# EDGAR Filing Document

**Accession Number:** 0000044402
**File Stem:** 0000898432-26-000303
**Filing Date:** 2026-5
**Character Count:** 1235145
**Document Hash:** 366f75bdac1f69e801853c4af78ca2f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-26-000303.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0000898432-26-000303

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEUBERGER BERMAN EQUITY FUNDS
- **CENTRAL INDEX KEY:** 0000044402

**ORGANIZATION NAME:**
- **EIN:** 136068441
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00582
- **FILM NUMBER:** 26931909

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 2124768800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEUBERGER & BERMAN EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19931103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEUBERGER & BERMAN GUARDIAN FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUARDIAN MUTUAL FUND INC
- **DATE OF NAME CHANGE:** 19890625

## Series and Classes Contracts Data

### Neuberger Small Cap Growth Fund (Series ID: S000007839)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021330 | Investor Class      | NBMIX           |
| C000021331 | Trust Class         | NBMOX           |
| C000021332 | Advisor Class       | NBMVX           |
| C000027734 | Institutional Class | NBSMX           |
| C000077149 | Class A             | NSNAX           |
| C000077150 | Class C             | NSNCX           |
| C000077152 | Class R3            | NSNRX           |
| C000205810 | Class R6            | NSRSX           |

### Neuberger Large Cap Value Fund (Series ID: S000007840)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021333 | Investor Class      | NPRTX           |
| C000021334 | Trust Class         | NBPTX           |
| C000021335 | Advisor Class       | NBPBX           |
| C000027735 | Institutional Class | NBPIX           |
| C000089999 | Class C             | NPNCX           |
| C000090000 | Class R3            | NPNRX           |
| C000090001 | Class A             | NPNAX           |
| C000150162 | Class R6            | NRLCX           |
| C000228869 | Class E Shares      | NPNEX           |

### Neuberger Genesis Fund (Series ID: S000007841)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021336 | Investor Class      | NBGNX           |
| C000021337 | Trust Class         | NBGEX           |
| C000021338 | Advisor Class       | NBGAX           |
| C000021339 | Institutional Class | NBGIX           |
| C000125070 | Class R6            | NRGSX           |
| C000228870 | Class E Shares      | NRGEX           |

### Neuberger International Equity Fund (Series ID: S000007842)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021340 | Institutional Class | NBIIX           |
| C000121822 | Class A             | NIQAX           |
| C000121823 | Class C             | NIQCX           |
| C000121825 | Investor Class      | NIQVX           |
| C000121826 | Trust Class         | NIQTX           |
| C000130576 | Class R6            | NRIQX           |
| C000228871 | Class E Shares      | NIQEX           |

### Neuberger Real Estate Fund (Series ID: S000007843)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021341 | Institutional Class | NBRIX           |
| C000021342 | Trust Class         | NBRFX           |
| C000090002 | Class A             | NREAX           |
| C000090003 | Class C             | NRECX           |
| C000090004 | Class R3            | NRERX           |
| C000125071 | Class R6            | NRREX           |
| C000228872 | Class E Shares      | NREEX           |

### Neuberger Mid Cap Intrinsic Value Fund (Series ID: S000007846)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021347 | Investor Class      | NBRVX           |
| C000021348 | Trust Class         | NBREX           |
| C000027737 | Institutional Class | NBRTX           |
| C000090009 | Class A             | NBRAX           |
| C000090010 | Class C             | NBRCX           |
| C000090011 | Class R3            | NBRRX           |
| C000210976 | Class R6            | NBMRX           |

### Neuberger Quality Equity Fund (Series ID: S000007847)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021349 | Investor Class      | NBSRX           |
| C000021350 | Trust Class         | NBSTX           |
| C000027738 | Institutional Class | NBSLX           |
| C000077153 | Class C             | NRACX           |
| C000077155 | Class R3            | NRARX           |
| C000077156 | Class A             | NRAAX           |
| C000125072 | Class R6            | NRSRX           |
| C000244622 | Class E             |  |

### Neuberger Focus Fund (Series ID: S000007848)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021351 | Investor Class      | NBSSX           |
| C000021352 | Trust Class         | NBFCX           |
| C000021353 | Advisor Class       | NBFAX           |
| C000027739 | Institutional Class | NFALX           |
| C000090012 | Class A             | NFAAX           |
| C000090013 | Class C             | NFACX           |

### Neuberger Large Cap Growth Fund (Series ID: S000007849)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021354 | Investor Class      | NGUAX           |
| C000021355 | Trust Class         | NBGTX           |
| C000021356 | Advisor Class       | NBGUX           |
| C000027740 | Institutional Class | NGDLX           |
| C000077157 | Class A             | NGDAX           |
| C000077158 | Class C             | NGDCX           |
| C000077160 | Class R3            | NGDRX           |
| C000210977 | Class R6            | NGRDX           |

### Neuberger Mid Cap Growth Fund (Series ID: S000007850)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021357 | Investor Class      | NMANX           |
| C000021358 | Trust Class         | NBMTX           |
| C000021359 | Advisor Class       | NBMBX           |
| C000027741 | Institutional Class | NBMLX           |
| C000077161 | Class A             | NMGAX           |
| C000077162 | Class C             | NMGCX           |
| C000077164 | Class R3            | NMGRX           |
| C000125073 | Class R6            | NRMGX           |

### Neuberger International Select Fund (Series ID: S000012721)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034262 | Trust Class   | NILTX           |
| C000035184 | Institutional | NILIX           |
| C000057306 | Class A       | NBNAX           |
| C000057307 | Class C       | NBNCX           |
| C000077166 | Class R3      | NBNRX           |
| C000160231 | Class R6      | NRILX           |

### Neuberger Equity Income Fund (Series ID: S000013716)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000063559 | Class A             | NBHAX           |
| C000063560 | Class C             | NBHCX           |
| C000063561 | Institutional Class | NBHIX           |
| C000090014 | Class R3            | NBHRX           |
| C000228873 | Class E Shares      | NBHEX           |

### Neuberger Multi-Cap Opportunities Fund (Series ID: S000013718)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082270 | Class A             | NMUAX           |
| C000082271 | Class C             | NMUCX           |
| C000082272 | Institutional Class | NMULX           |
| C000228874 | Class E Shares      | NMUEX           |

### Neuberger Emerging Markets Equity Fund (Series ID: S000023609)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069470 | Class A             | NEMAX           |
| C000069471 | Class C             | NEMCX           |
| C000069472 | Institutional Class | NEMIX           |
| C000090015 | Class R3            | NEMRX           |
| C000125074 | Class R6            | NREMX           |

### Neuberger Intrinsic Value Fund (Series ID: S000028676)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000087772 | Class A             | NINAX           |
| C000087773 | Class C             | NINCX           |
| C000087774 | Institutional Class | NINLX           |
| C000150163 | Class R6            | NRINX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

As filed with the Securities and Exchange Commission on May 1, 2026

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: 811-00582

#### NEUBERGER BERMAN EQUITY FUNDS
(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: August 31

Date of reporting period: February 28, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Shareholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following are copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

# Neuberger

# Emerging Markets Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NEMIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EmergingMarketsEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $62 | 1.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251018281 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 85% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.5% |
| State Street Institutional Treasury Money Market Fund Premier Class | 4.3% |
| Telefonica Brasil SA | 3.4% |
| PDD Holdings, Inc. ADR | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Petroleo Brasileiro SA - Petrobras | 3.0% |
| Orion Corp. | 3.0% |
| Megacable Holdings SAB de CV | 2.9% |
| VTech Holdings Ltd. | 2.9% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 18.3% |
| Communication Services | 13.7% |
| Information Technology | 12.9% |
| Consumer Discretionary | 11.3% |
| Materials | 10.1% |
| Consumer Staples | 9.5% |
| Health Care | 5.7% |
| Utilities | 5.1% |
| Industrials | 3.9% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Short-Term Investments | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| China | 27.8% |
| Korea | 14.0% |
| Brazil | 12.5% |
| United States | 6.0% |
| Indonesia | 5.6% |
| Hong Kong | 5.5% |
| Mexico | 5.3% |
| Taiwan | 4.4% |
| South Africa | 4.2% |
| India | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EmergingMarketsEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0018 04/26

# Neuberger

# Emerging Markets Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NEMAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EmergingMarketsEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $78 | 1.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251018281 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 85% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.5% |
| State Street Institutional Treasury Money Market Fund Premier Class | 4.3% |
| Telefonica Brasil SA | 3.4% |
| PDD Holdings, Inc. ADR | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Petroleo Brasileiro SA - Petrobras | 3.0% |
| Orion Corp. | 3.0% |
| Megacable Holdings SAB de CV | 2.9% |
| VTech Holdings Ltd. | 2.9% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 18.3% |
| Communication Services | 13.7% |
| Information Technology | 12.9% |
| Consumer Discretionary | 11.3% |
| Materials | 10.1% |
| Consumer Staples | 9.5% |
| Health Care | 5.7% |
| Utilities | 5.1% |
| Industrials | 3.9% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Short-Term Investments | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| China | 27.8% |
| Korea | 14.0% |
| Brazil | 12.5% |
| United States | 6.0% |
| Indonesia | 5.6% |
| Hong Kong | 5.5% |
| Mexico | 5.3% |
| Taiwan | 4.4% |
| South Africa | 4.2% |
| India | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EmergingMarketsEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0014 04/26

# Neuberger

# Emerging Markets Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NEMCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EmergingMarketsEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $119 | 2.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251018281 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 85% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.5% |
| State Street Institutional Treasury Money Market Fund Premier Class | 4.3% |
| Telefonica Brasil SA | 3.4% |
| PDD Holdings, Inc. ADR | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Petroleo Brasileiro SA - Petrobras | 3.0% |
| Orion Corp. | 3.0% |
| Megacable Holdings SAB de CV | 2.9% |
| VTech Holdings Ltd. | 2.9% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 18.3% |
| Communication Services | 13.7% |
| Information Technology | 12.9% |
| Consumer Discretionary | 11.3% |
| Materials | 10.1% |
| Consumer Staples | 9.5% |
| Health Care | 5.7% |
| Utilities | 5.1% |
| Industrials | 3.9% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Short-Term Investments | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| China | 27.8% |
| Korea | 14.0% |
| Brazil | 12.5% |
| United States | 6.0% |
| Indonesia | 5.6% |
| Hong Kong | 5.5% |
| Mexico | 5.3% |
| Taiwan | 4.4% |
| South Africa | 4.2% |
| India | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EmergingMarketsEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0017 04/26

# Neuberger

# Emerging Markets Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NEMRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EmergingMarketsEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $98 | 1.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251018281 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 85% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.5% |
| State Street Institutional Treasury Money Market Fund Premier Class | 4.3% |
| Telefonica Brasil SA | 3.4% |
| PDD Holdings, Inc. ADR | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Petroleo Brasileiro SA - Petrobras | 3.0% |
| Orion Corp. | 3.0% |
| Megacable Holdings SAB de CV | 2.9% |
| VTech Holdings Ltd. | 2.9% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 18.3% |
| Communication Services | 13.7% |
| Information Technology | 12.9% |
| Consumer Discretionary | 11.3% |
| Materials | 10.1% |
| Consumer Staples | 9.5% |
| Health Care | 5.7% |
| Utilities | 5.1% |
| Industrials | 3.9% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Short-Term Investments | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| China | 27.8% |
| Korea | 14.0% |
| Brazil | 12.5% |
| United States | 6.0% |
| Indonesia | 5.6% |
| Hong Kong | 5.5% |
| Mexico | 5.3% |
| Taiwan | 4.4% |
| South Africa | 4.2% |
| India | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EmergingMarketsEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0015 04/26

# Neuberger

# Emerging Markets Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NREMX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EmergingMarketsEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $57 | 1.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251018281 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 85% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.5% |
| State Street Institutional Treasury Money Market Fund Premier Class | 4.3% |
| Telefonica Brasil SA | 3.4% |
| PDD Holdings, Inc. ADR | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Petroleo Brasileiro SA - Petrobras | 3.0% |
| Orion Corp. | 3.0% |
| Megacable Holdings SAB de CV | 2.9% |
| VTech Holdings Ltd. | 2.9% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 18.3% |
| Communication Services | 13.7% |
| Information Technology | 12.9% |
| Consumer Discretionary | 11.3% |
| Materials | 10.1% |
| Consumer Staples | 9.5% |
| Health Care | 5.7% |
| Utilities | 5.1% |
| Industrials | 3.9% |
| Energy | 3.0% |
| Real Estate | 2.2% |
| Short-Term Investments | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| China | 27.8% |
| Korea | 14.0% |
| Brazil | 12.5% |
| United States | 6.0% |
| Indonesia | 5.6% |
| Hong Kong | 5.5% |
| Mexico | 5.3% |
| Taiwan | 4.4% |
| South Africa | 4.2% |
| India | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EmergingMarketsEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0016 04/26

# Neuberger

# Equity Income Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBHIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EquityIncome/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $39 | 0.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1080636020 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.8% |
| AstraZeneca PLC ADR | 3.2% |
| Valterra Platinum Ltd. | 3.1% |
| Wells Fargo & Co. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| JPMorgan Chase & Co. | 2.8% |
| Ferrovial SE | 2.8% |
| Brixmor Property Group, Inc. | 2.7% |
| Roche Holding AG ADR | 2.6% |
| Emerson Electric Co. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Materials | 15.0% |
| Financials | 14.4% |
| Industrials | 11.5% |
| Utilities | 11.4% |
| Health Care | 8.9% |
| Energy | 8.6% |
| Consumer Staples | 6.8% |
| Information Technology | 6.0% |
| Consumer Discretionary | 5.9% |
| Real Estate | 5.8% |
| Communication Services | 4.1% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EquityIncome/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0028 04/26

# Neuberger

# Equity Income Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NBHAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EquityIncome/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $58 | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1080636020 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.8% |
| AstraZeneca PLC ADR | 3.2% |
| Valterra Platinum Ltd. | 3.1% |
| Wells Fargo & Co. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| JPMorgan Chase & Co. | 2.8% |
| Ferrovial SE | 2.8% |
| Brixmor Property Group, Inc. | 2.7% |
| Roche Holding AG ADR | 2.6% |
| Emerson Electric Co. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Materials | 15.0% |
| Financials | 14.4% |
| Industrials | 11.5% |
| Utilities | 11.4% |
| Health Care | 8.9% |
| Energy | 8.6% |
| Consumer Staples | 6.8% |
| Information Technology | 6.0% |
| Consumer Discretionary | 5.9% |
| Real Estate | 5.8% |
| Communication Services | 4.1% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EquityIncome/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0024 04/26

# Neuberger

# Equity Income Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NBHCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EquityIncome/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $98 | 1.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1080636020 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.8% |
| AstraZeneca PLC ADR | 3.2% |
| Valterra Platinum Ltd. | 3.1% |
| Wells Fargo & Co. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| JPMorgan Chase & Co. | 2.8% |
| Ferrovial SE | 2.8% |
| Brixmor Property Group, Inc. | 2.7% |
| Roche Holding AG ADR | 2.6% |
| Emerson Electric Co. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Materials | 15.0% |
| Financials | 14.4% |
| Industrials | 11.5% |
| Utilities | 11.4% |
| Health Care | 8.9% |
| Energy | 8.6% |
| Consumer Staples | 6.8% |
| Information Technology | 6.0% |
| Consumer Discretionary | 5.9% |
| Real Estate | 5.8% |
| Communication Services | 4.1% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EquityIncome/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0027 04/26

# Neuberger

# Equity Income Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NBHRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EquityIncome/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $73 | 1.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1080636020 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.8% |
| AstraZeneca PLC ADR | 3.2% |
| Valterra Platinum Ltd. | 3.1% |
| Wells Fargo & Co. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| JPMorgan Chase & Co. | 2.8% |
| Ferrovial SE | 2.8% |
| Brixmor Property Group, Inc. | 2.7% |
| Roche Holding AG ADR | 2.6% |
| Emerson Electric Co. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Materials | 15.0% |
| Financials | 14.4% |
| Industrials | 11.5% |
| Utilities | 11.4% |
| Health Care | 8.9% |
| Energy | 8.6% |
| Consumer Staples | 6.8% |
| Information Technology | 6.0% |
| Consumer Discretionary | 5.9% |
| Real Estate | 5.8% |
| Communication Services | 4.1% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EquityIncome/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0026 04/26

# Neuberger

# Equity Income Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NBHEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/EquityIncome/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $3 | 0.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1080636020 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.8% |
| AstraZeneca PLC ADR | 3.2% |
| Valterra Platinum Ltd. | 3.1% |
| Wells Fargo & Co. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| JPMorgan Chase & Co. | 2.8% |
| Ferrovial SE | 2.8% |
| Brixmor Property Group, Inc. | 2.7% |
| Roche Holding AG ADR | 2.6% |
| Emerson Electric Co. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Materials | 15.0% |
| Financials | 14.4% |
| Industrials | 11.5% |
| Utilities | 11.4% |
| Health Care | 8.9% |
| Energy | 8.6% |
| Consumer Staples | 6.8% |
| Information Technology | 6.0% |
| Consumer Discretionary | 5.9% |
| Real Estate | 5.8% |
| Communication Services | 4.1% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/EquityIncome/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0025 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NBSSX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $44 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0035 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBFCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $55 | 1.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0036 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBFAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $72 | 1.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0040 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NFALX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $37 | 0.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0039 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NFAAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $56 | 1.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0037 04/26

# Neuberger

# Focus Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NFACX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Focus/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $94 | 1.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $786310589 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 37% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4% |
| Meta Platforms, Inc. Class A | 4.3% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.1% |
| Deutsche Telekom AG | 4.0% |
| Amazon.com, Inc. | 3.9% |
| Airbus SE | 3.5% |
| UniCredit SpA | 3.4% |
| Microsoft Corp. | 3.3% |
| Lam Research Corp. | 3.1% |
| Agnico Eagle Mines Ltd. | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 18.6% |
| Financials | 14.9% |
| Industrials | 14.5% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.9% |
| Health Care | 8.3% |
| Utilities | 5.8% |
| Materials | 4.9% |
| Energy | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Focus/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0038 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NBGNX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $51 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0048 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBGEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $55 | 1.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0049 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBGAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $68 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0052 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBGIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $42 | 0.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0050 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRGSX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $37 | 0.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0051 04/26

# Neuberger

# Genesis Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NRGEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/Genesis/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $1 | 0.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8558371060 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| Littelfuse, Inc. | 2.0% |
| White Mountains Insurance Group Ltd. | 1.9% |
| RBC Bearings, Inc. | 1.9% |
| MKS, Inc. | 1.8% |
| Tidewater, Inc. | 1.8% |
| Kirby Corp. | 1.8% |
| Lattice Semiconductor Corp. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.6% |
| Community Financial System, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.9% |
| Financials | 17.6% |
| Information Technology | 14.2% |
| Consumer Discretionary | 6.9% |
| Energy | 6.3% |
| Health Care | 5.6% |
| Utilities | 5.4% |
| Materials | 4.0% |
| Real Estate | 2.2% |
| Communication Services | 2.2% |
| Short-Term Investments | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/Genesis/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0047 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NIQVX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $56 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0066 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NIQTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $59 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0067 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBIIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $45 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0059 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NIQAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $64 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0068 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NIQCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $103 | 1.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0060 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRIQX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $40 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0070 04/26

# Neuberger

# International Equity Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NIQEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $3 | 0.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1119021894 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.4% |
| Anheuser-Busch InBev SA | 2.2% |
| ASML Holding NV | 2.1% |
| Siemens Energy AG | 2.0% |
| AstraZeneca PLC | 1.8% |
| Japan Post Bank Co. Ltd. | 1.8% |
| UniCredit SpA | 1.8% |
| Erste Group Bank AG | 1.8% |
| ING Groep NV | 1.8% |
| RWE AG | 1.7% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.0% |
| Financials | 21.5% |
| Information Technology | 12.6% |
| Health Care | 10.1% |
| Materials | 8.1% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 6.2% |
| Energy | 3.2% |
| Utilities | 1.7% |
| Real Estate | 0.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.2% |
| Japan | 16.0% |
| Germany | 10.8% |
| United States | 10.8% |
| France | 9.6% |
| Netherlands | 5.4% |
| Switzerland | 3.6% |
| Italy | 3.4% |
| Austria | 2.9% |
| Korea | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0069 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NILTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $61 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0077 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NILIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $42 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0082 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NBNAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $61 | 1.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0078 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NBNCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $101 | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0081 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NBNRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $74 | 1.41% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0079 04/26

# Neuberger

# International Select Fund
![Image](i6add9cff9cff6971e71e6cbf.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRILX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/InternationalSelect/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $38 | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $272640134 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 43% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Siemens AG | 2.6% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.3% |
| Anheuser-Busch InBev SA | 2.2% |
| Siemens Energy AG | 2.2% |
| ASML Holding NV | 2.0% |
| AstraZeneca PLC | 2.0% |
| Erste Group Bank AG | 1.9% |
| ING Groep NV | 1.9% |
| Resona Holdings, Inc. | 1.9% |
| SLB Ltd. | 1.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Financials | 22.4% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Materials | 8.2% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.1% |
| Energy | 3.3% |
| Utilities | 1.7% |
| Communication Services | 0.5% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Top Ten Countries

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Japan | 14.0% |
| United States | 13.3% |
| Germany | 11.7% |
| France | 11.3% |
| Netherlands | 5.7% |
| Austria | 3.1% |
| Korea | 3.1% |
| Switzerland | 2.6% |
| Denmark | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/InternationalSelect/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0080 04/26

# Neuberger

# Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NINLX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/IntrinsicValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $51 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1300810068 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Viasat, Inc. | 4.8% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 2.7% |
| AerCap Holdings NV | 2.6% |
| Enviri Corp. | 2.4% |
| Veeco Instruments, Inc. | 2.3% |
| IPG Photonics Corp. | 2.2% |
| Huntington Bancshares, Inc. | 2.1% |
| KBR, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Industrials | 22.3% |
| Utilities | 10.0% |
| Health Care | 8.3% |
| Energy | 6.5% |
| Consumer Discretionary | 6.2% |
| Financials | 5.9% |
| Materials | 4.2% |
| Communication Services | 3.1% |
| Consumer Staples | 0.9% |
| Short-Term Investments | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/IntrinsicValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0315 04/26

# Neuberger

# Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NINAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/IntrinsicValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $71 | 1.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1300810068 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Viasat, Inc. | 4.8% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 2.7% |
| AerCap Holdings NV | 2.6% |
| Enviri Corp. | 2.4% |
| Veeco Instruments, Inc. | 2.3% |
| IPG Photonics Corp. | 2.2% |
| Huntington Bancshares, Inc. | 2.1% |
| KBR, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Industrials | 22.3% |
| Utilities | 10.0% |
| Health Care | 8.3% |
| Energy | 6.5% |
| Consumer Discretionary | 6.2% |
| Financials | 5.9% |
| Materials | 4.2% |
| Communication Services | 3.1% |
| Consumer Staples | 0.9% |
| Short-Term Investments | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/IntrinsicValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0093 04/26

# Neuberger

# Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NINCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/IntrinsicValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $111 | 2.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1300810068 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Viasat, Inc. | 4.8% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 2.7% |
| AerCap Holdings NV | 2.6% |
| Enviri Corp. | 2.4% |
| Veeco Instruments, Inc. | 2.3% |
| IPG Photonics Corp. | 2.2% |
| Huntington Bancshares, Inc. | 2.1% |
| KBR, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Industrials | 22.3% |
| Utilities | 10.0% |
| Health Care | 8.3% |
| Energy | 6.5% |
| Consumer Discretionary | 6.2% |
| Financials | 5.9% |
| Materials | 4.2% |
| Communication Services | 3.1% |
| Consumer Staples | 0.9% |
| Short-Term Investments | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/IntrinsicValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0316 04/26

# Neuberger

# Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRINX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/IntrinsicValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $46 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1300810068 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Viasat, Inc. | 4.8% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 2.7% |
| AerCap Holdings NV | 2.6% |
| Enviri Corp. | 2.4% |
| Veeco Instruments, Inc. | 2.3% |
| IPG Photonics Corp. | 2.2% |
| Huntington Bancshares, Inc. | 2.1% |
| KBR, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Industrials | 22.3% |
| Utilities | 10.0% |
| Health Care | 8.3% |
| Energy | 6.5% |
| Consumer Discretionary | 6.2% |
| Financials | 5.9% |
| Materials | 4.2% |
| Communication Services | 3.1% |
| Consumer Staples | 0.9% |
| Short-Term Investments | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/IntrinsicValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0094 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NGUAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $39 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0103 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBGTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $49 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0104 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBGUX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $74 | 1.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0110 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NGDLX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $32 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0109 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NGDAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $50 | 1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0105 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NGDCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $87 | 1.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0108 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NGDRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $64 | 1.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0106 04/26

# Neuberger

# Large Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NGRDX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $27 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2459321574 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.2% |
| Alphabet, Inc. Class A | 7.7% |
| Microsoft Corp. | 7.6% |
| Amazon.com, Inc. | 6.3% |
| Apple, Inc. | 5.9% |
| Meta Platforms, Inc. Class A | 4.7% |
| Fanatics Holdings, Inc. Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Eli Lilly & Co. | 3.1% |
| Netflix, Inc. | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.3% |
| Financials | 12.1% |
| Industrials | 9.2% |
| Health Care | 6.7% |
| Utilities | 2.6% |
| Consumer Staples | 2.5% |
| Energy | 0.7% |
| Short-Term Investments | 0.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0107 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NPRTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $40 | 0.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0120 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBPTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $52 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0121 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBPBX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $60 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0128 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBPIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $33 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0127 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NPNAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $52 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0122 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NPNCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $93 | 1.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0126 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NPNRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $67 | 1.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0124 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRLCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $27 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0125 04/26

# Neuberger

# Large Cap Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NPNEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/LargeCapValue/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $1 | 0.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9461723277 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.9% |
| Southern Copper Corp. | 4.0% |
| Johnson & Johnson | 3.2% |
| Boeing Co. | 3.0% |
| JPMorgan Chase & Co. | 2.7% |
| Chevron Corp. | 2.6% |
| CME Group, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Medtronic PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Financials | 17.1% |
| Health Care | 15.1% |
| Materials | 14.8% |
| Industrials | 12.6% |
| Energy | 12.5% |
| Information Technology | 5.6% |
| Communication Services | 4.7% |
| Consumer Discretionary | 4.6% |
| Consumer Staples | 4.3% |
| Utilities | 2.2% |
| Real Estate | 0.0% |
| Short-Term Investments | 6.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/LargeCapValue/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0123 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NMANX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $40 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0137 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBMTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $45 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0138 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBMBX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $57 | 1.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0144 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBMLX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $32 | 0.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0143 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NMGAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $50 | 1.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0139 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NMGCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $87 | 1.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0142 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NMGRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $62 | 1.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0140 04/26

# Neuberger

# Mid Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRMGX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $28 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1991618374 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 91% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Cencora, Inc. | 4.1% |
| Hilton Worldwide Holdings, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.7% |
| Vertiv Holdings Co. Class A | 3.7% |
| Royal Caribbean Cruises Ltd. | 3.2% |
| Quanta Services, Inc. | 2.9% |
| Cloudflare, Inc. Class A | 2.6% |
| IDEXX Laboratories, Inc. | 2.5% |
| Cardinal Health, Inc. | 2.4% |
| Fastenal Co. | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 25.9% |
| Consumer Discretionary | 20.4% |
| Information Technology | 17.8% |
| Health Care | 16.5% |
| Financials | 7.7% |
| Energy | 3.3% |
| Consumer Staples | 2.4% |
| Communication Services | 2.4% |
| Utilities | 1.2% |
| Materials | 0.6% |
| Short-Term Investments | 1.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0141 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NBRVX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $51 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0152 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBREX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $63 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0153 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBRTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $45 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0158 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NBRAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $64 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0154 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NBRCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $103 | 1.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0157 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NBRRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $77 | 1.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0155 04/26

# Neuberger

# Mid Cap Intrinsic Value Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NBMRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MidCapIntrinsic/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $40 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51821914 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| IPG Photonics Corp. | 2.9% |
| L3Harris Technologies, Inc. | 2.6% |
| Williams Cos., Inc. | 2.6% |
| Teledyne Technologies, Inc. | 2.6% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.4% |
| AerCap Holdings NV | 2.3% |
| McKesson Corp. | 2.2% |
| Travel & Leisure Co. | 2.2% |
| FirstEnergy Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Industrials | 21.2% |
| Consumer Discretionary | 10.1% |
| Financials | 9.5% |
| Utilities | 7.5% |
| Energy | 7.2% |
| Health Care | 6.5% |
| Real Estate | 5.4% |
| Consumer Staples | 3.3% |
| Materials | 2.2% |
| Communication Services | 1.6% |
| Short-Term Investments | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MidCapIntrinsic/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0156 04/26

# Neuberger

# Multi-Cap Opportunities Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NMULX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MultiCapOpportunities/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $45 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251489341 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4% |
| Apple, Inc. | 4.5% |
| NVIDIA Corp. | 4.5% |
| Microsoft Corp. | 3.9% |
| Brookfield Corp. | 3.8% |
| Berkshire Hathaway, Inc. Class B | 3.7% |
| Amazon.com, Inc. | 3.6% |
| U.S. Foods Holding Corp. | 3.3% |
| HCA Healthcare, Inc. | 3.2% |
| Broadcom, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.8% |
| Financials | 21.8% |
| Consumer Discretionary | 14.2% |
| Industrials | 12.6% |
| Communication Services | 8.4% |
| Health Care | 6.6% |
| Consumer Staples | 5.7% |
| Utilities | 3.7% |
| Materials | 3.5% |
| Energy | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MultiCapOpportunities/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0166 04/26

# Neuberger

# Multi-Cap Opportunities Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NMUAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MultiCapOpportunities/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $64 | 1.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251489341 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4% |
| Apple, Inc. | 4.5% |
| NVIDIA Corp. | 4.5% |
| Microsoft Corp. | 3.9% |
| Brookfield Corp. | 3.8% |
| Berkshire Hathaway, Inc. Class B | 3.7% |
| Amazon.com, Inc. | 3.6% |
| U.S. Foods Holding Corp. | 3.3% |
| HCA Healthcare, Inc. | 3.2% |
| Broadcom, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.8% |
| Financials | 21.8% |
| Consumer Discretionary | 14.2% |
| Industrials | 12.6% |
| Communication Services | 8.4% |
| Health Care | 6.6% |
| Consumer Staples | 5.7% |
| Utilities | 3.7% |
| Materials | 3.5% |
| Energy | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MultiCapOpportunities/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0163 04/26

# Neuberger

# Multi-Cap Opportunities Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NMUCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MultiCapOpportunities/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $102 | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251489341 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4% |
| Apple, Inc. | 4.5% |
| NVIDIA Corp. | 4.5% |
| Microsoft Corp. | 3.9% |
| Brookfield Corp. | 3.8% |
| Berkshire Hathaway, Inc. Class B | 3.7% |
| Amazon.com, Inc. | 3.6% |
| U.S. Foods Holding Corp. | 3.3% |
| HCA Healthcare, Inc. | 3.2% |
| Broadcom, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.8% |
| Financials | 21.8% |
| Consumer Discretionary | 14.2% |
| Industrials | 12.6% |
| Communication Services | 8.4% |
| Health Care | 6.6% |
| Consumer Staples | 5.7% |
| Utilities | 3.7% |
| Materials | 3.5% |
| Energy | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MultiCapOpportunities/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0165 04/26

# Neuberger

# Multi-Cap Opportunities Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NMUEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/MultiCapOpportunities/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $7 | 0.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251489341 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4% |
| Apple, Inc. | 4.5% |
| NVIDIA Corp. | 4.5% |
| Microsoft Corp. | 3.9% |
| Brookfield Corp. | 3.8% |
| Berkshire Hathaway, Inc. Class B | 3.7% |
| Amazon.com, Inc. | 3.6% |
| U.S. Foods Holding Corp. | 3.3% |
| HCA Healthcare, Inc. | 3.2% |
| Broadcom, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.8% |
| Financials | 21.8% |
| Consumer Discretionary | 14.2% |
| Industrials | 12.6% |
| Communication Services | 8.4% |
| Health Care | 6.6% |
| Consumer Staples | 5.7% |
| Utilities | 3.7% |
| Materials | 3.5% |
| Energy | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/MultiCapOpportunities/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0164 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NBSRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $43 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0205 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBSTX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $53 | 1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0206 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBSLX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $34 | 0.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0211 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NRAAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $54 | 1.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0207 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NRACX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $92 | 1.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0210 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NRARX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $67 | 1.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0208 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRSRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $30 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0209 04/26

# Neuberger

# Quality Equity Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NRAEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/QualityEquity/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $2 | 0.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2575211086 |
| Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 10.3% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| Interactive Brokers Group, Inc. Class A | 4.7% |
| Space Exploration Technologies Corp., Series E | 4.4% |
| Applied Materials, Inc. | 4.2% |
| NVIDIA Corp. | 4.1% |
| Berkshire Hathaway, Inc. Class B | 3.3% |
| Berkshire Hathaway, Inc. Class A | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 16.5% |
| Consumer Discretionary | 12.3% |
| Communication Services | 10.4% |
| Health Care | 10.0% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 0.4% |
| Short-Term Investments | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/QualityEquity/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0212 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBRFX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $53 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0174 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBRIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $44 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0180 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NREAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $62 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0175 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NRECX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $100 | 1.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0179 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NRERX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $75 | 1.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0177 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NRREX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $39 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0178 04/26

# Neuberger

# Real Estate Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class E: NREEX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/RealEstate/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class E | $5 | 0.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $672221347 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 19% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Welltower, Inc. | 9.4% |
| Equinix, Inc. | 8.7% |
| Prologis, Inc. | 8.5% |
| American Tower Corp. | 7.4% |
| Digital Realty Trust, Inc. | 4.5% |
| Ventas, Inc. | 4.3% |
| Simon Property Group, Inc. | 4.0% |
| AvalonBay Communities, Inc. | 4.0% |
| Public Storage | 3.6% |
| SBA Communications Corp. | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Health Care | 18.2% |
| Telecommunications | 13.2% |
| Data Centers | 13.1% |
| Industrial | 9.6% |
| Apartments | 8.8% |
| Free Standing | 7.2% |
| Self Storage | 6.2% |
| Regional Malls | 5.4% |
| Shopping Centers | 4.1% |
| Manufactured Homes | 3.6% |
| Single Family Homes | 2.9% |
| Specialty | 2.9% |
| Office | 2.0% |
| Gaming | 1.4% |
| Short-Term Investments | 1.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/RealEstate/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0176 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Investor Class: NBMIX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $53 | 1.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0189 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Trust Class: NBMOX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Trust Class | $66 | 1.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0190 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Advisor Class: NBMVX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Advisor Class | $73 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0196 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Institutional Class: NBSMX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $47 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0195 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class A: NSNAX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class A | $66 | 1.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0191 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class C: NSNCX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class C | $105 | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0194 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R3: NSNRX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R3 | $79 | 1.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0192 04/26

# Neuberger

# Small Cap Growth Fund
![Image](i40731b7beda13191c2528dd9.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Class R6: NSRSX
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.nb.com/SmallCapGrowth/TSRdocuments. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $42 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480173225 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 104% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Rambus, Inc. | 2.8% |
| FirstCash Holdings, Inc. | 2.6% |
| Piper Sandler Cos. | 2.5% |
| InterDigital, Inc. | 2.3% |
| RadNet, Inc. | 2.2% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.1% |
| Dave, Inc. | 2.0% |
| Bloom Energy Corp. Class A | 1.9% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| Mirion Technologies, Inc. | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 26.7% |
| Health Care | 24.1% |
| Information Technology | 19.7% |
| Financials | 8.6% |
| Consumer Discretionary | 8.5% |
| Energy | 5.5% |
| Materials | 2.2% |
| Consumer Staples | 2.0% |
| Utilities | 0.6% |
| Short-Term Investments | 2.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.nb.com/SmallCapGrowth/TSRdocuments.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0193 04/26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 2. Code of Ethics.
The Board of Trustees ("Board") of Neuberger Berman Equity Funds ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the [Code of Ethics is incorporated by reference to Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

#### Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 6. Investments.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The complete schedule of investments for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![](img2145f1ab1.jpg)

![](imge885c82f2.jpg)

Neuberger Berman

Equity Funds

Investor Class Shares • Trust Class Shares • Advisor Class Shares • Institutional Class Shares • Class A Shares • Class C Shares • Class R3 Shares • Class R6 Shares • Class E Shares

---

| |
|:---|
| Emerging Markets Equity Fund  |
| Equity Income Fund  |
| Focus Fund  |
| Genesis Fund  |
| International Equity Fund  |
| International Select Fund  |
| Intrinsic Value Fund  |
| Large Cap Growth Fund  |

---

---

| |
|:---|
| Large Cap Value Fund  |
| Mid Cap Growth Fund  |
| Mid Cap Intrinsic Value Fund  |
| Multi-Cap Opportunities Fund  |
| Quality Equity Fund  |
| Real Estate Fund  |
| Small Cap Growth Fund  |

---

Semi-Annual Financial Statements and Other Information

February 28, 2026

------

![](imgfff1b9ad3.gif)

**Table of Contents**

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

---

| | |
|:---|:---|
| **[LEGEND (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_LEG-TOC-Legend-19_1)** | 3 |
| **[SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_1)** | 4 |
| [Emerging Markets Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_1) | 4 |
| [Positions by Industry](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_3) | 6 |
| [Equity Income Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_6) | 9 |
| [Positions by Country](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_8) | 11 |
| [Focus Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_12) | 15 |
| [Positions by Country](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_14) | 17 |
| [Genesis Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_17) | 20 |
| [International Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_20) | 23 |
| [Positions by Industry](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_23) | 26 |
| [International Select Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_25) | 28 |
| [Positions by Industry](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_27) | 30 |
| [Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_29) | 32 |
| [Large Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_33) | 36 |
| [Large Cap Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_38) | 41 |
| [Mid Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_41) | 44 |
| [Mid Cap Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_44) | 47 |
| [Multi-Cap Opportunities Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_47) | 50 |
| [Quality Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_49) | 52 |
| [Real Estate Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_53) | 56 |
| [Small Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOI-TOC-SOI-19_55) | 58 |
| **[FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FS-StatementofAssetsandLiabilities-Intro-19_2)** | 62 |
| **[Remuneration paid to trustees, officers, and others (Form N-CSR Item 10)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_1)** | 70 |
| [Emerging Markets Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_1) | 70 |
| [Equity Income Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_1) | 70 |
| [Focus Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_1) | 70 |
| [Genesis Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_2) | 71 |
| [International Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_2) | 71 |
| [International Select Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_2) | 71 |
| [Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_2) | 71 |
| [Large Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_5) | 74 |
| [Large Cap Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_5) | 74 |
| [Mid Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_5) | 74 |
| [Mid Cap Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_6) | 75 |
| [Multi-Cap Opportunities Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_6) | 75 |
| [Quality Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_6) | 75 |
| [Real Estate Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_6) | 75 |

---

------

![](imgfff1b9ad3.gif)

**Table of Contents**

---

| | |
|:---|:---|
| [Small Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_SOPI-StatementofOperations-Intro-19_6) | 75 |
| **[NOTES TO FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_NTF-TOC-NTFS-2_1)** | 90 |
| **[FINANCIAL HIGHLIGHTS (ALL CLASSES) (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_1)** | 116 |
| [Emerging Markets Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_1) | 116 |
| [Equity Income Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_3) | 118 |
| [Focus Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_5) | 120 |
| [Genesis Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_7) | 122 |
| [International Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_9) | 124 |
| [International Select Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_13) | 128 |
| [Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_15) | 130 |
| [Large Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_17) | 132 |
| [Large Cap Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_19) | 134 |
| [Mid Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_23) | 138 |
| [Mid Cap Intrinsic Value Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_27) | 142 |
| [Multi-Cap Opportunities Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_29) | 144 |
| [Quality Equity Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_31) | 146 |
| [Real Estate Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_33) | 148 |
| [Small Cap Growth Fund](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_FIHIPIV-TOC-PivotedFinancialHighlights-Name-19_37) | 152 |
| **[Directory (Form N-CSR Item 7)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_DIRECT-Directory_1)** | 161 |
| **[Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 162 |
| **[Proxy Disclosures (Form N-CSR Item 9)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 162 |
| **[Board Consideration of the Management Agreements (Form N-CSR Item 11)](#xx_727e3cd4-be2c-4527-994d-7b99abc13783_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 162 |

---

The "Neuberger Berman" and "Neuberger" names and logos and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. <sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

------

![](img006065f64.gif)

Legend February 28, 2026 (Unaudited)

**Neuberger Berman Equity Funds** 

---

| | |
|:---|:---|
| **Counterparties:** | **Counterparties:** |
| SSB | = State Street Bank and Trust Company |
| **Investment Methods:** | **Investment Methods:** |
| PIPE | = Private investment in public equity |
| **Other Abbreviations:** | **Other Abbreviations:** |
| ADR | = American Depositary Receipt |
| CVR | = Contingent Value Right |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |

---

------

![](img006065f64.gif)

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 94.7%** | **Common Stocks 94.7%** | **Common Stocks 94.7%** |
| **Brazil 12.5%** | **Brazil 12.5%** | **Brazil 12.5%** |
| 994934 | Banco Bradesco SA  | &nbsp;&nbsp; $4104722 |
| 986281 | &nbsp;&nbsp; Petroleo Brasileiro SA - <br> Petrobras <br>| &nbsp;&nbsp; 7566650 |
| 1244830 | Sao Martinho SA  | &nbsp;&nbsp; 4361094 |
| 1006677 | Telefonica Brasil SA  | &nbsp;&nbsp; 8479140 |
| 396034 | Vale SA ADR  | &nbsp;&nbsp; 6803864 |
|  |  | &nbsp;&nbsp; **31315470** |
| **Chile 2.2%** | **Chile 2.2%** | **Chile 2.2%** |
| 100409184 | &nbsp;&nbsp; Cia Sud Americana de <br> Vapores SA <br>| &nbsp;&nbsp; **5453519** |
| **China 27.8%** | **China 27.8%** | **China 27.8%** |
| 330836 | Alibaba Group Holding Ltd.  | &nbsp;&nbsp; 6042956 |
| 1725500 | &nbsp;&nbsp; Anhui Conch Cement Co. <br> Ltd. Class H <br>| &nbsp;&nbsp; 5403629 |
| 155006 | Autohome, Inc. ADR  | &nbsp;&nbsp; 2973016 |
| 347500 | Baidu, Inc. Class A <sup>\*</sup> | &nbsp;&nbsp; 5494510 |
| 4740000 | &nbsp;&nbsp; China Construction Bank <br> Corp. Class H <br>| &nbsp;&nbsp; 4840939 |
| 323000 | &nbsp;&nbsp; China Merchants Bank Co. <br> Ltd. Class H <br>| &nbsp;&nbsp; 2016427 |
| 1346000 | China Resources Land Ltd.  | &nbsp;&nbsp; 5467684 |
| 788700 | &nbsp;&nbsp; Gree Electric Appliances, Inc. <br> of Zhuhai Class A <br>| &nbsp;&nbsp; 4305125 |
| 1547000 | &nbsp;&nbsp; Hengan International Group <br> Co. Ltd. <br>| &nbsp;&nbsp; 5770056 |
| 5394000 | Kunlun Energy Co. Ltd.  | &nbsp;&nbsp; 5784654 |
| 81238 | PDD Holdings, Inc. ADR <sup>\*</sup> | &nbsp;&nbsp; 8426818 |
| 210223 | Qfin Holdings, Inc. ADR  | &nbsp;&nbsp; 3060847 |
| 87500 | Tencent Holdings Ltd.  | &nbsp;&nbsp; 5793517 |
| 1305500 | &nbsp;&nbsp; Yangzijiang Shipbuilding <br> Holdings Ltd. <br>| &nbsp;&nbsp; 4479303 |
|  |  | &nbsp;&nbsp; **69859481** |
| **Greece 1.8%** | **Greece 1.8%** | **Greece 1.8%** |
| 1012848 | Alpha Bank SA  | &nbsp;&nbsp; **4452026** |
| **Hong Kong 5.5%** | **Hong Kong 5.5%** | **Hong Kong 5.5%** |
| 3888000 | &nbsp;&nbsp; United Laboratories <br> International Holdings Ltd. <br>| &nbsp;&nbsp; 6460618 |
| 880800 | VTech Holdings Ltd.  | &nbsp;&nbsp; 7267383 |
|  |  | &nbsp;&nbsp; **13728001** |
| **Hungary 3.1%** | **Hungary 3.1%** | **Hungary 3.1%** |
| 206738 | Richter Gedeon Nyrt  | &nbsp;&nbsp; **7740257** |
| **India 2.5%** | **India 2.5%** | **India 2.5%** |
| 3047740 | Pine Labs Ltd. <sup>\*#(a)</sup> | &nbsp;&nbsp; 6365074 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **India – cont'd** | **India – cont'd** | **India – cont'd** |
| 156092 | TVS Motor Co. Ltd. <sup>\*(b)</sup> | &nbsp;&nbsp; $17158 |
|  |  | &nbsp;&nbsp; **6382232** |
| **Indonesia 5.6%** | **Indonesia 5.6%** | **Indonesia 5.6%** |
| 48557900 | &nbsp;&nbsp; Perusahaan Gas Negara <br> Persero Tbk. PT <br>| &nbsp;&nbsp; 6922361 |
| 41158900 | &nbsp;&nbsp; Semen Indonesia Persero Tbk. <br> PT <br>| &nbsp;&nbsp; 7168744 |
|  |  | &nbsp;&nbsp; **14091105** |
| **Korea 14.0%** | **Korea 14.0%** | **Korea 14.0%** |
| 43355 | KB Financial Group, Inc.  | &nbsp;&nbsp; 4792106 |
| 38639 | Kia Corp.  | &nbsp;&nbsp; 5519857 |
| 80888 | Orion Corp. <sup>\*</sup> | &nbsp;&nbsp; 7501188 |
| 75325 | Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 11336714 |
| 89458 | &nbsp;&nbsp; Shinhan Financial Group Co. <br> Ltd. <br>| &nbsp;&nbsp; 6026055 |
|  |  | &nbsp;&nbsp; **35175920** |
| **Mexico 5.3%** | **Mexico 5.3%** | **Mexico 5.3%** |
| 1901981 | &nbsp;&nbsp; Megacable Holdings SAB de <br> CV <br>| &nbsp;&nbsp; 7376223 |
| 138386 | Ternium SA ADR  | &nbsp;&nbsp; 6015639 |
|  |  | &nbsp;&nbsp; **13391862** |
| **Philippines 0.6%** | **Philippines 0.6%** | **Philippines 0.6%** |
| 645919 | BDO Unibank, Inc.  | &nbsp;&nbsp; **1537929** |
| **Poland 0.7%** | **Poland 0.7%** | **Poland 0.7%** |
| 25532 | Bank Polska Kasa Opieki SA  | &nbsp;&nbsp; **1616316** |
| **South Africa 4.2%** | **South Africa 4.2%** | **South Africa 4.2%** |
| 1071678 | Telkom SA SOC Ltd.  | &nbsp;&nbsp; 4328775 |
| 307173 | Tiger Brands Ltd.  | &nbsp;&nbsp; 6134297 |
|  |  | &nbsp;&nbsp; **10463072** |
| **Taiwan 4.4%** | **Taiwan 4.4%** | **Taiwan 4.4%** |
| 176000 | Asustek Computer, Inc.  | &nbsp;&nbsp; 2974063 |
| 130839 | &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br>| &nbsp;&nbsp; 8164113 |
|  |  | &nbsp;&nbsp; **11138176** |
| **Thailand 2.8%** | **Thailand 2.8%** | **Thailand 2.8%** |
| 1098400 | Kasikornbank PCL  | &nbsp;&nbsp; **7137745** |
| **United States 1.7%** | **United States 1.7%** | **United States 1.7%** |
| 1694700 | Samsonite Group SA <sup>(c)</sup> | &nbsp;&nbsp; **4167757** |
| **Total Common Stocks** <br>**(Cost $205,239,401)** | **Total Common Stocks** <br>**(Cost $205,239,401)** | &nbsp;&nbsp; **237650868** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Preferred Stocks 1.0%** | **Preferred Stocks 1.0%** |
| **India 1.0%** | **India 1.0%** |
| 217973<br> &nbsp;&nbsp; Gupshup, Inc., Series F<sup>\*#(b)(d)</sup> <br> **(Cost$4,983,996)**<br>| &nbsp;&nbsp; **$2576441** |
| **Short-Term Investments 4.3%** | **Short-Term Investments 4.3%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| 10827724<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 3.61%<sup>(e)</sup> <br>**(Cost $10,827,724)**<br>| &nbsp;&nbsp; **10827724** |
| **Total Investments 100.0%** <br> **(Cost $221,051,121)** | &nbsp;&nbsp; **251055033** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (36752)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$251018281** |

---

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

---

| | |
|:---|:---|
| ‡ | Represents less than 0.05% of net assets of the Fund. |
| \* | Non-income producing security. |
| (a) | &nbsp;&nbsp; Security is subject to a lock-up agreement. Fair value is based on the unadjusted market price of the <br> equivalent security. As of February 28, 2026, the total fair value of unadjusted securities subject to <br> contractual sale restrictions is $6,365,074, which represents 2.6% of net assets of the Fund. Under normal <br> market conditions, there are no circumstances that could cause the restrictions to lapse. The restriction is set <br> to expire on the date shown in the table. <br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Lock-up period** | **Expiration of Restriction** |
| Pine Labs Ltd. | &nbsp;&nbsp; 3,047,740 | 180 days | &nbsp;&nbsp; 5/13/2026 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security fair valued as of February 28, 2026 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at February 28, 2026 amounted to $2,593,599,
 which represents 1.0% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at February 28, 2026 amounted to $4,167,757, which represents 1.7%
 of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $8,941,515, which represents 3.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**2/28/2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**2/28/2026**<br>|
| Gupshup, Inc. (Series F Preferred Shares) | 7/16/2021 | $4983996 | $2576441 | 1.0% |
| Pine Labs Ltd. | 7/6/2021 | 8935387 | 6365074 | 2.6% |
| **Total** |  | **$13919383** | **$8941515** | **3.6%** |

---

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** |
| **Industry** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| Banks | &nbsp;&nbsp; $36524265 | 14.5<br> %<br>|
| Food Products | &nbsp;&nbsp; 17996579 | 7.2<br> %<br>|
| Broadline Retail | &nbsp;&nbsp; 14469774 | 5.8<br> %<br>|
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 14310777 | 5.7<br> %<br>|
| Interactive Media & Services | &nbsp;&nbsp; 14261043 | 5.7<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 14200875 | 5.7<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 12819503 | 5.1<br> %<br>|
| Diversified Telecommunication Services | &nbsp;&nbsp; 12807915 | 5.1<br> %<br>|
| Gas Utilities | &nbsp;&nbsp; 12707015 | 5.1<br> %<br>|
| Construction Materials | &nbsp;&nbsp; 12572373 | 5.0<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8164113 | 3.2<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 7566650 | 3.0<br> %<br>|
| Media | &nbsp;&nbsp; 7376223 | 2.9<br> %<br>|
| Communications Equipment | &nbsp;&nbsp; 7267383 | 2.9<br> %<br>|
| Financial Services | &nbsp;&nbsp; 6365074 | 2.5<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 5770056 | 2.3<br> %<br>|
| Automobiles | &nbsp;&nbsp; 5537015 | 2.2<br> %<br>|
| Real Estate Management & Development | &nbsp;&nbsp; 5467684 | 2.2<br> %<br>|
| Marine Transportation | &nbsp;&nbsp; 5453519 | 2.2<br> %<br>|
| Machinery | &nbsp;&nbsp; 4479303 | 1.8<br> %<br>|
| Household Durables | &nbsp;&nbsp; 4305125 | 1.7<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4167757 | 1.7<br> %<br>|
| Consumer Finance | &nbsp;&nbsp; 3060847 | 1.2<br> %<br>|
| IT Services | &nbsp;&nbsp; 2576441 | 1.0<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 10790972 | 4.3<br> %<br>|
|  | &nbsp;&nbsp; **$251018281** | **100.0%**<br>|

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| India | $6365074 | $17158 | $— | $6382232 |
| Taiwan |  | 11138176 |  | 11138176 |
| Other Common Stocks<sup>#</sup> <br>| 220130460 |  |  | 220130460 |
| Total Common Stocks | 226495534 | 11155334 |  | 237650868 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 2576441 | 2576441 |
| Short-Term Investments |  | 10827724 |  | 10827724 |
| **Total Investments** | **$226495534** | **$21983058** | **$2576441** | **$251055033** |

---

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

# The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. 

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Common Stocks<sup>(1)</sup> <br>| $2656 | $— | $— | $— | $— | $— | $— | $(2656)<br>| $— | $— |
| Preferred Stocks<sup>(2)</sup> <br>| 9749 |  |  | (175)<br>|  | (6998)<br>|  |  | 2576 | (983)<br>|
| Total | $12405 | $— | $— | $(175)<br>| $— | $(6998)<br>| $— | $(2656)<br>| $2576 | $(983)<br>|
| (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. | (1) Transfers out of Level 3 were attributable to unadjusted quoted prices in active markets becoming <br> available for those securities. Transfers in or out of Level 3 represent the beginning value of any <br> security where a change in the pricing level occurred from the beginning to the end of the period. |
| (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>2/28/2026<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Preferred Stocks | $2576441 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 2.7x | 2.7x | Increase |
|  |  |  | Discount Rate | 3.5% | 3.5% | Decrease |
|  |  |  | Term (Years) | 1.1 | 1.1 | Decrease |
|  |  |  | Expected Volatility | 50.0% | 50.0% | Decrease |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** |
| 880740 | BAE Systems PLC | &nbsp;&nbsp; $25067961 |
| 67665 | RTX Corp. | &nbsp;&nbsp; 13710282 |
| 930300 | &nbsp;&nbsp; Singapore Technologies <br> Engineering Ltd.<br>| &nbsp;&nbsp; 7332667 |
|  |  | &nbsp;&nbsp; **46110910** |
| **Banks 7.6%** | **Banks 7.6%** | **Banks 7.6%** |
| 398190 | Bank of America Corp. | &nbsp;&nbsp; 19841808 |
| 102930 | JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp; 30909879 |
| 391146 | Wells Fargo & Co. | &nbsp;&nbsp; 31858841 |
|  |  | &nbsp;&nbsp; **82610528** |
| **Beverages 1.2%** | **Beverages 1.2%** | **Beverages 1.2%** |
| 163030 | Coca-Cola Co. | &nbsp;&nbsp; **13296727** |
| **Capital Markets 4.1%** | **Capital Markets 4.1%** | **Capital Markets 4.1%** |
| 38095 | CME Group, Inc. | &nbsp;&nbsp; 12171352 |
| 14296 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 12288413 |
| 120286 | Morgan Stanley | &nbsp;&nbsp; 20028822 |
|  |  | &nbsp;&nbsp; **44488587** |
| **Chemicals 2.5%** | **Chemicals 2.5%** | **Chemicals 2.5%** |
| 353040 | Nutrien Ltd. | &nbsp;&nbsp; **26502713** |
| **Construction & Engineering 2.8%** | **Construction & Engineering 2.8%** | **Construction & Engineering 2.8%** |
| 411700 | Ferrovial SE | &nbsp;&nbsp; **30700129** |
| **Construction Materials 2.5%** | **Construction Materials 2.5%** | **Construction Materials 2.5%** |
| 82450 | CRH PLC | &nbsp;&nbsp; 9892351 |
| 76965 | Heidelberg Materials AG | &nbsp;&nbsp; 17238028 |
|  |  | &nbsp;&nbsp; **27130379** |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| 46475 | Packaging Corp. of America | &nbsp;&nbsp; **10788706** |
| **Diversified Telecommunication Services 2.0%** | **Diversified Telecommunication Services 2.0%** | **Diversified Telecommunication Services 2.0%** |
| 31345 | Deutsche Telekom AG | &nbsp;&nbsp; 1262600 |
| 5197600 | &nbsp;&nbsp; Singapore <br> Telecommunications Ltd.<br>| &nbsp;&nbsp; 20709862 |
|  |  | &nbsp;&nbsp; **21972462** |
| **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** |
| 22970 | Eaton Corp. PLC | &nbsp;&nbsp; 8634882 |
| 184010 | Emerson Electric Co. | &nbsp;&nbsp; 27739508 |
|  |  | &nbsp;&nbsp; **36374390** |
| **Energy Equipment & Services 2.4%** | **Energy Equipment & Services 2.4%** | **Energy Equipment & Services 2.4%** |
| 567210 | Noble Corp. PLC | &nbsp;&nbsp; **25768350** |
| **Entertainment 1.2%** | **Entertainment 1.2%** | **Entertainment 1.2%** |
| 583888 | Universal Music Group NV | &nbsp;&nbsp; **13184412** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Food Products 2.3%** | **Food Products 2.3%** | **Food Products 2.3%** |
| 94053 | Hershey Co. | &nbsp;&nbsp; $22222843 |
| 48190 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; 2967540 |
|  |  | &nbsp;&nbsp; **25190383** |
| **Gas Utilities 5.0%** | **Gas Utilities 5.0%** | **Gas Utilities 5.0%** |
| 519825 | MDU Resources Group, Inc. | &nbsp;&nbsp; 10749981 |
| 287551 | &nbsp;&nbsp; Southwest Gas Holdings, <br> Inc.<br>| &nbsp;&nbsp; 25353372 |
| 480806 | UGI Corp. | &nbsp;&nbsp; 17986952 |
|  |  | &nbsp;&nbsp; **54090305** |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 48000 | Union Pacific Corp. | &nbsp;&nbsp; **12719040** |
| **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** |
| 85500 | Abbott Laboratories | &nbsp;&nbsp; **9947925** |
| **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** |
| 653495 | Sonic Healthcare Ltd. | &nbsp;&nbsp; **11082374** |
| **Health Care REITs 1.2%** | **Health Care REITs 1.2%** | **Health Care REITs 1.2%** |
| 146910 | Ventas, Inc. | &nbsp;&nbsp; **12657766** |
| **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** |
| 106075 | Darden Restaurants, Inc. | &nbsp;&nbsp; 22684139 |
| 39795 | McDonald's Corp. | &nbsp;&nbsp; 13572482 |
|  |  | &nbsp;&nbsp; **36256621** |
| **Household Products 1.4%** | **Household Products 1.4%** | **Household Products 1.4%** |
| 91324 | Procter & Gamble Co. | &nbsp;&nbsp; **15269373** |
| **Industrial REITs 0.5%** | **Industrial REITs 0.5%** | **Industrial REITs 0.5%** |
| 84375 | Terreno Realty Corp. | &nbsp;&nbsp; **5573813** |
| **Insurance 2.7%** | **Insurance 2.7%** | **Insurance 2.7%** |
| 262325 | &nbsp;&nbsp; American International <br> Group, Inc.<br>| &nbsp;&nbsp; 21114539 |
| 114350 | Unum Group | &nbsp;&nbsp; 8202326 |
|  |  | &nbsp;&nbsp; **29316865** |
| **IT Services 1.5%** | **IT Services 1.5%** | **IT Services 1.5%** |
| 68486 | &nbsp;&nbsp; International Business <br> Machines Corp.<br>| &nbsp;&nbsp; **16451022** |
| **Media 0.9%** | **Media 0.9%** | **Media 0.9%** |
| 838310 | Informa PLC | &nbsp;&nbsp; **9469557** |
| **Metals & Mining 9.2%** | **Metals & Mining 9.2%** | **Metals & Mining 9.2%** |
| 208959 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 52574084 |
| 60475 | Southern Copper Corp. | &nbsp;&nbsp; 13201628 |
| 286775 | Valterra Platinum Ltd. | &nbsp;&nbsp; 33576290 |
|  |  | &nbsp;&nbsp; **99352002** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Multi-Utilities 6.5%** | **Multi-Utilities 6.5%** | **Multi-Utilities 6.5%** |
| 3275171 | &nbsp;&nbsp; Algonquin Power & Utilities <br> Corp.<br>| &nbsp;&nbsp; $22860694 |
| 636525 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 27688837 |
| 28885 | CMS Energy Corp. | &nbsp;&nbsp; 2255052 |
| 179995 | Sempra | &nbsp;&nbsp; 17328119 |
|  |  | &nbsp;&nbsp; **70132702** |
| **Oil, Gas & Consumable Fuels 6.3%** | **Oil, Gas & Consumable Fuels 6.3%** | **Oil, Gas & Consumable Fuels 6.3%** |
| 72278 | Expand Energy Corp. | &nbsp;&nbsp; 7800242 |
| 204865 | Exxon Mobil Corp. | &nbsp;&nbsp; 31241912 |
| 124640 | Pembina Pipeline Corp. | &nbsp;&nbsp; 5482914 |
| 27545 | Targa Resources Corp. | &nbsp;&nbsp; 6495111 |
| 221205 | Williams Cos., Inc. | &nbsp;&nbsp; 16528437 |
|  |  | &nbsp;&nbsp; **67548616** |
| **Pharmaceuticals 7.0%** | **Pharmaceuticals 7.0%** | **Pharmaceuticals 7.0%** |
| 165450 | AstraZeneca PLC ADR | &nbsp;&nbsp; 34488052 |
| 107605 | Merck & Co., Inc. | &nbsp;&nbsp; 13323651 |
| 475321 | Roche Holding AG ADR | &nbsp;&nbsp; 28305366 |
|  |  | &nbsp;&nbsp; **76117069** |
| **Residential REITs 1.4%** | **Residential REITs 1.4%** | **Residential REITs 1.4%** |
| 585730 | Invitation Homes, Inc. | &nbsp;&nbsp; **15428128** |
| **Retail REITs 2.7%** | **Retail REITs 2.7%** | **Retail REITs 2.7%** |
| 968841 | Brixmor Property Group, Inc. | &nbsp;&nbsp; **29326817** |
| **Semiconductors & Semiconductor Equipment 3.8%** | **Semiconductors & Semiconductor Equipment 3.8%** | **Semiconductors & Semiconductor Equipment 3.8%** |
| 49382 | Analog Devices, Inc. | &nbsp;&nbsp; 17569622 |
| 109055 | Texas Instruments, Inc. | &nbsp;&nbsp; 23131656 |
|  |  | &nbsp;&nbsp; **40701278** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software 0.8%** | **Software 0.8%** | **Software 0.8%** |
| 22250 | Microsoft Corp. | &nbsp;&nbsp; **$8738465** |
| **Specialty Retail 2.6%** | **Specialty Retail 2.6%** | **Specialty Retail 2.6%** |
| 39770 | Home Depot, Inc. | &nbsp;&nbsp; 15141235 |
| 188344 | Industria de Diseno Textil SA | &nbsp;&nbsp; 12645137 |
|  |  | &nbsp;&nbsp; **27786372** |
| **Tobacco 1.9%** | **Tobacco 1.9%** | **Tobacco 1.9%** |
| 107641 | &nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| &nbsp;&nbsp; **20110568** |
| **Total Common Stocks** <br> **(Cost $660,458,584)** | **Total Common Stocks** <br> **(Cost $660,458,584)** | &nbsp;&nbsp; **1072195354** |
| **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| 17004558 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(b)</sup> <br>**(Cost $17,004,558)**<br>| &nbsp;&nbsp; **17004558** |
| **Total Investments 100.8%** <br> **(Cost $677,463,142)** | **Total Investments 100.8%** <br> **(Cost $677,463,142)** | &nbsp;&nbsp; **1089199912** |
| Liabilities Less Other Assets (0.8)%<sup>(c)</sup> | Liabilities Less Other Assets (0.8)%<sup>(c)</sup> | &nbsp;&nbsp; (8563892)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1080636020** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is pledged as collateral for options written.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the impact of the Fund's open positions in derivatives at February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $765516381 | 70.8<br> %<br>|
| Canada | &nbsp;&nbsp; 107420405 | 10.0<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 69025570 | 6.4<br> %<br>|
| South Africa | &nbsp;&nbsp; 33576290 | 3.1<br> %<br>|
| Singapore | &nbsp;&nbsp; 28042529 | 2.6<br> %<br>|
| Germany | &nbsp;&nbsp; 18500628 | 1.7<br> %<br>|
| Mexico | &nbsp;&nbsp; 13201628 | 1.2<br> %<br>|
| Netherlands | &nbsp;&nbsp; 13184412 | 1.2<br> %<br>|
| Spain | &nbsp;&nbsp; 12645137 | 1.2<br> %<br>|
| Australia | &nbsp;&nbsp; 11082374 | 1.0<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 8440666 | 0.8<br> %<br>|
|  | &nbsp;&nbsp; **$1080636020** | **100.0%**<br>|

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

Derivative Instruments

**Written option contracts ("options written")**

At February 28, 2026, the Fund had outstanding options written as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; $(2578710) | &nbsp;&nbsp; $1150 | 3/20/2026 | &nbsp;&nbsp; $(30) |
| Morgan Stanley | &nbsp;&nbsp; 150 | &nbsp;&nbsp; (2497650) | &nbsp;&nbsp; 220 | 3/20/2026 | &nbsp;&nbsp; (2400)<sup>(a)(b)</sup> |
|  |  |  |  |  | &nbsp;&nbsp; **(2430)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| Emerson Electric Co. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; (2261250) | &nbsp;&nbsp; 170 | 3/20/2026 | &nbsp;&nbsp; **(6000)**<sup>(a)(b)</sup> |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; (3207750) | &nbsp;&nbsp; 250 | 3/20/2026 | &nbsp;&nbsp; **(3750)**<sup>(a)(b)</sup> |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; (2516000) | &nbsp;&nbsp; 280 | 3/20/2026 | &nbsp;&nbsp; (23250) |
| Southern Copper Corp. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; (2183000) | &nbsp;&nbsp; 190 | 3/20/2026 | &nbsp;&nbsp; (316500) |
| Southern Copper Corp. | &nbsp;&nbsp; 75 | &nbsp;&nbsp; (1637250) | &nbsp;&nbsp; 250 | 3/20/2026 | &nbsp;&nbsp; (24188) |
|  |  |  |  |  | &nbsp;&nbsp; **(363938)** |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| Merck & Co., Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2476400) | &nbsp;&nbsp; 130 | 3/20/2026 | &nbsp;&nbsp; (15500) |
| Merck & Co., Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2476400) | &nbsp;&nbsp; 135 | 4/17/2026 | &nbsp;&nbsp; (23800) |
|  |  |  |  |  | &nbsp;&nbsp; **(39300)** |
| **Tobacco** | **Tobacco** | **Tobacco** | **Tobacco** | **Tobacco** | **Tobacco** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 125 | &nbsp;&nbsp; (2335375) | &nbsp;&nbsp; 210 | 3/20/2026 | &nbsp;&nbsp; **(2250)** |
| **Total calls** |  |  |  |  | &nbsp;&nbsp; **$(417668)** |
| **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
| **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (2702000) | &nbsp;&nbsp; 45 | 3/20/2026 | &nbsp;&nbsp; **(10000)** |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
| NIKE, Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; (3109000) | &nbsp;&nbsp; 45 | 3/20/2026 | &nbsp;&nbsp; (1750) |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Exercise**<br> **Price**<br>| &nbsp;&nbsp; **Expiration**<br> **Date**<br>| **Value** |
| **Puts (cont'd)** | **Puts (cont'd)** | **Puts (cont'd)** | **Puts (cont'd)** | **Puts (cont'd)** | **Puts (cont'd)** |
| NIKE, Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; $(3109000) | &nbsp;&nbsp; $47.5 | 3/20/2026 | &nbsp;&nbsp; $(4750) |
|  |  |  |  |  | &nbsp;&nbsp; **(6500)** |
| **Total puts** |  |  |  |  | &nbsp;&nbsp; **$(16500)** |
| **Total options written (premium received $210,947)** | **Total options written (premium received $210,947)** | **Total options written (premium received $210,947)** | **Total options written (premium received $210,947)** | **Total options written (premium received $210,947)** | &nbsp;&nbsp; **$(434168)** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security fair valued as of February 28, 2026 in accordance with procedures approved
 by the valuation designee.

