Fund Manager Commentary

Management’s Discussion of Fund Performance

Summary of Results The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 30.53%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies. Market Overview S&P 500 Strongest performing sectors - Energy (+41%), Health Care (+27%), and Information Technology (+26%) Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%) Contributors to Performance Information Technology - significantly outperformed the Index sector (+168% vs +26%) Samsung Electronics (+262%) and Applied Materials (+167%) - two largest individual contributors Texas Instruments (+56%) Applied Materials - no longer a Fund holding Health Care - outperformed the Index sector (+59% vs +27%) and overweight (average weighting 14% vs 9%) Viatris (+109%) and CVS Health (+73%) Financials - outperformed the Index sector (+17% vs +11%) U.S. Bancorp (+46%) and Danske Bank (+58%) Overweight in Energy (average weighting 7% vs 3%), the strongest performing sector of the Index Devon Energy (+33%) - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger Individual holdings Alphabet (+86%) and Teck Resources (+87%) Detractors from Performance Communication Services - underperformed the Index sector (flat vs +19%) Meta Platforms (-28%) and Pinterest (-38%) - two largest individual detractors Angi (-65%) Significantly underweight in Information Technology (average weighting 11% vs 35%), a stronger performing sector of the Index Overweight in Financials (average weighting 30% vs 13%) Markel Group (-6%) and Capital One Financial (-1%) Industrials - underperformed the Index sector (-13% vs +20%) DiDi Global (-30%) and AGCO (-13%) Energy - underperformed the Index sector (+27% vs +41%) Individual Consumer Discretionary holdings Prosus (-20%), Trip.com Group (-24%), and Naspers (-16%)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended May 31, 2026, relative performance was primarily hindered by stock selection in the Industrials and Information Technology sectors. Stock selection in the Communication Services and Consumer Discretionary sectors contributed positively to relative results during the period. During the period, the strategy continued its emphasis on high-quality companies, maintaining a meaningful overweight to companies with strong balance sheets, durable profitability, and consistent earnings growth. This quality bias detracted from relative performance as market leadership broadened and investor appetite for risk increased, driving strong performance among more cyclical, higher-volatility, and lower-quality segments of the market. Despite elevated geopolitical uncertainty and ongoing macroeconomic risks, investor sentiment generally favored companies with higher growth expectations, creating a headwind for the Fund’s quality-oriented investment approach.

Management’s Discussion of Fund Performance

For the 12 months ended April 30, 2026, the Polen Growth Fund (the “Fund”) underperformed the Russell 1000 ® Growth Index and the S&P 500 ® Index. Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures) and Health Care also presented a headwind. By contrast, selection in Consumer Discretionary and Communication Services was positive. As for sector positioning (a residual of bottom-up stock selection), the overweights to Financials and Health Care represented meaningful headwinds to relative performance. The top three relative stock detractors (vs. the Russell 1000 ® Growth Index) were NVIDIA, ServiceNow, and CoStar Group. Positive relative contributors were Microsoft, Costco Wholesale (not owned), and Home Depot (not owned).

How did the Fund perform last year?

The Fund (Ticker: WVALX) returned -8.94% for the year ended March 31, 2026. Top contributors included Alphabet, Analog Devices, IDEXX Laboratories, Oracle, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and infrastructure-oriented businesses. Detractors included CoStar Group, Gartner, Constellation Software, Global Payments, and CarMax. While AI beneficiaries remained a source of strength, several holdings were pressured as investors continued to reassess growth durability and competitive positioning, particularly across software and services, while select companies faced idiosyncratic headwinds, including ongoing investment spending at CoStar and investor reaction to Global Payments’ acquisition activity. For additional manager insights, visit weitzinvestments.com .

What Impacted Performance During the Period?

