they approve or disapprove of DRZ or the advisory services it provides. If included, the representative clients listed in this document are a cross section of current accounts that may or may not maintain similar investment objectives as those expressed by DRZ’s prospective clients. This list may include accounts that are not invested in the investment strategy described in this document.

17.FTSE is the source and owner of Russell Index data reflected in this material and all trademarks and copyrights related thereto. Unauthorized use, disclosure, copying or redistribution of such data is prohibited. FTSE is not responsible for the formatting or configuration of this material or for any inaccuracy in this presentation.