# EDGAR Filing Document

**Accession Number:** 0000908186
**File Stem:** 0000908186-25-000102
**Filing Date:** 2025-11
**Character Count:** 386452
**Document Hash:** 8ff216f021baddc4fdb9a81d53fac312
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908186-25-000102.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000908186-25-000102

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY CAPITAL PORTFOLIOS INC
- **CENTRAL INDEX KEY:** 0000908186

**ORGANIZATION NAME:**
- **EIN:** 431646043
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07820
- **FILM NUMBER:** 251525833

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY CAPITAL PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19930624

## Series and Classes Contracts Data

### EQUITY INCOME FUND (Series ID: S000005776)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015864 | INVESTOR CLASS | TWEIX           |
| C000015865 | A CLASS        | TWEAX           |
| C000015866 | I CLASS        | ACIIX           |
| C000015867 | C CLASS        | AEYIX           |
| C000015868 | R CLASS        | AEURX           |
| C000131602 | R6 CLASS       | AEUDX           |
| C000189825 | Y CLASS        | AEIYX           |
| C000189826 | R5 CLASS       | AEIUX           |
| C000214992 | G Class        | AEIMX           |

### FOCUSED LARGE CAP VALUE FUND (Series ID: S000005778)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015871 | INVESTOR CLASS | ALVIX           |
| C000015872 | A CLASS        | ALPAX           |
| C000015873 | I CLASS        | ALVSX           |
| C000015876 | C CLASS        | ALPCX           |
| C000015877 | R CLASS        | ALVRX           |
| C000131603 | R6 CLASS       | ALVDX           |
| C000189827 | R5 CLASS       | ALVGX           |
| C000236300 | G Class        | ACFLX           |

### MID CAP VALUE FUND (Series ID: S000005779)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015878 | INVESTOR CLASS | ACMVX           |
| C000015879 | A CLASS        | ACLAX           |
| C000015880 | I CLASS        | AVUAX           |
| C000015881 | R CLASS        | AMVRX           |
| C000087957 | C CLASS        | ACCLX           |
| C000131604 | R6 CLASS       | AMDVX           |
| C000189828 | R5 CLASS       | AMVGX           |
| C000189829 | Y CLASS        | AMVYX           |
| C000236301 | G Class        | ACIPX           |

### SMALL CAP VALUE FUND (Series ID: S000005781)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015885 | INVESTOR CLASS | ASVIX           |
| C000015886 | A CLASS        | ACSCX           |
| C000015887 | I CLASS        | ACVIX           |
| C000087958 | C CLASS        | ASVNX           |
| C000087959 | R CLASS        | ASVRX           |
| C000131606 | R6 CLASS       | ASVDX           |
| C000189830 | R5 CLASS       | ASVGX           |
| C000189831 | Y CLASS        | ASVYX           |
| C000212522 | G Class        | ASVHX           |

### VALUE FUND (Series ID: S000005782)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015889 | INVESTOR CLASS | TWVLX           |
| C000015890 | A CLASS        | TWADX           |
| C000015891 | I CLASS        | AVLIX           |
| C000015894 | C CLASS        | ACLCX           |
| C000015895 | R CLASS        | AVURX           |
| C000131607 | R6 CLASS       | AVUDX           |
| C000181791 | Y CLASS        | AVUYX           |
| C000181792 | R5 CLASS       | AVUGX           |

### Small Cap Dividend Fund (Series ID: S000075489)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000234630 | G Class        | AMALX           |
| C000234631 | R6 Class       | AMAKX           |
| C000234632 | Investor Class | AMAEX           |
| C000234633 | I Class        | AMAFX           |
| C000234634 | A Class        | AMAHX           |
| C000234635 | R Class        | AMAJX           |

?xml version='1.0' encoding='ASCII'? ck0000908186-20250930

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-07820** | **811-07820** | **811-07820** |
| **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** | **AMERICAN CENTURY CAPITAL PORTFOLIOS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **03-31** | **03-31** | **03-31** | **03-31** |
| Date of reporting period: | **09-30-2025** | **09-30-2025** | **09-30-2025** | **09-30-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWEIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $49 | 0.95% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076100

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACIIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $39 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076209

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AEIYX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $31 | 0.60% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F810

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWEAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $62 | 1.20% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076407

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AEYIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $100 | 1.95% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076746

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AEURX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $74 | 1.45% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076670

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AEIUX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $39 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F703

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AEUDX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $31 | 0.60% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076373

------

**SEMIANNUAL SHAREHOLDER REPORT**

Equity Income Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AEIMX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Equity Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6648382644 |
| Management Fees (dollars paid during the reporting period) | $27492381 |
| Portfolio Turnover Rate | 17% |
| Total Number of Portfolio Holdings | 110 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 79.1% |
| Preferred Securities | 7.9% |
| Convertible Bonds | 5.2% |
| Equity-Linked Notes | 3.4% |
| Convertible Preferred Securities | 1.2% |
| Exchange-Traded Funds | 1.0% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | 0.4% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F687

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ALVIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $43 | 0.83% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076795

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ALVSX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $33 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076779

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ALPAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $56 | 1.08% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076787

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ALPCX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $95 | 1.83% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076738

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ALVRX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $69 | 1.33% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076662

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ALVGX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $33 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F786

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ALVDX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $25 | 0.48% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076365

------

**SEMIANNUAL SHAREHOLDER REPORT**

Focused Large Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACFLX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Focused Large Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2722545652 |
| Management Fees (dollars paid during the reporting period) | $2551569 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 49 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Health Care Equipment and Supplies | 8% |
| Short-Term Investments | 1.8% | Personal Care Products | 8% |
| Other Assets and Liabilities | 0.4% | Banks | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F596

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ACMVX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $51 | 0.98% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076654

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AVUAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $40 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076647

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AMVYX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $33 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F760

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ACLAX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $64 | 1.23% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076639

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACCLX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $102 | 1.98% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076514

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AMVRX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $77 | 1.48% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076613

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AMVGX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $40 | 0.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F778

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AMDVX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $33 | 0.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076357

------

**SEMIANNUAL SHAREHOLDER REPORT**

Mid Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ACIPX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Mid Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6678574755 |
| Management Fees (dollars paid during the reporting period) | $21822066 |
| Portfolio Turnover Rate | 33% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 98.9% | Banks | 8% |
| Short-Term Investments | 0.9% | Health Care Equipment and Supplies | 8% |
| Other Assets and Liabilities | 0.2% | Health Care Providers and Services | 6% |
|  |  | Electric Utilities | 5% |
|  |  | Machinery | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F588

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (AMAEX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $55 | 1.09% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F679

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AMAFX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $45 | 0.89% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F661

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AMAHX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $67 | 1.34% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F653

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AMAJX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $80 | 1.59% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F646

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AMAKX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $37 | 0.74% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F638

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Dividend Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (AMALX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Dividend Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $0 | 0.00% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $93904863 |
| Management Fees (dollars paid during the reporting period) | $114557 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 81 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Common Stocks | 97.2% |
| Preferred Securities | 0.5% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F620

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ASVIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $56 | 1.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076852

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (ACVIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $46 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076845

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ASVYX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $38 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F745

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (ACSCX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $69 | 1.35% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076837

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ASVNX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $107 | 2.10% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076530

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (ASVRX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $82 | 1.60% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076522

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (ASVGX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $46 | 0.90% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F752

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (ASVDX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $38 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076324

------

**SEMIANNUAL SHAREHOLDER REPORT**

Small Cap Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **G Class (ASVHX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| G Class | $1 | 0.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $4304841937 |
| Management Fees (dollars paid during the reporting period) | $17944616 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 111 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 99.2% | Banks | 24% |
| Short-Term Investments | 0.7% | Oil, Gas and Consumable Fuels | 9% |
| Other Assets and Liabilities | 0.1% | Financial Services | 6% |
|  |  | Machinery | 5% |
|  |  | Insurance | 5% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F695

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWVLX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $50 | 0.97% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076506

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AVLIX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $40 | 0.77% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076605

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AVUYX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $32 | 0.62% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F729

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWADX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $63 | 1.22% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076803

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **C Class (ACLCX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $102 | 1.97% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076761

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R Class (AVURX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R Class | $76 | 1.47% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076621

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R5 Class (AVUGX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R5 Class | $40 | 0.77% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-2508F737

------

**SEMIANNUAL SHAREHOLDER REPORT**

Value Fund ![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

---

| | |
|:---|:---|
| **R6 Class (AVUDX)**  | **September 30, 2025** |

---

This semi-annual shareholder report contains important information about Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last six months?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 Class | $32 | 0.62% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $2195735261 |
| Management Fees (dollars paid during the reporting period) | $9294918 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 100 |

---

**Fund Holdings**

---

| | | | |
|:---|:---|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* | **Top Five Industries** *(as a % of net assets)* |
| Common Stocks | 97.8% | Banks | 9% |
| Short-Term Investments | 2.1% | Pharmaceuticals | 7% |
| Other Assets and Liabilities | 0.1% | Oil, Gas and Consumable Fuels | 6% |
|  |  | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000908186-20250930_g2.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000908186-20250930_g1.jpg)

S-25076316

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) ------

&nbsp;&nbsp;&nbsp;&nbsp;

![Image6.jpg](ck0000908186-20250930_g3.jpg)

---

| | |
|:---|:---|
| Semiannual Financial Statements and Other Information | Semiannual Financial Statements and Other Information |
| September 30, 2025 |  |
| Equity Income Fund | Small Cap Dividend Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWEIX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AMAEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACIIX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AMAFX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AEIYX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (AMAHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWEAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AMAJX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AEYIX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AMAKX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AEURX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (AMALX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AEIUX) | Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AEUDX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ASVIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (AEIMX) | &nbsp;&nbsp;&nbsp;&nbsp;I Class (ACVIX) |
| Focused Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ASVYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ALVIX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (ACSCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (ALVSX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ASVNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ALPAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (ASVRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ALPCX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ASVGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (ALVRX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ASVDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (ALVGX) | &nbsp;&nbsp;&nbsp;&nbsp;G Class (ASVHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ALVDX) | Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACFLX) | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWVLX) |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;I Class (AVLIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ACMVX) | &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AVUYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AVUAX) | &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWADX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AMVYX) | &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACLCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (ACLAX) | &nbsp;&nbsp;&nbsp;&nbsp;R Class (AVURX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (ACCLX) | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AVUGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class (AMVRX) | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AVUDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class (AMVGX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AMDVX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class (ACIPX) |  |

---

***Investors should carefully consider a fund's investment objectives, risks, charges and expenses. For this and additional information about a fund, including the Annual Shareholder Report, Semiannual Shareholder Report, Prospectus and Statement of Additional Information, visit americancentury.com/docs.***

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | [2](#if363b1a532b749ccae1dd19819b2cf68_31) |
| Statements of Assets and Liabilities | [31](#if363b1a532b749ccae1dd19819b2cf68_37) |
| Statements of Operations | [37](#if363b1a532b749ccae1dd19819b2cf68_40) |
| Statements of Changes in Net Assets | [40](#if363b1a532b749ccae1dd19819b2cf68_43) |
| Notes to Financial Statements | [43](#if363b1a532b749ccae1dd19819b2cf68_46) |
| Financial Highlights | [55](#if363b1a532b749ccae1dd19819b2cf68_49) |
| Approval of Management Agreements | [72](#if363b1a532b749ccae1dd19819b2cf68_58) |

---

------

Schedule of Investments - Equity Income Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 79.1%** | **Shares/Principal**<br>**Amount**<br> | **Value**<br> |
| **Aerospace and Defense — 1.5%** |  |  |
| RTX Corp. | 594905 | $99545454 |
| **Automobile Components — 0.5%** |  |  |
| Gentex Corp. | 1147912 | 32485910 |
| **Banks — 7.5%** |  |  |
| Capitol Federal Financial, Inc. | 2314074 | 14694370 |
| Commerce Bancshares, Inc. | 548944 | 32804893 |
| JPMorgan Chase & Co. | 667261 | 210474137 |
| PNC Financial Services Group, Inc. | 254631 | 51163007 |
| Truist Financial Corp. | 2039759 | 93257782 |
| U.S. Bancorp | 1990761 | 96213479 |
|  |  | 498607668 |
| **Beverages — 2.5%** |  |  |
| PepsiCo, Inc. | 951420 | 133617425 |
| Pernod Ricard SA | 339215 | 33395934 |
|  |  | 167013359 |
| **Building Products — 0.9%** |  |  |
| A.O. Smith Corp. | 555638 | 40789386 |
| Assa Abloy AB, Class B | 463080 | 16118822 |
|  |  | 56908208 |
| **Capital Markets — 4.8%** |  |  |
| AllianceBernstein Holding LP | 966095 | 36924151 |
| Bank of New York Mellon Corp. | 453658 | 49430576 |
| Blackrock, Inc. | 56691 | 66094336 |
| Charles Schwab Corp. | 683780 | 65280476 |
| Northern Trust Corp. | 371771 | 50040377 |
| T. Rowe Price Group, Inc. | 471868 | 48432531 |
|  |  | 316202447 |
| **Chemicals — 1.5%** |  |  |
| Linde PLC | 208043 | 98820425 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Republic Services, Inc. | 86636 | 19881229 |
| **Communications Equipment — 1.7%** |  |  |
| Cisco Systems, Inc. | 1647184 | 112700329 |
| **Construction Materials — 1.7%** |  |  |
| CRH PLC | 661675 | 79334833 |
| Martin Marietta Materials, Inc. | 52501 | 33090330 |
|  |  | 112425163 |
| **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| Koninklijke Ahold Delhaize NV | 410209 | 16598897 |
| Walmart, Inc. | 625926 | 64507934 |
|  |  | 81106831 |
| **Containers and Packaging — 1.7%** |  |  |
| Amcor PLC | 3301190 | 27003734 |
| Packaging Corp. of America | 406031 | 88486336 |
|  |  | 115490070 |
| **Diversified Telecommunication Services — 1.5%** |  |  |
| Verizon Communications, Inc. | 2236767 | 98305910 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal**<br>**Amount** | **Value** |
| **Electric Utilities — 1.9%** |  |  |
| Duke Energy Corp. | 699691 | $86586761 |
| Eversource Energy | 561952 | 39977266 |
|  |  | 126564027 |
| **Electrical Equipment — 0.6%** |  |  |
| Legrand SA | 238126 | 39567292 |
| **Electronic Equipment, Instruments and Components — 0.7%** |  |  |
| TE Connectivity PLC | 226316 | 49683151 |
| **Energy Equipment and Services — 0.7%** |  |  |
| Baker Hughes Co. | 919959 | 44820402 |
| **Food Products — 2.9%** |  |  |
| Hershey Co. | 248719 | 46522889 |
| McCormick & Co., Inc. | 499362 | 33412312 |
| Mondelez International, Inc., Class A | 1861896 | 116312643 |
|  |  | 196247844 |
| **Gas Utilities — 3.8%** |  |  |
| Atmos Energy Corp. | 494926 | 84508615 |
| ONE Gas, Inc. | 1139498 | 92230968 |
| Spire, Inc. | 969210 | 79009999 |
|  |  | 255749582 |
| **Ground Transportation — 3.0%** |  |  |
| CSX Corp. | 1234980 | 43854140 |
| Norfolk Southern Corp. | 528690 | 158823763 |
|  |  | 202677903 |
| **Health Care Equipment and Supplies — 6.0%** |  |  |
| Becton Dickinson & Co. | 992033 | 185678817 |
| Medtronic PLC | 1758690 | 167497636 |
| Zimmer Biomet Holdings, Inc. | 476595 | 46944607 |
|  |  | 400121060 |
| **Health Care Providers and Services — 1.7%** |  |  |
| Quest Diagnostics, Inc. | 200900 | 38287522 |
| UnitedHealth Group, Inc. | 209694 | 72407338 |
|  |  | 110694860 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| McDonald's Corp. | 129285 | 39288418 |
| Sodexo SA | 525966 | 33185421 |
|  |  | 72473839 |
| **Household Products — 1.4%** |  |  |
| Kimberly-Clark Corp. | 460501 | 57258694 |
| Reckitt Benckiser Group PLC | 476198 | 36668169 |
|  |  | 93926863 |
| **Insurance — 3.4%** |  |  |
| Allstate Corp. | 184094 | 39515777 |
| Marsh & McLennan Cos., Inc. | 524219 | 105645855 |
| Reinsurance Group of America, Inc. | 417810 | 80273835 |
|  |  | 225435467 |
| **Machinery — 1.6%** |  |  |
| Dover Corp. | 315699 | 52668064 |
| PACCAR, Inc. | 519501 | 51077339 |
|  |  | 103745403 |
| **Metals and Mining — 0.8%** |  |  |
| Reliance, Inc. | 179508 | 50411232 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal**<br>**Amount** | **Value** |
| **Oil, Gas and Consumable Fuels — 6.3%** |  |  |
| Chevron Corp. | 564407 | $87646763 |
| Enterprise Products Partners LP | 7013532 | 219313145 |
| Exxon Mobil Corp. | 713645 | 80463474 |
| TotalEnergies SE | 574293 | 34979391 |
|  |  | 422402773 |
| **Personal Care Products — 5.2%** |  |  |
| Estee Lauder Cos., Inc., Class A | 595634 | 52487268 |
| Kenvue, Inc. | 10286900 | 166956387 |
| Unilever PLC | 2093264 | 124332445 |
|  |  | 343776100 |
| **Pharmaceuticals — 6.4%** |  |  |
| Johnson & Johnson | 1389041 | 257555982 |
| Merck & Co., Inc. | 493407 | 41411650 |
| Roche Holding AG | 210696 | 70158285 |
| Sanofi SA, ADR | 1243990 | 58716328 |
|  |  | 427842245 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 106874 | 31367519 |
| **Semiconductors and Semiconductor Equipment — 1.5%** |  |  |
| Analog Devices, Inc. | 399096 | 98057887 |
| **Specialized REITs — 0.9%** |  |  |
| American Tower Corp. | 325280 | 62557850 |
| **Trading Companies and Distributors — 1.4%** |  |  |
| Bunzl PLC | 1368516 | 43254941 |
| MSC Industrial Direct Co., Inc., Class A | 508329 | 46837434 |
|  |  | 90092375 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,771,893,238) |  | **5257708677** |
| **PREFERRED SECURITIES — 7.9%** |  |  |
| **Banks — 6.0%** |  |  |
| Bank of America Corp., 6.30% | 43095000 | 43392054 |
| Citigroup, Inc., 4.00% | 26718000 | 26646588 |
| Citigroup, Inc., 6.25% | 44751000 | 45087438 |
| M&T Bank Corp., 5.125% | 64275000 | 64370146 |
| PNC Financial Services Group, Inc., 5.00% | 1260000 | 1258993 |
| Truist Financial Corp., 5.10% | 57372000 | 57373320 |
| Truist Financial Corp., 4.95% | 102782000 | 102506462 |
| Wells Fargo & Co., 3.90% | 56713000 | 56229437 |
|  |  | 396864438 |
| **Capital Markets — 1.9%** |  |  |
| Charles Schwab Corp., 4.00% | 77677000 | 76889044 |
| Goldman Sachs Group, Inc., 7.56% | 26168000 | 26338406 |
| Goldman Sachs Group, Inc., 7.38%<sup>(1)</sup> | 22358000 | 22606554 |
|  |  | 125834004 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $510,104,849) |  | **522698442** |
| **CONVERTIBLE BONDS — 5.2%** |  |  |
| **Electric Utilities — 0.2%** |  |  |
| Duke Energy Corp., 4.125%, 4/15/26 | $15286000 | 16428628 |
| **Health Care Equipment and Supplies — 0.9%** |  |  |
| Envista Holdings Corp., 1.75%, 8/15/28 | 64648000 | 61132765 |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
| | **Shares/Principal**<br>**Amount** | **Value** |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Cracker Barrel Old Country Store, Inc., 0.625%, 6/15/26 | $54105000 | $51981379 |
| **Multi-Utilities — 0.3%** |  |  |
| WEC Energy Group, Inc., 4.375%, 6/1/27 | 14425000 | 17299181 |
| **Semiconductors and Semiconductor Equipment — 3.0%** |  |  |
| Microchip Technology, Inc., 0.75%, 6/1/30 | 135352000 | 131562144 |
| ON Semiconductor Corp., 0.50%, 3/1/29 | 73238000 | 67757681 |
|  |  | 199319825 |
| **TOTAL CONVERTIBLE BONDS**<br>(Cost $351,972,029) |  | **346161778** |
| **EQUITY-LINKED NOTES — 3.4%** |  |  |
| **Building Products — 0.2%** |  |  |
| UBS AG, (convertible into Carrier Global Corp.), 8.05%, 2/2/26<sup>(2)</sup> | 177035 | 11479376 |
| **Consumer Staples Distribution & Retail — 0.2%** |  |  |
| Wells Fargo Bank NA, (convertible into Target Corp.), 11.38%, 2/24/26<sup>(2)</sup> | 134536 | 12033024 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into Keysight Technologies, Inc.), 7.10%, 2/24/26<sup>(2)</sup> | 86706 | 13576761 |
| **Health Care Providers and Services — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into Elevance Health, Inc.), 15.85%, 3/23/26<sup>(2)</sup> | 44319 | 13880661 |
| **Interactive Media and Services — 0.6%** |  |  |
| Royal Bank of Canada, (convertible into Alphabet, Inc., Class A), 7.46%, 1/22/26<sup>(2)</sup> | 98371 | 19763439 |
| Royal Bank of Canada, (convertible into Alphabet, Inc., Class A), 8.08%, 1/6/26<sup>(2)</sup> | 101423 | 19554174 |
|  |  | 39317613 |
| **IT Services — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into Accenture PLC), 13.82%, 3/13/26<sup>(2)</sup> | 57579 | 14004477 |
| **Leisure Products — 0.2%** |  |  |
| Wells Fargo Bank NA, (convertible into Mattel, Inc.), 9.30%, 1/28/26<sup>(2)</sup> | 739067 | 12524001 |
| **Machinery — 1.0%** |  |  |
| JPMorgan Chase Bank NA, (convertible into Cummins, Inc.), 15.40%, 10/14/25<sup>(2)</sup> | 49124 | 14158316 |
| JPMorgan Chase Bank NA, (convertible into PACCAR, Inc.), 14.22%, 10/22/25<sup>(2)</sup> | 164479 | 14574075 |
| JPMorgan Chase Bank NA, (convertible into Timken Co.), 10.26%, 10/2/25<sup>(2)</sup> | 195628 | 13791201 |
| Royal Bank of Canada, (convertible into Deere & Co.), 7.68%, 2/19/26<sup>(2)</sup> | 27714 | 13026619 |
| UBS AG, (convertible into Toro Co.), 5.80%, 2/19/26<sup>(2)</sup> | 184119 | 14073933 |
|  |  | 69624144 |
| **Semiconductors and Semiconductor Equipment — 0.2%** |  |  |
| Merrill Lynch BV, (convertible into QUALCOMM, Inc.), 11.45%, 2/4/26<sup>(2)</sup> | 88582 | 13222984 |
| **Software — 0.4%** |  |  |
| UBS AG, (convertible into Salesforce, Inc.), 10.85%, 12/31/25<sup>(2)</sup> | 65770 | 16615146 |
| Wells Fargo Bank NA, (convertible into Salesforce, Inc.), 7.29%, 3/6/26<sup>(2)</sup> | 55007 | 12839536 |
|  |  | 29454682 |
| **TOTAL EQUITY-LINKED NOTES**<br>(Cost $229,391,919) |  | **229117723** |
| **CONVERTIBLE PREFERRED SECURITIES — 1.2%** |  |  |
| **Banks — 0.6%** |  |  |
| Bank of America Corp., 7.25% | 30842 | 39567205 |
| **Electric Utilities — 0.6%** |  |  |
| NextEra Energy, Inc., 7.30%, 6/1/27 | 756326 | 37838990 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $78,053,100) |  | **77406195** |

---

------

Schedule of Investments - Equity Income Fund

---

| | | |
|:---|:---|:---|
|<br>**EXCHANGE-TRADED FUNDS — 1.0%** | **Shares/Principal**<br>**Amount**<br> | **Value**<br> |
| iShares Russell 1000 Value ETF<br>(Cost $60,249,305) | 341471 | $**69520081** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 52125 | 52125 |
| **Repurchase Agreements — 1.8%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 11/15/52, valued at $122,054,271), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $119,674,927) |  | 119661000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $119,713,125) |  | **119713125** |
| **TOTAL INVESTMENT SECURITIES — 99.6%**<br>(Cost $5,121,377,565) |  | **6622326021** |
| **OTHER ASSETS AND LIABILITIES — 0.4%** |  | **26056623** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6648382644** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| CHF | 1808825 | USD | 2287316 | Morgan Stanley & Co. LLC | 12/19/25 | $5714 |
| USD | 30262604 | CHF | 23738591 | JPMorgan Chase Bank NA | 12/19/25 | 169433 |
| USD | 30258361 | CHF | 23738592 | UBS AG | 12/19/25 | 165190 |
| USD | 65209280 | EUR | 54990018 | Citibank NA | 12/19/25 | 357865 |
| USD | 65187532 | EUR | 54990018 | Goldman Sachs & Co. LLC | 12/19/25 | 336116 |
| USD | 6411496 | EUR | 5435429 | Goldman Sachs & Co. LLC | 12/19/25 | 1328 |
| USD | 7103625 | EUR | 6051999 | Goldman Sachs & Co. LLC | 12/19/25 | (33684) |
| USD | 7363502 | EUR | 6267824 | Goldman Sachs & Co. LLC | 12/19/25 | (28335) |
| USD | 7537070 | EUR | 6396411 | Goldman Sachs & Co. LLC | 12/19/25 | (6414) |
| USD | 65199107 | EUR | 54990018 | Morgan Stanley & Co. LLC | 12/19/25 | 347692 |
| USD | 65203919 | EUR | 54990018 | UBS AG | 12/19/25 | 352503 |
| GBP | 1943163 | USD | 2594259 | Bank of America NA | 12/19/25 | 19344 |
| GBP | 2255712 | USD | 3033368 | Bank of America NA | 12/19/25 | 620 |
| USD | 24157363 | GBP | 17870714 | Bank of America NA | 12/19/25 | 120805 |
| USD | 24153244 | GBP | 17870714 | Citibank NA | 12/19/25 | 116685 |
| USD | 24148517 | GBP | 17870714 | Goldman Sachs & Co. LLC | 12/19/25 | 111959 |
| SEK | 3581924 | USD | 381098 | Bank of America NA | 12/19/25 | 1233 |
| USD | 13957806 | SEK | 130012025 | Bank of America NA | 12/19/25 | 80445 |
|  |  |  |  |  |  | $2118499 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| GBP | – | British Pound |
| SEK | – | Swedish Krona |
| USD | – | United States Dollar |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $50,556. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $229,117,723, which represented 3.4% of total net assets.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $52,125.