For the six months ended February 28, 2026, the average market value for the months where the Fund had options written outstanding was $(134,774). At February 28, 2026, the Fund had securities pledged in the amount of $15,975,960 to cover collateral requirements for options written.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $1072195354 | $— | $— | $1072195354 |
| Short-Term Investments |  | 17004558 |  | 17004558 |
| **Total Investments** | **$1072195354** | **$17004558** | **$—** | **$1089199912** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Options Written |  |  |  |  |
| Liabilities | $(422018)<br>| $— | $(12150)<br>| $(434168)<br>|
| **Total** | **$(422018)**<br>| **$—** | **$(12150)**<br>| **$(434168)**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of derivative
 investments in which significant unobservable inputs (Level 3) were used in determining value:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases/ <br>Closing <br>of options<br>| Sales/ <br>Writing <br>of options<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments | Other Financial Instruments |
| Written Option <br> Contracts<sup>(1)</sup> <br>| $(13)<br>| $— | $42 | $(15)<br>| $— | $(26)<br>| $— | $— | $(12)<br>| $14 |
| Total | $(13)<br>| $— | $42 | $(15)<br>| $— | $(26)<br>| $— | $— | $(12)<br>| $14 |
| (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. |

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Focus Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 97.1%** | **Common Stocks 97.1%** | **Common Stocks 97.1%** |
| **Aerospace & Defense 5.9%** | **Aerospace & Defense 5.9%** | **Aerospace & Defense 5.9%** |
| 130091 | Airbus SE | &nbsp;&nbsp; $28320551 |
| 27206 | Lockheed Martin Corp. | &nbsp;&nbsp; 17903725 |
|  |  | &nbsp;&nbsp; **46224276** |
| **Automobiles 2.1%** | **Automobiles 2.1%** | **Automobiles 2.1%** |
| 666500 | Toyota Motor Corp. | &nbsp;&nbsp; **16324801** |
| **Banks 13.1%** | **Banks 13.1%** | **Banks 13.1%** |
| 2774191 | Barclays PLC | &nbsp;&nbsp; 16930434 |
| 9070000 | &nbsp;&nbsp; China CITIC Bank Corp. Ltd. <br> Class H<br>| &nbsp;&nbsp; 8358859 |
| 69750 | Citigroup, Inc. | &nbsp;&nbsp; 7685753 |
| 848100 | &nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc.<br>| &nbsp;&nbsp; 16121313 |
| 652259 | Standard Chartered PLC | &nbsp;&nbsp; 16103598 |
| 314159 | UniCredit SpA | &nbsp;&nbsp; 26879339 |
| 129718 | Wells Fargo & Co. | &nbsp;&nbsp; 10565531 |
|  |  | &nbsp;&nbsp; **102644827** |
| **Broadline Retail 6.7%** | **Broadline Retail 6.7%** | **Broadline Retail 6.7%** |
| 75402 | &nbsp;&nbsp; Alibaba Group Holding Ltd. <br> ADR<sup>(a)</sup><br>| &nbsp;&nbsp; 10866182 |
| 148986 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; 31287060 |
| 6123 | MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10761663 |
|  |  | &nbsp;&nbsp; **52914905** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| 38933 | Air Liquide SA | &nbsp;&nbsp; **8199617** |
| **Construction Materials 1.4%** | **Construction Materials 1.4%** | **Construction Materials 1.4%** |
| 117209 | Holcim AG<sup>\*</sup> | &nbsp;&nbsp; **10805455** |
| **Diversified Telecommunication Services 4.1%** | **Diversified Telecommunication Services 4.1%** | **Diversified Telecommunication Services 4.1%** |
| 791568 | Deutsche Telekom AG | &nbsp;&nbsp; **31884951** |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |
| 139540 | &nbsp;&nbsp; American Electric Power Co., <br> Inc.<br>| &nbsp;&nbsp; **18673243** |
| **Entertainment 1.1%** | **Entertainment 1.1%** | **Entertainment 1.1%** |
| 318757 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; **8979385** |
| **Financial Services 1.1%** | **Financial Services 1.1%** | **Financial Services 1.1%** |
| 26219 | Visa, Inc. Class A | &nbsp;&nbsp; **8393751** |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| 114349 | Danone SA | &nbsp;&nbsp; **9814738** |
| **Gas Utilities 1.2%** | **Gas Utilities 1.2%** | **Gas Utilities 1.2%** |
| 262300 | UGI Corp. | &nbsp;&nbsp; **9812643** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 128490 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$9690716** |
| **Health Care Providers & Services 4.0%** | **Health Care Providers & Services 4.0%** | **Health Care Providers & Services 4.0%** |
| 214275 | CVS Health Corp. | &nbsp;&nbsp; 17120573 |
| 14930 | McKesson Corp. | &nbsp;&nbsp; 14741434 |
|  |  | &nbsp;&nbsp; **31862007** |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |
| 532567 | Carnival Corp. | &nbsp;&nbsp; **16802489** |
| **Industrial Conglomerates 1.0%** | **Industrial Conglomerates 1.0%** | **Industrial Conglomerates 1.0%** |
| 27334 | Siemens AG | &nbsp;&nbsp; **7990490** |
| **Insurance 1.1%** | **Insurance 1.1%** | **Insurance 1.1%** |
| 25209 | Aon PLC Class A | &nbsp;&nbsp; **8456863** |
| **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** |
| 39511 | Alphabet, Inc. Class C | &nbsp;&nbsp; 12304911 |
| 53454 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 34647813 |
|  |  | &nbsp;&nbsp; **46952724** |
| **IT Services 2.1%** | **IT Services 2.1%** | **IT Services 2.1%** |
| 96755 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; **16294509** |
| **Machinery 6.7%** | **Machinery 6.7%** | **Machinery 6.7%** |
| 30688 | Deere & Co. | &nbsp;&nbsp; 19324540 |
| 265570 | Epiroc AB Class A | &nbsp;&nbsp; 7998636 |
| 246100 | &nbsp;&nbsp; Mitsubishi Heavy Industries <br> Ltd.<br>| &nbsp;&nbsp; 7901549 |
| 17037 | Parker-Hannifin Corp. | &nbsp;&nbsp; 17193400 |
|  |  | &nbsp;&nbsp; **52418125** |
| **Metals & Mining 2.6%** | **Metals & Mining 2.6%** | **Metals & Mining 2.6%** |
| 80921 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; **20359724** |
| **Multi-Utilities 2.2%** | **Multi-Utilities 2.2%** | **Multi-Utilities 2.2%** |
| 407073 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **17707675** |
| **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** |
| 114379 | DT Midstream, Inc. | &nbsp;&nbsp; 15880380 |
| 150337 | Shell PLC ADR | &nbsp;&nbsp; 12554643 |
|  |  | &nbsp;&nbsp; **28435023** |
| **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** |
| 17460 | Eli Lilly & Co. | &nbsp;&nbsp; 18367746 |
| 34719 | Roche Holding AG | &nbsp;&nbsp; 16572638 |
|  |  | &nbsp;&nbsp; **34940384** |
| **Real Estate Management & Development 0.7%** | **Real Estate Management & Development 0.7%** | **Real Estate Management & Development 0.7%** |
| 17786 | Jones Lang LaSalle, Inc.<sup>\*</sup> | &nbsp;&nbsp; **5612372** |
| **Semiconductors & Semiconductor Equipment 11.7%** | **Semiconductors & Semiconductor Equipment 11.7%** | **Semiconductors & Semiconductor Equipment 11.7%** |
| 43441 | Analog Devices, Inc. | &nbsp;&nbsp; 15455873 |
| 346403 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 15799441 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 107387 | Lam Research Corp. | &nbsp;&nbsp; $25116746 |
| 199618 | NVIDIA Corp. | &nbsp;&nbsp; 35370313 |
|  |  | &nbsp;&nbsp; **91742373** |
| **Software 4.9%** | **Software 4.9%** | **Software 4.9%** |
| 90909 | &nbsp;&nbsp; Arctic Wolf Networks, <br> Inc.<sup>\*#(b)(c)</sup><br>| &nbsp;&nbsp; 1050908 |
| 5343 | Constellation Software, Inc. | &nbsp;&nbsp; 9873455 |
| 20526 | &nbsp;&nbsp; Contra CyberArk Software <br> Ltd., CVR<sup>\*(b)(c)</sup><br>| &nbsp;&nbsp; 923670 |
| 67930 | Microsoft Corp. | &nbsp;&nbsp; 26678828 |
|  |  | &nbsp;&nbsp; **38526861** |
| **Tobacco 1.5%** | **Tobacco 1.5%** | **Tobacco 1.5%** |
| 61203 | Philip Morris International, Inc. | &nbsp;&nbsp; **11434556** |
| **Total Common Stocks (Cost $562,894,447)** | **Total Common Stocks (Cost $562,894,447)** | &nbsp;&nbsp; **763899483** |
| **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** |
| **IT Services 0.2%** | **IT Services 0.2%** | **IT Services 0.2%** |
| 106691 | Druva, Inc., Series 5<sup>\*#(b)(c)</sup> | &nbsp;&nbsp; **1028501** |
| **Software 0.1%** | **Software 0.1%** | **Software 0.1%** |
| 63363 | &nbsp;&nbsp; Videoamp, Inc., Series F <br> 1<sup>\*#(b)(c)</sup><br>| &nbsp;&nbsp; **999995** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 0.2%** | **Specialty Retail 0.2%** | **Specialty Retail 0.2%** |
| 1000 | Fabletics LLC, Series G<sup>\*#(b)(c)</sup> | &nbsp;&nbsp; **$1623190** |
| **Total Preferred Stocks (Cost $2,999,995)** | **Total Preferred Stocks (Cost $2,999,995)** | &nbsp;&nbsp; **3651686** |
| **Warrants 0.0%**<sup>‡</sup> | **Warrants 0.0%**<sup>‡</sup> | **Warrants 0.0%**<sup>‡</sup> |
| **Software 0.0%**<sup>‡</sup> | **Software 0.0%**<sup>‡</sup> | **Software 0.0%**<sup>‡</sup> |
| 10268 | &nbsp;&nbsp; Constellation Software, Inc. <br> Expires 3/31/2040<sup>\*(b)(c)</sup> <br> **(Cost $0)**<br>| &nbsp;&nbsp; **1** |
| **Short-Term Investments 4.2%** | **Short-Term Investments 4.2%** | **Short-Term Investments 4.2%** |
| **Investment Companies 4.2%** | **Investment Companies 4.2%** | **Investment Companies 4.2%** |
| 32853091 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(d)</sup> <br>**(Cost $32,853,091)**<br>| &nbsp;&nbsp; **32853091** |
| **Total Investments 101.8%** <br> **(Cost $598,747,533)** | **Total Investments 101.8%** <br> **(Cost $598,747,533)** | &nbsp;&nbsp; **800404261** |
| Liabilities Less Other Assets (1.8)% | Liabilities Less Other Assets (1.8)% | &nbsp;&nbsp; (14093672)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$786310589** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $11,162,082, collateralized by non-cash (U.S. Treasury Securities) collateral of $11,419,768 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Value determined using significant unobservable inputs.

(c) Security fair valued as of February 28, 2026 in accordance with procedures approved by the valuation designee. Total value of all such securities at February 28, 2026 amounted to $5,626,265, which represents 0.7% of net assets of the Fund. 

(d) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $4,702,594, which represents 0.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**2/28/2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**2/28/2026**<br>|
| Arctic Wolf Networks, Inc. | 12/31/2021 | $999999 | $1050908 | 0.2% |
| Druva, Inc. (Series 5 Preferred Shares) | 4/1/2021 | 1000000 | 1028501 | 0.1% |
| Fabletics LLC (Series G Preferred Shares) | 1/10/2022 | 1000000 | 1623190 | 0.2% |
| Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 999995 | 999995 | 0.1% |
| **Total** |  | **$3999994** | **$4702594** | **0.6%** |

---

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $511937599 | 65.1<br> %<br>|
| France | &nbsp;&nbsp; 46334906 | 5.9<br> %<br>|
| Japan | &nbsp;&nbsp; 40347663 | 5.1<br> %<br>|
| Germany | &nbsp;&nbsp; 39875441 | 5.1<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 33034032 | 4.2<br> %<br>|
| Canada | &nbsp;&nbsp; 30233180 | 3.8<br> %<br>|
| Italy | &nbsp;&nbsp; 26879339 | 3.4<br> %<br>|
| China | &nbsp;&nbsp; 19225041 | 2.5<br> %<br>|
| Brazil | &nbsp;&nbsp; 10761663 | 1.4<br> %<br>|
| Sweden | &nbsp;&nbsp; 7998636 | 1.0<br> %<br>|
| Israel | &nbsp;&nbsp; 923670 | 0.1<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 18759419 | 2.4<br> %<br>|
|  | &nbsp;&nbsp; **$786310589** | **100.0%**<br>|

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Software | $36552283 | $— | $1974578 | $38526861 |
| Other Common Stocks<sup>#</sup> <br>| 725372622 |  |  | 725372622 |
| Total Common Stocks | 761924905 |  | 1974578 | 763899483 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 3651686 | 3651686 |
| Warrants<sup>#</sup> <br>|  |  | 1 | 1 |
| Short-Term Investments |  | 32853091 |  | 32853091 |
| **Total Investments** | **$761924905** | **$32853091** | **$5626265** | **$800404261** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments
 in which significant unobservable inputs (Level 3) were used in determining value:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Common <br> Stocks<sup>(1)(2)</sup> <br>| $1051 | $— | $— | $— | $923 | $— | $— | $— | $1974 | $— |
| Preferred Stocks<sup>(2)</sup> <br>| 3361 |  |  | 291 |  |  |  |  | 3652 | 291 |
| Warrants<sup>(3)</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| Total | $4412 | $— | $— | $291 | $923 | $— | $— | $— | $5626 | $291 |
| (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. |
| (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: | (2) Quantitative Information about Level 3 Fair Value Measurements: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>2/28/2026<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Common Stocks | $1050908 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 9.7x | 9.7x | Increase |
|  |  |  | Discount Rate | 3.5% | 3.5% | Decrease |
|  |  |  | Term (Years) | 1.3 | 1.3 | Decrease |
|  |  |  | Expected Volatility | 80.0% | 80.0% | Decrease |
| Preferred Stocks | 3651686 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 2.0x - 5.5x | 3.5x | Increase |
|  |  |  | Discount Rate | 3.5% - 15.0% | 11.7% | Decrease |
|  |  |  | Term (Years) | 0.9 - 1.9 | 1.2 | Decrease |
|  |  |  | Expected Volatility | 60.0% | 60.0% | Decrease |
|  |  |  | Liquidation Preference | 1.3x | 1.3x | Increase |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. |

---

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

(3) At February 28, 2026, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented.<br>

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Genesis Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** | **Common Stocks 99.4%** |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |
| 386467 | VSE Corp. | &nbsp;&nbsp; **$87755062** |
| **Banks 9.6%** | **Banks 9.6%** | **Banks 9.6%** |
| 2201264 | &nbsp;&nbsp; Community Financial <br> System, Inc.<br>| &nbsp;&nbsp; 133286535 |
| 455420 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 62948152 |
| 2401905 | &nbsp;&nbsp; First Financial Bankshares, <br> Inc.<br>| &nbsp;&nbsp; 74290922 |
| 2411189 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 109684988 |
| 1361396 | Lakeland Financial Corp.<sup>(a)</sup> | &nbsp;&nbsp; 79083494 |
| 1837017 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 129270886 |
| 654892 | Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 42004773 |
| 1021548 | UMB Financial Corp. | &nbsp;&nbsp; 118376982 |
| 2208157 | &nbsp;&nbsp; United Community Banks, <br> Inc.<br>| &nbsp;&nbsp; 71036411 |
|  |  | &nbsp;&nbsp; **819983143** |
| **Building Products 3.8%** | **Building Products 3.8%** | **Building Products 3.8%** |
| 541245 | &nbsp;&nbsp; Armstrong World Industries, <br> Inc.<br>| &nbsp;&nbsp; 93906008 |
| 232671 | CSW Industrials, Inc. | &nbsp;&nbsp; 68482055 |
| 4625390 | Hayward Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 74006240 |
| 454888 | &nbsp;&nbsp; Simpson Manufacturing <br> Co., Inc.<br>| &nbsp;&nbsp; 88052670 |
|  |  | &nbsp;&nbsp; **324446973** |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** | **Capital Markets 2.4%** |
| 370993 | Hamilton Lane, Inc. Class A | &nbsp;&nbsp; 38932006 |
| 383251 | Houlihan Lokey, Inc. | &nbsp;&nbsp; 62765016 |
| 532914 | MarketAxess Holdings, Inc. | &nbsp;&nbsp; 102319488 |
|  |  | &nbsp;&nbsp; **204016510** |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| 3171348 | Element Solutions, Inc. | &nbsp;&nbsp; **111282601** |
| **Commercial Services & Supplies 3.6%** | **Commercial Services & Supplies 3.6%** | **Commercial Services & Supplies 3.6%** |
| 1422416 | Brady Corp. Class A | &nbsp;&nbsp; 131345893 |
| 617325 | &nbsp;&nbsp; Casella Waste Systems, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 57509997 |
| 554214 | Rollins, Inc. | &nbsp;&nbsp; 33746091 |
| 2377658 | Tetra Tech, Inc. | &nbsp;&nbsp; 85215263 |
|  |  | &nbsp;&nbsp; **307817244** |
| **Construction & Engineering 3.3%** | **Construction & Engineering 3.3%** | **Construction & Engineering 3.3%** |
| 974728 | Arcosa, Inc. | &nbsp;&nbsp; 104763766 |
| 378424 | Valmont Industries, Inc. | &nbsp;&nbsp; 174048550 |
|  |  | &nbsp;&nbsp; **278812316** |
| **Construction Materials 1.5%** | **Construction Materials 1.5%** | **Construction Materials 1.5%** |
| 327172 | Eagle Materials, Inc. | &nbsp;&nbsp; 73221093 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Construction Materials – cont'd** | **Construction Materials – cont'd** | **Construction Materials – cont'd** |
| 609018 | Knife River Corp.<sup>\*</sup> | &nbsp;&nbsp; $54190422 |
|  |  | &nbsp;&nbsp; **127411515** |
| **Containers & Packaging 1.1%** | **Containers & Packaging 1.1%** | **Containers & Packaging 1.1%** |
| 644946 | AptarGroup, Inc. | &nbsp;&nbsp; **92685190** |
| **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** |
| 863808 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **64370972** |
| **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** |
| 786140 | IDACORP, Inc. | &nbsp;&nbsp; **113180576** |
| **Electrical Equipment 0.1%** | **Electrical Equipment 0.1%** | **Electrical Equipment 0.1%** |
| 33185 | Preformed Line Products Co. | &nbsp;&nbsp; **8417375** |
| **Electronic Equipment, Instruments & Components 5.0%** | **Electronic Equipment, Instruments & Components 5.0%** | **Electronic Equipment, Instruments & Components 5.0%** |
| 391758 | &nbsp;&nbsp; Advanced Energy Industries, <br> Inc.<br>| &nbsp;&nbsp; 131462232 |
| 208365 | Badger Meter, Inc. | &nbsp;&nbsp; 31761077 |
| 3543252 | Knowles Corp.<sup>\*</sup> | &nbsp;&nbsp; 96270157 |
| 484986 | Littelfuse, Inc. | &nbsp;&nbsp; 170938165 |
|  |  | &nbsp;&nbsp; **430431631** |
| **Energy Equipment & Services 3.5%** | **Energy Equipment & Services 3.5%** | **Energy Equipment & Services 3.5%** |
| 1299685 | Archrock, Inc. | &nbsp;&nbsp; 45917871 |
| 2076700 | &nbsp;&nbsp; Oceaneering International, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 73722850 |
| 289072 | TerraVest Industries, Inc. | &nbsp;&nbsp; 31167346 |
| 1912392 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; 151882173 |
|  |  | &nbsp;&nbsp; **302690240** |
| **Financial Services 1.4%** | **Financial Services 1.4%** | **Financial Services 1.4%** |
| 637259 | Jack Henry & Associates, Inc. | &nbsp;&nbsp; 103529097 |
| 352940 | &nbsp;&nbsp; Shift4 Payments, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 15554066 |
|  |  | &nbsp;&nbsp; **119083163** |
| **Gas Utilities 2.2%** | **Gas Utilities 2.2%** | **Gas Utilities 2.2%** |
| 658742 | Chesapeake Utilities Corp. | &nbsp;&nbsp; 89569150 |
| 2696176 | UGI Corp. | &nbsp;&nbsp; 100863944 |
|  |  | &nbsp;&nbsp; **190433094** |
| **Ground Transportation 1.1%** | **Ground Transportation 1.1%** | **Ground Transportation 1.1%** |
| 223898 | Saia, Inc.<sup>\*</sup> | &nbsp;&nbsp; **90766010** |
| **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** |
| 1289027 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 81621190 |
| 2235211 | Neogen Corp.<sup>\*</sup> | &nbsp;&nbsp; 25101419 |
| 190846 | UFP Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 40188351 |
|  |  | &nbsp;&nbsp; **146910960** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** |
| 204946 | Chemed Corp. | &nbsp;&nbsp; **$84029909** |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |
| 146621 | Brinker International, Inc.<sup>\*</sup> | &nbsp;&nbsp; 21729232 |
| 581913 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 106414431 |
|  |  | &nbsp;&nbsp; **128143663** |
| **Household Durables 0.5%** | **Household Durables 0.5%** | **Household Durables 0.5%** |
| 128822 | &nbsp;&nbsp; Installed Building Products, <br> Inc.<br>| &nbsp;&nbsp; **42222699** |
| **Insurance 4.3%** | **Insurance 4.3%** | **Insurance 4.3%** |
| 1138970 | AMERISAFE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37050694 |
| 4842678 | Hagerty, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 56853040 |
| 44047 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 1733249 |
| 1465370 | &nbsp;&nbsp; Stewart Information Services <br> Corp.<br>| &nbsp;&nbsp; 104026616 |
| 75190 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 166960147 |
|  |  | &nbsp;&nbsp; **366623746** |
| **Leisure Products 0.3%** | **Leisure Products 0.3%** | **Leisure Products 0.3%** |
| 270082 | Acushnet Holdings Corp. | &nbsp;&nbsp; **27637491** |
| **Life Sciences Tools & Services 2.9%** | **Life Sciences Tools & Services 2.9%** | **Life Sciences Tools & Services 2.9%** |
| 1783584 | Bio-Techne Corp. | &nbsp;&nbsp; 105231456 |
| 581989 | Revvity, Inc. | &nbsp;&nbsp; 57215339 |
| 2559793 | Stevanato Group SpA<sup>(a)</sup> | &nbsp;&nbsp; 39727987 |
| 192629 | &nbsp;&nbsp; West Pharmaceutical <br> Services, Inc.<br>| &nbsp;&nbsp; 48993260 |
|  |  | &nbsp;&nbsp; **251168042** |
| **Machinery 17.5%** | **Machinery 17.5%** | **Machinery 17.5%** |
| 565694 | &nbsp;&nbsp; Atmus Filtration <br> Technologies, Inc.<br>| &nbsp;&nbsp; 36504234 |
| 343331 | Crane Co. | &nbsp;&nbsp; 68848165 |
| 2474584 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 100963027 |
| 203212 | Enpro, Inc. | &nbsp;&nbsp; 52560784 |
| 966128 | Esab Corp. | &nbsp;&nbsp; 121896370 |
| 392254 | ESCO Technologies, Inc. | &nbsp;&nbsp; 108768112 |
| 788158 | Federal Signal Corp. | &nbsp;&nbsp; 91765236 |
| 4687805 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 129242784 |
| 672025 | Graco, Inc. | &nbsp;&nbsp; 63116588 |
| 233243 | Kadant, Inc. | &nbsp;&nbsp; 79109028 |
| 572517 | Lindsay Corp.<sup>(a)</sup> | &nbsp;&nbsp; 77118040 |
| 684341 | Miller Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28762852 |
| 279606 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 161030687 |
| 455453 | SPX Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 103360504 |
| 494110 | Standex International Corp. | &nbsp;&nbsp; 129456820 |
| 1035325 | Toro Co. | &nbsp;&nbsp; 102352229 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Machinery – cont'd** | **Machinery – cont'd** | **Machinery – cont'd** |
| 132540 | &nbsp;&nbsp; Watts Water Technologies, <br> Inc. Class A<br>| &nbsp;&nbsp; $43571200 |
|  |  | &nbsp;&nbsp; **1498426660** |
| **Marine Transportation 1.8%** | **Marine Transportation 1.8%** | **Marine Transportation 1.8%** |
| 1163740 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **151053452** |
| **Media 2.2%** | **Media 2.2%** | **Media 2.2%** |
| 1799606 | &nbsp;&nbsp; John Wiley & Sons, Inc. <br> Class A<br>| &nbsp;&nbsp; 55823778 |
| 538350 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; 135136617 |
|  |  | &nbsp;&nbsp; **190960395** |
| **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** |
| 3158138 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 131947006 |
| 2338323 | Viper Energy, Inc. Class A | &nbsp;&nbsp; 108825552 |
|  |  | &nbsp;&nbsp; **240772558** |
| **Professional Services 1.2%** | **Professional Services 1.2%** | **Professional Services 1.2%** |
| 237216 | CRA International, Inc. | &nbsp;&nbsp; 40957715 |
| 851853 | Exponent, Inc. | &nbsp;&nbsp; 61997861 |
|  |  | &nbsp;&nbsp; **102955576** |
| **Real Estate Management & Development 2.2%** | **Real Estate Management & Development 2.2%** | **Real Estate Management & Development 2.2%** |
| 668727 | &nbsp;&nbsp; Colliers International Group, <br> Inc.<br>| &nbsp;&nbsp; 79397957 |
| 709230 | FirstService Corp. | &nbsp;&nbsp; 111753371 |
|  |  | &nbsp;&nbsp; **191151328** |
| **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** |
| 1519920 | &nbsp;&nbsp; Lattice Semiconductor <br> Corp.<sup>\*</sup><br>| &nbsp;&nbsp; 145334750 |
| 647696 | MKS, Inc. | &nbsp;&nbsp; 158335764 |
| 2360154 | Power Integrations, Inc. | &nbsp;&nbsp; 113098580 |
|  |  | &nbsp;&nbsp; **416769094** |
| **Software 4.4%** | **Software 4.4%** | **Software 4.4%** |
| 1293352 | BlackLine, Inc.<sup>\*</sup> | &nbsp;&nbsp; 45590658 |
| 7707094 | &nbsp;&nbsp; CCC Intelligent Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 44932358 |
| 335353 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 28531833 |
| 1671066 | &nbsp;&nbsp; Computer Modelling Group <br> Ltd.<br>| &nbsp;&nbsp; 5029909 |
| 31037 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 43742306 |
| 569721 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; 77157315 |
| 297092 | Qualys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 27472097 |
| 847049 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 47866739 |
| 149666 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 53085034 |
|  |  | &nbsp;&nbsp; **373408249** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 3.8%** | **Specialty Retail 3.8%** | **Specialty Retail 3.8%** |
| 224705 | &nbsp;&nbsp; Asbury Automotive Group, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; $48037435 |
| 589865 | &nbsp;&nbsp; Floor & Decor Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 40753773 |
| 92855 | Murphy USA, Inc. | &nbsp;&nbsp; 36282163 |
| 1227278 | Tractor Supply Co. | &nbsp;&nbsp; 63622091 |
| 1406780 | Valvoline, Inc.<sup>\*</sup> | &nbsp;&nbsp; 53176284 |
| 180934 | Winmark Corp.<sup>(a)</sup> | &nbsp;&nbsp; 82549328 |
|  |  | &nbsp;&nbsp; **324421074** |
| **Trading Companies & Distributors 1.6%** | **Trading Companies & Distributors 1.6%** | **Trading Companies & Distributors 1.6%** |
| 333270 | &nbsp;&nbsp; SiteOne Landscape Supply, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 47620950 |
| 478756 | Transcat, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 37328605 |
| 131971 | Watsco, Inc. | &nbsp;&nbsp; 55075458 |
|  |  | &nbsp;&nbsp; **140025013** |
| **Water Utilities 1.9%** | **Water Utilities 1.9%** | **Water Utilities 1.9%** |
| 1455606 | American States Water Co. | &nbsp;&nbsp; 108486315 |
| 961793 | Middlesex Water Co.<sup>(a)</sup> | &nbsp;&nbsp; 51936822 |
|  |  | &nbsp;&nbsp; **160423137** |
| **Total Common Stocks** <br> **(Cost $5,633,703,894)** | **Total Common Stocks** <br> **(Cost $5,633,703,894)** | &nbsp;&nbsp; **8510686661** |

---

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 0.7%** | **Short-Term Investments 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| 6588390<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(b)</sup><br>| &nbsp;&nbsp; $6588390 |
| 48782297<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Plus Money Market <br> Fund Premier Class, <br> 3.63%<sup>(b)</sup><br>| &nbsp;&nbsp; 48782297 |
| **Total Short-Term Investments** <br> **(Cost $55,370,687)** | &nbsp;&nbsp; **55370687** |
| **Total Investments 100.1%** <br> **(Cost $5,689,074,581)** | &nbsp;&nbsp; **8566057348** |
| Liabilities Less Other Assets (0.1)% | &nbsp;&nbsp; (7686288)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$8558371060** |

---

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

\* Non-income producing security. <br> (a) Affiliated company (see Note F of the Notes to Financial Statements). <br> (b) Represents 7-day effective yield as of February 28, 2026.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $8510686661 | $— | $— | $8510686661 |
| Short-Term Investments |  | 55370687 |  | 55370687 |
| **Total Investments** | **$8510686661** | **$55370687** | **$—** | **$8566057348** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Equity Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.0%** | **Common Stocks 99.0%** | **Common Stocks 99.0%** |
| **Australia 1.2%** | **Australia 1.2%** | **Australia 1.2%** |
| 416047 | &nbsp;&nbsp; Domino's Pizza Enterprises <br> Ltd. <sup>(a)</sup><br>| &nbsp;&nbsp; $6019304 |
| 2272574 | Steadfast Group Ltd.  | &nbsp;&nbsp; 7116021 |
|  |  | &nbsp;&nbsp; **13135325** |
| **Austria 2.9%** | **Austria 2.9%** | **Austria 2.9%** |
| 84110 | BAWAG Group AG <sup>\*(b)</sup> | &nbsp;&nbsp; 13118739 |
| 167342 | Erste Group Bank AG  | &nbsp;&nbsp; 19911545 |
|  |  | &nbsp;&nbsp; **33030284** |
| **Belgium 2.2%** | **Belgium 2.2%** | **Belgium 2.2%** |
| 301312 | Anheuser-Busch InBev SA  | &nbsp;&nbsp; **24502005** |
| **Canada 2.1%** | **Canada 2.1%** | **Canada 2.1%** |
| 274362 | Barrick Mining Corp.  | &nbsp;&nbsp; 13921128 |
| 101670 | Kinaxis, Inc. <sup>\*</sup> | &nbsp;&nbsp; 9653078 |
|  |  | &nbsp;&nbsp; **23574206** |
| **China 1.0%** | **China 1.0%** | **China 1.0%** |
| 598400 | Alibaba Group Holding Ltd.  | &nbsp;&nbsp; **10930204** |
| **Congo 0.7%** | **Congo 0.7%** | **Congo 0.7%** |
| 645517 | &nbsp;&nbsp; Ivanhoe Mines Ltd. Class A <br> <sup>\*(a)</sup><br>| &nbsp;&nbsp; **7382475** |
| **Czech Republic 0.8%** | **Czech Republic 0.8%** | **Czech Republic 0.8%** |
| 229458 | CSG NV <sup>\*</sup> | &nbsp;&nbsp; **8629992** |
| **Denmark 2.2%** | **Denmark 2.2%** | **Denmark 2.2%** |
| 64569 | DSV AS  | &nbsp;&nbsp; 16699759 |
| 227682 | Novo Nordisk AS Class B  | &nbsp;&nbsp; 8565619 |
|  |  | &nbsp;&nbsp; **25265378** |
| **France 9.6%** | **France 9.6%** | **France 9.6%** |
| 236238 | Accor SA  | &nbsp;&nbsp; 13750380 |
| 56735 | Airbus SE  | &nbsp;&nbsp; 12351097 |
| 124524 | Cie de Saint-Gobain SA  | &nbsp;&nbsp; 12689144 |
| 104182 | Exosens SAS  | &nbsp;&nbsp; 7669221 |
| 28735 | L'Oreal SA  | &nbsp;&nbsp; 13493033 |
| 21646 | &nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE <br>| &nbsp;&nbsp; 13916400 |
| 27847 | Safran SA  | &nbsp;&nbsp; 11187366 |
| 163358 | Societe Generale SA  | &nbsp;&nbsp; 14256740 |
| 139956 | SPIE SA  | &nbsp;&nbsp; 8682032 |
|  |  | &nbsp;&nbsp; **107995413** |
| **Germany 10.9%** | **Germany 10.9%** | **Germany 10.9%** |
| 220253 | Bayer AG  | &nbsp;&nbsp; 10933143 |
| 200332 | Commerzbank AG  | &nbsp;&nbsp; 8202082 |
| 20731 | Deutsche Boerse AG  | &nbsp;&nbsp; 5692813 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Germany – cont'd** | **Germany – cont'd** | **Germany – cont'd** |
| 49134 | Heidelberg Materials AG  | &nbsp;&nbsp; $11004655 |
| 305751 | RWE AG  | &nbsp;&nbsp; 19703962 |
| 40733 | SAP SE ADR  | &nbsp;&nbsp; 8208922 |
| 92873 | Siemens AG  | &nbsp;&nbsp; 27149366 |
| 115381 | Siemens Energy AG  | &nbsp;&nbsp; 22692828 |
| 90302 | Symrise AG  | &nbsp;&nbsp; 8277852 |
|  |  | &nbsp;&nbsp; **121865623** |
| **Ireland 1.0%** | **Ireland 1.0%** | **Ireland 1.0%** |
| 566953 | Bank of Ireland Group PLC  | &nbsp;&nbsp; **11076991** |
| **Israel 0.5%** | **Israel 0.5%** | **Israel 0.5%** |
| 39883 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd. <sup>\*</sup><br>| &nbsp;&nbsp; **6065008** |
| **Italy 3.5%** | **Italy 3.5%** | **Italy 3.5%** |
| 101196 | Amplifon SpA  | &nbsp;&nbsp; 1575377 |
| 251788 | Avio SpA <sup>(b)</sup> | &nbsp;&nbsp; 10517075 |
| 464687 | Intercos SpA <sup>(a)</sup> | &nbsp;&nbsp; 6808521 |
| 233901 | UniCredit SpA  | &nbsp;&nbsp; 20012491 |
|  |  | &nbsp;&nbsp; **38913464** |
| **Japan 16.2%** | **Japan 16.2%** | **Japan 16.2%** |
| 464800 | Daiei Kankyo Co. Ltd.  | &nbsp;&nbsp; 11488669 |
| 299400 | Daifuku Co. Ltd.  | &nbsp;&nbsp; 12408138 |
| 389100 | Fujitsu Ltd.  | &nbsp;&nbsp; 8939844 |
| 534600 | Hitachi Ltd.  | &nbsp;&nbsp; 17890178 |
| 409600 | IHI Corp.  | &nbsp;&nbsp; 11286196 |
| 1026900 | Japan Post Bank Co. Ltd.  | &nbsp;&nbsp; 20128332 |
| 245500 | Kiyo Bank Ltd.  | &nbsp;&nbsp; 6736257 |
| 116700 | Oracle Corp. Japan  | &nbsp;&nbsp; 7048406 |
| 1694800 | &nbsp;&nbsp; Pan Pacific International <br> Holdings Corp. <br>| &nbsp;&nbsp; 11286729 |
| 770400 | Renesas Electronics Corp.  | &nbsp;&nbsp; 14646800 |
| 1427200 | Resona Holdings, Inc.  | &nbsp;&nbsp; 17460158 |
| 40700 | Sinfonia Technology Co. Ltd.  | &nbsp;&nbsp; 3434995 |
| 371600 | Socionext, Inc. <sup>(a)</sup> | &nbsp;&nbsp; 4814988 |
| 379200 | Taiheiyo Cement Corp.  | &nbsp;&nbsp; 10909907 |
| 30300 | Tokyo Electron Ltd.  | &nbsp;&nbsp; 8539064 |
| 129600 | Tokyo Seimitsu Co. Ltd.  | &nbsp;&nbsp; 14357122 |
|  |  | &nbsp;&nbsp; **181375783** |
| **Korea 2.6%** | **Korea 2.6%** | **Korea 2.6%** |
| 101269 | Kia Corp.  | &nbsp;&nbsp; 14467000 |
| 94692 | &nbsp;&nbsp; Samsung Electronics Co. <br> Ltd. <br>| &nbsp;&nbsp; 14251525 |
|  |  | &nbsp;&nbsp; **28718525** |
| **Luxembourg 2.0%** | **Luxembourg 2.0%** | **Luxembourg 2.0%** |
| 173083 | ArcelorMittal SA  | &nbsp;&nbsp; 11346486 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Luxembourg – cont'd** | **Luxembourg – cont'd** | **Luxembourg – cont'd** |
| 132722 | Eurofins Scientific SE  | &nbsp;&nbsp; $10689147 |
|  |  | &nbsp;&nbsp; **22035633** |
| **Netherlands 5.5%** | **Netherlands 5.5%** | **Netherlands 5.5%** |
| 15630 | ASM International NV  | &nbsp;&nbsp; 13190138 |
| 15937 | ASML Holding NV  | &nbsp;&nbsp; 23226354 |
| 54233 | IMCD NV  | &nbsp;&nbsp; 5216252 |
| 683843 | ING Groep NV  | &nbsp;&nbsp; 19901754 |
|  |  | &nbsp;&nbsp; **61534498** |
| **Spain 1.4%** | **Spain 1.4%** | **Spain 1.4%** |
| 154668 | Cellnex Telecom SA <sup>(b)</sup> | &nbsp;&nbsp; 5873769 |
| 368080 | Fluidra SA  | &nbsp;&nbsp; 9864062 |
|  |  | &nbsp;&nbsp; **15737831** |
| **Sweden 2.1%** | **Sweden 2.1%** | **Sweden 2.1%** |
| 426837 | Epiroc AB Class A  | &nbsp;&nbsp; 12855795 |
| 234272 | Sandvik AB  | &nbsp;&nbsp; 10364686 |
|  |  | &nbsp;&nbsp; **23220481** |
| **Switzerland 3.6%** | **Switzerland 3.6%** | **Switzerland 3.6%** |
| 118739 | DSM-Firmenich AG  | &nbsp;&nbsp; 8479854 |
| 49255 | Galderma Group AG  | &nbsp;&nbsp; 9346822 |
| 2570563 | &nbsp;&nbsp; International Workplace <br> Group PLC <br>| &nbsp;&nbsp; 7711356 |
| 8226 | &nbsp;&nbsp; Partners Group Holding AG <br> <sup>(a)</sup><br>| &nbsp;&nbsp; 9173405 |
| 31330 | Tecan Group AG <sup>(a)</sup> | &nbsp;&nbsp; 5550037 |
|  |  | &nbsp;&nbsp; **40261474** |
| **Taiwan 0.8%** | **Taiwan 0.8%** | **Taiwan 0.8%** |
| 23936 | &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. ADR <br>| &nbsp;&nbsp; **8965947** |
| **United Kingdom 17.4%** | **United Kingdom 17.4%** | **United Kingdom 17.4%** |
| 223332 | Ashtead Group PLC  | &nbsp;&nbsp; 16029851 |
| 98133 | AstraZeneca PLC  | &nbsp;&nbsp; 20554142 |
| 2852617 | Barclays PLC  | &nbsp;&nbsp; 17409055 |
| 312397 | &nbsp;&nbsp; British American Tobacco <br> PLC <br>| &nbsp;&nbsp; 19534495 |
| 817417 | Chemring Group PLC  | &nbsp;&nbsp; 5882505 |
| 440745 | Compass Group PLC  | &nbsp;&nbsp; 13530644 |
| 4141306 | Convatec Group PLC <sup>(b)</sup> | &nbsp;&nbsp; 14309772 |
| 258046 | Experian PLC  | &nbsp;&nbsp; 9688479 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **United Kingdom – cont'd** | **United Kingdom – cont'd** | **United Kingdom – cont'd** |
| 411189 | Hiscox Ltd.  | &nbsp;&nbsp; $8578074 |
| 105677 | &nbsp;&nbsp; London Stock Exchange <br> Group PLC <br>| &nbsp;&nbsp; 12618030 |
| 2165299 | NatWest Group PLC  | &nbsp;&nbsp; 18062834 |
| 269328 | RELX PLC  | &nbsp;&nbsp; 9378889 |
| 1269707 | Rentokil Initial PLC  | &nbsp;&nbsp; 7806137 |
| 964958 | Shawbrook Group PLC <sup>\*(b)</sup> | &nbsp;&nbsp; 5123680 |
| 4083213 | SigmaRoc PLC <sup>\*</sup> | &nbsp;&nbsp; 8166074 |
| 439152 | St. James's Place PLC  | &nbsp;&nbsp; 7989618 |
|  |  | &nbsp;&nbsp; **194662279** |
| **United States 8.8%** | **United States 8.8%** | **United States 8.8%** |
| 158946 | Alcon AG <sup>(a)</sup> | &nbsp;&nbsp; 13856912 |
| 1975867 | Haleon PLC  | &nbsp;&nbsp; 10802893 |
| 339976 | JBS NV Class A <sup>\*</sup> | &nbsp;&nbsp; 5742195 |
| 17823 | Roche Holding AG  | &nbsp;&nbsp; 8507565 |
| 39845 | Royal Gold, Inc.  | &nbsp;&nbsp; 11945132 |
| 36183 | Schneider Electric SE  | &nbsp;&nbsp; 11829987 |
| 411659 | Shell PLC  | &nbsp;&nbsp; 17050935 |
| 368879 | SLB Ltd.  | &nbsp;&nbsp; 18938248 |
|  |  | &nbsp;&nbsp; **98673867** |
| **Total Common Stocks** <br>**(Cost $883,151,472)** | **Total Common Stocks** <br>**(Cost $883,151,472)** | &nbsp;&nbsp; **1107552686** |
| **Short-Term Investments 2.0%** | **Short-Term Investments 2.0%** | **Short-Term Investments 2.0%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| 3984743 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(c)</sup><br>| &nbsp;&nbsp; 3984743 |
| 19043194 | &nbsp;&nbsp; State Street Navigator <br> Securities Lending <br> Government Money Market <br> Portfolio, 3.69%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 19043194 |
| **Total Short-Term Investments** <br>**(Cost $23,027,937)** | **Total Short-Term Investments** <br>**(Cost $23,027,937)** | &nbsp;&nbsp; **23027937** |
| **Total Investments 101.0%** <br> **(Cost $906,179,409)** | **Total Investments 101.0%** <br> **(Cost $906,179,409)** | &nbsp;&nbsp; **1130580623** |
| Liabilities Less Other Assets (1.0)% | Liabilities Less Other Assets (1.0)% | &nbsp;&nbsp; (11558729)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1119021894** |

---

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

\* Non-income producing security.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan at February 28, 2026. Total value of
 all such securities at February 28, 2026 amounted to $39,374,092, collateralized by cash collateral of $19,043,194
 and non-cash (U.S. Treasury Securities) collateral of $22,123,823 for the Fund (see Note A of the
 Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at February 28, 2026 amounted to $48,943,035, which represents 4.4%
 of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents 7-day effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** |
| **Industry** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| Banks | &nbsp;&nbsp; $191400658 | 17.1<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 87740413 | 7.8<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 68710184 | 6.1<br> %<br>|
| Machinery | &nbsp;&nbsp; 56778877 | 5.1<br> %<br>|
| Aerospace & Defense | &nbsp;&nbsp; 56237256 | 5.0<br> %<br>|
| Industrial Conglomerates | &nbsp;&nbsp; 45039544 | 4.0<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 44595221 | 4.0<br> %<br>|
| Electrical Equipment | &nbsp;&nbsp; 37957810 | 3.4<br> %<br>|
| Capital Markets | &nbsp;&nbsp; 35473866 | 3.2<br> %<br>|
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 33300328 | 3.0<br> %<br>|
| Software | &nbsp;&nbsp; 30975414 | 2.8<br> %<br>|
| Construction Materials | &nbsp;&nbsp; 30080636 | 2.7<br> %<br>|
| Health Care Equipment & Supplies | &nbsp;&nbsp; 28166684 | 2.5<br> %<br>|
| Commercial Services & Supplies | &nbsp;&nbsp; 27976838 | 2.5<br> %<br>|
| Beverages | &nbsp;&nbsp; 24502005 | 2.2<br> %<br>|
| Broadline Retail | &nbsp;&nbsp; 22216933 | 2.0<br> %<br>|
| Trading Companies & Distributors | &nbsp;&nbsp; 21246103 | 1.9<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 20301554 | 1.8<br> %<br>|
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 19703962 | 1.8<br> %<br>|
| Tobacco | &nbsp;&nbsp; 19534495 | 1.8<br> %<br>|
| Professional Services | &nbsp;&nbsp; 19067368 | 1.7<br> %<br>|
| Energy Equipment & Services | &nbsp;&nbsp; 18938248 | 1.7<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 17050935 | 1.5<br> %<br>|
| Chemicals | &nbsp;&nbsp; 16757706 | 1.5<br> %<br>|
| Air Freight & Logistics | &nbsp;&nbsp; 16699759 | 1.5<br> %<br>|
| Life Sciences Tools & Services | &nbsp;&nbsp; 16239184 | 1.5<br> %<br>|
| Insurance | &nbsp;&nbsp; 15694095 | 1.4<br> %<br>|
| Automobiles | &nbsp;&nbsp; 14467000 | 1.3<br> %<br>|
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 14251525 | 1.3<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 13916400 | 1.2<br> %<br>|
| Building Products | &nbsp;&nbsp; 12689144 | 1.1<br> %<br>|
| IT Services | &nbsp;&nbsp; 8939844 | 0.8<br> %<br>|
| Real Estate Management & Development | &nbsp;&nbsp; 7711356 | 0.7<br> %<br>|
| Diversified Telecommunication Services | &nbsp;&nbsp; 5873769 | 0.5<br> %<br>|
| Food Products | &nbsp;&nbsp; 5742195 | 0.5<br> %<br>|
| Health Care Providers & Services | &nbsp;&nbsp; 1575377 | 0.1<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 11469208 | 1.0<br> %<br>|
|  | &nbsp;&nbsp; **$1119021894** | **100.0%**<br>|

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $1107552686 | $— | $— | $1107552686 |
| Short-Term Investments |  | 23027937 |  | 23027937 |
| **Total Investments** | **$1107552686** | **$23027937** | **$—** | **$1130580623** |

---

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

# The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Select Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** | **Common Stocks 99.4%** |
| **Austria 3.1%** | **Austria 3.1%** | **Austria 3.1%** |
| 20466 | BAWAG Group AG <sup>\*(a)</sup> | &nbsp;&nbsp; $3192107 |
| 45157 | Erste Group Bank AG  | &nbsp;&nbsp; 5373102 |
|  |  | &nbsp;&nbsp; **8565209** |
| **Belgium 2.3%** | **Belgium 2.3%** | **Belgium 2.3%** |
| 76729 | Anheuser-Busch InBev SA  | &nbsp;&nbsp; **6239427** |
| **Canada 2.1%** | **Canada 2.1%** | **Canada 2.1%** |
| 66730 | Barrick Mining Corp.  | &nbsp;&nbsp; 3385880 |
| 24623 | Kinaxis, Inc. <sup>\*</sup> | &nbsp;&nbsp; 2337836 |
|  |  | &nbsp;&nbsp; **5723716** |
| **China 1.2%** | **China 1.2%** | **China 1.2%** |
| 174600 | Alibaba Group Holding Ltd.  | &nbsp;&nbsp; **3189194** |
| **Congo 0.7%** | **Congo 0.7%** | **Congo 0.7%** |
| 156310 | Ivanhoe Mines Ltd. Class A <sup>\*(b)</sup> | &nbsp;&nbsp; **1787644** |
| **Czech Republic 0.8%** | **Czech Republic 0.8%** | **Czech Republic 0.8%** |
| 54716 | CSG NV <sup>\*</sup> | &nbsp;&nbsp; **2057887** |
| **Denmark 2.3%** | **Denmark 2.3%** | **Denmark 2.3%** |
| 16248 | DSV AS  | &nbsp;&nbsp; 4202291 |
| 56046 | Novo Nordisk AS Class B  | &nbsp;&nbsp; 2108505 |
|  |  | &nbsp;&nbsp; **6310796** |
| **France 11.5%** | **France 11.5%** | **France 11.5%** |
| 61932 | Accor SA <sup>(b)</sup> | &nbsp;&nbsp; 3604791 |
| 16488 | Airbus SE  | &nbsp;&nbsp; 3589405 |
| 87738 | AXA SA  | &nbsp;&nbsp; 4298209 |
| 33195 | Cie de Saint-Gobain SA  | &nbsp;&nbsp; 3382610 |
| 8828 | L'Oreal SA  | &nbsp;&nbsp; 4145345 |
| 6407 | &nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE <br>| &nbsp;&nbsp; 4119116 |
| 6773 | Safran SA  | &nbsp;&nbsp; 2721012 |
| 39748 | Societe Generale SA  | &nbsp;&nbsp; 3468927 |
| 34125 | SPIE SA  | &nbsp;&nbsp; 2116910 |
|  |  | &nbsp;&nbsp; **31446325** |
| **Germany 11.9%** | **Germany 11.9%** | **Germany 11.9%** |
| 53627 | Bayer AG  | &nbsp;&nbsp; 2661992 |
| 48569 | Commerzbank AG  | &nbsp;&nbsp; 1988534 |
| 5048 | Deutsche Boerse AG  | &nbsp;&nbsp; 1386200 |
| 14908 | Heidelberg Materials AG  | &nbsp;&nbsp; 3338979 |
| 74038 | RWE AG  | &nbsp;&nbsp; 4771340 |
| 9888 | SAP SE ADR  | &nbsp;&nbsp; 1992729 |
| 24806 | Siemens AG  | &nbsp;&nbsp; 7251485 |
| 31512 | Siemens Energy AG  | &nbsp;&nbsp; 6197696 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Germany – cont'd** | **Germany – cont'd** | **Germany – cont'd** |
| 29907 | Symrise AG  | &nbsp;&nbsp; $2741531 |
|  |  | &nbsp;&nbsp; **32330486** |
| **Ireland 1.0%** | **Ireland 1.0%** | **Ireland 1.0%** |
| 139786 | Bank of Ireland Group PLC  | &nbsp;&nbsp; **2731105** |
| **Israel 0.5%** | **Israel 0.5%** | **Israel 0.5%** |
| 9698 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd. <sup>\*</sup><br>| &nbsp;&nbsp; **1474775** |
| **Italy 1.9%** | **Italy 1.9%** | **Italy 1.9%** |
| 26820 | Amplifon SpA  | &nbsp;&nbsp; 417522 |
| 57041 | UniCredit SpA  | &nbsp;&nbsp; 4880409 |
|  |  | &nbsp;&nbsp; **5297931** |
| **Japan 14.2%** | **Japan 14.2%** | **Japan 14.2%** |
| 94200 | Fujitsu Ltd.  | &nbsp;&nbsp; 2164311 |
| 149000 | Hitachi Ltd.  | &nbsp;&nbsp; 4986226 |
| 99400 | IHI Corp.  | &nbsp;&nbsp; 2738886 |
| 250400 | Japan Post Bank Co. Ltd.  | &nbsp;&nbsp; 4908106 |
| 28300 | Oracle Corp. Japan  | &nbsp;&nbsp; 1709254 |
| 404100 | &nbsp;&nbsp; Pan Pacific International <br> Holdings Corp. <br>| &nbsp;&nbsp; 2691154 |
| 223800 | Renesas Electronics Corp.  | &nbsp;&nbsp; 4254873 |
| 423800 | Resona Holdings, Inc.  | &nbsp;&nbsp; 5184708 |
| 93800 | Socionext, Inc. <sup>(b)</sup> | &nbsp;&nbsp; 1215409 |
| 91900 | Taiheiyo Cement Corp.  | &nbsp;&nbsp; 2644041 |
| 9900 | Tokyo Electron Ltd.  | &nbsp;&nbsp; 2789991 |
| 31600 | Tokyo Seimitsu Co. Ltd.  | &nbsp;&nbsp; 3500656 |
|  |  | &nbsp;&nbsp; **38787615** |
| **Korea 3.1%** | **Korea 3.1%** | **Korea 3.1%** |
| 29449 | Kia Corp.  | &nbsp;&nbsp; 4207000 |
| 28660 | Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 4313445 |
|  |  | &nbsp;&nbsp; **8520445** |
| **Luxembourg 2.2%** | **Luxembourg 2.2%** | **Luxembourg 2.2%** |
| 42019 | ArcelorMittal SA  | &nbsp;&nbsp; 2754563 |
| 40178 | Eurofins Scientific SE  | &nbsp;&nbsp; 3235850 |
|  |  | &nbsp;&nbsp; **5990413** |
| **Netherlands 5.9%** | **Netherlands 5.9%** | **Netherlands 5.9%** |
| 3870 | ASM International NV  | &nbsp;&nbsp; 3265888 |
| 3860 | ASML Holding NV  | &nbsp;&nbsp; 5625508 |
| 17402 | IMCD NV  | &nbsp;&nbsp; 1673764 |
| 184444 | ING Groep NV  | &nbsp;&nbsp; 5367839 |
|  |  | &nbsp;&nbsp; **15932999** |
| **Spain 0.5%** | **Spain 0.5%** | **Spain 0.5%** |
| 37620 | Cellnex Telecom SA <sup>(a)</sup> | &nbsp;&nbsp; **1428681** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Sweden 2.1%** | **Sweden 2.1%** | **Sweden 2.1%** |
| 105055 | Epiroc AB Class A  | &nbsp;&nbsp; $3164125 |
| 57443 | Sandvik AB  | &nbsp;&nbsp; 2541399 |
|  |  | &nbsp;&nbsp; **5705524** |
| **Switzerland 2.7%** | **Switzerland 2.7%** | **Switzerland 2.7%** |
| 31450 | DSM-Firmenich AG  | &nbsp;&nbsp; 2246030 |
| 14951 | Galderma Group AG  | &nbsp;&nbsp; 2837161 |
| 2003 | Partners Group Holding AG <sup>(b)</sup> | &nbsp;&nbsp; 2233689 |
|  |  | &nbsp;&nbsp; **7316880** |
| **Taiwan 0.8%** | **Taiwan 0.8%** | **Taiwan 0.8%** |
| 5820 | &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. ADR <br>| &nbsp;&nbsp; **2180056** |
| **United Kingdom 17.4%** | **United Kingdom 17.4%** | **United Kingdom 17.4%** |
| 54211 | Ashtead Group PLC  | &nbsp;&nbsp; 3891042 |
| 26117 | AstraZeneca PLC  | &nbsp;&nbsp; 5470255 |
| 145001 | BAE Systems PLC  | &nbsp;&nbsp; 4127074 |
| 838301 | Barclays PLC  | &nbsp;&nbsp; 5116014 |
| 80495 | British American Tobacco PLC  | &nbsp;&nbsp; 5033432 |
| 115480 | Compass Group PLC  | &nbsp;&nbsp; 3545176 |
| 1005254 | Convatec Group PLC <sup>(a)</sup> | &nbsp;&nbsp; 3473531 |
| 71406 | Experian PLC  | &nbsp;&nbsp; 2680978 |
| 98023 | Hiscox Ltd.  | &nbsp;&nbsp; 2044920 |
| 26548 | &nbsp;&nbsp; London Stock Exchange Group <br> PLC <br>| &nbsp;&nbsp; 3169881 |
| 530932 | NatWest Group PLC  | &nbsp;&nbsp; 4429013 |
| 74202 | RELX PLC  | &nbsp;&nbsp; 2583958 |
| 307507 | Rentokil Initial PLC  | &nbsp;&nbsp; 1890548 |
|  |  | &nbsp;&nbsp; **47455822** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **United States 11.2%** | **United States 11.2%** | **United States 11.2%** |
| 38721 | Alcon AG <sup>(b)</sup> | &nbsp;&nbsp; $3375697 |
| 6747 | Aon PLC Class A  | &nbsp;&nbsp; 2263416 |
| 599591 | Haleon PLC  | &nbsp;&nbsp; 3278215 |
| 81057 | JBS NV Class A <sup>\*</sup> | &nbsp;&nbsp; 1369053 |
| 4326 | Roche Holding AG  | &nbsp;&nbsp; 2064957 |
| 12770 | Royal Gold, Inc.  | &nbsp;&nbsp; 3828318 |
| 15547 | Schneider Electric SE  | &nbsp;&nbsp; 5083072 |
| 100223 | Shell PLC  | &nbsp;&nbsp; 4151241 |
| 99746 | SLB Ltd.  | &nbsp;&nbsp; 5120960 |
|  |  | &nbsp;&nbsp; **30534929** |
| **Total Common Stocks** <br>**(Cost $223,641,408)** | **Total Common Stocks** <br>**(Cost $223,641,408)** | &nbsp;&nbsp; **271007859** |
| **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** |
| **Investment Companies 2.4%** | **Investment Companies 2.4%** | **Investment Companies 2.4%** |
| 6445605 | &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money <br> Market Portfolio, 3.69%<sup>(c)(d)</sup> <br>**(Cost $6,445,605)**<br>| &nbsp;&nbsp; **6445605** |
| **Total Investments 101.8%** <br> **(Cost $230,087,013)** | **Total Investments 101.8%** <br> **(Cost $230,087,013)** | &nbsp;&nbsp; **277453464** |
| Liabilities Less Other Assets (1.8)% | Liabilities Less Other Assets (1.8)% | &nbsp;&nbsp; (4813330)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$272640134** |

---

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

\* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $8,094,319, which represents 3.0% of net assets of the Fund. 

(b) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $8,723,406, collateralized by cash collateral of $6,445,605 and non-cash (U.S. Treasury Securities) collateral of $2,598,732 for the Fund (see Note A of the Notes to Financial Statements). 

(c) Represents 7-day effective yield as of February 28, 2026.