On an absolute return basis, health care, financials, information technology, and materials contributed most to performance over the last fiscal year, supported by strong results in biotechnology, chemicals, technology hardware holdings, banking, and pharmaceuticals. Industrials also added meaningfully, driven by aerospace and defense. Energy, consumer discretionary, and utilities contributed modestly as well. Consumer staples detracted materially from performance, weighed down by beverages and food products holdings. At the country level, South Korea, the United States, Japan, Italy, and Canada were among the largest contributors to performance. Germany, Britain, Mexico, and France also added to returns. Belgium, the Netherlands, and China were the most significant country-level detractors, while Finland contributed modestly negatively. Across market capitalization groups, large- to mid-cap and mid-cap holdings drove the bulk of the Fund's return, with mega-cap holdings also contributing meaningfully. The Fund's policy of hedging its foreign currency exposure modestly reduced returns during the period, as the euro, Swiss franc, and pound sterling, which together represent the Fund's three largest currency exposures, all appreciated against the US dollar. Top Equity Performance Contributors Ionis Pharmaceuticals, Samsung Electronics, SOL SpA, TotalEnergies, Hana Financial Group, Fuso Chemical, National Bank of Canada, BAE Systems, Novartis, and Rubis. Top Equity Performance Detractors Diageo, TX Group, Teleperformance, Alten, Azelis Group, Nestle, CNH Industrial, Arkema, Heineken Holding, and Wuliangye Yibin.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) gained 3.09% in the trailing three months and 17.65% in the trailing twelve months ending December 31, 2025, on a net basis, which includes reinvestment of all distributions. The MSCI ACWI Index and the S&P 500 Index returns for the three-month period were 3.29% and 2.66%; and 22.34% and 17.88% for the trailing twelve-month period, respectively. The Fund is managed according to FPA’s Contrarian Value Strategy, which seeks to invest in companies that currently appear out of favor or undervalued but have a favorable outlook for growth, in the portfolio manager’s estimation, over 5-10 years. The portfolio managers conduct deep research into the underlying financial condition and prospects of individual companies, and select those whose securities are offered at a “substantial discount” to the portfolio managers’ estimation of the company’s worth or intrinsic value. TOP PERFORMANCE CONTRIBUTORS * TE Connectivity (TE) is a longtime holding that benefitted in 2025 from continued demand growth in several of the markets in which it sells into, including: AI infrastructure and data center connectivity; energy and grid update cycling; and industrial automation. TE also acquired Richards Manufacturing earlier in the year, which helped strengthen the company’s competitive position in industrial and utility markets, and raised the dividend throughout 2025. Safran was buoyed by robust aerospace and aftermarket parts demand, reporting record profits in early 2025 for the prior year. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company enjoyed higher aftermarket growth and converted operational efficiency into higher earnings, leading management to raise full-year guidance for 2025. TOP PERFORMANCE DETRACTORS * CarMax, the largest retailer of used cars in the US, has been a disappointment. We entered 2025 with hopes that an improved omnichannel offering in an improving used vehicle market would drive increased sales volumes, market share, and profit growth. Instead, we’ve watched management make a series of missteps. The company withdrew its 2030 unit sales targets at the beginning of the year, citing tariff-related uncertainty expected to have little impact five years from now—not particularly confidence-boosting, especially when their competitors retained their stated medium-term goals. Management mistakenly expected their strong fiscal first quarter to continue. They overbought inventory at elevated prices, which they were then forced to work through in the second quarter, causing them to lose market share. Investors have punished the company for its mistakes, and shares have declined by 53% in 2025. Despite our disappointment in management’s execution, the company’s share price appears inexpensive to us. Two independent directors of Carmax bought shares in early October, which could signal that they share a similar outlook to ours. The company also increased its share repurchase program, though we wish they would have held off on repurchases until the market was aware of the current disappointing news. We still believe that CarMax has built a differentiated used vehicle retail business and could see substantial share price improvement if the company rights itself, but operational execution needs to significantly improve. International Flavors & Fragrances has been plagued with poor management for years. As a leading producer of food, beverage, scent, home and personal care, and health products and ingredients, its products are ubiquitous across many household staples. They produce one-third of probiotics, the enzyme used in half of cold-water laundry detergents, another enzyme used in 20% of the beer brewed globally, and one-third of yogurts use an IFF culture, to name a few. Prior management's reckless capital allocation and ineptitude at managing its diverse global enterprise, transforming a high-margin, unlevered company into one with a lower margin and a higher level of leverage. We have a constructive view of the new CEO, who has renewed the company's focus on being a best-in-class operationally with a smaller product suite. They have sold, and will continue to sell, non-core assets, which will decrease their leverage and, hopefully, allow for higher margins. The company has burned the market, and many investors have taken a wait-and-see attitude reasonably. * The information provided reflects some of the top performance contributors and detractors over the trailing twelve months (“TTM”). It does not reflect all positions purchased, sold or recommended during the TTM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities or sectors listed. …