------

Schedule of Investments - Equity Income Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $133617425 | $33395934 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 40789386 | 16118822 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 64507934 | 16598897 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 39567292 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants and Leisure | 39288418 | 33185421 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 57258694 | 36668169 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas and Consumable Fuels | 387423382 | 34979391 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 219443655 | 124332445 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 357683960 | 70158285 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies and Distributors | 46837434 | 43254941 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 3462598792 |  |  |
| Preferred Securities |  | 522698442 |  |
| Convertible Bonds |  | 346161778 |  |
| Equity-Linked Notes |  | 229117723 |  |
| Convertible Preferred Securities |  | 77406195 |  |
| Exchange-Traded Funds | 69520081 |  |  |
| Short-Term Investments | 52125 | 119661000 |  |
|  | $4879021286 | $1743304735 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $2186932 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $68433 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $2186932 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $68433 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(29125658) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $1450312 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Focused Large Cap Value Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 97.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.5%** |  |  |
| RTX Corp. | 243840 | $40801747 |
| **Banks — 7.6%** |  |  |
| JPMorgan Chase & Co. | 343086 | 108219617 |
| Truist Financial Corp. | 2133125 | 97526475 |
|  |  | 205746092 |
| **Beverages — 4.2%** |  |  |
| Heineken NV | 422370 | 33075395 |
| PepsiCo, Inc. | 581062 | 81604347 |
|  |  | 114679742 |
| **Building Products — 1.6%** |  |  |
| A.O. Smith Corp. | 576500 | 42320865 |
| **Capital Markets — 6.4%** |  |  |
| Bank of New York Mellon Corp. | 307481 | 33503130 |
| Blackrock, Inc. | 69138 | 80605920 |
| Charles Schwab Corp. | 639440 | 61047337 |
|  |  | 175156387 |
| **Communications Equipment — 2.7%** |  |  |
| Cisco Systems, Inc. | 673496 | 46080596 |
| F5, Inc.<sup>(1)</sup> | 81971 | 26492208 |
|  |  | 72572804 |
| **Construction Materials — 1.5%** |  |  |
| CRH PLC | 339001 | 40646220 |
| **Containers and Packaging — 2.7%** |  |  |
| Graphic Packaging Holding Co. | 1049858 | 20545721 |
| Packaging Corp. of America | 249774 | 54433248 |
|  |  | 74978969 |
| **Diversified Telecommunication Services — 2.0%** |  |  |
| Verizon Communications, Inc. | 1210639 | 53207584 |
| **Electric Utilities — 3.7%** |  |  |
| Duke Energy Corp. | 812180 | 100507275 |
| **Electronic Equipment, Instruments and Components — 1.2%** |  |  |
| TE Connectivity PLC | 155159 | 34062055 |
| **Financial Services — 2.8%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 151993 | 76412961 |
| **Food Products — 2.6%** |  |  |
| Mondelez International, Inc., Class A | 1141208 | 71291264 |
| **Gas Utilities — 2.0%** |  |  |
| Atmos Energy Corp. | 317831 | 54269643 |
| **Ground Transportation — 2.5%** |  |  |
| Norfolk Southern Corp. | 225169 | 67643019 |
| **Health Care Equipment and Supplies — 7.8%** |  |  |
| Becton Dickinson & Co. | 446788 | 83625310 |
| Medtronic PLC | 774359 | 73749951 |
| Zimmer Biomet Holdings, Inc. | 561590 | 55316615 |
|  |  | 212691876 |
| **Health Care Providers and Services — 2.7%** |  |  |
| Henry Schein, Inc.<sup>(1)</sup> | 637092 | 42283796 |
| UnitedHealth Group, Inc. | 91506 | 31597022 |
|  |  | 73880818 |

---

------

Schedule of Investments - Focused Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Household Durables — 1.1%** |  |  |
| PulteGroup, Inc. | 218142 | $28823102 |
| **Household Products — 0.6%** |  |  |
| Reckitt Benckiser Group PLC | 217109 | 16717814 |
| **Industrial Conglomerates — 1.5%** |  |  |
| Siemens AG | 151586 | 40924884 |
| **Insurance — 5.4%** |  |  |
| Marsh & McLennan Cos., Inc. | 262660 | 52933870 |
| Reinsurance Group of America, Inc. | 492934 | 94707409 |
|  |  | 147641279 |
| **Interactive Media and Services — 2.6%** |  |  |
| Alphabet, Inc., Class A | 294445 | 71579580 |
| **Life Sciences Tools and Services — 1.9%** |  |  |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 271164 | 51504890 |
| **Machinery — 2.1%** |  |  |
| Cummins, Inc. | 63535 | 26835278 |
| PACCAR, Inc. | 306790 | 30163593 |
|  |  | 56998871 |
| **Oil, Gas and Consumable Fuels — 6.8%** |  |  |
| Chevron Corp. | 440213 | 68360677 |
| Enterprise Products Partners LP | 2830570 | 88511924 |
| TotalEnergies SE, ADR | 477768 | 28517972 |
|  |  | 185390573 |
| **Personal Care Products — 7.7%** |  |  |
| Estee Lauder Cos., Inc., Class A | 404459 | 35640927 |
| Kenvue, Inc. | 5588721 | 90704942 |
| Unilever PLC, ADR | 1397732 | 82857553 |
|  |  | 209203422 |
| **Pharmaceuticals — 5.8%** |  |  |
| Johnson & Johnson | 643477 | 119313505 |
| Roche Holding AG | 119347 | 39740578 |
|  |  | 159054083 |
| **Semiconductors and Semiconductor Equipment — 3.4%** |  |  |
| Analog Devices, Inc. | 217281 | 53385942 |
| QUALCOMM, Inc. | 234759 | 39054507 |
|  |  | 92440449 |
| **Software — 1.5%** |  |  |
| Salesforce, Inc. | 167554 | 39710298 |
| **Specialized REITs — 1.9%** |  |  |
| American Tower Corp. | 269034 | 51740619 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,078,868,678) |  | **2662599185** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 95560 | 95560 |
| **Repurchase Agreements — 1.8%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.00%, 11/15/52, valued at $48,958,123), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $48,003,586) |  | 47998000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $48,093,560) |  | **48093560** |
| **TOTAL INVESTMENT SECURITIES — 99.6%**<br>(Cost $2,126,962,238) |  | **2710692745** |
| **OTHER ASSETS AND LIABILITIES — 0.4%** |  | **11852907** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2722545652** |

---

------

Schedule of Investments - Focused Large Cap Value Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| CHF | 886923 | USD | 1118329 | UBS AG | 12/19/25 | $6015 |
| CHF | 649248 | USD | 822005 | UBS AG | 12/19/25 | 1039 |
| USD | 17371093 | CHF | 13626233 | JPMorgan Chase Bank NA | 12/19/25 | 97256 |
| USD | 17368657 | CHF | 13626233 | UBS AG | 12/19/25 | 94821 |
| USD | 22310177 | EUR | 18813840 | Citibank NA | 12/19/25 | 122437 |
| USD | 22302736 | EUR | 18813841 | Goldman Sachs & Co. LLC | 12/19/25 | 114996 |
| USD | 22306696 | EUR | 18813841 | Morgan Stanley & Co. LLC | 12/19/25 | 118956 |
| USD | 22308342 | EUR | 18813841 | UBS AG | 12/19/25 | 120603 |
| GBP | 1656059 | USD | 2210955 | Bank of America NA | 12/19/25 | 16486 |
| GBP | 1596632 | USD | 2147375 | Citibank NA | 12/19/25 | 136 |
| USD | 30665261 | GBP | 22685013 | Bank of America NA | 12/19/25 | 153349 |
| USD | 30660032 | GBP | 22685013 | Citibank NA | 12/19/25 | 148120 |
| USD | 30654031 | GBP | 22685013 | Goldman Sachs & Co. LLC | 12/19/25 | 142120 |
|  |  |  |  |  |  | $1136334 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |

---

(1)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $2532140514 | $130458671 |  |
| Short-Term Investments | 95560 | 47998000 |  |
|  | $2532236074 | $178456671 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $1136334 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $1136334 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(14410715) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $694991 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Mid Cap Value Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 98.9%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.8%** |  |  |
| Hexcel Corp. | 560805 | $35162473 |
| L3Harris Technologies, Inc. | 270287 | 82548353 |
|  |  | 117710826 |
| **Automobile Components — 1.7%** |  |  |
| BorgWarner, Inc. | 1007814 | 44303503 |
| Cie Generale des Etablissements Michelin SCA | 964469 | 34734133 |
| Gentex Corp. | 1242945 | 35175344 |
|  |  | 114212980 |
| **Banks — 8.2%** |  |  |
| Commerce Bancshares, Inc. | 1857160 | 110983882 |
| First Hawaiian, Inc. | 1685043 | 41839618 |
| PNC Financial Services Group, Inc. | 236642 | 47548477 |
| Prosperity Bancshares, Inc. | 1238605 | 82181442 |
| Truist Financial Corp. | 2404279 | 109923636 |
| U.S. Bancorp | 2626268 | 126927532 |
| Westamerica Bancorporation | 595246 | 29756347 |
|  |  | 549160934 |
| **Beverages — 1.5%** |  |  |
| Heineken NV | 511032 | 40018432 |
| Pernod Ricard SA | 585043 | 57597858 |
|  |  | 97616290 |
| **Building Products — 1.2%** |  |  |
| A.O. Smith Corp. | 605568 | 44454747 |
| Masco Corp. | 486903 | 34273102 |
|  |  | 78727849 |
| **Capital Markets — 2.8%** |  |  |
| Bank of New York Mellon Corp. | 278396 | 30334028 |
| Northern Trust Corp. | 732679 | 98618593 |
| Raymond James Financial, Inc. | 76374 | 13182152 |
| T. Rowe Price Group, Inc. | 467946 | 48029978 |
|  |  | 190164751 |
| **Chemicals — 1.2%** |  |  |
| Akzo Nobel NV<sup>(1)</sup> | 459317 | 32780417 |
| PPG Industries, Inc. | 465812 | 48961499 |
|  |  | 81741916 |
| **Commercial Services and Supplies — 0.6%** |  |  |
| ABM Industries, Inc. | 866279 | 39952787 |
| **Communications Equipment — 0.4%** |  |  |
| F5, Inc.<sup>(2)</sup> | 83337 | 26933685 |
| **Construction and Engineering — 0.1%** |  |  |
| Vinci SA | 43160 | 5998031 |
| **Construction Materials — 0.9%** |  |  |
| Eagle Materials, Inc. | 249475 | 58137654 |
| **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| Koninklijke Ahold Delhaize NV | 1901749 | 76953301 |
| **Containers and Packaging — 2.4%** |  |  |
| Graphic Packaging Holding Co. | 3765893 | 73698526 |
| Packaging Corp. of America | 406137 | 88509436 |
|  |  | 162207962 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities — 5.4%** |  |  |
| Duke Energy Corp. | 374566 | $46352543 |
| Evergy, Inc. | 1441481 | 109581386 |
| Eversource Energy | 1107344 | 78776452 |
| PPL Corp. | 302853 | 11254017 |
| Xcel Energy, Inc. | 1444368 | 116488279 |
|  |  | 362452677 |
| **Electrical Equipment — 0.3%** |  |  |
| Emerson Electric Co. | 166118 | 21791359 |
| **Electronic Equipment, Instruments and Components — 1.5%** |  |  |
| CDW Corp. | 207694 | 33081500 |
| Ralliant Corp. | 717716 | 31385721 |
| TE Connectivity PLC | 153651 | 33731004 |
|  |  | 98198225 |
| **Energy Equipment and Services — 1.5%** |  |  |
| Baker Hughes Co. | 2120420 | 103306862 |
| **Food Products — 1.7%** |  |  |
| Conagra Brands, Inc. | 2672267 | 48929209 |
| General Mills, Inc. | 596713 | 30086270 |
| Mondelez International, Inc., Class A | 524486 | 32764640 |
|  |  | 111780119 |
| **Gas Utilities — 2.2%** |  |  |
| ONE Gas, Inc. | 1055981 | 85471102 |
| Spire, Inc. | 757147 | 61722624 |
|  |  | 147193726 |
| **Ground Transportation — 2.7%** |  |  |
| CSX Corp. | 3104689 | 110247507 |
| Norfolk Southern Corp. | 225059 | 67609974 |
|  |  | 177857481 |
| **Health Care Equipment and Supplies — 8.1%** |  |  |
| Becton Dickinson & Co. | 536381 | 100394431 |
| Envista Holdings Corp.<sup>(2)</sup> | 2127567 | 43338540 |
| GE HealthCare Technologies, Inc. | 1204558 | 90462306 |
| Hologic, Inc.<sup>(2)</sup> | 973749 | 65718320 |
| Medtronic PLC | 656812 | 62554775 |
| Zimmer Biomet Holdings, Inc. | 1842086 | 181445471 |
|  |  | 543913843 |
| **Health Care Providers and Services — 5.7%** |  |  |
| Cencora, Inc. | 85459 | 26708501 |
| Henry Schein, Inc.<sup>(2)</sup> | 1965926 | 130478509 |
| Labcorp Holdings, Inc. | 364127 | 104526297 |
| Quest Diagnostics, Inc. | 312450 | 59546721 |
| Universal Health Services, Inc., Class B | 299021 | 61131853 |
|  |  | 382391881 |
| **Health Care REITs — 1.8%** |  |  |
| Healthpeak Properties, Inc. | 3443628 | 65945476 |
| Ventas, Inc. | 824369 | 57697587 |
|  |  | 123643063 |
| **Hotels, Restaurants and Leisure — 0.6%** |  |  |
| Sodexo SA | 610453 | 38516063 |
| **Household Durables — 1.9%** |  |  |
| Mohawk Industries, Inc.<sup>(2)</sup> | 438881 | 56580538 |
| PulteGroup, Inc. | 525991 | 69499191 |
|  |  | 126079729 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products — 3.2%** |  |  |
| Henkel AG & Co. KGaA, Preference Shares | 663495 | $53534968 |
| Kimberly-Clark Corp. | 809668 | 100674119 |
| Reckitt Benckiser Group PLC | 772869 | 59512411 |
|  |  | 213721498 |
| **Insurance — 4.4%** |  |  |
| Allstate Corp. | 191057 | 41010385 |
| Hanover Insurance Group, Inc. | 160082 | 29075694 |
| Reinsurance Group of America, Inc. | 533737 | 102546890 |
| Willis Towers Watson PLC | 346249 | 119611717 |
|  |  | 292244686 |
| **IT Services — 1.8%** |  |  |
| Amdocs Ltd. | 902299 | 74033633 |
| Cognizant Technology Solutions Corp., Class A | 728665 | 48871562 |
|  |  | 122905195 |
| **Life Sciences Tools and Services — 1.3%** |  |  |
| ICON PLC<sup>(2)</sup> | 180351 | 31561425 |
| IQVIA Holdings, Inc.<sup>(2)</sup> | 295122 | 56055473 |
|  |  | 87616898 |
| **Machinery — 5.1%** |  |  |
| Cummins, Inc. | 206642 | 87279382 |
| Dover Corp. | 110736 | 18474087 |
| Fortive Corp. | 521598 | 25553086 |
| Oshkosh Corp. | 460569 | 59735799 |
| PACCAR, Inc. | 508267 | 49972811 |
| Timken Co. | 739176 | 55571252 |
| Toro Co. | 567459 | 43240376 |
|  |  | 339826793 |
| **Media — 1.4%** |  |  |
| Omnicom Group, Inc. | 673350 | 54898226 |
| Publicis Groupe SA | 375416 | 36127536 |
|  |  | 91025762 |
| **Metals and Mining — 0.9%** |  |  |
| Reliance, Inc. | 208254 | 58483971 |
| **Multi-Utilities — 1.5%** |  |  |
| Northwestern Energy Group, Inc. | 1738751 | 101908196 |
| **Oil, Gas and Consumable Fuels — 4.7%** |  |  |
| Coterra Energy, Inc. | 2553192 | 60382991 |
| Diamondback Energy, Inc. | 382656 | 54758073 |
| Enterprise Products Partners LP | 3536455 | 110584948 |
| Occidental Petroleum Corp. | 1189594 | 56208316 |
| ONEOK, Inc. | 470612 | 34340558 |
|  |  | 316274886 |
| **Passenger Airlines — 1.0%** |  |  |
| Southwest Airlines Co. | 2047208 | 65326407 |
| **Personal Care Products — 2.5%** |  |  |
| Estee Lauder Cos., Inc., Class A | 741800 | 65367416 |
| Kenvue, Inc. | 6292479 | 102126934 |
|  |  | 167494350 |
| **Residential REITs — 1.7%** |  |  |
| Equity Residential | 1407058 | 91078864 |
| Essex Property Trust, Inc. | 74504 | 19941741 |
|  |  | 111020605 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail REITs — 2.3%** |  |  |
| Agree Realty Corp. | 317701 | $22569479 |
| Realty Income Corp. | 1737670 | 105632959 |
| Regency Centers Corp. | 309551 | 22566268 |
|  |  | 150768706 |
| **Semiconductors and Semiconductor Equipment — 1.7%** |  |  |
| NXP Semiconductors NV | 142382 | 32424653 |
| Teradyne, Inc. | 605873 | 83392360 |
|  |  | 115817013 |
| **Specialized REITs — 3.6%** |  |  |
| American Tower Corp. | 345851 | 66514064 |
| Public Storage | 266648 | 77021275 |
| VICI Properties, Inc. | 2888166 | 94183093 |
|  |  | 237718432 |
| **Technology Hardware, Storage and Peripherals — 1.1%** |  |  |
| HP, Inc. | 2783148 | 75785120 |
| **Trading Companies and Distributors — 3.3%** |  |  |
| Ashtead Group PLC | 593918 | 39828926 |
| Bunzl PLC | 3099032 | 97951684 |
| MSC Industrial Direct Co., Inc., Class A | 872052 | 80350871 |
|  |  | 218131481 |
| **TOTAL COMMON STOCKS**<br>(Cost $5,802,414,574) |  | **6602713993** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 85618 | 85618 |
| **Repurchase Agreements — 0.9%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625 - 4.00%, 11/15/52 - 2/15/53, valued at $64,396,838), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $63,141,348) |  | 63134000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $63,219,618) |  | **63219618** |
| **TOTAL INVESTMENT SECURITIES — 99.8%**<br>(Cost $5,865,634,192) |  | **6665933611** |
| **OTHER ASSETS AND LIABILITIES — 0.2%** |  | **12641144** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6678574755** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 82116762 | EUR | 69247847 | Citibank NA | 12/19/25 | $450652 |
| USD | 82089375 | EUR | 69247846 | Goldman Sachs & Co. LLC | 12/19/25 | 423264 |
| USD | 82103951 | EUR | 69247847 | Morgan Stanley & Co. LLC | 12/19/25 | 437841 |
| USD | 82110011 | EUR | 69247846 | UBS AG | 12/19/25 | 443900 |
| GBP | 3359718 | USD | 4502789 | Citibank NA | 12/19/25 | 16116 |
| USD | 57334647 | GBP | 42414028 | Bank of America NA | 12/19/25 | 286716 |
| USD | 57324871 | GBP | 42414028 | Citibank NA | 12/19/25 | 276939 |
| USD | 57313652 | GBP | 42414028 | Goldman Sachs & Co. LLC | 12/19/25 | 265721 |
|  |  |  |  |  |  | $2601149 |

---

------

Schedule of Investments - Mid Cap Value Fund

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |

---

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $48,673. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. At the period end, the aggregate value of the collateral held by the fund was $51,016, all of which is securities collateral.