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** | **POSITIONS BY INDUSTRY** |
| **Industry** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| Banks | &nbsp;&nbsp; $46639864 | 17.1<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 22832381 | 8.4<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 18421085 | 6.8<br> %<br>|
| Aerospace & Defense | &nbsp;&nbsp; 12495378 | 4.6<br> %<br>|
| Industrial Conglomerates | &nbsp;&nbsp; 12237711 | 4.5<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 11756405 | 4.3<br> %<br>|
| Electrical Equipment | &nbsp;&nbsp; 11280768 | 4.1<br> %<br>|
| Insurance | &nbsp;&nbsp; 8606545 | 3.2<br> %<br>|
| Machinery | &nbsp;&nbsp; 8444410 | 3.1<br> %<br>|
| Software | &nbsp;&nbsp; 7514594 | 2.8<br> %<br>|
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 7149967 | 2.6<br> %<br>|
| Health Care Equipment & Supplies | &nbsp;&nbsp; 6849228 | 2.5<br> %<br>|
| Capital Markets | &nbsp;&nbsp; 6789770 | 2.5<br> %<br>|
| Beverages | &nbsp;&nbsp; 6239427 | 2.3<br> %<br>|
| Construction Materials | &nbsp;&nbsp; 5983020 | 2.2<br> %<br>|
| Broadline Retail | &nbsp;&nbsp; 5880348 | 2.2<br> %<br>|
| Trading Companies & Distributors | &nbsp;&nbsp; 5564806 | 2.0<br> %<br>|
| Professional Services | &nbsp;&nbsp; 5264936 | 1.9<br> %<br>|
| Energy Equipment & Services | &nbsp;&nbsp; 5120960 | 1.9<br> %<br>|
| Tobacco | &nbsp;&nbsp; 5033432 | 1.8<br> %<br>|
| Chemicals | &nbsp;&nbsp; 4987561 | 1.8<br> %<br>|
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 4771340 | 1.8<br> %<br>|
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4313445 | 1.6<br> %<br>|
| Automobiles | &nbsp;&nbsp; 4207000 | 1.5<br> %<br>|
| Air Freight & Logistics | &nbsp;&nbsp; 4202291 | 1.5<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4151241 | 1.5<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 4145345 | 1.5<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4119116 | 1.5<br> %<br>|
| Commercial Services & Supplies | &nbsp;&nbsp; 4007458 | 1.5<br> %<br>|
| Building Products | &nbsp;&nbsp; 3382610 | 1.2<br> %<br>|
| Life Sciences Tools & Services | &nbsp;&nbsp; 3235850 | 1.2<br> %<br>|
| IT Services | &nbsp;&nbsp; 2164311 | 0.8<br> %<br>|
| Diversified Telecommunication Services | &nbsp;&nbsp; 1428681 | 0.5<br> %<br>|
| Food Products | &nbsp;&nbsp; 1369053 | 0.5<br> %<br>|
| Health Care Providers & Services | &nbsp;&nbsp; 417522 | 0.2<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 1632275 | 0.6<br> %<br>|
|  | &nbsp;&nbsp; **$272640134** | **100.0%**<br>|

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $271007859 | $— | $— | $271007859 |
| Short-Term Investments |  | 6445605 |  | 6445605 |
| **Total Investments** | **$271007859** | **$6445605** | **$—** | **$277453464** |

---

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

# The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Intrinsic Value Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.9%** | **Common Stocks 98.9%** | **Common Stocks 98.9%** |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |
| 233073 | Mercury Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$20750489** |
| **Automobile Components 1.1%** | **Automobile Components 1.1%** | **Automobile Components 1.1%** |
| 106614 | Lear Corp. | &nbsp;&nbsp; **13993088** |
| **Banks 5.3%** | **Banks 5.3%** | **Banks 5.3%** |
| 741142 | Banc of California, Inc. | &nbsp;&nbsp; 13688893 |
| 128074 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 5826086 |
| 1601409 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 26903671 |
| 231916 | &nbsp;&nbsp; Texas Capital Bancshares, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 22101595 |
|  |  | &nbsp;&nbsp; **68520245** |
| **Building Products 3.3%** | **Building Products 3.3%** | **Building Products 3.3%** |
| 1117233 | Resideo Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **43236917** |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| 161862 | HB Fuller Co. | &nbsp;&nbsp; **10637571** |
| **Commercial Services & Supplies 5.4%** | **Commercial Services & Supplies 5.4%** | **Commercial Services & Supplies 5.4%** |
| 47877 | Clean Harbors, Inc.<sup>\*</sup> | &nbsp;&nbsp; 14037537 |
| 1676374 | Enviri Corp.<sup>\*</sup> | &nbsp;&nbsp; 31733760 |
| 836983 | OPENLANE, Inc.<sup>\*</sup> | &nbsp;&nbsp; 23862385 |
|  |  | &nbsp;&nbsp; **69633682** |
| **Communications Equipment 6.9%** | **Communications Equipment 6.9%** | **Communications Equipment 6.9%** |
| 52092 | Ciena Corp.<sup>\*</sup> | &nbsp;&nbsp; 18164481 |
| 4182453 | &nbsp;&nbsp; Ribbon Communications, <br> Inc.<sup>\*(a)</sup><br>| &nbsp;&nbsp; 9326870 |
| 1355053 | Viasat, Inc.<sup>\*</sup> | &nbsp;&nbsp; 62034326 |
|  |  | &nbsp;&nbsp; **89525677** |
| **Construction & Engineering 2.1%** | **Construction & Engineering 2.1%** | **Construction & Engineering 2.1%** |
| 208293 | Arcosa, Inc. | &nbsp;&nbsp; 22387332 |
| 166700 | Centuri Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5167700 |
|  |  | &nbsp;&nbsp; **27555032** |
| **Consumer Finance 0.6%** | **Consumer Finance 0.6%** | **Consumer Finance 0.6%** |
| 115184 | &nbsp;&nbsp; Bread Financial Holdings, <br> Inc.<br>| &nbsp;&nbsp; **8161938** |
| **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** |
| 123854 | Avery Dennison Corp. | &nbsp;&nbsp; **24318733** |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |
| 386245 | Portland General Electric Co. | &nbsp;&nbsp; **20841780** |
| **Electrical Equipment 2.0%** | **Electrical Equipment 2.0%** | **Electrical Equipment 2.0%** |
| 1306897 | &nbsp;&nbsp; Babcock & Wilcox <br> Enterprises, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 11579107 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electrical Equipment – cont'd** | **Electrical Equipment – cont'd** | **Electrical Equipment – cont'd** |
| 94941 | &nbsp;&nbsp; Bloom Energy Corp. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; $14779466 |
|  |  | &nbsp;&nbsp; **26358573** |
| **Electronic Equipment, Instruments & Components 8.9%** | **Electronic Equipment, Instruments & Components 8.9%** | **Electronic Equipment, Instruments & Components 8.9%** |
| 66205 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 17142461 |
| 1252575 | Innoviz Technologies Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1068321 |
| 214578 | IPG Photonics Corp.<sup>\*</sup> | &nbsp;&nbsp; 28232028 |
| 131011 | Itron, Inc.<sup>\*</sup> | &nbsp;&nbsp; 12308484 |
| 214023 | nLight, Inc.<sup>\*</sup> | &nbsp;&nbsp; 12025952 |
| 66497 | OSI Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 18964944 |
| 65615 | Rogers Corp.<sup>\*</sup> | &nbsp;&nbsp; 7075265 |
| 27849 | Teledyne Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 18967954 |
|  |  | &nbsp;&nbsp; **115785409** |
| **Energy Equipment & Services 3.6%** | **Energy Equipment & Services 3.6%** | **Energy Equipment & Services 3.6%** |
| 214128 | Innovex International, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5642273 |
| 662038 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 5633943 |
| 278435 | TechnipFMC PLC | &nbsp;&nbsp; 18463025 |
| 2024092 | TETRA Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 17528637 |
|  |  | &nbsp;&nbsp; **47267878** |
| **Entertainment 1.8%** | **Entertainment 1.8%** | **Entertainment 1.8%** |
| 2468339 | Lionsgate Studios Corp.<sup>\*</sup> | &nbsp;&nbsp; 22215051 |
| 119337 | Starz Entertainment Corp.<sup>\*</sup> | &nbsp;&nbsp; 1312707 |
|  |  | &nbsp;&nbsp; **23527758** |
| **Food Products 0.9%** | **Food Products 0.9%** | **Food Products 0.9%** |
| 682595 | Hain Celestial Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 545666 |
| 672701 | Magnum Ice Cream Co. NV<sup>\*</sup> | &nbsp;&nbsp; 10675765 |
|  |  | &nbsp;&nbsp; **11221431** |
| **Gas Utilities 3.2%** | **Gas Utilities 3.2%** | **Gas Utilities 3.2%** |
| 120050 | Atmos Energy Corp. | &nbsp;&nbsp; 22424140 |
| 361222 | New Jersey Resources Corp. | &nbsp;&nbsp; 19592681 |
|  |  | &nbsp;&nbsp; **42016821** |
| **Health Care Equipment & Supplies 5.4%** | **Health Care Equipment & Supplies 5.4%** | **Health Care Equipment & Supplies 5.4%** |
| 1406553 | Accuray, Inc.<sup>\*</sup> | &nbsp;&nbsp; 812284 |
| 244339 | AtriCure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7638037 |
| 80961 | CONMED Corp. | &nbsp;&nbsp; 3724206 |
| 647006 | CytoSorbents Corp.<sup>\*</sup> | &nbsp;&nbsp; 486872 |
| 304370 | Dentsply Sirona, Inc. | &nbsp;&nbsp; 4468152 |
| 364426 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 23075454 |
| 560108 | &nbsp;&nbsp; Integra LifeSciences <br> Holdings Corp.<sup>\*</sup><br>| &nbsp;&nbsp; 6374029 |
| 304222 | Neogen Corp.<sup>\*</sup> | &nbsp;&nbsp; 3416413 |
| 1103553 | OraSure Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3476192 |
| 421581 | QuidelOrtho Corp.<sup>\*</sup> | &nbsp;&nbsp; 9586752 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Equipment & Supplies – cont'd** | **Health Care Equipment & Supplies – cont'd** | **Health Care Equipment & Supplies – cont'd** |
| 508761 | Varex Imaging Corp.<sup>\*</sup> | &nbsp;&nbsp; $6700383 |
|  |  | &nbsp;&nbsp; **69758774** |
| **Health Care Providers & Services 0.9%** | **Health Care Providers & Services 0.9%** | **Health Care Providers & Services 0.9%** |
| 494828 | Acadia Healthcare Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; **11598768** |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |
| 1633833 | Brightstar Lottery PLC | &nbsp;&nbsp; 22154775 |
| 103524 | United Parks & Resorts, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3601600 |
|  |  | &nbsp;&nbsp; **25756375** |
| **Household Durables 2.3%** | **Household Durables 2.3%** | **Household Durables 2.3%** |
| 250448 | &nbsp;&nbsp; Somnigroup International, <br> Inc.<br>| &nbsp;&nbsp; 22417600 |
| 113481 | Whirlpool Corp. | &nbsp;&nbsp; 7765505 |
|  |  | &nbsp;&nbsp; **30183105** |
| **Independent Power and Renewable**<br> **Electricity Producers 3.4%** | **Independent Power and Renewable**<br> **Electricity Producers 3.4%** | **Independent Power and Renewable**<br> **Electricity Producers 3.4%** |
| 340077 | Ormat Technologies, Inc. | &nbsp;&nbsp; 35265985 |
| 53965 | Vistra Corp. | &nbsp;&nbsp; 9383974 |
|  |  | &nbsp;&nbsp; **44649959** |
| **IT Services 1.5%** | **IT Services 1.5%** | **IT Services 1.5%** |
| 950312 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 11717347 |
| 1516217 | Unisys Corp.<sup>\*</sup> | &nbsp;&nbsp; 3684407 |
| 67247 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 4738224 |
|  |  | &nbsp;&nbsp; **20139978** |
| **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** |
| 159601 | Azenta, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4306035 |
| 47561 | &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 8489163 |
| 1037137 | Standard BioTools, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1171965 |
|  |  | &nbsp;&nbsp; **13967163** |
| **Machinery 2.6%** | **Machinery 2.6%** | **Machinery 2.6%** |
| 79355 | &nbsp;&nbsp; Albany International Corp. <br> Class A<br>| &nbsp;&nbsp; 4574816 |
| 170119 | Helios Technologies, Inc. | &nbsp;&nbsp; 12132887 |
| 677675 | Hillman Solutions Corp.<sup>\*</sup> | &nbsp;&nbsp; 5556935 |
| 1264623 | Stratasys Ltd.<sup>\*</sup> | &nbsp;&nbsp; 12178319 |
|  |  | &nbsp;&nbsp; **34442957** |
| **Media 1.3%** | **Media 1.3%** | **Media 1.3%** |
| 923858 | Criteo SA ADR<sup>\*</sup> | &nbsp;&nbsp; **16509343** |
| **Metals & Mining 1.6%** | **Metals & Mining 1.6%** | **Metals & Mining 1.6%** |
| 116599 | Alcoa Corp. | &nbsp;&nbsp; 7238466 |
| 1227822 | Cleveland-Cliffs, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13088582 |
|  |  | &nbsp;&nbsp; **20327048** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** |
| 312716 | &nbsp;&nbsp; Northwestern Energy <br> Group, Inc.<br>| &nbsp;&nbsp; **$21877611** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |
| 458032 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 19136577 |
| 429645 | Devon Energy Corp. | &nbsp;&nbsp; 18702447 |
|  |  | &nbsp;&nbsp; **37839024** |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| 940827 | &nbsp;&nbsp; Amneal Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **12992821** |
| **Professional Services 2.6%** | **Professional Services 2.6%** | **Professional Services 2.6%** |
| 1803740 | Alight, Inc. Class A | &nbsp;&nbsp; 1586750 |
| 3606511 | Conduent, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5265506 |
| 636374 | KBR, Inc. | &nbsp;&nbsp; 26874074 |
|  |  | &nbsp;&nbsp; **33726330** |
| **Semiconductors & Semiconductor Equipment 8.0%** | **Semiconductors & Semiconductor Equipment 8.0%** | **Semiconductors & Semiconductor Equipment 8.0%** |
| 279573 | CEVA, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5831893 |
| 1671368 | &nbsp;&nbsp; indie Semiconductor, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 6117207 |
| 86702 | &nbsp;&nbsp; MACOM Technology <br> Solutions Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 21512500 |
| 255313 | Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp; 25444494 |
| 173524 | Semtech Corp.<sup>\*</sup> | &nbsp;&nbsp; 15655335 |
| 972917 | Veeco Instruments, Inc.<sup>\*</sup> | &nbsp;&nbsp; 29732343 |
|  |  | &nbsp;&nbsp; **104293772** |
| **Software 6.1%** | **Software 6.1%** | **Software 6.1%** |
| 922088 | Adeia, Inc. | &nbsp;&nbsp; 19078001 |
| 1421032 | Cognyte Software Ltd.<sup>\*</sup> | &nbsp;&nbsp; 10075117 |
| 213517 | LiveRamp Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5801257 |
| 881227 | NCR Voyix Corp.<sup>\*</sup> | &nbsp;&nbsp; 6732574 |
| 416885 | OneSpan, Inc. | &nbsp;&nbsp; 4602410 |
| 402214 | Radware Ltd.<sup>\*</sup> | &nbsp;&nbsp; 9311254 |
| 648018 | UiPath, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 6953233 |
| 539786 | Varonis Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 12469057 |
| 738941 | Xperi, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4529708 |
|  |  | &nbsp;&nbsp; **79552611** |
| **Specialty Retail 0.3%** | **Specialty Retail 0.3%** | **Specialty Retail 0.3%** |
| 296099 | Caleres, Inc. | &nbsp;&nbsp; **3520617** |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |
| 1017514 | Under Armour, Inc. Class C<sup>\*</sup> | &nbsp;&nbsp; **7356626** |
| **Trading Companies & Distributors 2.6%** | **Trading Companies & Distributors 2.6%** | **Trading Companies & Distributors 2.6%** |
| 226405 | AerCap Holdings NV | &nbsp;&nbsp; **33833963** |
| **Total Common Stocks** <br> **(Cost $848,197,462)** | **Total Common Stocks** <br> **(Cost $848,197,462)** | &nbsp;&nbsp; **1285679867** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Rights 0.0%**<sup>‡</sup>  | **Rights 0.0%**<sup>‡</sup>  | **Rights 0.0%**<sup>‡</sup>  |
| **Food Products 0.0%**<sup>‡</sup> | **Food Products 0.0%**<sup>‡</sup> |  |
| 169122 | &nbsp;&nbsp; Contra TreeHouse Foods, <br> Inc., CVR<sup>\*(b)</sup> <br>**(Cost $326,406)**<br>| &nbsp;&nbsp; **$295964** |
| **Warrants 0.0%**<sup>‡</sup>  | **Warrants 0.0%**<sup>‡</sup>  | **Warrants 0.0%**<sup>‡</sup>  |
| **Communications Equipment 0.0%**<sup>‡</sup> | **Communications Equipment 0.0%**<sup>‡</sup> | **Communications Equipment 0.0%**<sup>‡</sup> |
| 1511444 | &nbsp;&nbsp; Ribbon Communications, <br> Inc. Expires 3/31/2027<sup>\*#(a)(c)</sup><br>| &nbsp;&nbsp; **342708** |
| **Health Care Equipment & Supplies 0.0%**<sup>‡</sup> | **Health Care Equipment & Supplies 0.0%**<sup>‡</sup> | **Health Care Equipment & Supplies 0.0%**<sup>‡</sup> |
| 131579 | CytoSorbents Corp.<sup>\*(c)</sup> | &nbsp;&nbsp; **0** |
| **Total Warrants (Cost $2,464,258)** | **Total Warrants (Cost $2,464,258)** | &nbsp;&nbsp; **342708** |

---

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 1.1%** | **Short-Term Investments 1.1%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| 14769242<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(d)</sup> <br>**(Cost $14,769,242)**<br>| &nbsp;&nbsp; **$14769242** |
| **Total Investments 100.0%** <br> **(Cost $865,757,368)** | &nbsp;&nbsp; **1301087781** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (277713)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$1300810068** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security.

(a) Security acquired via a PIPE transaction.

(b) Value determined using significant unobservable inputs.

(c) Security fair valued as of February 28, 2026 in accordance with procedures approved by the valuation designee. Total value of all such securities at February 28, 2026 amounted to $342,708, which represents 0.0% of net assets of the Fund. 

(d) Represents 7-day effective yield as of February 28, 2026.

# This security is subject to restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $342,708, which represents 0.0% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**2/28/2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**2/28/2026**<br>|
| Ribbon Communications, Inc. Expires 3/31/2027 (Warrants) | 3/29/2023 | $2464258 | $342708 | 0.0% |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $1285679867 | $— | $— | $1285679867 |
| Rights<sup>#</sup> <br>|  |  | 295964 | 295964 |
| Warrants<sup>#</sup> <br>|  | 342708 |  | 342708 |
| Short-Term Investments |  | 14769242 |  | 14769242 |
| **Total Investments** | **$1285679867** | **$15111950** | **$295964** | **$1301087781** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Rights<sup>(1)</sup> <br>| $— | $— | $— | $(30)<br>| $326 | $— | $— | $— | $296 | $(30)<br>|
| Total | $— | $— | $— | $(30)<br>| $326 | $— | $— | $— | $296 | $(30)<br>|
| (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. |

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.0%** | **Common Stocks 98.0%** | **Common Stocks 98.0%** |
| **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** |
| 36173 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $8230443 |
| 197546 | General Electric Co. | &nbsp;&nbsp; 67612094 |
|  |  | &nbsp;&nbsp; **75842537** |
| **Automobiles 1.0%** | **Automobiles 1.0%** | **Automobiles 1.0%** |
| 59179 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **23820139** |
| **Biotechnology 1.1%** | **Biotechnology 1.1%** | **Biotechnology 1.1%** |
| 113520 | AbbVie, Inc. | &nbsp;&nbsp; **26345722** |
| **Broadline Retail 6.3%** | **Broadline Retail 6.3%** | **Broadline Retail 6.3%** |
| 736162 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **154594020** |
| **Capital Markets 2.9%** | **Capital Markets 2.9%** | **Capital Markets 2.9%** |
| 569403 | &nbsp;&nbsp; Brookfield Asset <br> Management Ltd. Class A<br>| &nbsp;&nbsp; 26619590 |
| 225483 | KKR & Co., Inc. | &nbsp;&nbsp; 19770349 |
| 57935 | S&P Global, Inc. | &nbsp;&nbsp; 25600318 |
|  |  | &nbsp;&nbsp; **71990257** |
| **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** |
| 63178 | Waste Management, Inc. | &nbsp;&nbsp; **15215790** |
| **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** |
| 38265 | Costco Wholesale Corp. | &nbsp;&nbsp; 38677879 |
| 170027 | Walmart, Inc. | &nbsp;&nbsp; 21754955 |
|  |  | &nbsp;&nbsp; **60432834** |
| **Electric Utilities 0.9%** | **Electric Utilities 0.9%** | **Electric Utilities 0.9%** |
| 248838 | NextEra Energy, Inc. | &nbsp;&nbsp; **23333539** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| 337898 | nVent Electric PLC | &nbsp;&nbsp; **39993607** |
| **Electronic Equipment, Instruments & Components 2.0%** | **Electronic Equipment, Instruments & Components 2.0%** | **Electronic Equipment, Instruments & Components 2.0%** |
| 339271 | Amphenol Corp. Class A | &nbsp;&nbsp; **49553922** |
| **Entertainment 3.7%** | **Entertainment 3.7%** | **Entertainment 3.7%** |
| 55215 | &nbsp;&nbsp; Live Nation Entertainment, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 8952560 |
| 785061 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 75554271 |
| 57253 | Walt Disney Co. | &nbsp;&nbsp; 6071108 |
|  |  | &nbsp;&nbsp; **90577939** |
| **Financial Services 5.3%** | **Financial Services 5.3%** | **Financial Services 5.3%** |
| 115584 | MasterCard, Inc. Class A | &nbsp;&nbsp; 59781201 |
| 222572 | Visa, Inc. Class A | &nbsp;&nbsp; 71254200 |
|  |  | &nbsp;&nbsp; **131035401** |
| **Ground Transportation 0.6%** | **Ground Transportation 0.6%** | **Ground Transportation 0.6%** |
| 54468 | Union Pacific Corp. | &nbsp;&nbsp; **14432931** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** |
| 378352 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **$29076351** |
| **Health Care Technology 0.7%** | **Health Care Technology 0.7%** | **Health Care Technology 0.7%** |
| 644599 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **16533964** |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |
| 54020 | McDonald's Corp. | &nbsp;&nbsp; **18424061** |
| **Interactive Media & Services 12.5%** | **Interactive Media & Services 12.5%** | **Interactive Media & Services 12.5%** |
| 610456 | Alphabet, Inc. Class A | &nbsp;&nbsp; 190315762 |
| 179392 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 116278307 |
|  |  | &nbsp;&nbsp; **306594069** |
| **IT Services 0.8%** | **IT Services 0.8%** | **IT Services 0.8%** |
| 71899 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 12380289 |
| 59512 | Shopify, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 7184884 |
|  |  | &nbsp;&nbsp; **19565173** |
| **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** |
| 30772 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **16035597** |
| **Machinery 3.3%** | **Machinery 3.3%** | **Machinery 3.3%** |
| 66830 | Caterpillar, Inc. | &nbsp;&nbsp; 49643329 |
| 26461 | Deere & Co. | &nbsp;&nbsp; 16662756 |
| 69861 | ITT, Inc. | &nbsp;&nbsp; 14140565 |
|  |  | &nbsp;&nbsp; **80446650** |
| **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** |
| 914588 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **39784578** |
| **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** |
| 219149 | Williams Cos., Inc. | &nbsp;&nbsp; **16374813** |
| **Pharmaceuticals 3.1%** | **Pharmaceuticals 3.1%** | **Pharmaceuticals 3.1%** |
| 72998 | Eli Lilly & Co. | &nbsp;&nbsp; **76793166** |
| **Semiconductors & Semiconductor Equipment 15.0%** | **Semiconductors & Semiconductor Equipment 15.0%** | **Semiconductors & Semiconductor Equipment 15.0%** |
| 108870 | &nbsp;&nbsp; Advanced Micro Devices, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 21796862 |
| 34482 | ASML Holding NV | &nbsp;&nbsp; 50018210 |
| 299896 | Broadcom, Inc. | &nbsp;&nbsp; 95831767 |
| 1133373 | NVIDIA Corp. | &nbsp;&nbsp; 200822362 |
|  |  | &nbsp;&nbsp; **368469201** |
| **Software 11.6%** | **Software 11.6%** | **Software 11.6%** |
| 90909 | &nbsp;&nbsp; Arctic Wolf Networks, <br> Inc.<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1050908 |
| 4688 | Canva, Inc.<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 7717104 |
| 90173 | &nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 33542553 |
| 473566 | Microsoft Corp. | &nbsp;&nbsp; 185988311 |
| 19881 | Salesforce, Inc. | &nbsp;&nbsp; 3872620 |
| 180695 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 19516867 |

---

See Notes to Consolidated Financial Statements

------

![](img006065f64.gif)

Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 106995 | &nbsp;&nbsp; Superhuman Platform, Inc. <br> Class A<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; $1401634 |
| 79806 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 33039684 |
|  |  | &nbsp;&nbsp; **286129681** |
| **Specialty Retail 8.4%** | **Specialty Retail 8.4%** | **Specialty Retail 8.4%** |
| 299185 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 8203653 |
| 1297807 | &nbsp;&nbsp; Fanatics Holdings, Inc. <br> Class A<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 95843047 |
| 142034 | Home Depot, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 54075184 |
| 92036 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 8640340 |
| 249545 | TJX Cos., Inc. | &nbsp;&nbsp; 40341445 |
|  |  | &nbsp;&nbsp; **207103669** |
| **Technology Hardware, Storage & Peripherals 5.9%** | **Technology Hardware, Storage & Peripherals 5.9%** | **Technology Hardware, Storage & Peripherals 5.9%** |
| 547238 | Apple, Inc. | &nbsp;&nbsp; **144569335** |
| **Textiles, Apparel & Luxury Goods 0.2%** | **Textiles, Apparel & Luxury Goods 0.2%** | **Textiles, Apparel & Luxury Goods 0.2%** |
| 98790 | NIKE, Inc. Class B | &nbsp;&nbsp; **6142762** |
| **Total Common Stocks** <br> **(Cost $1,310,099,850)** | **Total Common Stocks** <br> **(Cost $1,310,099,850)** | &nbsp;&nbsp; **2409211708** |
| **Preferred Stocks 1.2%** | **Preferred Stocks 1.2%** | **Preferred Stocks 1.2%** |
| **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> |
| 8256 | A24 Films LLC<sup>#(a)(b)(d)</sup> | &nbsp;&nbsp; **1209242** |
| **IT Services 0.3%** | **IT Services 0.3%** | **IT Services 0.3%** |
| 287787 | Druva, Inc., Series 4<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 2146891 |
| 461441 | Druva, Inc., Series 5<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 4448291 |
|  |  | &nbsp;&nbsp; **6595182** |
| **Software 0.4%** | **Software 0.4%** | **Software 0.4%** |
| 10 | &nbsp;&nbsp; Databricks, Inc., <br> Series B<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1900 |
| 801 | &nbsp;&nbsp; Databricks, Inc., <br> Series C<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 152190 |
| 16466 | &nbsp;&nbsp; Databricks, Inc., <br> Series D<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 3128540 |
| 6358 | &nbsp;&nbsp; Databricks, Inc., <br> Series E<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1208020 |
| 3258 | &nbsp;&nbsp; Databricks, Inc., <br> Series F<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 619020 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 39 | &nbsp;&nbsp; Databricks, Inc., <br> Series G<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; $7410 |
| 95 | &nbsp;&nbsp; Databricks, Inc., <br> Series H<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 18050 |
| 12228 | &nbsp;&nbsp; Databricks, Inc., <br> Series K<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 2323320 |
| 90310 | &nbsp;&nbsp; Signifyd, Inc., <br> Series Seed<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 414523 |
| 39343 | Signifyd, Inc., Series A<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 181765 |
| 33179 | &nbsp;&nbsp; Superhuman Platform, Inc., <br> Series 3<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 849382 |
| 82373 | &nbsp;&nbsp; Videoamp, Inc., Series F <br> 1<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1300011 |
|  |  | &nbsp;&nbsp; **10204131** |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |
| 7000 | Fabletics LLC, Series G<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 11362330 |
| 5623 | &nbsp;&nbsp; Savage X Fenty, Series C <br> 1<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 13525 |
| 72983 | &nbsp;&nbsp; Savage X Fenty, <br> Series D<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 862783 |
|  |  | &nbsp;&nbsp; **12238638** |
| **Total Preferred Stocks** <br> **(Cost $25,438,452)** | **Total Preferred Stocks** <br> **(Cost $25,438,452)** | &nbsp;&nbsp; **30247193** |
| **Short-Term Investments 0.8%** | **Short-Term Investments 0.8%** | **Short-Term Investments 0.8%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| 20621791 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(e)</sup> <br>**(Cost $20,621,791)**<br>| &nbsp;&nbsp; **20621791** |
| **Total Investments 100.0%** <br> **(Cost $1,356,160,093)** | **Total Investments 100.0%** <br> **(Cost $1,356,160,093)** | &nbsp;&nbsp; **2460080692** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (759118)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$2459321574** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security. <br> (a) Value determined using significant unobservable inputs.

See Notes to Consolidated Financial Statements

------

![](img006065f64.gif)

Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security fair valued as of February 28, 2026 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at February 28, 2026 amounted to $136,259,886,
 which represents 5.5% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is pledged as collateral for options written.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security represented in Units.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents 7-day effective yield as of February 28, 2026.

# This security is subject to restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $136,259,886, which represents 5.5% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**2/28/2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**2/28/2026**<br>|
| A24 Films LLC | 2/25/2022 | $940028 | $1209242 | 0.1% |
| Arctic Wolf Networks, Inc. | 12/31/2021 | 999999 | 1050908 | 0.0% |
| Canva, Inc. | 3/19/2024 | 5000507 | 7717104 | 0.3% |
| Databricks, Inc. (Series B Preferred Shares) | 3/12/2025 | 925 | 1900 | 0.0% |
| Databricks, Inc. (Series C Preferred Shares) | 3/12/2025 | 74092 | 152190 | 0.0% |
| Databricks, Inc. (Series D Preferred Shares) | 3/12/2025 | 1523105 | 3128540 | 0.1% |
| Databricks, Inc. (Series E Preferred Shares) | 3/12/2025 | 588115 | 1208020 | 0.0% |
| Databricks, Inc. (Series F Preferred Shares) | 3/12/2025 | 301365 | 619020 | 0.0% |
| Databricks, Inc. (Series G Preferred Shares) | 3/12/2025 | 3608 | 7410 | 0.0% |
| Databricks, Inc. (Series H Preferred Shares) | 3/12/2025 | 8787 | 18050 | 0.0% |
| Databricks, Inc. (Series K Preferred Shares) | 9/8/2025 | 1834200 | 2323320 | 0.1% |
| Druva, Inc. (Series 4 Preferred Shares) | 6/14/2019 | 1500003 | 2146891 | 0.1% |
| Druva, Inc. (Series 5 Preferred Shares) | 4/1/2021 | 4325000 | 4448291 | 0.2% |
| Fabletics LLC (Series G Preferred Shares) | 1/10/2022 | 7000000 | 11362330 | 0.5% |
| Fanatics Holdings, Inc. Class A | 8/13/2020-4/29/2021 | 23018872 | 95843047 | 3.9% |
| Savage X Fenty (Series C1 Preferred Shares) | 3/5/2025 | 1000028 | 13525 | 0.0% |
| Savage X Fenty (Series D Preferred Shares) | 2/24/2025-3/5/2025 | 169715 | 862783 | 0.0% |
| Signifyd, Inc. (Series A Preferred Shares) | 5/27/2021 | 1213732 | 181765 | 0.0% |
| Signifyd, Inc. (Series Seed Preferred Shares) | 5/27/2021 | 2786053 | 414523 | 0.0% |
| Superhuman Platform, Inc. (Series 3 Preferred <br> Shares)<br>| 12/23/2021-1/24/2022 | 869685 | 849382 | 0.0% |
| Superhuman Platform, Inc. Class A | 12/23/2021-1/24/2022 | 2804542 | 1401634 | 0.1% |
| Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 1300011 | 1300011 | 0.1% |
| **Total** |  | **$57262372** | **$136259886** | **5.5%** |

---

See Notes to Consolidated Financial Statements

------

![](img006065f64.gif)

Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont'd)

Derivative Instruments

**Purchased option contracts ("options purchased")**

At February 28, 2026, the Fund did not have any outstanding options purchased.

**Written option contracts ("options written")**

At February 28, 2026, the Fund did not have any outstanding options written.

For the six months ended February 28, 2026, the average market value for the months where the Fund had options purchased and options written outstanding was $98,000 and $(190,500), respectively. At February 28, 2026, the Fund had securities pledged in the amount of $2,474,680 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Software | $275960035 | $— | $10169646 | $286129681 |
| Specialty Retail | 111260622 |  | 95843047 | 207103669 |
| Other Common Stocks<sup>#</sup> <br>| 1915978358 |  |  | 1915978358 |
| Total Common Stocks | 2303199015 |  | 106012693 | 2409211708 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 30247193 | 30247193 |
| Short-Term Investments |  | 20621791 |  | 20621791 |
| **Total Investments** | **$2303199015** | **$20621791** | **$136259886** | **$2460080692** |

---

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

# The Consolidated Schedule of Investments provides information on the industry or sector categorization.

See Notes to Consolidated Financial Statements

------

![](img006065f64.gif)

Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments
 in which significant unobservable inputs (Level 3) were used in determining value:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Common Stocks<sup>(1)</sup> <br>| $96174 | $— | $— | $9839 | $— | $— | $— | $— | $106013 | $9839 |
| Preferred Stocks<sup>(1)</sup> <br>| 23761 |  |  | 3442 | 1835 |  |  |  | 29038 | 3442 |
| Preferred Units<sup>(1)</sup> <br>| 1209 |  |  |  |  |  |  |  | 1209 |  |
| Total | $121144 | $— | $— | $13281 | $1835 | $— | $— | $— | $136260 | $13281 |
| (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>2/28/2026<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Common Stocks | $106012693 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 2.5x -9.7x | 2.6x | Increase |
|  |  |  | Enterprise value/ <br>EBITDA multiple (EV/EBITDA) <br>| 18.1x | 18.1x | Increase |
|  |  |  | Discount Rate | 3.5% | 3.5% | Decrease |
|  |  |  | Term (Years) | 1.1 - 1.3 | 1.2 | Decrease |
|  |  |  | Expected Volatility | 50.0% - 80.0% | 62.9% | Decrease |
|  |  |  | Transaction Price | $13.10 - $1,646.14 | $1395.13 | Increase |
| Preferred Stocks | 29037951 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 1.1x - 6.3x | 3.3x | Increase |
|  |  |  | Discount Rate | 0.3% - 15.0% | 9.5% | Decrease |
|  |  |  | Term (Years) | 0.8 - 2.5 | 1.3 | Decrease |
|  |  |  | Expected Volatility | 30.0% -70.0% | 58.6% | Decrease |
|  |  |  | Transaction Price | $4.55 - $190.00 | $155.94 | Increase |
|  |  |  | Liquidation Preference | 1.3x | 1.3x | Increase |
| Preferred Units | 1209242 | Market Approach | Enterprise value/ <br>Revenue multiple (EV/Revenue)<br>| 2.8x | 2.8x | Increase |
|  |  |  | Discount Rate | 3.5% | 3.5% | Decrease |
|  |  |  | Term (Years) | 1.0 | 1.0 | Decrease |
|  |  |  | Expected Volatility | 30.0% | 30.0% | Decrease |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents amounts used when the reporting entity has determined that market participants <br> would use such multiples when pricing the investments. |

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Consolidated Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Large Cap Value Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 95.2%** | **Common Stocks 95.2%** | **Common Stocks 95.2%** |
| **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** |
| 1258203 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $286278929 |
| 119838 | Northrop Grumman Corp. | &nbsp;&nbsp; 86808250 |
|  |  | &nbsp;&nbsp; **373087179** |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |
| 66748 | FedEx Corp. | &nbsp;&nbsp; **25831476** |
| **Banks 9.9%** | **Banks 9.9%** | **Banks 9.9%** |
| 1653081 | Bank of America Corp. | &nbsp;&nbsp; 82373026 |
| 756014 | &nbsp;&nbsp; Citizens Financial Group, <br> Inc.<br>| &nbsp;&nbsp; 45504483 |
| 1690560 | Fifth Third Bancorp | &nbsp;&nbsp; 83632003 |
| 864055 | JPMorgan Chase & Co. | &nbsp;&nbsp; 259475717 |
| 356338 | M&T Bank Corp. | &nbsp;&nbsp; 77318219 |
| 698528 | &nbsp;&nbsp; PNC Financial Services <br> Group, Inc.<br>| &nbsp;&nbsp; 148332421 |
| 2003954 | Truist Financial Corp. | &nbsp;&nbsp; 98814972 |
| 1763776 | Wells Fargo & Co. | &nbsp;&nbsp; 143659555 |
|  |  | &nbsp;&nbsp; **939110396** |
| **Biotechnology 2.3%** | **Biotechnology 2.3%** | **Biotechnology 2.3%** |
| 281434 | Amgen, Inc. | &nbsp;&nbsp; 109241421 |
| 719983 | Gilead Sciences, Inc. | &nbsp;&nbsp; 107241468 |
|  |  | &nbsp;&nbsp; **216482889** |
| **Capital Markets 6.4%** | **Capital Markets 6.4%** | **Capital Markets 6.4%** |
| 1905734 | Charles Schwab Corp. | &nbsp;&nbsp; 181425877 |
| 622426 | CME Group, Inc. | &nbsp;&nbsp; 198865107 |
| 534359 | Morgan Stanley | &nbsp;&nbsp; 88976117 |
| 305993 | S&P Global, Inc. | &nbsp;&nbsp; 135212187 |
|  |  | &nbsp;&nbsp; **604479288** |
| **Chemicals 3.2%** | **Chemicals 3.2%** | **Chemicals 3.2%** |
| 4626256 | Dow, Inc. | &nbsp;&nbsp; 142164847 |
| 312457 | Linde PLC | &nbsp;&nbsp; 158753153 |
|  |  | &nbsp;&nbsp; **300918000** |
| **Communications Equipment 1.4%** | **Communications Equipment 1.4%** | **Communications Equipment 1.4%** |
| 1710429 | Cisco Systems, Inc. | &nbsp;&nbsp; **135910688** |
| **Consumer Finance 1.2%** | **Consumer Finance 1.2%** | **Consumer Finance 1.2%** |
| 555413 | Capital One Financial Corp. | &nbsp;&nbsp; **108660999** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| 1261685 | Walmart, Inc. | &nbsp;&nbsp; **161432596** |
| **Diversified Telecommunication Services 0.8%** | **Diversified Telecommunication Services 0.8%** | **Diversified Telecommunication Services 0.8%** |
| 2492450 | Comcast Corp. Class A | &nbsp;&nbsp; **77166252** |
| **Electric Utilities 2.2%** | **Electric Utilities 2.2%** | **Electric Utilities 2.2%** |
| 1949170 | FirstEnergy Corp. | &nbsp;&nbsp; 99719537 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electric Utilities – cont'd** | **Electric Utilities – cont'd** | **Electric Utilities – cont'd** |
| 1180313 | NextEra Energy, Inc. | &nbsp;&nbsp; $110677950 |
|  |  | &nbsp;&nbsp; **210397487** |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |
| 119484 | AMETEK, Inc. | &nbsp;&nbsp; 28582962 |
| 178722 | Rockwell Automation, Inc. | &nbsp;&nbsp; 72820279 |
|  |  | &nbsp;&nbsp; **101403241** |
| **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** |
| 2357898 | Halliburton Co. | &nbsp;&nbsp; 84884328 |
| 677509 | SLB Ltd. | &nbsp;&nbsp; 34783312 |
|  |  | &nbsp;&nbsp; **119667640** |
| **Entertainment 2.1%** | **Entertainment 2.1%** | **Entertainment 2.1%** |
| 916273 | Walt Disney Co. | &nbsp;&nbsp; 97161589 |
| 3694379 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; 104070656 |
|  |  | &nbsp;&nbsp; **201232245** |
| **Food Products 0.4%** | **Food Products 0.4%** | **Food Products 0.4%** |
| 551635 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; **33969683** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |
| 1873005 | CSX Corp. | &nbsp;&nbsp; 79958583 |
| 176962 | Union Pacific Corp. | &nbsp;&nbsp; 46891391 |
|  |  | &nbsp;&nbsp; **126849974** |
| **Health Care Equipment & Supplies 4.2%** | **Health Care Equipment & Supplies 4.2%** | **Health Care Equipment & Supplies 4.2%** |
| 1174281 | Abbott Laboratories | &nbsp;&nbsp; 136627595 |
| 877877 | Edwards Lifesciences Corp.<sup>\*</sup> | &nbsp;&nbsp; 75910024 |
| 1884767 | Medtronic PLC | &nbsp;&nbsp; 184066345 |
|  |  | &nbsp;&nbsp; **396603964** |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |
| 204544 | Humana, Inc. | &nbsp;&nbsp; 38973814 |
| 283697 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 83199819 |
|  |  | &nbsp;&nbsp; **122173633** |
| **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** |
| 1896397 | Carnival Corp. | &nbsp;&nbsp; 59831325 |
| 874015 | Las Vegas Sands Corp. | &nbsp;&nbsp; 49574131 |
| 112569 | McDonald's Corp. | &nbsp;&nbsp; 38392783 |
| 1131544 | Wynn Resorts Ltd. | &nbsp;&nbsp; 122421746 |
| 247819 | Yum! Brands, Inc. | &nbsp;&nbsp; 41673243 |
|  |  | &nbsp;&nbsp; **311893228** |
| **Household Products 1.2%** | **Household Products 1.2%** | **Household Products 1.2%** |
| 764464 | Colgate-Palmolive Co. | &nbsp;&nbsp; 75788961 |
| 232678 | Procter & Gamble Co. | &nbsp;&nbsp; 38903762 |
|  |  | &nbsp;&nbsp; **114692723** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** |
| 539295 | 3M Co. | &nbsp;&nbsp; **$89156249** |
| **Industrial REITs 0.0%**<sup>‡</sup> | **Industrial REITs 0.0%**<sup>‡</sup> | **Industrial REITs 0.0%**<sup>‡</sup> |
| 6782 | Prologis, Inc. | &nbsp;&nbsp; **966910** |
| **Interactive Media & Services 1.8%** | **Interactive Media & Services 1.8%** | **Interactive Media & Services 1.8%** |
| 545569 | Alphabet, Inc. Class C | &nbsp;&nbsp; **169906554** |
| **IT Services 0.4%** | **IT Services 0.4%** | **IT Services 0.4%** |
| 163705 | &nbsp;&nbsp; International Business <br> Machines Corp.<br>| &nbsp;&nbsp; **39323578** |
| **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** |
| 472080 | Danaher Corp. | &nbsp;&nbsp; **99438931** |
| **Machinery 4.2%** | **Machinery 4.2%** | **Machinery 4.2%** |
| 133555 | Caterpillar, Inc. | &nbsp;&nbsp; 99208661 |
| 251704 | Cummins, Inc. | &nbsp;&nbsp; 146962414 |
| 344976 | Illinois Tool Works, Inc. | &nbsp;&nbsp; 100260375 |
| 577965 | Ingersoll Rand, Inc. | &nbsp;&nbsp; 54409625 |
|  |  | &nbsp;&nbsp; **400841075** |
| **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> | **Materials 0.0%**<sup>‡</sup> |
| 12296 | Sherwin-Williams Co. | &nbsp;&nbsp; **4458407** |
| **Metals & Mining 11.9%** | **Metals & Mining 11.9%** | **Metals & Mining 11.9%** |
| 430149 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 108225489 |
| 1686939 | BHP Group Ltd. ADR<sup>(a)</sup> | &nbsp;&nbsp; 137603614 |
| 2820803 | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 192040268 |
| 1368923 | Rio Tinto PLC ADR | &nbsp;&nbsp; 135988811 |
| 1768193 | Southern Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 385996594 |
| 333779 | Steel Dynamics, Inc. | &nbsp;&nbsp; 64462738 |
| 601271 | &nbsp;&nbsp; Wheaton Precious Metals <br> Corp.<br>| &nbsp;&nbsp; 98397999 |
|  |  | &nbsp;&nbsp; **1122715513** |
| **Oil, Gas & Consumable Fuels 11.4%** | **Oil, Gas & Consumable Fuels 11.4%** | **Oil, Gas & Consumable Fuels 11.4%** |
| 1346170 | Chevron Corp. | &nbsp;&nbsp; 251410709 |
| 1069314 | ConocoPhillips | &nbsp;&nbsp; 121324366 |
| 3129573 | Exxon Mobil Corp. | &nbsp;&nbsp; 477259883 |
| 909090 | Phillips 66 | &nbsp;&nbsp; 140299860 |
| 1197399 | Williams Cos., Inc. | &nbsp;&nbsp; 89469653 |
|  |  | &nbsp;&nbsp; **1079764471** |
| **Pharmaceuticals 6.5%** | **Pharmaceuticals 6.5%** | **Pharmaceuticals 6.5%** |
| 1242946 | Johnson & Johnson | &nbsp;&nbsp; 308785075 |
| 1215862 | Merck & Co., Inc. | &nbsp;&nbsp; 150548033 |
| 5730960 | Pfizer, Inc. | &nbsp;&nbsp; 158461044 |
|  |  | &nbsp;&nbsp; **617794152** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Professional Services 0.6%** | **Professional Services 0.6%** | **Professional Services 0.6%** |
| 589740 | Paychex, Inc. | &nbsp;&nbsp; **$55229151** |
| **Semiconductors & Semiconductor Equipment 3.4%** | **Semiconductors & Semiconductor Equipment 3.4%** | **Semiconductors & Semiconductor Equipment 3.4%** |
| 168428 | &nbsp;&nbsp; Advanced Micro Devices, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 33720970 |
| 3943625 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 179868736 |
| 263837 | Micron Technology, Inc. | &nbsp;&nbsp; 108798464 |
|  |  | &nbsp;&nbsp; **322388170** |
| **Software 0.5%** | **Software 0.5%** | **Software 0.5%** |
| 236800 | Salesforce, Inc. | &nbsp;&nbsp; **46126272** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |
| 2115013 | NIKE, Inc. Class B | &nbsp;&nbsp; **131511508** |
| **Tobacco 1.1%** | **Tobacco 1.1%** | **Tobacco 1.1%** |
| 561433 | &nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| &nbsp;&nbsp; **104892527** |
| **Trading Companies & Distributors 0.5%** | **Trading Companies & Distributors 0.5%** | **Trading Companies & Distributors 0.5%** |
| 37779 | W.W. Grainger, Inc. | &nbsp;&nbsp; **43246755** |
| **Total Common Stocks** <br> **(Cost $6,533,404,521)** | **Total Common Stocks** <br> **(Cost $6,533,404,521)** | &nbsp;&nbsp; **9009723804** |
| **Short-Term Investments 6.7%** | **Short-Term Investments 6.7%** | **Short-Term Investments 6.7%** |
| **Investment Companies 6.7%** | **Investment Companies 6.7%** | **Investment Companies 6.7%** |
| 474375784 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(b)</sup><br>| &nbsp;&nbsp; 474375784 |
| 155666670 | &nbsp;&nbsp; State Street Navigator <br> Securities Lending <br> Government Money Market <br> Portfolio, 3.69%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 155666670 |
| **Total Short-Term Investments** <br> **(Cost $630,042,454)** | **Total Short-Term Investments** <br> **(Cost $630,042,454)** | &nbsp;&nbsp; **630042454** |
| **Total Investments 101.9%** <br> **(Cost $7,163,446,975)** | **Total Investments 101.9%** <br> **(Cost $7,163,446,975)** | &nbsp;&nbsp; **9639766258** |
| Liabilities Less Other Assets (1.9)% | Liabilities Less Other Assets (1.9)% | &nbsp;&nbsp; (178042981)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$9461723277** |

---

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

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $157,060,086, collateralized by cash collateral of $155,666,670 and non-cash (U.S. Treasury Securities) collateral of $3,575,848 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of February 28, 2026.

(c) Represents investment of cash collateral received from securities lending.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $9009723804 | $— | $— | $9009723804 |
| Short-Term Investments |  | 630042454 |  | 630042454 |
| **Total Investments** | **$9009723804** | **$630042454** | **$—** | **$9639766258** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** | **Common Stocks 98.7%** |
| **Aerospace & Defense 10.1%** | **Aerospace & Defense 10.1%** | **Aerospace & Defense 10.1%** |
| 69895 | Axon Enterprise, Inc.<sup>\*</sup> | &nbsp;&nbsp; $37911048 |
| 15384 | Curtiss-Wright Corp. | &nbsp;&nbsp; 10773877 |
| 99358 | FTAI Aviation Ltd. | &nbsp;&nbsp; 30383676 |
| 81933 | HEICO Corp. | &nbsp;&nbsp; 26174316 |
| 281184 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 73819235 |
| 312056 | Rocket Lab Corp.<sup>\*</sup> | &nbsp;&nbsp; 21563070 |
|  |  | &nbsp;&nbsp; **200625222** |
| **Banks 1.2%** | **Banks 1.2%** | **Banks 1.2%** |
| 1640064 | NU Holdings Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; **24568159** |
| **Biotechnology 4.0%** | **Biotechnology 4.0%** | **Biotechnology 4.0%** |
| 70433 | &nbsp;&nbsp; Alnylam Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 23448554 |
| 170841 | Insmed, Inc.<sup>\*</sup> | &nbsp;&nbsp; 25511687 |
| 61410 | Ionis Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4983422 |
| 119986 | Natera, Inc.<sup>\*</sup> | &nbsp;&nbsp; 24961887 |
|  |  | &nbsp;&nbsp; **78905550** |
| **Broadline Retail 0.7%** | **Broadline Retail 0.7%** | **Broadline Retail 0.7%** |
| 126572 | &nbsp;&nbsp; Ollie's Bargain Outlet <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **13555861** |
| **Capital Markets 4.5%** | **Capital Markets 4.5%** | **Capital Markets 4.5%** |
| 82999 | Evercore, Inc. Class A | &nbsp;&nbsp; 25633411 |
| 92307 | LPL Financial Holdings, Inc. | &nbsp;&nbsp; 27727177 |
| 252177 | &nbsp;&nbsp; Robinhood Markets, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 19127625 |
| 140892 | &nbsp;&nbsp; Tradeweb Markets, Inc. <br> Class A<br>| &nbsp;&nbsp; 17365644 |
|  |  | &nbsp;&nbsp; **89853857** |
| **Communications Equipment 0.4%** | **Communications Equipment 0.4%** | **Communications Equipment 0.4%** |
| 10897 | Lumentum Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; **7637816** |
| **Construction & Engineering 5.9%** | **Construction & Engineering 5.9%** | **Construction & Engineering 5.9%** |
| 355343 | API Group Corp.<sup>\*</sup> | &nbsp;&nbsp; 15798550 |
| 31849 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 45524005 |
| 101601 | Quanta Services, Inc. | &nbsp;&nbsp; 57209491 |
|  |  | &nbsp;&nbsp; **118532046** |
| **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** |
| 36778 | Casey's General Stores, Inc. | &nbsp;&nbsp; 25214629 |
| 236200 | U.S. Foods Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 22819282 |
|  |  | &nbsp;&nbsp; **48033911** |
| **Diversified Telecommunication Services 1.3%** | **Diversified Telecommunication Services 1.3%** | **Diversified Telecommunication Services 1.3%** |
| 328249 | AST SpaceMobile, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; **25994038** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electrical Equipment 4.7%** | **Electrical Equipment 4.7%** | **Electrical Equipment 4.7%** |
| 46963 | AMETEK, Inc. | &nbsp;&nbsp; $11234489 |
| 89543 | Nextpower, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 9410969 |
| 287678 | Vertiv Holdings Co. Class A | &nbsp;&nbsp; 73326246 |
|  |  | &nbsp;&nbsp; **93971704** |
| **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** |
| 111934 | CDW Corp. | &nbsp;&nbsp; 13727586 |
| 161154 | Celestica, Inc.<sup>\*</sup> | &nbsp;&nbsp; 44741185 |
| 39590 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 10251039 |
| 33362 | Corning, Inc. | &nbsp;&nbsp; 5016977 |
|  |  | &nbsp;&nbsp; **73736787** |
| **Energy Equipment & Services 0.5%** | **Energy Equipment & Services 0.5%** | **Energy Equipment & Services 0.5%** |
| 161356 | Baker Hughes Co. | &nbsp;&nbsp; **10530093** |
| **Financial Services 2.0%** | **Financial Services 2.0%** | **Financial Services 2.0%** |
| 523441 | Affirm Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 24591259 |
| 808972 | Rocket Cos., Inc. Class A | &nbsp;&nbsp; 14715200 |
|  |  | &nbsp;&nbsp; **39306459** |
| **Ground Transportation 0.6%** | **Ground Transportation 0.6%** | **Ground Transportation 0.6%** |
| 58834 | XPO, Inc.<sup>\*</sup> | &nbsp;&nbsp; **12382792** |
| **Health Care Equipment & Supplies 3.5%** | **Health Care Equipment & Supplies 3.5%** | **Health Care Equipment & Supplies 3.5%** |
| 264340 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; 19410486 |
| 77272 | IDEXX Laboratories, Inc.<sup>\*</sup> | &nbsp;&nbsp; 50746841 |
|  |  | &nbsp;&nbsp; **70157327** |
| **Health Care Providers & Services 7.3%** | **Health Care Providers & Services 7.3%** | **Health Care Providers & Services 7.3%** |
| 211948 | Cardinal Health, Inc. | &nbsp;&nbsp; 48584840 |
| 222684 | Cencora, Inc. | &nbsp;&nbsp; 82869624 |
| 196570 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13722552 |
|  |  | &nbsp;&nbsp; **145177016** |
| **Health Care Technology 0.8%** | **Health Care Technology 0.8%** | **Health Care Technology 0.8%** |
| 82891 | Veeva Systems, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **15086991** |
| **Hotels, Restaurants & Leisure 11.8%** | **Hotels, Restaurants & Leisure 11.8%** | **Hotels, Restaurants & Leisure 11.8%** |
| 122198 | Darden Restaurants, Inc. | &nbsp;&nbsp; 26132042 |
| 80179 | Expedia Group, Inc. | &nbsp;&nbsp; 17293809 |
| 240522 | &nbsp;&nbsp; Hilton Worldwide Holdings, <br> Inc.<br>| &nbsp;&nbsp; 74989949 |
| 206983 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 64363434 |
| 116641 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 21330140 |
| 400665 | Viking Holdings Ltd.<sup>\*</sup> | &nbsp;&nbsp; 31259883 |
|  |  | &nbsp;&nbsp; **235369257** |
| **Household Durables 0.8%** | **Household Durables 0.8%** | **Household Durables 0.8%** |
| 35323 | TopBuild Corp.<sup>\*</sup> | &nbsp;&nbsp; **15835301** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Independent Power and Renewable Electricity** <br> **Producers 1.2%** | **Independent Power and Renewable Electricity** <br> **Producers 1.2%** | **Independent Power and Renewable Electricity** <br> **Producers 1.2%** |
| 135197 | Vistra Corp. | &nbsp;&nbsp; **$23509406** |
| **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** |
| 148186 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **21607001** |
| **IT Services 5.3%** | **IT Services 5.3%** | **IT Services 5.3%** |
| 298986 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 51482399 |
| 81314 | MongoDB, Inc.<sup>\*</sup> | &nbsp;&nbsp; 26709210 |
| 163777 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; 27581684 |
|  |  | &nbsp;&nbsp; **105773293** |
| **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** |
| 67408 | Waters Corp.<sup>\*</sup> | &nbsp;&nbsp; **21528767** |
| **Metals & Mining 0.6%** | **Metals & Mining 0.6%** | **Metals & Mining 0.6%** |
| 99219 | Anglogold Ashanti PLC | &nbsp;&nbsp; **12677212** |
| **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** |
| 94089 | Cameco Corp. | &nbsp;&nbsp; 11140138 |
| 142493 | Targa Resources Corp. | &nbsp;&nbsp; 33599849 |
| 19677 | Texas Pacific Land Corp. | &nbsp;&nbsp; 10316454 |
|  |  | &nbsp;&nbsp; **55056441** |
| **Professional Services 0.6%** | **Professional Services 0.6%** | **Professional Services 0.6%** |
| 142725 | UL Solutions, Inc. Class A | &nbsp;&nbsp; **11984618** |
| **Semiconductors & Semiconductor Equipment 2.8%** | **Semiconductors & Semiconductor Equipment 2.8%** | **Semiconductors & Semiconductor Equipment 2.8%** |
| 40163 | &nbsp;&nbsp; Monolithic Power Systems, <br> Inc.<br>| &nbsp;&nbsp; 45895867 |
| 31641 | Teradyne, Inc. | &nbsp;&nbsp; 10126069 |
|  |  | &nbsp;&nbsp; **56021936** |
| **Software 4.4%** | **Software 4.4%** | **Software 4.4%** |
| 343949 | Datadog, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 38508530 |
| 287990 | Hut 8 Corp.<sup>\*</sup> | &nbsp;&nbsp; 15329708 |
| 480434 | IREN Ltd.<sup>\*(a)</sup> | &nbsp;&nbsp; 19673772 |
| 98242 | Zscaler, Inc.<sup>\*</sup> | &nbsp;&nbsp; 14440592 |
|  |  | &nbsp;&nbsp; **87952602** |
| **Specialty Retail 5.8%** | **Specialty Retail 5.8%** | **Specialty Retail 5.8%** |
| 92516 | Carvana Co.<sup>\*</sup> | &nbsp;&nbsp; 30915147 |
| 100410 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 9426491 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 173785 | Ross Stores, Inc. | &nbsp;&nbsp; $35737147 |
| 45626 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 31244228 |
| 108011 | Wayfair, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 8244480 |
|  |  | &nbsp;&nbsp; **115567493** |
| **Technology Hardware, Storage & Peripherals 1.3%** | **Technology Hardware, Storage & Peripherals 1.3%** | **Technology Hardware, Storage & Peripherals 1.3%** |
| 399592 | Pure Storage, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **25661798** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |
| 179469 | Tapestry, Inc. | &nbsp;&nbsp; **27902045** |
| **Trading Companies & Distributors 4.1%** | **Trading Companies & Distributors 4.1%** | **Trading Companies & Distributors 4.1%** |
| 1021382 | Fastenal Co. | &nbsp;&nbsp; 47024427 |
| 680258 | QXO, Inc.<sup>\*</sup> | &nbsp;&nbsp; 16292179 |
| 22687 | United Rentals, Inc. | &nbsp;&nbsp; 19057080 |
|  |  | &nbsp;&nbsp; **82373686** |
| **Total Common Stocks** <br> **(Cost $1,842,351,857)** | **Total Common Stocks** <br> **(Cost $1,842,351,857)** | &nbsp;&nbsp; **1966876485** |
| **Short-Term Investments 1.8%** | **Short-Term Investments 1.8%** | **Short-Term Investments 1.8%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| 23553435 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(b)</sup><br>| &nbsp;&nbsp; 23553435 |
| 12064329 | &nbsp;&nbsp; State Street Navigator <br> Securities Lending <br> Government Money Market <br> Portfolio, 3.69%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 12064329 |
| **Total Short-Term Investments** <br> **(Cost $35,617,764)** | **Total Short-Term Investments** <br> **(Cost $35,617,764)** | &nbsp;&nbsp; **35617764** |
| **Total Investments 100.5%** <br> **(Cost $1,877,969,621)** | **Total Investments 100.5%** <br> **(Cost $1,877,969,621)** | &nbsp;&nbsp; **2002494249** |
| Liabilities Less Other Assets (0.5)% | Liabilities Less Other Assets (0.5)% | &nbsp;&nbsp; (10875875)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1991618374** |