Management's Discussion of Fund Performance

Management's Discussion of Fund Performance

Summary of Results Key contributors to relative results (vs. S&P 500) included the Fund's: Industrials holdings, particularly RTX and Johnson Controls International; Consumer Discretionary underweight position and stock selection; Stock selection and underweight position in Consumer Staples; and Positions in CVS, Charles Schwab, and BNY Mellon. Key detractors from relative results (vs. S&P 500) included the Fund's: Communication Services stock selection, notably Charter Communications and Comcast; Financials holdings and overweight position, mainly Fiserv; Materials stock selection and overweight position; Underweight position in Information Technology; and Positions in Avantor and Occidental Petroleum. Key contributors to relative results (vs. Russell 1000 Value) included the Fund's: Industrials holdings, notably RTX and Johnson Controls International; Stock selection in Health Care, primarily CVS Health; Consumer Staples stock selection and underweight position; and Positions in Charles Schwab, TSMC, and BNY Mellon. Key detractors from relative results (vs. Russell 1000 Value) included the Fund's: Financials stock selection, mainly Fiserv; Stock selection in Materials; Communications Services holdings, mostly Charter Communications; and Positions in Avantor and Occidental Petroleum.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

Market leadership in 2025 was again driven by a narrow group of large cap Technology and artificial intelligence focused companies. Our deliberate effort to increase Technology exposure helped the Fund participate, though the Fund still lagged the S&P 500 Total Return Index in a concentrated, momentum driven market. Stock selection was a headwind, with declines in long term holdings such as Fiserv and UnitedHealth Group weighing on relative performance. The Fund’s emphasis on Midwest based and small cap companies also impacted performance, as these areas continued to trail the benchmark. We added high quality names such as Zoetis and Intuitive Surgical, which we believe are positioned to benefit from utilizing artificial intelligence to accelerate innovation. We remain dedicated to our disciplined multi cap investment approach that has guided us for more than 95 years. Visit www.mairsandpower.com/funds/growth-fund to read the entire commentary. Top Contributors ↑ nVent Electric PLC ↑ Roche Holding Ltd. Sponsored ADR ↑ NVIDIA Corp. ↑ JPMorgan Chase & Co. ↑ Microsoft Corp. Top Detractors ↓ Fiserv, Inc. ↓ UnitedHealth Group Inc. ↓ Hormel Foods Corp. ↓ Bio-Techne Corp. ↓ Motorola Solutions, Inc.

Management's Discussion of Fund Performance

Summary of Results Key contributors to relative results included the Fund's: Stock selection within the Financials sector, specifically positions in Banco Santander, Barclays, BNP Paribas, and Itau Unibanco; Health Care holdings, notably a position in Bayer; Stock selection within the Information Technology sector; and Consumer Discretionary holdings. Key detractors from relative results included the Fund's: Stock selection within the Materials sector, notably a position in International Flavors & Fragrances; U.S. holdings; and; Positions in Sanofi, HDFC Bank, Diageo, and Coupang.

How did the Fund perform last year and what affected its performance?

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS The Fund returned 22.13% for the year ended December 31, 2025. Over the same period, the S&P 500 returned 17.88%. We were pleased to post another 20%+ year, especially in a year that was marked by large swings in the broader market. By focusing on investing in very high-quality companies, we expect the resulting portfolio to be resilient to market volatility. We were encouraged to see Sequoia hold up well through the tariff-related market swoon early in the year. As the market recovered over the remainder of the year, Sequoia’s lead over the S&P 500 narrowed but still ended the year ahead. During 2025, we trimmed several existing investments due primarily to valuation, position size, and competing investment opportunities, rather than meaningful changes to the fundamentals of the businesses. We added modestly to our existing investment in Ashtead Group PLC. We exited Jacobs Solutions, Inc., an investment that we had already significantly reduced in prior years. Notable new positions added this past year included MSA Safety, Inc., Accenture PLC, and Align Technology, Inc. Top five contributors to performance over the 12 months ended December 31, 2025 were Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific, and Charles Schwab. Top five detractors to performance over the 12 months ended December 31, 2025 were Constellation Software, UnitedHealth Group, Liberty Broadband, Icon PLC, and Credit Acceptance Corp.