(2)Non-income producing.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $79478847 | $34734133 |  |
| &nbsp;&nbsp;&nbsp;Beverages |  | 97616290 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 48961499 | 32780417 |  |
| &nbsp;&nbsp;&nbsp;Construction and Engineering |  | 5998031 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 76953301 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants and Leisure |  | 38516063 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 100674119 | 113047379 |  |
| &nbsp;&nbsp;&nbsp;Media | 54898226 | 36127536 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies and Distributors | 80350871 | 137780610 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 5664796671 |  |  |
| Short-Term Investments | 85618 | 63134000 |  |
|  | $6029245851 | $636687760 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $2601149 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $2601149 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(32172303) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $1826486 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Dividend Fund

**SEPTEMBER 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.3%** | **Shares**<br> | **Value**<br> |
| **Automobile Components — 0.5%** |  |  |
| Patrick Industries, Inc. | 4356 | $450541 |
| **Banks — 22.2%** |  |  |
| Atlantic Union Bankshares Corp. | 44873 | 1583568 |
| Bank7 Corp. | 33842 | 1565869 |
| City Holding Co. | 2211 | 273877 |
| Columbia Banking System, Inc. | 91442 | 2353717 |
| CVB Financial Corp. | 33312 | 629930 |
| Esquire Financial Holdings, Inc. | 5993 | 611616 |
| First Merchants Corp. | 9594 | 361694 |
| FNB Corp. | 60734 | 978425 |
| Home BancShares, Inc. | 73180 | 2070994 |
| International Bancshares Corp. | 30717 | 2111794 |
| Lakeland Financial Corp. | 10016 | 643027 |
| Northpointe Bancshares, Inc. | 28019 | 478564 |
| Old National Bancorp | 89197 | 1957874 |
| Popular, Inc. | 9277 | 1178272 |
| Provident Financial Services, Inc. | 50003 | 964058 |
| United Bankshares, Inc. | 27466 | 1022010 |
| Webster Financial Corp. | 34453 | 2047886 |
|  |  | 20833175 |
| **Building Products — 0.3%** |  |  |
| Tecnoglass, Inc. | 4101 | 274398 |
| **Capital Markets — 3.0%** |  |  |
| GCM Grosvenor, Inc., Class A<sup>(1)</sup> | 54246 | 654749 |
| Marex Group PLC | 40450 | 1359929 |
| Oppenheimer Holdings, Inc., Class A | 10544 | 779307 |
|  |  | 2793985 |
| **Chemicals — 3.8%** |  |  |
| Ashland, Inc. | 27302 | 1308039 |
| Avient Corp. | 27051 | 891330 |
| Minerals Technologies, Inc. | 22473 | 1396023 |
|  |  | 3595392 |
| **Commercial Services and Supplies — 1.9%** |  |  |
| Brink's Co. | 14907 | 1742032 |
| **Construction Materials — 1.4%** |  |  |
| Titan America SA<sup>(2)</sup> | 88776 | 1326313 |
| **Containers and Packaging — 2.6%** |  |  |
| Graphic Packaging Holding Co. | 124753 | 2441416 |
| **Electrical Equipment — 1.0%** |  |  |
| Hammond Power Solutions, Inc.<sup>(1)</sup> | 11041 | 979465 |
| **Electronic Equipment, Instruments and Components — 3.2%** |  |  |
| Avnet, Inc. | 10418 | 544653 |
| Ingram Micro Holding Corp.<sup>(1)</sup> | 70165 | 1507846 |
| Vishay Intertechnology, Inc. | 61445 | 940108 |
|  |  | 2992607 |
| **Energy Equipment and Services — 1.5%** |  |  |
| Flowco Holdings, Inc., Class A | 74631 | 1108270 |
| Liberty Energy, Inc. | 23025 | 284129 |
|  |  | 1392399 |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services — 2.8%** |  |  |
| Enact Holdings, Inc. | 6056 | $232187 |
| EVERTEC, Inc. | 71205 | 2405305 |
|  |  | 2637492 |
| **Gas Utilities — 0.6%** |  |  |
| Southwest Gas Holdings, Inc. | 7005 | 548772 |
| **Ground Transportation — 0.8%** |  |  |
| Proficient Auto Logistics, Inc.<sup>(2)</sup> | 112558 | 775525 |
| **Health Care Equipment and Supplies — 2.5%** |  |  |
| Embecta Corp. | 163418 | 2305828 |
| **Health Care REITs — 2.3%** |  |  |
| American Healthcare REIT, Inc. | 27239 | 1144310 |
| LTC Properties, Inc. | 27160 | 1001118 |
|  |  | 2145428 |
| **Hotel & Resort REITs — 2.2%** |  |  |
| Ryman Hospitality Properties, Inc. | 17365 | 1555731 |
| Xenia Hotels & Resorts, Inc. | 38799 | 532322 |
|  |  | 2088053 |
| **Hotels, Restaurants and Leisure — 2.8%** |  |  |
| Papa John's International, Inc. | 19411 | 934640 |
| Vail Resorts, Inc. | 11325 | 1693880 |
|  |  | 2628520 |
| **Household Durables — 3.0%** |  |  |
| KB Home | 22514 | 1432791 |
| Meritage Homes Corp. | 18688 | 1353572 |
|  |  | 2786363 |
| **Household Products — 1.7%** |  |  |
| Spectrum Brands Holdings, Inc. | 30698 | 1612566 |
| **Industrial REITs — 2.9%** |  |  |
| Americold Realty Trust, Inc. | 140701 | 1722180 |
| Terreno Realty Corp. | 18381 | 1043122 |
|  |  | 2765302 |
| **Insurance — 3.1%** |  |  |
| Axis Capital Holdings Ltd. | 26233 | 2513121 |
| Fidelis Insurance Holdings Ltd. | 20788 | 377302 |
|  |  | 2890423 |
| **Leisure Products — 1.6%** |  |  |
| Brunswick Corp. | 23229 | 1469002 |
| **Machinery — 6.7%** |  |  |
| Albany International Corp., Class A | 19356 | 1031675 |
| Kennametal, Inc. | 59704 | 1249605 |
| Luxfer Holdings PLC | 123173 | 1712105 |
| Timken Co. | 30747 | 2311559 |
|  |  | 6304944 |
| **Media — 2.4%** |  |  |
| Entravision Communications Corp., Class A | 185891 | 433126 |
| John Wiley & Sons, Inc., Class A | 27268 | 1103536 |
| Townsquare Media, Inc., Class A | 106556 | 716056 |
|  |  | 2252718 |
| **Multi-Utilities — 0.9%** |  |  |
| Northwestern Energy Group, Inc. | 13801 | 808877 |
| **Oil, Gas and Consumable Fuels — 9.1%** |  |  |
| Chord Energy Corp. | 12795 | 1271439 |
| Crescent Energy Co., Class A | 223332 | 1992121 |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hess Midstream LP, Class A | 47955 | $1656845 |
| Infinity Natural Resources, Inc., Class A<sup>(2)</sup> | 35770 | 468945 |
| Mach Natural Resources LP | 90777 | 1196441 |
| TXO Partners LP | 139059 | 1953779 |
|  |  | 8539570 |
| **Personal Care Products — 0.9%** |  |  |
| Edgewell Personal Care Co. | 43777 | 891300 |
| **Professional Services — 1.8%** |  |  |
| Korn Ferry | 7209 | 504486 |
| Science Applications International Corp. | 11856 | 1178130 |
|  |  | 1682616 |
| **Residential REITs — 0.6%** |  |  |
| UMH Properties, Inc. | 36673 | 544594 |
| **Semiconductors and Semiconductor Equipment — 1.8%** |  |  |
| Amkor Technology, Inc. | 20351 | 577968 |
| Kulicke & Soffa Industries, Inc. | 26358 | 1071189 |
|  |  | 1649157 |
| **Software — 0.3%** |  |  |
| Opera Ltd., ADR | 15537 | 320684 |
| **Specialized REITs — 1.8%** |  |  |
| EPR Properties | 23795 | 1380348 |
| Smartstop Self Storage REIT, Inc. | 7281 | 274057 |
|  |  | 1654405 |
| **Specialty Retail — 1.9%** |  |  |
| Bath & Body Works, Inc. | 70265 | 1810026 |
| **Tobacco — 0.4%** |  |  |
| Turning Point Brands, Inc. | 4043 | 399691 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Applied Industrial Technologies, Inc. | 3761 | 981809 |
| **TOTAL COMMON STOCKS**<br>(Cost $97,879,790) |  | **91315388** |
| **PREFERRED SECURITIES — 0.5%** |  |  |
| **Financial Services — 0.5%** |  |  |
| Compass Diversified Holdings, 7.875%<br>(Cost $458,045) | 26375 | **484245** |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Money Market Funds — 1.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup><br>(Cost $1,525,875) | 1525875 | **1525875** |
| **TOTAL INVESTMENT SECURITIES — 99.4%**<br>(Cost $99,863,710) |  | **93325508** |
| **OTHER ASSETS AND LIABILITIES — 0.6%** |  | **579355** |
| **TOTAL NET ASSETS — 100.0%** |  | $**93904863** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 811382 | CAD | 1117556 | Citibank NA | 12/19/25 | $5404 |
| USD | 39244 | CAD | 54484 | Citibank NA | 12/19/25 | (49) |
|  |  |  |  |  |  | $5355 |

---

------

Schedule of Investments - Small Cap Dividend Fund

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CAD | – | Canadian Dollar |
| USD | – | United States Dollar |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,562,155. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Non-income producing.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,625,404, which includes securities collateral of $99,529.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $90335923 | $979465 |  |
| Preferred Securities | 484245 |  |  |
| Short-Term Investments | 1525875 |  |  |
|  | $92346043 | $979465 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $5404 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $49 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $5404 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $49 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $13611 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $5355 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Small Cap Value Fund

**SEPTEMBER 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.3%** | **Shares**<br> | **Value**<br> |
| **Automobile Components — 2.4%** |  |  |
| Patrick Industries, Inc. | 195000 | $20168850 |
| Visteon Corp. | 690000 | 82703400 |
|  |  | 102872250 |
| **Banks — 23.8%** |  |  |
| Ameris Bancorp | 873945 | 64068908 |
| Atlantic Union Bankshares Corp. | 1475000 | 52052750 |
| Axos Financial, Inc.<sup>(1)</sup> | 515000 | 43594750 |
| BancFirst Corp. | 65000 | 8219250 |
| Columbia Banking System, Inc. | 3410000 | 87773400 |
| CVB Financial Corp. | 775000 | 14655250 |
| First BanCorp | 1570000 | 34618500 |
| First Merchants Corp. | 156763 | 5909965 |
| FNB Corp. | 3610000 | 58157100 |
| Home BancShares, Inc. | 2970000 | 84051000 |
| International Bancshares Corp. | 960000 | 66000000 |
| Nicolet Bankshares, Inc. | 95000 | 12777500 |
| Old National Bancorp | 5824999 | 127858750 |
| Pathward Financial, Inc. | 175000 | 12951750 |
| Popular, Inc. | 320000 | 40643200 |
| Southstate Bank Corp. | 1190000 | 117655300 |
| UMB Financial Corp. | 815000 | 96455250 |
| Webster Financial Corp. | 1600000 | 95104000 |
|  |  | 1022546623 |
| **Building Products — 0.5%** |  |  |
| DIRTT Environmental Solutions<sup>(1)</sup> | 7095240 | 4079763 |
| Tecnoglass, Inc. | 255000 | 17062050 |
|  |  | 21141813 |
| **Capital Markets — 1.6%** |  |  |
| Marex Group PLC | 885000 | 29753700 |
| StoneX Group, Inc.<sup>(1)</sup> | 405000 | 40872600 |
|  |  | 70626300 |
| **Chemicals — 3.1%** |  |  |
| Ashland, Inc. | 640000 | 30662400 |
| FMC Corp. | 99013 | 3329807 |
| Ingevity Corp.<sup>(1)</sup> | 915000 | 50498850 |
| Minerals Technologies, Inc. | 775000 | 48143000 |
|  |  | 132634057 |
| **Commercial Services and Supplies — 3.1%** |  |  |
| Brink's Co. | 755000 | 88229300 |
| Deluxe Corp. | 730000 | 14132800 |
| Loomis AB | 760000 | 32479419 |
|  |  | 134841519 |
| **Construction Materials — 0.6%** |  |  |
| Titan America SA<sup>(1)</sup> | 1675000 | 25024500 |
| **Containers and Packaging — 2.7%** |  |  |
| Graphic Packaging Holding Co. | 5845000 | 114386650 |
| **Distributors — 0.5%** |  |  |
| A-Mark Precious Metals, Inc. | 790000 | 20437300 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer Services — 1.0%** |  |  |
| KinderCare Learning Cos., Inc.<sup>(1)</sup> | 2870000 | $19056800 |
| McGraw Hill, Inc.<sup>(1)</sup> | 1960000 | 24598000 |
|  |  | 43654800 |
| **Electrical Equipment — 1.0%** |  |  |
| Hammond Power Solutions, Inc.<sup>(2)</sup> | 170000 | 15080980 |
| Sensata Technologies Holding PLC | 925000 | 28258750 |
|  |  | 43339730 |
| **Electronic Equipment, Instruments and Components — 1.4%** |  |  |
| Avnet, Inc. | 490000 | 25617200 |
| Ingram Micro Holding Corp. | 1610000 | 34598900 |
|  |  | 60216100 |
| **Energy Equipment and Services — 0.8%** |  |  |
| Flowco Holdings, Inc., Class A | 1740000 | 25839000 |
| Liberty Energy, Inc. | 815000 | 10057100 |
|  |  | 35896100 |
| **Financial Services — 5.7%** |  |  |
| Compass Diversified Holdings | 3265000 | 21614300 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 1125000 | 98786250 |
| EVERTEC, Inc. | 3025000 | 102184500 |
| Repay Holdings Corp.<sup>(1)</sup> | 4295000 | 22462850 |
|  |  | 245047900 |
| **Ground Transportation — 0.2%** |  |  |
| Proficient Auto Logistics, Inc.<sup>(1)</sup> | 1085000 | 7475650 |
| **Health Care Equipment and Supplies — 3.6%** |  |  |
| Embecta Corp.<sup>(3)</sup> | 3200000 | 45152000 |
| Enovis Corp.<sup>(1)(3)</sup> | 2990000 | 90716600 |
| Envista Holdings Corp.<sup>(1)</sup> | 1050000 | 21388500 |
|  |  | 157257100 |
| **Health Care Providers and Services — 0.2%** |  |  |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 509483 | 8533840 |
| **Health Care REITs — 0.8%** |  |  |
| American Healthcare REIT, Inc. | 360000 | 15123600 |
| LTC Properties, Inc. | 489861 | 18056276 |
|  |  | 33179876 |
| **Hotel & Resort REITs — 1.5%** |  |  |
| Ryman Hospitality Properties, Inc. | 725000 | 64952750 |
| **Hotels, Restaurants and Leisure — 1.0%** |  |  |
| Boyd Gaming Corp. | 500000 | 43225000 |
| **Household Durables — 4.4%** |  |  |
| Champion Homes, Inc.<sup>(1)</sup> | 810000 | 61859700 |
| M/I Homes, Inc.<sup>(1)</sup> | 325000 | 46943000 |
| Meritage Homes Corp. | 520000 | 37663600 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 685000 | 45216850 |
|  |  | 191683150 |
| **Household Products — 1.5%** |  |  |
| Spectrum Brands Holdings, Inc.<sup>(3)</sup> | 1265000 | 66450450 |
| **Industrial REITs — 2.7%** |  |  |
| Americold Realty Trust, Inc. | 4955000 | 60649200 |
| Terreno Realty Corp. | 965000 | 54763750 |
|  |  | 115412950 |
| **Insurance — 5.1%** |  |  |
| Accelerant Holdings, Class A<sup>(1)</sup> | 595000 | 8859550 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Axis Capital Holdings Ltd. | 1200000 | $114960000 |
| Baldwin Insurance Group, Inc.<sup>(1)</sup> | 225000 | 6347250 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 175000 | 4732000 |
| Fidelis Insurance Holdings Ltd. | 485000 | 8802750 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 1290000 | 31992000 |
| Neptune Insurance Holdings, Inc., Class A<sup>(1)</sup> | 22805 | 456100 |
| SiriusPoint Ltd.<sup>(1)</sup> | 1250000 | 22612500 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | 1385000 | 21862225 |
|  |  | 220624375 |
| **Leisure Products — 1.3%** |  |  |
| Brunswick Corp. | 870000 | 55018800 |
| **Machinery — 5.5%** |  |  |
| Blue Bird Corp.<sup>(1)</sup> | 435000 | 25034250 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 1810000 | 44924200 |
| Hillman Solutions Corp.<sup>(1)</sup> | 4260000 | 39106800 |
| Kennametal, Inc. | 735000 | 15383550 |
| Luxfer Holdings PLC | 270000 | 3753000 |
| Timken Co. | 1440000 | 108259200 |
|  |  | 236461000 |
| **Media — 0.6%** |  |  |
| Entravision Communications Corp., Class A<sup>(3)</sup> | 6577330 | 15325179 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 555000 | 6693300 |
| Townsquare Media, Inc., Class A | 448489 | 3013846 |
|  |  | 25032325 |
| **Oil, Gas and Consumable Fuels — 8.9%** |  |  |
| Chord Energy Corp. | 625000 | 62106250 |
| Crescent Energy Co., Class A | 8100000 | 72252000 |
| Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | 820000 | 10750200 |
| Mach Natural Resources LP | 1775000 | 23394500 |
| Magnolia Oil & Gas Corp., Class A | 3405000 | 81277350 |
| Northern Oil & Gas, Inc. | 2725000 | 67580000 |
| Permian Resources Corp. | 4045000 | 51776000 |
| TXO Partners LP | 960000 | 13488000 |
|  |  | 382624300 |
| **Personal Care Products — 1.2%** |  |  |
| Edgewell Personal Care Co.<sup>(3)</sup> | 2445000 | 49780200 |
| **Professional Services — 3.1%** |  |  |
| IBEX Holdings Ltd.<sup>(1)</sup> | 155000 | 6280600 |
| Korn Ferry | 685000 | 47936300 |
| Science Applications International Corp. | 235000 | 23351950 |
| TriNet Group, Inc. | 860000 | 57525400 |
|  |  | 135094250 |
| **Residential REITs — 0.5%** |  |  |
| UMH Properties, Inc. | 1495000 | 22200750 |
| **Semiconductors and Semiconductor Equipment — 3.1%** |  |  |
| Amkor Technology, Inc. | 1070000 | 30388000 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 650000 | 63466000 |
| Kulicke & Soffa Industries, Inc. | 1000000 | 40640000 |
|  |  | 134494000 |
| **Software — 0.5%** |  |  |
| Opera Ltd., ADR | 363095 | 7494281 |
| Progress Software Corp.<sup>(1)</sup> | 350000 | 15375500 |
|  |  | 22869781 |

---

------

Schedule of Investments - Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialized REITs — 1.0%** |  |  |
| EPR Properties | 540000 | $31325400 |
| Smartstop Self Storage REIT, Inc. | 265000 | 9974600 |
|  |  | 41300000 |
| **Specialty Retail — 3.3%** |  |  |
| Bath & Body Works, Inc. | 3140000 | 80886400 |
| MarineMax, Inc.<sup>(1)(3)</sup> | 1510000 | 38248300 |
| OneWater Marine, Inc., Class A<sup>(1)(2)(3)</sup> | 1345000 | 21304800 |
|  |  | 140439500 |
| **Tobacco — 0.5%** |  |  |
| Turning Point Brands, Inc. | 210000 | 20760600 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| DXP Enterprises, Inc.<sup>(1)</sup> | 141348 | 16830306 |
| Titan Machinery, Inc.<sup>(1)</sup> | 455644 | 7627481 |
|  |  | 24457787 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,830,333,546) |  | **4271994076** |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 60876 | 60876 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 839322 | 839322 |
|  |  | 900198 |
| **Repurchase Agreements — 0.7%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $30,889,812), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $30,287,525) |  | 30284000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $31,184,198) |  | **31184198** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $3,861,517,744) |  | **4303178274** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **1663663** |
| **TOTAL NET ASSETS — 100.0%** |  | $**4304841937** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 12201228 | CAD | 16805350 | Citibank NA | 12/19/25 | $81264 |
| USD | 590144 | CAD | 819315 | Citibank NA | 12/19/25 | (744) |
| SEK | 9431600 | USD | 1003474 | Bank of America NA | 12/19/25 | 3246 |
| USD | 28920262 | SEK | 269382000 | Bank of America NA | 12/19/25 | 166680 |
|  |  |  |  |  |  | $250446 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CAD | – | Canadian Dollar |
| SEK | – | Swedish Krona |
| USD | – | United States Dollar |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,769,285. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Affiliated Company: the fund's holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,910,431, which includes securities collateral of $2,071,109.

------

Schedule of Investments - Small Cap Value Fund

**AFFILIATED COMPANY TRANSACTIONS**

If a fund's holding represents ownership of 5% or more of the voting securities of a company, the company is affiliated as defined in the 1940 Act. A summary of transactions for each company which is or was an affiliate at or during the period ended September 30, 2025 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales <br>Cost** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Income** |
| Compass Diversified Holdings<sup>(1)</sup> | $76360 |  | $17542 | $(37204) | —<sup>(1)</sup> | —<sup>(1)</sup> | $(11532) | $1023 |
| Edgewell Personal Care Co. | 76621 | $7196 | 12304 | (21733) | $49780 | 2445 | (3569) | 686 |
| Embecta Corp. | 35445 | 7911 | 7705 | 9501 | 45152 | 3200 | (4052) | 998 |
| Enovis Corp.<sup>(2)</sup> | 101830 | 15355 | 7497 | (18971) | 90717 | 2990 | (2646) |  |
| Entravision Communications Corp., Class A | 13976 |  | 255 | 1604 | 15325 | 6577 | (60) | 665 |
| EVERTEC, Inc.<sup>(1)</sup> | 122076 | 9111 | 21318 | (7684) | —<sup>(1)</sup> | —<sup>(1)</sup> | (1522) | 307 |
| MarineMax, Inc.<sup>(2)</sup> | 33960 |  | 2867 | 7155 | 38248 | 1510 | (1200) |  |
| OneWater Marine, Inc., Class A<sup>(2)(3)</sup> | 21438 | 908 | 1515 | 474 | 21305 | 1345 | (899) |  |
| Spectrum Brands Holdings, Inc. | 67977 | 22499 | 6220 | (17805) | 66451 | 1265 | (1467) | 994 |
|  | $549683 | $62980 | $77223 | $(84663) | $326978 | 19332 | $(26947) | $4673 |

---

(1)Company was not an affiliate at September 30, 2025.

(2)Non-income producing.

(3)Security, or a portion thereof, is on loan.