---

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $39,066,264, collateralized by cash collateral of $12,064,329 and non-cash (U.S. Treasury Securities) collateral of $28,739,312 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of cash collateral received from securities lending.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $1966876485 | $— | $— | $1966876485 |
| Short-Term Investments |  | 35617764 |  | 35617764 |
| **Total Investments** | **$1966876485** | **$35617764** | **$—** | **$2002494249** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 100.0%** | **Common Stocks 100.0%** | **Common Stocks 100.0%** |
| **Aerospace & Defense 3.2%** | **Aerospace & Defense 3.2%** | **Aerospace & Defense 3.2%** |
| 855 | General Dynamics Corp. | &nbsp;&nbsp; $305278 |
| 3758 | L3Harris Technologies, Inc. | &nbsp;&nbsp; 1369941 |
|  |  | &nbsp;&nbsp; **1675219** |
| **Air Freight & Logistics 2.4%** | **Air Freight & Logistics 2.4%** | **Air Freight & Logistics 2.4%** |
| 1614 | FedEx Corp. | &nbsp;&nbsp; 624618 |
| 9442 | GXO Logistics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 593241 |
|  |  | &nbsp;&nbsp; **1217859** |
| **Automobile Components 2.1%** | **Automobile Components 2.1%** | **Automobile Components 2.1%** |
| 14813 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; **1089348** |
| **Automobiles 1.6%** | **Automobiles 1.6%** | **Automobiles 1.6%** |
| 10609 | General Motors Co. | &nbsp;&nbsp; **835034** |
| **Banks 4.6%** | **Banks 4.6%** | **Banks 4.6%** |
| 31196 | First Horizon Corp. | &nbsp;&nbsp; 742153 |
| 46907 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 788038 |
| 17756 | Truist Financial Corp. | &nbsp;&nbsp; 875548 |
|  |  | &nbsp;&nbsp; **2405739** |
| **Building Products 4.6%** | **Building Products 4.6%** | **Building Products 4.6%** |
| 15266 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 829555 |
| 20599 | Resideo Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 797181 |
| 17846 | Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; 739181 |
|  |  | &nbsp;&nbsp; **2365917** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| 9476 | Ashland, Inc. | &nbsp;&nbsp; **590923** |
| **Communications Equipment 2.9%** | **Communications Equipment 2.9%** | **Communications Equipment 2.9%** |
| 3087 | Ciena Corp.<sup>\*</sup> | &nbsp;&nbsp; 1076437 |
| 921 | Motorola Solutions, Inc. | &nbsp;&nbsp; 444161 |
|  |  | &nbsp;&nbsp; **1520598** |
| **Construction & Engineering 2.0%** | **Construction & Engineering 2.0%** | **Construction & Engineering 2.0%** |
| 9623 | Arcosa, Inc. | &nbsp;&nbsp; **1034280** |
| **Consumer Finance 2.2%** | **Consumer Finance 2.2%** | **Consumer Finance 2.2%** |
| 16222 | Ally Financial, Inc. | &nbsp;&nbsp; 639796 |
| 6965 | Bread Financial Holdings, Inc. | &nbsp;&nbsp; 493540 |
|  |  | &nbsp;&nbsp; **1133336** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| 7250 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; **916980** |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| 1883 | Avery Dennison Corp. | &nbsp;&nbsp; 369727 |
| 3665 | Sealed Air Corp. | &nbsp;&nbsp; 153490 |
|  |  | &nbsp;&nbsp; **523217** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |
| 21622 | FirstEnergy Corp. | &nbsp;&nbsp; **$1106182** |
| **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** |
| 911 | Rockwell Automation, Inc. | &nbsp;&nbsp; **371187** |
| **Electronic Equipment, Instruments & Components 8.3%** | **Electronic Equipment, Instruments & Components 8.3%** | **Electronic Equipment, Instruments & Components 8.3%** |
| 3355 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 868710 |
| 11453 | IPG Photonics Corp.<sup>\*</sup> | &nbsp;&nbsp; 1506871 |
| 6116 | Itron, Inc.<sup>\*</sup> | &nbsp;&nbsp; 574598 |
| 1976 | Teledyne Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1345854 |
|  |  | &nbsp;&nbsp; **4296033** |
| **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** |
| 14680 | Baker Hughes Co. | &nbsp;&nbsp; **958017** |
| **Entertainment 1.6%** | **Entertainment 1.6%** | **Entertainment 1.6%** |
| 84768 | Lionsgate Studios Corp.<sup>\*</sup> | &nbsp;&nbsp; 762912 |
| 5596 | Starz Entertainment Corp.<sup>\*</sup> | &nbsp;&nbsp; 61556 |
|  |  | &nbsp;&nbsp; **824468** |
| **Food Products 1.5%** | **Food Products 1.5%** | **Food Products 1.5%** |
| 49174 | Magnum Ice Cream Co. NV<sup>\*</sup> | &nbsp;&nbsp; **780391** |
| **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** |
| 9711 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 614901 |
| 6871 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 676381 |
|  |  | &nbsp;&nbsp; **1291282** |
| **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** |
| 1174 | McKesson Corp. | &nbsp;&nbsp; **1159172** |
| **Hotels, Restaurants & Leisure 5.3%** | **Hotels, Restaurants & Leisure 5.3%** | **Hotels, Restaurants & Leisure 5.3%** |
| 52049 | Brightstar Lottery PLC | &nbsp;&nbsp; 705785 |
| 19687 | MGM Resorts International<sup>\*</sup> | &nbsp;&nbsp; 725663 |
| 15603 | Travel & Leisure Co. | &nbsp;&nbsp; 1149941 |
| 4079 | United Parks & Resorts, Inc.<sup>\*</sup> | &nbsp;&nbsp; 141908 |
|  |  | &nbsp;&nbsp; **2723297** |
| **Independent Power and Renewable**<br> **Electricity Producers 1.4%** | **Independent Power and Renewable**<br> **Electricity Producers 1.4%** | **Independent Power and Renewable**<br> **Electricity Producers 1.4%** |
| 2686 | Ormat Technologies, Inc. | &nbsp;&nbsp; 278538 |
| 2442 | Vistra Corp. | &nbsp;&nbsp; 424640 |
|  |  | &nbsp;&nbsp; **703178** |
| **Industrial REITs 1.3%** | **Industrial REITs 1.3%** | **Industrial REITs 1.3%** |
| 17793 | STAG Industrial, Inc. | &nbsp;&nbsp; **697841** |
| **Insurance 2.7%** | **Insurance 2.7%** | **Insurance 2.7%** |
| 5263 | Globe Life, Inc. | &nbsp;&nbsp; 764503 |
| 15833 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 623029 |
|  |  | &nbsp;&nbsp; **1387532** |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **IT Services 1.5%** | **IT Services 1.5%** | **IT Services 1.5%** |
| 17285 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; $213124 |
| 7688 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 541697 |
|  |  | &nbsp;&nbsp; **754821** |
| **Life Sciences Tools & Services 1.8%** | **Life Sciences Tools & Services 1.8%** | **Life Sciences Tools & Services 1.8%** |
| 1148 | &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 204906 |
| 3969 | IQVIA Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 709697 |
|  |  | &nbsp;&nbsp; **914603** |
| **Machinery 2.6%** | **Machinery 2.6%** | **Machinery 2.6%** |
| 44745 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 1233620 |
| 799 | Middleby Corp.<sup>\*</sup> | &nbsp;&nbsp; 134919 |
|  |  | &nbsp;&nbsp; **1368539** |
| **Multi-Utilities 4.0%** | **Multi-Utilities 4.0%** | **Multi-Utilities 4.0%** |
| 30494 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 1326489 |
| 11725 | Dominion Energy, Inc. | &nbsp;&nbsp; 740317 |
|  |  | &nbsp;&nbsp; **2066806** |
| **Oil, Gas & Consumable Fuels 5.4%** | **Oil, Gas & Consumable Fuels 5.4%** | **Oil, Gas & Consumable Fuels 5.4%** |
| 12887 | Devon Energy Corp. | &nbsp;&nbsp; 560971 |
| 7036 | EOG Resources, Inc. | &nbsp;&nbsp; 873027 |
| 18123 | Williams Cos., Inc. | &nbsp;&nbsp; 1354151 |
|  |  | &nbsp;&nbsp; **2788149** |
| **Professional Services 3.4%** | **Professional Services 3.4%** | **Professional Services 3.4%** |
| 184675 | Alight, Inc. Class A | &nbsp;&nbsp; 162459 |
| 11453 | Concentrix Corp. | &nbsp;&nbsp; 375658 |
| 136802 | Conduent, Inc.<sup>\*</sup> | &nbsp;&nbsp; 199731 |
| 23872 | KBR, Inc. | &nbsp;&nbsp; 1008114 |
|  |  | &nbsp;&nbsp; **1745962** |
| **Real Estate Management & Development 2.2%** | **Real Estate Management & Development 2.2%** | **Real Estate Management & Development 2.2%** |
| 28680 | Compass, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 279630 |
| 2758 | Jones Lang LaSalle, Inc.<sup>\*</sup> | &nbsp;&nbsp; 870287 |
|  |  | &nbsp;&nbsp; **1149917** |
| **Retail REITs 1.9%** | **Retail REITs 1.9%** | **Retail REITs 1.9%** |
| 12502 | Regency Centers Corp. | &nbsp;&nbsp; **987658** |
| **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** |
| 12527 | Enphase Energy, Inc.<sup>\*</sup> | &nbsp;&nbsp; 529516 |
| 18919 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 862896 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 3486 | &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; $864946 |
| 11537 | Skyworks Solutions, Inc. | &nbsp;&nbsp; 687375 |
|  |  | &nbsp;&nbsp; **2944733** |
| **Software 4.4%** | **Software 4.4%** | **Software 4.4%** |
| 8261 | Docusign, Inc.<sup>\*</sup> | &nbsp;&nbsp; 372323 |
| 10030 | Gitlab, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 263789 |
| 49326 | UiPath, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 529268 |
| 22762 | Varonis Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 525802 |
| 8038 | Zoom Communications, Inc.<sup>\*</sup> | &nbsp;&nbsp; 594330 |
|  |  | &nbsp;&nbsp; **2285512** |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |
| 4100 | Best Buy Co., Inc. | &nbsp;&nbsp; **254077** |
| **Technology Hardware, Storage & Peripherals 2.7%** | **Technology Hardware, Storage & Peripherals 2.7%** | **Technology Hardware, Storage & Peripherals 2.7%** |
| 46909 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 1007136 |
| 6172 | Pure Storage, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 396366 |
|  |  | &nbsp;&nbsp; **1403502** |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |
| 43589 | Under Armour, Inc. Class C<sup>\*</sup> | &nbsp;&nbsp; **315148** |
| **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** |
| 8044 | AerCap Holdings NV | &nbsp;&nbsp; **1202095** |
| **Total Common Stocks (Cost $37,786,300)** | **Total Common Stocks (Cost $37,786,300)** | &nbsp;&nbsp; **51788552** |
| **Short-Term Investments 0.0%**<sup>‡</sup> | **Short-Term Investments 0.0%**<sup>‡</sup> | **Short-Term Investments 0.0%**<sup>‡</sup> |
| **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> |
| 9656 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.63%<sup>(a)</sup> <br>**(Cost $9,656)**<br>| &nbsp;&nbsp; **9656** |
| **Total Investments 100.0%** <br> **(Cost $37,795,956)** | **Total Investments 100.0%** <br> **(Cost $37,795,956)** | &nbsp;&nbsp; **51798208** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 23706 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$51821914** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $51788552 | $— | $— | $51788552 |
| Short-Term Investments |  | 9656 |  | 9656 |
| **Total Investments** | **$51788552** | **$9656** | **$—** | **$51798208** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.6%** | **Common Stocks 99.6%** | **Common Stocks 99.6%** |
| **Automobiles 3.0%** | **Automobiles 3.0%** | **Automobiles 3.0%** |
| 96000 | General Motors Co. | &nbsp;&nbsp; **$7556160** |
| **Banks 2.6%** | **Banks 2.6%** | **Banks 2.6%** |
| 22000 | JPMorgan Chase & Co. | &nbsp;&nbsp; **6606600** |
| **Broadline Retail 3.6%** | **Broadline Retail 3.6%** | **Broadline Retail 3.6%** |
| 43000 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **9030000** |
| **Building Products 0.6%** | **Building Products 0.6%** | **Building Products 0.6%** |
| 3500 | Trane Technologies PLC | &nbsp;&nbsp; **1618120** |
| **Capital Markets 10.0%** | **Capital Markets 10.0%** | **Capital Markets 10.0%** |
| 216150 | Brookfield Corp. | &nbsp;&nbsp; 9476016 |
| 36000 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 5908680 |
| 31000 | Morgan Stanley | &nbsp;&nbsp; 5161810 |
| 53000 | Nasdaq, Inc. | &nbsp;&nbsp; 4641740 |
|  |  | &nbsp;&nbsp; **25188246** |
| **Chemicals 1.7%** | **Chemicals 1.7%** | **Chemicals 1.7%** |
| 8500 | Linde PLC | &nbsp;&nbsp; **4318680** |
| **Commercial Services & Supplies 1.6%** | **Commercial Services & Supplies 1.6%** | **Commercial Services & Supplies 1.6%** |
| 40000 | Veralto Corp. | &nbsp;&nbsp; **3897200** |
| **Communications Equipment 2.9%** | **Communications Equipment 2.9%** | **Communications Equipment 2.9%** |
| 15000 | Motorola Solutions, Inc. | &nbsp;&nbsp; **7233900** |
| **Construction Materials 1.8%** | **Construction Materials 1.8%** | **Construction Materials 1.8%** |
| 20000 | Eagle Materials, Inc. | &nbsp;&nbsp; **4476000** |
| **Consumer Staples Distribution & Retail 4.4%** | **Consumer Staples Distribution & Retail 4.4%** | **Consumer Staples Distribution & Retail 4.4%** |
| 30000 | &nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 2963700 |
| 85000 | U.S. Foods Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 8211850 |
|  |  | &nbsp;&nbsp; **11175550** |
| **Electric Utilities 3.7%** | **Electric Utilities 3.7%** | **Electric Utilities 3.7%** |
| 71000 | Alliant Energy Corp. | &nbsp;&nbsp; 5136140 |
| 44000 | NextEra Energy, Inc. | &nbsp;&nbsp; 4125880 |
|  |  | &nbsp;&nbsp; **9262020** |
| **Electrical Equipment 3.3%** | **Electrical Equipment 3.3%** | **Electrical Equipment 3.3%** |
| 36000 | nVent Electric PLC | &nbsp;&nbsp; 4260960 |
| 10000 | Rockwell Automation, Inc. | &nbsp;&nbsp; 4074500 |
|  |  | &nbsp;&nbsp; **8335460** |
| **Financial Services 6.9%** | **Financial Services 6.9%** | **Financial Services 6.9%** |
| 40000 | Apollo Global Management, Inc. | &nbsp;&nbsp; 4184000 |
| 18500 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | &nbsp;&nbsp; 9341575 |
| 12000 | Visa, Inc. Class A | &nbsp;&nbsp; 3841680 |
|  |  | &nbsp;&nbsp; **17367255** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Food Products 1.3%** | **Food Products 1.3%** | **Food Products 1.3%** |
| 51000 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; **$3140580** |
| **Ground Transportation 2.0%** | **Ground Transportation 2.0%** | **Ground Transportation 2.0%** |
| 13000 | CSX Corp. | &nbsp;&nbsp; 554970 |
| 17000 | Union Pacific Corp. | &nbsp;&nbsp; 4504660 |
|  |  | &nbsp;&nbsp; **5059630** |
| **Health Care Providers & Services 3.2%** | **Health Care Providers & Services 3.2%** | **Health Care Providers & Services 3.2%** |
| 15000 | HCA Healthcare, Inc. | &nbsp;&nbsp; **7945500** |
| **Hotels, Restaurants & Leisure 4.3%** | **Hotels, Restaurants & Leisure 4.3%** | **Hotels, Restaurants & Leisure 4.3%** |
| 142000 | Aramark | &nbsp;&nbsp; 5942700 |
| 14000 | McDonald's Corp. | &nbsp;&nbsp; 4774840 |
|  |  | &nbsp;&nbsp; **10717540** |
| **Insurance 2.2%** | **Insurance 2.2%** | **Insurance 2.2%** |
| 16500 | Chubb Ltd. | &nbsp;&nbsp; **5624190** |
| **Interactive Media & Services 6.7%** | **Interactive Media & Services 6.7%** | **Interactive Media & Services 6.7%** |
| 44000 | Alphabet, Inc. Class C | &nbsp;&nbsp; 13702920 |
| 4800 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 3111264 |
|  |  | &nbsp;&nbsp; **16814184** |
| **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** |
| 19000 | Danaher Corp. | &nbsp;&nbsp; **4002160** |
| **Machinery 4.5%** | **Machinery 4.5%** | **Machinery 4.5%** |
| 26000 | &nbsp;&nbsp; Allison Transmission Holdings, <br> Inc.<br>| &nbsp;&nbsp; 3257800 |
| 8000 | Nordson Corp. | &nbsp;&nbsp; 2347520 |
| 22000 | &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| &nbsp;&nbsp; 5806900 |
|  |  | &nbsp;&nbsp; **11412220** |
| **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** |
| 23000 | DT Midstream, Inc. | &nbsp;&nbsp; **3193320** |
| **Pharmaceuticals 1.9%** | **Pharmaceuticals 1.9%** | **Pharmaceuticals 1.9%** |
| 4500 | Eli Lilly & Co. | &nbsp;&nbsp; **4733955** |
| **Professional Services 0.6%** | **Professional Services 0.6%** | **Professional Services 0.6%** |
| 18500 | TransUnion | &nbsp;&nbsp; **1453175** |
| **Semiconductors & Semiconductor Equipment 8.7%** | **Semiconductors & Semiconductor Equipment 8.7%** | **Semiconductors & Semiconductor Equipment 8.7%** |
| 2000 | ASML Holding NV | &nbsp;&nbsp; 2901120 |
| 24000 | Broadcom, Inc. | &nbsp;&nbsp; 7669200 |
| 64000 | NVIDIA Corp. | &nbsp;&nbsp; 11340160 |
|  |  | &nbsp;&nbsp; **21910480** |
| **Software 5.7%** | **Software 5.7%** | **Software 5.7%** |
| 25000 | Microsoft Corp. | &nbsp;&nbsp; 9818500 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 31500 | Oracle Corp. | &nbsp;&nbsp; $4580100 |
|  |  | &nbsp;&nbsp; **14398600** |
| **Specialty Retail 3.3%** | **Specialty Retail 3.3%** | **Specialty Retail 3.3%** |
| 15000 | Lowe's Cos., Inc. | &nbsp;&nbsp; 3968550 |
| 27500 | TJX Cos., Inc. | &nbsp;&nbsp; 4445650 |
|  |  | &nbsp;&nbsp; **8414200** |
| **Technology Hardware, Storage & Peripherals 4.5%** | **Technology Hardware, Storage & Peripherals 4.5%** | **Technology Hardware, Storage & Peripherals 4.5%** |
| 43000 | Apple, Inc. | &nbsp;&nbsp; **11359740** |
| **Wireless Telecommunication Services 1.7%** | **Wireless Telecommunication Services 1.7%** | **Wireless Telecommunication Services 1.7%** |
| 19500 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **4233255** |
| **Total Common Stocks (Cost $152,336,769)** | **Total Common Stocks (Cost $152,336,769)** | &nbsp;&nbsp; **250477920** |
| **Short-Term Investments 0.4%** | **Short-Term Investments 0.4%** | **Short-Term Investments 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| 999650 | &nbsp;&nbsp; State Street Institutional Treasury <br> Money Market Fund Premier <br> Class, 3.61%<sup>(a)</sup> <br>**(Cost $999,650)**<br>| &nbsp;&nbsp; **999650** |
| **Total Investments 100.0%** <br> **(Cost $153,336,419)** | **Total Investments 100.0%** <br> **(Cost $153,336,419)** | &nbsp;&nbsp; **251477570** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 11771 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$251489341** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $250477920 | $— | $— | $250477920 |
| Short-Term Investments |  | 999650 |  | 999650 |
| **Total Investments** | **$250477920** | **$999650** | **$—** | **$251477570** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 93.5%** | **Common Stocks 93.5%** | **Common Stocks 93.5%** |
| **Aerospace & Defense 5.4%** | **Aerospace & Defense 5.4%** | **Aerospace & Defense 5.4%** |
| 128024 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp. <br> Class A<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; $67416158 |
| 137408 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp. <br> Class C<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 72357679 |
|  |  | &nbsp;&nbsp; **139773837** |
| **Banks 2.4%** | **Banks 2.4%** | **Banks 2.4%** |
| 517585 | Bank of America Corp. | &nbsp;&nbsp; 25791260 |
| 119972 | JPMorgan Chase & Co. | &nbsp;&nbsp; 36027592 |
|  |  | &nbsp;&nbsp; **61818852** |
| **Broadline Retail 8.3%** | **Broadline Retail 8.3%** | **Broadline Retail 8.3%** |
| 1018903 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **213969630** |
| **Building Products 1.1%** | **Building Products 1.1%** | **Building Products 1.1%** |
| 60509 | Trane Technologies PLC | &nbsp;&nbsp; **27974521** |
| **Capital Markets 4.7%** | **Capital Markets 4.7%** | **Capital Markets 4.7%** |
| 1693673 | &nbsp;&nbsp; Interactive Brokers Group, <br> Inc. Class A<br>| &nbsp;&nbsp; **120572581** |
| **Communications Equipment 1.9%** | **Communications Equipment 1.9%** | **Communications Equipment 1.9%** |
| 363321 | Arista Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; **48503354** |
| **Consumer Finance 1.8%** | **Consumer Finance 1.8%** | **Consumer Finance 1.8%** |
| 230678 | Capital One Financial Corp. | &nbsp;&nbsp; **45129844** |
| **Financial Services 9.1%** | **Financial Services 9.1%** | **Financial Services 9.1%** |
| 107 | &nbsp;&nbsp; Berkshire Hathaway, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 80999000 |
| 169003 | &nbsp;&nbsp; Berkshire Hathaway, Inc. <br> Class B<sup>\*</sup><br>| &nbsp;&nbsp; 85338065 |
| 129052 | MasterCard, Inc. Class A | &nbsp;&nbsp; 66746985 |
|  |  | &nbsp;&nbsp; **233084050** |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 724515 | CSX Corp. | &nbsp;&nbsp; **30929545** |
| **Health Care Equipment & Supplies 0.7%** | **Health Care Equipment & Supplies 0.7%** | **Health Care Equipment & Supplies 0.7%** |
| 103756 | Becton Dickinson & Co. | &nbsp;&nbsp; **18310859** |
| **Health Care Providers & Services 6.2%** | **Health Care Providers & Services 6.2%** | **Health Care Providers & Services 6.2%** |
| 174140 | Cencora, Inc. | &nbsp;&nbsp; 64804459 |
| 168212 | Cigna Group | &nbsp;&nbsp; 48751202 |
| 286600 | DaVita, Inc.<sup>\*</sup> | &nbsp;&nbsp; 44795580 |
|  |  | &nbsp;&nbsp; **158351241** |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |
| 1243634 | Compass Group PLC | &nbsp;&nbsp; **38178923** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Household Products 1.2%** | **Household Products 1.2%** | **Household Products 1.2%** |
| 320017 | Colgate-Palmolive Co. | &nbsp;&nbsp; **$31726485** |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| 199218 | Progressive Corp. | &nbsp;&nbsp; **42564918** |
| **Interactive Media & Services 10.2%** | **Interactive Media & Services 10.2%** | **Interactive Media & Services 10.2%** |
| 846124 | Alphabet, Inc. Class A | &nbsp;&nbsp; **263787618** |
| **IT Services 2.9%** | **IT Services 2.9%** | **IT Services 2.9%** |
| 436624 | GoDaddy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 38056148 |
| 2973871 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 36667829 |
|  |  | &nbsp;&nbsp; **74723977** |
| **Life Sciences Tools & Services 1.9%** | **Life Sciences Tools & Services 1.9%** | **Life Sciences Tools & Services 1.9%** |
| 155397 | Waters Corp.<sup>\*</sup> | &nbsp;&nbsp; **49630694** |
| **Machinery 0.9%** | **Machinery 0.9%** | **Machinery 0.9%** |
| 256583 | Otis Worldwide Corp. | &nbsp;&nbsp; **23749323** |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| 29261 | Sherwin-Williams Co. | &nbsp;&nbsp; **10609746** |
| **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** |
| 1038694 | Coterra Energy, Inc. | &nbsp;&nbsp; **31773649** |
| **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** |
| 61066 | Roche Holding AG | &nbsp;&nbsp; **29149017** |
| **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** |
| 288094 | Applied Materials, Inc. | &nbsp;&nbsp; 107257396 |
| 586661 | NVIDIA Corp. | &nbsp;&nbsp; 103950463 |
| 2068000 | &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| &nbsp;&nbsp; 129039398 |
| 49433 | Texas Instruments, Inc. | &nbsp;&nbsp; 10485234 |
|  |  | &nbsp;&nbsp; **350732491** |
| **Software 6.3%** | **Software 6.3%** | **Software 6.3%** |
| 14436 | Intuit, Inc. | &nbsp;&nbsp; 5904757 |
| 397510 | Microsoft Corp. | &nbsp;&nbsp; 156118078 |
|  |  | &nbsp;&nbsp; **162022835** |
| **Specialty Retail 2.4%** | **Specialty Retail 2.4%** | **Specialty Retail 2.4%** |
| 89004 | Home Depot, Inc. | &nbsp;&nbsp; 33885603 |
| 171006 | TJX Cos., Inc. | &nbsp;&nbsp; 27644830 |
|  |  | &nbsp;&nbsp; **61530433** |
| **Technology Hardware, Storage & Peripherals 2.0%** | **Technology Hardware, Storage & Peripherals 2.0%** | **Technology Hardware, Storage & Peripherals 2.0%** |
| 198788 | Apple, Inc. | &nbsp;&nbsp; **52515814** |
| **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** |
| 81567 | United Rentals, Inc. | &nbsp;&nbsp; 68516280 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** |
| 16469 | W.W. Grainger, Inc. | &nbsp;&nbsp; $18852558 |
|  |  | &nbsp;&nbsp; **87368838** |
| **Total Common Stocks** <br> **(Cost $1,385,914,993)** | **Total Common Stocks** <br> **(Cost $1,385,914,993)** | &nbsp;&nbsp; **2408483075** |
| **Preferred Stocks 4.3%** | **Preferred Stocks 4.3%** | **Preferred Stocks 4.3%** |
| **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** |
| 21111 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp., <br> Series E<sup>\*#(a)(b)</sup> <br> **(Cost $17,099,910)**<br>| &nbsp;&nbsp; **111168415** |
| Principal Amount | Principal Amount |  |
| **Short-Term Investments 1.2%** | **Short-Term Investments 1.2%** | **Short-Term Investments 1.2%** |
| **Certificates of Deposit 0.0%**<sup>‡</sup> | **Certificates of Deposit 0.0%**<sup>‡</sup> | **Certificates of Deposit 0.0%**<sup>‡</sup> |
| $100000 | &nbsp;&nbsp; Carver Federal Savings Bank, <br> 3.92%, due 3/23/2026<br>| &nbsp;&nbsp; 100000 |

---

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Certificates of Deposit – cont'd** | **Certificates of Deposit – cont'd** | **Certificates of Deposit – cont'd** |
| $250000 | &nbsp;&nbsp; Self Help Credit Union, <br> 0.10%, due 5/16/2026<br>| &nbsp;&nbsp; $250000 |
| 250000 | &nbsp;&nbsp; Self Help Federal Credit <br> Union, 0.10%, due <br> 3/1/2026<br>| &nbsp;&nbsp; 250000 |
|  |  | &nbsp;&nbsp; **600000** |
| Number of Shares | Number of Shares |  |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| 29374088 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 3.61%<sup>(c)</sup><br>| &nbsp;&nbsp; **29374088** |
| **Total Short-Term Investments** <br> **(Cost $29,974,088)** | **Total Short-Term Investments** <br> **(Cost $29,974,088)** | &nbsp;&nbsp; **29974088** |
| **Total Investments 99.0%** <br> **(Cost $1,432,988,991)** | **Total Investments 99.0%** <br> **(Cost $1,432,988,991)** | &nbsp;&nbsp; **2549625578** |
| Other Assets Less Liabilities 1.0% | Other Assets Less Liabilities 1.0% | &nbsp;&nbsp; 25585508 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$2575211086** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security.

(a) Value determined using significant unobservable inputs.

(b) Security fair valued as of February 28, 2026 in accordance with procedures approved by the valuation designee. Total value of all such securities at February 28, 2026 amounted to $250,942,252, which represents 9.7% of net assets of the Fund. 

(c) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (Unaudited) (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at February 28, 2026 amounted to $250,942,252, which represents 9.7% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**2/28/2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**2/28/2026**<br>|
| Space Exploration Technologies Corp. (Series E Preferred <br> Shares)<br>| 11/7/2023 | $17099910 | $111168415 | 4.3% |
| Space Exploration Technologies Corp. Class A | 8/18/2023 | 10369944 | 67416158 | 2.6% |
| Space Exploration Technologies Corp. Class C | 8/18/2023 | 11130048 | 72357679 | 2.8% |
| **Total** |  | **$38599902** | **$250942252** | **9.7%** |

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | $— | $— | $139773837 | $139773837 |
| Semiconductors & Semiconductor Equipment | 221693093 | 129039398 |  | 350732491 |
| Other Common Stocks<sup>#</sup> <br>| 1917976747 |  |  | 1917976747 |
| Total Common Stocks | 2139669840 | 129039398 | 139773837 | 2408483075 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 111168415 | 111168415 |
| Short-Term Investments |  | 29974088 |  | 29974088 |
| **Total Investments** | **$2139669840** | **$159013486** | **$250942252** | **$2549625578** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments
 in which significant unobservable inputs (Level 3) were used in determining value:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 9/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>2/28/2026<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>2/28/2026<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Common Stocks<sup>(1)</sup> <br>| $56272 | $— | $— | $83502 | $— | $— | $— | $— | $139774 | $83502 |
| Preferred Stocks<sup>(1)</sup> <br>| 44755 |  |  | 66413 |  |  |  |  | 111168 | 66413 |
| Total | $101027 | $— | $— | $149915 | $— | $— | $— | $— | $250942 | $149915 |
| (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>2/28/2026<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Common Stocks | $139773837 | Market Approach | Transaction Price | $526.59 | $526.59 | Increase |
| Preferred Stocks | 111168415 | Market Approach | Transaction Price | $526.59 | $526.59 | Increase |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |

---

† Formerly known as Sustainable Equity Fund through July 28, 2025.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Real Estate Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Apartments 8.8%** | **Apartments 8.8%** | **Apartments 8.8%** |
| 149967 | AvalonBay Communities, Inc. | &nbsp;&nbsp; $26578651 |
| 35959 | Essex Property Trust, Inc. | &nbsp;&nbsp; 9173500 |
| 419075 | &nbsp;&nbsp; GO Residential Real Estate <br> Investment Trust<sup>(a)</sup><br>| &nbsp;&nbsp; 4450577 |
| 499443 | UDR, Inc. | &nbsp;&nbsp; 18729113 |
|  |  | &nbsp;&nbsp; **58931841** |
| **Data Centers 13.1%** | **Data Centers 13.1%** | **Data Centers 13.1%** |
| 168887 | Digital Realty Trust, Inc. | &nbsp;&nbsp; 29926776 |
| 59768 | Equinix, Inc. | &nbsp;&nbsp; 58229572 |
|  |  | &nbsp;&nbsp; **88156348** |
| **Free Standing 7.2%** | **Free Standing 7.2%** | **Free Standing 7.2%** |
| 165626 | Agree Realty Corp. | &nbsp;&nbsp; 13329580 |
| 423889 | &nbsp;&nbsp; Essential Properties Realty Trust, <br> Inc.<br>| &nbsp;&nbsp; 14386793 |
| 312036 | Realty Income Corp. | &nbsp;&nbsp; 20906412 |
|  |  | &nbsp;&nbsp; **48622785** |
| **Gaming 1.4%** | **Gaming 1.4%** | **Gaming 1.4%** |
| 189248 | &nbsp;&nbsp; Gaming & Leisure Properties, <br> Inc.<br>| &nbsp;&nbsp; **9256120** |
| **Health Care 18.2%** | **Health Care 18.2%** | **Health Care 18.2%** |
| 78073 | &nbsp;&nbsp; Alexandria Real Estate Equities, <br> Inc.<br>| &nbsp;&nbsp; 4219065 |
| 254503 | American Healthcare REIT, Inc. | &nbsp;&nbsp; 13295237 |
| 257876 | &nbsp;&nbsp; Omega Healthcare Investors, <br> Inc.<br>| &nbsp;&nbsp; 12447674 |
| 336158 | Ventas, Inc. | &nbsp;&nbsp; 28963373 |
| 304890 | Welltower, Inc. | &nbsp;&nbsp; 63148817 |
|  |  | &nbsp;&nbsp; **122074166** |
| **Industrial 9.6%** | **Industrial 9.6%** | **Industrial 9.6%** |
| 37047 | EastGroup Properties, Inc. | &nbsp;&nbsp; 7272696 |
| 402466 | Prologis, Inc. | &nbsp;&nbsp; 57379578 |
|  |  | &nbsp;&nbsp; **64652274** |
| **Manufactured Homes 3.6%** | **Manufactured Homes 3.6%** | **Manufactured Homes 3.6%** |
| 255905 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 17186580 |
| 52261 | Sun Communities, Inc. | &nbsp;&nbsp; 7131536 |
|  |  | &nbsp;&nbsp; **24318116** |
| **Office 2.0%** | **Office 2.0%** | **Office 2.0%** |
| 240491 | Cousins Properties, Inc. | &nbsp;&nbsp; 5569772 |
| 500872 | Hudson Pacific Properties, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3626313 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Office – cont'd** | **Office – cont'd** | **Office – cont'd** |
| 122661 | SL Green Realty Corp. | &nbsp;&nbsp; $4520058 |
|  |  | &nbsp;&nbsp; **13716143** |
| **Regional Malls 5.4%** | **Regional Malls 5.4%** | **Regional Malls 5.4%** |
| 442653 | Macerich Co. | &nbsp;&nbsp; 9061107 |
| 132642 | Simon Property Group, Inc. | &nbsp;&nbsp; 27039072 |
|  |  | &nbsp;&nbsp; **36100179** |
| **Self Storage 6.2%** | **Self Storage 6.2%** | **Self Storage 6.2%** |
| 111995 | Extra Space Storage, Inc. | &nbsp;&nbsp; 16914605 |
| 79499 | Public Storage | &nbsp;&nbsp; 24410963 |
|  |  | &nbsp;&nbsp; **41325568** |
| **Shopping Centers 4.1%** | **Shopping Centers 4.1%** | **Shopping Centers 4.1%** |
| 274668 | InvenTrust Properties Corp. | &nbsp;&nbsp; 8569641 |
| 296043 | Kimco Realty Corp. | &nbsp;&nbsp; 6971813 |
| 149806 | Regency Centers Corp. | &nbsp;&nbsp; 11834674 |
|  |  | &nbsp;&nbsp; **27376128** |
| **Single Family Homes 2.9%** | **Single Family Homes 2.9%** | **Single Family Homes 2.9%** |
| 107108 | &nbsp;&nbsp; American Homes 4 Rent <br> Class A<br>| &nbsp;&nbsp; 3213240 |
| 625974 | Invitation Homes, Inc. | &nbsp;&nbsp; 16488155 |
|  |  | &nbsp;&nbsp; **19701395** |
| **Specialty 2.9%** | **Specialty 2.9%** | **Specialty 2.9%** |
| 179801 | Iron Mountain, Inc. | &nbsp;&nbsp; **19477842** |
| **Telecommunications 13.1%** | **Telecommunications 13.1%** | **Telecommunications 13.1%** |
| 257674 | American Tower Corp. | &nbsp;&nbsp; 49437334 |
| 195386 | Crown Castle, Inc. | &nbsp;&nbsp; 17494862 |
| 106181 | SBA Communications Corp. | &nbsp;&nbsp; 21359370 |
|  |  | &nbsp;&nbsp; **88291566** |
| **Total Common Stocks (Cost $629,615,217)** | **Total Common Stocks (Cost $629,615,217)** | &nbsp;&nbsp; **662000471** |
| **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| 9486232 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(b)</sup> **(Cost $9,486,232)**<br>| &nbsp;&nbsp; **9486232** |
| **Total Investments 99.9%** <br> **(Cost $639,101,449)** | **Total Investments 99.9%** <br> **(Cost $639,101,449)** | &nbsp;&nbsp; **671486703** |
| Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | &nbsp;&nbsp; 734644 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$672221347** |

---

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

\* Non-income producing security.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Real Estate Fund^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at February 28, 2026 amounted to $4,450,577, which represents 0.7%
 of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of February 28, 2026.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $662000471 | $— | $— | $662000471 |
| Short-Term Investments |  | 9486232 |  | 9486232 |
| **Total Investments** | **$662000471** | **$9486232** | **$—** | **$671486703** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Small Cap Growth Fund^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 95.3%** | **Common Stocks 95.3%** | **Common Stocks 95.3%** |
| **Aerospace & Defense 3.7%** | **Aerospace & Defense 3.7%** | **Aerospace & Defense 3.7%** |
| 21043 | AeroVironment, Inc.<sup>\*</sup> | &nbsp;&nbsp; $5308097 |
| 91509 | &nbsp;&nbsp; Kratos Defense & Security <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 7886246 |
| 19676 | VSE Corp. | &nbsp;&nbsp; 4467829 |
|  |  | &nbsp;&nbsp; **17662172** |
| **Automobile Components 1.0%** | **Automobile Components 1.0%** | **Automobile Components 1.0%** |
| 38389 | Patrick Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; **4752174** |
| **Banks 1.4%** | **Banks 1.4%** | **Banks 1.4%** |
| 46302 | Wintrust Financial Corp. | &nbsp;&nbsp; **6670266** |
| **Biotechnology 13.0%** | **Biotechnology 13.0%** | **Biotechnology 13.0%** |
| 74996 | Alkermes PLC<sup>\*</sup> | &nbsp;&nbsp; 2257380 |
| 89310 | &nbsp;&nbsp; Arrowhead Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 5650644 |
| 96937 | Bridgebio Pharma, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6444372 |
| 42340 | Dianthus Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2336744 |
| 60216 | Ideaya Biosciences, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1938955 |
| 14901 | Krystal Biotech, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4107312 |
| 32777 | Kymera Therapeutics, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 2994179 |
| 5735 | Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2477520 |
| 31806 | Mirum Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2935376 |
| 19943 | Monopar Therapeutics, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 1092976 |
| 26116 | Palvella Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3526182 |
| 12465 | Praxis Precision Medicines, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4197589 |
| 44030 | Protagonist Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4054282 |
| 54611 | PTC Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3723924 |
| 35081 | Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3253061 |
| 86805 | Travere Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2585921 |
| 59908 | Twist Bioscience Corp.<sup>\*</sup> | &nbsp;&nbsp; 2810883 |
| 68920 | Veracyte, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2521783 |
| 85077 | Xenon Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3677879 |
|  |  | &nbsp;&nbsp; **62586962** |
| **Broadline Retail 0.6%** | **Broadline Retail 0.6%** | **Broadline Retail 0.6%** |
| 26132 | &nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **2798737** |
| **Building Products 2.7%** | **Building Products 2.7%** | **Building Products 2.7%** |
| 17492 | Modine Manufacturing Co.<sup>\*</sup> | &nbsp;&nbsp; 3975057 |
| 174960 | &nbsp;&nbsp; Zurn Elkay Water Solutions <br> Corp.<br>| &nbsp;&nbsp; 8919461 |
|  |  | &nbsp;&nbsp; **12894518** |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** | **Capital Markets 2.4%** |
| 39625 | Piper Sandler Cos. | &nbsp;&nbsp; **11711169** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Communications Equipment 0.4%** | **Communications Equipment 0.4%** | **Communications Equipment 0.4%** |
| 68991 | Viavi Solutions, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$2049723** |
| **Construction & Engineering 4.9%** | **Construction & Engineering 4.9%** | **Construction & Engineering 4.9%** |
| 127326 | API Group Corp.<sup>\*</sup> | &nbsp;&nbsp; 5660914 |
| 9560 | IES Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4735546 |
| 33745 | Primoris Services Corp. | &nbsp;&nbsp; 5086046 |
| 18885 | Sterling Infrastructure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 8085235 |
|  |  | &nbsp;&nbsp; **23567741** |
| **Consumer Finance 4.5%** | **Consumer Finance 4.5%** | **Consumer Finance 4.5%** |
| 49154 | Dave, Inc.<sup>\*</sup> | &nbsp;&nbsp; 9499993 |
| 63559 | FirstCash Holdings, Inc. | &nbsp;&nbsp; 12253540 |
|  |  | &nbsp;&nbsp; **21753533** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| 76815 | Chefs' Warehouse, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5483823 |
| 23791 | PriceSmart, Inc. | &nbsp;&nbsp; 3678564 |
|  |  | &nbsp;&nbsp; **9162387** |
| **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** |
| 160601 | OneSpaWorld Holdings Ltd. | &nbsp;&nbsp; **3457740** |
| **Electrical Equipment 5.1%** | **Electrical Equipment 5.1%** | **Electrical Equipment 5.1%** |
| 57661 | Bloom Energy Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 8976088 |
| 61827 | Nextpower, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 6498017 |
| 28019 | nVent Electric PLC | &nbsp;&nbsp; 3316329 |
| 27842 | Vicor Corp.<sup>\*</sup> | &nbsp;&nbsp; 5607379 |
|  |  | &nbsp;&nbsp; **24397813** |
| **Electronic Equipment, Instruments & Components 6.2%** | **Electronic Equipment, Instruments & Components 6.2%** | **Electronic Equipment, Instruments & Components 6.2%** |
| 19104 | &nbsp;&nbsp; Advanced Energy Industries, <br> Inc.<br>| &nbsp;&nbsp; 6410729 |
| 15759 | Fabrinet<sup>\*</sup> | &nbsp;&nbsp; 8598583 |
| 402959 | Mirion Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 8707944 |
| 43505 | nLight, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2444546 |
| 34139 | TTM Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3558650 |
|  |  | &nbsp;&nbsp; **29720452** |
| **Energy Equipment & Services 2.0%** | **Energy Equipment & Services 2.0%** | **Energy Equipment & Services 2.0%** |
| 102698 | &nbsp;&nbsp; Solaris Energy Infrastructure, <br> Inc.<br>| &nbsp;&nbsp; 5096902 |
| 67562 | TechnipFMC PLC | &nbsp;&nbsp; 4480036 |
|  |  | &nbsp;&nbsp; **9576938** |
| **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** |
| 92900 | AtriCure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2904054 |
| 24579 | Glaukos Corp.<sup>\*</sup> | &nbsp;&nbsp; 2959312 |
|  |  | &nbsp;&nbsp; **5863366** |
| **Health Care Providers & Services 6.8%** | **Health Care Providers & Services 6.8%** | **Health Care Providers & Services 6.8%** |
| 385765 | AdaptHealth Corp.<sup>\*</sup> | &nbsp;&nbsp; 3529750 |
| 18215 | Billiontoone, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1390351 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** |
| 58716 | &nbsp;&nbsp; BrightSpring Health Services, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; $2432604 |
| 243084 | Brookdale Senior Living, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3719185 |
| 25031 | Ensign Group, Inc. | &nbsp;&nbsp; 5360889 |
| 62469 | Guardant Health, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5865839 |
| 146485 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10226118 |
|  |  | &nbsp;&nbsp; **32524736** |
| **Hotels, Restaurants & Leisure 2.7%** | **Hotels, Restaurants & Leisure 2.7%** | **Hotels, Restaurants & Leisure 2.7%** |
| 131113 | Life Time Group Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3540051 |
| 70339 | Red Rock Resorts, Inc. Class A | &nbsp;&nbsp; 4259027 |
| 53144 | Shake Shack, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 5102355 |
|  |  | &nbsp;&nbsp; **12901433** |
| **Household Durables 2.4%** | **Household Durables 2.4%** | **Household Durables 2.4%** |
| 8291 | Cavco Industries, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4786063 |
| 20149 | Installed Building Products, Inc. | &nbsp;&nbsp; 6604036 |
|  |  | &nbsp;&nbsp; **11390099** |
| **Independent Power and Renewable Electricity** <br> **Producers 0.5%** | **Independent Power and Renewable Electricity** <br> **Producers 0.5%** | **Independent Power and Renewable Electricity** <br> **Producers 0.5%** |
| 6933 | Talen Energy Corp.<sup>\*</sup> | &nbsp;&nbsp; **2571935** |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| 78924 | DigitalOcean Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; **4424479** |
| **Machinery 5.5%** | **Machinery 5.5%** | **Machinery 5.5%** |
| 26197 | Donaldson Co., Inc. | &nbsp;&nbsp; 2430034 |
| 26898 | ESCO Technologies, Inc. | &nbsp;&nbsp; 7458546 |
| 31710 | Mueller Industries, Inc. | &nbsp;&nbsp; 3740512 |
| 34779 | SPX Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7892746 |
| 14353 | &nbsp;&nbsp; Watts Water Technologies, Inc. <br> Class A<br>| &nbsp;&nbsp; 4718405 |
|  |  | &nbsp;&nbsp; **26240243** |
| **Metals & Mining 2.1%** | **Metals & Mining 2.1%** | **Metals & Mining 2.1%** |
| 272676 | Coeur Mining, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7403153 |
| 78631 | ERO Copper Corp.<sup>\*</sup> | &nbsp;&nbsp; 2687608 |
|  |  | &nbsp;&nbsp; **10090761** |
| **Oil, Gas & Consumable Fuels 3.4%** | **Oil, Gas & Consumable Fuels 3.4%** | **Oil, Gas & Consumable Fuels 3.4%** |
| 55223 | DT Midstream, Inc. | &nbsp;&nbsp; 7667162 |
| 146661 | &nbsp;&nbsp; Magnolia Oil & Gas Corp. <br> Class A<br>| &nbsp;&nbsp; 4080109 |
| 293449 | Uranium Energy Corp.<sup>\*</sup> | &nbsp;&nbsp; 4498573 |
|  |  | &nbsp;&nbsp; **16245844** |
| **Passenger Airlines 0.3%** | **Passenger Airlines 0.3%** | **Passenger Airlines 0.3%** |
| 162823 | Joby Aviation, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1637999** |
| **Pharmaceuticals 2.5%** | **Pharmaceuticals 2.5%** | **Pharmaceuticals 2.5%** |
| 35760 | Axsome Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5860706 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** |
| 85599 | Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; $3518119 |
| 77373 | Edgewise Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2355234 |
|  |  | &nbsp;&nbsp; **11734059** |
| **Professional Services 1.8%** | **Professional Services 1.8%** | **Professional Services 1.8%** |
| 142064 | Planet Labs PBC<sup>\*</sup> | &nbsp;&nbsp; 3429425 |
| 35062 | UL Solutions, Inc. Class A | &nbsp;&nbsp; 2944156 |
| 22668 | Willdan Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2020626 |
|  |  | &nbsp;&nbsp; **8394207** |
| **Semiconductors & Semiconductor Equipment 6.4%** | **Semiconductors & Semiconductor Equipment 6.4%** | **Semiconductors & Semiconductor Equipment 6.4%** |
| 69002 | Impinj, Inc.<sup>\*</sup> | &nbsp;&nbsp; 8463785 |
| 10040 | &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 2491125 |
| 133193 | Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13274014 |
| 16193 | SiTime Corp.<sup>\*</sup> | &nbsp;&nbsp; 6442871 |
|  |  | &nbsp;&nbsp; **30671795** |
| **Software 4.2%** | **Software 4.2%** | **Software 4.2%** |
| 51740 | D-Wave Quantum, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 971677 |
| 71508 | Hut 8 Corp.<sup>\*</sup> | &nbsp;&nbsp; 3806371 |
| 28965 | InterDigital, Inc. | &nbsp;&nbsp; 10616542 |
| 118894 | IREN Ltd.<sup>\*(a)</sup> | &nbsp;&nbsp; 4868709 |
|  |  | &nbsp;&nbsp; **20263299** |
| **Specialty Retail 0.9%** | **Specialty Retail 0.9%** | **Specialty Retail 0.9%** |
| 23856 | Boot Barn Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; **4514032** |
| **Technology Hardware, Storage & Peripherals 1.1%** | **Technology Hardware, Storage & Peripherals 1.1%** | **Technology Hardware, Storage & Peripherals 1.1%** |
| 135806 | IonQ, Inc.<sup>(a)</sup> | &nbsp;&nbsp; **5210876** |
| **Trading Companies & Distributors 2.1%** | **Trading Companies & Distributors 2.1%** | **Trading Companies & Distributors 2.1%** |
| 24262 | &nbsp;&nbsp; Applied Industrial Technologies, <br> Inc.<br>| &nbsp;&nbsp; 6855956 |
| 47949 | Rush Enterprises, Inc. Class A | &nbsp;&nbsp; 3402941 |
|  |  | &nbsp;&nbsp; **10258897** |
| **Total Common Stocks (Cost $410,268,262)** | **Total Common Stocks (Cost $410,268,262)** | &nbsp;&nbsp; **457700385** |
| **Short-Term Investments 2.1%** | **Short-Term Investments 2.1%** | **Short-Term Investments 2.1%** |
| **Investment Companies 2.1%** | **Investment Companies 2.1%** | **Investment Companies 2.1%** |
| 9868999 | &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money <br> Market Portfolio, 3.69%<sup>(b)(c)</sup> <br>**(Cost $9,868,999)**<br>| &nbsp;&nbsp; **9868999** |
| **Total Investments 97.4%** <br> **(Cost $420,137,261)** | **Total Investments 97.4%** <br> **(Cost $420,137,261)** | &nbsp;&nbsp; **467569384** |
| Other Assets Less Liabilities 2.6% | Other Assets Less Liabilities 2.6% | &nbsp;&nbsp; 12603841 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$480173225** |

---

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

See Notes to Financial Statements

------

![](img006065f64.gif)

Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont'd)

\* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $17,789,582, collateralized by cash collateral of $9,868,999 and non-cash (U.S. Treasury Securities) collateral of $8,909,295 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of February 28, 2026.

(c) Represents investment of cash collateral received from securities lending.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $457700385 | $— | $— | $457700385 |
| Short-Term Investments |  | 9868999 |  | 9868999 |
| **Total Investments** | **$457700385** | **$9868999** | **$—** | **$467569384** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

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------

![](img006065f64.gif)

Statements of Assets and Liabilities (Unaudited)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>| **Focus Fund** |
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Notes A & F)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $251055033 | &nbsp;&nbsp; $1089199912 | &nbsp;&nbsp; $800404261 |
| Affiliated issuers<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 251055033 | &nbsp;&nbsp; 1089199912 | &nbsp;&nbsp; 800404261 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 59965 | &nbsp;&nbsp; — |
| Foreign currency<sup>(c)</sup> | &nbsp;&nbsp; 202313 | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1249282 |
| Dividends and interest receivable | &nbsp;&nbsp; 263580 | &nbsp;&nbsp; 2247867 | &nbsp;&nbsp; 1201224 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5933333 |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; 35297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 176767 | &nbsp;&nbsp; 1327320 | &nbsp;&nbsp; 1712 |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 44453 | &nbsp;&nbsp; 31027 | &nbsp;&nbsp; 50554 |
| Total Assets | &nbsp;&nbsp; 251777443 | &nbsp;&nbsp; 1092867184 | &nbsp;&nbsp; 808840596 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 140407 | &nbsp;&nbsp; 393029 | &nbsp;&nbsp; 314891 |
| Option contracts written, at value<sup>(d)</sup> (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 434168 | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 10725770 | &nbsp;&nbsp; 21592932 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 240755 | &nbsp;&nbsp; 354363 | &nbsp;&nbsp; 271528 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; 195773 | &nbsp;&nbsp; 161205 |
| Payable to trustees | &nbsp;&nbsp; 10333 | &nbsp;&nbsp; 10333 | &nbsp;&nbsp; 10424 |
| Payable for audit fees | &nbsp;&nbsp; 31881 | &nbsp;&nbsp; 34872 | &nbsp;&nbsp; 29758 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 23059 | &nbsp;&nbsp; 20380 | &nbsp;&nbsp; 16286 |
| Payable for shareholder reports | &nbsp;&nbsp; 13372 | &nbsp;&nbsp; 19478 | &nbsp;&nbsp; 15667 |
| Payable for legal fees | &nbsp;&nbsp; 2832 | &nbsp;&nbsp; 24143 | &nbsp;&nbsp; 24377 |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 23679 | &nbsp;&nbsp; 2499 | &nbsp;&nbsp; 85667 |
| Payable for cash collateral on loaned securities (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued capital gains taxes (Note A) | &nbsp;&nbsp; 270253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 2591 | &nbsp;&nbsp; 16356 | &nbsp;&nbsp; 7272 |
| Total Liabilities | &nbsp;&nbsp; 759162 | &nbsp;&nbsp; 12231164 | &nbsp;&nbsp; 22530007 |
| Net Assets  | &nbsp;&nbsp; $251018281 | &nbsp;&nbsp; $1080636020 | &nbsp;&nbsp; $786310589 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $231410276 | &nbsp;&nbsp; $621308068 | &nbsp;&nbsp; $528733791 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 19608005 | &nbsp;&nbsp; 459327952 | &nbsp;&nbsp; 257576798 |
| Net Assets  | &nbsp;&nbsp; $251018281 | &nbsp;&nbsp; $1080636020 | &nbsp;&nbsp; $786310589 |
| **Net Assets** |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $721065230 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31832597 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1279738 |
| Institutional Class | &nbsp;&nbsp; 209427312 | &nbsp;&nbsp; 820219920 | &nbsp;&nbsp; 28410236 |
| Class A | &nbsp;&nbsp; 15270227 | &nbsp;&nbsp; 170956575 | &nbsp;&nbsp; 3539750 |
| Class C | &nbsp;&nbsp; 2257030 | &nbsp;&nbsp; 40068074 | &nbsp;&nbsp; 183038 |
| Class R3 | &nbsp;&nbsp; 1033224 | &nbsp;&nbsp; 1044106 | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 23030488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 48347345 | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>| **Large Cap** <br>**Growth Fund**<sup>\*\*</sup><br>|
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| $8132499526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1130580623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $277453464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1301087781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2460080692 |
| 433557822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 8566057348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130580623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277453464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301087781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460080692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4951003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5996277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608075 |
| 12341199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9044324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2593548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 5777853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| 154856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82627 |
| 8589282259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147489621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282031650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302288781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461911451 |
| 4329011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 15027644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7654855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 9786838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744905 |
| 945761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479085 |
| 11170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 |
| 34261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49045 |
| 127283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38039 |
| 127138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22869 |
| 24435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24377 |
| 406576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19043194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6445605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 91082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25009 |
| 30911199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28467727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9391516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2589877 |
| $8558371060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1119021894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $272640134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1300810068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2459321574 |
| $5256062456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $835260150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $214240492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $788837021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1335525426 |
| 3302308604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283761744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58399642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511973047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123796148 |
| $8558371060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1119021894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $272640134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1300810068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2459321574 |
| $1410928640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80158518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1915894565 |
| 784445380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20145952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6193908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46264562 |
| 67924609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257284 |
| 1876232529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920942317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215181658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149912413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431124058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11134716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4398935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42807735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29838819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2244277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18629832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14729384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416671 |
| 4280139449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38923233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44916662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89460088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19796231 |
| 138700453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45472881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

![](img006065f64.gif)

Statements of Assets and Liabilities (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>| **Focus Fund** |
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21676214 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 956555 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38508 |
| Institutional Class | &nbsp;&nbsp; 6985083 | &nbsp;&nbsp; 47661019 | &nbsp;&nbsp; 853948 |
| Class A | &nbsp;&nbsp; 509811 | &nbsp;&nbsp; 9989172 | &nbsp;&nbsp; 106468 |
| Class C | &nbsp;&nbsp; 77609 | &nbsp;&nbsp; 2356727 | &nbsp;&nbsp; 5520 |
| Class R3 | &nbsp;&nbsp; 34963 | &nbsp;&nbsp; 61068 | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 768417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 2807559 | &nbsp;&nbsp; — |
| **Net Asset Value, offering and redemption price per share**  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33.27 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 33.28 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 33.23 |
| Institutional Class | 29.98 | 17.21 | 33.27 |
| Class R3 | 29.55 | 17.10 | &nbsp;&nbsp; — |
| Class R6 | 29.97 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | 17.22 | &nbsp;&nbsp; — |
| **Net Asset Value and redemption price per share**  |  |  |  |
| Class A | &nbsp;&nbsp; $29.95 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $33.25 |
| **Offering Price per share**  |  |  |  |
| Class A‡ | &nbsp;&nbsp; $31.78 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $35.28 |
| **Net Asset Value and offering price per share**  |  |  |  |
| Class C^ | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $33.16 |
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11162082 |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $221051121 | &nbsp;&nbsp; $677463142 | &nbsp;&nbsp; $598747533 |
| (b) Affiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total cost of investments | &nbsp;&nbsp; $221051121 | &nbsp;&nbsp; $677463142 | &nbsp;&nbsp; $598747533 |
| (c) Total cost of foreign currency | &nbsp;&nbsp; $424999 | &nbsp;&nbsp; $1089 | &nbsp;&nbsp; $1247626 |
| (d) Premium received from option contracts written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210947 | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| \*\* | Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information. |
| ‡ | On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's <br> prospectus, offering price is reduced.<br>|
| ^ | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>| **Large Cap** <br>**Growth Fund**<sup>\*\*</sup><br>|
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| 24364131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5236210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67054566 |
| 13620089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621427 |
| 1211648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9038 |
| 32237405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60111479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13190183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44020311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15074862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1690135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49738 |
| 73633581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2543068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2753420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3395782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691789 |
| 2377704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $57.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.57 |
| 57.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.53 |
| 56.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.47 |
| 58.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.60 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.48 |
| 58.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.62 |
| 58.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.53 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.27 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.40 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39374092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8723406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $5250228191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $906179409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $230087013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $865757368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1356160093 |
| $438846390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $5689074581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $906179409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $230087013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $865757368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1356160093 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1517564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $674135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

------

![](img006065f64.gif)

Statements of Assets and Liabilities (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Value Fund**<br>| **Mid Cap** <br>**Growth Fund**<br>| **Mid Cap Intrinsic** <br>**Value Fund**<br>|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Note A)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $9639766258 | &nbsp;&nbsp; $2002494249 | &nbsp;&nbsp; $51798208 |
| Cash | &nbsp;&nbsp; 1824857 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 21748861 | &nbsp;&nbsp; 536520 | &nbsp;&nbsp; 58022 |
| Receivable for securities sold | &nbsp;&nbsp; 14535054 | &nbsp;&nbsp; 80353 | &nbsp;&nbsp; — |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30455 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 5536437 | &nbsp;&nbsp; 3685974 | &nbsp;&nbsp; 22244 |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; 96245 | &nbsp;&nbsp; 2882 | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 171482 | &nbsp;&nbsp; 84726 | &nbsp;&nbsp; 45438 |
| Total Assets | &nbsp;&nbsp; 9683679194 | &nbsp;&nbsp; 2006884704 | &nbsp;&nbsp; 51954367 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 2899843 | &nbsp;&nbsp; 724416 | &nbsp;&nbsp; 21909 |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 56118732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 5048767 | &nbsp;&nbsp; 2016615 | &nbsp;&nbsp; 21077 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; 1445900 | &nbsp;&nbsp; 231826 | &nbsp;&nbsp; — |
| Payable to trustees | &nbsp;&nbsp; 10334 | &nbsp;&nbsp; 10333 | &nbsp;&nbsp; 10333 |
| Payable for audit fees | &nbsp;&nbsp; 29618 | &nbsp;&nbsp; 28951 | &nbsp;&nbsp; 24985 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 115427 | &nbsp;&nbsp; 29610 | &nbsp;&nbsp; 9436 |
| Payable for shareholder reports | &nbsp;&nbsp; 260954 | &nbsp;&nbsp; 25700 | &nbsp;&nbsp; 4200 |
| Payable for legal fees | &nbsp;&nbsp; 24376 | &nbsp;&nbsp; 24377 | &nbsp;&nbsp; 24377 |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 242728 | &nbsp;&nbsp; 86536 | &nbsp;&nbsp; 8903 |
| Payable for cash collateral on loaned securities (Note A) | &nbsp;&nbsp; 155666670 | &nbsp;&nbsp; 12064329 | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 92568 | &nbsp;&nbsp; 23637 | &nbsp;&nbsp; 7233 |
| Total Liabilities | &nbsp;&nbsp; 221955917 | &nbsp;&nbsp; 15266330 | &nbsp;&nbsp; 132453 |
| Net Assets  | &nbsp;&nbsp; $9461723277 | &nbsp;&nbsp; $1991618374 | &nbsp;&nbsp; $51821914 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $6574704358 | &nbsp;&nbsp; $1787728438 | &nbsp;&nbsp; $35766642 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 2887018919 | &nbsp;&nbsp; 203889936 | &nbsp;&nbsp; 16055272 |
| Net Assets  | &nbsp;&nbsp; $9461723277 | &nbsp;&nbsp; $1991618374 | &nbsp;&nbsp; $51821914 |
| **Net Assets** |  |  |  |
| Investor Class | &nbsp;&nbsp; $1738458678 | &nbsp;&nbsp; $536635662 | &nbsp;&nbsp; $27743227 |
| Trust Class | &nbsp;&nbsp; 93834278 | &nbsp;&nbsp; 22059377 | &nbsp;&nbsp; 6496235 |
| Advisor Class | &nbsp;&nbsp; 129175411 | &nbsp;&nbsp; 4547386 | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 6125925041 | &nbsp;&nbsp; 523637075 | &nbsp;&nbsp; 14829832 |
| Class A | &nbsp;&nbsp; 205806179 | &nbsp;&nbsp; 32029828 | &nbsp;&nbsp; 1510697 |
| Class C | &nbsp;&nbsp; 219268621 | &nbsp;&nbsp; 4852878 | &nbsp;&nbsp; 682817 |
| Class R3 | &nbsp;&nbsp; 14354610 | &nbsp;&nbsp; 8295662 | &nbsp;&nbsp; 548843 |
| Class R6 | &nbsp;&nbsp; 696982331 | &nbsp;&nbsp; 859560506 | &nbsp;&nbsp; 10263 |
| Class E | &nbsp;&nbsp; 237918128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Multi-Cap** <br>**Opportunities Fund**<br>| **Quality** <br>**Equity Fund**<br>| **Real Estate** <br>**Fund**<br>| **Small Cap** <br>**Growth Fund**<br>|
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| $251477570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2549625578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $671486703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $467569384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 163873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3739972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50267785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13334 |
| 21824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33293256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3881 |
| 32815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67630 |
| 251696082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2587400490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676846268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518580120 |
| 62896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22274518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9388514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3390293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 24774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5794159 |
| 29939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10333 |
| 27803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26968 |
| 8266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12578 |
| 9442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22189 |
| 24143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24377 |
| 2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9868999 |
| 6219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10313 |
| 206741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12189404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4624921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38406895 |
| $251489341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2575211086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $672221347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $480173225 |
| $142304069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1412543954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $675786666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $378042930 |
| 109185272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162667132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3565319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102130295 |
| $251489341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2575211086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $672221347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $480173225 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $474352709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71630001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121466351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63486662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3766609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562315 |
| 100284803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494531018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391326879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227656881 |
| 28224428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225887489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50086035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21540235 |
| 7369875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48104871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4852917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6133435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16432847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11383882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16411657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134540596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132649039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131472092 |
| 115610235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59895205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18435933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

![](img006065f64.gif)

Statements of Assets and Liabilities (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Value Fund**<br>| **Mid Cap** <br>**Growth Fund**<br>| **Mid Cap Intrinsic** <br>**Value Fund**<br>|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |  |  |
| Investor Class | &nbsp;&nbsp; 30826195 | &nbsp;&nbsp; 35917945 | &nbsp;&nbsp; 995813 |
| Trust Class | &nbsp;&nbsp; 1658702 | &nbsp;&nbsp; 1477770 | &nbsp;&nbsp; 233386 |
| Advisor Class | &nbsp;&nbsp; 2282977 | &nbsp;&nbsp; 305163 | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 108637982 | &nbsp;&nbsp; 35016255 | &nbsp;&nbsp; 533356 |
| Class A | &nbsp;&nbsp; 3640197 | &nbsp;&nbsp; 2147415 | &nbsp;&nbsp; 54234 |
| Class C | &nbsp;&nbsp; 3875778 | &nbsp;&nbsp; 326997 | &nbsp;&nbsp; 25167 |
| Class R3 | &nbsp;&nbsp; 255426 | &nbsp;&nbsp; 557168 | &nbsp;&nbsp; 19763 |
| Class R6 | &nbsp;&nbsp; 12369557 | &nbsp;&nbsp; 57446935 | &nbsp;&nbsp; 369 |
| Class E | &nbsp;&nbsp; 4217346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value, offering and redemption price per share**  |  |  |  |
| Investor Class | &nbsp;&nbsp; $56.40 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $27.86 |
| Trust Class | 56.57 | 14.93 | 27.83 |
| Advisor Class | 56.58 | 14.90 | &nbsp;&nbsp; — |
| Institutional Class | 56.39 | 14.95 | 27.80 |
| Class R3 | 56.20 | 14.89 | 27.77 |
| Class R6 | 56.35 | 14.96 | 27.79 |
| Class E | 56.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value and redemption price per share**  |  |  |  |
| Class A | &nbsp;&nbsp; $56.54 | &nbsp;&nbsp; $14.92 | &nbsp;&nbsp; $27.86 |
| **Offering Price per share**  |  |  |  |
| Class A‡ | &nbsp;&nbsp; $59.99 | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $29.56 |
| **Net Asset Value and offering price per share**  |  |  |  |
| Class C^ | &nbsp;&nbsp; $56.57 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $27.13 |
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $157060086 | &nbsp;&nbsp; $39066264 | &nbsp;&nbsp; $— |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $7163446975 | &nbsp;&nbsp; $1877969621 | &nbsp;&nbsp; $37795956 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| ‡ | On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's <br> prospectus, offering price is reduced.<br>|
| ^ | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Multi-Cap** <br>**Opportunities Fund**<br>| **Quality** <br>**Equity Fund**<br>| **Real Estate** <br>**Fund**<br>| **Small Cap** <br>**Growth Fund**<br>|
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8364868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4310453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71679 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29966 |
| 8466700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26373921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26459003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4254747 |
| 2401968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410114 |
| 679897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8975992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2444377 |
| 9805423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.20 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.55 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.14 |
| 11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.79 |
| 11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $11.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.52 |
| $12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55.72 |
| $10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.52 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17789582 |
| $153336419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1432988991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $639101449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $420137261 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

------

![](img006065f64.gif)

Statements of Operations (Unaudited)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>| **Focus Fund** |
|  | **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $1390595 | &nbsp;&nbsp; $12251534 | &nbsp;&nbsp; $3628310 |
| Dividend income—affiliated issuers (Note F) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 78881 | &nbsp;&nbsp; 333010 | &nbsp;&nbsp; 739554 |
| Other income | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 8 |
| Income from securities loaned—net | &nbsp;&nbsp; 7354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3645 |
| Foreign taxes withheld | &nbsp;&nbsp; (194974)<br>| &nbsp;&nbsp; (201291)<br>| &nbsp;&nbsp; (103229)<br>|
| Total income  | &nbsp;&nbsp; $1281939 | &nbsp;&nbsp; $12383349 | &nbsp;&nbsp; $4268288 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 1056592 | &nbsp;&nbsp; 2535473 | &nbsp;&nbsp; 2092526 |
| Administration fees (Note B): |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 954086 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66889 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2530 |
| Institutional Class | &nbsp;&nbsp; 143131 | &nbsp;&nbsp; 561551 | &nbsp;&nbsp; 22763 |
| Class A | &nbsp;&nbsp; 15965 | &nbsp;&nbsp; 203416 | &nbsp;&nbsp; 4598 |
| Class C | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 48724 | &nbsp;&nbsp; 336 |
| Class R3 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 5008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distribution fees (Note B): |  |  |  |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16722 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1582 |
| Class A | &nbsp;&nbsp; 15351 | &nbsp;&nbsp; 195592 | &nbsp;&nbsp; 4421 |
| Class C | &nbsp;&nbsp; 10563 | &nbsp;&nbsp; 187402 | &nbsp;&nbsp; 1293 |
| Class R3 | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 2295 | &nbsp;&nbsp; — |
| Shareholder servicing agent fees: |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134841 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1317 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229 |
| Institutional Class | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 2195 | &nbsp;&nbsp; 237 |
| Class A | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 292 |
| Class C | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 159 |
| Class R3 | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |
| Audit fees | &nbsp;&nbsp; 30100 | &nbsp;&nbsp; 31049 | &nbsp;&nbsp; 27978 |
| Custodian and accounting fees | &nbsp;&nbsp; 105536 | &nbsp;&nbsp; 62970 | &nbsp;&nbsp; 49037 |
| Insurance | &nbsp;&nbsp; 2756 | &nbsp;&nbsp; 13832 | &nbsp;&nbsp; 10441 |
| Legal fees | &nbsp;&nbsp; 64931 | &nbsp;&nbsp; 38937 | &nbsp;&nbsp; 44438 |
| Registration and filing fees | &nbsp;&nbsp; 40256 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 50245 |
| Repayment to Management of expenses previously assumed by <br> Management (Note B)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 150 |
| Shareholder reports | &nbsp;&nbsp; 6740 | &nbsp;&nbsp; 20447 | &nbsp;&nbsp; 14575 |
| Trustees' fees and expenses | &nbsp;&nbsp; 29271 | &nbsp;&nbsp; 30513 | &nbsp;&nbsp; 30303 |
| Interest | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; — |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 49743 | &nbsp;&nbsp; 26278 | &nbsp;&nbsp; 22952 |
| Total expenses | &nbsp;&nbsp; 1587704 | &nbsp;&nbsp; 4008458 | &nbsp;&nbsp; 3555940 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| $39058669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4831702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1098853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4543256 |
| 6609902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1431535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85405 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (93267)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (428727)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91653)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $47006844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4578271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1068396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4628666 |
| 28403903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4437883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4672321 |
| 1862395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1613036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 137209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1529783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1015076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 85756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 351446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 3193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 2754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 7028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 6963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1954 |
| 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 31228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25642 |
| 332611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57404 |
| 133308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14720 |
| 39229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38937 |
| 75186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37058 |
| 178309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50238 |
| 40148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8330 |
| 131166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21697 |
| 35979785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6020398 |

---

------

![](img006065f64.gif)

Statements of Operations (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>| **Focus Fund** |
|  | **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (229521)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (129)<br>|
| Fees waived (Note B) | &nbsp;&nbsp; (83430)<br>| &nbsp;&nbsp; (118698)<br>| &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 1274753 | &nbsp;&nbsp; 3889760 | &nbsp;&nbsp; 3555811 |
| Net investment income/(loss) | &nbsp;&nbsp; $7186 | &nbsp;&nbsp; $8493589 | &nbsp;&nbsp; $712477 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 69725431<br> <sup>\*</sup><br>| &nbsp;&nbsp; 20875912 | &nbsp;&nbsp; 35541962 |
| Transactions in investment securities of affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; 23765495 | &nbsp;&nbsp; 19858582 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; (164238)<br>| &nbsp;&nbsp; 20511 | &nbsp;&nbsp; 132628 |
| Expiration or closing of option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; 319619 | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; (17521895)<sup>\*\*</sup><br>| &nbsp;&nbsp; 106374150 | &nbsp;&nbsp; (26290020)<br>|
| Investment securities of affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 3565 | &nbsp;&nbsp; 10908 | &nbsp;&nbsp; (9575)<br>|
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; (255751)<br>| &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; 52042863 | &nbsp;&nbsp; 151110844 | &nbsp;&nbsp; 29233577 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $52050049 | &nbsp;&nbsp; $159604433 | &nbsp;&nbsp; $29946054 |

---

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

\* Net of foreign capital gains tax of $883,844 for Emerging Markets Equity.

\*\* Change in accrued foreign capital gains tax amounted to $1,172,264 for Emerging Markets Equity.

