(PUB) Investing 2015

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Neuberger Berman Fund Joins 500 Changes to the 500 | Russel Kinnel

Calamos Growth Leaves To make room, I am dropping Calamos Growth CVGRX . The 1 -star fund has been disappointing in recent years, and it has lost comanager Gary Black, who came on board three years ago to help Calamos right the ship. Thus, the fund isn’t provi- ding much reason to stick around, and we are drop- ping it from coverage. K

I am adding Neuberger Berman Socially Responsive NRAAX to the Morningstar 500 . The fund has a Morningstar Analyst Rating of Bronze and is managed using socially responsible screens. The fund’s no- load shares are closed, but its A shares are available without a load or any other transaction fee on some of the big No Transaction Fee fund supermarkets. The large-cap fund screens out companies with expo- sure to tobacco, weapons, gambling, and nuclear power while tilting toward companies with strong records in the environment, community, and the workplace. The fund is currently undergoing a management transition, but we have enough confidence in the successor team to keep the fund in our Morningstar Medalist ranks. Lead manager Arthur Moretti will retire in February 2016 , and three comanagers will take the helm. Ingrid Dyott and Sajjad Ladiwala became listed comanagers of this fund and Neuberger Berman Guardian NGUAX in December 2003 , and they will continue to run this fund after Moretti’s retire- ment. Dyott has been with Neuberger since 1997 , including two years as an analyst under Moretti, before which she spent two years at the Council on Economic Priorities. Ladiwala joined Neuberger in 2002 , before which he spent two years as an analyst at Merrill Lynch and six years at Duff & Phelps. Mamundi Subhas was promoted to comanager in December 2008 after joining the team in 2001 , and he had 20 years of industry experience before arriving at Neuberger.

What is Morningstar FundInvestor 500 ? The Morningstar FundInvestor 500 features the industry’s best and most notable funds. Use the list to get new in- vestment ideas and track the funds you already own. FundInvestor subscribers have access to one-page monthly reports on all 500 funds on mfi.morningstar.com. Just type in the name or ticker of the fund in the search box.

Summary of Changes

Add

Drop

Neuberger Berman Socially Responsible Calamos Growth

Rating Change (Upgrade)

From

To

Fidelity Diversified International

‰ ´

Rating Change (Downgrades)

From

To

Matthews Pacific Tiger Investor Œ • Fidelity Spartan Extended Mkt Index Inv Œ • Neuberger Berman Socially Rspns A • ´

Rating Change (Under Review)

From

To

First Eagle Global A

´ ˆ ´ ˆ

First Eagle US Value A

First Eagle Fund of America Y

• ˆ

New Ratings

To

Royce Special Equity Multi-Cap Service ´ Royce Pennsylvania Mutual Invmt ‰

See the facing page for more details.