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $4224433677 | $47560399 |  |
| Short-Term Investments | 900198 | 30284000 |  |
|  | $4225333875 | $77844399 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $251190 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $744 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $251190 |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $744 |

---

------

Schedule of Investments - Small Cap Value Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(1792179) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $453924 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Value Fund

**SEPTEMBER 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 97.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 2.5%** |  |  |
| L3Harris Technologies, Inc. | 56810 | $17350342 |
| Lockheed Martin Corp. | 30589 | 15270335 |
| RTX Corp. | 138756 | 23218041 |
|  |  | 55838718 |
| **Air Freight and Logistics — 1.1%** |  |  |
| United Parcel Service, Inc., Class B | 282583 | 23604158 |
| **Automobile Components — 0.8%** |  |  |
| BorgWarner, Inc. | 385308 | 16938140 |
| **Banks — 8.8%** |  |  |
| Bank of America Corp. | 801632 | 41356195 |
| JPMorgan Chase & Co. | 208075 | 65633097 |
| PNC Financial Services Group, Inc. | 62999 | 12658389 |
| Truist Financial Corp. | 561434 | 25668762 |
| U.S. Bancorp | 1000381 | 48348414 |
|  |  | 193664857 |
| **Beverages — 3.4%** |  |  |
| Heineken Holding NV | 139593 | 9584894 |
| Heineken NV | 172341 | 13495861 |
| PepsiCo, Inc. | 210592 | 29575541 |
| Pernod Ricard SA | 223261 | 21980188 |
|  |  | 74636484 |
| **Building Products — 0.8%** |  |  |
| A.O. Smith Corp. | 243035 | 17841199 |
| **Capital Markets — 5.5%** |  |  |
| Bank of New York Mellon Corp. | 196896 | 21453788 |
| Blackrock, Inc. | 12678 | 14780900 |
| Charles Schwab Corp. | 306875 | 29297356 |
| Northern Trust Corp. | 124663 | 16779640 |
| State Street Corp. | 199074 | 23094575 |
| T. Rowe Price Group, Inc. | 151313 | 15530766 |
|  |  | 120937025 |
| **Chemicals — 0.7%** |  |  |
| PPG Industries, Inc. | 155089 | 16301405 |
| **Communications Equipment — 2.9%** |  |  |
| Cisco Systems, Inc. | 649515 | 44439816 |
| F5, Inc.<sup>(1)</sup> | 62027 | 20046506 |
|  |  | 64486322 |
| **Construction Materials — 0.5%** |  |  |
| Martin Marietta Materials, Inc. | 17192 | 10835774 |
| **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| Koninklijke Ahold Delhaize NV | 351163 | 14209631 |
| Target Corp. | 138311 | 12406497 |
|  |  | 26616128 |
| **Containers and Packaging — 0.8%** |  |  |
| Packaging Corp. of America | 82052 | 17881592 |
| **Diversified Telecommunication Services — 2.7%** |  |  |
| AT&T, Inc. | 734147 | 20732312 |
| Verizon Communications, Inc. | 861475 | 37861826 |
|  |  | 58594138 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electric Utilities — 3.7%** |  |  |
| Duke Energy Corp. | 186811 | $23117861 |
| Evergy, Inc. | 311518 | 23681598 |
| Xcel Energy, Inc. | 436858 | 35232598 |
|  |  | 82032057 |
| **Electrical Equipment — 0.7%** |  |  |
| Emerson Electric Co. | 118497 | 15544436 |
| **Energy Equipment and Services — 0.8%** |  |  |
| Baker Hughes Co. | 362971 | 17683947 |
| **Entertainment — 1.0%** |  |  |
| Walt Disney Co. | 188393 | 21570999 |
| **Financial Services — 3.9%** |  |  |
| Berkshire Hathaway, Inc., Class A<sup>(1)</sup> | 97 | 73157400 |
| Fidelity National Information Services, Inc. | 191947 | 12656985 |
|  |  | 85814385 |
| **Food Products — 1.7%** |  |  |
| Conagra Brands, Inc. | 780827 | 14296942 |
| Mondelez International, Inc., Class A | 353012 | 22052660 |
|  |  | 36349602 |
| **Gas Utilities — 0.8%** |  |  |
| ONE Gas, Inc. | 210070 | 17003066 |
| **Ground Transportation — 1.2%** |  |  |
| Norfolk Southern Corp. | 85638 | 25726512 |
| **Health Care Equipment and Supplies — 5.6%** |  |  |
| Becton Dickinson & Co. | 200223 | 37475739 |
| Dentsply Sirona, Inc. | 897701 | 11391825 |
| Medtronic PLC | 405424 | 38612582 |
| Zimmer Biomet Holdings, Inc. | 370230 | 36467655 |
|  |  | 123947801 |
| **Health Care Providers and Services — 4.4%** |  |  |
| CVS Health Corp. | 254471 | 19184569 |
| Henry Schein, Inc.<sup>(1)</sup> | 252266 | 16742894 |
| Labcorp Holdings, Inc. | 74826 | 21479551 |
| UnitedHealth Group, Inc. | 66953 | 23118871 |
| Universal Health Services, Inc., Class B | 77922 | 15930374 |
|  |  | 96456259 |
| **Health Care REITs — 1.2%** |  |  |
| Healthpeak Properties, Inc. | 711517 | 13625551 |
| Ventas, Inc. | 169357 | 11853296 |
|  |  | 25478847 |
| **Household Durables — 1.4%** |  |  |
| Mohawk Industries, Inc.<sup>(1)</sup> | 117562 | 15156093 |
| PulteGroup, Inc. | 114069 | 15071937 |
|  |  | 30228030 |
| **Household Products — 1.7%** |  |  |
| Kimberly-Clark Corp. | 183719 | 22843620 |
| Reckitt Benckiser Group PLC | 200228 | 15417944 |
|  |  | 38261564 |
| **Industrial Conglomerates — 0.5%** |  |  |
| Siemens AG | 43941 | 11863103 |
| **Insurance — 3.1%** |  |  |
| Allstate Corp. | 103464 | 22208548 |
| Reinsurance Group of America, Inc. | 123340 | 23697314 |
| Willis Towers Watson PLC | 63834 | 22051455 |
|  |  | 67957317 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Interactive Media and Services — 2.3%** |  |  |
| Alphabet, Inc., Class A | 207106 | $50347469 |
| **IT Services — 0.7%** |  |  |
| Accenture PLC, Class A | 61073 | 15060602 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| ICON PLC<sup>(1)</sup> | 89967 | 15744225 |
| **Machinery — 3.9%** |  |  |
| Cummins, Inc. | 42951 | 18141214 |
| Dover Corp. | 73159 | 12205116 |
| Oshkosh Corp. | 94668 | 12278439 |
| PACCAR, Inc. | 137274 | 13496780 |
| Timken Co. | 178601 | 13427223 |
| Toro Co. | 198990 | 15163038 |
|  |  | 84711810 |
| **Media — 0.5%** |  |  |
| Interpublic Group of Cos., Inc. | 418094 | 11669004 |
| **Multi-Utilities — 1.1%** |  |  |
| WEC Energy Group, Inc. | 208750 | 23920662 |
| **Oil, Gas and Consumable Fuels — 5.7%** |  |  |
| Chevron Corp. | 232235 | 36063773 |
| Exxon Mobil Corp. | 239818 | 27039479 |
| Occidental Petroleum Corp. | 398857 | 18845993 |
| Shell PLC | 595487 | 21223748 |
| TotalEnergies SE | 355321 | 21642110 |
|  |  | 124815103 |
| **Passenger Airlines — 0.7%** |  |  |
| Southwest Airlines Co. | 489716 | 15626838 |
| **Personal Care Products — 3.7%** |  |  |
| Estee Lauder Cos., Inc., Class A | 243083 | 21420474 |
| Kenvue, Inc. | 1994136 | 32364827 |
| Unilever PLC | 479343 | 28471272 |
|  |  | 82256573 |
| **Pharmaceuticals — 7.0%** |  |  |
| Bristol-Myers Squibb Co. | 343503 | 15491985 |
| Johnson & Johnson | 358165 | 66410954 |
| Merck & Co., Inc. | 286684 | 24061388 |
| Pfizer, Inc. | 576392 | 14686468 |
| Roche Holding AG | 48733 | 16227284 |
| Sanofi SA | 167187 | 15831599 |
|  |  | 152709678 |
| **Residential REITs — 0.5%** |  |  |
| Equity Residential | 186867 | 12095901 |
| **Retail REITs — 1.6%** |  |  |
| Agree Realty Corp. | 155605 | 11054179 |
| Realty Income Corp. | 168942 | 10269984 |
| Regency Centers Corp. | 177658 | 12951269 |
|  |  | 34275432 |
| **Semiconductors and Semiconductor Equipment — 3.4%** |  |  |
| Analog Devices, Inc. | 75277 | 18495559 |
| Infineon Technologies AG | 348509 | 13672066 |
| QUALCOMM, Inc. | 133584 | 22223034 |
| Teradyne, Inc. | 142015 | 19546945 |
|  |  | 73937604 |

---

------

Schedule of Investments - Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Software — 0.9%** |  |  |
| Salesforce, Inc. | 79819 | $18917103 |
| **Specialized REITs — 0.7%** |  |  |
| American Tower Corp. | 79382 | 15266746 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| MSC Industrial Direct Co., Inc., Class A | 231573 | 21337136 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,537,150,690) |  | **2146785751** |
| **SHORT-TERM INVESTMENTS — 2.0%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 76216 | 76216 |
| **Repurchase Agreements — 2.0%** |  |  |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.75%, 8/15/55, valued at $46,243,783), at 4.19%, dated 9/30/25, due 10/1/25 (Delivery value $45,342,277) |  | 45337000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $45,413,216) |  | **45413216** |
| **TOTAL INVESTMENT SECURITIES — 99.8%**<br>(Cost $1,582,563,906) |  | **2192198967** |
| **OTHER ASSETS AND LIABILITIES — 0.2%** |  | **3536294** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2195735261** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation<br>(Depreciation)** |
| CHF | 369152 | USD | 466805 | Morgan Stanley & Co. LLC | 12/19/25 | $1166 |
| USD | 6176117 | CHF | 4844669 | JPMorgan Chase Bank NA | 12/19/25 | 34579 |
| USD | 6175251 | CHF | 4844669 | UBS AG | 12/19/25 | 33713 |
| USD | 28314467 | EUR | 23877170 | Citibank NA | 12/19/25 | 155388 |
| USD | 28305024 | EUR | 23877170 | Goldman Sachs & Co. LLC | 12/19/25 | 145945 |
| USD | 28310050 | EUR | 23877170 | Morgan Stanley & Co. LLC | 12/19/25 | 150971 |
| USD | 28312139 | EUR | 23877170 | UBS AG | 12/19/25 | 153060 |
| USD | 9228132 | GBP | 6826627 | Bank of America NA | 12/19/25 | 46147 |
| USD | 9226558 | GBP | 6826627 | Citibank NA | 12/19/25 | 44574 |
| USD | 9224753 | GBP | 6826627 | Goldman Sachs & Co. LLC | 12/19/25 | 42768 |
|  |  |  |  |  |  | $808311 |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CHF | – | Swiss Franc |
| EUR | – | Euro |
| GBP | – | British Pound |
| USD | – | United States Dollar |

---

(1)Non-income producing.

------

Schedule of Investments - Value Fund

**FAIR VALUE MEASUREMENTS**

The following is a summary of the fund's valuation inputs as of period end.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $29575541 | $45060943 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 12406497 | 14209631 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 22843620 | 15417944 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates |  | 11863103 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas and Consumable Fuels | 81949245 | 42865858 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 53785301 | 28471272 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 120650795 | 32058883 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors and Semiconductor Equipment | 60265538 | 13672066 |  |
| &nbsp;&nbsp;&nbsp;Other Industries | 1561689514 |  |  |
| Short-Term Investments | 76216 | 45337000 |  |
|  | $1943242267 | $248956700 |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $808311 |  |

---

**DERIVATIVE INSTRUMENTS**

As of period end, the value of derivative instruments located on the Statement of Assets and Liabilities were as follows:

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | $808311 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended September 30, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Foreign Currency** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange transactions | $(10490622) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $540741 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Equity Income Fund** | **Focused Large Cap Value Fund** |
| **Assets** | | |
| Investment securities, at value | $6622273896 | $2710692745 |
| Investment made with cash collateral received for securities on loan, at value | 52125 |  |
| Cash | 230904 |  |
| Receivable for investments sold | 28485118 | 11659735 |
| Receivable for capital shares sold | 1288698 | 87439 |
| Unrealized appreciation on forward foreign currency exchange contracts | 2186932 | 1136334 |
| Dividends and interest receivable | 21416138 | 6815191 |
| Securities lending receivable | 7143 |  |
|  | 6675940954 | 2730391444 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 52125 |  |
| Payable for investments purchased | 12691195 |  |
| Payable for capital shares redeemed | 10027654 | 7405778 |
| Unrealized depreciation on forward foreign currency exchange contracts | 68433 |  |
| Accrued management fees | 4510530 | 430411 |
| Distribution and service fees payable | 208373 | 9603 |
|  | 27558310 | 7845792 |
| **Net Assets** | $6648382644 | $2722545652 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $4773637579 | $1963855593 |
| Distributable earnings (loss) | 1874745065 | 758690059 |
|  | $6648382644 | $2722545652 |
| Investment securities, at cost | $5121325440 | $2126962238 |
| Investment securities on loan, at value | $50556 |  |
| Investment made with cash collateral received for securities on loan, at cost | $52125 |  |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| Investor Class, $0.01 Par Value | $2764910528 | 306559174 | $9.02 |
| I Class, $0.01 Par Value | $2119639777 | 234616247 | $9.03 |
| Y Class, $0.01 Par Value | $755828796 | 83521274 | $9.05 |
| A Class, $0.01 Par Value | $608135200 | 67434952 | $9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $9.57 |
| C Class, $0.01 Par Value | $85161129 | 9442340 | $9.02 |
| R Class, $0.01 Par Value | $29312452 | 3269098 | $8.97 |
| R5 Class, $0.01 Par Value | $1870598 | 207351 | $9.02 |
| R6 Class, $0.01 Par Value | $283515978 | 31339312 | $9.05 |
| G Class, $0.01 Par Value | $8186 | 904 | $9.06 |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| Investor Class, $0.01 Par Value | $531763499 | 47584622 | $11.18 |
| I Class, $0.01 Par Value | $32014758 | 2860930 | $11.19 |
| A Class, $0.01 Par Value | $28923839 | 2589260 | $11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $11.85 |
| C Class, $0.01 Par Value | $746628 | 66785 | $11.18 |
| R Class, $0.01 Par Value | $7303605 | 652606 | $11.19 |
| R5 Class, $0.01 Par Value | $10452 | 933 | $11.20 |
| R6 Class, $0.01 Par Value | $70760732 | 6328270 | $11.18 |
| G Class, $0.01 Par Value | $2051022139 | 183169481 | $11.20 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Mid Cap Value Fund** | **Small Cap Dividend Fund** |
| **Assets** | | |
| Investment securities, at value | $6665933611 | $91799633 |
| Investment made with cash collateral received for securities on loan, at value |  | 1525875 |
| Receivable for investments sold | 17282641 | 2227059 |
| Receivable for capital shares sold | 1961191 | 33556 |
| Unrealized appreciation on forward foreign currency exchange contracts | 2601149 | 5404 |
| Dividends and interest receivable | 15048296 | 171912 |
| Securities lending receivable | 956 | 1493 |
|  | 6702827844 | 95764932 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash |  | 314480 |
| Payable for collateral received for securities on loan |  | 1525875 |
| Payable for investments purchased | 4662932 |  |
| Payable for capital shares redeemed | 15956596 |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 49 |
| Accrued management fees | 3562424 | 19551 |
| Distribution and service fees payable | 71137 | 114 |
|  | 24253089 | 1860069 |
| **Net Assets** | $6678574755 | $93904863 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $5307552323 | $104725639 |
| Distributable earnings (loss) | 1371022432 | (10820776) |
|  | $6678574755 | $93904863 |
| Investment securities, at cost | $5865634192 | $98337835 |
| Investment securities on loan, at value | $48673 | $1562155 |
| Investment made with cash collateral received for securities on loan, at cost |  | $1525875 |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| Investor Class, $0.01 Par Value | $1514202727 | 90597772 | $16.71 |
| I Class, $0.01 Par Value | $1128978769 | 67465375 | $16.73 |
| Y Class, $0.01 Par Value | $300151916 | 17923120 | $16.75 |
| A Class, $0.01 Par Value | $160770098 | 9649816 | $16.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $17.68 |
| C Class, $0.01 Par Value | $7589156 | 464611 | $16.33 |
| R Class, $0.01 Par Value | $77015017 | 4643934 | $16.58 |
| R5 Class, $0.01 Par Value | $15309564 | 914284 | $16.74 |
| R6 Class, $0.01 Par Value | $2497802314 | 149291472 | $16.73 |
| G Class, $0.01 Par Value | $976755194 | 58312973 | $16.75 |
| **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| Investor Class, $0.01 Par Value | $17071959 | 1688161 | $10.11 |
| I Class, $0.01 Par Value | $4598218 | 454436 | $10.12 |
| A Class, $0.01 Par Value | $117089 | 11582 | $10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $10.73 |
| R Class, $0.01 Par Value | $219129 | 21688 | $10.10 |
| R6 Class, $0.01 Par Value | $134360 | 13282 | $10.12 |
| G Class, $0.01 Par Value | $71764108 | 7092701 | $10.12 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **SEPTEMBER 30, 2025 (UNAUDITED)** | | |
| | **Small Cap Value Fund** | **Value Fund** |
| **Assets** | | |
| Investment securities, at value | $3975361423 | $2192198967 |
| Investment securities - affiliated, at value | 326977529 |  |
| Investment made with cash collateral received for securities on loan, at value | 839322 |  |
| Receivable for investments sold | 8826199 | 4393786 |
| Receivable for capital shares sold | 3490524 | 151014 |
| Unrealized appreciation on forward foreign currency exchange contracts | 251190 | 808311 |
| Dividends and interest receivable | 7049070 | 4037601 |
| Securities lending receivable | 10249 | 299 |
|  | 4322805506 | 2201589978 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 839322 |  |
| Payable for investments purchased | 8905565 | 3263450 |
| Payable for capital shares redeemed | 5268295 | 946722 |
| Unrealized depreciation on forward foreign currency exchange contracts | 744 |  |
| Accrued management fees | 2919314 | 1543075 |
| Distribution and service fees payable | 30329 | 101470 |
|  | 17963569 | 5854717 |
| **Net Assets** | $4304841937 | $2195735261 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $3551566595 | $1492185093 |
| Distributable earnings (loss) | 753275342 | 703550168 |
|  | $4304841937 | $2195735261 |
| Investment securities, at cost | $3467101036 | $1582563906 |
| Investment securities on loan, at value | $2721939 |  |
| Investment securities - affiliated, at cost | $393577386 |  |
| Investment securities on loan - affiliated, at value | $47346 |  |
| Investment made with cash collateral received for securities on loan, at cost | $839322 |  |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| Investor Class, $0.01 Par Value | $528530156 | 52205251 | $10.12 |
| I Class, $0.01 Par Value | $1336893164 | 130251598 | $10.26 |
| Y Class, $0.01 Par Value | $94703256 | 9208738 | $10.28 |
| A Class, $0.01 Par Value | $65359021 | 6560622 | $9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $10.57 |
| C Class, $0.01 Par Value | $16522317 | 1817328 | $9.09 |
| R Class, $0.01 Par Value | $5783492 | 586482 | $9.86 |
| R5 Class, $0.01 Par Value | $8254837 | 803450 | $10.27 |
| R6 Class, $0.01 Par Value | $2018314700 | 196585538 | $10.27 |
| G Class, $0.01 Par Value | $230480994 | 22382934 | $10.30 |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| Investor Class, $0.01 Par Value | $1172778734 | 137783308 | $8.51 |
| I Class, $0.01 Par Value | $506721215 | 59325532 | $8.54 |
| Y Class, $0.01 Par Value | $141143256 | 16523021 | $8.54 |
| A Class, $0.01 Par Value | $52718939 | 6205421 | $8.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) | &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Net asset value divide by 0.9425) |  | $9.02 |
| C Class, $0.01 Par Value | $3271226 | 396331 | $8.25 |
| R Class, $0.01 Par Value | $214259521 | 25187091 | $8.51 |
| R5 Class, $0.01 Par Value | $10365 | 1214 | $8.54 |
| R6 Class, $0.01 Par Value | $104832005 | 12268630 | $8.54 |

---

Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class. The A Class may incur an initial sales charge and the A Class and C Class may be subject to a contingent deferred sales charge.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | |
| | **Equity Income Fund** | **Focused Large Cap Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $79758804 | $36468528 |
| Interest | 30495129 | 1468309 |
| Securities lending, net | 61650 |  |
| Less foreign taxes withheld | (361480) | (352912) |
|  | 109954103 | 37583925 |
| **Expenses:** |  |  |
| Management fees | 27492404 | 7988814 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 756400 | 35695 |
| &nbsp;&nbsp;&nbsp;C Class | 455176 | 3653 |
| &nbsp;&nbsp;&nbsp;R Class | 73758 | 17036 |
| Directors' fees and expenses | 111680 | 48821 |
| Other expenses | 127899 | 38 |
|  | 29017317 | 8094057 |
| Fees waived | (23) | (5437245) |
|  | 29017294 | 2656812 |
| **Net investment income (loss)** | 80936809 | 34927113 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 236920023 | 159062856 |
| Forward foreign currency exchange contract transactions | (29125658) | (14410715) |
| Foreign currency translation transactions | 418950 | 73798 |
|  | 208213315 | 144725939 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 29139767 | 25045120 |
| Forward foreign currency exchange contracts | 1450312 | 694991 |
| Translation of assets and liabilities in foreign currencies | 487453 | 330185 |
|  | 31077532 | 26070296 |
| **Net realized and unrealized gain (loss)** | 239290847 | 170796235 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $320227656 | $205723348 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | |
| | **Mid Cap Value Fund** | **Small Cap Dividend Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $96794591 | $1497239 |
| Interest | 1684045 | 23578 |
| Securities lending, net | 21023 | 8024 |
| Less foreign taxes withheld | (1986022) | (3022) |
|  | 96513637 | 1525819 |
| **Expenses:** |  |  |
| Management fees | 25483189 | 413854 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 201103 | 143 |
| &nbsp;&nbsp;&nbsp;C Class | 37812 |  |
| &nbsp;&nbsp;&nbsp;R Class | 190870 | 555 |
| Directors' fees and expenses | 116327 | 1723 |
| Other expenses | 240748 | 331 |
|  | 26270049 | 416606 |
| Fees waived | (3661123) | (299297) |
|  | 22608926 | 117309 |
| **Net investment income (loss)** | 73904711 | 1408510 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 416275116 | (4414514) |
| Forward foreign currency exchange contract transactions | (32172303) | 13611 |
| Foreign currency translation transactions | 188792 | (100) |
|  | 384291605 | (4401003) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (17844723) | 3981252 |
| Forward foreign currency exchange contracts | 1826486 | 5355 |
| Translation of assets and liabilities in foreign currencies | 64477 | (9) |
|  | (15953760) | 3986598 |
| **Net realized and unrealized gain (loss)** | 368337845 | (414405) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $442242556 | $994105 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | |
| | **Small Cap Value Fund** | **Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $43176840 | $30861839 |
| Dividends - affiliated | 4672964 |  |
| Interest | 505247 | 996592 |
| Securities lending, net | 49294 | 4194 |
| Less foreign taxes withheld | (354112) | (389407) |
|  | 48050233 | 31473218 |
| **Expenses:** |  |  |
| Management fees | 19147411 | 9547226 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;A Class | 83091 | 63303 |
| &nbsp;&nbsp;&nbsp;C Class | 84519 | 17764 |
| &nbsp;&nbsp;&nbsp;R Class | 14371 | 523168 |
| Directors' fees and expenses | 76462 | 35330 |
| Other expenses | 13249 | 65360 |
|  | 19419103 | 10252151 |
| Fees waived | (1202795) | (252308) |
|  | 18216308 | 9999843 |
| **Net investment income (loss)** | 29833925 | 21473375 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 186786360 | 106895813 |
| Investments transactions - affiliated | (26947082) |  |
| Forward foreign currency exchange contract transactions | (1792179) | (10490622) |
| Foreign currency translation transactions | (2037) | 63439 |
|  | 158045062 | 96468630 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 101569968 | 37963806 |
| Investments - affiliated | (84662577) |  |
| Forward foreign currency exchange contracts | 453924 | 540741 |
| Translation of assets and liabilities in foreign currencies |  | 91674 |
|  | 17361315 | 38596221 |
| **Net realized and unrealized gain (loss)** | 175406377 | 135064851 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $205240302 | $156538226 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Equity Income Fund** | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $80936809 | $173017056 | $34927113 | $79606944 |
| Net realized gain (loss) | 208213315 | 673276064 | 144725939 | 215735048 |
| Change in net unrealized appreciation (depreciation) | 31077532 | (154833718) | 26070296 | 32097119 |
| Net increase (decrease) in net assets resulting from operations | 320227656 | 691459402 | 205723348 | 327439111 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (37397162) | (309301760) | (4679482) | (46255599) |
| &nbsp;&nbsp;&nbsp;I Class | (30804583) | (255276294) | (309193) | (3232689) |
| &nbsp;&nbsp;&nbsp;Y Class | (11266205) | (83061744) |  |  |
| &nbsp;&nbsp;&nbsp;A Class | (7364530) | (66160874) | (220397) | (2574286) |
| &nbsp;&nbsp;&nbsp;C Class | (756499) | (10920853) | (2974) | (54939) |
| &nbsp;&nbsp;&nbsp;R Class | (322737) | (3223143) | (45231) | (528551) |
| &nbsp;&nbsp;&nbsp;R5 Class | (26094) | (841419) | (100) | (847) |
| &nbsp;&nbsp;&nbsp;R6 Class | (3952919) | (39242286) | (702251) | (5010376) |
| &nbsp;&nbsp;&nbsp;G Class | (142) | (836) | (28416230) | (248033522) |
| Decrease in net assets from distributions | (91890871) | (768029209) | (34375858) | (305690809) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (612489232) | (1131904579) | (401468725) | (502652586) |
| **Net increase (decrease) in net assets** | (384152447) | (1208474386) | (230121235) | (480904284) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 7032535091 | 8241009477 | 2952666887 | 3433571171 |
| End of period | $6648382644 | $7032535091 | $2722545652 | $2952666887 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $73904711 | $157067768 | $1408510 | $1097462 |
| Net realized gain (loss) | 384291605 | 700732743 | (4401003) | 426294 |
| Change in net unrealized appreciation (depreciation) | (15953760) | (356799297) | 3986598 | (11466397) |
| Net increase (decrease) in net assets resulting from operations | 442242556 | 501001214 | 994105 | (9942641) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (13381786) | (129693901) | (162018) | (164986) |
| &nbsp;&nbsp;&nbsp;I Class | (11263570) | (121938764) | (49235) | (87298) |
| &nbsp;&nbsp;&nbsp;Y Class | (3109177) | (23490397) |  |  |
| &nbsp;&nbsp;&nbsp;A Class | (1231673) | (13873917) | (936) | (1511) |
| &nbsp;&nbsp;&nbsp;C Class | (30422) | (817130) |  |  |
| &nbsp;&nbsp;&nbsp;R Class | (497321) | (6298224) | (1589) | (2727) |
| &nbsp;&nbsp;&nbsp;R5 Class | (148968) | (1444049) |  |  |
| &nbsp;&nbsp;&nbsp;R6 Class | (26806698) | (259579205) | (1471) | (2519) |
| &nbsp;&nbsp;&nbsp;G Class | (14966638) | (118411741) | (1160331) | (1096259) |
| Decrease in net assets from distributions | (71436253) | (675547328) | (1375580) | (1355300) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1044877312) | (1426571440) | (13021286) | 110099171 |
| **Net increase (decrease) in net assets** | (674071009) | (1601117554) | (13402761) | 98801230 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 7352645764 | 8953763318 | 107307624 | 8506394 |
| End of period | $6678574755 | $7352645764 | $93904863 | $107307624 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | **SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) AND YEAR ENDED MARCH 31, 2025** | | |
| | **Small Cap Value Fund** | **Small Cap Value Fund** | **Value Fund** | **Value Fund** |
| **Increase (Decrease) in Net Assets** | **September 30, 2025** | **March 31, 2025** | **September 30, 2025** | **March 31, 2025** |
| **Operations** | | | | |
| Net investment income (loss) | $29833925 | $68511559 | $21473375 | $42980041 |
| Net realized gain (loss) | 158045062 | 569861731 | 96468630 | 159105486 |
| Change in net unrealized appreciation (depreciation) | 17361315 | (804749171) | 38596221 | (50079895) |
| Net increase (decrease) in net assets resulting from operations | 205240302 | (166375881) | 156538226 | 152005632 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2539078) | (43349212) | (10906883) | (115784384) |
| &nbsp;&nbsp;&nbsp;I Class | (7950778) | (116769918) | (5321113) | (51539273) |
| &nbsp;&nbsp;&nbsp;Y Class | (663012) | (7865182) | (1500104) | (13183128) |
| &nbsp;&nbsp;&nbsp;A Class | (234861) | (5152271) | (427218) | (5060688) |
| &nbsp;&nbsp;&nbsp;C Class |  | (1210435) | (16178) | (485305) |
| &nbsp;&nbsp;&nbsp;R Class | (13309) | (410579) | (1489989) | (21165087) |
| &nbsp;&nbsp;&nbsp;R5 Class | (48309) | (650134) | (104) | (21436) |
| &nbsp;&nbsp;&nbsp;R6 Class | (12966941) | (157187747) | (1141137) | (10639097) |
| &nbsp;&nbsp;&nbsp;G Class | (2773936) | (27867615) |  |  |
| Decrease in net assets from distributions | (27190224) | (360463093) | (20802726) | (217878398) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (633075502) | (711050197) | (103825166) | 201699 |
| **Net increase (decrease) in net assets** | (455025424) | (1237889171) | 31910334 | (65671067) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 4759867361 | 5997756532 | 2163824927 | 2229495994 |
| End of period | $4304841937 | $4759867361 | $2195735261 | $2163824927 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**SEPTEMBER 30, 2025 (UNAUDITED)**