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78662)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143211)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (469234)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (967129)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 35510551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4642595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6020398 |
| $11496293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(64324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1391732)<br>|
| 582251589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90983361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15574486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100069999 |
| 15783015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 87194185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (439)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74012)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22703)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (312112097)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38514041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15004687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96987840 |
| (74886424)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 298229829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129546450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30578426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197057839 |
| $309726122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129482126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30635388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $195666107 |

---

------

![](img006065f64.gif)

Statements of Operations (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup><br>| **Large Cap** <br>**Value Fund**<br>| **Mid Cap** <br>**Growth Fund**<br>|
|  | **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $8041610 | &nbsp;&nbsp; $90304525 | &nbsp;&nbsp; $3167143 |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 172499 | &nbsp;&nbsp; 5179644 | &nbsp;&nbsp; 650927 |
| Other income | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Income from securities loaned—net | &nbsp;&nbsp; 15533 | &nbsp;&nbsp; 163908 | &nbsp;&nbsp; 32688 |
| Foreign taxes withheld | &nbsp;&nbsp; (95222)<br>| &nbsp;&nbsp; (138013)<br>| &nbsp;&nbsp; (6475)<br>|
| Total income  | &nbsp;&nbsp; $8134444 | &nbsp;&nbsp; $95510064 | &nbsp;&nbsp; $3844283 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 6000542 | &nbsp;&nbsp; 18137147 | &nbsp;&nbsp; 4812138 |
| Administration fees (Note B): |  |  |  |
| Investor Class | &nbsp;&nbsp; 2614679 | &nbsp;&nbsp; 2049019 | &nbsp;&nbsp; 733808 |
| Trust Class | &nbsp;&nbsp; 97412 | &nbsp;&nbsp; 173083 | &nbsp;&nbsp; 47604 |
| Advisor Class | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 236784 | &nbsp;&nbsp; 10377 |
| Institutional Class | &nbsp;&nbsp; 345212 | &nbsp;&nbsp; 4177147 | &nbsp;&nbsp; 408413 |
| Class A | &nbsp;&nbsp; 40067 | &nbsp;&nbsp; 241257 | &nbsp;&nbsp; 45676 |
| Class C | &nbsp;&nbsp; 23484 | &nbsp;&nbsp; 262720 | &nbsp;&nbsp; 7026 |
| Class R3 | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 16226 | &nbsp;&nbsp; 12492 |
| Class R6 | &nbsp;&nbsp; 4906 | &nbsp;&nbsp; 153741 | &nbsp;&nbsp; 210755 |
| Distribution fees (Note B): |  |  |  |
| Trust Class | &nbsp;&nbsp; 24353 | &nbsp;&nbsp; 43271 | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 147990 | &nbsp;&nbsp; 6486 |
| Class A | &nbsp;&nbsp; 38525 | &nbsp;&nbsp; 231978 | &nbsp;&nbsp; 43919 |
| Class C | &nbsp;&nbsp; 90324 | &nbsp;&nbsp; 1010459 | &nbsp;&nbsp; 27024 |
| Class R3 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; 31203 | &nbsp;&nbsp; 24023 |
| Shareholder servicing agent fees: |  |  |  |
| Investor Class | &nbsp;&nbsp; 349033 | &nbsp;&nbsp; 294660 | &nbsp;&nbsp; 137720 |
| Trust Class | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 1776 | &nbsp;&nbsp; 1309 |
| Advisor Class | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; 274 |
| Institutional Class | &nbsp;&nbsp; 1246 | &nbsp;&nbsp; 10524 | &nbsp;&nbsp; 2931 |
| Class A | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 5867 | &nbsp;&nbsp; 2041 |
| Class C | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 5510 | &nbsp;&nbsp; 371 |
| Class R3 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 1523 | &nbsp;&nbsp; 799 |
| Class R6 | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 5534 | &nbsp;&nbsp; 6222 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |
| Audit fees | &nbsp;&nbsp; 32314 | &nbsp;&nbsp; 28628 | &nbsp;&nbsp; 26908 |
| Blocker administration fees | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp; 112699 | &nbsp;&nbsp; 308345 | &nbsp;&nbsp; 91874 |
| Insurance | &nbsp;&nbsp; 34388 | &nbsp;&nbsp; 119051 | &nbsp;&nbsp; 26547 |
| Legal fees | &nbsp;&nbsp; 48064 | &nbsp;&nbsp; 39170 | &nbsp;&nbsp; 44321 |
| Registration and filing fees | &nbsp;&nbsp; 81786 | &nbsp;&nbsp; 84930 | &nbsp;&nbsp; 73387 |
| Shareholder reports | &nbsp;&nbsp; 32628 | &nbsp;&nbsp; 216855 | &nbsp;&nbsp; 60359 |
| Trustees' fees and expenses | &nbsp;&nbsp; 33174 | &nbsp;&nbsp; 37989 | &nbsp;&nbsp; 32192 |
| Interest | &nbsp;&nbsp; 3381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2142 |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 61765 | &nbsp;&nbsp; 112937 | &nbsp;&nbsp; 48784 |
| Total expenses | &nbsp;&nbsp; 10082584 | &nbsp;&nbsp; 28187285 | &nbsp;&nbsp; 6947922 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Intrinsic** <br>**Value Fund**<br>| **Multi-Cap** <br>**Opportunities Fund**<br>| **Quality** <br>**Equity Fund**<br>| **Real Estate** <br>**Fund**<br>| **Small Cap** <br>**Growth Fund**<br>|
| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| $362908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1166991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8741691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9749428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $890718 |
| 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294902 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53244 |
| 392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5205)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28347)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20703)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $363639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1195450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9789638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9909687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1238864 |
| 139963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4875845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2578299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2152568 |
| 36277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93216 |
| 12369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3046 |
| 10650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197623 |
| 1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27850 |
| 1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8420 |
| 671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22763 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34620 |
| 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1904 |
| 1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26779 |
| 4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32383 |
| 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43774 |
| 11973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30937 |
| 1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1323 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1270 |
| 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911 |
| 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3679 |
| 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5158 |
| 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4085 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 22942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24926 |
| 28072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35859 |
| 717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6197 |
| 39170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39170 |
| 56332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75296 |
| 5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19103 |
| 29008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29727 |
| 659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21410 |
| 421236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7891018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3536850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2955260 |

---

------

![](img006065f64.gif)

Statements of Operations (Unaudited) (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup><br>| **Large Cap** <br>**Value Fund**<br>| **Mid Cap** <br>**Growth Fund**<br>|
|  | **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (1052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fees waived (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; (438123)<br>| &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 10081532 | &nbsp;&nbsp; 27749162 | &nbsp;&nbsp; 6947922 |
| Net investment income/(loss) | &nbsp;&nbsp; $(1947088)<br>| &nbsp;&nbsp; $67760902 | &nbsp;&nbsp; $(3103639)<br>|
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 113479787 | &nbsp;&nbsp; 537221681 | &nbsp;&nbsp; 140875120 |
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Settlement of foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 574 |
| Expiration or closing of option contracts written | &nbsp;&nbsp; 86136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; (130592588)<br>| &nbsp;&nbsp; 974150184 | &nbsp;&nbsp; (230832695)<br>|
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; (17026665)<br>| &nbsp;&nbsp; 1511371865 | &nbsp;&nbsp; (89957001)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $(18973753)<br>| &nbsp;&nbsp; $1579132767 | &nbsp;&nbsp; $(93060640)<br>|

---

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

<br> \*\* Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Intrinsic** <br>**Value Fund**<br>| **Multi-Cap** <br>**Opportunities Fund**<br>| **Quality** <br>**Equity Fund**<br>| **Real Estate** <br>**Fund**<br>| **Small Cap** <br>**Growth Fund**<br>|
| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| (169198)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (646004)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (480203)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340763)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108460)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 252038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7782558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475057 |
| $111601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $418184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2007080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7085640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1236193)<br>|
| 3412284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6907003)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58887732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9743397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52856787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 2564871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138082803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36088115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1307189)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 5977155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13118268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184240867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36646292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57580543 |
| $6088756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13536452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186247947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43731932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56344350 |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets

**Neuberger Berman Equity Funds** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund** | **Emerging Markets** <br>**Equity Fund** | **Equity** <br>**Income Fund** | **Equity** <br>**Income Fund** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $7186 | &nbsp;&nbsp; $1294750 | &nbsp;&nbsp; $8493589 | &nbsp;&nbsp; $19388731 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 69561193 | &nbsp;&nbsp; 19199238 | &nbsp;&nbsp; 44981537 | &nbsp;&nbsp; 107543775 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; (17518330)<br>| &nbsp;&nbsp; 17436681 | &nbsp;&nbsp; 106129307 | &nbsp;&nbsp; (18626717)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 52050049 | &nbsp;&nbsp; 37930669 | &nbsp;&nbsp; 159604433 | &nbsp;&nbsp; 108305789 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (44960)<br>| &nbsp;&nbsp; (227378)<br>| &nbsp;&nbsp; (16027114)<br>| &nbsp;&nbsp; (47824823)<br>|
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3086262)<br>| &nbsp;&nbsp; (9993077)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (596480)<br>| &nbsp;&nbsp; (2410781)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (16798)<br>| &nbsp;&nbsp; (52003)<br>|
| Class R6 | &nbsp;&nbsp; (11275)<br>| &nbsp;&nbsp; (39667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1156701)<br>| &nbsp;&nbsp; (2949046)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (56235)<br>| &nbsp;&nbsp; (267045)<br>| &nbsp;&nbsp; (20883355)<br>| &nbsp;&nbsp; (63229730)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 11030547 | &nbsp;&nbsp; 16118410 | &nbsp;&nbsp; 83378018 | &nbsp;&nbsp; 202995254 |
| Class A | &nbsp;&nbsp; 4564404 | &nbsp;&nbsp; 2872304 | &nbsp;&nbsp; 4680908 | &nbsp;&nbsp; 13311802 |
| Class C | &nbsp;&nbsp; 193394 | &nbsp;&nbsp; 648806 | &nbsp;&nbsp; 405123 | &nbsp;&nbsp; 780561 |
| Class R3 | &nbsp;&nbsp; 292885 | &nbsp;&nbsp; 71481 | &nbsp;&nbsp; 118414 | &nbsp;&nbsp; 262193 |
| Class R6 | &nbsp;&nbsp; 641325 | &nbsp;&nbsp; 1149484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3989805 | &nbsp;&nbsp; 2677038 |
| Proceeds from reinvestment of dividends and distributions: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 28518 | &nbsp;&nbsp; 141451 | &nbsp;&nbsp; 14851142 | &nbsp;&nbsp; 44434397 |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2276812 | &nbsp;&nbsp; 7407310 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 569338 | &nbsp;&nbsp; 2292481 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16798 | &nbsp;&nbsp; 52004 |
| Class R6 | &nbsp;&nbsp; 11174 | &nbsp;&nbsp; 39492 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1156701 | &nbsp;&nbsp; 2949046 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Focus Fund** | **Focus Fund** | **Genesis Fund** | **Genesis Fund** | **International** <br>**Equity Fund** | **International** <br>**Equity Fund** | **International** <br>**Select Fund** | **International** <br>**Select Fund** |
| **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>|
| $712477 | &nbsp;&nbsp; $2028381 | &nbsp;&nbsp; $11496293 | &nbsp;&nbsp; $20670773 | &nbsp;&nbsp; $(64324)<br>| &nbsp;&nbsp; $13582206 | &nbsp;&nbsp; $56962 | &nbsp;&nbsp; $2658960 |
| 55533172 | &nbsp;&nbsp; 99080225 | &nbsp;&nbsp; 685228350 | &nbsp;&nbsp; 1564584967 | &nbsp;&nbsp; 90909349 | &nbsp;&nbsp; 73452363 | &nbsp;&nbsp; 15551783 | &nbsp;&nbsp; 9212465 |
| (26299595)<br>| &nbsp;&nbsp; 30329974 | &nbsp;&nbsp; (386998521)<br>| &nbsp;&nbsp; (1873843347)<br>| &nbsp;&nbsp; 38637101 | &nbsp;&nbsp; (4342237)<br>| &nbsp;&nbsp; 15026643 | &nbsp;&nbsp; 3850285 |
| 29946054 | &nbsp;&nbsp; 131438580 | &nbsp;&nbsp; 309726122 | &nbsp;&nbsp; (288587607)<br>| &nbsp;&nbsp; 129482126 | &nbsp;&nbsp; 82692332 | &nbsp;&nbsp; 30635388 | &nbsp;&nbsp; 15721710 |
| (66892346)<br>| &nbsp;&nbsp; (1277959)<br>| &nbsp;&nbsp; (197509229)<br>| &nbsp;&nbsp; (36138911)<br>| &nbsp;&nbsp; (5984130)<br>| &nbsp;&nbsp; (2799006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (2961174)<br>| &nbsp;&nbsp; (26363)<br>| &nbsp;&nbsp; (108196883)<br>| &nbsp;&nbsp; (20741001)<br>| &nbsp;&nbsp; (1500795)<br>| &nbsp;&nbsp; (873581)<br>| &nbsp;&nbsp; (303274)<br>| &nbsp;&nbsp; (141441)<br>|
| (114326)<br>| &nbsp;&nbsp; (733)<br>| &nbsp;&nbsp; (9501224)<br>| &nbsp;&nbsp; (2008035)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (2754749)<br>| &nbsp;&nbsp; (73407)<br>| &nbsp;&nbsp; (279709780)<br>| &nbsp;&nbsp; (55317782)<br>| &nbsp;&nbsp; (73614986)<br>| &nbsp;&nbsp; (35886819)<br>| &nbsp;&nbsp; (11571608)<br>| &nbsp;&nbsp; (5346423)<br>|
| (343757)<br>| &nbsp;&nbsp; (2192)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (826910)<br>| &nbsp;&nbsp; (380272)<br>| &nbsp;&nbsp; (218822)<br>| &nbsp;&nbsp; (110746)<br>|
| (15936)<br>| &nbsp;&nbsp; (210)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (173557)<br>| &nbsp;&nbsp; (80002)<br>| &nbsp;&nbsp; (22806)<br>| &nbsp;&nbsp; (12683)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (63045)<br>| &nbsp;&nbsp; (44518)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (548658545)<br>| &nbsp;&nbsp; (101762962)<br>| &nbsp;&nbsp; (3597314)<br>| &nbsp;&nbsp; (2076997)<br>| &nbsp;&nbsp; (1048883)<br>| &nbsp;&nbsp; (378012)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (20328319)<br>| &nbsp;&nbsp; (4319474)<br>| &nbsp;&nbsp; (3818923)<br>| &nbsp;&nbsp; (1808653)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (73082288)<br>| &nbsp;&nbsp; (1380864)<br>| &nbsp;&nbsp; (1163903980)<br>| &nbsp;&nbsp; (220288165)<br>| &nbsp;&nbsp; (89516615)<br>| &nbsp;&nbsp; (43905330)<br>| &nbsp;&nbsp; (13228438)<br>| &nbsp;&nbsp; (6033823)<br>|
| 1887311 | &nbsp;&nbsp; 2146341 | &nbsp;&nbsp; 26708951 | &nbsp;&nbsp; 81868849 | &nbsp;&nbsp; 809304 | &nbsp;&nbsp; 2002282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 132845 | &nbsp;&nbsp; 303310 | &nbsp;&nbsp; 16571280 | &nbsp;&nbsp; 58590008 | &nbsp;&nbsp; 158919 | &nbsp;&nbsp; 1663405 | &nbsp;&nbsp; 64907 | &nbsp;&nbsp; 354096 |
| 163663 | &nbsp;&nbsp; 179825 | &nbsp;&nbsp; 2082767 | &nbsp;&nbsp; 10141534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 40589177 | &nbsp;&nbsp; 42663253 | &nbsp;&nbsp; 358671409 | &nbsp;&nbsp; 1208438416 | &nbsp;&nbsp; 40045700 | &nbsp;&nbsp; 128879002 | &nbsp;&nbsp; 12537243 | &nbsp;&nbsp; 71689538 |
| 644794 | &nbsp;&nbsp; 529386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 895398 | &nbsp;&nbsp; 2287074 | &nbsp;&nbsp; 523827 | &nbsp;&nbsp; 3579525 |
| 76687 | &nbsp;&nbsp; 11358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91345 | &nbsp;&nbsp; 421845 | &nbsp;&nbsp; 15339 | &nbsp;&nbsp; 38708 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118629 | &nbsp;&nbsp; 485429 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 478271294 | &nbsp;&nbsp; 407937575 | &nbsp;&nbsp; 3462252 | &nbsp;&nbsp; 10606634 | &nbsp;&nbsp; 24917492 | &nbsp;&nbsp; 20142979 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5277489 | &nbsp;&nbsp; 11052689 | &nbsp;&nbsp; 2936737 | &nbsp;&nbsp; 5057989 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 61086930 | &nbsp;&nbsp; 1162907 | &nbsp;&nbsp; 190673589 | &nbsp;&nbsp; 34925102 | &nbsp;&nbsp; 5741097 | &nbsp;&nbsp; 2618201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2947486 | &nbsp;&nbsp; 26255 | &nbsp;&nbsp; 106909489 | &nbsp;&nbsp; 20511834 | &nbsp;&nbsp; 1468782 | &nbsp;&nbsp; 742523 | &nbsp;&nbsp; 289152 | &nbsp;&nbsp; 134086 |
| 113845 | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 9343440 | &nbsp;&nbsp; 1972572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2711392 | &nbsp;&nbsp; 72209 | &nbsp;&nbsp; 253566722 | &nbsp;&nbsp; 49955352 | &nbsp;&nbsp; 57338684 | &nbsp;&nbsp; 28449873 | &nbsp;&nbsp; 11246687 | &nbsp;&nbsp; 5248075 |
| 335949 | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 654859 | &nbsp;&nbsp; 289139 | &nbsp;&nbsp; 114828 | &nbsp;&nbsp; 57919 |
| 13822 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140813 | &nbsp;&nbsp; 65362 | &nbsp;&nbsp; 19481 | &nbsp;&nbsp; 11414 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63045 | &nbsp;&nbsp; 44518 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 540299542 | &nbsp;&nbsp; 100282675 | &nbsp;&nbsp; 3597314 | &nbsp;&nbsp; 2076996 | &nbsp;&nbsp; 1046850 | &nbsp;&nbsp; 373646 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20328319 | &nbsp;&nbsp; 4319475 | &nbsp;&nbsp; 3818923 | &nbsp;&nbsp; 1808654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets** <br>**Equity Fund** | **Emerging Markets** <br>**Equity Fund** | **Equity** <br>**Income Fund** | **Equity** <br>**Income Fund** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (21364131)<br>| &nbsp;&nbsp; (46775146)<br>| &nbsp;&nbsp; (113976067)<br>| &nbsp;&nbsp; (258402465)<br>|
| Class A | &nbsp;&nbsp; (2910229)<br>| &nbsp;&nbsp; (12765145)<br>| &nbsp;&nbsp; (11559890)<br>| &nbsp;&nbsp; (32920670)<br>|
| Class C | &nbsp;&nbsp; (391159)<br>| &nbsp;&nbsp; (421920)<br>| &nbsp;&nbsp; (4216627)<br>| &nbsp;&nbsp; (11196280)<br>|
| Class R3 | &nbsp;&nbsp; (174826)<br>| &nbsp;&nbsp; (48296)<br>| &nbsp;&nbsp; (131997)<br>| &nbsp;&nbsp; (198085)<br>|
| Class R6 | &nbsp;&nbsp; (302580)<br>| &nbsp;&nbsp; (1514319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8050013)<br>| &nbsp;&nbsp; (2464051)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (8380678)<br>| &nbsp;&nbsp; (40483398)<br>| &nbsp;&nbsp; (26491535)<br>| &nbsp;&nbsp; (28019465)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 43613136 | &nbsp;&nbsp; (2819774)<br>| &nbsp;&nbsp; 112229543 | &nbsp;&nbsp; 17056594 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 207405145 | &nbsp;&nbsp; 210224919 | &nbsp;&nbsp; 968406477 | &nbsp;&nbsp; 951349883 |
| End of period | &nbsp;&nbsp; $251018281 | &nbsp;&nbsp; $207405145 | &nbsp;&nbsp; $1080636020 | &nbsp;&nbsp; $968406477 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Focus Fund** | **Focus Fund** | **Genesis Fund** | **Genesis Fund** | **International** <br>**Equity Fund** | **International** <br>**Equity Fund** | **International** <br>**Select Fund** | **International** <br>**Select Fund** |
| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| $(31822696)<br>| $(52920747)<br>| $(209327017)<br>| $(273772031)<br>| $(5072063)<br>| $(7499332)<br>| $— | $— |
| (3469297)<br>| (5783686)<br>| (144405321)<br>| (176300371)<br>| (5713981)<br>| (3635243)<br>| (287527)<br>| (434215)<br>|
| (73408)<br>| (152100)<br>| (11636042)<br>| (33533369)<br>|  |  |  |  |
| (41616206)<br>| (40712559)<br>| (823881849)<br>| (1496467138)<br>| (128583447)<br>| (190338427)<br>| (34123806)<br>| (34438685)<br>|
| (389202)<br>| (481810)<br>|  |  | (1466651)<br>| (4598913)<br>| (2647659)<br>| (1987569)<br>|
| (164570)<br>| (52224)<br>|  |  | (532701)<br>| (1499307)<br>| (20321)<br>| (278322)<br>|
|  |  |  |  |  |  | (142282)<br>| (948506)<br>|
|  |  | (606407334)<br>| (809497487)<br>| (13735775)<br>| (18929028)<br>| (4746001)<br>| (121044)<br>|
|  |  | (27448622)<br>| (20728487)<br>| (5592461)<br>| (4666715)<br>|  |  |
| 33168522 | (53005272)<br>| 185598106 | (820302802)<br>| (39536952)<br>| (44197986)<br>| 8989884 | 63951592 |
| (9967712)<br>| 77052444 | (668579752)<br>| (1329178574)<br>| 428559 | (5410984)<br>| 26396834 | 73639479 |
| 796278301 | 719225857 | 9226950812 | 10556129386 | 1118593335 | 1124004319 | 246243300 | 172603821 |
| $786310589 | $796278301 | $8558371060 | $9226950812 | $1119021894 | $1118593335 | $272640134 | $246243300 |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intrinsic** <br>**Value Fund** | **Intrinsic** <br>**Value Fund** | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $(1391732)<br>| &nbsp;&nbsp; $3321826 | &nbsp;&nbsp; $(1947088)<br>| &nbsp;&nbsp; $(2980750)<br>|
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 100069999 | &nbsp;&nbsp; 65711769 | &nbsp;&nbsp; 113565923 | &nbsp;&nbsp; 282621624 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 96987840 | &nbsp;&nbsp; 39278554 | &nbsp;&nbsp; (130592588)<br>| &nbsp;&nbsp; 141303079 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 195666107 | &nbsp;&nbsp; 108312149 | &nbsp;&nbsp; (18973753)<br>| &nbsp;&nbsp; 420943953 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (226883868)<br>| &nbsp;&nbsp; (109141216)<br>|
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5460433)<br>| &nbsp;&nbsp; (2744727)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24976)<br>| &nbsp;&nbsp; (14693)<br>|
| Institutional Class | &nbsp;&nbsp; (44996625)<br>| &nbsp;&nbsp; (9891389)<br>| &nbsp;&nbsp; (51924807)<br>| &nbsp;&nbsp; (30462550)<br>|
| Class A | &nbsp;&nbsp; (1759090)<br>| &nbsp;&nbsp; (390104)<br>| &nbsp;&nbsp; (3572352)<br>| &nbsp;&nbsp; (1632872)<br>|
| Class C | &nbsp;&nbsp; (743571)<br>| &nbsp;&nbsp; (164757)<br>| &nbsp;&nbsp; (1967948)<br>| &nbsp;&nbsp; (1428671)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (157917)<br>| &nbsp;&nbsp; (89451)<br>|
| Class R6 | &nbsp;&nbsp; (3473425)<br>| &nbsp;&nbsp; (989636)<br>| &nbsp;&nbsp; (2295678)<br>| &nbsp;&nbsp; (5041160)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (50972711)<br>| &nbsp;&nbsp; (11435886)<br>| &nbsp;&nbsp; (292287979)<br>| &nbsp;&nbsp; (150555340)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7708626 | &nbsp;&nbsp; 11850212 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 707878 | &nbsp;&nbsp; 1688834 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57247 | &nbsp;&nbsp; 15121 |
| Institutional Class | &nbsp;&nbsp; 97285861 | &nbsp;&nbsp; 244819042 | &nbsp;&nbsp; 31006326 | &nbsp;&nbsp; 105167731 |
| Class A | &nbsp;&nbsp; 5378494 | &nbsp;&nbsp; 6292713 | &nbsp;&nbsp; 3982198 | &nbsp;&nbsp; 6238453 |
| Class C | &nbsp;&nbsp; 1990553 | &nbsp;&nbsp; 1791835 | &nbsp;&nbsp; 224183 | &nbsp;&nbsp; 2792055 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92706 | &nbsp;&nbsp; 197310 |
| Class R6 | &nbsp;&nbsp; 1167455 | &nbsp;&nbsp; 4604283 | &nbsp;&nbsp; 5570206 | &nbsp;&nbsp; 98968641 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Proceeds from reinvestment of dividends and distributions: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 212631727 | &nbsp;&nbsp; 102421830 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5415710 | &nbsp;&nbsp; 2724100 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24975 | &nbsp;&nbsp; 14693 |
| Institutional Class | &nbsp;&nbsp; 35125962 | &nbsp;&nbsp; 8498828 | &nbsp;&nbsp; 51704094 | &nbsp;&nbsp; 30352322 |
| Class A | &nbsp;&nbsp; 1421177 | &nbsp;&nbsp; 317084 | &nbsp;&nbsp; 2890091 | &nbsp;&nbsp; 1303652 |
| Class C | &nbsp;&nbsp; 634085 | &nbsp;&nbsp; 137881 | &nbsp;&nbsp; 1967948 | &nbsp;&nbsp; 1428671 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 156358 | &nbsp;&nbsp; 88694 |
| Class R6 | &nbsp;&nbsp; 3399470 | &nbsp;&nbsp; 970088 | &nbsp;&nbsp; 2295678 | &nbsp;&nbsp; 5040486 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap** <br>**Value Fund** | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Growth Fund** | **Mid Cap** <br>**Growth Fund** | **Mid Cap Intrinsic** <br>**Value Fund** | **Mid Cap Intrinsic** <br>**Value Fund** | **Multi-Cap** <br>**Opportunities Fund** | **Multi-Cap** <br>**Opportunities Fund** |
| **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Six Months** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **February 28,** <br>**2026** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>|
| $67760902 | &nbsp;&nbsp; $145903979 | &nbsp;&nbsp; $(3103639)<br>| &nbsp;&nbsp; $(2825442)<br>| &nbsp;&nbsp; $111601 | &nbsp;&nbsp; $458141 | &nbsp;&nbsp; $418184 | &nbsp;&nbsp; $1083759 |
| 537221681 | &nbsp;&nbsp; 646005056 | &nbsp;&nbsp; 140875694 | &nbsp;&nbsp; 371051039 | &nbsp;&nbsp; 3412284 | &nbsp;&nbsp; 4550636 | &nbsp;&nbsp; 10602856 | &nbsp;&nbsp; 55518742 |
| 974150184 | &nbsp;&nbsp; (141211654)<br>| &nbsp;&nbsp; (230832695)<br>| &nbsp;&nbsp; 25561890 | &nbsp;&nbsp; 2564871 | &nbsp;&nbsp; (1929747)<br>| &nbsp;&nbsp; 2515412 | &nbsp;&nbsp; (27363548)<br>|
| 1579132767 | &nbsp;&nbsp; 650697381 | &nbsp;&nbsp; (93060640)<br>| &nbsp;&nbsp; 393787487 | &nbsp;&nbsp; 6088756 | &nbsp;&nbsp; 3079030 | &nbsp;&nbsp; 13536452 | &nbsp;&nbsp; 29238953 |
| (96427963)<br>| &nbsp;&nbsp; (31339603)<br>| &nbsp;&nbsp; (103002284)<br>| &nbsp;&nbsp; (50387776)<br>| &nbsp;&nbsp; (2802348)<br>| &nbsp;&nbsp; (1938298)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (5029996)<br>| &nbsp;&nbsp; (1560160)<br>| &nbsp;&nbsp; (4317248)<br>| &nbsp;&nbsp; (2245367)<br>| &nbsp;&nbsp; (623541)<br>| &nbsp;&nbsp; (341406)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (6753530)<br>| &nbsp;&nbsp; (2032699)<br>| &nbsp;&nbsp; (927948)<br>| &nbsp;&nbsp; (491295)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (348998761)<br>| &nbsp;&nbsp; (128790398)<br>| &nbsp;&nbsp; (100429715)<br>| &nbsp;&nbsp; (45480355)<br>| &nbsp;&nbsp; (1469536)<br>| &nbsp;&nbsp; (867681)<br>| &nbsp;&nbsp; (681366)<br>| &nbsp;&nbsp; (3107546)<br>|
| (10890835)<br>| &nbsp;&nbsp; (2908213)<br>| &nbsp;&nbsp; (6308285)<br>| &nbsp;&nbsp; (3300640)<br>| &nbsp;&nbsp; (117909)<br>| &nbsp;&nbsp; (87158)<br>| &nbsp;&nbsp; (189442)<br>| &nbsp;&nbsp; (841962)<br>|
| (10344597)<br>| &nbsp;&nbsp; (2203766)<br>| &nbsp;&nbsp; (995511)<br>| &nbsp;&nbsp; (566910)<br>| &nbsp;&nbsp; (87284)<br>| &nbsp;&nbsp; (46488)<br>| &nbsp;&nbsp; (55613)<br>| &nbsp;&nbsp; (276065)<br>|
| (742955)<br>| &nbsp;&nbsp; (150556)<br>| &nbsp;&nbsp; (1788142)<br>| &nbsp;&nbsp; (810215)<br>| &nbsp;&nbsp; (50020)<br>| &nbsp;&nbsp; (28919)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (38567341)<br>| &nbsp;&nbsp; (14478826)<br>| &nbsp;&nbsp; (151648768)<br>| &nbsp;&nbsp; (62158268)<br>| &nbsp;&nbsp; (1171)<br>| &nbsp;&nbsp; (652)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (13921288)<br>| &nbsp;&nbsp; (5002818)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1384713)<br>| &nbsp;&nbsp; (3635967)<br>|
| (531677266)<br>| &nbsp;&nbsp; (188467039)<br>| &nbsp;&nbsp; (369417901)<br>| &nbsp;&nbsp; (165440826)<br>| &nbsp;&nbsp; (5151809)<br>| &nbsp;&nbsp; (3310602)<br>| &nbsp;&nbsp; (2311134)<br>| &nbsp;&nbsp; (7861540)<br>|
| 16620707 | &nbsp;&nbsp; 16389036 | &nbsp;&nbsp; 4373627 | &nbsp;&nbsp; 4502463 | &nbsp;&nbsp; 238928 | &nbsp;&nbsp; 294132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2484730 | &nbsp;&nbsp; 5981558 | &nbsp;&nbsp; 1165742 | &nbsp;&nbsp; 5390582 | &nbsp;&nbsp; 25406 | &nbsp;&nbsp; 133831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4522947 | &nbsp;&nbsp; 9431581 | &nbsp;&nbsp; 475760 | &nbsp;&nbsp; 2239289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 653944483 | &nbsp;&nbsp; 951409148 | &nbsp;&nbsp; 102136326 | &nbsp;&nbsp; 123414624 | &nbsp;&nbsp; 153659 | &nbsp;&nbsp; 789150 | &nbsp;&nbsp; 21518071 | &nbsp;&nbsp; 58675483 |
| 15916030 | &nbsp;&nbsp; 43889182 | &nbsp;&nbsp; 6127254 | &nbsp;&nbsp; 8945177 | &nbsp;&nbsp; 297897 | &nbsp;&nbsp; 171714 | &nbsp;&nbsp; 1413315 | &nbsp;&nbsp; 3655164 |
| 8025074 | &nbsp;&nbsp; 12921023 | &nbsp;&nbsp; 255788 | &nbsp;&nbsp; 460066 | &nbsp;&nbsp; 8090 | &nbsp;&nbsp; 58804 | &nbsp;&nbsp; 86776 | &nbsp;&nbsp; 330097 |
| 2020981 | &nbsp;&nbsp; 3931586 | &nbsp;&nbsp; 860329 | &nbsp;&nbsp; 3061620 | &nbsp;&nbsp; 16692 | &nbsp;&nbsp; 36031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 80355300 | &nbsp;&nbsp; 93214766 | &nbsp;&nbsp; 164950471 | &nbsp;&nbsp; 240441582 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7687977 | &nbsp;&nbsp; 5659092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2008281 | &nbsp;&nbsp; 4966196 |
| 92272263 | &nbsp;&nbsp; 29874993 | &nbsp;&nbsp; 97526370 | &nbsp;&nbsp; 47705939 | &nbsp;&nbsp; 2541019 | &nbsp;&nbsp; 1809889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 5002997 | &nbsp;&nbsp; 1499398 | &nbsp;&nbsp; 4293048 | &nbsp;&nbsp; 2229413 | &nbsp;&nbsp; 611948 | &nbsp;&nbsp; 335044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6288437 | &nbsp;&nbsp; 1917911 | &nbsp;&nbsp; 724218 | &nbsp;&nbsp; 405126 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 306123954 | &nbsp;&nbsp; 113049277 | &nbsp;&nbsp; 99474300 | &nbsp;&nbsp; 45017955 | &nbsp;&nbsp; 1464664 | &nbsp;&nbsp; 864983 | &nbsp;&nbsp; 505329 | &nbsp;&nbsp; 2380421 |
| 7792969 | &nbsp;&nbsp; 1954642 | &nbsp;&nbsp; 5242271 | &nbsp;&nbsp; 2840767 | &nbsp;&nbsp; 94822 | &nbsp;&nbsp; 74857 | &nbsp;&nbsp; 162982 | &nbsp;&nbsp; 765995 |
| 8271103 | &nbsp;&nbsp; 1765171 | &nbsp;&nbsp; 983749 | &nbsp;&nbsp; 561250 | &nbsp;&nbsp; 87284 | &nbsp;&nbsp; 46488 | &nbsp;&nbsp; 54963 | &nbsp;&nbsp; 265234 |
| 734813 | &nbsp;&nbsp; 148694 | &nbsp;&nbsp; 1738326 | &nbsp;&nbsp; 781886 | &nbsp;&nbsp; 50019 | &nbsp;&nbsp; 28333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 35666564 | &nbsp;&nbsp; 12814944 | &nbsp;&nbsp; 145998440 | &nbsp;&nbsp; 59232626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 13921287 | &nbsp;&nbsp; 5002818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1384713 | &nbsp;&nbsp; 3635966 |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intrinsic** <br>**Value Fund** | **Intrinsic** <br>**Value Fund** | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(85163070)<br>| &nbsp;&nbsp; $(138238826)<br>|
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3498740)<br>| &nbsp;&nbsp; (8196327)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6024)<br>| &nbsp;&nbsp; (92189)<br>|
| Institutional Class | &nbsp;&nbsp; (133060175)<br>| &nbsp;&nbsp; (416369530)<br>| &nbsp;&nbsp; (63278629)<br>| &nbsp;&nbsp; (296339974)<br>|
| Class A | &nbsp;&nbsp; (7767354)<br>| &nbsp;&nbsp; (14669332)<br>| &nbsp;&nbsp; (2601354)<br>| &nbsp;&nbsp; (7577338)<br>|
| Class C | &nbsp;&nbsp; (1845463)<br>| &nbsp;&nbsp; (4455462)<br>| &nbsp;&nbsp; (5539862)<br>| &nbsp;&nbsp; (9107851)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (26125)<br>| &nbsp;&nbsp; (568593)<br>|
| Class R6 | &nbsp;&nbsp; (34017548)<br>| &nbsp;&nbsp; (22929825)<br>| &nbsp;&nbsp; (3979380)<br>| &nbsp;&nbsp; (83180521)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (30287483)<br>| &nbsp;&nbsp; (190992395)<br>| &nbsp;&nbsp; 162342767 | &nbsp;&nbsp; (173008814)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 114405913 | &nbsp;&nbsp; (94116132)<br>| &nbsp;&nbsp; (148918965)<br>| &nbsp;&nbsp; 97379799 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 1186404155 | &nbsp;&nbsp; 1280520287 | &nbsp;&nbsp; 2608240539 | &nbsp;&nbsp; 2510860740 |
| End of period | &nbsp;&nbsp; $1300810068 | &nbsp;&nbsp; $1186404155 | &nbsp;&nbsp; $2459321574 | &nbsp;&nbsp; $2608240539 |

---

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

<br> \*\* Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap** <br>**Value Fund** | **Large Cap** <br>**Value Fund** | **Mid Cap** <br>**Growth Fund** | **Mid Cap** <br>**Growth Fund** | **Mid Cap Intrinsic** <br>**Value Fund** | **Mid Cap Intrinsic** <br>**Value Fund** | **Multi-Cap** <br>**Opportunities Fund** | **Multi-Cap** <br>**Opportunities Fund** |
| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| $(79505692)<br>| $(162471703)<br>| $(30402430)<br>| $(44135486)<br>| $(5381821)<br>| $(5478915)<br>| $— | $— |
| (9833551)<br>| (18187329)<br>| (3656367)<br>| (8273503)<br>| (261640)<br>| (621796)<br>|  |  |
| (12716090)<br>| (31730518)<br>| (1209722)<br>| (3233848)<br>|  |  |  |  |
| (982241908)<br>| (2168544878)<br>| (86925416)<br>| (155348720)<br>| (961437)<br>| (2210190)<br>| (28355566)<br>| (81343853)<br>|
| (19644011)<br>| (43656967)<br>| (9232133)<br>| (9717282)<br>| (73360)<br>| (597729)<br>| (3321369)<br>| (9087606)<br>|
| (23269853)<br>| (50228175)<br>| (970505)<br>| (1580312)<br>| (307555)<br>| (75591)<br>| (988624)<br>| (3646637)<br>|
| (1176603)<br>| (2834238)<br>| (2706391)<br>| (2477909)<br>| (50077)<br>| (95552)<br>|  |  |
| (81319546)<br>| (224976631)<br>| (116186281)<br>| (177343624)<br>| (10510)<br>|  |  |  |
| (2777639)<br>| (8092212)<br>|  |  |  |  | (4181845)<br>| (4048426)<br>|
| 55167723 | (1399867831)<br>| 385036774 | 145119681 | (1445972)<br>| (4436517)<br>| (9712974)<br>| (23451966)<br>|
| 1102623224 | (937637489)<br>| (77441767)<br>| 373466342 | (509025)<br>| (4668089)<br>| 1512344 | (2074553)<br>|
| 8359100053 | 9296737542 | 2069060141 | 1695593799 | 52330939 | 56999028 | 249976997 | 252051550 |
| $9461723277 | $8359100053 | $1991618374 | $2069060141 | $51821914 | $52330939 | $251489341 | $249976997 |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quality** <br>**Equity Fund** | **Quality** <br>**Equity Fund** | **Real Estate** <br>**Fund** | **Real Estate** <br>**Fund** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $2007080 | &nbsp;&nbsp; $703953 | &nbsp;&nbsp; $7085640 | &nbsp;&nbsp; $14103575 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 46078399 | &nbsp;&nbsp; 86844315 | &nbsp;&nbsp; 558177 | &nbsp;&nbsp; 9659740 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 138162468 | &nbsp;&nbsp; 152525420 | &nbsp;&nbsp; 36088115 | &nbsp;&nbsp; (51715966)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 186247947 | &nbsp;&nbsp; 240073688 | &nbsp;&nbsp; 43731932 | &nbsp;&nbsp; (27952651)<br>|
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (10678013)<br>| &nbsp;&nbsp; (24225903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; (2852352)<br>| &nbsp;&nbsp; (7753674)<br>| &nbsp;&nbsp; (553469)<br>| &nbsp;&nbsp; (1503801)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (25385779)<br>| &nbsp;&nbsp; (37868029)<br>| &nbsp;&nbsp; (3487877)<br>| &nbsp;&nbsp; (8218249)<br>|
| Class A | &nbsp;&nbsp; (3891816)<br>| &nbsp;&nbsp; (7954924)<br>| &nbsp;&nbsp; (381609)<br>| &nbsp;&nbsp; (922806)<br>|
| Class C | &nbsp;&nbsp; (876073)<br>| &nbsp;&nbsp; (2194886)<br>| &nbsp;&nbsp; (18432)<br>| &nbsp;&nbsp; (57137)<br>|
| Class R3 | &nbsp;&nbsp; (377791)<br>| &nbsp;&nbsp; (921653)<br>| &nbsp;&nbsp; (73801)<br>| &nbsp;&nbsp; (195333)<br>|
| Class R6 | &nbsp;&nbsp; (3231457)<br>| &nbsp;&nbsp; (6686398)<br>| &nbsp;&nbsp; (1380624)<br>| &nbsp;&nbsp; (3323383)<br>|
| Class E | &nbsp;&nbsp; (1360966)<br>| &nbsp;&nbsp; (1868876)<br>| &nbsp;&nbsp; (224554)<br>| &nbsp;&nbsp; (522031)<br>|
| **Tax return of capital:** |  |  |  |  |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (93004)<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (452971)<br>|
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (61588)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7420)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15386)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (174300)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20874)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (48654247)<br>| &nbsp;&nbsp; (89474343)<br>| &nbsp;&nbsp; (6120366)<br>| &nbsp;&nbsp; (15568283)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 28003795 | &nbsp;&nbsp; 14536112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; 2843431 | &nbsp;&nbsp; 8771290 | &nbsp;&nbsp; 874530 | &nbsp;&nbsp; 2010041 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 609163984 | &nbsp;&nbsp; 418257390 | &nbsp;&nbsp; 38469003 | &nbsp;&nbsp; 95411274 |
| Class A | &nbsp;&nbsp; 71499454 | &nbsp;&nbsp; 21535280 | &nbsp;&nbsp; 4349257 | &nbsp;&nbsp; 11261411 |
| Class C | &nbsp;&nbsp; 14957202 | &nbsp;&nbsp; 4225011 | &nbsp;&nbsp; 118203 | &nbsp;&nbsp; 400360 |
| Class R3 | &nbsp;&nbsp; 1358459 | &nbsp;&nbsp; 2734497 | &nbsp;&nbsp; 1075729 | &nbsp;&nbsp; 1336949 |
| Class R6 | &nbsp;&nbsp; 17043222 | &nbsp;&nbsp; 52646199 | &nbsp;&nbsp; 14368745 | &nbsp;&nbsp; 32459139 |
| Class E | &nbsp;&nbsp; 18055041 | &nbsp;&nbsp; 11869268 | &nbsp;&nbsp; 1609800 | &nbsp;&nbsp; 1618868 |
| Proceeds from reinvestment of dividends and distributions: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 10323918 | &nbsp;&nbsp; 23413579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; 2837254 | &nbsp;&nbsp; 7704584 | &nbsp;&nbsp; 545876 | &nbsp;&nbsp; 1578573 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 23184240 | &nbsp;&nbsp; 32809169 | &nbsp;&nbsp; 3271971 | &nbsp;&nbsp; 8165871 |
| Class A | &nbsp;&nbsp; 3408347 | &nbsp;&nbsp; 6937483 | &nbsp;&nbsp; 283412 | &nbsp;&nbsp; 780866 |
| Class C | &nbsp;&nbsp; 803952 | &nbsp;&nbsp; 2017420 | &nbsp;&nbsp; 16854 | &nbsp;&nbsp; 58169 |
| Class R3 | &nbsp;&nbsp; 376345 | &nbsp;&nbsp; 915559 | &nbsp;&nbsp; 73771 | &nbsp;&nbsp; 210647 |
| Class R6 | &nbsp;&nbsp; 3155783 | &nbsp;&nbsp; 6544319 | &nbsp;&nbsp; 1361680 | &nbsp;&nbsp; 3452488 |
| Class E | &nbsp;&nbsp; 1360966 | &nbsp;&nbsp; 1868877 | &nbsp;&nbsp; 224554 | &nbsp;&nbsp; 542905 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | |
|:---|:---|
| **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Growth Fund** |
| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| $(1236193)<br>| &nbsp;&nbsp; $(1706860)<br>|
| 58887732 | &nbsp;&nbsp; 36971882 |
| (1307189)<br>| &nbsp;&nbsp; (30541629)<br>|
| 56344350 | &nbsp;&nbsp; 4723393 |
| (4482157)<br>| &nbsp;&nbsp; (329506)<br>|
| (243277)<br>| &nbsp;&nbsp; (20679)<br>|
| (96927)<br>| &nbsp;&nbsp; (9045)<br>|
| (16599275)<br>| &nbsp;&nbsp; (982573)<br>|
| (1355588)<br>| &nbsp;&nbsp; (92932)<br>|
| (425595)<br>| &nbsp;&nbsp; (29772)<br>|
| (1155260)<br>| &nbsp;&nbsp; (47702)<br>|
| (8880592)<br>| &nbsp;&nbsp; (570241)<br>|
| (33238671)<br>| &nbsp;&nbsp; (2082450)<br>|
| 440277 | &nbsp;&nbsp; 3920973 |
| 69288 | &nbsp;&nbsp; 161130 |
| 17979 | &nbsp;&nbsp; 496155 |
| 62701977 | &nbsp;&nbsp; 115570832 |
| 1869096 | &nbsp;&nbsp; 5291351 |
| 129746 | &nbsp;&nbsp; 1659013 |
| 2775786 | &nbsp;&nbsp; 8781708 |
| 25800896 | &nbsp;&nbsp; 78902810 |
| 4341107 | &nbsp;&nbsp; 319711 |
| 229227 | &nbsp;&nbsp; 19660 |
| 96927 | &nbsp;&nbsp; 9046 |
| 16585191 | &nbsp;&nbsp; 981790 |
| 1300087 | &nbsp;&nbsp; 89304 |
| 424115 | &nbsp;&nbsp; 29628 |
| 1151412 | &nbsp;&nbsp; 47359 |
| 8878616 | &nbsp;&nbsp; 570110 |

---

------

![](img006065f64.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quality** <br>**Equity Fund** | **Quality** <br>**Equity Fund** | **Real Estate** <br>**Fund** | **Real Estate** <br>**Fund** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; $(30653254)<br>| &nbsp;&nbsp; $(59357430)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; (13353268)<br>| &nbsp;&nbsp; (42798037)<br>| &nbsp;&nbsp; (10255948)<br>| &nbsp;&nbsp; (21914828)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (177715631)<br>| &nbsp;&nbsp; (205116376)<br>| &nbsp;&nbsp; (52542570)<br>| &nbsp;&nbsp; (122495421)<br>|
| Class A | &nbsp;&nbsp; (12914055)<br>| &nbsp;&nbsp; (24879384)<br>| &nbsp;&nbsp; (8386320)<br>| &nbsp;&nbsp; (16123917)<br>|
| Class C | &nbsp;&nbsp; (4268454)<br>| &nbsp;&nbsp; (11588771)<br>| &nbsp;&nbsp; (1024796)<br>| &nbsp;&nbsp; (2228781)<br>|
| Class R3 | &nbsp;&nbsp; (2208369)<br>| &nbsp;&nbsp; (6129406)<br>| &nbsp;&nbsp; (2427375)<br>| &nbsp;&nbsp; (3825712)<br>|
| Class R6 | &nbsp;&nbsp; (22983729)<br>| &nbsp;&nbsp; (54106312)<br>| &nbsp;&nbsp; (36551159)<br>| &nbsp;&nbsp; (41722375)<br>|
| Class E | &nbsp;&nbsp; (3029871)<br>| &nbsp;&nbsp; (2958229)<br>| &nbsp;&nbsp; (1611014)<br>| &nbsp;&nbsp; (3227608)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 541248762 | &nbsp;&nbsp; 209852092 | &nbsp;&nbsp; (46155797)<br>| &nbsp;&nbsp; (52251081)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 678842462 | &nbsp;&nbsp; 360451437 | &nbsp;&nbsp; (8544231)<br>| &nbsp;&nbsp; (95772015)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 1896368624 | &nbsp;&nbsp; 1535917187 | &nbsp;&nbsp; 680765578 | &nbsp;&nbsp; 776537593 |
| End of period | &nbsp;&nbsp; $2575211086 | &nbsp;&nbsp; $1896368624 | &nbsp;&nbsp; $672221347 | &nbsp;&nbsp; $680765578 |

---

See Notes to Financial Statements

------

![](img006065f64.gif)

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

---

| | |
|:---|:---|
| **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Growth Fund** |
| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| $(3614445)<br>| &nbsp;&nbsp; $(9048832)<br>|
| (704519)<br>| &nbsp;&nbsp; (609607)<br>|
| (12629)<br>| &nbsp;&nbsp; (890045)<br>|
| (84179790)<br>| &nbsp;&nbsp; (90618158)<br>|
| (2744180)<br>| &nbsp;&nbsp; (6509509)<br>|
| (944830)<br>| &nbsp;&nbsp; (1626564)<br>|
| (4856776)<br>| &nbsp;&nbsp; (4171454)<br>|
| (35395385)<br>| &nbsp;&nbsp; (56497320)<br>|
| (5640827)<br>| &nbsp;&nbsp; 46879091 |
| 17464852 | &nbsp;&nbsp; 49520034 |
| 462708373 | &nbsp;&nbsp; 413188339 |
| $480173225 | &nbsp;&nbsp; $462708373 |

---

------

![](img006065f64.gif)

Notes to Financial Statements Equity Funds<sup>ß</sup> (Unaudited)

Note A—Summary of Significant Accounting Policies:

General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended. Neuberger Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Equity Income Fund ("Equity Income"), Neuberger Focus Fund ("Focus"), Neuberger Genesis Fund ("Genesis"), Neuberger International Equity Fund ("International Equity"), Neuberger International Select Fund ("International Select"), Neuberger Intrinsic Value Fund ("Intrinsic Value"), Neuberger Large Cap Growth Fund ("Large Cap Growth"), Neuberger Large Cap Value Fund ("Large Cap Value"), Neuberger Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Quality Equity Fund ("Quality Equity"), Neuberger Real Estate Fund ("Real Estate"), and Neuberger Small Cap Growth Fund ("Small Cap Growth") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except Real Estate and Quality Equity) is diversified. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund (Multi-Cap Opportunities became diversified in December 2012). Nine Funds offer Investor Class shares, eleven offer Trust Class shares, six offer Advisor Class shares, fifteen offer Institutional Class shares, fourteen offer Class A shares, fourteen offer Class C shares, ten offer Class R3 shares, twelve offer Class R6 shares and seven offer Class E shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders. Prior to December 18, 2025, each Fund included "Neuberger Berman" in place of "Neuberger" in its name.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

To facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company ("RIC"), Large Cap Growth formed NB A24 Guardian Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of Large Cap Growth and Large Cap Growth expects to remain its sole member.

As of February 28, 2026, the value of Large Cap Growth's investment in the Blocker was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Investment in** <br>**Blocker**<br>| &nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1139399 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

Consolidation: The accompanying financial statements of Large Cap Growth present the consolidated accounts of Large Cap Growth and the Blocker. All intercompany accounts and transactions have been eliminated in consolidation.

ß

Notes to Consolidated Financial Statements for Large Cap Growth

------

![](img006065f64.gif)

Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities, preferred stocks, warrants, rights, and exchange-traded options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Certificates of deposit are valued at amortized cost (Level 2 inputs).

Publicly traded securities acquired via a private investment in public equity (PIPE) transaction are generally valued at the market price of the issuer's common stock. Discounts for contractual sale restrictions (such as lock-ups) are not applied, in accordance with ASU 2022-03, unless the restriction is regulatory or security-specific and impacts marketability for all holders (Level 1 or Level 2 inputs).

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or

------

![](img006065f64.gif)

Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange ("NYSE") is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time at which a Fund's share price is calculated, Management has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

Foreign currency translations: The accounting records of the Funds and the Blocker are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amounts of such proceeds for the six months ended February 28, 2026, were as follows:

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

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| | |
|:---|:---|
| **Focus** | $833 |
| **Genesis** | 569082 |
| **Intrinsic Value** | 60765 |
| **Large Cap Growth** | 1998 |
| **Large Cap Value** | 3079 |

---

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| | |
|:---|:---|
| **Mid Cap Growth** | $18945 |
| **Mid Cap Intrinsic Value** | 7956 |
| **Multi-Cap Opportunities** | 305 |
| **Quality Equity** | 347316 |
| **Small Cap Growth** | 3000 |

---

Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a RIC by complying with the requirements of

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the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed each Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at February 28, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **Emerging Markets Equity** | $229106788 | &nbsp;&nbsp; $38934066 | &nbsp;&nbsp; $15813593 | &nbsp;&nbsp; $23120473 |
| **Equity Income** | 677076916 | &nbsp;&nbsp; 416300166 | &nbsp;&nbsp; 4429804 | &nbsp;&nbsp; 411870362 |
| **Focus** | 599093434 | &nbsp;&nbsp; 206736935 | &nbsp;&nbsp; 5468272 | &nbsp;&nbsp; 201268663 |
| **Genesis** | 5692775677 | &nbsp;&nbsp; 3148679096 | &nbsp;&nbsp; 275397425 | &nbsp;&nbsp; 2873281671 |
| **International Equity** | 908620196 | &nbsp;&nbsp; 272264994 | &nbsp;&nbsp; 50851741 | &nbsp;&nbsp; 221413253 |
| **International Select** | 230956689 | &nbsp;&nbsp; 58443167 | &nbsp;&nbsp; 12052180 | &nbsp;&nbsp; 46390987 |
| **Intrinsic Value** | 882468821 | &nbsp;&nbsp; 553670455 | &nbsp;&nbsp; 135051495 | &nbsp;&nbsp; 418618960 |
| **Large Cap Growth** | 1371207655 | &nbsp;&nbsp; 1140404058 | &nbsp;&nbsp; 51531021 | &nbsp;&nbsp; 1088873037 |
| **Large Cap Value** | 7177821662 | &nbsp;&nbsp; 2565742636 | &nbsp;&nbsp; 103798040 | &nbsp;&nbsp; 2461944596 |
| **Mid Cap Growth** | 1887976299 | &nbsp;&nbsp; 251799365 | &nbsp;&nbsp; 137281415 | &nbsp;&nbsp; 114517950 |
| **Mid Cap Intrinsic Value** | 37869484 | &nbsp;&nbsp; 18071558 | &nbsp;&nbsp; 4142834 | &nbsp;&nbsp; 13928724 |
| **Multi-Cap Opportunities** | 153312333 | &nbsp;&nbsp; 98786562 | &nbsp;&nbsp; 621325 | &nbsp;&nbsp; 98165237 |
| **Quality Equity** | 1435416168 | &nbsp;&nbsp; 1181933190 | &nbsp;&nbsp; 68022719 | &nbsp;&nbsp; 1113910471 |
| **Real Estate** | 650877770 | &nbsp;&nbsp; 76784993 | &nbsp;&nbsp; 56176060 | &nbsp;&nbsp; 20608933 |
| **Small Cap Growth** | 421929499 | &nbsp;&nbsp; 66305060 | &nbsp;&nbsp; 20665175 | &nbsp;&nbsp; 45639885 |

---

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended August 31, 2025 the Funds recorded permanent reclassifications primarily related to one or more of the following: deemed distributions on shareholder redemptions, prior year true up adjustments, net operating losses written off,

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non-deductible taxes, and gains (losses) & tax adjustments on securities redeemed in kind. For the year ended August 31, 2025, the Funds recorded the following permanent reclassifications:

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| | | |
|:---|:---|:---|
|  | **Paid-in Capital**  | **Total Distributable** <br>**Earnings/(Losses)** <br>|
| **Emerging Markets Equity** | $4469 | &nbsp;&nbsp; $(4469)<br>|
| **Equity Income** | 83100170 | &nbsp;&nbsp; (83100170)<br>|
| **Focus** | 24550846 | &nbsp;&nbsp; (24550846)<br>|
| **Genesis** | 692451093 | &nbsp;&nbsp; (692451093)<br>|
| **International Equity** | 7181176 | &nbsp;&nbsp; (7181176)<br>|
| **International Select** | 835689 | &nbsp;&nbsp; (835689)<br>|
| **Intrinsic Value** | 6860002 | &nbsp;&nbsp; (6860002)<br>|
| **Large Cap Growth** | 24579443 | &nbsp;&nbsp; (24579443)<br>|
| **Large Cap Value** | 49290688 | &nbsp;&nbsp; (49290688)<br>|
| **Mid Cap Growth** | 33950347 | &nbsp;&nbsp; (33950347)<br>|
| **Mid Cap Intrinsic Value** | 352705 | &nbsp;&nbsp; (352705)<br>|
| **Multi-Cap Opportunities** | 47176983 | &nbsp;&nbsp; (47176983)<br>|
| **Quality Equity** | 34146118 | &nbsp;&nbsp; (34146118)<br>|
| **Real Estate** | (123869)<br>| &nbsp;&nbsp; 123869 |
| **Small Cap Growth** | 3524905 | &nbsp;&nbsp; (3524905)<br>|

---

The tax character of distributions paid during the years ended August 31, 2025, and August 31, 2024, was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Return of** <br>**Capital** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Emerging Markets Equity** | $267045 | $4934304 | $— | $— | $— | $— | $267045 | $4934304 |
| **Equity Income** | 19923203 | 18148850 | 43306527 | 34553541 |  |  | 63229730 | 52702391 |
| **Focus** | 816503 | 3716821 | 564361 |  |  |  | 1380864 | 3716821 |
| **Genesis** | 3835130 | 19138150 | 216453035 | 298131464 |  |  | 220288165 | 317269614 |
| **International Equity** | 31761965 | 21860070 | 12143365 | 4397863 |  |  | 43905330 | 26257933 |
| **International Select** | 4755483 | 3511806 | 1278340 | 783599 |  |  | 6033823 | 4295405 |
| **Intrinsic Value** |  |  | 11435886 | 3960087 |  |  | 11435886 | 3960087 |
| **Large Cap Growth** | 1577626 | 7163099 | 148977714 | 86331766 |  |  | 150555340 | 93494865 |
| **Large Cap Value** | 188467039 | 275633172 |  |  |  |  | 188467039 | 275633172 |
| **Mid Cap Growth** | 100047521 |  | 65393305 | 48564921 |  |  | 165440826 | 48564921 |
| **Mid Cap Intrinsic Value** | 374638 | 328937 | 2935964 | 752060 |  |  | 3310602 | 1080997 |
| **Multi-Cap Opportunities** | 1050146 | 1004387 | 6811394 | 44637133 |  |  | 7861540 | 45641520 |
| **Quality Equity** | 1439913 | 3997941 | 88034430 | 122579725 |  |  | 89474343 | 126577666 |
| **Real Estate** | 14742740 | 16878544 |  |  | 825543 |  | 15568283 | 16878544 |
| **Small Cap Growth** |  |  | 2082450 |  |  |  | 2082450 |  |

---

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As of August 31, 2025, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| **Emerging Markets** <br> **Equity**<br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39247388 | &nbsp;&nbsp; $(71633197)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32385809)<br>|
| **Equity Income** | 2143182 | &nbsp;&nbsp; 12652889 | &nbsp;&nbsp; 305810803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 320606874 |
| **Focus** | 17769713 | &nbsp;&nbsp; 55300308 | &nbsp;&nbsp; 227643011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300713032 |
| **Genesis** | 19730113 | &nbsp;&nbsp; 876476157 | &nbsp;&nbsp; 3260280192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4156486462 |
| **International Equity** | 15223506 | &nbsp;&nbsp; 44570726 | &nbsp;&nbsp; 184002001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 243796233 |
| **International Select** | 2222557 | &nbsp;&nbsp; 7169186 | &nbsp;&nbsp; 31600949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40992692 |
| **Intrinsic Value** | 515635 | &nbsp;&nbsp; 45132896 | &nbsp;&nbsp; 321631120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 367279651 |
| **Large Cap Growth** |  | &nbsp;&nbsp; 229370247 | &nbsp;&nbsp; 1219465625 | &nbsp;&nbsp; (13777992)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1435057880 |
| **Large Cap Value** | 96595222 | &nbsp;&nbsp; 255173785 | &nbsp;&nbsp; 1487794411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1839563418 |
| **Mid Cap Growth** | 189494859 | &nbsp;&nbsp; 131522973 | &nbsp;&nbsp; 345350645 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 666368477 |
| **Mid Cap Intrinsic Value** | 360428 | &nbsp;&nbsp; 3394043 | &nbsp;&nbsp; 11363854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15118325 |
| **Multi-Cap** <br> **Opportunities**<br>| 648446 | &nbsp;&nbsp; 1661683 | &nbsp;&nbsp; 95649825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97959954 |
| **Quality Equity** | 775056 | &nbsp;&nbsp; 47872830 | &nbsp;&nbsp; 976425546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1025073432 |
| **Real Estate** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (15479182)<br>| &nbsp;&nbsp; (25697703)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41176885)<br>|
| **Small Cap Growth** |  | &nbsp;&nbsp; 33238202 | &nbsp;&nbsp; 46947074 | &nbsp;&nbsp; (1160660)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 79024616 |

---

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales, tax adjustments related to other investments, and mark-to-market adjustments on passive foreign investment companies ("PFICs").

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at August 31, 2025, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **Emerging Markets Equity** | $— | &nbsp;&nbsp; $71582688 |
| **Real Estate** | 22032149 | &nbsp;&nbsp; 3665554 |

---

During the year ended August 31, 2025, Emerging Markets Equity, Focus, Intrinsic Value, Large Cap Value, and Real Estate utilized capital loss carryforwards of $17,854,846, $2,898,772, $3,114,159, $311,527,885, and $9,531,844, respectively.

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the current tax rules, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net PFIC mark to market losses) realized on investment transactions after

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October 31. For the year ended August 31, 2025, the Funds elected to defer the following late-year ordinary losses and post October capital losses:

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| | | |
|:---|:---|:---|
|  | **Late-Year** <br>**Ordinary Loss** <br>**Deferral** <br>| **Post October** <br>**Capital Loss** <br>**Deferral** <br>|
| **Emerging Markets Equity** | $50509 | &nbsp;&nbsp; $— |
| **Large Cap Growth** | 2580010 | &nbsp;&nbsp; 11197982 |
| **Small Cap Growth** | 1160660 | &nbsp;&nbsp; — |

---

The Blocker is taxed as a corporation under the U.S. Internal Revenue Code. As of August 31, 2025, Large Cap Growth had a gross deferred tax asset of $48,308 resulting from deferred interest expense, capital losses and net operating losses in the Blocker and a gross deferred tax liability of $98,707 resulting from appreciation of the underlying holding. As of August 31, 2025, the Blocker has a net deferred tax liability of $50,399.

Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. Emerging Markets Equity accrues capital gains tax on unrealized and realized gains for certain securities. At February 28, 2026, Emerging Markets Equity had accrued capital gains taxes of $270,253, which is reflected in the Statements of Assets and Liabilities. For the six months ended February 28, 2026, Emerging Markets Equity had realized capital gains taxes of $883,844, which is reflected in the Statements of Operations.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), certain of the Funds have filed tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. When any such ECJ tax reclaims are not "more likely than not" to be sustained, no amounts are included in the Statements of Assets and Liabilities. The Funds have determined that certain ECJ tax reclaims are "more likely than not" to be sustained after examination by tax authorities and are included in "Prepaid expenses and other assets" and "Other accrued expenses and payables" in the Statements of Assets and Liabilities for certain of the Funds. The income recognized from these ECJ tax reclaims is included in "Other income" in the Statements of Operations and the cost to file these additional ECJ tax reclaims (which are excluded from contractual expense limitations) is included in "Miscellaneous and other fees" in the Statements of Operations for certain of the Funds. When the total income and/or expenses from these reclaims exceeds five percent of total income and/or total expenses of a Fund, the income recognized is reflected in "Tax reclaims" and the cost to file these additional reclaims is reflected in "Tax reclaim professional fees" in the Statements of Operations.

Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments. Distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) and are recorded on the ex-date. However, Equity Income and Real Estate generally distribute net investment income, if any, at the end of each calendar quarter.

It is the policy of Funds that invest in real estate investment trusts ("REITs"), to pass through to their shareholders substantially all REIT distributions and other income they receive, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. For the year ended August 31, 2025, the character of distributions, if any, paid to shareholders of these Funds disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year, if

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any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after these Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income may be recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

Expense allocation: Certain expenses are applicable to multiple funds within a complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among its classes based upon the relative net assets of each class.

Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices.

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Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission ("SEC"), particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if a Fund complies with the conditions of the Rule. Shareholders of a Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2026, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2026. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Rule 18f-4 under the 1940 Act regulates the use of derivatives for certain funds registered under the 1940 Act ("Rule 18f-4"). Unless a Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the Fund is subject to a comprehensive derivatives risk management program, is required to comply with certain value-at-risk based leverage limits and is required to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If a Fund qualifies as a limited derivatives user, Rule 18f-4 requires the Fund to have policies and procedures to manage its aggregate derivatives risk.

Options: Equity Income used options written to generate incremental returns. Large Cap Growth used options purchased to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions. Large Cap Growth used options written to enhance total return, to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions.

Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the asset is eliminated. For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the liability is eliminated.

When writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a Fund will realize a gain for the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

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At February 28, 2026, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund** | **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** | &nbsp;&nbsp; **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** |
| **Equity Income** |  |  |  |  |
| Options written |  |  |  |  |
| Equity risk |  | $— | Option contracts written, at value | $(434168)<br>|

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The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 28, 2026, was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Net Realized Gain/** <br>**(Loss) on Derivatives**<sup>(a)</sup> <br>| **Change in Net Unrealized** <br>**Appreciation/** <br>**(Depreciation) on** <br>**Derivatives**<sup>(b)</sup> <br>|
| **Equity Income** |  |  |
| Options written |  |  |
| Equity risk | &nbsp;&nbsp; $319619 | &nbsp;&nbsp; $(255751)<br>|
| **Large Cap Growth** |  |  |
| Options purchased |  |  |
| Equity risk | &nbsp;&nbsp; 122468 | &nbsp;&nbsp; — |
| Options written |  |  |
| Equity risk | &nbsp;&nbsp; 86136 | &nbsp;&nbsp; — |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain/(loss) on derivatives is located in the Statements of Operations
 each under the caption, "Net realized gain/(loss) on:"

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

Options purchased Transactions in investment securities of unaffiliated issuers <br> Options written Expiration or closing of option contracts written

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Change in net unrealized appreciation/(depreciation) is located in the Statements
 of Operations each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"

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

Options written Option contracts written

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that Emerging Markets Equity, Focus, Genesis, International Equity, International Select, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Quality Equity, Real Estate and Small Cap Growth did not hold any derivative instruments during the six months ended February 28, 2026 that require additional disclosures pursuant to ASC 815.

Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statements of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

------

![](img006065f64.gif)

The initial collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and a Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included in the Statements of Assets and Liabilities under the caption "Investments in securities, at value—Unaffiliated issuers". The total value of securities received as collateral for securities on loan is included in a footnote following the applicable Schedule of Investments, but is not included within the Statements of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to that Fund.