What drove fund performance during the past 12 months?

Major U.S. stock market indexes rose in 2025. After a challenging start to the year, the market climbed the proverbial wall of worry, overcoming concerns about tariffs, the economy, conflicts in the Middle East and Ukraine, the longest federal government shutdown in U.S. history, and heightened valuations among artificial intelligence-related companies. Versus the all-equity S&P 500 Index, the leading contributor to relative performance was an underweight allocation to consumer staples, as the traditionally defensive sector lagged the broader benchmark in a market that strongly favored growth-oriented names. Portfolio positioning in the industrials and business services sector also added value, due in part to a favorable overweight allocation held early in the period. On the negative side, stock selection in health care was the leading detractor from relative results. Within the sector, positions in Becton, Dickinson & Company and Revvity weighed on relative results, as uncertainty surrounding research funding and the impact of tariffs and other regulatory outcomes weighed heavily on the life sciences tools and health care equipment and supplies industries. Stock selection in the information technology sector also weighed on relative results, driven by our positions in Aurora Innovations, an autonomous driving company, and Roper, a software company. The fund seeks long-term capital appreciation by investing primarily in common stocks. It also holds fixed income and other securities to help preserve principal value. Notable changes in positioning during the period included adding exposure to financials and utilities and reducing exposure to industrials and business services and health care.

What affected the Fund's performance this period?

How did the Fund perform?

For the one-year period, the Fund (Investor Shares) returned 11.64% (net of fees), underperforming the S&P 500’s 17.88%. The Fund’s holdings in the Financials, Industrials and Materials sectors weighed on relative results. Conversely, holdings in the Communication Services and Real Estate sectors and a lack of exposure to the Energy sector buoyed relative performance.

How did the Fund perform during the reporting period?

For the 12 months ended November 30, 2025, the Fund outperformed its benchmark. Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals. In the stock portion of the Fund’s portfolio, strong selection in industrials, communication services, real estate, and information technology contributed to relative performance and more than offset positions that detracted, such as an allocation to cash, selection in health care, and an overweight allocation to financials. The portfolio’s credit spread duration, which measures bond prices’ sensitivity to changes in their credit spreads, was the primary reason the bond portion of the Fund’s portfolio detracted from performance.

How Did the Fund Perform Last Year?

How did the Fund perform last year?

How did the Fund perform during the last year and what affected its performance?

Oakmark International Fund Investor Class returned 15.56% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period. The Fund’s exposure to Germany and the United Kingdom contributed most to returns, while exposure to Indonesia and Canada detracted most from returns. At the equity sector level, the Consumer Discretionary and Industrials performed the strongest, while Communications Services and Real Estate were the worst performing sectors. At the equity holdings level, BNP Paribas (France) led the positive contributors followed by Alibaba Group (China) and Continental AG (Germany). WPP (United Kingdom), Edenred (France) and Capgemini (France) were the worst performing equities.

How did the Fund perform during the last year and what affected its performance?

Oakmark Fund Investor Class returned 11.13% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period. At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors. At the equity holdings level, Citigroup led the positive contributors followed by Alphabet Class A and Warner Bros Discovery. Centene, Celanese and Fortune Brands Innovations were the worst performing equities.

Management's discussion of fund performance

The fund’s Class A shares gained 23.26% for the year ended August 31, 2025. That result compares with a 15.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-A . What factors influenced results U.S. equities rose sharply over the fund’s fiscal year, rebounding from volatility in early 2025. Strong gains in the communication services, industrials and information technology sectors pushed the S&P 500 Index to record highs. The U.S. economy returned to growth in the second quarter of 2025, recovering from the previous quarter’s contraction, which was due to a surge in imports ahead of new tariffs. Despite policy uncertainty, increased government spending and the resilient U.S. consumer supported the expansion. Inflation rose towards the end of the period, indicating a modest tariff impact and reinforcing expectations of potential near-term U.S. Federal Reserve rate cuts. Holdings in multiple sectors added positive returns to the portfolio, including communication services, information technology and financials. Likewise, holdings in consumer discretionary, utilities, real estate and industrials saw returns surpassing those of the overall portfolio. Consumer staples shares were also positive, though below the portfolio’s overall return. Detractors during the period included holdings in the health care sector, particularly within the pharmaceuticals industry. The materials and energy sectors also contributed negatively to overall returns.