**1. Organization**

American Century Capital Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. The financial statements herein relate to the following funds and the respective share classes offered by the corporation.

---

| | |
|:---|:---|
| Equity Income Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Focused Large Cap Value Fund | Investor, I, A, C, R, R5, R6, G |
| Mid Cap Value Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Small Cap Dividend Fund | Investor, I, A, R, R6, G |
| Small Cap Value Fund | Investor, I, Y, A, C, R, R5, R6, G |
| Value Fund | Investor, I, Y, A, C, R, R5, R6 |

---

Each fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the funds serves as the chief operating decision maker (CODM). A fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

**Investment Valuations —** Each fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of a fund's investments is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities, convertible bonds and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Equity-linked notes are valued at the mean using market models that consider quotations from dealer and active market makers. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded options contracts are valued at a mean as provided by independent pricing services. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

------

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

**Fair Value Measurements —** The investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by a fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. The Schedule of Investments provides additional information on a fund's level classifications.

**Foreign Currency Translations —** All assets and liabilities, including investment securities and other financial instruments, initially expressed in foreign currencies are translated into U.S. dollars each day at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service. A fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

**Security Transactions —** Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

**Investment Income —** Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. A fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Equity-Linked Debt and Linked-Equity Securities —** A fund may invest in hybrid equity securities, which usually convert into common stock at a date predetermined by the issuer. These securities generally offer a higher yield than that of the common stock to which the security is linked. These instruments are issued by a company other than the one to which the security is linked and carry the credit of the issuer, not that of the underlying common stock. The securities' appreciation is limited based on a predetermined final cap price at the date of the conversion. Risks of investing in these securities include, but are not limited to, a set time to capture the yield advantage, limited appreciation potential, decline in value of the underlying stock, and failure of the issuer to make income payments or to deliver common stock at maturity.

**Repurchase Agreements —** A fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. A fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to a fund under each repurchase agreement.

**Joint Trading Account —** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, a fund may transfer uninvested cash balances into a joint trading account with certain other funds in the American Century Investments family of funds. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

**Income Tax Status —** It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. A fund files U.S. federal, state, local and non-U.S. tax returns as applicable. A fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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**Multiple Class —** All shares of a fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of a fund are allocated to each class of shares based on their relative net assets.

**Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date in a manner consistent with provisions of the 1940 Act. A fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization). Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

**Indemnifications —** Under the corporation's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to a fund. In addition, in the normal course of business, a fund may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes a fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, a fund may experience delays in recovery of the loaned securities or delays in access to collateral, or a fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, a fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities, and the remaining contractual maturities of any securities lending transactions are considered overnight and continuous.

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides each fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating a fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on the daily net assets of each class and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of a fund's assets, which do not vary by class. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The annual management fee including any waiver impacts are as follows:

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| | | |
|:---|:---|:---|
| **Small Cap Dividend Fund** | **Annual Management Fee** | **Management Fee Waived** |
| Investor Class | 1.09% |  |
| I Class | 0.89% |  |
| A Class | 1.09% |  |
| R Class | 1.09% |  |
| R6 Class | 0.74% |  |
| G Class | 0.00%<sup>(1)</sup> | $299297 |

---

(1)Annual management fee before waiver was 0.74%.

For each fund with a stepped fee schedule, the rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account a fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets).

The management fee schedule range and the effective annual management fee including any waiver impacts, if applicable, for the period ended September 30, 2025 are as follows:

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---

| | | | |
|:---|:---|:---|:---|
| **Equity Income Fund** | **Management Fee<br>Schedule Range** | **Effective Annual<br>Management Fee** | **Management Fee Waived** |
| Investor Class | 0.80% to 1.00% | 0.94% |  |
| I Class | 0.60% to 0.80% | 0.74% |  |
| Y Class | 0.45% to 0.65% | 0.59% |  |
| A Class | 0.80% to 1.00% | 0.94% |  |
| C Class | 0.80% to 1.00% | 0.94% |  |
| R Class | 0.80% to 1.00% | 0.94% |  |
| R5 Class | 0.60% to 0.80% | 0.74% |  |
| R6 Class | 0.45% to 0.65% | 0.59% |  |
| G Class | 0.45% to 0.65% | 0.00%<sup>(1)</sup> | $23 |

---

(1)Effective annual management fee before waiver was 0.59%.

---

| | | | |
|:---|:---|:---|:---|
| **Focused Large Cap Value Fund** | **Management Fee<br>Schedule Range** | **Effective Annual<br>Management Fee** | **Management Fee Waived** |
| Investor Class | 0.70% to 0.90% | 0.83% |  |
| I Class | 0.50% to 0.70% | 0.63% |  |
| A Class | 0.70% to 0.90% | 0.83% |  |
| C Class | 0.70% to 0.90% | 0.83% |  |
| R Class | 0.70% to 0.90% | 0.83% |  |
| R5 Class | 0.50% to 0.70% | 0.63% |  |
| R6 Class | 0.35% to 0.55% | 0.48% |  |
| G Class | 0.35% to 0.55% | 0.00%<sup>(1)</sup> | $5437245 |

---

(1)Effective annual management fee before waiver was 0.48%.

---

| | | | |
|:---|:---|:---|:---|
| **Mid Cap Value Fund** | **Management Fee**<br>**Schedule Range** | **Effective Annual**<br>**Management Fee** | **Management Fee Waived** |
| Investor Class | 0.95% to 0.97% | 0.97% |  |
| I Class | 0.75% to 0.77% | 0.77% |  |
| Y Class | 0.60% to 0.62% | 0.62% |  |
| A Class | 0.95% to 0.97% | 0.97% |  |
| C Class | 0.95% to 0.97% | 0.97% |  |
| R Class | 0.95% to 0.97% | 0.97% |  |
| R5 Class | 0.75% to 0.77% | 0.77% |  |
| R6 Class | 0.60% to 0.62% | 0.62% |  |
| G Class | 0.60% to 0.62% | 0.00%<sup>(1)</sup> | $3661123 |

---

(1)Effective annual management fee before waiver was 0.62%.

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Management Fee <br>Schedule Range** | **Effective Annual <br>Management Fee** | **Management Fee Waived** |
| Investor Class | 1.00% to 1.25% | 1.09% |  |
| I Class | 0.80% to 1.05% | 0.89% |  |
| Y Class | 0.65% to 0.90% | 0.74% |  |
| A Class | 1.00% to 1.25% | 1.09% |  |
| C Class | 1.00% to 1.25% | 1.09% |  |
| R Class | 1.00% to 1.25% | 1.09% |  |
| R5 Class | 0.80% to 1.05% | 0.89% |  |
| R6 Class | 0.65% to 0.90% | 0.74% |  |
| G Class | 0.65% to 0.90% | 0.00%<sup>(1)</sup> | $1202795 |

---

(1)Effective annual management fee before waiver was 0.74%.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Value Fund** | **Management Fee <br>Schedule Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | **Management Fee Waived** |
| **Value Fund** | **Management Fee <br>Schedule Range** | **Before Waiver** | **After Waiver** | **Management Fee Waived** |
| Investor Class | 0.85% to 1.00% | 0.98% | 0.96% | $134235 |
| I Class | 0.65% to 0.80% | 0.78% | 0.76% | $59040 |
| Y Class | 0.50% to 0.65% | 0.63% | 0.61% | $15957 |
| A Class | 0.85% to 1.00% | 0.98% | 0.96% | $6029 |
| C Class | 0.85% to 1.00% | 0.98% | 0.96% | $413 |
| R Class | 0.85% to 1.00% | 0.98% | 0.96% | $24826 |
| R5 Class | 0.65% to 0.80% | 0.78% | 0.76% | $1 |
| R6 Class | 0.50% to 0.65% | 0.63% | 0.61% | $11807 |

---

From April 1, 2025 through July 31, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.967% for Investor Class, A Class, C Class and R Class, 0.767% for I Class and R5 Class, and 0.617% for Y Class and R6 Class. Effective August 1, 2025, the investment advisor agreed to waive a portion of the fund's management fee such that the management fee does not exceed 0.945% for Investor Class, A Class, C Class and R Class, 0.745% for I Class and R5 Class, and 0.595% for Y Class and R6 Class. The investment advisor expects this waiver arrangement to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.

**Distribution and Service Fees —** The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended September 30, 2025 are detailed in the Statement of Operations.

**Directors' Fees and Expenses —** The Board of Directors is responsible for overseeing the investment advisor's management and operations of the funds. The directors receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**Related Party Ownership —** A related party, including other funds advised by American Century Investments, may own outstanding shares of a fund. Related parties do not invest in a fund for the purpose of exercising management or control. As of period end, related parties with ownership of 5% or more of the outstanding shares of a fund are as follows:

---

| | | |
|:---|:---|:---|
| | **Related Party** | **% of Outstanding Shares** |
| Focused Large Cap Value Fund | American Century Asset Allocation Portfolios, Inc | 55% |
| Mid Cap Value Fund | American Century Asset Allocation Portfolios, Inc | 11% |
| Small Cap Dividend Fund | American Century Asset Allocation Portfolios, Inc | 55% |

---

**Interfund Transactions —** A fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security.

During the period, the interfund purchases and sales and the effect of interfund transactions on the Statement of Operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Interfund Purchases** | **Interfund Sales** | **Net Realized Gain (loss) on<br>Investment Transactions** |
| Mid Cap Value Fund | $670721 |  |  |

---

**4. Investment Transactions**

Investment transactions, excluding short-term investments, for the period ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Mid Cap Value Fund** |
| Purchases | $1111416542 | $1014693096 | $2280600065 |
| Sales | $1828196845 | $1455802661 | $3332676989 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Small Cap Dividend Fund** | **Small Cap Value Fund** | **Value Fund** |
| Purchases | $22477780 | $907048434 | $582125710 |
| Sales | $36429060 | $1543246367 | $687940155 |

---

------

**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Equity Income Fund** | | | | |
| **Investor Class/Shares Authorized** | 3900000000 |  | 3900000000 |  |
| Sold | 5762910 | $49484481 | 15079777 | $133905130 |
| Issued in reinvestment of distributions | 4147478 | 36153546 | 35160595 | 299715803 |
| Redeemed | (35526690) | (309627391) | (75900028) | (674412408) |
|  | (25616302) | (223989364) | (25659656) | (240791475) |
| **I Class/Shares Authorized** | 4350000000 |  | 4350000000 |  |
| Sold | 11274417 | 96969093 | 31715701 | 281724182 |
| Issued in reinvestment of distributions | 3347331 | 29243469 | 28414892 | 242678273 |
| Redeemed | (39740325) | (345209932) | (125072250) | (1110348884) |
|  | (25118577) | (218997370) | (64941657) | (585946429) |
| **Y Class/Shares Authorized** | 750000000 |  | 750000000 |  |
| Sold | 3068731 | 26630877 | 19623713 | 175793249 |
| Issued in reinvestment of distributions | 1275250 | 11163973 | 9618625 | 82247275 |
| Redeemed | (10545835) | (90581038) | (21651385) | (192997669) |
|  | (6201854) | (52786188) | 7590953 | 65042855 |
| **A Class/Shares Authorized** | 900000000 |  | 900000000 |  |
| Sold | 2801883 | 24251350 | 8220162 | 72911407 |
| Issued in reinvestment of distributions | 798336 | 6955949 | 7342351 | 62538115 |
| Redeemed | (9422666) | (81193766) | (20727526) | (183659675) |
|  | (5822447) | (49986467) | (5165013) | (48210153) |
| **C Class/Shares Authorized** | 250000000 |  | 250000000 |  |
| Sold | 257013 | 2198471 | 837858 | 7415968 |
| Issued in reinvestment of distributions | 84552 | 734197 | 1242711 | 10563994 |
| Redeemed | (2470814) | (21342233) | (7956364) | (70567623) |
|  | (2129249) | (18409565) | (5875795) | (52587661) |
| **R Class/Shares Authorized** | 55000000 |  | 55000000 |  |
| Sold | 233228 | 2011742 | 431309 | 3805740 |
| Issued in reinvestment of distributions | 37268 | 322631 | 380938 | 3223135 |
| Redeemed | (607208) | (5200912) | (980309) | (8648006) |
|  | (336712) | (2866539) | (168062) | (1619131) |
| **R5 Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 45849 | 392652 | 424433 | 3703382 |
| Issued in reinvestment of distributions | 2991 | 26094 | 97528 | 841418 |
| Redeemed | (9051) | (77877) | (9028312) | (80757069) |
|  | 39789 | 340869 | (8506351) | (76212269) |
| **R6 Class/Shares Authorized** | 800000000 |  | 800000000 |  |
| Sold | 5439209 | 48252016 | 5105062 | 45443408 |
| Issued in reinvestment of distributions | 451976 | 3952919 | 4586872 | 39238566 |
| Redeemed | (11334106) | (97999685) | (31296960) | (276263126) |
|  | (5442921) | (45794750) | (21605026) | (191581152) |
| **G Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 16 | 142 | 98 | 836 |
| Net increase (decrease) | (70628257) | $(612489232) | (124330509) | $(1131904579) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Focused Large Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 550000000 |  | 550000000 |  |
| Sold | 1307264 | $13891995 | 1970951 | $20890800 |
| Issued in reinvestment of distributions | 429926 | 4630171 | 4449981 | 45707781 |
| Redeemed | (4650403) | (49397065) | (7358713) | (79236722) |
|  | (2913213) | (30874899) | (937781) | (12638141) |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 189946 | 2025690 | 487724 | 5195298 |
| Issued in reinvestment of distributions | 26760 | 288742 | 297493 | 3059754 |
| Redeemed | (415082) | (4312431) | (1082372) | (11443945) |
|  | (198376) | (1997999) | (297155) | (3188893) |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 197327 | 2048224 | 284119 | 3019048 |
| Issued in reinvestment of distributions | 18373 | 197781 | 226522 | 2324547 |
| Redeemed | (356904) | (3780552) | (756557) | (8023296) |
|  | (141204) | (1534547) | (245916) | (2679701) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3263 | 35812 | 15628 | 164020 |
| Issued in reinvestment of distributions | 276 | 2970 | 5350 | 54855 |
| Redeemed | (11682) | (121258) | (29857) | (322735) |
|  | (8143) | (82476) | (8879) | (103860) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 75199 | 792473 | 158099 | 1683955 |
| Issued in reinvestment of distributions | 3898 | 42069 | 47729 | 490483 |
| Redeemed | (56208) | (590700) | (141442) | (1514268) |
|  | 22889 | 243842 | 64386 | 660170 |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Issued in reinvestment of distributions | 9 | 100 | 82 | 847 |
| **R6 Class/Shares Authorized** | 150000000 |  | 150000000 |  |
| Sold | 908150 | 9858979 | 1663511 | 17529083 |
| Issued in reinvestment of distributions | 64275 | 693913 | 480784 | 4944385 |
| Redeemed | (513285) | (5483670) | (2406082) | (25730039) |
|  | 459140 | 5069222 | (261787) | (3256571) |
| **G Class/Shares Authorized** | 2000000000 |  | 2000000000 |  |
| Sold | 15842874 | 166842820 | 26811250 | 289915567 |
| Issued in reinvestment of distributions | 2638582 | 28416230 | 24059746 | 248033522 |
| Redeemed | (51552579) | (567551018) | (95208163) | (1019395526) |
|  | (33071123) | (372291968) | (44337167) | (481446437) |
| Net increase (decrease) | (35850021) | $(401468725) | (46024217) | $(502652586) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Mid Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 1150000000 |  | 1150000000 |  |
| Sold | 1865811 | $29546478 | 4918342 | $79974726 |
| Issued in reinvestment of distributions | 805365 | 12958642 | 7975526 | 126209268 |
| Redeemed | (9422015) | (150109898) | (23319224) | (378238092) |
|  | (6750839) | (107604778) | (10425356) | (172054098) |
| **I Class/Shares Authorized** | 1060000000 |  | 1060000000 |  |
| Sold | 3736294 | 59246542 | 10299620 | 166884617 |
| Issued in reinvestment of distributions | 659562 | 10628634 | 7288427 | 115476691 |
| Redeemed | (12579211) | (200097312) | (52910898) | (862094431) |
|  | (8183355) | (130222136) | (35322851) | (579733123) |
| **Y Class/Shares Authorized** | 125000000 |  | 125000000 |  |
| Sold | 1638561 | 26035271 | 6203662 | 102221014 |
| Issued in reinvestment of distributions | 130785 | 2110488 | 1020517 | 16178411 |
| Redeemed | (1712918) | (27342371) | (3293333) | (53379262) |
|  | 56428 | 803388 | 3930846 | 65020163 |
| **A Class/Shares Authorized** | 165000000 |  | 165000000 |  |
| Sold | 558481 | 8824165 | 2232345 | 35953260 |
| Issued in reinvestment of distributions | 71017 | 1138256 | 787672 | 12420546 |
| Redeemed | (1638367) | (25771026) | (5444326) | (89331446) |
|  | (1008869) | (15808605) | (2424309) | (40957640) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 29239 | 449437 | 72576 | 1153458 |
| Issued in reinvestment of distributions | 1804 | 28219 | 50974 | 787875 |
| Redeemed | (114125) | (1713103) | (769291) | (12160322) |
|  | (83082) | (1235447) | (645741) | (10218989) |
| **R Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 173421 | 2697916 | 426097 | 6844553 |
| Issued in reinvestment of distributions | 31201 | 497313 | 401178 | 6295160 |
| Redeemed | (560798) | (8842507) | (1421792) | (22942723) |
|  | (356176) | (5647278) | (594517) | (9803010) |
| **R5 Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 43225 | 679208 | 142279 | 2325187 |
| Issued in reinvestment of distributions | 9222 | 148748 | 91042 | 1442722 |
| Redeemed | (154506) | (2390928) | (733358) | (11835997) |
|  | (102059) | (1562972) | (500037) | (8068088) |
| **R6 Class/Shares Authorized** | 2000000000 |  | 2000000000 |  |
| Sold | 9057310 | 143849309 | 21833404 | 355641679 |
| Issued in reinvestment of distributions | 1639685 | 26418048 | 16041285 | 254190966 |
| Redeemed | (41655107) | (658884553) | (67827927) | (1104877736) |
|  | (30958112) | (488617196) | (29953238) | (495045091) |
| **G Class/Shares Authorized** | 850000000 |  | 850000000 |  |
| Sold | 3367016 | 53449893 | 7885677 | 130126071 |
| Issued in reinvestment of distributions | 929340 | 14966638 | 7461761 | 118411741 |
| Redeemed | (22055128) | (363398819) | (25837302) | (424249376) |
|  | (17758772) | (294982288) | (10489864) | (175711564) |
| Net increase (decrease) | (65144836) | $(1044877312) | (86425067) | $(1426571440) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Dividend Fund** | | | | |
| **Investor Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 69968 | $689415 | 1471012 | $16458479 |
| Issued in reinvestment of distributions | 16002 | 160596 | 15656 | 163781 |
| Redeemed | (55650) | (554303) | (199062) | (2175758) |
|  | 30320 | 295708 | 1287606 | 14446502 |
| **I Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3698 | 36218 | 92119 | 988561 |
| Issued in reinvestment of distributions | 4903 | 49235 | 8472 | 87298 |
| Redeemed | (44518) | (441537) | (33936) | (345076) |
|  | (35917) | (356084) | 66655 | 730783 |
| **A Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3909 | 37789 | 3563 | 37632 |
| Issued in reinvestment of distributions | 93 | 936 | 148 | 1511 |
| Redeemed | (2618) | (25753) | (4732) | (46659) |
|  | 1384 | 12972 | (1021) | (7516) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 8941 | 85064 | 17293 | 183359 |
| Issued in reinvestment of distributions | 159 | 1589 | 263 | 2721 |
| Redeemed | (6321) | (64722) | (14531) | (153749) |
|  | 2779 | 21931 | 3025 | 32331 |
| **R6 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 936 | 9445 | 6756 | 69541 |
| Issued in reinvestment of distributions | 146 | 1471 | 244 | 2519 |
| Redeemed | (31) | (298) | (2871) | (32099) |
|  | 1051 | 10618 | 4129 | 39961 |
| **G Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 383397 | 3743037 | 8578773 | 97290836 |
| Issued in reinvestment of distributions | 115660 | 1160331 | 102902 | 1096259 |
| Redeemed | (1767788) | (17909799) | (322920) | (3529985) |
|  | (1268731) | (13006431) | 8358755 | 94857110 |
| Net increase (decrease) | (1269114) | $(13021286) | 9719149 | $110099171 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Small Cap Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 700000000 |  | 700000000 |  |
| Sold | 1604234 | $15329973 | 5446772 | $58186339 |
| Issued in reinvestment of distributions | 244835 | 2435614 | 3867023 | 41543021 |
| Redeemed | (8689848) | (85145966) | (19354018) | (208769332) |
|  | (6840779) | (67380379) | (10040223) | (109039972) |
| **I Class/Shares Authorized** | 1660000000 |  | 1660000000 |  |
| Sold | 11595250 | 111090814 | 26276360 | 283238952 |
| Issued in reinvestment of distributions | 736562 | 7415934 | 9970181 | 108419391 |
| Redeemed | (40153202) | (400416953) | (65897036) | (716777281) |
|  | (27821390) | (281910205) | (29650495) | (325118938) |
| **Y Class/Shares Authorized** | 70000000 |  | 70000000 |  |
| Sold | 1062232 | 10405792 | 7674724 | 84997233 |
| Issued in reinvestment of distributions | 26286 | 265276 | 288019 | 3137302 |
| Redeemed | (3191859) | (31838003) | (2509617) | (27461619) |
|  | (2103341) | (21166935) | 5453126 | 60672916 |
| **A Class/Shares Authorized** | 80000000 |  | 80000000 |  |
| Sold | 543571 | 5153960 | 1099352 | 11572142 |
| Issued in reinvestment of distributions | 21143 | 206940 | 438353 | 4640010 |
| Redeemed | (1409415) | (13270653) | (2401692) | (25119257) |
|  | (844701) | (7909753) | (863987) | (8907105) |
| **C Class/Shares Authorized** | 25000000 |  | 25000000 |  |
| Sold | 32495 | 279160 | 205324 | 1994224 |
| Issued in reinvestment of distributions |  |  | 109244 | 1058979 |
| Redeemed | (222817) | (1959489) | (455032) | (4363518) |
|  | (190322) | (1680329) | (140464) | (1310315) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 44691 | 420528 | 142420 | 1479951 |
| Issued in reinvestment of distributions | 1372 | 13307 | 39164 | 410579 |
| Redeemed | (70767) | (678346) | (240810) | (2496047) |
|  | (24704) | (244511) | (59226) | (605517) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 89685 | 856393 | 199764 | 2163097 |
| Issued in reinvestment of distributions | 4791 | 48309 | 59710 | 649958 |
| Redeemed | (228040) | (2242987) | (295012) | (3198894) |
|  | (133564) | (1338285) | (35538) | (385839) |
| **R6 Class/Shares Authorized** | 1755000000 |  | 1755000000 |  |
| Sold | 16005065 | 155414776 | 38147099 | 414135615 |
| Issued in reinvestment of distributions | 1246850 | 12577313 | 13953329 | 151673631 |
| Redeemed | (31481523) | (313401279) | (66609451) | (726218036) |
|  | (14229608) | (145409190) | (14509023) | (160408790) |
| **G Class/Shares Authorized** | 325000000 |  | 325000000 |  |
| Sold | 2098822 | 19753645 | 13110137 | 149899157 |
| Issued in reinvestment of distributions | 275757 | 2773936 | 2564592 | 27867615 |
| Redeemed | (12294589) | (128563496) | (29598029) | (343713409) |
|  | (9920010) | (106035915) | (13923300) | (165946637) |
| Net increase (decrease) | (62108419) | $(633075502) | (63769130) | $(711050197) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>September 30, 2025** | **Six months ended<br>September 30, 2025** | **Year ended<br>March 31, 2025** | **Year ended<br>March 31, 2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Value Fund** | | | | |
| **Investor Class/Shares Authorized** | 1350000000 |  | 1350000000 |  |
| Sold | 2307831 | $18453580 | 4475888 | $36572828 |
| Issued in reinvestment of distributions | 1278866 | 10456445 | 14151399 | 110938799 |
| Redeemed | (8957946) | (71930105) | (19771335) | (161871108) |
|  | (5371249) | (43020080) | (1144048) | (14359481) |
| **I Class/Shares Authorized** | 600000000 |  | 600000000 |  |
| Sold | 2684467 | 21300062 | 6503518 | 53598114 |
| Issued in reinvestment of distributions | 647992 | 5311008 | 6511696 | 51263515 |
| Redeemed | (7858747) | (63691019) | (10639336) | (88554481) |
|  | (4526288) | (37079949) | 2375878 | 16307148 |
| **Y Class/Shares Authorized** | 130000000 |  | 130000000 |  |
| Sold | 3001955 | 23810457 | 7816001 | 62663393 |
| Issued in reinvestment of distributions | 181657 | 1492650 | 1660727 | 13089938 |
| Redeemed | (3814610) | (30544354) | (7322262) | (60510420) |
|  | (630998) | (5241247) | 2154466 | 15242911 |
| **A Class/Shares Authorized** | 60000000 |  | 60000000 |  |
| Sold | 304692 | 2396632 | 590597 | 4822150 |
| Issued in reinvestment of distributions | 48839 | 398476 | 603178 | 4719526 |
| Redeemed | (515833) | (4129671) | (2046708) | (16819926) |
|  | (162302) | (1334563) | (852933) | (7278250) |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 5185 | 40936 | 34317 | 274611 |
| Issued in reinvestment of distributions | 2032 | 16053 | 63570 | 482431 |
| Redeemed | (153789) | (1169372) | (318255) | (2500481) |
|  | (146572) | (1112383) | (220368) | (1743439) |
| **R Class/Shares Authorized** | 325000000 |  | 325000000 |  |
| Sold | 84561 | 668591 | 528533 | 4255414 |
| Issued in reinvestment of distributions | 182525 | 1489989 | 2703235 | 21165075 |
| Redeemed | (2036125) | (16322791) | (4982841) | (40960793) |
|  | (1769039) | (14164211) | (1751073) | (15540304) |
| **R5 Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold |  |  | 19717 | 159718 |
| Issued in reinvestment of distributions | 12 | 104 | 2694 | 21436 |
| Redeemed |  |  | (388636) | (3273582) |
|  | 12 | 104 | (366225) | (3092428) |
| **R6 Class/Shares Authorized** | 120000000 |  | 120000000 |  |
| Sold | 1325094 | 10826375 | 3185171 | 26227307 |
| Issued in reinvestment of distributions | 131819 | 1083080 | 1286850 | 10134491 |
| Redeemed | (1708225) | (13782292) | (3144421) | (25696256) |
|  | (251312) | (1872837) | 1327600 | 10665542 |
| Net increase (decrease) | (12857748) | $(103825166) | 1523297 | $201699 |