As of February 28, 2026, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value of Securities** <br>**Loaned**<br>|
| **Focus** | &nbsp;&nbsp;&nbsp;&nbsp; $11162082 |
| **International Equity** | &nbsp;&nbsp;&nbsp;&nbsp; 39374092 |
| **International Select** | &nbsp;&nbsp;&nbsp;&nbsp; 8723406 |
| **Large Cap Value** | &nbsp;&nbsp;&nbsp;&nbsp; 157060086 |
| **Mid Cap Growth** | &nbsp;&nbsp;&nbsp;&nbsp; 39066264 |
| **Small Cap Growth** | &nbsp;&nbsp;&nbsp;&nbsp; 17789582 |

---

As of February 28, 2026, the Funds listed below had outstanding loans of securities to certain approved brokers for which each received collateral as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| **Securities Lending Transactions**<sup>(a)</sup> |  |  |  |  |  |
| **Common Stocks** |  |  |  |  |  |
| **Focus** | $11419768 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11419768 |
| **International Equity** | 41167017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41167017 |
| **International Select** | 9044337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9044337 |
| **Large Cap Value** | 159242518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 159242518 |
| **Mid Cap Growth** | 40803641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40803641 |
| **Small Cap Growth** | 18778294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18778294 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts represent the payable for collateral received for loaned securities.

Offsetting assets and liabilities: The Funds are required to disclose both gross and net information for assets and liabilities related to over-the-counter derivatives, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Focus, International Equity, International Select, Large Cap Value, Mid Cap Growth, and Small Cap Growth held one or more of these investments at February 28, 2026. The Funds' securities lending assets at fair value are reported gross in the Statements of Assets and Liabilities. The following tables present securities lending assets by counterparty and net of the related collateral received by a Fund as of February 28, 2026.

------

![](img006065f64.gif)

---

| | | |
|:---|:---|:---|
| **Description** | **Gross Amounts of Assets** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>| **Gross Amounts of Liabilities** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>|
| **Focus** | **Focus** | **Focus** |
| Securities lending | &nbsp;&nbsp; $11162082 | &nbsp;&nbsp; $— |
| **International Equity** | **International Equity** | **International Equity** |
| Securities lending | &nbsp;&nbsp; $39374092 | &nbsp;&nbsp; $— |
| **International Select** | **International Select** | **International Select** |
| Securities lending | &nbsp;&nbsp; $8723406 | &nbsp;&nbsp; $— |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |
| Securities lending | &nbsp;&nbsp; $157060086 | &nbsp;&nbsp; $— |
| **Mid Cap Growth** | **Mid Cap Growth** | **Mid Cap Growth** |
| Securities lending | &nbsp;&nbsp; $39066264 | &nbsp;&nbsp; $— |
| **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |
| Securities lending | &nbsp;&nbsp; $17789582 | &nbsp;&nbsp; $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Counterparty** | **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Liabilities** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>| **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Assets** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>|
| **Focus** | **Focus** |  |  |  |  |  |  |  |
| SSB | $11162082 | $— | $(11162082)<br>| $— | $— | $— | $— | $— |
| **Total** | **$11162082** | **$—** | **$(11162082)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **International Equity** | **International Equity** |  |  |  |  |  |  |  |
| SSB | $39374092 | $— | $(39374092)<br>| $— | $— | $— | $— | $— |
| **Total** | **$39374092** | **$—** | **$(39374092)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **International Select** | **International Select** |  |  |  |  |  |  |  |
| SSB | $8723406 | $— | $(8723406)<br>| $— | $— | $— | $— | $— |
| **Total** | **$8723406** | **$—** | **$(8723406)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **Large Cap Value** | **Large Cap Value** |  |  |  |  |  |  |  |
| SSB | $157060086 | $— | $(157060086)<br>| $— | $— | $— | $— | $— |
| **Total** | **$157060086** | **$—** | **$(157060086)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **Mid Cap Growth** | **Mid Cap Growth** |  |  |  |  |  |  |  |
| SSB | $39066264 | $— | $(39066264)<br>| $— | $— | $— | $— | $— |
| **Total** | **$39066264** | **$—** | **$(39066264)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |  |
| SSB | $17789582 | $— | $(17789582)<br>| $— | $— | $— | $— | $— |
| **Total** | **$17789582** | **$—** | **$(17789582)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the
 net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

------

![](img006065f64.gif)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Net Amount greater than zero represents amounts subject to loss as of February 28,
 2026, in the event of a counterparty failure. A Net Amount less than zero represents amounts under-collateralized
 to each counterparty as of February 28, 2026.

Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust or a Fund.

In-kind redemption: In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the six months ended February 28, 2026, and the year ended August 31, 2025, the following Funds had in-kind redemptions:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** |
| **Fund** | **Realized Net** <br>**Gains/(Losses)**<br>| **Total In-Kind** <br>**Redemptions**<br>| **Securities** | **Cash** | **Realized Net** <br>**Gains/(Losses)**<br>| **Total In-Kind** <br>**Redemptions**<br>| **Securities** | **Cash** |
| Equity <br> Income<br>| $23765495 | $44438608 | $43803710 | $634898 | $67387853 | $121746268 | $121695653 | $50615 |
| Focus | 19858582 | 38103572 | 36606191 | 1497381 | 19380092 | 36485370 | 36485132 | 238 |
| Genesis | 87194185 | 173550605 | 172677039 | 873566 | 494190979 | 753072997 | 749277274 | 3795723 |
| Large <br> Cap <br> Value<br>|  |  |  |  | 2958189 | 11550778 | 11161763 | 389015 |
| Multi-Cap <br> Opportunities<br>| 9743397 | 11947183 | 11945398 | 1785 | 38643654 | 48205016 | 48200101 | 4915 |
| Quality <br> Equity<br>| 52856787 | 69400000 | 69399988 | 12 | 21425693 | 25062500 | 25062421 | 79 |

---

In-kind subscription: Under certain circumstances, and when considered to be in the best interest of a Fund, a Fund may accept portfolio securities rather than cash as payment for the purchase of Fund shares ("in-kind subscription"). The cost basis of contributed securities is equal to the market value of the securities, less any applicable foreign security taxes, on the date of contribution. During the year ended August 31, 2025, Genesis accepted $70,559,364 of in-kind subscriptions which is comprised of $69,850,194 in securities and $709,170 in cash.

Investments in Private Companies and Pre-IPO Investments: Investments in private companies, including pre-IPO shares, involve greater risks than investments in securities of companies that have traded publicly on an exchange for extended periods of time. Such investments are generally less liquid, may be difficult to value, and may be subject to limited financial disclosure. Private companies may have a more limited management group and limited operating histories with narrower, less established product lines and smaller market shares, making them more vulnerable to competitive pressures, market conditions, and economic downturns. In addition, private companies may have limited financial resources and may be unable to meet their obligations. These companies may never complete an IPO, and a liquid market for their shares may never develop. If an IPO does occur, it may be risky and volatile and could cause the value of a Fund's

------

![](img006065f64.gif)

investment to decrease significantly. Because private company securities are generally not freely or publicly tradable, the Fund may not have the opportunity to purchase, or the ability to sell, these securities in the amounts or at the prices it desires.

Single Issuer Private Company Investments: As of February 28, 2026, approximately 9.7% of Quality Equity Fund's net assets were invested in Space Exploration Technologies Corp. ("Space X"), a private company with limited to no liquidity and restrictions on transfer of its stock. Pre-IPO investments may be subject to additional contractual restrictions on resale that would prevent Quality Equity Fund from selling Space X securities for a period of time following any IPO. Even after such restrictions expire, market liquidity may remain limited and the market price may be volatile, particularly if restricted shares are sold simultaneously by Quality Equity Fund and other market participants, which could negatively affect Quality Equity Fund's ability to sell shares at favorable prices. Investors should carefully consider publicly available information about Space X before investing. There can be no assurances that Quality Equity Fund will maintain its investment in Space X; however, for so long as it does, Quality Equity Fund's performance will be significantly affected by Space X's performance both pre- and post-IPO. Quality Equity Fund could also be adversely impacted by developments affecting space-related industries, artificial intelligence industries, and social media, as well as market sentiment and regulatory developments related to these industries or to Space X or its management. Unanticipated outflows from Quality Equity Fund or other factors, such as a general market downturn, could increase Quality Equity Fund's exposure to Space X, limit Quality Equity Fund's ability to pay redemption proceeds, or force Quality Equity Fund to sell Space X or other securities at an unfavorable time and/or under unfavorable conditions.

Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

Segment reporting: In this reporting period, each Fund adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each Fund's investment manager acts as the Funds' CODM. The CODM has determined that each Fund has a single operating segment because the CODM monitors the operating results of each Fund as a whole and evaluates performance in accordance with each Fund's principal investment strategy as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. Each Fund's total returns, expense ratios, and changes in net assets, which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for each Fund's single segment, are consistent with that presented within each Fund's financial statements.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  | Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  | Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  | Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  | Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  | Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment <br> management services, each Fund pays NBIA monthly, an investment management fee at an annual rate as a <br> percentage of average daily net assets according to the following table:  |
| &nbsp;&nbsp; **First** <br>**$250** <br>**million**<br>| &nbsp;&nbsp; **Next** <br>**$250** <br>**million**<br>| &nbsp;&nbsp; **Next** <br>**$500** <br>**million**<br>| &nbsp;&nbsp; **Next** <br>**$1.5** <br>**billion**<br>| &nbsp;&nbsp; **Next** <br>**$10** <br>**billion**<br>| **Thereafter** |

---

------

![](img006065f64.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  | **Emerging Markets Equity**<sup>(a)(b)</sup>  |
| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  | **Equity Income**<sup>(c)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(c)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(c)</sup>  |
| 0.55<br> %<br>| 0.525<br> %<br>| 0.50<br> %<br>| 0.475<br> %<br>| 0.45<br> %<br>| 0.425<br> %<br>| 0.40<br> %<br>|
| **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  | **Genesis**<sup>(c)</sup>  |
| 0.85<br> %<br>| 0.80<br> %<br>| 0.75<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>|
| **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  | **International Equity**<sup>(a)(c)</sup>  |
| 0.85<br> %<br>| 0.825<br> %<br>| 0.80<br> %<br>| 0.775<br> %<br>| 0.75<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** | **Intrinsic Value and Small Cap Growth** |
| 0.85<br> %<br>| 0.80<br> %<br>| 0.75<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  | **Multi-Cap Opportunities**<sup>(c)</sup>  |
| 0.60<br> %<br>| 0.575<br> %<br>| 0.55<br> %<br>| 0.525<br> %<br>| 0.50<br> %<br>| 0.475<br> %<br>| 0.45<br> %<br>|
| **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  | **Real Estate**<sup>(c)</sup>  |
| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|

---

(a) NBIA has voluntarily agreed to waive and/or reimburse its management fee for the below Funds. NBIA may, at its sole discretion, modify or terminate the voluntary waiver and/or reimbursement without notice to the Fund. Fees voluntarily waived and/or reimbursed are not subject to recovery by NBIA.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Percentage of** <br>**Average Daily** <br>**Net Assets** <br>**Waived** <br>**and/or** <br>**Reimbursed**<br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Six Months Ended** <br>**February 28, 2026**<br>|
| **Emerging Markets Equity** | 0.10<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | &nbsp;&nbsp; $83430 |
| **International Equity** | 0.15<br> %<br>| &nbsp;&nbsp; 11/21/22 | &nbsp;&nbsp; $825590 |

---

(b) Prior to January 15, 2026, for investment management services, the Fund paid NBIA a fee at the annual rate of 1.000% of the first $250 million of the Fund's average daily net assets, 0.975% of the next $250 million, 0.950% of the next $250 million, 0.925% of the next $250 million, 0.900% of the next $500 million, 0.875% of the next $2.5 billion, and 0.850% of average daily net assets in excess of $4 billion.

(c) NBIA has contractually agreed to waive its Class E management fee for the below Funds. This undertaking lasts until August 31, 2027 and may not be terminated during its term without the consent of the Board. Management fees contractually waived are not subject to recovery by NBIA.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Annualized** <br>**Percentage of** <br>**Average Daily** <br>**Net Assets** <br>**Waived** <br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Six Months Ended** <br>**February 28, 2026**<br>|
| **Equity Income** | 0.51<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $118698 |
| **Genesis** | 0.66<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $469234 |
| **International Equity** | 0.66<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $141539 |
| **Large Cap Value** | 0.42<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $438123 |
| **Multi-Cap Opportunities** | 0.60<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $340763 |
| **Quality Equity** | 0.47<br> % <br>| &nbsp;&nbsp; 12/6/23 | &nbsp;&nbsp; $108460 |
| **Real Estate** | 0.80<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $66799 |

---

------

![](img006065f64.gif)

Accordingly, for the six months ended February 28, 2026, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets.

---

| | |
|:---|:---|
|  | **Effective Rate**  |
| **Emerging Markets Equity** | 0.93<br> %<sup>(a)</sup><br>|
| **Equity Income** | 0.51<br> %<sup>(b)</sup><br>|
| **Focus** | 0.52<br> %<br>|
| **Genesis** | 0.66<br> %<sup>(c)</sup><br>|
| **International Equity** | 0.81<br> %<sup>(d)</sup><br>|
| **International Select** | 0.55<br> %<br>|
| **Intrinsic Value** | 0.75<br> %<br>|
| **Large Cap Growth** | 0.46<br> %<br>|
| **Large Cap Value** | 0.42<br> %<sup>(e)</sup><br>|
| **Mid Cap Growth** | 0.47<br> %<br>|
| **Mid Cap Intrinsic Value** | 0.55<br> %<br>|
| **Multi-Cap Opportunities** | 0.60<br> %<sup>(f)</sup><br>|
| **Quality Equity** | 0.47<br> %<sup>(g)</sup><br>|
| **Real Estate** | 0.80<br> %<sup>(h)</sup><br>|
| **Small Cap Growth** | 0.82<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After waivers, 0.86% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) After waivers, 0.49% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) After waivers, 0.65% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) After waivers, 0.63% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) After waivers, 0.41% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) After waivers, 0.33% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) After waivers, 0.46% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) After waivers, 0.78% annual effective net rate of the Fund's average daily net assets.

Investment management fee waivers are included in the Statements of Operations under the caption "Fees waived".

Each Fund retains NBIA as its administrator under an Administration Agreement. The administration fee is assessed at the class level and each share class of a Fund, as applicable, pays NBIA monthly, an annual administration fee equal to the following: 0.26% for each of Investor Class, Class A, Class C and Class R3; 0.40% for Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.05% for Class R6, each as a percentage of its average daily net assets. Class E shares do not pay an administration fee. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of the Investor Class of each of International Equity, Mid Cap Intrinsic Value and Small Cap Growth and the Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, taxes including any expenses relating to tax reclaims, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations. The expenses of the Blocker are included in the total expenses used to calculate the reimbursement, which Large Cap Growth has agreed to

------

![](img006065f64.gif)

share with the Blocker. For the six months ended February 28, 2026, the expenses of the Blocker amounted to $4,424.

At February 28, 2026, the Funds' contingent liabilities to NBIA under the contractual expense limitation agreements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  |
|  |  |  | **2023** | **2024** | **2025** | **2026** |
|  |  |  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  |
| **Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2026** | **2027** | **2028** | **2029** |
| **Emerging Markets Equity Institutional Class** | 0.98<br> %<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; $360925 | &nbsp;&nbsp; $298501 | &nbsp;&nbsp; $218130 | &nbsp;&nbsp; $114951 |
| **Emerging Markets Equity Class A** | 1.34<br> %<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 35496 | &nbsp;&nbsp; 46856 | &nbsp;&nbsp; 37378 | &nbsp;&nbsp; 15192 |
| **Emerging Markets Equity Class C** | 2.09<br> %<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 4379 | &nbsp;&nbsp; 3742 | &nbsp;&nbsp; 4021 | &nbsp;&nbsp; 2344 |
| **Emerging Markets Equity Class R3** | 1.59<br> %<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 732 |
| **Emerging Markets Equity Class R6** | 0.88<br> %<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 66328 | &nbsp;&nbsp; 25727 | &nbsp;&nbsp; 22020 | &nbsp;&nbsp; 12872 |
| **Equity Income Institutional Class** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class A** | 1.16<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class C** | 1.91<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class R3** | 1.41<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; — |
| **Focus Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 129 |
| **Genesis Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Investor Class** | 1.40<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Trust Class** | 2.00<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 232778 | &nbsp;&nbsp; 163216 | &nbsp;&nbsp; 183646 | &nbsp;&nbsp; 73207 |
| **International Equity Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 3263 | &nbsp;&nbsp; 1458 |
| **International Equity Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 508 |
| **International Equity Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 9720 | &nbsp;&nbsp; 11837 | &nbsp;&nbsp; 10229 | &nbsp;&nbsp; 3489 |
| **International Select Trust Class** | 1.15<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 14835 | &nbsp;&nbsp; 11304 | &nbsp;&nbsp; 12421 | &nbsp;&nbsp; 7055 |
| **International Select Institutional Class** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 223646 | &nbsp;&nbsp; 230593 | &nbsp;&nbsp; 243082 | &nbsp;&nbsp; 115931 |
| **International Select Class A** | 1.16<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 6724 | &nbsp;&nbsp; 7059 | &nbsp;&nbsp; 3107 |
| **International Select Class C** | 1.91<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 453 |
| **International Select Class R3** | 1.41<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; 931 |
| **International Select Class R6** | 0.70<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 19993 | &nbsp;&nbsp; 15734 |
| **Intrinsic Value Institutional Class** | 1.00<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class A** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class C** | 2.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class R6** | 0.90<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

![](img006065f64.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  |
|  |  |  | **2023** | **2024** | **2025** | **2026** |
|  |  |  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  |
| **Class (cont'd)** | **Contractual**<br> **Expense**<br> **Limitation**<sup>(a)</sup><br>| **Expiration**  | **2026** | **2027** | **2028** | **2029** |
| **Large Cap Growth Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $768 |
| **Large Cap Growth Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class R6** | 0.55<br> %<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284 |
| **Large Cap Value Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Institutional Class** | 0.70<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class R6** | 0.60<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class R6** | 0.65<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Investor Class** | 1.50<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 3482 | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 26433 | &nbsp;&nbsp; 21164 |
| **Mid Cap Intrinsic Value Trust Class** | 1.25<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 26407 | &nbsp;&nbsp; 28864 | &nbsp;&nbsp; 30321 | &nbsp;&nbsp; 18726 |
| **Mid Cap Intrinsic Value Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 63665 | &nbsp;&nbsp; 74104 | &nbsp;&nbsp; 75545 | &nbsp;&nbsp; 43678 |
| **Mid Cap Intrinsic Value Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 6023 | &nbsp;&nbsp; 7860 | &nbsp;&nbsp; 8711 | &nbsp;&nbsp; 4295 |
| **Mid Cap Intrinsic Value Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4451 | &nbsp;&nbsp; 4901 | &nbsp;&nbsp; 2622 |
| **Mid Cap Intrinsic Value Class R3** | 1.46<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; 1733 |
| **Mid Cap Intrinsic Value Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 92 |
| **Multi-Cap Opportunities Institutional Class** | 1.00<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class A** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class C** | 2.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class R6** | 0.65<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Trust Class** | 1.50<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 968863 | &nbsp;&nbsp; 684581 | &nbsp;&nbsp; 687909 | &nbsp;&nbsp; 337944 |
| **Real Estate Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 119614 | &nbsp;&nbsp; 101881 | &nbsp;&nbsp; 98776 | &nbsp;&nbsp; 47420 |

---

------

![](img006065f64.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  | **Expenses Reimbursed in**<br> **Year Ended August 31,**  |
|  |  |  | **2023** | **2024** | **2025** | **2026** |
|  |  |  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  | **Subject to Repayment until**<br> **August 31,**  |
| **Class (cont'd)** | **Contractual**<br> **Expense**<br> **Limitation**<sup>(a)</sup><br>| **Expiration**  | **2026** | **2027** | **2028** | **2029** |
| **Real Estate Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; $16910 | &nbsp;&nbsp; $14353 | &nbsp;&nbsp; $12679 | &nbsp;&nbsp; $5222 |
| **Real Estate Class R3** | 1.46<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 28692 | &nbsp;&nbsp; 26248 | &nbsp;&nbsp; 26365 | &nbsp;&nbsp; 11341 |
| **Real Estate Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 255521 | &nbsp;&nbsp; 266615 | &nbsp;&nbsp; 271667 | &nbsp;&nbsp; 126578 |
| **Small Cap Growth Investor Class** | 1.30<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 7122 | &nbsp;&nbsp; 15927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small Cap Growth Trust Class** | 1.40<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 3497 | &nbsp;&nbsp; 2714 | &nbsp;&nbsp; 1600 |
| **Small Cap Growth Advisor Class** | 1.60<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 1013 |
| **Small Cap Growth Institutional Class** | 0.90<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 337846 | &nbsp;&nbsp; 336103 | &nbsp;&nbsp; 416459 | &nbsp;&nbsp; 217371 |
| **Small Cap Growth Class A** | 1.26<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 46585 | &nbsp;&nbsp; 46373 | &nbsp;&nbsp; 45778 | &nbsp;&nbsp; 21431 |
| **Small Cap Growth Class C** | 2.01<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 9514 | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 12685 | &nbsp;&nbsp; 5589 |
| **Small Cap Growth Class R3** | 1.51<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 17434 | &nbsp;&nbsp; 21071 | &nbsp;&nbsp; 26195 | &nbsp;&nbsp; 19559 |
| **Small Cap Growth Class R6** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 189641 | &nbsp;&nbsp; 196169 | &nbsp;&nbsp; 238843 | &nbsp;&nbsp; 118750 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Expense limitation per annum of the respective class's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Classes that have had changes to their respective limitations are noted below.

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

---

| | | |
|:---|:---|:---|
| **Class**  | **Expense** <br>**limitation** <br>| **Prior to** |
| **Emerging Markets Equity Institutional Class** | 1.25<br> % <br>| &nbsp;&nbsp; 01/15/26 |
| **Emerging Markets Equity Class A** | 1.50<br> % <br>| &nbsp;&nbsp; 01/15/26 |
| **Emerging Markets Equity Class C** | 2.25<br> % <br>| &nbsp;&nbsp; 01/15/26 |
| **Emerging Markets Equity Class R3** | 1.91<br> % <br>| &nbsp;&nbsp; 01/15/26 |
| **Emerging Markets Equity Class R6** | 1.15<br> % <br>| &nbsp;&nbsp; 01/15/26 |
| **Large Cap Growth Class R6** | 0.56<br> % <br>| &nbsp;&nbsp; 12/18/25 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the contractual undertaking described above, NBIA has voluntarily undertaken
 to waive fees and/or reimburse certain expenses so that their Operating Expenses, per annum of their
 respective average daily net assets, are limited to the percentages indicated below. Voluntary reimbursements
 are not subject to recovery by NBIA and are terminable or subject to modification by NBIA, in its
 sole discretion, without notice to the Fund:

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

---

| | | | |
|:---|:---|:---|:---|
| **Class**  | **Voluntary Expense** <br>**Limitation** <br>| **Effective Date(s)**  | &nbsp;&nbsp; **Fees Voluntarily** <br>**Waived for the Six** <br>**Months Ended February 28,** <br>**2026**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Institutional** <br> **Class**<br>| 1.15<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | $70616 |
| **Emerging Markets Equity Class A** | 1.40<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | 4400 |
| **Emerging Markets Equity Class C** | 2.15<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | 785 |
| **Emerging Markets Equity Class R3** | 1.81<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | 310 |
| **Emerging Markets Equity Class R6** | 1.05<br> %<br>| &nbsp;&nbsp; 9/1/23-1/14/26 | 7319 |
| **Mid Cap Intrinsic Value Investor Class** | 0.96<br> %<br>| 1/19/21 | 75342 |
| **Mid Cap Intrinsic Value Trust Class** | 1.20<br> %<br>| 1/19/21 | 1546 |

---

------

![](img006065f64.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Class**  | **Voluntary Expense**<br> **Limitation** <br>| **Effective Date(s)**  | &nbsp;&nbsp; **Fees Voluntarily**<br> **Waived for the Six**<br> **Months Ended February 28,**<br> **2026**<br>|
| **Real Estate Trust Class** | 1.04<br> %<br>| 12/16/11 | $117499 |
| **Small Cap Growth Investor Class** | 1.01<br> %<br>| 1/19/21 | 90363 |
| **Small Cap Growth Trust Class** | 1.25<br> %<br>| 1/19/21 | 3004 |
| **Small Cap Growth Advisor Class** | 1.40<br> %<br>| 1/27/21 | 1523 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective January 1, 2027, the expense limitation will be 0.65% until August 31, 2029.

Each Fund has agreed that each of its respective classes will repay NBIA for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the six months ended February 28, 2026, the following classes repaid NBIA under their respective contractual expense limitation agreements as follows:

---

| | |
|:---|:---|
| **Class**  | **Expenses** <br>**Repaid to** <br>**NBIA** <br>|
| **Focus Institutional Class** | &nbsp;&nbsp; $127 |
| **Focus Class A** | &nbsp;&nbsp; 23 |

---

Each Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.

However, the Distributor receives fees from the Trust Class of each of Focus, International Select, Large Cap Growth, Large Cap Value, Mid Cap Intrinsic Value, Quality Equity, Real Estate and Small Cap Growth, and from the Advisor Class, Class A, Class C and Class R3 of each Fund that offers those classes under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor receives from each of these respective classes a fee at the annual rate of 0.10% of such Trust Class's, 0.25% of such Advisor Class's, 0.25% of such Class A's, 1.00% of such Class C's and 0.50% of such Class R3's average daily net assets. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

------

![](img006065f64.gif)

For the six months ended February 28, 2026, the Distributor, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Underwriter**  | **Underwriter**  | **Broker-Dealer**  | **Broker-Dealer**  |
|  | **Net Initial** <br>**Sales Charge**<br>| **CDSC**  | **Net Initial** <br>**Sales Charge** <br>| **CDSC**  |
| **Emerging Markets Equity Class A** | &nbsp;&nbsp; $251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Emerging Markets Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class A** | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Class A** | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Class A** | &nbsp;&nbsp; 428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Select Class A** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Select Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class A** | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 97 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class A** | &nbsp;&nbsp; 2356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class A** | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class A** | &nbsp;&nbsp; 886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class A** | &nbsp;&nbsp; 113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class A** | &nbsp;&nbsp; 247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class A** | &nbsp;&nbsp; 185061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Class A** | &nbsp;&nbsp; 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 647 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small Cap Growth Class A** | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Note C—Securities Transactions:

During the six months ended February 28, 2026, there were purchase and sale transactions of long-term securities (excluding written option contracts) as follows:

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

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| **Emerging Markets Equity** | $191181336 | &nbsp;&nbsp; $208808272 |
| **Equity Income** | 184951811 | &nbsp;&nbsp; 167841135 |
| **Focus** | 299489142 | &nbsp;&nbsp; 283857041 |
| **Genesis** | 981124439 | &nbsp;&nbsp; 1758748908 |
| **International Equity** | 420631725 | &nbsp;&nbsp; 543849330 |
| **International Select** | 107924200 | &nbsp;&nbsp; 105944268 |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| **Intrinsic Value** | $133958038 | &nbsp;&nbsp; $220809210 |
| **Large Cap Growth** | 403191792 | &nbsp;&nbsp; 555042647 |
| **Large Cap Value** | 2433515406 | &nbsp;&nbsp; 3029519346 |
| **Mid Cap Growth** | 1838236165 | &nbsp;&nbsp; 1823376122 |
| **Mid Cap Intrinsic Value** | 7898734 | &nbsp;&nbsp; 14384468 |
| **Multi-Cap Opportunities** | 44399288 | &nbsp;&nbsp; 43527950 |

---

------

![](img006065f64.gif)

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| **Quality Equity** | $661310178 | &nbsp;&nbsp; $134745183 |
| **Real Estate** | 124588093 | &nbsp;&nbsp; 168414557 |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| **Small Cap Growth** | $520401988 | &nbsp;&nbsp; $582885054 |

---

During the six months ended February 28, 2026, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the six months ended February 28, 2026, and for the year ended August 31, 2025, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** |
|  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  |
| **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** |  |  |  |  |  |  |
| Institutional Class | 398455 | 1119 | (783580)<br>| (384006)<br>| &nbsp;&nbsp; 778180 | 7097 | (2260951)<br>| (1475674)<br>|
| Class A | 168321 |  | (112178)<br>| 56143 | &nbsp;&nbsp; 135591 |  | (612975)<br>| (477384)<br>|
| Class C | 7228 |  | (14716)<br>| (7488)<br>| &nbsp;&nbsp; 29823 |  | (21114)<br>| 8709 |
| Class R3 | 11211 |  | (6561)<br>| 4650 | &nbsp;&nbsp; 3510 |  | (2289)<br>| 1221 |
| Class R6 | 22496 | 439 | (11145)<br>| 11790 | &nbsp;&nbsp; 55838 | 1985 | (72301)<br>| (14478)<br>|
| **Equity Income** | **Equity Income** | **Equity Income** |  |  |  |  |  |  |
| Institutional Class | 5399388 | 968203 | (7387813)<br>| (1020222)<br>| &nbsp;&nbsp; 14228692 | 3224432 | (18204449)<br>| (751325)<br>|
| Class A | 297848 | 149047 | (739647)<br>| (292752)<br>| &nbsp;&nbsp; 941113 | 540853 | (2330700)<br>| (848734)<br>|
| Class C | 25948 | 37409 | (274009)<br>| (210652)<br>| &nbsp;&nbsp; 55898 | 168895 | (794593)<br>| (569800)<br>|
| Class R3 | 7734 | 1100 | (8827)<br>| 7 | &nbsp;&nbsp; 18878 | 3802 | (14844)<br>| 7836 |
| Class E | 252743 | 75509 | (497611)<br>| (169359)<br>| &nbsp;&nbsp; 191901 | 213461 | (171520)<br>| 233842 |
| **Focus**<sup>(a)</sup>  | **Focus**<sup>(a)</sup>  | **Focus**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 54759 | 1840522 | (921988)<br>| 973293 | &nbsp;&nbsp; 68367 | 36976 | (1684038)<br>| (1578695)<br>|
| Trust Class | 3727 | 88726 | (99325)<br>| (6872)<br>| &nbsp;&nbsp; 9745 | 834 | (183471)<br>| (172892)<br>|
| Advisor Class | 4604 | 3428 | (2126)<br>| 5906 | &nbsp;&nbsp; 5730 | 24 | (4746)<br>| 1008 |
| Institutional Class | 1124705 | 81719 | (1181767)<br>| 24657 | &nbsp;&nbsp; 1248910 | 2298 | (1175550)<br>| 75658 |
| Class A | 17749 | 10122 | (11550)<br>| 16321 | &nbsp;&nbsp; 16376 | 66 | (15239)<br>| 1203 |
| Class C | 2145 | 417 | (4529)<br>| (1967)<br>| &nbsp;&nbsp; 338 | 6 | (1714)<br>| (1370)<br>|
| **Genesis** | **Genesis** | **Genesis** |  |  |  |  |  |  |
| Investor Class | 446265 | 3476273 | (3529596)<br>| 392942 | &nbsp;&nbsp; 1261532 | 504917 | (4281688)<br>| (2515239)<br>|
| Trust Class | 278235 | 1959126 | (2408394)<br>| (171033)<br>| &nbsp;&nbsp; 913782 | 298007 | (2743209)<br>| (1531420)<br>|
| Advisor Class | 36479 | 175827 | (200703)<br>| 11603 | &nbsp;&nbsp; 160787 | 29271 | (540049)<br>| (349991)<br>|
| Institutional Class | 5981559 | 4601102 | (13802235)<br>| (3219574)<br>| &nbsp;&nbsp; 18832091 | 719610 | (23351967)<br>| (3800266)<br>|
| Class R6 | 8336256 | 9818273 | (10026233)<br>| 8128296 | &nbsp;&nbsp; 6204805 | 1445620 | (12641241)<br>| (4990816)<br>|
| Class E | 88108 | 368601 | (453328)<br>| 3381 | &nbsp;&nbsp; 163215 | 62124 | (323091)<br>| (97752)<br>|
| **International Equity** | **International Equity** | **International Equity** |  |  |  |  |  |  |
| Investor Class | 54230 | 409786 | (343348)<br>| 120668 | &nbsp;&nbsp; 147853 | 203434 | (547874)<br>| (196587)<br>|
| Trust Class | 10800 | 104540 | (385706)<br>| (270366)<br>| &nbsp;&nbsp; 122826 | 57649 | (263228)<br>| (82753)<br>|
| Institutional Class | 2722525 | 4089778 | (8678299)<br>| (1865996)<br>| &nbsp;&nbsp; 9184202 | 2208841 | (13496129)<br>| (2103086)<br>|
| Class A | 61045 | 46411 | (99087)<br>| 8369 | &nbsp;&nbsp; 164119 | 22327 | (331298)<br>| (144852)<br>|
| Class C | 6301 | 10072 | (36293)<br>| (19920)<br>| &nbsp;&nbsp; 30292 | 5083 | (110569)<br>| (75194)<br>|
| Class R6 | 233548 | 256951 | (945103)<br>| (454604)<br>| &nbsp;&nbsp; 782660 | 161508 | (1422527)<br>| (478359)<br>|
| Class E | 196313 | 273366 | (368713)<br>| 100966 | &nbsp;&nbsp; 368539 | 140971 | (342835)<br>| 166675 |
| **International Select** | **International Select** | **International Select** |  |  |  |  |  |  |
| Trust Class | 4237 | 19303 | (18447)<br>| 5093 | &nbsp;&nbsp; 24536 | 10006 | (30959)<br>| 3583 |
| Institutional Class | 812709 | 754811 | (2164405)<br>| (596885)<br>| &nbsp;&nbsp; 4861668 | 393409 | (2360439)<br>| 2894638 |
| Class A | 34228 | 7743 | (177636)<br>| (135665)<br>| &nbsp;&nbsp; 244552 | 4368 | (135771)<br>| 113149 |
| Class C | 1027 | 1352 | (1376)<br>| 1003 | &nbsp;&nbsp; 3139 | 883 | (20629)<br>| (16607)<br>|
| Class R3 | 7627 | 4300 | (9382)<br>| 2545 | &nbsp;&nbsp; 34721 | 3396 | (65706)<br>| (27589)<br>|
| Class R6 | 1576897 | 70258 | (310784)<br>| 1336371 | &nbsp;&nbsp; 1387120 | 28031 | (8630)<br>| 1406521 |
| **Intrinsic Value** | **Intrinsic Value** | **Intrinsic Value** |  |  |  |  |  |  |
| Institutional Class | 3880302 | 1423256 | (5302238)<br>| 1320 | &nbsp;&nbsp; 11855664 | 375888 | (20272598)<br>| (8041046)<br>|
| Class A | 218022 | 59339 | (317322)<br>| (39961)<br>| &nbsp;&nbsp; 307859 | 14387 | (724369)<br>| (402123)<br>|
| Class C | 85669 | 28157 | (80860)<br>| 32966 | &nbsp;&nbsp; 92654 | 6585 | (228482)<br>| (129243)<br>|

---

------

![](img006065f64.gif)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** |
|  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  |
| Class R6 | 46209 | 136580 | (1353095)<br>| (1170306)<br>| &nbsp;&nbsp; 217180 | 42585 | (1069079)<br>| (809314)<br>|
| **Large Cap Growth**<sup>(a)</sup>  | **Large Cap Growth**<sup>(a)</sup>  | **Large Cap Growth**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 245685 | 7239759 | (2765601)<br>| 4719843 | &nbsp;&nbsp; 397598 | 3376880 | (4687516)<br>| (913038)<br>|
| Trust Class | 22220 | 184585 | (111550)<br>| 95255 | &nbsp;&nbsp; 59525 | 89694 | (276229)<br>| (127010)<br>|
| Advisor Class | 1901 | 852 | (202)<br>| 2551 | &nbsp;&nbsp; 509 | 483 | (2965)<br>| (1973)<br>|
| Institutional Class | 997205 | 1759256 | (2061220)<br>| 695241 | &nbsp;&nbsp; 3581420 | 1001796 | (9949977)<br>| (5366761)<br>|
| Class A | 123042 | 98503 | (84461)<br>| 137084 | &nbsp;&nbsp; 210597 | 42926 | (263378)<br>| (9855)<br>|
| Class C | 6903 | 67280 | (176747)<br>| (102564)<br>| &nbsp;&nbsp; 93867 | 46822 | (313072)<br>| (172383)<br>|
| Class R3 | 2979 | 5336 | (796)<br>| 7519 | &nbsp;&nbsp; 6432 | 2915 | (19317)<br>| (9970)<br>|
| Class R6 | 170488 | 78084 | (123291)<br>| 125281 | &nbsp;&nbsp; 3178441 | 166437 | (3032584)<br>| 312294 |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |  |  |  |  |  |  |
| Investor Class | 309988 | 1814240 | (1519261)<br>| 604967 | &nbsp;&nbsp; 350863 | 649598 | (3460148)<br>| (2459687)<br>|
| Trust Class | 47081 | 98021 | (188027)<br>| (42925)<br>| &nbsp;&nbsp; 127277 | 32504 | (385922)<br>| (226141)<br>|
| Advisor Class | 84865 | 123158 | (242683)<br>| (34660)<br>| &nbsp;&nbsp; 199451 | 41549 | (675657)<br>| (434657)<br>|
| Institutional Class | 12198137 | 6021321 | (18701130)<br>| (481672)<br>| &nbsp;&nbsp; 20413876 | 2459732 | (46446305)<br>| (23572697)<br>|
| Class A | 300166 | 152773 | (373169)<br>| 79770 | &nbsp;&nbsp; 957810 | 42391 | (929144)<br>| 71057 |
| Class C | 153326 | 161798 | (446472)<br>| (131348)<br>| &nbsp;&nbsp; 276080 | 38199 | (1070624)<br>| (756345)<br>|
| Class R3 | 38876 | 14485 | (22706)<br>| 30655 | &nbsp;&nbsp; 83983 | 3236 | (59986)<br>| 27233 |
| Class R6 | 1517460 | 702236 | (1555326)<br>| 664370 | &nbsp;&nbsp; 1995766 | 279132 | (4815996)<br>| (2541098)<br>|
| Class E | 143075 | 274041 | (53120)<br>| 363996 | &nbsp;&nbsp; 122154 | 108946 | (171138)<br>| 59962 |
| **Mid Cap Growth**<sup>(a)</sup>  | **Mid Cap Growth**<sup>(a)</sup>  | **Mid Cap Growth**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 257222 | 6571858 | (1855641)<br>| 4973439 | &nbsp;&nbsp; 252067 | 2612592 | (2514373)<br>| 350286 |
| Trust Class | 68561 | 289484 | (217169)<br>| 140876 | &nbsp;&nbsp; 311434 | 122029 | (463466)<br>| (30003)<br>|
| Advisor Class | 30623 | 48901 | (71842)<br>| 7682 | &nbsp;&nbsp; 122720 | 22133 | (180134)<br>| (35281)<br>|
| Institutional Class | 5826628 | 6698685 | (5335586)<br>| 7189727 | &nbsp;&nbsp; 7027566 | 2467170 | (9128306)<br>| 366430 |
| Class A | 348811 | 353753 | (527161)<br>| 175403 | &nbsp;&nbsp; 487626 | 155362 | (546576)<br>| 96412 |
| Class C | 13935 | 66605 | (58719)<br>| 21821 | &nbsp;&nbsp; 25668 | 30544 | (88918)<br>| (32706)<br>|
| Class R3 | 50059 | 117455 | (163373)<br>| 4141 | &nbsp;&nbsp; 172475 | 42707 | (140552)<br>| 74630 |
| Class R6 | 10028144 | 9831586 | (6884900)<br>| 12974830 | &nbsp;&nbsp; 13766369 | 3248965 | (10060041)<br>| 6955293 |
| **Mid Cap Intrinsic Value** | **Mid Cap Intrinsic Value** | **Mid Cap Intrinsic Value** |  |  |  |  |  |  |
| Investor Class | 8622 | 96543 | (192832)<br>| (87667)<br>| &nbsp;&nbsp; 11058 | 66418 | (211224)<br>| (133748)<br>|
| Trust Class | 939 | 23259 | (9562)<br>| 14636 | &nbsp;&nbsp; 5165 | 12295 | (23570)<br>| (6110)<br>|
| Institutional Class | 5440 | 55775 | (34698)<br>| 26517 | &nbsp;&nbsp; 29837 | 31801 | (84941)<br>| (23303)<br>|
| Class A | 11145 | 3601 | (2673)<br>| 12073 | &nbsp;&nbsp; 6631 | 2747 | (23628)<br>| (14250)<br>|
| Class C | 308 | 3399 | (11717)<br>| (8010)<br>| &nbsp;&nbsp; 2308 | 1739 | (2961)<br>| 1086 |
| Class R3 | 599 | 1905 | (1765)<br>| 739 | &nbsp;&nbsp; 1397 | 1041 | (3534)<br>| (1096)<br>|
| Class R6 | 369 |  | (388)<br>| (19)<br>| &nbsp;&nbsp; — |  |  |  |
| **Multi-Cap Opportunities** | **Multi-Cap Opportunities** | **Multi-Cap Opportunities** |  |  |  |  |  |  |
| Institutional Class | 1868290 | 43302 | (2460184)<br>| (548592)<br>| &nbsp;&nbsp; 5593364 | 223514 | (7687272)<br>| (1870394)<br>|
| Class A | 121093 | 14075 | (287046)<br>| (151878)<br>| &nbsp;&nbsp; 348754 | 72195 | (864772)<br>| (443823)<br>|
| Class C | 8062 | 5137 | (91917)<br>| (78718)<br>| &nbsp;&nbsp; 33743 | 26846 | (373433)<br>| (312844)<br>|
| Class E | 170533 | 119475 | (356408)<br>| (66400)<br>| &nbsp;&nbsp; 469719 | 344315 | (391424)<br>| 422610 |
| **Quality Equity** | **Quality Equity** | **Quality Equity** |  |  |  |  |  |  |
| Investor Class | 503362 | 185349 | (554384)<br>| 134327 | &nbsp;&nbsp; 291888 | 464371 | (1197917)<br>| (441658)<br>|
| Trust Class | 51440 | 51122 | (243086)<br>| (140524)<br>| &nbsp;&nbsp; 177017 | 153051 | (851306)<br>| (521238)<br>|
| Institutional Class | 10871804 | 416683 | (3281461)<br>| 8007026 | &nbsp;&nbsp; 8511634 | 652399 | (4111643)<br>| 5052390 |
| Class A | 1270587 | 61567 | (234916)<br>| 1097238 | &nbsp;&nbsp; 433807 | 138142 | (505368)<br>| 66581 |
| Class C | 279732 | 15284 | (81857)<br>| 213159 | &nbsp;&nbsp; 89549 | 41916 | (244348)<br>| (112883)<br>|
| Class R3 | 24607 | 6853 | (40820)<br>| (9360)<br>| &nbsp;&nbsp; 55611 | 18329 | (127414)<br>| (53474)<br>|
| Class R6 | 313111 | 56738 | (421286)<br>| (51437)<br>| &nbsp;&nbsp; 1047031 | 130158 | (1107233)<br>| 69956 |
| Class E | 318579 | 24438 | (54907)<br>| 288110 | &nbsp;&nbsp; 234403 | 37125 | (59972)<br>| 211556 |
| **Real Estate** | **Real Estate** | **Real Estate** |  |  |  |  |  |  |
| Trust Class | 63725 | 40325 | (751917)<br>| (647867)<br>| &nbsp;&nbsp; 142777 | 109523 | (1550350)<br>| (1298050)<br>|
| Institutional Class | 2806059 | 240834 | (3819936)<br>| (773043)<br>| &nbsp;&nbsp; 6715694 | 565320 | (8613946)<br>| (1332932)<br>|
| Class A | 318444 | 20940 | (616328)<br>| (276944)<br>| &nbsp;&nbsp; 803604 | 54201 | (1144388)<br>| (286583)<br>|
| Class C | 8614 | 1236 | (73933)<br>| (64083)<br>| &nbsp;&nbsp; 28163 | 4019 | (156053)<br>| (123871)<br>|
| Class R3 | 78694 | 5460 | (178402)<br>| (94248)<br>| &nbsp;&nbsp; 94758 | 14660 | (269499)<br>| (160081)<br>|
| Class R6 | 1049097 | 100250 | (2665689)<br>| (1516342)<br>| &nbsp;&nbsp; 2283924 | 239188 | (2935845)<br>| (412733)<br>|
| Class E | 118450 | 16554 | (117184)<br>| 17820 | &nbsp;&nbsp; 115182 | 37625 | (231075)<br>| (78268)<br>|
| **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |
| Investor Class | 8009 | 83886 | (67027)<br>| 24868 | &nbsp;&nbsp; 82404 | 6028 | (191083)<br>| (102651)<br>|

---

------

![](img006065f64.gif)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Six Months Ended February 28, 2026** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** | **For the Year Ended August 31, 2025** |
|  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  | **Shares**<br> **Sold** <br>| **Shares**<br> **Issued on**<br> **Reinvestment**<br> **of Dividends**<br> **and**<br> **Distributions** <br>| **Shares**<br> **Redeemed** <br>| **Total**  |
| Trust Class | 1299 | 4482 | (13049)<br>| (7268)<br>| &nbsp;&nbsp; 3147 | 374 | (13138)<br>| (9617)<br>|
| Advisor Class | 339 | 1910 | (238)<br>| 2011 | &nbsp;&nbsp; 9932 | 173 | (18460)<br>| (8355)<br>|
| Institutional Class | 1142099 | 318701 | (1537922)<br>| (77122)<br>| &nbsp;&nbsp; 2330725 | 18434 | (1878076)<br>| 471083 |
| Class A | 34799 | 25432 | (51295)<br>| 8936 | &nbsp;&nbsp; 108902 | 1699 | (131944)<br>| (21343)<br>|
| Class C | 2567 | 8611 | (18500)<br>| (7322)<br>| &nbsp;&nbsp; 33977 | 579 | (34658)<br>| (102)<br>|
| Class R3 | 53306 | 22805 | (93794)<br>| (17683)<br>| &nbsp;&nbsp; 207639 | 909 | (87582)<br>| 120966 |
| Class R6 | 469514 | 169763 | (647969)<br>| (8692)<br>| &nbsp;&nbsp; 1612704 | 10664 | (1182250)<br>| 441118 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After the close of business on October 10, 2025, the Funds' applicable classes underwent
 a stock split or reverse stock split. The capital share activity presented here has been retroactively
 adjusted to reflect this split. See Note G of the Notes to Financial Statements.

Note E—Line of Credit:

At February 28, 2026, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a daily simple SOFR plus 1.00% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several funds participate in the Credit Facility, there is no assurance that an individual fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding for any Fund under the Credit Facility at February 28, 2026. During the six months ended February 28, 2026, no Fund utilized the Credit Facility.

Note F—Investments in Affiliates<sup>(a)</sup>:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>August 31, <br>2025<br>| Purchases | &nbsp;&nbsp; Sales/ <br>Other <br>Reductions<br>| Change in <br>Net Unrealized <br>Appreciation/ <br>(Depreciation) <br>from <br>Investments <br>in Affiliated <br>Persons<br>| Net Realized <br>Gain/(Loss) <br>from <br>Investments <br>in Affiliated <br>Persons<br>| Distributions <br>from <br>Investments <br>in Affiliated <br>Persons<br>| Shares <br>Held at <br>February 28, <br>2026<br>| Value at <br>February 28, <br>2026<br>|
| **Genesis** |  |  |  |  |  |  |  |  |
| AMERISAFE, Inc. | $52900899 | $— | $(245329) | $(15474639) | $(130237) | $2039056 | 1138970 | $37050694 |
| Lakeland <br> Financial Corp.<br>| 82291275 | 16446898 | (6849378) | (12906690) | 101389 | 1158855 | 1361396 | 79083494 |
| Lindsay Corp. | 86717558 | 477332 | (7782348) | (3077479) | 782977 | 438526 | 572517 | 77118040 |
| Middlesex <br> Water Co.<br>| 18528427 | 33093807 |  | 314588 |  | 390352 | 961793 | 51936822 |
| Miller Industries, <br> Inc.<br>| 28609920 | 180144 |  | (27212) |  | 271893 | 684341 | 28762852 |

---

------

![](img006065f64.gif)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> August 31,<br> 2025<br>| Purchases | &nbsp;&nbsp; Sales/<br> Other<br> Reductions<br>| Change in<br> Net Unrealized<br> Appreciation/<br> (Depreciation)<br> from<br> Investments<br> in Affiliated<br> Persons<br>| Net Realized<br> Gain/(Loss)<br> from<br> Investments<br> in Affiliated<br> Persons<br>| Distributions<br> from<br> Investments<br> in Affiliated<br> Persons<br>| Shares<br> Held at<br> February 28,<br> 2026<br>| Value at<br> February 28,<br> 2026<br>|
| Stevanato <br> Group SpA<br>| $49046206 | $14671820 | $(4226219) | $(19135006) | $(628814) | $—\* | 2559793 | $39727987 |
| Transcat, Inc. | 43002800 |  | (2168969) | (3775989) | 270763 | —\* | 478756 | 37328605 |
| Winmark Corp. | 92631631 | 531740 | (8696736) | (4083687) | 2166380 | 2311220 | 180934 | 82549328 |
| Total for <br> affiliates held <br> as of 2/28/26<sup>(b)</sup><br>| $453728716 | $65401741 | $(29968979) | $(58166114) | $2562458 | $6609902 |  | $433557822 |
| CRA <br> International, <br> Inc.<br>| $75683044 | $347517 | $(30224005) | $(18069398) | $13220557 | $335156 | 237216 | $40957715 |
| Hagerty, Inc. | 55075198 | 428754 |  | 1349088 |  | —\* | 4842678 | 56853040 |
| Total for <br> securities no <br> longer <br> affiliated as of <br> 2/28/26<sup>(c)</sup><br>| $130758242 | $776271 | $(30224005) | $(16720310) | $13220557 | $335156 |  | $97810755 |
| Total | $584486958 | $66178012 | $(60192984) | $(74886424) | $15783015 | $6945058 |  | $531368577 |

---

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

\* Non-income producing security.

(a) Affiliated persons, as defined in the 1940 Act.

(b) At February 28, 2026, these securities amounted to 5.07% of net assets of Genesis.

(c) At February 28, 2026, the issuers of these securities were no longer affiliated with Genesis.

Note G—Stock Splits:

In 2025, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Focus, Large Cap Growth and Mid Cap Growth (collectively, the "Stock Split Funds"). The Stock Split occurred after the close of business on October 10, 2025. The Stock Split was carried out in accordance with a stock split ratio calculated to result in net asset values per share that better aligned the share class prices of each of the Stock Split Funds.

After the close of business on October 10, 2025, the following classes of the Stock Split Funds underwent a stock split or reverse stock split as follows:

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

---

| | |
|:---|:---|
| **Fund Class**  | **Stock Split** <br>**Ratio** <br>**(Old to New)** <br>|
| Focus Trust Class | 1: 0.9927 |
| Focus Advisor Class | 1: 0.9845 |
| Focus Institutional Class | 1: 1.0045 |
| Focus Class A | 1: 0.9910 |
| Focus Class C | 1: 0.9374 |

---

------

![](img006065f64.gif)

---

| | |
|:---|:---|
| **Fund Class**  | **Stock Split** <br>**Ratio** <br>**(Old to New)** <br>|
| Large Cap Growth Trust <br> Class<br>| 1: 0.9914 |
| Large Cap Growth <br> Advisor Class<br>| 1: 0.9657 |
| Large Cap Growth <br> Institutional Class<br>| 1: 1.0037 |
| Large Cap Growth <br> Class A<br>| 1: 0.9888 |
| Large Cap Growth <br> Class C<br>| 1: 0.9301 |
| Large Cap Growth <br> Class R3<br>| 1: 0.9682 |
| Large Cap Growth <br> Class R6<br>| 1: 1.0048 |

---

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

---

| | |
|:---|:---|
| **Fund Class**  | **Stock Split** <br>**Ratio** <br>**(Old to New)** <br>|
| Mid Cap Growth Trust <br> Class<br>| 1: 0.9951 |
| Mid Cap Growth Advisor <br> Class<br>| 1: 0.9834 |
| Mid Cap Growth <br> Institutional Class<br>| 1: 1.0073 |
| Mid Cap Growth Class A | 1: 0.9899 |
| Mid Cap Growth Class C | 1: 0.9551 |
| Mid Cap Growth Class R3 | 1: 0.9777 |
| Mid Cap Growth Class R6 | 1: 1.0120 |

---

Note H—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

------

![](img006065f64.gif)

Financial Highlights

The following tables include selected data for a share outstanding throughout each fiscal period and other performance information derived from the financial statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $23.86 | $0.00 | $6.13 | $6.13 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2025  | $19.74 | $0.14 | $4.01 | $4.15 | $(0.03)<br>| $— | $— | $(0.03)<br>|
| 8/31/2024  | $17.11 | $0.16 | $2.70 | $2.86 | $(0.23)<br>| $— | $— | $(0.23)<br>|
| 8/31/2023  | $17.66 | $0.20 | $(0.68)<br>| $(0.48)<br>| $(0.07)<br>| $— | $— | $(0.07)<br>|
| 8/31/2022  | $23.55 | $0.28 | $(5.93)<br>| $(5.65)<br>| $(0.24)<br>| $— | $— | $(0.24)<br>|
| 8/31/2021  | $20.37 | $0.06 | $3.20 | $3.26 | $(0.08)<br>| $— | $— | $(0.08)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $23.87 | $(0.03)<br>| $6.11 | $6.08 | $— | $— | $— | $— |
| 8/31/2025  | $19.76 | $0.06 | $4.05 | $4.11 | $— | $— | $— | $— |
| 8/31/2024  | $17.15 | $0.15 | $2.67 | $2.82 | $(0.21)<br>| $— | $— | $(0.21)<br>|
| 8/31/2023  | $17.70 | $0.18 | $(0.70)<br>| $(0.52)<br>| $(0.03)<br>| $— | $— | $(0.03)<br>|
| 8/31/2022  | $23.60 | $0.22 | $(5.95)<br>| $(5.73)<br>| $(0.17)<br>| $— | $— | $(0.17)<br>|
| 8/31/2021  | $20.43 | $(0.01)<br>| $3.21 | $3.20 | $(0.03)<br>| $— | $— | $(0.03)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $23.26 | $(0.13)<br>| $5.95 | $5.82 | $— | $— | $— | $— |
| 8/31/2025  | $19.40 | $(0.07)<br>| $3.93 | $3.86 | $— | $— | $— | $— |
| 8/31/2024  | $16.84 | $0.00 | $2.65 | $2.65 | $(0.09)<br>| $— | $— | $(0.09)<br>|
| 8/31/2023  | $17.49 | $0.02 | $(0.67)<br>| $(0.65)<br>| $— | $— | $— | $— |
| 8/31/2022  | $23.43 | $0.07 | $(5.90)<br>| $(5.83)<br>| $(0.11)<br>| $— | $— | $(0.11)<br>|
| 8/31/2021  | $20.40 | $(0.18)<br>| $3.21 | $3.03 | $— | $— | $— | $— |
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $23.59 | $(0.08)<br>| $6.04 | $5.96 | $— | $— | $— | $— |
| 8/31/2025  | $19.61 | $0.01 | $3.97 | $3.98 | $— | $— | $— | $— |
| 8/31/2024  | $17.04 | $0.07 | $2.66 | $2.73 | $(0.16)<br>| $— | $— | $(0.16)<br>|
| 8/31/2023  | $17.62 | $0.10 | $(0.68)<br>| $(0.58)<br>| $— | $— | $— | $— |
| 8/31/2022  | $23.56 | $0.14 | $(5.94)<br>| $(5.80)<br>| $(0.14)<br>| $— | $— | $(0.14)<br>|
| 8/31/2021  | $20.45 | $(0.11)<br>| $3.22 | $3.11 | $— | $— | $— | $— |

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $29.98 | &nbsp;&nbsp;&nbsp;&nbsp; 25.68 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $209.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 %<sup>e</sup><br>|
| $23.86 | &nbsp;&nbsp;&nbsp;&nbsp; 21.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $175.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| $19.74 | &nbsp;&nbsp;&nbsp;&nbsp; 16.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $174.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| $17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $453.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $17.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $652.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| $23.55 | &nbsp;&nbsp;&nbsp;&nbsp; 16.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $972.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| $29.95 | &nbsp;&nbsp;&nbsp;&nbsp; 25.47 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 %<sup>e</sup><br>|
| $23.87 | &nbsp;&nbsp;&nbsp;&nbsp; 20.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| $19.76 | &nbsp;&nbsp;&nbsp;&nbsp; 16.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| $17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| $23.60 | &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| $29.08 | &nbsp;&nbsp;&nbsp;&nbsp; 25.02 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 %<sup>e</sup><br>|
| $23.26 | &nbsp;&nbsp;&nbsp;&nbsp; 19.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| $19.40 | &nbsp;&nbsp;&nbsp;&nbsp; 15.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| $16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| $23.43 | &nbsp;&nbsp;&nbsp;&nbsp; 14.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| $29.55 | &nbsp;&nbsp;&nbsp;&nbsp; 25.26 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 %<sup>e</sup><br>|
| $23.59 | &nbsp;&nbsp;&nbsp;&nbsp; 20.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| $19.61 | &nbsp;&nbsp;&nbsp;&nbsp; 16.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| $17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $17.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| $23.56 | &nbsp;&nbsp;&nbsp;&nbsp; 15.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** | **Emerging Markets Equity Fund (cont'd)** |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $23.85 | $0.02 | $6.11 | $6.13 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2025  | $19.73 | $0.17 | $4.00 | $4.17 | $(0.05)<br>| $— | $— | $(0.05)<br>|
| 8/31/2024  | $17.11 | $0.14 | $2.73 | $2.87 | $(0.25)<br>| $— | $— | $(0.25)<br>|
| 8/31/2023  | $17.66 | $0.22 | $(0.68)<br>| $(0.46)<br>| $(0.09)<br>| $— | $— | $(0.09)<br>|
| 8/31/2022  | $23.56 | $0.30 | $(5.93)<br>| $(5.63)<br>| $(0.27)<br>| $— | $— | $(0.27)<br>|
| 8/31/2021  | $20.38 | $0.10 | $3.19 | $3.29 | $(0.11)<br>| $— | $— | $(0.11)<br>|
| **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** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $15.02 | $0.14 | $2.38 | $2.52 | $(0.13)<br>| $(0.20)<br>| $— | $(0.33)<br>|
| 8/31/2025  | $14.33 | $0.31 <br><sup>i</sup><br>| $1.36 | $1.67 | $(0.32)<br>| $(0.66)<br>| $— | $(0.98)<br>|
| 8/31/2024  | $12.82 | $0.29 | $1.99 | $2.28 | $(0.27)<br>| $(0.50)<br>| $— | $(0.77)<br>|
| 8/31/2023  | $13.50 | $0.34 | $(0.03)<br>| $0.31 | $(0.33)<br>| $(0.66)<br>| $— | $(0.99)<br>|
| 8/31/2022  | $15.01 | $0.34 | $(0.27)<br>| $0.07 | $(0.33)<br>| $(1.25)<br>| $— | $(1.58)<br>|
| 8/31/2021  | $12.42 | $0.31 | $2.58 | $2.89 | $(0.30)<br>| $— | $— | $(0.30)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $14.94 | $0.11 | $2.37 | $2.48 | $(0.11)<br>| $(0.20)<br>| $— | $(0.31)<br>|
| 8/31/2025  | $14.25 | $0.25 <br><sup>i</sup><br>| $1.36 | $1.61 | $(0.26)<br>| $(0.66)<br>| $— | $(0.92)<br>|
| 8/31/2024  | $12.76 | $0.24 | $1.97 | $2.21 | $(0.22)<br>| $(0.50)<br>| $— | $(0.72)<br>|
| 8/31/2023  | $13.44 | $0.29 | $(0.03)<br>| $0.26 | $(0.28)<br>| $(0.66)<br>| $— | $(0.94)<br>|
| 8/31/2022  | $14.95 | $0.28 | $(0.26)<br>| $0.02 | $(0.28)<br>| $(1.25)<br>| $— | $(1.53)<br>|
| 8/31/2021  | $12.37 | $0.27 | $2.56 | $2.83 | $(0.25)<br>| $— | $— | $(0.25)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $14.84 | $0.05 | $2.36 | $2.41 | $(0.05)<br>| $(0.20)<br>| $— | $(0.25)<br>|
| 8/31/2025  | $14.16 | $0.15 <br><sup>i</sup><br>| $1.35 | $1.50 | $(0.16)<br>| $(0.66)<br>| $— | $(0.82)<br>|
| 8/31/2024  | $12.67 | $0.14 | $1.97 | $2.11 | $(0.12)<br>| $(0.50)<br>| $— | $(0.62)<br>|
| 8/31/2023  | $13.35 | $0.19 | $(0.03)<br>| $0.16 | $(0.18)<br>| $(0.66)<br>| $— | $(0.84)<br>|
| 8/31/2022  | $14.85 | $0.17 | $(0.25)<br>| $(0.08)<br>| $(0.17)<br>| $(1.25)<br>| $— | $(1.42)<br>|
| 8/31/2021  | $12.28 | $0.16 | $2.55 | $2.71 | $(0.14)<br>| $— | $— | $(0.14)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $14.92 | $0.09 | $2.37 | $2.46 | $(0.08)<br>| $(0.20)<br>| $— | $(0.28)<br>|
| 8/31/2025  | $14.24 | $0.21 <br><sup>i</sup><br>| $1.36 | $1.57 | $(0.23)<br>| $(0.66)<br>| $— | $(0.89)<br>|
| 8/31/2024  | $12.75 | $0.21 | $1.97 | $2.18 | $(0.19)<br>| $(0.50)<br>| $— | $(0.69)<br>|
| 8/31/2023  | $13.44 | $0.25 | $(0.03)<br>| $0.22 | $(0.25)<br>| $(0.66)<br>| $— | $(0.91)<br>|
| 8/31/2022  | $14.94 | $0.24 | $(0.26)<br>| $(0.02)<br>| $(0.23)<br>| $(1.25)<br>| $— | $(1.48)<br>|
| 8/31/2021  | $12.34 | $0.22 | $2.57 | $2.79 | $(0.19)<br>| $— | $— | $(0.19)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 25.73 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 %<sup>e</sup><br>|
| $23.85 | &nbsp;&nbsp;&nbsp;&nbsp; 21.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| $19.73 | &nbsp;&nbsp;&nbsp;&nbsp; 17.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| $17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $17.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| $23.56 | &nbsp;&nbsp;&nbsp;&nbsp; 16.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $291.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| $17.21 | &nbsp;&nbsp;&nbsp;&nbsp; 17.08 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $820.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $15.02 | &nbsp;&nbsp;&nbsp;&nbsp; 12.34 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $731.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $14.33 | &nbsp;&nbsp;&nbsp;&nbsp; 18.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $708.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $12.82 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $710.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $13.50 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $834.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| $15.01 | &nbsp;&nbsp;&nbsp;&nbsp; 23.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $898.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $17.11 | &nbsp;&nbsp;&nbsp;&nbsp; 16.82 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $171.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $14.94 | &nbsp;&nbsp;&nbsp;&nbsp; 12.00 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $153.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $14.25 | &nbsp;&nbsp;&nbsp;&nbsp; 18.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $158.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $12.76 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $13.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $170.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| $14.95 | &nbsp;&nbsp;&nbsp;&nbsp; 23.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $17.00 | &nbsp;&nbsp;&nbsp;&nbsp; 16.41 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $14.84 | &nbsp;&nbsp;&nbsp;&nbsp; 11.15 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $14.16 | &nbsp;&nbsp;&nbsp;&nbsp; 17.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $12.67 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $13.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| $14.85 | &nbsp;&nbsp;&nbsp;&nbsp; 22.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $17.10 | &nbsp;&nbsp;&nbsp;&nbsp; 16.74 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; 11.67 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $14.24 | &nbsp;&nbsp;&nbsp;&nbsp; 17.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $12.75 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $13.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| $14.94 | &nbsp;&nbsp;&nbsp;&nbsp; 22.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** | **Equity Income Fund (cont'd)** |
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $15.03 | $0.19 | $2.39 | $2.58 | $(0.19)<br>| $(0.20)<br>| $— | $(0.39)<br>|
| 8/31/2025  | $14.34 | $0.40 <br><sup>i</sup><br>| $1.36 | $1.76 | $(0.41)<br>| $(0.66)<br>| $— | $(1.07)<br>|
| 8/31/2024  | $12.83 | $0.38 | $1.99 | $2.37 | $(0.36)<br>| $(0.50)<br>| $— | $(0.86)<br>|
| 8/31/2023  | $13.51 | $0.43 | $(0.03)<br>| $0.40 | $(0.42)<br>| $(0.66)<br>| $— | $(1.08)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $14.55 | $0.29 | $(1.11)<br>| $(0.82)<br>| $(0.22)<br>| $— | $— | $(0.22)<br>|
| **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** | **Focus Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $35.19 | $0.03 | $1.33 | $1.36 | $(0.09)<br>| $(3.19)<br>| $— | $(3.28)<br>|
| 8/31/2025  | $29.60 | $0.09 | $5.56 | $5.65 | $(0.04)<br>| $(0.02)<br>| $— | $(0.06)<br>|
| 8/31/2024  | $23.56 | $0.10 | $6.09 | $6.19 | $(0.15)<br>| $— | $— | $(0.15)<br>|
| 8/31/2023  | $21.08 | $0.09 | $2.40 | $2.49 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2022  | $35.97 | $(0.00)<br>| $(9.12)<br>| $(9.12)<br>| $— | $(5.77)<br>| $— | $(5.77)<br>|
| 8/31/2021  | $28.76 | $0.01 | $8.80 | $8.81 | $— | $(1.60)<br>| $— | $(1.60)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $35.19 | $(0.01)<br>| $1.33 | $1.32 | $(0.04)<br>| $(3.19)<br>| $— | $(3.23)<br>|
| 8/31/2025<sup>m</sup> <br>| $29.62 | $0.02 | $5.57 | $5.59 | $— | $(0.02)<br>| $— | $(0.02)<br>|
| 8/31/2024<sup>m</sup> <br>| $23.57 | $0.05 | $6.10 | $6.15 | $(0.10)<br>| $— | $— | $(0.10)<br>|
| 8/31/2023<sup>m</sup> <br>| $21.12 | $0.05 | $2.40 | $2.45 | $— | $— | $— | $— |
| 8/31/2022<sup>m</sup> <br>| $36.14 | $(0.06)<br>| $(9.15)<br>| $(9.21)<br>| $— | $(5.81)<br>| $— | $(5.81)<br>|
| 8/31/2021<sup>m</sup> <br>| $28.96 | $(0.05)<br>| $8.84 | $8.79 | $— | $(1.61)<br>| $— | $(1.61)<br>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $35.19 | $(0.06)<br>| $1.32 | $1.26 | $(0.03)<br>| $(3.19)<br>| $— | $(3.22)<br>|
| 8/31/2025<sup>m</sup> <br>| $29.69 | $(0.04)<br>| $5.56 | $5.52 | $— | $(0.02)<br>| $— | $(0.02)<br>|
| 8/31/2024<sup>m</sup> <br>| $23.62 | $(0.01)<br>| $6.11 | $6.10 | $(0.03)<br>| $— | $— | $(0.03)<br>|
| 8/31/2023<sup>m</sup> <br>| $21.21 | $0.01 | $2.40 | $2.41 | $— | $— | $— | $— |
| 8/31/2022<sup>m</sup> <br>| $36.36 | $(0.10)<br>| $(9.19)<br>| $(9.29)<br>| $— | $(5.86)<br>| $— | $(5.86)<br>|
| 8/31/2021<sup>m</sup> <br>| $29.20 | $(0.12)<br>| $8.91 | $8.79 | $— | $(1.63)<br>| $— | $(1.63)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $35.20 | $0.06 | $1.33 | $1.39 | $(0.13)<br>| $(3.19)<br>| $— | $(3.32)<br>|
| 8/31/2025<sup>m</sup> <br>| $29.59 | $0.14 | $5.56 | $5.70 | $(0.07)<br>| $(0.02)<br>| $— | $(0.09)<br>|
| 8/31/2024<sup>m</sup> <br>| $23.54 | $0.14 | $6.09 | $6.23 | $(0.18)<br>| $— | $— | $(0.18)<br>|
| 8/31/2023<sup>m</sup> <br>| $21.08 | $0.13 | $2.38 | $2.51 | $(0.05)<br>| $— | $— | $(0.05)<br>|
| 8/31/2022<sup>m</sup> <br>| $35.89 | $0.05 | $(9.12)<br>| $(9.07)<br>| $— | $(5.74)<br>| $— | $(5.74)<br>|
| 8/31/2021<sup>m</sup> <br>| $28.65 | $0.06 | $8.77 | $8.83 | $— | $(1.59)<br>| $— | $(1.59)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $17.22 | &nbsp;&nbsp;&nbsp;&nbsp; 17.46 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $15.03 | &nbsp;&nbsp;&nbsp;&nbsp; 13.08 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $14.34 | &nbsp;&nbsp;&nbsp;&nbsp; 19.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $12.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $13.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 %<sup>e,l</sup><br>|
| $33.27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.90 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $721.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.19 | &nbsp;&nbsp;&nbsp;&nbsp; 19.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $728.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.60 | &nbsp;&nbsp;&nbsp;&nbsp; 26.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $659.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.56 | &nbsp;&nbsp;&nbsp;&nbsp; 11.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $567.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $553.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $35.97 | &nbsp;&nbsp;&nbsp;&nbsp; 32.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $865.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|
| $33.28 | &nbsp;&nbsp;&nbsp;&nbsp; 3.77 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.19 | &nbsp;&nbsp;&nbsp;&nbsp; 18.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.62 | &nbsp;&nbsp;&nbsp;&nbsp; 26.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.57 | &nbsp;&nbsp;&nbsp;&nbsp; 11.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $36.14 | &nbsp;&nbsp;&nbsp;&nbsp; 31.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|
| $33.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.59 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.19 | &nbsp;&nbsp;&nbsp;&nbsp; 18.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.69 | &nbsp;&nbsp;&nbsp;&nbsp; 25.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.62 | &nbsp;&nbsp;&nbsp;&nbsp; 11.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $36.36 | &nbsp;&nbsp;&nbsp;&nbsp; 31.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|
| $33.27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.96 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.20 | &nbsp;&nbsp;&nbsp;&nbsp; 19.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.59 | &nbsp;&nbsp;&nbsp;&nbsp; 26.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.54 | &nbsp;&nbsp;&nbsp;&nbsp; 11.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $35.89 | &nbsp;&nbsp;&nbsp;&nbsp; 32.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** | **Focus Fund (cont'd)** |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026<sup>m</sup> (Unaudited) | $35.19 | $(0.01)<br>| $1.33 | $1.32 | $(0.07)<br>| $(3.19)<br>| $— | $(3.26)<br>|
| 8/31/2025<sup>m</sup> <br>| $29.63 | $0.02 | $5.56 | $5.58 | $— | $(0.02)<br>| $— | $(0.02)<br>|
| 8/31/2024<sup>m</sup> <br>| $23.58 | $0.05 | $6.10 | $6.15 | $(0.10)<br>| $— | $— | $(0.10)<br>|
| 8/31/2023<sup>m</sup> <br>| $21.13 | $0.06 | $2.39 | $2.45 | $— | $— | $— | $— |
| 8/31/2022<sup>m</sup> <br>| $36.17 | $(0.06)<br>| $(9.16)<br>| $(9.22)<br>| $— | $(5.82)<br>| $— | $(5.82)<br>|
| 8/31/2021<sup>m</sup> <br>| $28.99 | $(0.06)<br>| $8.85 | $8.79 | $— | $(1.61)<br>| $— | $(1.61)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026<sup>m</sup> (Unaudited) | $35.17 | $(0.14)<br>| $1.32 | $1.18 | $— | $(3.19)<br>| $— | $(3.19)<br>|
| 8/31/2025<sup>m</sup> <br>| $29.83 | $(0.22)<br>| $5.59 | $5.37 | $— | $(0.03)<br>| $— | $(0.03)<br>|
| 8/31/2024<sup>m</sup> <br>| $23.83 | $(0.15)<br>| $6.15 | $6.00 | $— | $— | $— | $— |
| 8/31/2023<sup>m</sup> <br>| $21.52 | $(0.11)<br>| $2.42 | $2.31 | $— | $— | $— | $— |
| 8/31/2022<sup>m</sup> <br>| $37.31 | $(0.29)<br>| $(9.34)<br>| $(9.63)<br>| $— | $(6.16)<br>| $— | $(6.16)<br>|
| 8/31/2021<sup>m</sup> <br>| $30.16 | $(0.32)<br>| $9.18 | $8.86 | $— | $(1.71)<br>| $— | $(1.71)<br>|
| **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** | **Genesis Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $64.66 | $0.03 | $1.98 | $2.01 | $(0.14)<br>| $(8.62)<br>| $— | $(8.76)<br>|
| 8/31/2025  | $67.75 | $0.03 | $(1.72)<br>| $(1.69)<br>| $— | $(1.40)<br>| $— | $(1.40)<br>|
| 8/31/2024  | $60.75 | $0.02 | $8.82 | $8.84 | $(0.02)<br>| $(1.82)<br>| $— | $(1.84)<br>|
| 8/31/2023  | $61.48 | $0.06 | $5.22 | $5.28 | $— | $(6.01)<br>| $— | $(6.01)<br>|
| 8/31/2022  | $80.18 | $(0.08)<br>| $(10.47)<br>| $(10.55)<br>| $— | $(8.15)<br>| $— | $(8.15)<br>|
| 8/31/2021  | $62.74 | $(0.11)<br>| $20.25 | $20.14 | $— | $(2.70)<br>| $— | $(2.70)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $64.30 | $0.00 | $1.97 | $1.97 | $(0.06)<br>| $(8.62)<br>| $— | $(8.68)<br>|
| 8/31/2025  | $67.45 | $(0.03)<br>| $(1.72)<br>| $(1.75)<br>| $— | $(1.40)<br>| $— | $(1.40)<br>|
| 8/31/2024  | $60.52 | $(0.04)<br>| $8.80 | $8.76 | $(0.01)<br>| $(1.82)<br>| $— | $(1.83)<br>|
| 8/31/2023  | $61.33 | $0.00 | $5.20 | $5.20 | $— | $(6.01)<br>| $— | $(6.01)<br>|
| 8/31/2022  | $80.07 | $(0.14)<br>| $(10.45)<br>| $(10.59)<br>| $— | $(8.15)<br>| $— | $(8.15)<br>|
| 8/31/2021  | $62.71 | $(0.18)<br>| $20.24 | $20.06 | $— | $(2.70)<br>| $— | $(2.70)<br>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026 (Unaudited) | $62.84 | $(0.07)<br>| $1.91 | $1.84 | $— | $(8.62)<br>| $— | $(8.62)<br>|
| 8/31/2025  | $66.11 | $(0.19)<br>| $(1.68)<br>| $(1.87)<br>| $— | $(1.40)<br>| $— | $(1.40)<br>|
| 8/31/2024  | $59.50 | $(0.19)<br>| $8.62 | $8.43 | $— | $(1.82)<br>| $— | $(1.82)<br>|
| 8/31/2023  | $60.53 | $(0.14)<br>| $5.12 | $4.98 | $— | $(6.01)<br>| $— | $(6.01)<br>|
| 8/31/2022  | $79.33 | $(0.31)<br>| $(10.34)<br>| $(10.65)<br>| $— | $(8.15)<br>| $— | $(8.15)<br>|
| 8/31/2021  | $62.31 | $(0.36)<br>| $20.08 | $19.72 | $— | $(2.70)<br>| $— | $(2.70)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $33.25 | &nbsp;&nbsp;&nbsp;&nbsp; 3.77 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.19 | &nbsp;&nbsp;&nbsp;&nbsp; 18.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.63 | &nbsp;&nbsp;&nbsp;&nbsp; 26.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.58 | &nbsp;&nbsp;&nbsp;&nbsp; 11.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $36.17 | &nbsp;&nbsp;&nbsp;&nbsp; 31.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|
| $33.16 | &nbsp;&nbsp;&nbsp;&nbsp; 3.34 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>e</sup><br>|
| $35.17 | &nbsp;&nbsp;&nbsp;&nbsp; 18.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|
| $29.83 | &nbsp;&nbsp;&nbsp;&nbsp; 25.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $23.83 | &nbsp;&nbsp;&nbsp;&nbsp; 10.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| $21.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176<br> %<br>|
| $37.31 | &nbsp;&nbsp;&nbsp;&nbsp; 30.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<br>|
| $57.91 | &nbsp;&nbsp;&nbsp;&nbsp; 3.87 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1410.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $64.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1550.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $67.75 | &nbsp;&nbsp;&nbsp;&nbsp; 14.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1794.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $60.75 | &nbsp;&nbsp;&nbsp;&nbsp; 9.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1663.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $61.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1664.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $80.18 | &nbsp;&nbsp;&nbsp;&nbsp; 32.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2106.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $57.59 | &nbsp;&nbsp;&nbsp;&nbsp; 3.81 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $784.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $64.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $886.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $67.45 | &nbsp;&nbsp;&nbsp;&nbsp; 14.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1033.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $60.52 | &nbsp;&nbsp;&nbsp;&nbsp; 9.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1036.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $61.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1008.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $80.07 | &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1349.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $56.06 | &nbsp;&nbsp;&nbsp;&nbsp; 3.68 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $62.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $66.11 | &nbsp;&nbsp;&nbsp;&nbsp; 14.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $59.50 | &nbsp;&nbsp;&nbsp;&nbsp; 9.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $60.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $108.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $79.33 | &nbsp;&nbsp;&nbsp;&nbsp; 32.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $148.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** | **Genesis Fund (cont'd)** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $64.97 | $0.08 | $1.98 | $2.06 | $(0.21)<br>| $(8.62)<br>| $— | $(8.83)<br>|
| 8/31/2025  | $67.96 | $0.13 | $(1.72)<br>| $(1.59)<br>| $— | $(1.40)<br>| $— | $(1.40)<br>|
| 8/31/2024  | $60.91 | $0.11 | $8.85 | $8.96 | $(0.09)<br>| $(1.82)<br>| $— | $(1.91)<br>|
| 8/31/2023  | $61.58 | $0.15 | $5.23 | $5.38 | $(0.05)<br>| $(6.00)<br>| $— | $(6.05)<br>|
| 8/31/2022  | $80.18 | $0.03 | $(10.48)<br>| $(10.45)<br>| $— | $(8.15)<br>| $— | $(8.15)<br>|
| 8/31/2021  | $62.66 | $0.00 | $20.24 | $20.24 | $(0.02)<br>| $(2.70)<br>| $— | $(2.72)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $64.97 | $0.11 | $1.98 | $2.09 | $(0.31)<br>| $(8.62)<br>| $— | $(8.93)<br>|
| 8/31/2025  | $67.93 | $0.20 | $(1.72)<br>| $(1.52)<br>| $(0.04)<br>| $(1.40)<br>| $— | $(1.44)<br>|
| 8/31/2024  | $60.90 | $0.17 | $8.85 | $9.02 | $(0.17)<br>| $(1.82)<br>| $— | $(1.99)<br>|
| 8/31/2023  | $61.61 | $0.21 | $5.23 | $5.44 | $(0.15)<br>| $(6.00)<br>| $— | $(6.15)<br>|
| 8/31/2022  | $80.14 | $0.10 | $(10.48)<br>| $(10.38)<br>| $— | $(8.15)<br>| $— | $(8.15)<br>|
| 8/31/2021  | $62.62 | $0.07 | $20.23 | $20.30 | $(0.08)<br>| $(2.70)<br>| $— | $(2.78)<br>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $65.45 | $0.32 | $1.98 | $2.30 | $(0.80)<br>| $(8.62)<br>| $— | $(9.42)<br>|
| 8/31/2025  | $68.24 | $0.66 | $(1.70)<br>| $(1.04)<br>| $(0.35)<br>| $(1.40)<br>| $— | $(1.75)<br>|
| 8/31/2024  | $61.15 | $0.61 | $8.89 | $9.50 | $(0.59)<br>| $(1.82)<br>| $— | $(2.41)<br>|
| 8/31/2023  | $61.89 | $0.63 | $5.23 | $5.86 | $(0.60)<br>| $(6.00)<br>| $— | $(6.60)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $71.07 | $0.35 | $(9.53)<br>| $(9.18)<br>| $— | $— | $— | $— |
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $14.81 | $(0.02)<br>| $1.73 | $1.71 | $(0.16)<br>| $(1.05)<br>| $— | $(1.21)<br>|
| 8/31/2025  | $14.32 | $0.14 | $0.89 | $1.03 | $(0.21)<br>| $(0.33)<br>| $— | $(0.54)<br>|
| 8/31/2024  | $12.13 | $0.22 <br><sup>i</sup><br>| $2.26 | $2.48 | $(0.24)<br>| $(0.05)<br>| $— | $(0.29)<br>|
| 8/31/2023  | $11.13 | $0.16 | $1.42 | $1.58 | $(0.09)<br>| $(0.49)<br>| $— | $(0.58)<br>|
| 8/31/2022  | $17.18 | $0.15 | $(4.43)<br>| $(4.28)<br>| $(0.14)<br>| $(1.63)<br>| $— | $(1.77)<br>|
| 8/31/2021  | $14.04 | $0.11 | $3.72 | $3.83 | $(0.09)<br>| $(0.60)<br>| $— | $(0.69)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $14.81 | $(0.02)<br>| $1.73 | $1.71 | $(0.12)<br>| $(1.05)<br>| $— | $(1.17)<br>|
| 8/31/2025  | $14.33 | $0.13 | $0.88 | $1.01 | $(0.20)<br>| $(0.33)<br>| $— | $(0.53)<br>|
| 8/31/2024  | $12.13 | $0.22 <br><sup>i</sup><br>| $2.25 | $2.47 | $(0.22)<br>| $(0.05)<br>| $— | $(0.27)<br>|
| 8/31/2023  | $11.13 | $0.15 | $1.43 | $1.58 | $(0.09)<br>| $(0.49)<br>| $— | $(0.58)<br>|
| 8/31/2022  | $17.18 | $0.14 | $(4.43)<br>| $(4.29)<br>| $(0.13)<br>| $(1.63)<br>| $— | $(1.76)<br>|
| 8/31/2021  | $14.04 | $0.09 | $3.73 | $3.82 | $(0.08)<br>| $(0.60)<br>| $— | $(0.68)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $58.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.94 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1876.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $64.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2303.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $67.96 | &nbsp;&nbsp;&nbsp;&nbsp; 15.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2667.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $60.91 | &nbsp;&nbsp;&nbsp;&nbsp; 9.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2533.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $61.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2569.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $80.18 | &nbsp;&nbsp;&nbsp;&nbsp; 33.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3551.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $58.13 | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4280.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $64.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4255.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $67.93 | &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4789.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $60.90 | &nbsp;&nbsp;&nbsp;&nbsp; 9.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4566.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $61.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4463.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $80.14 | &nbsp;&nbsp;&nbsp;&nbsp; 33.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5744.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $58.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.35 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e</sup><br>|
| $65.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $155.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $68.24 | &nbsp;&nbsp;&nbsp;&nbsp; 16.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $168.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $61.15 | &nbsp;&nbsp;&nbsp;&nbsp; 10.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| $61.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>e,l</sup><br>|
| $15.31 | &nbsp;&nbsp;&nbsp;&nbsp; 12.28 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.81 | &nbsp;&nbsp;&nbsp;&nbsp; 7.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.32 | &nbsp;&nbsp;&nbsp;&nbsp; 20.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.13 | &nbsp;&nbsp;&nbsp;&nbsp; 14.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.18 | &nbsp;&nbsp;&nbsp;&nbsp; 28.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| $15.35 | &nbsp;&nbsp;&nbsp;&nbsp; 12.30 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.81 | &nbsp;&nbsp;&nbsp;&nbsp; 7.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.33 | &nbsp;&nbsp;&nbsp;&nbsp; 20.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.13 | &nbsp;&nbsp;&nbsp;&nbsp; 14.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.18 | &nbsp;&nbsp;&nbsp;&nbsp; 28.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** | **International Equity Fund (cont'd)** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $14.83 | $(0.00)<br>| $1.73 | $1.73 | $(0.19)<br>| $(1.05)<br>| $— | $(1.24)<br>|
| 8/31/2025  | $14.35 | $0.17 | $0.88 | $1.05 | $(0.24)<br>| $(0.33)<br>| $— | $(0.57)<br>|
| 8/31/2024  | $12.16 | $0.25 <br><sup>i</sup><br>| $2.26 | $2.51 | $(0.27)<br>| $(0.05)<br>| $— | $(0.32)<br>|
| 8/31/2023  | $11.14 | $0.19 | $1.43 | $1.62 | $(0.11)<br>| $(0.49)<br>| $— | $(0.60)<br>|
| 8/31/2022  | $17.20 | $0.18 | $(4.43)<br>| $(4.25)<br>| $(0.18)<br>| $(1.63)<br>| $— | $(1.81)<br>|
| 8/31/2021  | $14.06 | $0.14 | $3.72 | $3.86 | $(0.12)<br>| $(0.60)<br>| $— | $(0.72)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $14.88 | $(0.03)<br>| $1.74 | $1.71 | $(0.13)<br>| $(1.05)<br>| $— | $(1.18)<br>|
| 8/31/2025  | $14.38 | $0.12 | $0.89 | $1.01 | $(0.18)<br>| $(0.33)<br>| $— | $(0.51)<br>|
| 8/31/2024  | $12.17 | $0.20 <br><sup>i</sup><br>| $2.27 | $2.47 | $(0.21)<br>| $(0.05)<br>| $— | $(0.26)<br>|
| 8/31/2023  | $11.17 | $0.14 | $1.43 | $1.57 | $(0.08)<br>| $(0.49)<br>| $— | $(0.57)<br>|
| 8/31/2022  | $17.16 | $0.13 | $(4.44)<br>| $(4.31)<br>| $(0.05)<br>| $(1.63)<br>| $— | $(1.68)<br>|
| 8/31/2021  | $14.03 | $0.08 | $3.73 | $3.81 | $(0.08)<br>| $(0.60)<br>| $— | $(0.68)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $14.69 | $(0.08)<br>| $1.72 | $1.64 | $(0.03)<br>| $(1.05)<br>| $— | $(1.08)<br>|
| 8/31/2025  | $14.17 | $0.01 | $0.89 | $0.90 | $(0.05)<br>| $(0.33)<br>| $— | $(0.38)<br>|
| 8/31/2024  | $11.95 | $0.10 <br><sup>i</sup><br>| $2.24 | $2.34 | $(0.07)<br>| $(0.05)<br>| $— | $(0.12)<br>|
| 8/31/2023  | $10.99 | $0.05 | $1.42 | $1.47 | $(0.02)<br>| $(0.49)<br>| $— | $(0.51)<br>|
| 8/31/2022  | $17.00 | $0.03 | $(4.39)<br>| $(4.36)<br>| $(0.02)<br>| $(1.63)<br>| $— | $(1.65)<br>|
| 8/31/2021  | $13.94 | $(0.03)<br>| $3.69 | $3.66 | $— | $(0.60)<br>| $— | $(0.60)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $14.82 | $0.00 | $1.74 | $1.74 | $(0.20)<br>| $(1.05)<br>| $— | $(1.25)<br>|
| 8/31/2025  | $14.35 | $0.18 | $0.88 | $1.06 | $(0.26)<br>| $(0.33)<br>| $— | $(0.59)<br>|
| 8/31/2024  | $12.18 | $0.27 <br><sup>i</sup><br>| $2.25 | $2.52 | $(0.30)<br>| $(0.05)<br>| $— | $(0.35)<br>|
| 8/31/2023  | $11.16 | $0.21 | $1.42 | $1.63 | $(0.12)<br>| $(0.49)<br>| $— | $(0.61)<br>|
| 8/31/2022  | $17.22 | $0.19 | $(4.43)<br>| $(4.24)<br>| $(0.19)<br>| $(1.63)<br>| $— | $(1.82)<br>|
| 8/31/2021  | $14.08 | $0.15 | $3.73 | $3.88 | $(0.14)<br>| $(0.60)<br>| $— | $(0.74)<br>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $14.86 | $0.06 | $1.72 | $1.78 | $(0.30)<br>| $(1.05)<br>| $— | $(1.35)<br>|
| 8/31/2025  | $14.39 | $0.29 | $0.86 | $1.15 | $(0.35)<br>| $(0.33)<br>| $— | $(0.68)<br>|
| 8/31/2024  | $12.25 | $0.36 <br><sup>i</sup><br>| $2.26 | $2.62 | $(0.43)<br>| $(0.05)<br>| $— | $(0.48)<br>|
| 8/31/2023  | $11.20 | $0.29 | $1.43 | $1.72 | $(0.18)<br>| $(0.49)<br>| $— | $(0.67)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $14.79 | $0.19 | $(3.78)<br>| $(3.59)<br>| $— | $— | $— | $— |

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $15.32 | &nbsp;&nbsp;&nbsp;&nbsp; 12.41 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $920.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.83 | &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $919.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.35 | &nbsp;&nbsp;&nbsp;&nbsp; 21.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $919.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.16 | &nbsp;&nbsp;&nbsp;&nbsp; 15.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $870.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $953.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.20 | &nbsp;&nbsp;&nbsp;&nbsp; 28.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1654.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| $15.41 | &nbsp;&nbsp;&nbsp;&nbsp; 12.25 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.88 | &nbsp;&nbsp;&nbsp;&nbsp; 7.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.38 | &nbsp;&nbsp;&nbsp;&nbsp; 20.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.17 | &nbsp;&nbsp;&nbsp;&nbsp; 14.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.16 | &nbsp;&nbsp;&nbsp;&nbsp; 28.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| $15.25 | &nbsp;&nbsp;&nbsp;&nbsp; 11.84 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.14 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.69 | &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.17 | &nbsp;&nbsp;&nbsp;&nbsp; 19.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $11.95 | &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.00 | &nbsp;&nbsp;&nbsp;&nbsp; 27.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| $15.31 | &nbsp;&nbsp;&nbsp;&nbsp; 12.53 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.82 | &nbsp;&nbsp;&nbsp;&nbsp; 8.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.35 | &nbsp;&nbsp;&nbsp;&nbsp; 21.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; 15.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| $17.22 | &nbsp;&nbsp;&nbsp;&nbsp; 28.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $86.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| $15.29 | &nbsp;&nbsp;&nbsp;&nbsp; 12.87 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 %<sup>e</sup><br>|
| $14.86 | &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| $14.39 | &nbsp;&nbsp;&nbsp;&nbsp; 22.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81 %<sup>i</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| $12.25 | &nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| $11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.27 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 %<sup>l</sup><br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** | **International Select Fund** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $15.33 | $(0.02)<br>| $1.91 | $1.89 | $(0.13)<br>| $(0.71)<br>| $— | $(0.84)<br>|
| 8/31/2025  | $14.75 | $0.14 | $0.83 | $0.97 | $(0.13)<br>| $(0.26)<br>| $— | $(0.39)<br>|
| 8/31/2024  | $12.63 | $0.16 | $2.29 | $2.45 | $(0.19)<br>| $(0.14)<br>| $— | $(0.33)<br>|
| 8/31/2023  | $11.58 | $0.16 | $1.45 | $1.61 | $(0.10)<br>| $(0.46)<br>| $— | $(0.56)<br>|
| 8/31/2022  | $17.62 | $0.16 | $(4.49)<br>| $(4.33)<br>| $(0.09)<br>| $(1.62)<br>| $— | $(1.71)<br>|
| 8/31/2021  | $13.91 | $0.10 | $3.78 | $3.88 | $(0.07)<br>| $(0.10)<br>| $— | $(0.17)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $15.30 | $0.00 | $1.90 | $1.90 | $(0.18)<br>| $(0.71)<br>| $— | $(0.89)<br>|
| 8/31/2025  | $14.72 | $0.19 | $0.83 | $1.02 | $(0.18)<br>| $(0.26)<br>| $— | $(0.44)<br>|
| 8/31/2024  | $12.60 | $0.21 | $2.28 | $2.49 | $(0.23)<br>| $(0.14)<br>| $— | $(0.37)<br>|
| 8/31/2023  | $11.57 | $0.20 | $1.44 | $1.64 | $(0.15)<br>| $(0.46)<br>| $— | $(0.61)<br>|
| 8/31/2022  | $17.60 | $0.21 | $(4.47)<br>| $(4.26)<br>| $(0.15)<br>| $(1.62)<br>| $— | $(1.77)<br>|
| 8/31/2021  | $13.89 | $0.16 | $3.77 | $3.93 | $(0.12)<br>| $(0.10)<br>| $— | $(0.22)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $15.17 | $(0.03)<br>| $1.90 | $1.87 | $(0.11)<br>| $(0.71)<br>| $— | $(0.82)<br>|
| 8/31/2025  | $14.60 | $0.13 | $0.83 | $0.96 | $(0.13)<br>| $(0.26)<br>| $— | $(0.39)<br>|
| 8/31/2024  | $12.50 | $0.16 | $2.27 | $2.43 | $(0.19)<br>| $(0.14)<br>| $— | $(0.33)<br>|
| 8/31/2023  | $11.47 | $0.15 | $1.44 | $1.59 | $(0.10)<br>| $(0.46)<br>| $— | $(0.56)<br>|
| 8/31/2022  | $17.47 | $0.16 | $(4.44)<br>| $(4.28)<br>| $(0.10)<br>| $(1.62)<br>| $— | $(1.72)<br>|
| 8/31/2021  | $13.80 | $0.10 | $3.74 | $3.84 | $(0.07)<br>| $(0.10)<br>| $— | $(0.17)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $14.71 | $(0.08)<br>| $1.83 | $1.75 | $(0.01)<br>| $(0.71)<br>| $— | $(0.72)<br>|
| 8/31/2025  | $14.15 | $0.01 | $0.82 | $0.83 | $(0.01)<br>| $(0.26)<br>| $— | $(0.27)<br>|
| 8/31/2024  | $12.13 | $0.06 | $2.20 | $2.26 | $(0.10)<br>| $(0.14)<br>| $— | $(0.24)<br>|
| 8/31/2023  | $11.14 | $0.06 | $1.40 | $1.46 | $(0.01)<br>| $(0.46)<br>| $— | $(0.47)<br>|
| 8/31/2022  | $17.09 | $0.05 | $(4.33)<br>| $(4.28)<br>| $(0.05)<br>| $(1.62)<br>| $— | $(1.67)<br>|
| 8/31/2021  | $13.54 | $(0.02)<br>| $3.67 | $3.65 | $— | $(0.10)<br>| $— | $(0.10)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $14.97 | $(0.04)<br>| $1.86 | $1.82 | $(0.06)<br>| $(0.71)<br>| $— | $(0.77)<br>|
| 8/31/2025  | $14.43 | $0.10 | $0.80 | $0.90 | $(0.10)<br>| $(0.26)<br>| $— | $(0.36)<br>|
| 8/31/2024  | $12.36 | $0.12 | $2.25 | $2.37 | $(0.16)<br>| $(0.14)<br>| $— | $(0.30)<br>|
| 8/31/2023  | $11.35 | $0.12 | $1.42 | $1.54 | $(0.07)<br>| $(0.46)<br>| $— | $(0.53)<br>|
| 8/31/2022  | $17.32 | $0.12 | $(4.39)<br>| $(4.27)<br>| $(0.08)<br>| $(1.62)<br>| $— | $(1.70)<br>|
| 8/31/2021  | $13.67 | $0.06 | $3.71 | $3.77 | $(0.02)<br>| $(0.10)<br>| $— | $(0.12)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $16.38 | &nbsp;&nbsp;&nbsp;&nbsp; 12.81 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $15.33 | &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.75 | &nbsp;&nbsp;&nbsp;&nbsp; 19.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; 14.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.62 | &nbsp;&nbsp;&nbsp;&nbsp; 28.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $16.31 | &nbsp;&nbsp;&nbsp;&nbsp; 12.97 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $15.30 | &nbsp;&nbsp;&nbsp;&nbsp; 7.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.72 | &nbsp;&nbsp;&nbsp;&nbsp; 20.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $160.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; 14.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $137.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $119.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.60 | &nbsp;&nbsp;&nbsp;&nbsp; 28.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $16.22 | &nbsp;&nbsp;&nbsp;&nbsp; 12.80 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $15.17 | &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.60 | &nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.50 | &nbsp;&nbsp;&nbsp;&nbsp; 14.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.47 | &nbsp;&nbsp;&nbsp;&nbsp; 28.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $15.74 | &nbsp;&nbsp;&nbsp;&nbsp; 12.35 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.10 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $14.71 | &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.15 | &nbsp;&nbsp;&nbsp;&nbsp; 18.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.13 | &nbsp;&nbsp;&nbsp;&nbsp; 13.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.09 | &nbsp;&nbsp;&nbsp;&nbsp; 27.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $16.02 | &nbsp;&nbsp;&nbsp;&nbsp; 12.66 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $14.97 | &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.43 | &nbsp;&nbsp;&nbsp;&nbsp; 19.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.36 | &nbsp;&nbsp;&nbsp;&nbsp; 14.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.32 | &nbsp;&nbsp;&nbsp;&nbsp; 27.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** | **International Select Fund (cont'd)** |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $15.30 | $0.02 | $1.89 | $1.91 | $(0.19)<br>| $(0.71)<br>| $— | $(0.90)<br>|
| 8/31/2025  | $14.73 | $0.22 | $0.80 | $1.02 | $(0.19)<br>| $(0.26)<br>| $— | $(0.45)<br>|
| 8/31/2024  | $12.61 | $0.22 | $2.28 | $2.50 | $(0.24)<br>| $(0.14)<br>| $— | $(0.38)<br>|
| 8/31/2023  | $11.57 | $0.21 | $1.45 | $1.66 | $(0.16)<br>| $(0.46)<br>| $— | $(0.62)<br>|
| 8/31/2022  | $17.61 | $0.24 | $(4.49)<br>| $(4.25)<br>| $(0.17)<br>| $(1.62)<br>| $— | $(1.79)<br>|
| 8/31/2021  | $13.90 | $0.13 | $3.81 | $3.94 | $(0.13)<br>| $(0.10)<br>| $— | $(0.23)<br>|
| **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** | **Intrinsic Value Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $23.27 | $(0.03)<br>| $3.92 | $3.89 | $(0.01)<br>| $(1.03)<br>| $— | $(1.04)<br>|
| 8/31/2025  | $21.21 | $0.06 | $2.20 | $2.26 | $— | $(0.20)<br>| $— | $(0.20)<br>|
| 8/31/2024  | $19.43 | $(0.03)<br>| $1.86 | $1.83 | $— | $(0.05)<br>| $— | $(0.05)<br>|
| 8/31/2023  | $19.00 | $(0.01)<br>| $1.11 | $1.10 | $— | $(0.67)<br>| $— | $(0.67)<br>|
| 8/31/2022  | $24.01 | $(0.08)<br>| $(3.45)<br>| $(3.53)<br>| $— | $(1.48)<br>| $— | $(1.48)<br>|
| 8/31/2021<sup>o</sup> <br>| $15.13 | $(0.11)<br>| $9.31 | $9.20 | $— | $(0.32)<br>| $— | $(0.32)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $22.62 | $(0.07)<br>| $3.81 | $3.74 | $— | $(1.03)<br>| $— | $(1.03)<br>|
| 8/31/2025  | $20.70 | $(0.01)<br>| $2.13 | $2.12 | $— | $(0.20)<br>| $— | $(0.20)<br>|
| 8/31/2024  | $19.03 | $(0.10)<br>| $1.82 | $1.72 | $— | $(0.05)<br>| $— | $(0.05)<br>|
| 8/31/2023  | $18.70 | $(0.08)<br>| $1.08 | $1.00 | $— | $(0.67)<br>| $— | $(0.67)<br>|
| 8/31/2022  | $23.74 | $(0.16)<br>| $(3.40)<br>| $(3.56)<br>| $— | $(1.48)<br>| $— | $(1.48)<br>|
| 8/31/2021<sup>o</sup> <br>| $15.02 | $(0.19)<br>| $9.23 | $9.04 | $— | $(0.32)<br>| $— | $(0.32)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $21.37 | $(0.15)<br>| $3.59 | $3.44 | $— | $(1.03)<br>| $— | $(1.03)<br>|
| 8/31/2025  | $19.71 | $(0.15)<br>| $2.01 | $1.86 | $— | $(0.20)<br>| $— | $(0.20)<br>|
| 8/31/2024  | $18.26 | $(0.24)<br>| $1.74 | $1.50 | $— | $(0.05)<br>| $— | $(0.05)<br>|
| 8/31/2023  | $18.10 | $(0.21)<br>| $1.04 | $0.83 | $— | $(0.67)<br>| $— | $(0.67)<br>|
| 8/31/2022  | $23.19 | $(0.30)<br>| $(3.31)<br>| $(3.61)<br>| $— | $(1.48)<br>| $— | $(1.48)<br>|
| 8/31/2021<sup>o</sup> <br>| $14.79 | $(0.33)<br>| $9.05 | $8.72 | $— | $(0.32)<br>| $— | $(0.32)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $23.46 | $(0.01)<br>| $3.94 | $3.93 | $(0.02)<br>| $(1.03)<br>| $— | $(1.05)<br>|
| 8/31/2025  | $21.36 | $0.09 | $2.21 | $2.30 | $— | $(0.20)<br>| $— | $(0.20)<br>|
| 8/31/2024  | $19.55 | $(0.02)<br>| $1.88 | $1.86 | $— | $(0.05)<br>| $— | $(0.05)<br>|
| 8/31/2023  | $19.09 | $0.01 | $1.12 | $1.13 | $— | $(0.67)<br>| $— | $(0.67)<br>|
| 8/31/2022  | $24.09 | $(0.05)<br>| $(3.47)<br>| $(3.52)<br>| $— | $(1.48)<br>| $— | $(1.48)<br>|
| 8/31/2021<sup>o</sup> <br>| $15.17 | $(0.09)<br>| $9.33 | $9.24 | $— | $(0.32)<br>| $— | $(0.32)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $16.31 | &nbsp;&nbsp;&nbsp;&nbsp; 13.07 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 %<sup>e</sup><br>|
| $15.30 | &nbsp;&nbsp;&nbsp;&nbsp; 7.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; 20.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69<br> %<br>|
| $12.61 | &nbsp;&nbsp;&nbsp;&nbsp; 14.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>|
| $11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| $17.61 | &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $26.12 | &nbsp;&nbsp;&nbsp;&nbsp; 16.98 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1149.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 %<sup>e</sup><br>|
| $23.27 | &nbsp;&nbsp;&nbsp;&nbsp; 10.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1024.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $21.21 | &nbsp;&nbsp;&nbsp;&nbsp; 9.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1104.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.43 | &nbsp;&nbsp;&nbsp;&nbsp; 6.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1351.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $19.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1204.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $24.01 | &nbsp;&nbsp;&nbsp;&nbsp; 61.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $979.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $25.33 | &nbsp;&nbsp;&nbsp;&nbsp; 16.80 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 %<sup>e</sup><br>|
| $22.62 | &nbsp;&nbsp;&nbsp;&nbsp; 10.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $20.70 | &nbsp;&nbsp;&nbsp;&nbsp; 9.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.03 | &nbsp;&nbsp;&nbsp;&nbsp; 5.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $18.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $23.74 | &nbsp;&nbsp;&nbsp;&nbsp; 60.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $23.78 | &nbsp;&nbsp;&nbsp;&nbsp; 16.37 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.33 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 %<sup>e</sup><br>|
| $21.37 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $19.71 | &nbsp;&nbsp;&nbsp;&nbsp; 8.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $18.26 | &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $23.19 | &nbsp;&nbsp;&nbsp;&nbsp; 59.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|
| $26.34 | &nbsp;&nbsp;&nbsp;&nbsp; 17.02 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 %<sup>e</sup><br>|
| $23.46 | &nbsp;&nbsp;&nbsp;&nbsp; 10.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $21.36 | &nbsp;&nbsp;&nbsp;&nbsp; 9.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.55 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $104.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $19.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| $24.09 | &nbsp;&nbsp;&nbsp;&nbsp; 61.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $84.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026<sup>p</sup> (Unaudited) | $32.45 | $(0.03)<br>| $(0.16)<br>| $(0.19)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>p</sup> <br>| $28.97 | $(0.04)<br>| $5.28 | $5.24 | $(0.05)<br>| $(1.71)<br>| $— | $(1.76)<br>|
| 8/31/2024<sup>p</sup> <br>| $24.23 | $0.01 | $5.80 | $5.81 | $(0.07)<br>| $(1.00)<br>| $— | $(1.07)<br>|
| 8/31/2023<sup>p</sup> <br>| $21.86 | $0.04 | $3.60 | $3.64 | $(0.00)<br>| $(1.27)<br>| $— | $(1.27)<br>|
| 8/31/2022<sup>p</sup> <br>| $29.38 | $0.03 | $(4.60)<br>| $(4.57)<br>| $(0.02)<br>| $(2.93)<br>| $— | $(2.95)<br>|
| 8/31/2021<sup>p</sup> <br>| $23.38 | $0.03 | $7.76 | $7.79 | $(0.05)<br>| $(1.74)<br>| $— | $(1.79)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026<sup>m,p</sup> (Unaudited) | $32.44 | $(0.06)<br>| $(0.16)<br>| $(0.22)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $29.02 | $(0.10)<br>| $5.27 | $5.17 | $(0.03)<br>| $(1.72)<br>| $— | $(1.75)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.30 | $(0.04)<br>| $5.81 | $5.77 | $(0.04)<br>| $(1.01)<br>| $— | $(1.05)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $21.97 | $(0.00)<br>| $3.61 | $3.61 | $(0.00)<br>| $(1.28)<br>| $— | $(1.28)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $29.56 | $(0.02)<br>| $(4.62)<br>| $(4.64)<br>| $(0.00)<br>| $(2.95)<br>| $— | $(2.95)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $23.56 | $(0.02)<br>| $7.81 | $7.79 | $(0.03)<br>| $(1.76)<br>| $— | $(1.79)<br>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026<sup>m,p</sup> (Unaudited) | $32.45 | $(0.13)<br>| $(0.16)<br>| $(0.29)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $29.17 | $(0.22)<br>| $5.30 | $5.08 | $(0.03)<br>| $(1.77)<br>| $— | $(1.80)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.53 | $(0.16)<br>| $5.86 | $5.70 | $— | $(1.06)<br>| $— | $(1.06)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $22.29 | $(0.09)<br>| $3.65 | $3.56 | $(0.00)<br>| $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $30.08 | $(0.07)<br>| $(4.70)<br>| $(4.77)<br>| $— | $(3.02)<br>| $— | $(3.02)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $24.02 | $(0.05)<br>| $7.93 | $7.88 | $(0.02)<br>| $(1.80)<br>| $— | $(1.82)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026<sup>m,p</sup> (Unaudited) | $32.45 | $(0.00)<br>| $(0.16)<br>| $(0.16)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $28.94 | $0.00 | $5.27 | $5.27 | $(0.06)<br>| $(1.70)<br>| $— | $(1.76)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.22 | $0.05 | $5.80 | $5.85 | $(0.13)<br>| $(1.00)<br>| $— | $(1.13)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $21.81 | $0.08 | $3.60 | $3.68 | $(0.00)<br>| $(1.27)<br>| $— | $(1.27)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $29.31 | $0.07 | $(4.60)<br>| $(4.53)<br>| $(0.05)<br>| $(2.92)<br>| $— | $(2.97)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $23.32 | $0.06 | $7.74 | $7.80 | $(0.08)<br>| $(1.73)<br>| $— | $(1.81)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026<sup>m,p</sup> (Unaudited) | $32.44 | $(0.06)<br>| $(0.16)<br>| $(0.22)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $29.03 | $(0.11)<br>| $5.27 | $5.16 | $(0.02)<br>| $(1.73)<br>| $— | $(1.75)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.31 | $(0.04)<br>| $5.81 | $5.77 | $(0.04)<br>| $(1.01)<br>| $— | $(1.05)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $21.99 | $(0.00)<br>| $3.60 | $3.60 | $(0.00)<br>| $(1.28)<br>| $— | $(1.28)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $29.60 | $(0.02)<br>| $(4.64)<br>| $(4.66)<br>| $— | $(2.95)<br>| $— | $(2.95)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $23.60 | $(0.03)<br>| $7.82 | $7.79 | $(0.03)<br>| $(1.76)<br>| $— | $(1.79)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $28.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1915.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.45 | &nbsp;&nbsp;&nbsp;&nbsp; 18.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2022.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $28.97 | &nbsp;&nbsp;&nbsp;&nbsp; 24.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1832.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.23 | &nbsp;&nbsp;&nbsp;&nbsp; 18.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1565.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $21.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1408.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $29.38 | &nbsp;&nbsp;&nbsp;&nbsp; 35.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1812.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.44 | &nbsp;&nbsp;&nbsp;&nbsp; 18.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $29.02 | &nbsp;&nbsp;&nbsp;&nbsp; 24.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.30 | &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $29.56 | &nbsp;&nbsp;&nbsp;&nbsp; 35.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.17 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.45 | &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $29.17 | &nbsp;&nbsp;&nbsp;&nbsp; 23.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.53 | &nbsp;&nbsp;&nbsp;&nbsp; 17.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $30.08 | &nbsp;&nbsp;&nbsp;&nbsp; 34.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.80 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $431.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.45 | &nbsp;&nbsp;&nbsp;&nbsp; 18.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $466.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $28.94 | &nbsp;&nbsp;&nbsp;&nbsp; 25.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $571.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.22 | &nbsp;&nbsp;&nbsp;&nbsp; 18.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $415.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $21.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $245.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $29.31 | &nbsp;&nbsp;&nbsp;&nbsp; 35.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $204.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.44 | &nbsp;&nbsp;&nbsp;&nbsp; 18.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $29.03 | &nbsp;&nbsp;&nbsp;&nbsp; 24.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.31 | &nbsp;&nbsp;&nbsp;&nbsp; 17.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $29.60 | &nbsp;&nbsp;&nbsp;&nbsp; 35.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** | **Large Cap Growth Fund (cont'd)** |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026<sup>m,p</sup> (Unaudited) | $32.43 | $(0.18)<br>| $(0.16)<br>| $(0.34)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $29.32 | $(0.33)<br>| $5.30 | $4.97 | $(0.03)<br>| $(1.83)<br>| $— | $(1.86)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.76 | $(0.25)<br>| $5.91 | $5.66 | $— | $(1.10)<br>| $— | $(1.10)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $22.61 | $(0.17)<br>| $3.69 | $3.52 | $(0.00)<br>| $(1.37)<br>| $— | $(1.37)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $30.76 | $(0.21)<br>| $(4.80)<br>| $(5.01)<br>| $— | $(3.14)<br>| $— | $(3.14)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $24.71 | $(0.23)<br>| $8.15 | $7.92 | $— | $(1.87)<br>| $— | $(1.87)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026<sup>p</sup> (Unaudited) | $32.43 | $(0.10)<br>| $(0.16)<br>| $(0.26)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $29.13 | $(0.19)<br>| $5.28 | $5.09 | $(0.03)<br>| $(1.76)<br>| $— | $(1.79)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.46 | $(0.11)<br>| $5.83 | $5.72 | $(0.02)<br>| $(1.03)<br>| $— | $(1.05)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $22.20 | $(0.06)<br>| $3.63 | $3.57 | $(0.00)<br>| $(1.31)<br>| $— | $(1.31)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $30.00 | $(0.10)<br>| $(4.69)<br>| $(4.79)<br>| $— | $(3.01)<br>| $— | $(3.01)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $23.98 | $(0.11)<br>| $7.94 | $7.83 | $(0.01)<br>| $(1.80)<br>| $— | $(1.81)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026<sup>p</sup> (Unaudited) | $32.45 | $0.01 | $(0.15)<br>| $(0.14)<br>| $— | $(3.69)<br>| $— | $(3.69)<br>|
| 8/31/2025<sup>m,p</sup> <br>| $28.95 | $0.03 | $5.28 | $5.31 | $(0.11)<br>| $(1.70)<br>| $— | $(1.81)<br>|
| 8/31/2024<sup>m,p</sup> <br>| $24.22 | $0.07 | $5.80 | $5.87 | $(0.15)<br>| $(0.99)<br>| $— | $(1.14)<br>|
| 8/31/2023<sup>m,p</sup> <br>| $21.80 | $0.09 | $3.59 | $3.68 | $(0.00)<br>| $(1.26)<br>| $— | $(1.26)<br>|
| 8/31/2022<sup>m,p</sup> <br>| $29.28 | $0.07 | $(4.58)<br>| $(4.51)<br>| $(0.06)<br>| $(2.91)<br>| $— | $(2.97)<br>|
| 8/31/2021<sup>m,p</sup> <br>| $23.30 | $0.07 | $7.73 | $7.80 | $(0.09)<br>| $(1.73)<br>| $— | $(1.82)<br>|
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $50.12 | $0.39 | $9.16 | $9.55 | $(0.81)<br>| $(2.46)<br>| $— | $(3.27)<br>|
| 8/31/2025  | $47.30 | $0.76 | $3.04 | $3.80 | $(0.98)<br>| $— | $— | $(0.98)<br>|
| 8/31/2024  | $42.37 | $0.90 | $5.04 | $5.94 | $(1.01)<br>| $— | $— | $(1.01)<br>|
| 8/31/2023  | $40.77 | $0.86 | $1.41 | $2.27 | $(0.67)<br>| $— | $— | $(0.67)<br>|
| 8/31/2022  | $44.85 | $0.80 | $(2.65)<br>| $(1.85)<br>| $(0.55)<br>| $(1.68)<br>| $— | $(2.23)<br>|
| 8/31/2021  | $30.38 | $0.66 | $14.39 | $15.05 | $(0.49)<br>| $(0.09)<br>| $— | $(0.58)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $50.21 | $0.33 | $9.18 | $9.51 | $(0.69)<br>| $(2.46)<br>| $— | $(3.15)<br>|
| 8/31/2025  | $47.34 | $0.67 | $3.05 | $3.72 | $(0.85)<br>| $— | $— | $(0.85)<br>|
| 8/31/2024  | $42.38 | $0.81 | $5.06 | $5.87 | $(0.91)<br>| $— | $— | $(0.91)<br>|
| 8/31/2023  | $40.78 | $0.78 | $1.41 | $2.19 | $(0.59)<br>| $— | $— | $(0.59)<br>|
| 8/31/2022  | $44.86 | $0.72 | $(2.65)<br>| $(1.93)<br>| $(0.47)<br>| $(1.68)<br>| $— | $(2.15)<br>|
| 8/31/2021  | $30.39 | $0.58 | $14.41 | $14.99 | $(0.43)<br>| $(0.09)<br>| $— | $(0.52)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $28.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.14 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.43 | &nbsp;&nbsp;&nbsp;&nbsp; 17.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $29.32 | &nbsp;&nbsp;&nbsp;&nbsp; 23.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.76 | &nbsp;&nbsp;&nbsp;&nbsp; 16.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $22.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $30.76 | &nbsp;&nbsp;&nbsp;&nbsp; 34.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.43 | &nbsp;&nbsp;&nbsp;&nbsp; 17.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $29.13 | &nbsp;&nbsp;&nbsp;&nbsp; 24.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.46 | &nbsp;&nbsp;&nbsp;&nbsp; 17.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $22.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $30.00 | &nbsp;&nbsp;&nbsp;&nbsp; 34.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $28.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.74 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>e</sup><br>|
| $32.45 | &nbsp;&nbsp;&nbsp;&nbsp; 18.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $28.95 | &nbsp;&nbsp;&nbsp;&nbsp; 25.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| $24.22 | &nbsp;&nbsp;&nbsp;&nbsp; 18.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>h</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| $21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $29.28 | &nbsp;&nbsp;&nbsp;&nbsp; 35.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $56.40 | &nbsp;&nbsp;&nbsp;&nbsp; 19.76 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1738.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.12 | &nbsp;&nbsp;&nbsp;&nbsp; 8.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1514.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.30 | &nbsp;&nbsp;&nbsp;&nbsp; 14.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1546.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.37 | &nbsp;&nbsp;&nbsp;&nbsp; 5.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1570.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1556.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.85 | &nbsp;&nbsp;&nbsp;&nbsp; 50.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1628.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.57 | &nbsp;&nbsp;&nbsp;&nbsp; 19.62 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.21 | &nbsp;&nbsp;&nbsp;&nbsp; 8.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.34 | &nbsp;&nbsp;&nbsp;&nbsp; 14.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.38 | &nbsp;&nbsp;&nbsp;&nbsp; 5.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $119.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $117.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.86 | &nbsp;&nbsp;&nbsp;&nbsp; 49.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026 (Unaudited) | $50.18 | $0.29 | $9.18 | $9.47 | $(0.61)<br>| $(2.46)<br>| $— | $(3.07)<br>|
| 8/31/2025  | $47.33 | $0.60 | $3.04 | $3.64 | $(0.79)<br>| $— | $— | $(0.79)<br>|
| 8/31/2024  | $42.38 | $0.75 | $5.06 | $5.81 | $(0.86)<br>| $— | $— | $(0.86)<br>|
| 8/31/2023  | $40.78 | $0.71 | $1.41 | $2.12 | $(0.52)<br>| $— | $— | $(0.52)<br>|
| 8/31/2022  | $44.85 | $0.64 | $(2.64)<br>| $(2.00)<br>| $(0.39)<br>| $(1.68)<br>| $— | $(2.07)<br>|
| 8/31/2021  | $30.40 | $0.51 | $14.41 | $14.92 | $(0.38)<br>| $(0.09)<br>| $— | $(0.47)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $50.14 | $0.42 | $9.16 | $9.58 | $(0.87)<br>| $(2.46)<br>| $— | $(3.33)<br>|
| 8/31/2025  | $47.30 | $0.83 | $3.04 | $3.87 | $(1.03)<br>| $— | $— | $(1.03)<br>|
| 8/31/2024  | $42.35 | $0.96 | $5.05 | $6.01 | $(1.06)<br>| $— | $— | $(1.06)<br>|
| 8/31/2023  | $40.75 | $0.93 | $1.41 | $2.34 | $(0.74)<br>| $— | $— | $(0.74)<br>|
| 8/31/2022  | $44.84 | $0.88 | $(2.65)<br>| $(1.77)<br>| $(0.64)<br>| $(1.68)<br>| $— | $(2.32)<br>|
| 8/31/2021  | $30.38 | $0.84 | $14.26 | $15.10 | $(0.55)<br>| $(0.09)<br>| $— | $(0.64)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $50.19 | $0.33 | $9.17 | $9.50 | $(0.69)<br>| $(2.46)<br>| $— | $(3.15)<br>|
| 8/31/2025  | $47.32 | $0.66 | $3.05 | $3.71 | $(0.84)<br>| $— | $— | $(0.84)<br>|
| 8/31/2024  | $42.36 | $0.80 | $5.05 | $5.85 | $(0.89)<br>| $— | $— | $(0.89)<br>|
| 8/31/2023  | $40.76 | $0.77 | $1.41 | $2.18 | $(0.58)<br>| $— | $— | $(0.58)<br>|
| 8/31/2022  | $44.87 | $0.71 | $(2.65)<br>| $(1.94)<br>| $(0.49)<br>| $(1.68)<br>| $— | $(2.17)<br>|
| 8/31/2021  | $30.39 | $0.64 | $14.33 | $14.97 | $(0.40)<br>| $(0.09)<br>| $— | $(0.49)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $50.02 | $0.13 | $9.16 | $9.29 | $(0.28)<br>| $(2.46)<br>| $— | $(2.74)<br>|
| 8/31/2025  | $47.16 | $0.31 | $3.04 | $3.35 | $(0.49)<br>| $— | $— | $(0.49)<br>|
| 8/31/2024  | $42.20 | $0.49 | $5.05 | $5.54 | $(0.58)<br>| $— | $— | $(0.58)<br>|
| 8/31/2023  | $40.61 | $0.46 | $1.39 | $1.85 | $(0.26)<br>| $— | $— | $(0.26)<br>|
| 8/31/2022  | $44.90 | $0.39 | $(2.64)<br>| $(2.25)<br>| $(0.36)<br>| $(1.68)<br>| $— | $(2.04)<br>|
| 8/31/2021  | $30.30 | $0.40 | $14.30 | $14.70 | $(0.01)<br>| $(0.09)<br>| $— | $(0.10)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $49.91 | $0.26 | $9.12 | $9.38 | $(0.63)<br>| $(2.46)<br>| $— | $(3.09)<br>|
| 8/31/2025  | $47.09 | $0.53 | $3.03 | $3.56 | $(0.74)<br>| $— | $— | $(0.74)<br>|
| 8/31/2024  | $42.23 | $0.69 | $5.03 | $5.72 | $(0.86)<br>| $— | $— | $(0.86)<br>|
| 8/31/2023  | $40.64 | $0.67 | $1.38 | $2.05 | $(0.46)<br>| $— | $— | $(0.46)<br>|
| 8/31/2022  | $44.88 | $0.60 | $(2.64)<br>| $(2.04)<br>| $(0.52)<br>| $(1.68)<br>| $— | $(2.20)<br>|
| 8/31/2021  | $30.42 | $0.52 | $14.36 | $14.88 | $(0.33)<br>| $(0.09)<br>| $— | $(0.42)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $56.58 | &nbsp;&nbsp;&nbsp;&nbsp; 19.53 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.18 | &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.33 | &nbsp;&nbsp;&nbsp;&nbsp; 14.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.38 | &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $133.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.85 | &nbsp;&nbsp;&nbsp;&nbsp; 49.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.39 | &nbsp;&nbsp;&nbsp;&nbsp; 19.84 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6125.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.14 | &nbsp;&nbsp;&nbsp;&nbsp; 8.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5471.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.30 | &nbsp;&nbsp;&nbsp;&nbsp; 14.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6276.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.35 | &nbsp;&nbsp;&nbsp;&nbsp; 5.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9281.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7555.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.84 | &nbsp;&nbsp;&nbsp;&nbsp; 50.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4146.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.54 | &nbsp;&nbsp;&nbsp;&nbsp; 19.61 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $205.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.19 | &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.32 | &nbsp;&nbsp;&nbsp;&nbsp; 14.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.36 | &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.87 | &nbsp;&nbsp;&nbsp;&nbsp; 49.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.57 | &nbsp;&nbsp;&nbsp;&nbsp; 19.16 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $219.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.02 | &nbsp;&nbsp;&nbsp;&nbsp; 7.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.16 | &nbsp;&nbsp;&nbsp;&nbsp; 13.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $224.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.90 | &nbsp;&nbsp;&nbsp;&nbsp; 48.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.20 | &nbsp;&nbsp;&nbsp;&nbsp; 19.47 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $49.91 | &nbsp;&nbsp;&nbsp;&nbsp; 7.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.09 | &nbsp;&nbsp;&nbsp;&nbsp; 13.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.23 | &nbsp;&nbsp;&nbsp;&nbsp; 5.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.88 | &nbsp;&nbsp;&nbsp;&nbsp; 49.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** | **Large Cap Value Fund (cont'd)** |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $50.13 | $0.45 | $9.15 | $9.60 | $(0.92)<br>| $(2.46)<br>| $— | $(3.38)<br>|
| 8/31/2025  | $47.30 | $0.87 | $3.05 | $3.92 | $(1.09)<br>| $— | $— | $(1.09)<br>|
| 8/31/2024  | $42.40 | $1.01 | $5.04 | $6.05 | $(1.15)<br>| $— | $— | $(1.15)<br>|
| 8/31/2023  | $40.81 | $0.98 | $1.39 | $2.37 | $(0.78)<br>| $— | $— | $(0.78)<br>|
| 8/31/2022  | $44.89 | $0.94 | $(2.67)<br>| $(1.73)<br>| $(0.67)<br>| $(1.68)<br>| $— | $(2.35)<br>|
| 8/31/2021  | $30.41 | $0.78 | $14.37 | $15.15 | $(0.58)<br>| $(0.09)<br>| $— | $(0.67)<br>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $50.30 | $0.58 | $9.16 | $9.74 | $(1.17)<br>| $(2.46)<br>| $— | $(3.63)<br>|
| 8/31/2025  | $47.48 | $1.10 | $3.05 | $4.15 | $(1.33)<br>| $— | $— | $(1.33)<br>|
| 8/31/2024  | $42.54 | $1.21 | $5.06 | $6.27 | $(1.33)<br>| $— | $— | $(1.33)<br>|
| 8/31/2023  | $40.93 | $1.17 | $1.42 | $2.59 | $(0.98)<br>| $— | $— | $(0.98)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $45.60 | $0.73 | $(5.40)<br>| $(4.67)<br>| $— | $— | $— | $— |
| **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $19.21 | $(0.04)<br>| $(0.84)<br>| $(0.88)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025  | $16.99 | $(0.05)<br>| $3.95 | $3.90 | $— | $(1.68)<br>| $— | $(1.68)<br>|
| 8/31/2024  | $14.57 | $(0.04)<br>| $2.94 | $2.90 | $— | $(0.48)<br>| $— | $(0.48)<br>|
| 8/31/2023  | $14.62 | $(0.01)<br>| $0.60 | $0.59 | $— | $(0.64)<br>| $— | $(0.64)<br>|
| 8/31/2022  | $22.78 | $(0.05)<br>| $(4.98)<br>| $(5.03)<br>| $— | $(3.13)<br>| $— | $(3.13)<br>|
| 8/31/2021<sup>o</sup> <br>| $18.45 | $(0.12)<br>| $6.36 | $6.24 | $— | $(1.91)<br>| $— | $(1.91)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $19.20 | $(0.05)<br>| $(0.83)<br>| $(0.88)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $17.01 | $(0.07)<br>| $3.95 | $3.88 | $— | $(1.69)<br>| $— | $(1.69)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.60 | $(0.05)<br>| $2.94 | $2.89 | $— | $(0.48)<br>| $— | $(0.48)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.67 | $(0.02)<br>| $0.59 | $0.57 | $— | $(0.64)<br>| $— | $(0.64)<br>|
| 8/31/2022<sup>m</sup> <br>| $22.88 | $(0.07)<br>| $(4.99)<br>| $(5.06)<br>| $— | $(3.15)<br>| $— | $(3.15)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.55 | $(0.14)<br>| $6.39 | $6.25 | $— | $(1.92)<br>| $— | $(1.92)<br>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $19.20 | $(0.07)<br>| $(0.84)<br>| $(0.91)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $17.06 | $(0.11)<br>| $3.96 | $3.85 | $— | $(1.71)<br>| $— | $(1.71)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.69 | $(0.09)<br>| $2.95 | $2.86 | $— | $(0.49)<br>| $— | $(0.49)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.80 | $(0.06)<br>| $0.60 | $0.54 | $— | $(0.65)<br>| $— | $(0.65)<br>|
| 8/31/2022<sup>m</sup> <br>| $23.14 | $(0.11)<br>| $(5.05)<br>| $(5.16)<br>| $— | $(3.18)<br>| $— | $(3.18)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.82 | $(0.19)<br>| $6.45 | $6.26 | $— | $(1.94)<br>| $— | $(1.94)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $56.35 | &nbsp;&nbsp;&nbsp;&nbsp; 19.90 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $697.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.13 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $586.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.30 | &nbsp;&nbsp;&nbsp;&nbsp; 14.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $673.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.40 | &nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $560.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $342.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|
| $44.89 | &nbsp;&nbsp;&nbsp;&nbsp; 50.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89<br> %<br>|
| $56.41 | &nbsp;&nbsp;&nbsp;&nbsp; 20.16 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $237.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 %<sup>e</sup><br>|
| $50.30 | &nbsp;&nbsp;&nbsp;&nbsp; 9.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $193.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| $47.48 | &nbsp;&nbsp;&nbsp;&nbsp; 15.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $180.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $42.54 | &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $158.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>|
| $40.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.24 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 %<sup>l</sup><br>|
| $14.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.48 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $536.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.21 | &nbsp;&nbsp;&nbsp;&nbsp; 23.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $594.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $16.99 | &nbsp;&nbsp;&nbsp;&nbsp; 20.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $519.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.57 | &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $466.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $478.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $22.78 | &nbsp;&nbsp;&nbsp;&nbsp; 35.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $696.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.50 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; 23.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $17.01 | &nbsp;&nbsp;&nbsp;&nbsp; 20.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.60 | &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $22.88 | &nbsp;&nbsp;&nbsp;&nbsp; 35.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.65 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; 23.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $17.06 | &nbsp;&nbsp;&nbsp;&nbsp; 19.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.69 | &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $23.14 | &nbsp;&nbsp;&nbsp;&nbsp; 35.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** | **Mid Cap Growth Fund (cont'd)** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026<sup>m</sup> (Unaudited) | $19.21 | $(0.02)<br>| $(0.85)<br>| $(0.87)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $16.96 | $(0.02)<br>| $3.94 | $3.92 | $— | $(1.67)<br>| $— | $(1.67)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.51 | $(0.02)<br>| $2.94 | $2.92 | $— | $(0.47)<br>| $— | $(0.47)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.54 | $0.01 | $0.60 | $0.61 | $— | $(0.64)<br>| $— | $(0.64)<br>|
| 8/31/2022<sup>m</sup> <br>| $22.62 | $(0.02)<br>| $(4.95)<br>| $(4.97)<br>| $— | $(3.11)<br>| $— | $(3.11)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.28 | $(0.08)<br>| $6.32 | $6.24 | $— | $(1.90)<br>| $— | $(1.90)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026<sup>m</sup> (Unaudited) | $19.20 | $(0.06)<br>| $(0.83)<br>| $(0.89)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $17.03 | $(0.09)<br>| $3.95 | $3.86 | $— | $(1.69)<br>| $— | $(1.69)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.65 | $(0.07)<br>| $2.93 | $2.86 | $— | $(0.48)<br>| $— | $(0.48)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.73 | $(0.04)<br>| $0.61 | $0.57 | $— | $(0.65)<br>| $— | $(0.65)<br>|
| 8/31/2022<sup>m</sup> <br>| $23.00 | $(0.08)<br>| $(5.03)<br>| $(5.11)<br>| $— | $(3.16)<br>| $— | $(3.16)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.67 | $(0.16)<br>| $6.42 | $6.26 | $— | $(1.93)<br>| $— | $(1.93)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026<sup>m</sup> (Unaudited) | $19.19 | $(0.12)<br>| $(0.84)<br>| $(0.96)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $17.19 | $(0.22)<br>| $3.98 | $3.76 | $— | $(1.76)<br>| $— | $(1.76)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.91 | $(0.20)<br>| $2.98 | $2.78 | $— | $(0.50)<br>| $— | $(0.50)<br>|
| 8/31/2023<sup>m</sup> <br>| $15.11 | $(0.15)<br>| $0.62 | $0.47 | $— | $(0.67)<br>| $— | $(0.67)<br>|
| 8/31/2022<sup>m</sup> <br>| $23.80 | $(0.23)<br>| $(5.18)<br>| $(5.41)<br>| $— | $(3.28)<br>| $— | $(3.28)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $19.51 | $(0.34)<br>| $6.63 | $6.29 | $— | $(2.00)<br>| $— | $(2.00)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $19.20 | $(0.08)<br>| $(0.84)<br>| $(0.92)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $17.09 | $(0.13)<br>| $3.96 | $3.83 | $— | $(1.72)<br>| $— | $(1.72)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.74 | $(0.11)<br>| $2.95 | $2.84 | $— | $(0.49)<br>| $— | $(0.49)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.86 | $(0.08)<br>| $0.61 | $0.53 | $— | $(0.65)<br>| $— | $(0.65)<br>|
| 8/31/2022<sup>m</sup> <br>| $23.27 | $(0.13)<br>| $(5.08)<br>| $(5.21)<br>| $— | $(3.20)<br>| $— | $(3.20)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.95 | $(0.21)<br>| $6.48 | $6.27 | $— | $(1.95)<br>| $— | $(1.95)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $19.21 | $(0.02)<br>| $(0.84)<br>| $(0.86)<br>| $— | $(3.39)<br>| $— | $(3.39)<br>|
| 8/31/2025<sup>m</sup> <br>| $16.94 | $(0.00)<br>| $3.93 | $3.93 | $— | $(1.66)<br>| $— | $(1.66)<br>|
| 8/31/2024<sup>m</sup> <br>| $14.49 | $0.00 | $2.92 | $2.92 | $— | $(0.47)<br>| $— | $(0.47)<br>|
| 8/31/2023<sup>m</sup> <br>| $14.50 | $0.03 | $0.59 | $0.62 | $— | $(0.63)<br>| $— | $(0.63)<br>|
| 8/31/2022<sup>m</sup> <br>| $22.52 | $(0.00)<br>| $(4.93)<br>| $(4.93)<br>| $— | $(3.09)<br>| $— | $(3.09)<br>|
| 8/31/2021<sup>m,o,q</sup> <br>| $18.17 | $(0.06)<br>| $6.30 | $6.24 | $— | $(1.89)<br>| $— | $(1.89)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.44 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $523.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.21 | &nbsp;&nbsp;&nbsp;&nbsp; 23.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $534.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $16.96 | &nbsp;&nbsp;&nbsp;&nbsp; 20.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $465.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.51 | &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $458.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $469.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $22.62 | &nbsp;&nbsp;&nbsp;&nbsp; 35.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $481.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.56 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; 23.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $17.03 | &nbsp;&nbsp;&nbsp;&nbsp; 20.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.65 | &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $23.00 | &nbsp;&nbsp;&nbsp;&nbsp; 35.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.95 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.41 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.19 | &nbsp;&nbsp;&nbsp;&nbsp; 22.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $17.19 | &nbsp;&nbsp;&nbsp;&nbsp; 19.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.91 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $23.80 | &nbsp;&nbsp;&nbsp;&nbsp; 34.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.70 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; 22.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $17.09 | &nbsp;&nbsp;&nbsp;&nbsp; 19.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.74 | &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $23.27 | &nbsp;&nbsp;&nbsp;&nbsp; 35.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| $14.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.36 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $859.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 %<sup>e</sup><br>|
| $19.21 | &nbsp;&nbsp;&nbsp;&nbsp; 23.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $854.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<br> %<br>|
| $16.94 | &nbsp;&nbsp;&nbsp;&nbsp; 20.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $635.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97<br> %<br>|
| $14.49 | &nbsp;&nbsp;&nbsp;&nbsp; 4.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $541.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101<br> %<br>|
| $14.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $538.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| $22.52 | &nbsp;&nbsp;&nbsp;&nbsp; 35.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $753.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** | **Mid Cap Intrinsic Value Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $27.51 | $0.06 | $3.24 | $3.30 | $(0.24)<br>| $(2.71)<br>| $— | $(2.95)<br>|
| 8/31/2025  | $27.41 | $0.23 | $1.50 | $1.73 | $(0.17)<br>| $(1.46)<br>| $— | $(1.63)<br>|
| 8/31/2024  | $24.35 | $0.16 | $3.39 | $3.55 | $(0.15)<br>| $(0.34)<br>| $— | $(0.49)<br>|
| 8/31/2023  | $23.65 | $0.24 | $0.67 | $0.91 | $(0.21)<br>| $— | $— | $(0.21)<br>|
| 8/31/2022  | $24.69 | $0.21 | $(1.11)<br>| $(0.90)<br>| $(0.14)<br>| $— | $— | $(0.14)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.03 | $0.15 | $8.52 | $8.67 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $27.47 | $0.03 | $3.22 | $3.25 | $(0.18)<br>| $(2.71)<br>| $— | $(2.89)<br>|
| 8/31/2025  | $27.37 | $0.17 | $1.49 | $1.66 | $(0.10)<br>| $(1.46)<br>| $— | $(1.56)<br>|
| 8/31/2024  | $24.32 | $0.10 | $3.39 | $3.49 | $(0.10)<br>| $(0.34)<br>| $— | $(0.44)<br>|
| 8/31/2023  | $23.61 | $0.18 | $0.68 | $0.86 | $(0.15)<br>| $— | $— | $(0.15)<br>|
| 8/31/2022  | $24.63 | $0.15 | $(1.11)<br>| $(0.96)<br>| $(0.06)<br>| $— | $— | $(0.06)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.02 | $0.10 | $8.52 | $8.62 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $27.49 | $0.08 | $3.22 | $3.30 | $(0.28)<br>| $(2.71)<br>| $— | $(2.99)<br>|
| 8/31/2025  | $27.38 | $0.26 | $1.50 | $1.76 | $(0.19)<br>| $(1.46)<br>| $— | $(1.65)<br>|
| 8/31/2024  | $24.33 | $0.18 | $3.39 | $3.57 | $(0.18)<br>| $(0.34)<br>| $— | $(0.52)<br>|
| 8/31/2023  | $23.63 | $0.26 | $0.68 | $0.94 | $(0.24)<br>| $— | $— | $(0.24)<br>|
| 8/31/2022  | $24.65 | $0.24 | $(1.11)<br>| $(0.87)<br>| $(0.15)<br>| $— | $— | $(0.15)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.02 | $0.18 | $8.51 | $8.69 | $(0.06)<br>| $— | $— | $(0.06)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $27.47 | $0.03 | $3.23 | $3.26 | $(0.16)<br>| $(2.71)<br>| $— | $(2.87)<br>|
| 8/31/2025  | $27.37 | $0.16 | $1.50 | $1.66 | $(0.10)<br>| $(1.46)<br>| $— | $(1.56)<br>|
| 8/31/2024  | $24.34 | $0.09 | $3.39 | $3.48 | $(0.11)<br>| $(0.34)<br>| $— | $(0.45)<br>|
| 8/31/2023  | $23.62 | $0.18 | $0.68 | $0.86 | $(0.14)<br>| $— | $— | $(0.14)<br>|
| 8/31/2022  | $24.63 | $0.15 | $(1.10)<br>| $(0.95)<br>| $(0.06)<br>| $— | $— | $(0.06)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.03 | $0.11 | $8.50 | $8.61 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $26.81 | $(0.07)<br>| $3.14 | $3.07 | $(0.04)<br>| $(2.71)<br>| $— | $(2.75)<br>|
| 8/31/2025  | $26.84 | $(0.03)<br>| $1.46 | $1.43 | $— | $(1.46)<br>| $— | $(1.46)<br>|
| 8/31/2024  | $23.95 | $(0.09)<br>| $3.32 | $3.23 | $— | $(0.34)<br>| $— | $(0.34)<br>|
| 8/31/2023  | $23.30 | $(0.00)<br>| $0.66 | $0.66 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2022  | $24.43 | $(0.04)<br>| $(1.09)<br>| $(1.13)<br>| $— | $— | $— | $— |
| 8/31/2021<sup>o</sup> <br>| $16.00 | $(0.06)<br>| $8.49 | $8.43 | $— | $— | $— | $— |