---

**6. Derivative Instruments**

A fund may invest in various types of derivative instruments as permitted by its investment objectives and policies. The following is a summary of the primary underlying risks and derivative strategies used during the period. The Schedule of Investments provides additional information on the value and effect of a fund's derivative instruments activity.

**Foreign Currency Risk —** The funds may be subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the

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risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was as follows:

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| | |
|:---|:---|
| Equity Income Fund | $472043290 |
| Focused Large Cap Value Fund | $274059091 |
| Mid Cap Value Fund | $599701495 |
| Small Cap Dividend Fund | $1193323 |
| Small Cap Value Fund | $46815652 |
| Value Fund | $177681682 |

---

**7. Risk Factors**

The overall risk profile of a fund will be impacted by the fund's investment strategy, including the investment vehicles and techniques utilized to manage a portfolio. The net asset value of a fund will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of a fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**8. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Equity Income Fund** | **Focused Large Cap Value Fund** | **Mid Cap Value Fund** |
| Federal tax cost of investments | $5163142817 | $2159440860 | $5953985769 |
| Gross tax appreciation of investments | $1601918750 | $618090373 | $978227775 |
| Gross tax depreciation of investments | (142735546) | (66838488) | (266279933) |
| Net tax appreciation (depreciation) of investments | $1459183204 | $551251885 | $711947842 |

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| | | | |
|:---|:---|:---|:---|
| | **Small Cap Dividend Fund** | **Small Cap Value Fund** | **Value Fund** |
| Federal tax cost of investments | $101563414 | $3968082209 | $1631660246 |
| Gross tax appreciation of investments | $3588358 | $770387069 | $628346862 |
| Gross tax depreciation of investments | (11826264) | (435291004) | (67808141) |
| Net tax appreciation (depreciation) of investments | $(8237906) | $335096065 | $560538721 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the tax deferral of losses on wash sales.

As of March 31, 2025, Focused Large Cap Value Fund had post-October capital loss deferrals of $(1760739), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.<br>

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating Expenses (before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.71 | 0.10 | 0.33 | 0.43 | (0.12) |  | (0.12) | $9.02 | 4.97% | 0.95% | 2.33% | 17% | $2764911 |
| 2025 | $8.84 | 0.19 | 0.63 | 0.82 | (0.22) | (0.73) | (0.95) | $8.71 | 9.70% | 0.94% | 2.21% | 31% | $2891737 |
| 2024 | $8.76 | 0.21 | 0.54 | 0.75 | (0.21) | (0.46) | (0.67) | $8.84 | 9.09% | 0.93% | 2.46% | 17% | $3163228 |
| 2023 | $9.86 | 0.21 | (0.53) | (0.32) | (0.21) | (0.57) | (0.78) | $8.76 | (3.22)% | 0.92% | 2.29% | 29% | $3635179 |
| 2022 | $9.45 | 0.18 | 0.91 | 1.09 | (0.19) | (0.49) | (0.68) | $9.86 | 11.74% | 0.93% | 1.83% | 24% | $4191544 |
| 2021 | $7.14 | 0.17 | 2.33 | 2.50 | (0.19) |  | (0.19) | $9.45 | 35.30% | 0.91% | 2.10% | 52% | $4211554 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.72 | 0.11 | 0.33 | 0.44 | (0.13) |  | (0.13) | $9.03 | 5.07% | 0.75% | 2.53% | 17% | $2119640 |
| 2025 | $8.85 | 0.22 | 0.62 | 0.84 | (0.24) | (0.73) | (0.97) | $8.72 | 9.91% | 0.74% | 2.41% | 31% | $2264888 |
| 2024 | $8.77 | 0.24 | 0.53 | 0.77 | (0.23) | (0.46) | (0.69) | $8.85 | 9.29% | 0.73% | 2.66% | 17% | $2874673 |
| 2023 | $9.87 | 0.23 | (0.53) | (0.30) | (0.23) | (0.57) | (0.80) | $8.77 | (3.03)% | 0.72% | 2.49% | 29% | $4265425 |
| 2022 | $9.47 | 0.20 | 0.90 | 1.10 | (0.21) | (0.49) | (0.70) | $9.87 | 11.83% | 0.73% | 2.03% | 24% | $4912267 |
| 2021 | $7.15 | 0.20 | 2.32 | 2.52 | (0.20) |  | (0.20) | $9.47 | 35.67% | 0.71% | 2.30% | 52% | $5167202 |
| **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.73 | 0.12 | 0.33 | 0.45 | (0.13) |  | (0.13) | $9.05 | 5.25% | 0.60% | 2.68% | 17% | $755829 |
| 2025 | $8.87 | 0.23 | 0.61 | 0.84 | (0.25) | (0.73) | (0.98) | $8.73 | 9.94% | 0.59% | 2.56% | 31% | $783660 |
| 2024 | $8.79 | 0.24 | 0.55 | 0.79 | (0.25) | (0.46) | (0.71) | $8.87 | 9.44% | 0.58% | 2.81% | 17% | $728299 |
| 2023 | $9.89 | 0.24 | (0.53) | (0.29) | (0.24) | (0.57) | (0.81) | $8.79 | (2.87)% | 0.57% | 2.64% | 29% | $227227 |
| 2022 | $9.48 | 0.22 | 0.90 | 1.12 | (0.22) | (0.49) | (0.71) | $9.89 | 12.10% | 0.58% | 2.18% | 24% | $276001 |
| 2021 | $7.16 | 0.21 | 2.33 | 2.54 | (0.22) |  | (0.22) | $9.48 | 35.83% | 0.56% | 2.45% | 52% | $281614 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.70 | 0.09 | 0.34 | 0.43 | (0.11) |  | (0.11) | $9.02 | 4.96% | 1.20% | 2.08% | 17% | $608135 |
| 2025 | $8.84 | 0.18 | 0.61 | 0.79 | (0.20) | (0.73) | (0.93) | $8.70 | 9.29% | 1.19% | 1.96% | 31% | $637673 |
| 2024 | $8.76 | 0.20 | 0.53 | 0.73 | (0.19) | (0.46) | (0.65) | $8.84 | 8.82% | 1.18% | 2.21% | 17% | $693134 |
| 2023 | $9.86 | 0.19 | (0.53) | (0.34) | (0.19) | (0.57) | (0.76) | $8.76 | (3.46)% | 1.17% | 2.04% | 29% | $747365 |
| 2022 | $9.45 | 0.16 | 0.90 | 1.06 | (0.16) | (0.49) | (0.65) | $9.86 | 11.46% | 1.18% | 1.58% | 24% | $858437 |
| 2021 | $7.14 | 0.16 | 2.31 | 2.47 | (0.16) |  | (0.16) | $9.45 | 34.95% | 1.16% | 1.85% | 52% | $869137 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating Expenses (before expense waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| **C Class** | **C Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.71 | 0.06 | 0.32 | 0.38 | (0.07) |  | (0.07) | $9.02 | 4.45% | 1.95% | 1.33% | 17% | $85161 |
| 2025 | $8.84 | 0.11 | 0.62 | 0.73 | (0.13) | (0.73) | (0.86) | $8.71 | 8.59% | 1.94% | 1.21% | 31% | $100739 |
| 2024 | $8.76 | 0.13 | 0.54 | 0.67 | (0.13) | (0.46) | (0.59) | $8.84 | 8.00% | 1.93% | 1.46% | 17% | $154213 |
| 2023 | $9.86 | 0.12 | (0.53) | (0.41) | (0.12) | (0.57) | (0.69) | $8.76 | (4.17)% | 1.92% | 1.29% | 29% | $204407 |
| 2022 | $9.45 | 0.08 | 0.91 | 0.99 | (0.09) | (0.49) | (0.58) | $9.86 | 10.63% | 1.93% | 0.83% | 24% | $272764 |
| 2021 | $7.14 | 0.09 | 2.32 | 2.41 | (0.10) |  | (0.10) | $9.45 | 33.90% | 1.91% | 1.10% | 52% | $303205 |
| **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.66 | 0.08 | 0.33 | 0.41 | (0.10) |  | (0.10) | $8.97 | 4.74% | 1.45% | 1.83% | 17% | $29312 |
| 2025 | $8.79 | 0.15 | 0.62 | 0.77 | (0.17) | (0.73) | (0.90) | $8.66 | 9.19% | 1.44% | 1.71% | 31% | $31211 |
| 2024 | $8.72 | 0.17 | 0.53 | 0.70 | (0.17) | (0.46) | (0.63) | $8.79 | 8.46% | 1.43% | 1.96% | 17% | $33186 |
| 2023 | $9.82 | 0.16 | (0.53) | (0.37) | (0.16) | (0.57) | (0.73) | $8.72 | (3.71)% | 1.42% | 1.79% | 29% | $40525 |
| 2022 | $9.41 | 0.13 | 0.91 | 1.04 | (0.14) | (0.49) | (0.63) | $9.82 | 11.23% | 1.43% | 1.33% | 24% | $47839 |
| 2021 | $7.11 | 0.14 | 2.30 | 2.44 | (0.14) |  | (0.14) | $9.41 | 34.60% | 1.41% | 1.60% | 52% | $57032 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.71 | 0.11 | 0.33 | 0.44 | (0.13) |  | (0.13) | $9.02 | 5.07% | 0.75% | 2.53% | 17% | $1871 |
| 2025 | $8.84 | 0.21 | 0.63 | 0.84 | (0.24) | (0.73) | (0.97) | $8.71 | 9.92% | 0.74% | 2.41% | 31% | $1459 |
| 2024 | $8.76 | 0.24 | 0.53 | 0.77 | (0.23) | (0.46) | (0.69) | $8.84 | 9.30% | 0.73% | 2.66% | 17% | $76699 |
| 2023 | $9.86 | 0.23 | (0.53) | (0.30) | (0.23) | (0.57) | (0.80) | $8.76 | (3.03)% | 0.72% | 2.49% | 29% | $64341 |
| 2022 | $9.46 | 0.20 | 0.90 | 1.10 | (0.21) | (0.49) | (0.70) | $9.86 | 11.84% | 0.73% | 2.03% | 24% | $66131 |
| 2021 | $7.14 | 0.19 | 2.33 | 2.52 | (0.20) |  | (0.20) | $9.46 | 35.72% | 0.71% | 2.30% | 52% | $62610 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.73 | 0.12 | 0.33 | 0.45 | (0.13) |  | (0.13) | $9.05 | 5.25% | 0.60% | 2.68% | 17% | $283516 |
| 2025 | $8.86 | 0.23 | 0.62 | 0.85 | (0.25) | (0.73) | (0.98) | $8.73 | 10.06% | 0.59% | 2.56% | 31% | $321161 |
| 2024 | $8.78 | 0.25 | 0.54 | 0.79 | (0.25) | (0.46) | (0.71) | $8.86 | 9.44% | 0.58% | 2.81% | 17% | $517571 |
| 2023 | $9.88 | 0.24 | (0.53) | (0.29) | (0.24) | (0.57) | (0.81) | $8.78 | (2.88)% | 0.57% | 2.64% | 29% | $823361 |
| 2022 | $9.47 | 0.22 | 0.90 | 1.12 | (0.22) | (0.49) | (0.71) | $9.88 | 12.10% | 0.58% | 2.18% | 24% | $1021389 |
| 2021 | $7.16 | 0.21 | 2.32 | 2.53 | (0.22) |  | (0.22) | $9.47 | 35.68% | 0.56% | 2.45% | 52% | $1040730 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating Expenses (before expense waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
| **G Class** | **G Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.74 | 0.15 | 0.33 | 0.48 | (0.16) |  | (0.16) | $9.06 | 5.56% | 0.01% | 0.60% | 3.27% | 2.68% | 17% | $8 |
| 2025 | $8.87 | 0.28 | 0.63 | 0.91 | (0.31) | (0.73) | (1.04) | $8.74 | 10.70% | 0.01% | 0.59% | 3.14% | 2.56% | 31% | $8 |
| 2024 | $8.79 | 0.29 | 0.55 | 0.84 | (0.30) | (0.46) | (0.76) | $8.87 | 10.06% | 0.01% | 0.58% | 3.38% | 2.81% | 17% | $7 |
| 2023 | $9.89 | 0.29 | (0.53) | (0.24) | (0.29) | (0.57) | (0.86) | $8.79 | (2.34)% | 0.01% | 0.57% | 3.20% | 2.64% | 29% | $6 |
| 2022 | $9.48 | 0.26 | 0.92 | 1.18 | (0.28) | (0.49) | (0.77) | $9.89 | 12.72% | 0.03% | 0.58% | 2.73% | 2.18% | 24% | $7 |
| 2021 | $7.16 | 0.27 | 2.32 | 2.59 | (0.27) |  | (0.27) | $9.48 | 36.61% | 0.00% | 0.56% | 3.01% | 2.45% | 52% | $6 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $10.56 | 0.09 | 0.63 | 0.72 | (0.10) |  | (0.10) | $11.18 | 6.83% | 0.83% | 1.74% | 36% | $531763 |
| 2025 | $10.54 | 0.19 | 0.80 | 0.99 | (0.20) | (0.77) | (0.97) | $10.56 | 9.77% | 0.84% | 1.79% | 51% | $533425 |
| 2024 | $9.66 | 0.20 | 1.05 | 1.25 | (0.20) | (0.17) | (0.37) | $10.54 | 13.22% | 0.84% | 2.00% | 45% | $542359 |
| 2023 | $10.35 | 0.19 | (0.22) | (0.03) | (0.18) | (0.48) | (0.66) | $9.66 | (0.18)% | 0.84% | 1.91% | 47% | $581007 |
| 2022 | $11.80 | 0.19 | 1.11 | 1.30 | (0.20) | (2.55) | (2.75) | $10.35 | 11.82% | 0.83% | 1.59% | 42% | $613873 |
| 2021 | $8.24 | 0.19 | 3.62 | 3.81 | (0.19) | (0.06) | (0.25) | $11.80 | 46.64% | 0.83% | 1.90% | 112% | $645489 |
| **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.58 | 0.10 | 0.62 | 0.72 | (0.11) |  | (0.11) | $11.19 | 6.82% | 0.63% | 1.94% | 36% | $32015 |
| 2025 | $10.56 | 0.21 | 0.80 | 1.01 | (0.22) | (0.77) | (0.99) | $10.58 | 9.98% | 0.64% | 1.99% | 51% | $32360 |
| 2024 | $9.67 | 0.22 | 1.06 | 1.28 | (0.22) | (0.17) | (0.39) | $10.56 | 13.54% | 0.64% | 2.20% | 45% | $35437 |
| 2023 | $10.36 | 0.21 | (0.22) | (0.01) | (0.20) | (0.48) | (0.68) | $9.67 | 0.02% | 0.64% | 2.11% | 47% | $35789 |
| 2022 | $11.81 | 0.22 | 1.10 | 1.32 | (0.22) | (2.55) | (2.77) | $10.36 | 12.03% | 0.63% | 1.79% | 42% | $38604 |
| 2021 | $8.24 | 0.22 | 3.62 | 3.84 | (0.21) | (0.06) | (0.27) | $11.81 | 47.06% | 0.63% | 2.10% | 112% | $42273 |
| **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.56 | 0.08 | 0.61 | 0.69 | (0.08) |  | (0.08) | $11.17 | 6.60% | 1.08% | 1.49% | 36% | $28924 |
| 2025 | $10.54 | 0.16 | 0.80 | 0.96 | (0.17) | (0.77) | (0.94) | $10.56 | 9.49% | 1.09% | 1.54% | 51% | $28831 |
| 2024 | $9.66 | 0.17 | 1.05 | 1.22 | (0.17) | (0.17) | (0.34) | $10.54 | 12.93% | 1.09% | 1.75% | 45% | $31371 |
| 2023 | $10.34 | 0.16 | (0.20) | (0.04) | (0.16) | (0.48) | (0.64) | $9.66 | (0.32)% | 1.09% | 1.66% | 47% | $31310 |
| 2022 | $11.80 | 0.17 | 1.09 | 1.26 | (0.17) | (2.55) | (2.72) | $10.34 | 11.44% | 1.08% | 1.34% | 42% | $33334 |
| 2021 | $8.23 | 0.17 | 3.62 | 3.79 | (0.16) | (0.06) | (0.22) | $11.80 | 46.44% | 1.08% | 1.65% | 112% | $34806 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.57 | 0.04 | 0.61 | 0.65 | (0.04) |  | (0.04) | $11.18 | 6.20% | 1.83% | 0.74% | 36% | $747 |
| 2025 | $10.55 | 0.09 | 0.79 | 0.88 | (0.09) | (0.77) | (0.86) | $10.57 | 8.65% | 1.84% | 0.79% | 51% | $792 |
| 2024 | $9.66 | 0.10 | 1.06 | 1.16 | (0.10) | (0.17) | (0.27) | $10.55 | 12.20% | 1.84% | 1.00% | 45% | $884 |
| 2023 | $10.35 | 0.09 | (0.21) | (0.12) | (0.09) | (0.48) | (0.57) | $9.66 | (1.17)% | 1.84% | 0.91% | 47% | $1088 |
| 2022 | $11.80 | 0.07 | 1.11 | 1.18 | (0.08) | (2.55) | (2.63) | $10.35 | 10.69% | 1.83% | 0.59% | 42% | $974 |
| 2021 | $8.23 | 0.09 | 3.62 | 3.71 | (0.08) | (0.06) | (0.14) | $11.80 | 45.31% | 1.83% | 0.90% | 112% | $1358 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** | **Focused Large Cap Value Fund** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $10.58 | 0.07 | 0.61 | 0.68 | (0.07) |  | (0.07) | $11.19 | 6.45% | 1.33% | 1.33% | 1.24% | 1.24% | 36% | $7304 |
| 2025 | $10.56 | 0.14 | 0.80 | 0.94 | (0.15) | (0.77) | (0.92) | $10.58 | 9.19% | 1.34% | 1.34% | 1.29% | 1.29% | 51% | $6662 |
| 2024 | $9.67 | 0.14 | 1.07 | 1.21 | (0.15) | (0.17) | (0.32) | $10.56 | 12.74% | 1.34% | 1.34% | 1.50% | 1.50% | 45% | $5969 |
| 2023 | $10.36 | 0.14 | (0.22) | (0.08) | (0.13) | (0.48) | (0.61) | $9.67 | (0.67)% | 1.34% | 1.34% | 1.41% | 1.41% | 47% | $6348 |
| 2022 | $11.81 | 0.14 | 1.10 | 1.24 | (0.14) | (2.55) | (2.69) | $10.36 | 11.24% | 1.33% | 1.33% | 1.09% | 1.09% | 42% | $5286 |
| 2021 | $8.24 | 0.14 | 3.62 | 3.76 | (0.13) | (0.06) | (0.19) | $11.81 | 46.00% | 1.33% | 1.33% | 1.40% | 1.40% | 112% | $4006 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.58 | 0.11 | 0.62 | 0.73 | (0.11) |  | (0.11) | $11.20 | 6.92% | 0.63% | 0.63% | 1.94% | 1.94% | 36% | $10 |
| 2025 | $10.56 | 0.21 | 0.80 | 1.01 | (0.22) | (0.77) | (0.99) | $10.58 | 9.97% | 0.64% | 0.64% | 1.99% | 1.99% | 51% | $10 |
| 2024 | $9.68 | 0.21 | 1.06 | 1.27 | (0.22) | (0.17) | (0.39) | $10.56 | 13.41% | 0.64% | 0.64% | 2.20% | 2.20% | 45% | $9 |
| 2023 | $10.36 | 0.21 | (0.21) |  | (0.20) | (0.48) | (0.68) | $9.68 | 0.13% | 0.64% | 0.64% | 2.11% | 2.11% | 47% | $8 |
| 2022 | $11.81 | 0.22 | 1.10 | 1.32 | (0.22) | (2.55) | (2.77) | $10.36 | 12.01% | 0.63% | 0.63% | 1.79% | 1.79% | 42% | $8 |
| 2021 | $8.24 | 0.21 | 3.63 | 3.84 | (0.21) | (0.06) | (0.27) | $11.81 | 47.06% | 0.63% | 0.63% | 2.10% | 2.10% | 112% | $7 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.57 | 0.11 | 0.62 | 0.73 | (0.12) |  | (0.12) | $11.18 | 6.91% | 0.48% | 0.48% | 2.09% | 2.09% | 36% | $70761 |
| 2025 | $10.55 | 0.23 | 0.80 | 1.03 | (0.24) | (0.77) | (1.01) | $10.57 | 10.16% | 0.49% | 0.49% | 2.14% | 2.14% | 51% | $62031 |
| 2024 | $9.67 | 0.23 | 1.05 | 1.28 | (0.23) | (0.17) | (0.40) | $10.55 | 13.60% | 0.49% | 0.49% | 2.35% | 2.35% | 45% | $64685 |
| 2023 | $10.35 | 0.22 | (0.20) | 0.02 | (0.22) | (0.48) | (0.70) | $9.67 | 0.27% | 0.49% | 0.49% | 2.26% | 2.26% | 47% | $147303 |
| 2022 | $11.81 | 0.24 | 1.09 | 1.33 | (0.24) | (2.55) | (2.79) | $10.35 | 12.10% | 0.48% | 0.48% | 1.94% | 1.94% | 42% | $171044 |
| 2021 | $8.24 | 0.23 | 3.62 | 3.85 | (0.22) | (0.06) | (0.28) | $11.81 | 47.29% | 0.48% | 0.48% | 2.25% | 2.25% | 112% | $195898 |
| **G Class** | **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.58 | 0.14 | 0.62 | 0.76 | (0.14) |  | (0.14) | $11.20 | 7.25% | 0.00% | 0.48% | 2.57% | 2.09% | 36% | $2051022 |
| 2025 | $10.56 | 0.28 | 0.80 | 1.08 | (0.29) | (0.77) | (1.06) | $10.58 | 10.68% | 0.01% | 0.49% | 2.62% | 2.14% | 51% | $2288557 |
| 2024 | $9.68 | 0.28 | 1.05 | 1.33 | (0.28) | (0.17) | (0.45) | $10.56 | 14.13% | 0.01% | 0.49% | 2.83% | 2.35% | 45% | $2752857 |
| 2023 | $10.36 | 0.27 | (0.21) | 0.06 | (0.26) | (0.48) | (0.74) | $9.68 | 0.75% | 0.01% | 0.49% | 2.74% | 2.26% | 47% | $2349375 |
| 2022<sup>(4)</sup> | $10.59 | 0.01 | 0.34 | 0.35 | (0.03) | (0.55) | (0.58) | $10.36 | 3.38% | 0.00% | 0.47% | 1.68% | 1.21% | 42%<sup>(5)</sup> | $2751213 |

---

------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

(4)March 15, 2022 (commencement of sale) through March 31, 2022.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $15.82 | 0.14 | 0.89 | 1.03 | (0.14) |  | (0.14) | $16.71 | 6.58% | 0.98% | 1.79% | 33% | $1514203 |
| 2025 | $16.24 | 0.26 | 0.67 | 0.93 | (0.25) | (1.10) | (1.35) | $15.82 | 5.78% | 0.97% | 1.57% | 50% | $1539945 |
| 2024 | $15.59 | 0.28 | 1.20 | 1.48 | (0.28) | (0.55) | (0.83) | $16.24 | 9.79% | 0.98% | 1.81% | 54% | $1750410 |
| 2023 | $17.30 | 0.28 | (0.75) | (0.47) | (0.28) | (0.96) | (1.24) | $15.59 | (2.58)% | 0.98% | 1.70% | 64% | $2150798 |
| 2022 | $19.03 | 0.26 | 1.95 | 2.21 | (0.25) | (3.69) | (3.94) | $17.30 | 12.48% | 0.97% | 1.33% | 50% | $2325957 |
| 2021 | $12.35 | 0.22 | 6.78 | 7.00 | (0.23) | (0.09) | (0.32) | $19.03 | 57.22% | 0.97% | 1.43% | 65% | $2519909 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.84 | 0.16 | 0.89 | 1.05 | (0.16) |  | (0.16) | $16.73 | 6.67% | 0.78% | 1.99% | 33% | $1128979 |
| 2025 | $16.26 | 0.29 | 0.67 | 0.96 | (0.28) | (1.10) | (1.38) | $15.84 | 5.99% | 0.77% | 1.77% | 50% | $1198156 |
| 2024 | $15.61 | 0.31 | 1.20 | 1.51 | (0.31) | (0.55) | (0.86) | $16.26 | 10.00% | 0.78% | 2.01% | 54% | $1804559 |
| 2023 | $17.32 | 0.31 | (0.75) | (0.44) | (0.31) | (0.96) | (1.27) | $15.61 | (2.38)% | 0.78% | 1.90% | 64% | $1779890 |
| 2022 | $19.04 | 0.29 | 1.96 | 2.25 | (0.28) | (3.69) | (3.97) | $17.32 | 12.75% | 0.77% | 1.53% | 50% | $1754741 |
| 2021 | $12.36 | 0.25 | 6.79 | 7.04 | (0.27) | (0.09) | (0.36) | $19.04 | 57.50% | 0.77% | 1.63% | 65% | $1778956 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.85 | 0.17 | 0.90 | 1.07 | (0.17) |  | (0.17) | $16.75 | 6.81% | 0.63% | 2.14% | 33% | $300152 |
| 2025 | $16.27 | 0.31 | 0.68 | 0.99 | (0.31) | (1.10) | (1.41) | $15.85 | 6.15% | 0.62% | 1.92% | 50% | $283181 |
| 2024 | $15.62 | 0.33 | 1.20 | 1.53 | (0.33) | (0.55) | (0.88) | $16.27 | 10.16% | 0.63% | 2.16% | 54% | $226761 |
| 2023 | $17.33 | 0.33 | (0.75) | (0.42) | (0.33) | (0.96) | (1.29) | $15.62 | (2.23)% | 0.63% | 2.05% | 64% | $168200 |
| 2022 | $19.05 | 0.32 | 1.96 | 2.28 | (0.31) | (3.69) | (4.00) | $17.33 | 12.91% | 0.62% | 1.68% | 50% | $192430 |
| 2021 | $12.36 | 0.28 | 6.79 | 7.07 | (0.29) | (0.09) | (0.38) | $19.05 | 57.69% | 0.62% | 1.78% | 65% | $180923 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.77 | 0.12 | 0.89 | 1.01 | (0.12) |  | (0.12) | $16.66 | 6.46% | 1.23% | 1.54% | 33% | $160770 |
| 2025 | $16.19 | 0.21 | 0.68 | 0.89 | (0.21) | (1.10) | (1.31) | $15.77 | 5.53% | 1.22% | 1.32% | 50% | $168079 |
| 2024 | $15.55 | 0.24 | 1.19 | 1.43 | (0.24) | (0.55) | (0.79) | $16.19 | 9.55% | 1.23% | 1.56% | 54% | $211867 |
| 2023 | $17.26 | 0.23 | (0.74) | (0.51) | (0.24) | (0.96) | (1.20) | $15.55 | (2.89)% | 1.23% | 1.45% | 64% | $232651 |
| 2022 | $18.99 | 0.21 | 1.95 | 2.16 | (0.20) | (3.69) | (3.89) | $17.26 | 12.23% | 1.22% | 1.08% | 50% | $303260 |
| 2021 | $12.32 | 0.19 | 6.76 | 6.95 | (0.19) | (0.09) | (0.28) | $18.99 | 56.87% | 1.22% | 1.18% | 65% | $323669 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| **C Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $15.46 | 0.06 | 0.87 | 0.93 | (0.06) |  | (0.06) | $16.33 | 6.06% | 1.98% | 0.79% | 33% | $7589 |
| 2025 | $15.91 | 0.09 | 0.65 | 0.74 | (0.09) | (1.10) | (1.19) | $15.46 | 4.67% | 1.97% | 0.57% | 50% | $8469 |
| 2024 | $15.28 | 0.12 | 1.18 | 1.30 | (0.12) | (0.55) | (0.67) | $15.91 | 8.75% | 1.98% | 0.81% | 54% | $18982 |
| 2023 | $16.98 | 0.11 | (0.72) | (0.61) | (0.13) | (0.96) | (1.09) | $15.28 | (3.53)% | 1.98% | 0.70% | 64% | $27561 |
| 2022 | $18.75 | 0.06 | 1.93 | 1.99 | (0.07) | (3.69) | (3.76) | $16.98 | 11.37% | 1.97% | 0.33% | 50% | $39037 |
| 2021 | $12.17 | 0.07 | 6.67 | 6.74 | (0.07) | (0.09) | (0.16) | $18.75 | 55.65% | 1.97% | 0.43% | 65% | $51558 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.70 | 0.10 | 0.88 | 0.98 | (0.10) |  | (0.10) | $16.58 | 6.30% | 1.48% | 1.29% | 33% | $77015 |
| 2025 | $16.12 | 0.17 | 0.68 | 0.85 | (0.17) | (1.10) | (1.27) | $15.70 | 5.28% | 1.47% | 1.07% | 50% | $78489 |
| 2024 | $15.48 | 0.20 | 1.19 | 1.39 | (0.20) | (0.55) | (0.75) | $16.12 | 9.24% | 1.48% | 1.31% | 54% | $90211 |
| 2023 | $17.19 | 0.19 | (0.74) | (0.55) | (0.20) | (0.96) | (1.16) | $15.48 | (3.08)% | 1.48% | 1.20% | 64% | $95536 |
| 2022 | $18.93 | 0.16 | 1.94 | 2.10 | (0.15) | (3.69) | (3.84) | $17.19 | 11.92% | 1.47% | 0.83% | 50% | $97311 |
| 2021 | $12.28 | 0.15 | 6.74 | 6.89 | (0.15) | (0.09) | (0.24) | $18.93 | 56.48% | 1.47% | 0.93% | 65% | $97590 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.85 | 0.16 | 0.89 | 1.05 | (0.16) |  | (0.16) | $16.74 | 6.73% | 0.78% | 1.99% | 33% | $15310 |
| 2025 | $16.27 | 0.29 | 0.67 | 0.96 | (0.28) | (1.10) | (1.38) | $15.85 | 5.99% | 0.77% | 1.77% | 50% | $16107 |
| 2024 | $15.61 | 0.31 | 1.21 | 1.52 | (0.31) | (0.55) | (0.86) | $16.27 | 10.06% | 0.78% | 2.01% | 54% | $24671 |
| 2023 | $17.32 | 0.31 | (0.75) | (0.44) | (0.31) | (0.96) | (1.27) | $15.61 | (2.39)% | 0.78% | 1.90% | 64% | $31521 |
| 2022 | $19.05 | 0.29 | 1.95 | 2.24 | (0.28) | (3.69) | (3.97) | $17.32 | 12.68% | 0.77% | 1.53% | 50% | $46565 |
| 2021 | $12.36 | 0.25 | 6.80 | 7.05 | (0.27) | (0.09) | (0.36) | $19.05 | 57.58% | 0.77% | 1.63% | 65% | $59132 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $15.84 | 0.17 | 0.89 | 1.06 | (0.17) |  | (0.17) | $16.73 | 6.75% | 0.63% | 2.14% | 33% | $2497802 |
| 2025 | $16.26 | 0.31 | 0.68 | 0.99 | (0.31) | (1.10) | (1.41) | $15.84 | 6.15% | 0.62% | 1.92% | 50% | $2854305 |
| 2024 | $15.60 | 0.33 | 1.21 | 1.54 | (0.33) | (0.55) | (0.88) | $16.26 | 10.24% | 0.63% | 2.16% | 54% | $3417541 |
| 2023 | $17.32 | 0.33 | (0.76) | (0.43) | (0.33) | (0.96) | (1.29) | $15.60 | (2.30)% | 0.63% | 2.05% | 64% | $3653940 |
| 2022 | $19.04 | 0.32 | 1.96 | 2.28 | (0.31) | (3.69) | (4.00) | $17.32 | 12.92% | 0.62% | 1.68% | 50% | $3591180 |
| 2021 | $12.36 | 0.28 | 6.78 | 7.06 | (0.29) | (0.09) | (0.38) | $19.04 | 57.74% | 0.62% | 1.78% | 65% | $3494909 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset**<br>**Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net**<br>**Assets,**<br>**End of**<br>**Period**<br>**(in**<br>**thousands)** |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| **G Class** | | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $15.85 | 0.22 | 0.90 | 1.12 | (0.22) |  | (0.22) | $16.75 | 7.14% | 0.01% | 0.63% | 2.76% | 2.14% | 33% | $976755 |
| 2025 | $16.27 | 0.41 | 0.68 | 1.09 | (0.41) | (1.10) | (1.51) | $15.85 | 6.82% | 0.00% | 0.62% | 2.54% | 1.92% | 50% | $1205914 |
| 2024 | $15.62 | 0.43 | 1.20 | 1.63 | (0.43) | (0.55) | (0.98) | $16.27 | 10.84% | 0.01% | 0.63% | 2.78% | 2.16% | 54% | $1408762 |
| 2023 | $17.33 | 0.43 | (0.75) | (0.32) | (0.43) | (0.96) | (1.39) | $15.62 | (1.63)% | 0.01% | 0.63% | 2.67% | 2.05% | 64% | $1255802 |
| 2022<sup>(4)</sup> | $17.81 | 0.02 | 0.61 | 0.63 | (0.03) | (1.08) | (1.11) | $17.33 | 3.55% | 0.00% | 0.62% | 2.11% | 1.49% | 50%<sup>(5)</sup> | $1630035 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

(4)March 15, 2022 (commencement of sale) through March 31, 2022.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2022.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** |
| **Investor Class** | | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $10.17 | 0.09 | (0.05) | 0.04 | (0.10) |  | (0.10) | $10.11 | 0.37% | 1.09% | 1.09% | 1.88% | 1.88% | 22% | $17072 |
| 2025 | $10.22 | 0.21 | (0.08) | 0.13 | (0.15) | (0.03) | (0.18) | $10.17 | 1.26% | 1.09% | 1.09% | 1.90% | 1.90% | 61% | $16855 |
| 2024 | $9.20 | 0.20 | 1.00 | 1.20 | (0.18) |  | (0.18) | $10.22 | 13.27% | 1.14% | 1.14% | 2.17% | 2.17% | 102% | $3785 |
| 2023<sup>(4)</sup> | $10.00 | 0.23 | (0.78) | (0.55) | (0.20) | (0.05) | (0.25) | $9.20 | (5.40)% | 1.10% | 1.10% | 2.52% | 2.52% | 54% | $2604 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.17 | 0.10 | (0.04) | 0.06 | (0.11) |  | (0.11) | $10.12 | 0.57% | 0.89% | 0.89% | 2.08% | 2.08% | 22% | $4598 |
| 2025 | $10.23 | 0.24 | (0.10) | 0.14 | (0.17) | (0.03) | (0.20) | $10.17 | 1.36% | 0.89% | 0.89% | 2.10% | 2.10% | 61% | $4988 |
| 2024 | $9.21 | 0.22 | 1.00 | 1.22 | (0.20) |  | (0.20) | $10.23 | 13.60% | 0.94% | 0.94% | 2.37% | 2.37% | 102% | $4334 |
| 2023<sup>(4)</sup> | $10.00 | 0.46 | (0.98) | (0.52) | (0.22) | (0.05) | (0.27) | $9.21 | (5.22)% | 0.90% | 0.90% | 2.72% | 2.72% | 54% | $3420 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.16 | 0.08 | (0.05) | 0.03 | (0.08) |  | (0.08) | $10.11 | 0.34% | 1.34% | 1.34% | 1.63% | 1.63% | 22% | $117 |
| 2025 | $10.22 | 0.20 | (0.10) | 0.10 | (0.13) | (0.03) | (0.16) | $10.16 | 0.95% | 1.34% | 1.34% | 1.65% | 1.65% | 61% | $104 |
| 2024 | $9.20 | 0.20 | 0.98 | 1.18 | (0.16) |  | (0.16) | $10.22 | 12.99% | 1.39% | 1.39% | 1.92% | 1.92% | 102% | $115 |
| 2023<sup>(4)</sup> | $10.00 | 0.19 | (0.76) | (0.57) | (0.18) | (0.05) | (0.23) | $9.20 | (5.62)% | 1.35% | 1.35% | 2.27% | 2.27% | 54% | $24 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.16 | 0.07 | (0.06) | 0.01 | (0.07) |  | (0.07) | $10.10 | 0.22% | 1.59% | 1.59% | 1.38% | 1.38% | 22% | $219 |
| 2025 | $10.23 | 0.17 | (0.10) | 0.07 | (0.11) | (0.03) | (0.14) | $10.16 | 0.67% | 1.59% | 1.59% | 1.40% | 1.40% | 61% | $192 |
| 2024 | $9.20 | 0.16 | 1.01 | 1.17 | (0.14) |  | (0.14) | $10.23 | 12.83% | 1.64% | 1.64% | 1.67% | 1.67% | 102% | $162 |
| 2023<sup>(4)</sup> | $10.00 | 0.20 | (0.79) | (0.59) | (0.16) | (0.05) | (0.21) | $9.20 | (5.85)% | 1.60% | 1.60% | 2.02% | 2.02% | 54% | $124 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.17 | 0.11 | (0.05) | 0.06 | (0.11) |  | (0.11) | $10.12 | 0.64% | 0.74% | 0.74% | 2.23% | 2.23% | 22% | $134 |
| 2025 | $10.23 | 0.26 | (0.10) | 0.16 | (0.19) | (0.03) | (0.22) | $10.17 | 1.52% | 0.74% | 0.74% | 2.25% | 2.25% | 61% | $124 |
| 2024 | $9.21 | 0.24 | 1.00 | 1.24 | (0.22) |  | (0.22) | $10.23 | 13.77% | 0.79% | 0.79% | 2.52% | 2.52% | 102% | $83 |
| 2023<sup>(4)</sup> | $10.00 | 0.25 | (0.76) | (0.51) | (0.23) | (0.05) | (0.28) | $9.21 | (5.08)% | 0.75% | 0.75% | 2.87% | 2.87% | 54% | $36 |
| **G Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $10.17 | 0.15 | (0.05) | 0.10 | (0.15) |  | (0.15) | $10.12 | 1.01% | 0.00% | 0.74% | 2.97% | 2.23% | 22% | $71764 |
| 2025 | $10.23 | 0.31 | (0.07) | 0.24 | (0.27) | (0.03) | (0.30) | $10.17 | 2.28% | 0.00% | 0.74% | 2.99% | 2.25% | 61% | $85045 |
| 2024 | $9.21 | 0.31 | 1.00 | 1.31 | (0.29) |  | (0.29) | $10.23 | 14.49% | 0.05% | 0.79% | 3.26% | 2.52% | 102% | $27 |
| 2023<sup>(4)</sup> | $10.00 | 0.31 | (0.75) | (0.44) | (0.30) | (0.05) | (0.35) | $9.21 | (4.31)% | 0.01% | 0.75% | 3.61% | 2.87% | 54% | $24 |

---

------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

(4)April 5, 2022 (fund inception) through March 31, 2023.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss)** | **Total<br>From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net <br>Asset<br>Value, <br>End<br>of <br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net <br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $9.75 | 0.05 | 0.37 | 0.42 | (0.05) |  | (0.05) | $10.12 | 4.28% | 1.10% | 1.00% | 20% | $528530 |
| 2025 | $10.86 | 0.10 | (0.50) | (0.40) | (0.10) | (0.61) | (0.71) | $9.75 | (4.19)% | 1.08% | 0.94% | 39% | $575834 |
| 2024 | $9.24 | 0.10 | 1.62 | 1.72 | (0.10) |  | (0.10) | $10.86 | 18.72% | 1.09% | 1.12% | 46% | $750408 |
| 2023 | $10.40 | 0.07 | (0.92) | (0.85) | (0.06) | (0.25) | (0.31) | $9.24 | (8.04)% | 1.09% | 0.74% | 44% | $869441 |
| 2022 | $10.74 | 0.04 | 0.45 | 0.49 | (0.06) | (0.77) | (0.83) | $10.40 | 4.45% | 1.09% | 0.35% | 43% | $1107942 |
| 2021 | $5.20 | 0.03 | 5.55 | 5.58 | (0.04) |  | (0.04) | $10.74 | 107.63% | 1.19% | 0.46% | 72% | $958579 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.89 | 0.06 | 0.37 | 0.43 | (0.06) |  | (0.06) | $10.26 | 4.33% | 0.90% | 1.20% | 20% | $1336893 |
| 2025 | $11.00 | 0.12 | (0.49) | (0.37) | (0.13) | (0.61) | (0.74) | $9.89 | (3.94)% | 0.88% | 1.14% | 39% | $1562919 |
| 2024 | $9.36 | 0.13 | 1.63 | 1.76 | (0.12) |  | (0.12) | $11.00 | 18.93% | 0.89% | 1.32% | 46% | $2065440 |
| 2023 | $10.53 | 0.09 | (0.93) | (0.84) | (0.08) | (0.25) | (0.33) | $9.36 | (7.86)% | 0.89% | 0.94% | 44% | $1982752 |
| 2022 | $10.86 | 0.06 | 0.46 | 0.52 | (0.08) | (0.77) | (0.85) | $10.53 | 4.70% | 0.89% | 0.55% | 43% | $2691383 |
| 2021 | $5.26 | 0.05 | 5.61 | 5.66 | (0.06) |  | (0.06) | $10.86 | 108.04% | 0.99% | 0.66% | 72% | $2049527 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.91 | 0.07 | 0.36 | 0.43 | (0.06) |  | (0.06) | $10.28 | 4.39% | 0.75% | 1.35% | 20% | $94703 |
| 2025 | $11.02 | 0.15 | (0.51) | (0.36) | (0.14) | (0.61) | (0.75) | $9.91 | (3.78)% | 0.73% | 1.29% | 39% | $112060 |
| 2024 | $9.37 | 0.14 | 1.64 | 1.78 | (0.13) |  | (0.13) | $11.02 | 19.19% | 0.74% | 1.47% | 46% | $64579 |
| 2023 | $10.54 | 0.10 | (0.92) | (0.82) | (0.10) | (0.25) | (0.35) | $9.37 | (7.72)% | 0.74% | 1.09% | 44% | $67231 |
| 2022 | $10.88 | 0.08 | 0.45 | 0.53 | (0.10) | (0.77) | (0.87) | $10.54 | 4.75% | 0.74% | 0.70% | 43% | $106557 |
| 2021 | $5.27 | 0.06 | 5.62 | 5.68 | (0.07) |  | (0.07) | $10.88 | 108.41% | 0.84% | 0.81% | 72% | $66827 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.60 | 0.04 | 0.35 | 0.39 | (0.03) |  | (0.03) | $9.96 | 4.12% | 1.35% | 0.75% | 20% | $65359 |
| 2025 | $10.70 | 0.07 | (0.48) | (0.41) | (0.08) | (0.61) | (0.69) | $9.60 | (4.40)% | 1.33% | 0.69% | 39% | $71075 |
| 2024 | $9.10 | 0.08 | 1.59 | 1.67 | (0.07) |  | (0.07) | $10.70 | 18.49% | 1.34% | 0.87% | 46% | $88474 |
| 2023 | $10.25 | 0.05 | (0.91) | (0.86) | (0.04) | (0.25) | (0.29) | $9.10 | (8.30)% | 1.34% | 0.49% | 44% | $89315 |
| 2022 | $10.60 | 0.01 | 0.45 | 0.46 | (0.04) | (0.77) | (0.81) | $10.25 | 4.20% | 1.34% | 0.10% | 43% | $113658 |
| 2021 | $5.13 | 0.02 | 5.47 | 5.49 | (0.02) |  | (0.02) | $10.60 | 107.16% | 1.44% | 0.21% | 72% | $94533 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss)** | **Total<br>From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net <br>Asset<br>Value, <br>End<br>of <br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net <br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **C Class** | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $8.76 | —<sup>(4)</sup> | 0.33 | 0.33 |  |  |  | $9.09 | 3.77% | 2.10% | 0.00% | 20% | $16522 |
| 2025 | $9.83 | (0.01) | (0.44) | (0.45) | (0.01) | (0.61) | (0.62) | $8.76 | (5.14)% | 2.08% | (0.06)% | 39% | $17589 |
| 2024 | $8.37 | 0.01 | 1.46 | 1.47 | (0.01) |  | (0.01) | $9.83 | 17.54% | 2.09% | 0.12% | 46% | $21117 |
| 2023 | $9.48 | (0.02) | (0.84) | (0.86) | —<sup>(4)</sup> | (0.25) | (0.25) | $8.37 | (8.99)% | 2.09% | (0.26)% | 44% | $21277 |
| 2022 | $9.90 | (0.06) | 0.42 | 0.36 | (0.01) | (0.77) | (0.78) | $9.48 | 3.49% | 2.09% | (0.65)% | 43% | $26317 |
| 2021 | $4.82 | (0.04) | 5.12 | 5.08 |  |  |  | $9.90 | 105.39% | 2.19% | (0.54)% | 72% | $15448 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.50 | 0.02 | 0.36 | 0.38 | (0.02) |  | (0.02) | $9.86 | 4.03% | 1.60% | 0.50% | 20% | $5783 |
| 2025 | $10.60 | 0.05 | (0.49) | (0.44) | (0.05) | (0.61) | (0.66) | $9.50 | (4.68)% | 1.58% | 0.44% | 39% | $5807 |
| 2024 | $9.02 | 0.06 | 1.57 | 1.63 | (0.05) |  | (0.05) | $10.60 | 18.14% | 1.59% | 0.62% | 46% | $7104 |
| 2023 | $10.16 | 0.02 | (0.89) | (0.87) | (0.02) | (0.25) | (0.27) | $9.02 | (8.44)% | 1.59% | 0.24% | 44% | $7017 |
| 2022 | $10.53 | (0.02) | 0.44 | 0.42 | (0.02) | (0.77) | (0.79) | $10.16 | 3.87% | 1.59% | (0.15)% | 43% | $7314 |
| 2021 | $5.10 | —<sup>(4)</sup> | 5.43 | 5.43 | —<sup>(4)</sup> |  | —<sup>(4)</sup> | $10.53 | 106.61% | 1.69% | (0.04)% | 72% | $5120 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.90 | 0.06 | 0.37 | 0.43 | (0.06) |  | (0.06) | $10.27 | 4.32% | 0.90% | 1.20% | 20% | $8255 |
| 2025 | $11.01 | 0.12 | (0.49) | (0.37) | (0.13) | (0.61) | (0.74) | $9.90 | (3.94)% | 0.88% | 1.14% | 39% | $9274 |
| 2024 | $9.37 | 0.13 | 1.63 | 1.76 | (0.12) |  | (0.12) | $11.01 | 18.91% | 0.89% | 1.32% | 46% | $10710 |
| 2023 | $10.54 | 0.09 | (0.93) | (0.84) | (0.08) | (0.25) | (0.33) | $9.37 | (7.85)% | 0.89% | 0.94% | 44% | $14369 |
| 2022 | $10.87 | 0.06 | 0.46 | 0.52 | (0.08) | (0.77) | (0.85) | $10.54 | 4.70% | 0.89% | 0.55% | 43% | $14646 |
| 2021 | $5.26 | 0.05 | 5.62 | 5.67 | (0.06) |  | (0.06) | $10.87 | 108.23% | 0.99% | 0.66% | 72% | $9870 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $9.89 | 0.07 | 0.37 | 0.44 | (0.06) |  | (0.06) | $10.27 | 4.50% | 0.75% | 1.35% | 20% | $2018315 |
| 2025 | $11.01 | 0.14 | (0.51) | (0.37) | (0.14) | (0.61) | (0.75) | $9.89 | (3.88)% | 0.73% | 1.29% | 39% | $2084887 |
| 2024 | $9.36 | 0.14 | 1.64 | 1.78 | (0.13) |  | (0.13) | $11.01 | 19.21% | 0.74% | 1.47% | 46% | $2479758 |
| 2023 | $10.53 | 0.11 | (0.93) | (0.82) | (0.10) | (0.25) | (0.35) | $9.36 | (7.73)% | 0.74% | 1.09% | 44% | $1992368 |
| 2022 | $10.86 | 0.08 | 0.46 | 0.54 | (0.10) | (0.77) | (0.87) | $10.53 | 4.86% | 0.74% | 0.70% | 43% | $1779113 |
| 2021 | $5.26 | 0.06 | 5.61 | 5.67 | (0.07) |  | (0.07) | $10.86 | 108.42% | 0.84% | 0.81% | 72% | $943344 |

---

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss)** | **Total<br>From Investment Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net <br>Asset<br>Value, <br>End<br>of <br>Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net <br>Assets,<br>End of<br>Period<br>(in<br>thousands)** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2025<sup>(3)</sup> | $9.92 | 0.10 | 0.38 | 0.48 | (0.10) |  | (0.10) | $10.30 | 4.87% | 0.01% | 0.75% | 2.09% | 1.35% | 20% | $230481 |
| 2025 | $11.04 | 0.22 | (0.51) | (0.29) | (0.22) | (0.61) | (0.83) | $9.92 | (3.16)% | 0.00% | 0.73% | 2.02% | 1.29% | 39% | $320423 |
| 2024 | $9.39 | 0.22 | 1.64 | 1.86 | (0.21) |  | (0.21) | $11.04 | 20.01% | 0.00% | 0.74% | 2.21% | 1.47% | 46% | $510166 |
| 2023 | $10.55 | 0.18 | (0.93) | (0.75) | (0.16) | (0.25) | (0.41) | $9.39 | (7.04)% | 0.01% | 0.74% | 1.82% | 1.09% | 44% | $300172 |
| 2022 | $10.89 | 0.16 | 0.45 | 0.61 | (0.18) | (0.77) | (0.95) | $10.55 | 5.62% | 0.00% | 0.74% | 1.44% | 0.70% | 43% | $343209 |
| 2021 | $5.29 | 0.12 | 5.63 | 5.75 | (0.15) |  | (0.15) | $10.89 | 110.06% | 0.00% | 0.84% | 1.65% | 0.81% | 72% | $359758 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

(4)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net <br>Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $7.99 | 0.08 | 0.52 | 0.60 | (0.08) |  | (0.08) | $8.51 | 7.53% | 0.97% | 0.99% | 1.99% | 1.97% | 28% | $1172779 |
| 2025 | $8.28 | 0.16 | 0.40 | 0.56 | (0.16) | (0.69) | (0.85) | $7.99 | 7.09% | 0.97% | 0.98% | 1.94% | 1.93% | 44% | $1143745 |
| 2024 | $7.77 | 0.17 | 0.92 | 1.09 | (0.17) | (0.41) | (0.58) | $8.28 | 14.62% | 1.01% | 1.02% | 2.18% | 2.17% | 35% | $1194845 |
| 2023 | $9.16 | 0.16 | (0.38) | (0.22) | (0.16) | (1.01) | (1.17) | $7.77 | (2.23)% | 1.02% | 1.02% | 1.95% | 1.95% | 42% | $1193571 |
| 2022 | $9.32 | 0.14 | 0.94 | 1.08 | (0.15) | (1.09) | (1.24) | $9.16 | 12.26% | 1.01% | 1.01% | 1.52% | 1.52% | 41% | $1309198 |
| 2021 | $5.92 | 0.14 | 3.55 | 3.69 | (0.15) | (0.14) | (0.29) | $9.32 | 63.17% | 1.00% | 1.00% | 1.88% | 1.88% | 53% | $1550992 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.02 | 0.09 | 0.52 | 0.61 | (0.09) |  | (0.09) | $8.54 | 7.61% | 0.77% | 0.79% | 2.19% | 2.17% | 28% | $506721 |
| 2025 | $8.31 | 0.18 | 0.40 | 0.58 | (0.18) | (0.69) | (0.87) | $8.02 | 7.28% | 0.77% | 0.78% | 2.14% | 2.13% | 44% | $511895 |
| 2024 | $7.79 | 0.19 | 0.93 | 1.12 | (0.19) | (0.41) | (0.60) | $8.31 | 14.95% | 0.81% | 0.82% | 2.38% | 2.37% | 35% | $510614 |
| 2023 | $9.18 | 0.18 | (0.39) | (0.21) | (0.17) | (1.01) | (1.18) | $7.79 | (2.03)% | 0.82% | 0.82% | 2.15% | 2.15% | 42% | $454802 |
| 2022 | $9.34 | 0.16 | 0.94 | 1.10 | (0.17) | (1.09) | (1.26) | $9.18 | 12.44% | 0.81% | 0.81% | 1.72% | 1.72% | 41% | $520321 |
| 2021 | $5.94 | 0.16 | 3.54 | 3.70 | (0.16) | (0.14) | (0.30) | $9.34 | 63.29% | 0.80% | 0.80% | 2.08% | 2.08% | 53% | $529024 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.02 | 0.09 | 0.52 | 0.61 | (0.09) |  | (0.09) | $8.54 | 7.69% | 0.62% | 0.64% | 2.34% | 2.32% | 28% | $141143 |
| 2025 | $8.31 | 0.19 | 0.40 | 0.59 | (0.19) | (0.69) | (0.88) | $8.02 | 7.45% | 0.62% | 0.63% | 2.29% | 2.28% | 44% | $137534 |
| 2024 | $7.79 | 0.20 | 0.93 | 1.13 | (0.20) | (0.41) | (0.61) | $8.31 | 15.12% | 0.66% | 0.67% | 2.53% | 2.52% | 35% | $124612 |
| 2023 | $9.18 | 0.19 | (0.38) | (0.19) | (0.19) | (1.01) | (1.20) | $7.79 | (1.89)% | 0.67% | 0.67% | 2.30% | 2.30% | 42% | $109655 |
| 2022 | $9.34 | 0.18 | 0.93 | 1.11 | (0.18) | (1.09) | (1.27) | $9.18 | 12.61% | 0.66% | 0.66% | 1.87% | 1.87% | 41% | $128721 |
| 2021 | $5.94 | 0.17 | 3.55 | 3.72 | (0.18) | (0.14) | (0.32) | $9.34 | 63.54% | 0.65% | 0.65% | 2.23% | 2.23% | 53% | $120607 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $7.97 | 0.07 | 0.53 | 0.60 | (0.07) |  | (0.07) | $8.50 | 7.54% | 1.22% | 1.24% | 1.74% | 1.72% | 28% | $52719 |
| 2025 | $8.27 | 0.14 | 0.39 | 0.53 | (0.14) | (0.69) | (0.83) | $7.97 | 6.70% | 1.22% | 1.23% | 1.69% | 1.68% | 44% | $50780 |
| 2024 | $7.75 | 0.15 | 0.93 | 1.08 | (0.15) | (0.41) | (0.56) | $8.27 | 14.51% | 1.26% | 1.27% | 1.93% | 1.92% | 35% | $59682 |
| 2023 | $9.15 | 0.14 | (0.39) | (0.25) | (0.14) | (1.01) | (1.15) | $7.75 | (2.58)% | 1.27% | 1.27% | 1.70% | 1.70% | 42% | $55295 |
| 2022 | $9.31 | 0.12 | 0.93 | 1.05 | (0.12) | (1.09) | (1.21) | $9.15 | 12.00% | 1.26% | 1.26% | 1.27% | 1.27% | 41% | $69880 |
| 2021 | $5.92 | 0.12 | 3.54 | 3.66 | (0.13) | (0.14) | (0.27) | $9.31 | 62.58% | 1.25% | 1.25% | 1.63% | 1.63% | 53% | $66639 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended March 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net <br>Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** | **Value Fund** |
| **C Class** | | | | | | | | | | | | | | | |
| 2025<sup>(3)</sup> | $7.75 | 0.04 | 0.50 | 0.54 | (0.04) |  | (0.04) | $8.25 | 6.96% | 1.97% | 1.99% | 0.99% | 0.97% | 28% | $3271 |
| 2025 | $8.05 | 0.08 | 0.39 | 0.47 | (0.08) | (0.69) | (0.77) | $7.75 | 6.05% | 1.97% | 1.98% | 0.94% | 0.93% | 44% | $4207 |
| 2024 | $7.56 | 0.09 | 0.90 | 0.99 | (0.09) | (0.41) | (0.50) | $8.05 | 13.59% | 2.01% | 2.02% | 1.18% | 1.17% | 35% | $6145 |
| 2023 | $8.95 | 0.08 | (0.38) | (0.30) | (0.08) | (1.01) | (1.09) | $7.56 | (3.28)% | 2.02% | 2.02% | 0.95% | 0.95% | 42% | $8718 |
| 2022 | $9.13 | 0.05 | 0.91 | 0.96 | (0.05) | (1.09) | (1.14) | $8.95 | 11.15% | 2.01% | 2.01% | 0.52% | 0.52% | 41% | $9886 |
| 2021 | $5.81 | 0.07 | 3.46 | 3.53 | (0.07) | (0.14) | (0.21) | $9.13 | 61.27% | 2.00% | 2.00% | 0.88% | 0.88% | 53% | $9212 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $7.99 | 0.06 | 0.52 | 0.58 | (0.06) |  | (0.06) | $8.51 | 7.40% | 1.47% | 1.49% | 1.49% | 1.47% | 28% | $214260 |
| 2025 | $8.27 | 0.12 | 0.41 | 0.53 | (0.12) | (0.69) | (0.81) | $7.99 | 6.54% | 1.47% | 1.48% | 1.44% | 1.43% | 44% | $215245 |
| 2024 | $7.76 | 0.13 | 0.92 | 1.05 | (0.13) | (0.41) | (0.54) | $8.27 | 14.06% | 1.51% | 1.52% | 1.68% | 1.67% | 35% | $237549 |
| 2023 | $9.15 | 0.12 | (0.38) | (0.26) | (0.12) | (1.01) | (1.13) | $7.76 | (2.72)% | 1.52% | 1.52% | 1.45% | 1.45% | 42% | $230445 |
| 2022 | $9.31 | 0.10 | 0.93 | 1.03 | (0.10) | (1.09) | (1.19) | $9.15 | 11.70% | 1.51% | 1.51% | 1.02% | 1.02% | 41% | $254460 |
| 2021 | $5.92 | 0.10 | 3.54 | 3.64 | (0.11) | (0.14) | (0.25) | $9.31 | 62.15% | 1.50% | 1.50% | 1.38% | 1.38% | 53% | $237129 |
| **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.01 | 0.09 | 0.53 | 0.62 | (0.09) |  | (0.09) | $8.54 | 7.75% | 0.77% | 0.79% | 2.19% | 2.17% | 28% | $10 |
| 2025 | $8.30 | 0.19 | 0.39 | 0.58 | (0.18) | (0.69) | (0.87) | $8.01 | 7.29% | 0.77% | 0.78% | 2.14% | 2.13% | 44% | $10 |
| 2024 | $7.79 | 0.19 | 0.92 | 1.11 | (0.19) | (0.41) | (0.60) | $8.30 | 14.81% | 0.81% | 0.82% | 2.38% | 2.37% | 35% | $3051 |
| 2023 | $9.18 | 0.18 | (0.39) | (0.21) | (0.17) | (1.01) | (1.18) | $7.79 | (2.01)% | 0.82% | 0.82% | 2.15% | 2.15% | 42% | $2659 |
| 2022 | $9.34 | 0.16 | 0.94 | 1.10 | (0.17) | (1.09) | (1.26) | $9.18 | 12.45% | 0.81% | 0.81% | 1.72% | 1.72% | 41% | $2618 |
| 2021 | $5.94 | 0.16 | 3.54 | 3.70 | (0.16) | (0.14) | (0.30) | $9.34 | 63.29% | 0.80% | 0.80% | 2.08% | 2.08% | 53% | $2281 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025<sup>(3)</sup> | $8.02 | 0.09 | 0.52 | 0.61 | (0.09) |  | (0.09) | $8.54 | 7.69% | 0.62% | 0.64% | 2.34% | 2.32% | 28% | $104832 |
| 2025 | $8.31 | 0.19 | 0.40 | 0.59 | (0.19) | (0.69) | (0.88) | $8.02 | 7.44% | 0.62% | 0.63% | 2.29% | 2.28% | 44% | $100409 |
| 2024 | $7.79 | 0.20 | 0.93 | 1.13 | (0.20) | (0.41) | (0.61) | $8.31 | 15.12% | 0.66% | 0.67% | 2.53% | 2.52% | 35% | $92998 |
| 2023 | $9.18 | 0.19 | (0.38) | (0.19) | (0.19) | (1.01) | (1.20) | $7.79 | (1.89)% | 0.67% | 0.67% | 2.30% | 2.30% | 42% | $82438 |
| 2022 | $9.34 | 0.18 | 0.93 | 1.11 | (0.18) | (1.09) | (1.27) | $9.18 | 12.61% | 0.66% | 0.66% | 1.87% | 1.87% | 41% | $107011 |
| 2021 | $5.94 | 0.17 | 3.55 | 3.72 | (0.18) | (0.14) | (0.32) | $9.34 | 63.54% | 0.65% | 0.65% | 2.23% | 2.23% | 53% | $93724 |

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------

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended September 30, 2025 (unaudited).

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

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Approval of Management Agreements

At a meeting held on June 25, 2025, the Funds' Board of Directors (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Directors, including a majority of the independent Directors.

Prior to its consideration of the renewal of the Funds' management agreements, the Directors requested and reviewed data and information compiled by the Advisor and certain independent consultants and data providers concerning each Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider over time.

In connection with its consideration of the renewal of the management agreements, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's compliance policies, procedures, and regulatory experience and those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of the Funds to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

The Board held two meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered** 

The Directors considered all of the information provided by the Advisor, the independent consultant and data providers, and the independent Directors' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for each Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreements, the Board based its decision on a number of factors, including without limitation the following:

**Nature, Extent and Quality of Services — Generally.** Under each Fund's management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Directors' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

**Investment Management Services.** The nature of the investment management services provided to each Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information from both the Advisor and an independent third party during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance and may conduct special reviews until performance improves. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with its respective management agreement.

**Shareholder and Other Services.** Under the management agreements, the Advisor provides each Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the respective management agreement to be competitive and of high quality.

**Costs of Services and Profitability.** The Advisor provides detailed information concerning its cost of providing various services to each Fund, its profitability in managing each Fund (pre- and post-distribution), and its financial results of operation. The Directors have reviewed with the Advisor the methodology used to prepare this financial information and arranged for an independent consultant to confirm the reasonableness of the allocation methodology used. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreements, and the reasonableness of the terms of the current management agreements. The Board concluded that the Advisor's profits were reasonable in light of the services provided to each Fund.

**Ethics.** The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded content and services.

**Comparison to Other Funds' Fees.** The management agreements provide that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of each Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Funds' independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing each Fund's unified fee to the total expense ratios of its peers. The

------

Board concluded that the management fee paid by each Fund to the Advisor under its respective management agreement is reasonable in light of the services provided to the Funds.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of each Fund. The Board analyzed this information and concluded that the fees charged and services provided to each Fund were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by each Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with each Fund. They concluded that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with each Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients. Where applicable, assets of other client accounts are included with the assets of certain Funds to determine breakpoints in each such Fund's management fee schedule.

**Existing Relationship.** The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of each Fund's operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Equity Income Fund** - The Fund's performance was above its benchmark for the ten-year period and below its benchmark for the one-, three-, and five-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-year period and below for the three-, five-, and ten-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Focused Large Cap Value Fund** - The Fund's performance was above its benchmark for the three- and ten-year periods and below its benchmark for the one- and five-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one- and three-year periods and below for the five- and ten-year periods. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Mid Cap Value Fund** - The Fund's performance was above its benchmark for the three- and ten-year periods and below its benchmark for the one- and five-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-, three-, and ten-year periods and below for the five-year period. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the

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Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Small Cap Dividend Fund** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-year period. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers.

**Small Cap Value Fund** - The Fund's performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the five- and ten-year periods and below for the one- and three-year periods. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Value Fund** - The Fund's performance was above its benchmark for the three-, five-, and ten-year periods and below its benchmark for the one-year period reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the one-year period and below for the three-, five-, and ten-year periods. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund's peer expense universe. In addition, the Board reviewed the Fund's position relative to the narrower set of its expense group peers. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee such that the Investor Class management fee not exceed 0.945% for at least one year beginning August 1, 2025. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow. Assets of various classes of the same Fund or similarly-managed products are combined with the assets of the Fund to help achieve those breakpoints.

**Conclusion of the Directors.** As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, determined that the terms of the management agreements are fair and reasonable and that the management fees charged to the Funds are reasonable in light of the services provided and that the management agreements between the Funds and the Advisor should be renewed for an additional one-year period.

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| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-90802 2511** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-90802 2511** |

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(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

A statement regarding the basis for the board of directors' approval of the investment advisory contract is included as part of the financial statements and other information filed under Item 7 of this Form.<br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board.

**ITEM 16. CONTROLS AND PROCEDURES.**

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(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](accpex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer,](accpex-99906cert.htm)</u> pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| Registrant: | American Century Capital Portfolios, Inc. | American Century Capital Portfolios, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | November 26, 2025 | November 26, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | November 26, 2025 | November 26, 2025 |

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| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | November 26, 2025 | November 26, 2025 |

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## Ex-99

EX-99.CERT

CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Capital Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | November 26, 2025 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

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I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Capital Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | November 26, 2025 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

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## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp; In connection with the shareholder report of American Century Capital Portfolios, Inc. (the "Registrant") on Form N-CSR for the period ending September 30, 2025 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | November 26, 2025 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

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