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $27.86 | &nbsp;&nbsp;&nbsp;&nbsp; 12.62 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.51 | &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.41 | &nbsp;&nbsp;&nbsp;&nbsp; 14.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.35 | &nbsp;&nbsp;&nbsp;&nbsp; 3.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.69 | &nbsp;&nbsp;&nbsp;&nbsp; 54.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $27.83 | &nbsp;&nbsp;&nbsp;&nbsp; 12.45 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.47 | &nbsp;&nbsp;&nbsp;&nbsp; 6.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.37 | &nbsp;&nbsp;&nbsp;&nbsp; 14.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.63 | &nbsp;&nbsp;&nbsp;&nbsp; 53.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $27.80 | &nbsp;&nbsp;&nbsp;&nbsp; 12.63 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.49 | &nbsp;&nbsp;&nbsp;&nbsp; 6.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.38 | &nbsp;&nbsp;&nbsp;&nbsp; 14.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.65 | &nbsp;&nbsp;&nbsp;&nbsp; 54.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $27.86 | &nbsp;&nbsp;&nbsp;&nbsp; 12.47 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.47 | &nbsp;&nbsp;&nbsp;&nbsp; 6.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.37 | &nbsp;&nbsp;&nbsp;&nbsp; 14.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.63 | &nbsp;&nbsp;&nbsp;&nbsp; 53.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $27.13 | &nbsp;&nbsp;&nbsp;&nbsp; 12.04 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 2.60 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $26.81 | &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $26.84 | &nbsp;&nbsp;&nbsp;&nbsp; 13.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $23.95 | &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.43 | &nbsp;&nbsp;&nbsp;&nbsp; 52.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** | **Mid Cap Intrinsic Value Fund (cont'd)** |
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $27.39 | $(0.00)<br>| $3.21 | $3.21 | $(0.12)<br>| $(2.71)<br>| $— | $(2.83)<br>|
| 8/31/2025  | $27.31 | $0.10 | $1.49 | $1.59 | $(0.05)<br>| $(1.46)<br>| $— | $(1.51)<br>|
| 8/31/2024  | $24.26 | $0.03 | $3.38 | $3.41 | $(0.02)<br>| $(0.34)<br>| $— | $(0.36)<br>|
| 8/31/2023  | $23.56 | $0.12 | $0.67 | $0.79 | $(0.09)<br>| $— | $— | $(0.09)<br>|
| 8/31/2022  | $24.59 | $0.09 | $(1.10)<br>| $(1.01)<br>| $(0.02)<br>| $— | $— | $(0.02)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.03 | $0.05 | $8.51 | $8.56 | $— | $— | $— | $— |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $27.49 | $0.09 | $3.23 | $3.32 | $(0.31)<br>| $(2.71)<br>| $— | $(3.02)<br>|
| 8/31/2025  | $27.39 | $0.29 | $1.49 | $1.78 | $(0.22)<br>| $(1.46)<br>| $— | $(1.68)<br>|
| 8/31/2024  | $24.34 | $0.24 | $3.35 | $3.59 | $(0.20)<br>| $(0.34)<br>| $— | $(0.54)<br>|
| 8/31/2023  | $23.64 | $0.29 | $0.67 | $0.96 | $(0.26)<br>| $— | $— | $(0.26)<br>|
| 8/31/2022  | $24.65 | $0.26 | $(1.09)<br>| $(0.83)<br>| $(0.18)<br>| $— | $— | $(0.18)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.03 | $0.20 | $8.50 | $8.70 | $(0.08)<br>| $— | $— | $(0.08)<br>|
| **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** | **Multi-Cap Opportunities Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $11.31 | $0.00 | $0.61 | $0.61 | $(0.00)<br>| $(0.08)<br>| $— | $(0.08)<br>|
| 8/31/2025  | $10.37 | $0.02 | $1.22 | $1.24 | $(0.01)<br>| $(0.29)<br>| $— | $(0.30)<br>|
| 8/31/2024  | $10.17 | $0.03 | $2.16 | $2.19 | $(0.01)<br>| $(1.98)<br>| $— | $(1.99)<br>|
| 8/31/2023  | $11.71 | $0.03 | $1.18 | $1.21 | $(0.04)<br>| $(2.71)<br>| $— | $(2.75)<br>|
| 8/31/2022  | $18.55 | $0.04 | $(2.00)<br>| $(1.96)<br>| $(0.05)<br>| $(4.83)<br>| $— | $(4.88)<br>|
| 8/31/2021<sup>o</sup> <br>| $17.03 | $0.05 | $5.17 | $5.22 | $(0.05)<br>| $(3.65)<br>| $— | $(3.70)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $11.24 | $(0.02)<br>| $0.61 | $0.59 | $— | $(0.08)<br>| $— | $(0.08)<br>|
| 8/31/2025  | $10.34 | $(0.02)<br>| $1.21 | $1.19 | $— | $(0.29)<br>| $— | $(0.29)<br>|
| 8/31/2024  | $10.16 | $(0.01)<br>| $2.17 | $2.16 | $— | $(1.98)<br>| $— | $(1.98)<br>|
| 8/31/2023  | $11.71 | $(0.01)<br>| $1.18 | $1.17 | $(0.01)<br>| $(2.71)<br>| $— | $(2.72)<br>|
| 8/31/2022  | $18.55 | $(0.01)<br>| $(1.99)<br>| $(2.00)<br>| $(0.01)<br>| $(4.83)<br>| $— | $(4.84)<br>|
| 8/31/2021<sup>o</sup> <br>| $17.05 | $(0.01)<br>| $5.16 | $5.15 | $— | $(3.65)<br>| $— | $(3.65)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $27.77 | &nbsp;&nbsp;&nbsp;&nbsp; 12.30 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.31 | &nbsp;&nbsp;&nbsp;&nbsp; 14.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.26 | &nbsp;&nbsp;&nbsp;&nbsp; 3.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.59 | &nbsp;&nbsp;&nbsp;&nbsp; 53.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $27.79 | &nbsp;&nbsp;&nbsp;&nbsp; 12.71 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 %<sup>e</sup><br>|
| $27.49 | &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $27.39 | &nbsp;&nbsp;&nbsp;&nbsp; 14.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| $24.34 | &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $23.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $24.65 | &nbsp;&nbsp;&nbsp;&nbsp; 54.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| $11.84 | &nbsp;&nbsp;&nbsp;&nbsp; 5.41 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $11.31 | &nbsp;&nbsp;&nbsp;&nbsp; 12.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| $10.37 | &nbsp;&nbsp;&nbsp;&nbsp; 25.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| $10.17 | &nbsp;&nbsp;&nbsp;&nbsp; 12.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $126.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $11.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $208.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $18.55 | &nbsp;&nbsp;&nbsp;&nbsp; 36.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $490.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $11.75 | &nbsp;&nbsp;&nbsp;&nbsp; 5.24 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $11.24 | &nbsp;&nbsp;&nbsp;&nbsp; 11.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| $10.34 | &nbsp;&nbsp;&nbsp;&nbsp; 25.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| $10.16 | &nbsp;&nbsp;&nbsp;&nbsp; 12.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $11.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $18.55 | &nbsp;&nbsp;&nbsp;&nbsp; 35.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** | **Multi-Cap Opportunities Fund (cont'd)** |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $10.42 | $(0.06)<br>| $0.56 | $0.50 | $— | $(0.08)<br>| $— | $(0.08)<br>|
| 8/31/2025  | $9.67 | $(0.09)<br>| $1.13 | $1.04 | $— | $(0.29)<br>| $— | $(0.29)<br>|
| 8/31/2024  | $9.69 | $(0.08)<br>| $2.04 | $1.96 | $— | $(1.98)<br>| $— | $(1.98)<br>|
| 8/31/2023  | $11.35 | $(0.08)<br>| $1.13 | $1.05 | $— | $(2.71)<br>| $— | $(2.71)<br>|
| 8/31/2022  | $18.23 | $(0.11)<br>| $(1.94)<br>| $(2.05)<br>| $— | $(4.83)<br>| $— | $(4.83)<br>|
| 8/31/2021<sup>o</sup> <br>| $16.92 | $(0.13)<br>| $5.09 | $4.96 | $— | $(3.65)<br>| $— | $(3.65)<br>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $11.28 | $0.05 | $0.60 | $0.65 | $(0.06)<br>| $(0.08)<br>| $— | $(0.14)<br>|
| 8/31/2025  | $10.35 | $0.10 | $1.21 | $1.31 | $(0.09)<br>| $(0.29)<br>| $— | $(0.38)<br>|
| 8/31/2024  | $10.17 | $0.10 | $2.17 | $2.27 | $(0.11)<br>| $(1.98)<br>| $— | $(2.09)<br>|
| 8/31/2023  | $11.76 | $0.11 | $1.18 | $1.29 | $(0.17)<br>| $(2.71)<br>| $— | $(2.88)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $13.99 | $0.09 | $(2.32)<br>| $(2.23)<br>| $— | $— | $— | $— |
| **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** | **Quality Equity Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $52.83 | $0.03 | $5.17 | $5.20 | $— | $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2025  | $48.55 | $(0.01)<br>| $7.16 | $7.15 | $— | $(2.87)<br>| $— | $(2.87)<br>|
| 8/31/2024  | $40.54 | $0.02 | $11.90 | $11.92 | $(0.10)<br>| $(3.81)<br>| $— | $(3.91)<br>|
| 8/31/2023  | $38.86 | $0.14 | $5.05 | $5.19 | $(0.01)<br>| $(3.50)<br>| $— | $(3.51)<br>|
| 8/31/2022  | $49.85 | $0.18 | $(6.29)<br>| $(6.11)<br>| $(0.34)<br>| $(4.54)<br>| $— | $(4.88)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.44 | $0.18 | $12.84 | $13.02 | $(0.26)<br>| $(2.35)<br>| $— | $(2.61)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $52.68 | $(0.02)<br>| $5.15 | $5.13 | $— | $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2025  | $48.51 | $(0.10)<br>| $7.14 | $7.04 | $— | $(2.87)<br>| $— | $(2.87)<br>|
| 8/31/2024  | $40.52 | $(0.06)<br>| $11.91 | $11.85 | $(0.05)<br>| $(3.81)<br>| $— | $(3.86)<br>|
| 8/31/2023  | $38.91 | $0.07 | $5.04 | $5.11 | $— | $(3.50)<br>| $— | $(3.50)<br>|
| 8/31/2022  | $49.90 | $0.10 | $(6.30)<br>| $(6.20)<br>| $(0.25)<br>| $(4.54)<br>| $— | $(4.79)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.47 | $0.10 | $12.85 | $12.95 | $(0.17)<br>| $(2.35)<br>| $— | $(2.52)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $52.76 | $0.08 | $5.16 | $5.24 | $(0.01)<br>| $(1.32)<br>| $— | $(1.33)<br>|
| 8/31/2025  | $48.46 | $0.08 | $7.14 | $7.22 | $(0.05)<br>| $(2.87)<br>| $— | $(2.92)<br>|
| 8/31/2024  | $40.45 | $0.10 | $11.88 | $11.98 | $(0.16)<br>| $(3.81)<br>| $— | $(3.97)<br>|
| 8/31/2023  | $38.79 | $0.20 | $5.04 | $5.24 | $(0.08)<br>| $(3.50)<br>| $— | $(3.58)<br>|
| 8/31/2022  | $49.78 | $0.25 | $(6.27)<br>| $(6.02)<br>| $(0.43)<br>| $(4.54)<br>| $— | $(4.97)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.40 | $0.26 | $12.81 | $13.07 | $(0.34)<br>| $(2.35)<br>| $— | $(2.69)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $10.84 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; 10.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| $9.67 | &nbsp;&nbsp;&nbsp;&nbsp; 24.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| $9.69 | &nbsp;&nbsp;&nbsp;&nbsp; 11.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $18.23 | &nbsp;&nbsp;&nbsp;&nbsp; 34.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| $11.79 | &nbsp;&nbsp;&nbsp;&nbsp; 5.80 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $115.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 %<sup>e</sup><br>|
| $11.28 | &nbsp;&nbsp;&nbsp;&nbsp; 12.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $111.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| $10.35 | &nbsp;&nbsp;&nbsp;&nbsp; 26.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $97.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| $10.17 | &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.94 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>l</sup><br>|
| $56.71 | &nbsp;&nbsp;&nbsp;&nbsp; 9.88 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $474.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.83 | &nbsp;&nbsp;&nbsp;&nbsp; 15.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $434.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.55 | &nbsp;&nbsp;&nbsp;&nbsp; 31.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $421.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.54 | &nbsp;&nbsp;&nbsp;&nbsp; 14.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $354.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $346.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.85 | &nbsp;&nbsp;&nbsp;&nbsp; 34.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $437.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $56.49 | &nbsp;&nbsp;&nbsp;&nbsp; 9.78 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $121.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.68 | &nbsp;&nbsp;&nbsp;&nbsp; 14.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $120.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.51 | &nbsp;&nbsp;&nbsp;&nbsp; 31.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.52 | &nbsp;&nbsp;&nbsp;&nbsp; 14.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $108.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $108.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.90 | &nbsp;&nbsp;&nbsp;&nbsp; 34.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $148.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $56.67 | &nbsp;&nbsp;&nbsp;&nbsp; 9.98 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1494.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.76 | &nbsp;&nbsp;&nbsp;&nbsp; 15.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $969.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.46 | &nbsp;&nbsp;&nbsp;&nbsp; 31.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $645.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.45 | &nbsp;&nbsp;&nbsp;&nbsp; 14.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $561.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $608.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.78 | &nbsp;&nbsp;&nbsp;&nbsp; 34.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $896.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** | **Quality Equity Fund (cont'd)** |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $52.54 | $(0.02)<br>| $5.14 | $5.12 | $— | $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2025  | $48.40 | $(0.10)<br>| $7.11 | $7.01 | $— | $(2.87)<br>| $— | $(2.87)<br>|
| 8/31/2024  | $40.44 | $(0.06)<br>| $11.88 | $11.82 | $(0.05)<br>| $(3.81)<br>| $— | $(3.86)<br>|
| 8/31/2023  | $38.84 | $0.06 | $5.04 | $5.10 | $— | $(3.50)<br>| $— | $(3.50)<br>|
| 8/31/2022  | $49.84 | $0.09 | $(6.28)<br>| $(6.19)<br>| $(0.27)<br>| $(4.54)<br>| $— | $(4.81)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.43 | $0.10 | $12.83 | $12.93 | $(0.17)<br>| $(2.35)<br>| $— | $(2.52)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $50.09 | $(0.21)<br>| $4.89 | $4.68 | $— | $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2025  | $46.60 | $(0.45)<br>| $6.81 | $6.36 | $— | $(2.87)<br>| $— | $(2.87)<br>|
| 8/31/2024  | $39.30 | $(0.37)<br>| $11.48 | $11.11 | $— | $(3.81)<br>| $— | $(3.81)<br>|
| 8/31/2023  | $38.11 | $(0.21)<br>| $4.90 | $4.69 | $— | $(3.50)<br>| $— | $(3.50)<br>|
| 8/31/2022  | $49.19 | $(0.24)<br>| $(6.17)<br>| $(6.41)<br>| $— | $(4.67)<br>| $— | $(4.67)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.07 | $(0.23)<br>| $12.70 | $12.47 | $— | $(2.35)<br>| $— | $(2.35)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $52.17 | $(0.09)<br>| $5.11 | $5.02 | $— | $(1.32)<br>| $— | $(1.32)<br>|
| 8/31/2025  | $48.19 | $(0.23)<br>| $7.08 | $6.85 | $— | $(2.87)<br>| $— | $(2.87)<br>|
| 8/31/2024  | $40.34 | $(0.17)<br>| $11.83 | $11.66 | $— | $(3.81)<br>| $— | $(3.81)<br>|
| 8/31/2023  | $38.84 | $(0.03)<br>| $5.03 | $5.00 | $— | $(3.50)<br>| $— | $(3.50)<br>|
| 8/31/2022  | $49.82 | $(0.02)<br>| $(6.29)<br>| $(6.31)<br>| $— | $(4.67)<br>| $— | $(4.67)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.41 | $(0.01)<br>| $12.84 | $12.83 | $(0.07)<br>| $(2.35)<br>| $— | $(2.42)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $52.78 | $0.10 | $5.17 | $5.27 | $(0.07)<br>| $(1.32)<br>| $— | $(1.39)<br>|
| 8/31/2025  | $48.45 | $0.12 | $7.15 | $7.27 | $(0.07)<br>| $(2.87)<br>| $— | $(2.94)<br>|
| 8/31/2024  | $40.45 | $0.14 | $11.87 | $12.01 | $(0.20)<br>| $(3.81)<br>| $— | $(4.01)<br>|
| 8/31/2023  | $38.80 | $0.24 | $5.03 | $5.27 | $(0.12)<br>| $(3.50)<br>| $— | $(3.62)<br>|
| 8/31/2022  | $49.79 | $0.29 | $(6.27)<br>| $(5.98)<br>| $(0.47)<br>| $(4.54)<br>| $— | $(5.01)<br>|
| 8/31/2021<sup>o</sup> <br>| $39.41 | $0.30 | $12.82 | $13.12 | $(0.39)<br>| $(2.35)<br>| $— | $(2.74)<br>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $53.05 | $0.25 | $5.19 | $5.44 | $(0.38)<br>| $(1.32)<br>| $— | $(1.70)<br>|
| 8/31/2025  | $48.59 | $0.40 | $7.18 | $7.58 | $(0.25)<br>| $(2.87)<br>| $— | $(3.12)<br>|
| Period from <br>12/6/2023<sup>k</sup> to <br>8/31/2024 <br>| $41.86 | $0.27 | $10.51 | $10.78 | $(0.24)<br>| $(3.81)<br>| $— | $(4.05)<br>|
| **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $13.89 | $0.14 | $0.82 | $0.96 | $(0.12)<br>| $— | $— | $(0.12)<br>|
| 8/31/2025  | $14.73 | $0.26 | $(0.82)<br>| $(0.56)<br>| $(0.26)<br>| $— | $(0.02)<br>| $(0.28)<br>|
| 8/31/2024  | $12.33 | $0.29 | $2.38 | $2.67 | $(0.27)<br>| $— | $— | $(0.27)<br>|
| 8/31/2023  | $15.47 | $0.31 | $(1.87)<br>| $(1.56)<br>| $(0.27)<br>| $(1.31)<br>| $— | $(1.58)<br>|
| 8/31/2022  | $18.10 | $0.14 | $(2.01)<br>| $(1.87)<br>| $(0.16)<br>| $(0.60)<br>| $— | $(0.76)<br>|
| 8/31/2021  | $13.76 | $0.21 | $4.41 | $4.62 | $(0.20)<br>| $(0.08)<br>| $— | $(0.28)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $56.34 | &nbsp;&nbsp;&nbsp;&nbsp; 9.78 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $225.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.54 | &nbsp;&nbsp;&nbsp;&nbsp; 14.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $153.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.40 | &nbsp;&nbsp;&nbsp;&nbsp; 31.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $137.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.44 | &nbsp;&nbsp;&nbsp;&nbsp; 14.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $144.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $133.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.84 | &nbsp;&nbsp;&nbsp;&nbsp; 34.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $160.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $53.45 | &nbsp;&nbsp;&nbsp;&nbsp; 9.38 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $50.09 | &nbsp;&nbsp;&nbsp;&nbsp; 13.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $46.60 | &nbsp;&nbsp;&nbsp;&nbsp; 30.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $39.30 | &nbsp;&nbsp;&nbsp;&nbsp; 13.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.19 | &nbsp;&nbsp;&nbsp;&nbsp; 33.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $55.87 | &nbsp;&nbsp;&nbsp;&nbsp; 9.66 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.17 | &nbsp;&nbsp;&nbsp;&nbsp; 14.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.19 | &nbsp;&nbsp;&nbsp;&nbsp; 31.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.34 | &nbsp;&nbsp;&nbsp;&nbsp; 14.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.82 | &nbsp;&nbsp;&nbsp;&nbsp; 33.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $56.66 | &nbsp;&nbsp;&nbsp;&nbsp; 10.03 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $52.78 | &nbsp;&nbsp;&nbsp;&nbsp; 15.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $128.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.45 | &nbsp;&nbsp;&nbsp;&nbsp; 31.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| $40.45 | &nbsp;&nbsp;&nbsp;&nbsp; 15.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $111.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| $38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $174.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| $49.79 | &nbsp;&nbsp;&nbsp;&nbsp; 34.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $264.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $56.79 | &nbsp;&nbsp;&nbsp;&nbsp; 10.31 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>e</sup><br>|
| $53.05 | &nbsp;&nbsp;&nbsp;&nbsp; 15.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| $48.59 | &nbsp;&nbsp;&nbsp;&nbsp; 28.02 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 %<sup>l</sup><br>|
| $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; 6.96 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; 22.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $127.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.10 | &nbsp;&nbsp;&nbsp;&nbsp; 34.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $149.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $13.95 | $0.15 | $0.82 | $0.97 | $(0.13)<br>| $— | $— | $(0.13)<br>|
| 8/31/2025  | $14.80 | $0.28 | $(0.82)<br>| $(0.54)<br>| $(0.29)<br>| $— | $(0.02)<br>| $(0.31)<br>|
| 8/31/2024  | $12.38 | $0.31 | $2.41 | $2.72 | $(0.30)<br>| $— | $— | $(0.30)<br>|
| 8/31/2023  | $15.52 | $0.34 | $(1.87)<br>| $(1.53)<br>| $(0.30)<br>| $(1.31)<br>| $— | $(1.61)<br>|
| 8/31/2022  | $18.17 | $0.17 | $(2.03)<br>| $(1.86)<br>| $(0.19)<br>| $(0.60)<br>| $— | $(0.79)<br>|
| 8/31/2021  | $13.81 | $0.20 | $4.47 | $4.67 | $(0.23)<br>| $(0.08)<br>| $— | $(0.31)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $13.89 | $0.13 | $0.82 | $0.95 | $(0.11)<br>| $— | $— | $(0.11)<br>|
| 8/31/2025  | $14.74 | $0.23 | $(0.82)<br>| $(0.59)<br>| $(0.24)<br>| $— | $(0.02)<br>| $(0.26)<br>|
| 8/31/2024  | $12.33 | $0.27 | $2.39 | $2.66 | $(0.25)<br>| $— | $— | $(0.25)<br>|
| 8/31/2023  | $15.47 | $0.28 | $(1.86)<br>| $(1.58)<br>| $(0.25)<br>| $(1.31)<br>| $— | $(1.56)<br>|
| 8/31/2022  | $18.10 | $0.11 | $(2.01)<br>| $(1.90)<br>| $(0.13)<br>| $(0.60)<br>| $— | $(0.73)<br>|
| 8/31/2021  | $13.76 | $0.18 | $4.41 | $4.59 | $(0.17)<br>| $(0.08)<br>| $— | $(0.25)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $13.96 | $0.08 | $0.81 | $0.89 | $(0.05)<br>| $— | $— | $(0.05)<br>|
| 8/31/2025  | $14.80 | $0.13 | $(0.83)<br>| $(0.70)<br>| $(0.12)<br>| $— | $(0.02)<br>| $(0.14)<br>|
| 8/31/2024  | $12.38 | $0.17 | $2.40 | $2.57 | $(0.15)<br>| $— | $— | $(0.15)<br>|
| 8/31/2023  | $15.51 | $0.19 | $(1.87)<br>| $(1.68)<br>| $(0.14)<br>| $(1.31)<br>| $— | $(1.45)<br>|
| 8/31/2022  | $18.15 | $(0.02)<br>| $(2.02)<br>| $(2.04)<br>| $(0.00)<br>| $(0.60)<br>| $— | $(0.60)<br>|
| 8/31/2021  | $13.79 | $0.08 | $4.42 | $4.50 | $(0.06)<br>| $(0.08)<br>| $— | $(0.14)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $13.86 | $0.11 | $0.81 | $0.92 | $(0.09)<br>| $— | $— | $(0.09)<br>|
| 8/31/2025  | $14.70 | $0.20 | $(0.82)<br>| $(0.62)<br>| $(0.20)<br>| $— | $(0.02)<br>| $(0.22)<br>|
| 8/31/2024  | $12.31 | $0.23 | $2.38 | $2.61 | $(0.22)<br>| $— | $— | $(0.22)<br>|
| 8/31/2023  | $15.44 | $0.25 | $(1.85)<br>| $(1.60)<br>| $(0.22)<br>| $(1.31)<br>| $— | $(1.53)<br>|
| 8/31/2022  | $18.06 | $0.06 | $(2.00)<br>| $(1.94)<br>| $(0.08)<br>| $(0.60)<br>| $— | $(0.68)<br>|
| 8/31/2021  | $13.73 | $0.15 | $4.40 | $4.55 | $(0.14)<br>| $(0.08)<br>| $— | $(0.22)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $13.94 | $0.16 | $0.82 | $0.98 | $(0.14)<br>| $— | $— | $(0.14)<br>|
| 8/31/2025  | $14.78 | $0.30 | $(0.81)<br>| $(0.51)<br>| $(0.31)<br>| $— | $(0.02)<br>| $(0.33)<br>|
| 8/31/2024  | $12.37 | $0.32 | $2.40 | $2.72 | $(0.31)<br>| $— | $— | $(0.31)<br>|
| 8/31/2023  | $15.52 | $0.34 | $(1.86)<br>| $(1.52)<br>| $(0.32)<br>| $(1.31)<br>| $— | $(1.63)<br>|
| 8/31/2022  | $18.16 | $0.19 | $(2.02)<br>| $(1.83)<br>| $(0.21)<br>| $(0.60)<br>| $— | $(0.81)<br>|
| 8/31/2021  | $13.81 | $0.24 | $4.43 | $4.67 | $(0.24)<br>| $(0.08)<br>| $— | $(0.32)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $14.79 | &nbsp;&nbsp;&nbsp;&nbsp; 7.04 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $391.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $379.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.80 | &nbsp;&nbsp;&nbsp;&nbsp; 22.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $422.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $450.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $738.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.17 | &nbsp;&nbsp;&nbsp;&nbsp; 34.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $706.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.74 | &nbsp;&nbsp;&nbsp;&nbsp; 21.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.10 | &nbsp;&nbsp;&nbsp;&nbsp; 33.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $84.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $14.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.40 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.17 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.80 | &nbsp;&nbsp;&nbsp;&nbsp; 21.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.15 | &nbsp;&nbsp;&nbsp;&nbsp; 32.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $14.69 | &nbsp;&nbsp;&nbsp;&nbsp; 6.68 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.70 | &nbsp;&nbsp;&nbsp;&nbsp; 21.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.06 | &nbsp;&nbsp;&nbsp;&nbsp; 33.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| $14.78 | &nbsp;&nbsp;&nbsp;&nbsp; 7.10 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $132.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.78 | &nbsp;&nbsp;&nbsp;&nbsp; 22.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $161.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| $18.16 | &nbsp;&nbsp;&nbsp;&nbsp; 34.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $167.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** | **Real Estate Fund (cont'd)** |
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 2/28/2026 (Unaudited) | $13.95 | $0.20 | $0.81 | $1.01 | $(0.18)<br>| $— | $— | $(0.18)<br>|
| 8/31/2025  | $14.79 | $0.39 | $(0.81)<br>| $(0.42)<br>| $(0.40)<br>| $— | $(0.02)<br>| $(0.42)<br>|
| 8/31/2024  | $12.38 | $0.41 | $2.40 | $2.81 | $(0.40)<br>| $— | $— | $(0.40)<br>|
| 8/31/2023  | $15.53 | $0.43 | $(1.86)<br>| $(1.43)<br>| $(0.41)<br>| $(1.31)<br>| $— | $(1.72)<br>|
| Period from <br>1/11/2022<sup>k</sup> to <br>8/31/2022 <br>| $18.24 | $0.11 | $(2.60)<br>| $(2.49)<br>| $(0.12)<br>| $(0.10)<br>| $— | $(0.22)<br>|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 2/28/2026 (Unaudited) | $50.83 | $(0.15)<br>| $5.97 | $5.82 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $50.37 | $(0.22)<br>| $0.91 | $0.69 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.48 | $(0.22)<br>| $12.11 | $11.89 | $— | $— | $— | $— |
| 8/31/2023  | $37.93 | $(0.18)<br>| $0.73 | $0.55 | $— | $— | $— | $— |
| 8/31/2022  | $56.71 | $(0.28)<br>| $(9.57)<br>| $(9.85)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o</sup> <br>| $44.81 | $(0.45)<br>| $12.93 | $12.48 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 2/28/2026 (Unaudited) | $50.30 | $(0.21)<br>| $5.91 | $5.70 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $49.97 | $(0.34)<br>| $0.90 | $0.56 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.27 | $(0.32)<br>| $12.02 | $11.70 | $— | $— | $— | $— |
| 8/31/2023  | $37.81 | $(0.27)<br>| $0.73 | $0.46 | $— | $— | $— | $— |
| 8/31/2022  | $56.68 | $(0.39)<br>| $(9.55)<br>| $(9.94)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.87 | $(0.56)<br>| $12.95 | $12.39 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 2/28/2026 (Unaudited) | $49.97 | $(0.25)<br>| $5.87 | $5.62 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $49.72 | $(0.41)<br>| $0.89 | $0.48 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.14 | $(0.38)<br>| $11.96 | $11.58 | $— | $— | $— | $— |
| 8/31/2023  | $37.73 | $(0.33)<br>| $0.74 | $0.41 | $— | $— | $— | $— |
| 8/31/2022  | $56.66 | $(0.46)<br>| $(9.54)<br>| $(10.00)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.93 | $(0.64)<br>| $12.95 | $12.31 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 2/28/2026 (Unaudited) | $51.08 | $(0.12)<br>| $6.00 | $5.88 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $50.56 | $(0.17)<br>| $0.92 | $0.75 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.59 | $(0.17)<br>| $12.14 | $11.97 | $— | $— | $— | $— |
| 8/31/2023  | $37.99 | $(0.14)<br>| $0.74 | $0.60 | $— | $— | $— | $— |
| 8/31/2022  | $56.73 | $(0.24)<br>| $(9.57)<br>| $(9.81)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.74 | $(0.36)<br>| $12.93 | $12.57 | $— | $(0.58)<br>| $— | $(0.58)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $14.78 | &nbsp;&nbsp;&nbsp;&nbsp; 7.40 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 %<sup>e</sup><br>|
| $13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>|
| $14.79 | &nbsp;&nbsp;&nbsp;&nbsp; 23.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>|
| $12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| $15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>l</sup><br>|
| $53.20 | &nbsp;&nbsp;&nbsp;&nbsp; 11.65 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $50.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $50.37 | &nbsp;&nbsp;&nbsp;&nbsp; 30.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.71 | &nbsp;&nbsp;&nbsp;&nbsp; 27.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $52.55 | &nbsp;&nbsp;&nbsp;&nbsp; 11.53 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $50.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $49.97 | &nbsp;&nbsp;&nbsp;&nbsp; 30.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.68 | &nbsp;&nbsp;&nbsp;&nbsp; 27.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $52.14 | &nbsp;&nbsp;&nbsp;&nbsp; 11.44 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.93 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $49.97 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $49.72 | &nbsp;&nbsp;&nbsp;&nbsp; 30.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.14 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.66 | &nbsp;&nbsp;&nbsp;&nbsp; 27.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $53.51 | &nbsp;&nbsp;&nbsp;&nbsp; 11.71 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $227.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $51.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $221.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $50.56 | &nbsp;&nbsp;&nbsp;&nbsp; 31.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $195.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.59 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $156.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.73 | &nbsp;&nbsp;&nbsp;&nbsp; 28.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $235.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|

---

------

![](img006065f64.gif)

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup><br>| **Net Gains** <br>**or** <br>**(Losses) on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital** <br>**Gains**<br>| **Tax** <br>**Return of** <br>**Capital**<br>| **Total** <br>**Distributions**<br>|
| **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** | **Small Cap Growth Fund (cont'd)** |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 2/28/2026 (Unaudited) | $50.28 | $(0.21)<br>| $5.90 | $5.69 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $49.96 | $(0.34)<br>| $0.89 | $0.55 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.27 | $(0.32)<br>| $12.01 | $11.69 | $— | $— | $— | $— |
| 8/31/2023  | $37.81 | $(0.27)<br>| $0.73 | $0.46 | $— | $— | $— | $— |
| 8/31/2022  | $56.68 | $(0.39)<br>| $(9.55)<br>| $(9.94)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.88 | $(0.56)<br>| $12.94 | $12.38 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 2/28/2026 (Unaudited) | $48.66 | $(0.40)<br>| $5.71 | $5.31 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $48.72 | $(0.68)<br>| $0.85 | $0.17 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $37.60 | $(0.62)<br>| $11.74 | $11.12 | $— | $— | $— | $— |
| 8/31/2023  | $37.43 | $(0.54)<br>| $0.71 | $0.17 | $— | $— | $— | $— |
| 8/31/2022  | $56.58 | $(0.73)<br>| $(9.49)<br>| $(10.22)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $45.14 | $(0.97)<br>| $12.99 | $12.02 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 2/28/2026 (Unaudited) | $49.74 | $(0.27)<br>| $5.83 | $5.56 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $49.55 | $(0.45)<br>| $0.87 | $0.42 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.05 | $(0.42)<br>| $11.92 | $11.50 | $— | $— | $— | $— |
| 8/31/2023  | $37.68 | $(0.36)<br>| $0.73 | $0.37 | $— | $— | $— | $— |
| 8/31/2022  | $56.65 | $(0.50)<br>| $(9.54)<br>| $(10.04)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.97 | $(0.70)<br>| $12.96 | $12.26 | $— | $(0.58)<br>| $— | $(0.58)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 2/28/2026 (Unaudited) | $51.30 | $(0.09)<br>| $6.03 | $5.94 | $— | $(3.45)<br>| $— | $(3.45)<br>|
| 8/31/2025  | $50.73 | $(0.12)<br>| $0.92 | $0.80 | $— | $(0.23)<br>| $— | $(0.23)<br>|
| 8/31/2024  | $38.68 | $(0.13)<br>| $12.18 | $12.05 | $— | $— | $— | $— |
| 8/31/2023  | $38.04 | $(0.10)<br>| $0.74 | $0.64 | $— | $— | $— | $— |
| 8/31/2022  | $56.74 | $(0.18)<br>| $(9.59)<br>| $(9.77)<br>| $— | $(8.93)<br>| $(0.00)<br>| $(8.93)<br>|
| 8/31/2021<sup>o,q</sup> <br>| $44.71 | $(0.31)<br>| $12.92 | $12.61 | $— | $(0.58)<br>| $— | $(0.58)<br>|

---

See Notes to Financial Highlights

------

![](img006065f64.gif)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Period** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)** <br>**to** <br>**Average** <br>**Net** <br>**Assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $52.52 | &nbsp;&nbsp;&nbsp;&nbsp; 11.51 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $50.28 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $49.96 | &nbsp;&nbsp;&nbsp;&nbsp; 30.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.68 | &nbsp;&nbsp;&nbsp;&nbsp; 27.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $50.52 | &nbsp;&nbsp;&nbsp;&nbsp; 11.10 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $48.66 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $48.72 | &nbsp;&nbsp;&nbsp;&nbsp; 29.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $37.60 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.58 | &nbsp;&nbsp;&nbsp;&nbsp; 26.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $51.85 | &nbsp;&nbsp;&nbsp;&nbsp; 11.37 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $49.74 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $49.55 | &nbsp;&nbsp;&nbsp;&nbsp; 30.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $37.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.65 | &nbsp;&nbsp;&nbsp;&nbsp; 27.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|
| $53.79 | &nbsp;&nbsp;&nbsp;&nbsp; 11.78 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $131.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33 )%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 %<sup>e</sup><br>|
| $51.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $125.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>|
| $50.73 | &nbsp;&nbsp;&nbsp;&nbsp; 31.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>|
| $38.68 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129<br> %<br>|
| $38.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| $56.74 | &nbsp;&nbsp;&nbsp;&nbsp; 28.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127<br> %<br>|

---

------

![](img006065f64.gif)

Notes to Financial Highlights Equity Funds (Unaudited)

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

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | Total return based on per share NAV reflects the effects of changes in NAV on the performance of each <br> Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were <br> reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not <br> indicate future results. Current returns may be lower or higher than the performance data quoted. <br> Investment returns and principal will fluctuate and shares, when redeemed, may be worth more or less than <br> original cost. Total return would have been lower if Management had not reimbursed and/or waived certain <br> expenses. Total return would have been higher if Management had not recouped previously reimbursed <br> and/or waived expenses.<br>|
| c | The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the <br> Funds' total returns for the six months ended February 28, 2026. Except for the Fund classes listed below, <br> the class action proceeds received in 2025, 2024, 2023, 2022, and/or 2021, if any, had no impact on the <br> Funds' total returns for the years ended August 31, 2025, 2024, 2023, 2022, and/or 2021. Had the Fund <br> classes listed below not received class action proceeds in 2025, 2024, 2023, 2022, and/or 2021, total return <br> based on per share NAV for the years ended August 31, 2025, 2024, 2023, 2022, and/or 2021 would have <br> been:<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **International Equity Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.10% |
| **International Equity Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.02% |
| **International Equity Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.30% |
| **International Equity Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.90% |
| **International Equity Class C** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26.92% |
| **International Equity Class R6** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.42% |
| **International Select Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.98% |
| **International Select Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.42% |
| **International Select Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.00% |
| **International Select Class C** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26.96% |
| **International Select Class R3** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.59% |
| **International Select Class R6** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.43% |
| **Large Cap Value Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49.98% |
| **Large Cap Value Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49.69% |
| **Large Cap Value Advisor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49.41% |
| **Large Cap Value Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49.63% |
| **Large Cap Value Class R3** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49.23% |
| **Mid Cap Intrinsic Value Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.66% | &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.37% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.76% | &nbsp;&nbsp;&nbsp;&nbsp; 3.91% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.39% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class C** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13.53% | &nbsp;&nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class R3** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.10% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class R6** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14.68% | &nbsp;&nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Multi-Cap Opportunities Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; 11.95% | &nbsp;&nbsp;&nbsp;&nbsp; 25.44% | &nbsp;&nbsp;&nbsp;&nbsp; 12.26% | &nbsp;&nbsp;&nbsp;&nbsp; (15.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.16% |

---

------

![](img006065f64.gif)

Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Multi-Cap Opportunities Class A** | &nbsp;&nbsp;&nbsp;&nbsp; 11.46% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11.93% | &nbsp;&nbsp;&nbsp;&nbsp; (15.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class C** | &nbsp;&nbsp;&nbsp;&nbsp; 10.68% | &nbsp;&nbsp;&nbsp;&nbsp; 24.07% | &nbsp;&nbsp;&nbsp;&nbsp; 11.17% | &nbsp;&nbsp;&nbsp;&nbsp; (16.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class E** | &nbsp;&nbsp;&nbsp;&nbsp; 12.86% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13.37% | &nbsp;&nbsp;&nbsp;&nbsp; (16.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31.54% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31.35% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31.81% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31.34% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class C** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30.33% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class R3** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30.95% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class R6** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31.91% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class E** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.96%<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Small Cap Growth Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.90% |
| **Small Cap Growth Trust Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.66% |
| **Small Cap Growth Advisor Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.46% |
| **Small Cap Growth Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.16% |
| **Small Cap Growth Class A** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.64% |
| **Small Cap Growth Class C** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26.71% |
| **Small Cap Growth Class R3** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27.36% |
| **Small Cap Growth Class R6** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.25% |

---

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

<sup>(1)</sup> Not annualized.<br>

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

---

| | |
|:---|:---|
| d | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee.<br>|
| e | Not annualized. |
| f | Annualized. |
| g | Represents the annualized ratio of net expenses to average daily net assets after utilization of the line of <br> credit by Emerging Markets Equity (2024), International Select (2024) and Intrinsic Value (2024) and/or <br> reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. <br> Had Emerging Markets Equity, International Select and Intrinsic Value not utilized the line of credit, the <br> annualized ratios of net expenses to average daily net assets would have been:<br>|

---

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

---

| | |
|:---|:---|
|  | **Year Ended August 31,** |
|  | **2024** |
| **Emerging Markets Equity Institutional Class** | 1.15% |
| **Emerging Markets Equity Class A** | 1.40% |
| **Emerging Markets Equity Class C** | 2.15% |
| **Emerging Markets Equity Class R3** | 1.81% |
| **Emerging Markets Equity Class R6** | 1.05% |
| **International Select Trust Class** | 1.15% |
| **International Select Institutional Class** | 0.80% |
| **International Select Class A** | 1.16% |
| **International Select Class C** | 1.91% |

---

------

![](img006065f64.gif)

Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

---

| | |
|:---|:---|
|  | **Year Ended August 31,** |
|  | **2024** |
| **International Select Class R3** | 1.41% |
| **International Select Class R6** | 0.70% |
| **Intrinsic Value Institutional Class** | 0.95% |
| **Intrinsic Value Class A** | 1.31% |
| **Intrinsic Value Class C** | 2.06% |
| **Intrinsic Value Class R6** | 0.86% |

---

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

---

| | |
|:---|:---|
| h | After repayment of expenses previously reimbursed and/or fees previously waived pursuant to the terms of <br> the contractual expense limitation agreements by Management, as applicable. Had the Fund not made such <br> repayments, the annualized ratios of net expenses to average net assets would have been:<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**February 28,** <br>| **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2026** | **2025** | **2023** | **2022** | **2021** |
| **Emerging Markets Equity Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% |
| **Emerging Markets Equity Class R3** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% |
| **Emerging Markets Equity Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| **Focus Institutional Class** | 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| **Focus Class A** | 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% |
| **Intrinsic Value Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| **Intrinsic Value Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Intrinsic Value Class C** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2.06% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp;&nbsp; 2.11% |
| **Intrinsic Value Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| **Large Cap Growth Class R3** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Large Cap Growth Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

i Includes ECJ tax reclaims. Without these, net investment income per share would have been:

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** |
| **Equity Income Institutional Class** | $0.29 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class A** | $0.23 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class C** | $0.13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class R3** | $0.19 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class E** | $0.38 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **International Equity Investor Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.18 |
| **International Equity Trust Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.17 |
| **International Equity Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.21 |
| **International Equity Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.16 |
| **International Equity Class C** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.06 |
| **International Equity Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.23 |

---

------

![](img006065f64.gif)

Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** |
| **International Equity Class E** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.31 |

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Includes ECJ tax reclaims. Without these, the ratio of net investment income to average net assets would have been:

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

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| | | |
|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** |
| **Equity Income Institutional Class** | 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class A** | 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class C** | 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class R3** | 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class E** | 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **International Equity Investor Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>|
| **International Equity Trust Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>|
| **International Equity Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| **International Equity Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>|
| **International Equity Class C** |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| **International Equity Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>|
| **International Equity Class E** |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>|

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

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| | |
|:---|:---|
| j | Had the Fund not received ECJ tax reclaim income, the total return based on per share NAV would have <br> been: |

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

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| | | |
|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** |
| **Equity Income Institutional Class** | 12.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class A** | 11.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class C** | 11.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class R3** | 11.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Income Class E** | 12.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **International Equity Investor Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> %<br>|
| **International Equity Trust Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 20.39<br> %<br>|
| **International Equity Institutional Class** |  | &nbsp;&nbsp;&nbsp;&nbsp; 20.66<br> %<br>|
| **International Equity Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; 20.31<br> %<br>|
| **International Equity Class C** |  | &nbsp;&nbsp;&nbsp;&nbsp; 19.30<br> %<br>|
| **International Equity Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; 20.88<br> %<br>|
| **International Equity Class E** |  | &nbsp;&nbsp;&nbsp;&nbsp; 21.75<br> %<br>|

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| | |
|:---|:---|
| k | The date investment operations commenced. |
| l | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended <br> August 31, 2024 for Quality Equity and for the year ended August 31, 2022, for Equity Income, Genesis, <br> International Equity, Large Cap Value, Multi-Cap Opportunities and Real Estate. <br>|
| m | After the close of business on October 10, 2025, the Funds' applicable classes underwent a stock split or <br> reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split.<br>|

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Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

n Includes ECJ tax reclaims professional fees. Without these, the ratio of net expenses to average daily net assets would have been:

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

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| | |
|:---|:---|
|  | **Year Ended August 31,** |
|  | **2024** |
| **International Equity Investor Class** | 1.07<br> %<br>|
| **International Equity Trust Class** | 1.13<br> %<br>|
| **International Equity Institutional Class** | 0.85<br> %<br>|
| **International Equity Class A** | 1.21<br> %<br>|
| **International Equity Class C** | 1.96<br> %<br>|
| **International Equity Class R6** | 0.75<br> %<br>|
| **International Equity Class E** | 0.06<br> %<br>|

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| | |
|:---|:---|
| o | This information has been audited by a different independent public accounting firm. |
| p | Consolidated financial highlights. See Note A in the Notes to Consolidated Financial Statements. |
| q | After the close of business on July 23, 2021, the Funds' applicable classes underwent a stock split or reverse <br> stock split. The per share data presented here has been retroactively adjusted to reflect this split. <br>|

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Directory

Investment Manager and Administrator

Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, NY 10104-0002

Shareholder Services

800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

Distributor

Neuberger Berman BD LLC

1290 Avenue of the Americas

New York, NY 10104-0002

Shareholder Services

800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Shareholder Servicing Agent

SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue, Suite 219189

Kansas City, MO 64105-1307

For Investor, Trust, Advisor & Institutional Class Shareholders address correspondence to:

Neuberger Funds

PO Box 219189

Kansas City, MO 64121-9189

Shareholder Services 800.877.9700 or 212.476.8800

Intermediary Client Services 800.366.6264

For Class A, Class C, Class R3 and Class R6 Shareholders:

Please contact your investment provider

Legal Counsel

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

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Changes in and Disagreements with Accountants for Open-end Management Investment Companies

No changes and/or disagreements occurred in the current reporting period.

Proxy Disclosures for Open-end Management Investment Companies

During the period covered by this report, there were no matters submitted to the Funds' shareholders through the solicitation of proxies or otherwise.

Board Consideration of the Management Agreements

On an annual basis, the Board of Trustees (the "Board" or "Trustees") of Neuberger Berman Equity Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC (with its affiliates, "Management"), as such term is defined under the Investment Company Act of 1940, as amended ("1940 Act"), ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Agreements") with respect to each series (each a "Fund"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in 1940 Act matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 9, 2025, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each Fund and its shareholders; (ii) a comparison of each Fund's performance, fees and expenses relative to its benchmark, various peers or similar accounts, as applicable; (iii) the costs of the services provided by, and the estimated profit or loss to Management from its relationships with each Fund; (iv) any apparent or anticipated economies of scale in relation to the services Management provides to each Fund and whether any such economies of scale are shared with Fund shareholders; and (v) any "fall-out" benefits likely to accrue to Management and its affiliates from their relationship with each Fund.

In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, which the Contract Review Committee annually considers and updates. It also met with senior representatives of Management regarding its personnel, operations, and profitability as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to allow Management additional time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and for the Independent Fund Trustees to consider those responses.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year. In addition, the Board established the Contract Review Committee, which is comprised solely of Independent Fund Trustees, to assist in its evaluation and analysis of materials for the annual contract review. Those standing committees provide reports to the full Board, including the members of the Contract Review Committee, which consider that information as part of the annual contract review process.

The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

Provided below is a description of the Board's contract approval process and material factors that the Board considered at its meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In

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connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund, and whether the Agreements were in the best interests of each respective Fund and its shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and in connection with the annual contract review. The Board considered each Fund's investment management agreement separately from those of the other Funds.

This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. Additionally, the information and factors considered, and weight placed on any particular information or factor may change over time. The Board focused on the costs and benefits of the Agreements to each Fund and, through the Fund, its shareholders.

Nature, Extent, and Quality of Services

With respect to the nature, extent, and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, capabilities, and succession plans of, and the resources available to, the portfolio management personnel of Management who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting, compliance, and shareholder support services. The Board also considered Management's policies and practices regarding brokerage, commissions, other trading costs, and allocation of portfolio transactions, and reviewed the quality of the execution services that Management had provided. The Board also reviewed Management's use of brokers to execute Fund transactions that provide research services to Management. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between the Funds' investments and those of other funds or accounts managed by Management.

The Board recognized the extensive range of services that Management provides to the Funds beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing regulatory initiatives of the U.S. Securities and Exchange Commission and other regulators. The Board considered that Management assumes significant ongoing entrepreneurial and business risks as the investment adviser and sponsor to the Funds, for which it is entitled to reasonable compensation. The Trustees also considered that Management's responsibilities include continual management of investment, operational, cybersecurity, enterprise, valuation, liquidity, legal, regulatory, and compliance risks as they relate to the Funds, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk.

The Board also reviewed and evaluated Management's activities under its contractual obligation to oversee the Funds' various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation and whether this structure provides appropriate incentives to act in the best interests of the Funds. The Board also considered the ability of Management to attract and retain qualified personnel to service the Funds and the ability to plan for succession.

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Fund Performance

The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund's performance, along with its fees and other expenses, to various peers, including a group of industry peers ("Expense Group") and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective ("Performance Universe"). The Board considered each Fund's performance and fees in light of the limitations inherent in the consulting firm's methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups, noting differences as compared to certain fund industry ranking and rating systems.

With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, net of the Fund's fees and expenses, on an absolute basis, relative to a benchmark index that does not deduct the fees or expenses of investing, and compared to the net performance of its Performance Universe. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

In the case of underperformance for any of the periods reported, the Board considered the magnitude and duration of that underperformance relative to the Performance Universe and/or the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). For those Funds that the Board identified as having underperformed their benchmark indices and/or Performance Universe to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with Management each such Fund's performance, potential reasons for the relative performance, and, if necessary, steps that Management had taken, or intended to take, to improve performance. The Board also considered Management's responsiveness with respect to the relative performance. The Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance.

In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of the Agreements and that, after considering all relevant factors, it can determine to approve the continuation of the Agreements after its review of a Fund's relative performance.

Fee Rates, Profitability, and Fall-out Benefits

With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to the Expense Group provided by the consulting firm, as discussed above. The Board reviewed a comparison of each Fund's management fee to its Expense Group. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fees paid to Management. However, the Board noted that some funds in the Expense Group pay directly from fund assets for certain services that Management covers out of the administration fees for the Funds. Accordingly, the Board also considered each Fund's total expense ratio as compared with its Expense Group as a way of taking account of these differences.

The Board compared each Fund's contractual and actual management fees to the contractual and actual management fees, respectively, of that Fund's Expense Group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) The Board also compared each Fund's total expenses to the total expenses of that Fund's Expense Group. Where a Fund's management fee or total expenses were relatively higher than the Expense Group, the Board considered whether specific portfolio management, administration or oversight needs contributed to the Fund's management fee or total expenses. The Board also

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noted that for some classes of certain Funds, the overall expense ratio is maintained through a contractual or voluntary fee cap and/or expense reimbursements by Management. The Board also considered the extent to which Management currently waives management fees and/or reimburses any Fund for other Fund-level expenses at different rates for different share classes and the process for monitoring the use of such waivers to guard against any such waiver resulting in any cross-subsidization by one share class of another share class.

In concluding that the benefits accruing to Management by virtue of its relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Board reviewed specific data as to Management's estimated profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses. (The Board also reviewed data on Management's estimated profit or loss on each Fund after distribution expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its estimated profitability figures. In addition, the Board engaged an independent accounting firm in prior years to review the profitability methodology utilized by Management when preparing this information and, discussed with the accounting firm its conclusion that Management's process for calculating and reporting its estimated profit or loss aligned with the accounting firm's guiding principles and industry practices.

The Board further noted Management's representation that its estimate of profitability is derived using a methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, cybersecurity, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a fund in the current regulatory and market environment. The Board also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund, such as research it may receive from broker-dealers executing the Funds' portfolio transactions on an agency basis. The Board recognized that Management should be entitled to earn a reasonable level of profits for services it provides to each Fund and, based on its review, concluded that Management's reported level of estimated profitability, if any, on each Fund was reasonable.

Information Regarding Services to Other Clients

The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the respective Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that to the extent the rates of fees paid by some such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management's greater level of responsibilities and significantly broader scope of services to the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to the sponsorship and maintenance of the Funds.

Economies of Scale

The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints, the size of any breakpoints in each Fund's advisory fees, and

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whether any such breakpoints are set at appropriate asset levels. The Board also compared the breakpoint structure to that of the Expense Group. In addition, the Board considered the expense limitation and/or fee waiver arrangements that reduce each Funds' expenses at some or all asset levels, which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if a Fund's assets decline.

The Trustees took into account that certain Funds do not have breakpoints in their fees. For Funds that do not have breakpoints, the Board considered that setting competitive fee rates and pricing a Fund to scale before it has actually experienced an increase in assets are other means of sharing potential economies of scale with shareholders. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Board. The Board considered that this is a way of sharing economies of scale with the Funds and their shareholders.

Fund-by-Fund Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. The Performance Universes referenced in this section are those identified by the consulting firm, as discussed above, and the risk/return ratios referenced are the Sharpe ratios provided by the consulting firm. With respect to performance quintile rankings for a Fund compared to its Performance Universe, the first quintile represents the highest (best) performance, and the fifth quintile represents the lowest performance. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for a Fund compared to its Expense Group, the first quintile represents the lowest (best) fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses. Where a Fund has more than one class of shares outstanding, information for a single class has been provided as identified below. The Board reviewed the expense structures of all the other classes of shares of the Funds, some of which have higher fees and expenses that reflect their separate distribution and servicing arrangements and the varying needs of different investors. As a proxy for the class expense structure, the Board reviewed the expenses of each class for at least one Fund in the Trust in comparison to Expense Groups for those classes. The Board noted the effect of higher expenses on the performance of the other classes of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Emerging Markets Equity Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 3-year periods and lower for the 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-year period, the third quintile for the 3-year period, and the fourth quintile for the 5- and 10-year periods. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board also took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3-year period, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for that same period. The Board discussed with Management the additional portfolio management resource that was added to the Fund in October 2022, its ongoing evaluation of the resources devoted to the Fund, and the steps it was taking with respect to the Fund's performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile and actual management fee net of fees waived by Management and total expenses each ranked in the third quintile. In addition, the Board discussed Management's determination to continue the voluntary management fee

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waiver for the Fund and the corresponding reduction in the Fund's expense limitations for each class, neither of which is captured in the data used for comparison purposes to the Fund's Expense Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Equity Income Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-year period, the fifth quintile for the 3- and 5-year periods, and the fourth quintile for the 10-year period. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked in the second quintile and actual management ranked in the fourth quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Focus Fund (Investor Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-year period, the third quintile for the 3-year period, and the fourth quintile for the 5- and 10-year periods. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board also took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3-year period, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for that same period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, actual management fee net of fees waived by Management ranked in the third quintile, and total expenses inclusive of any 12b-1/non-12b-1 service fees ranked in the first quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Genesis Fund (Institutional Class)—** The Board considered fee and performance data from two sets of peer groups: one with small blend funds, which include small cap funds where neither growth nor value characteristics predominate, and one with only small growth funds. The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1- and 5-year period and higher for the 3- and 10-year periods; (2) as compared to its small blend Performance Universe, the Fund's performance was in the fourth quintile for the 1-year period, the third quintile for the 3-year period, the fifth quintile for the 5-year period, and the first quintile for the 10-year period; and (3) as compared to its small growth Performance Universe, the Fund's performance was in the third quintile for the 1- and 5-year periods and the second quintile for the 3- and 10-year periods. The Board took into account that the Fund showed a risk/return ratio that was better than the median of its small growth Performance Universe for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of those Performance Universes for those same periods. The Board also took into account information regarding the effect that the composition of the Fund's peer groups had on the Fund's performance relative to its peers, noting Management's belief that the small blend group provides a more appropriate comparison to the Fund. In addition, the Board met with the portfolio management team in October 2025. The Board considered that: (1) as compared to its small blend Expense Group, the Fund's contractual management fee and actual management fee each ranked in the fourth quintile and total expenses ranked in the second quintile; and (2) as compared to its small growth Expense Group, the Fund's contractual management fee and actual management fee each ranked in the third quintile and total expenses ranked in the second quintile.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger International Equity Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-year period and lower for the 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1- and 10-year periods, the fourth quintile for the 3- and 5-year periods. In addition, the Board met with the portfolio management team in December 2024. The Board also considered that for the 7-month period ending July 31, 2025, the Fund ranked in the third quintile of its Lipper peer category. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fifth quintile, actual management fee net of fees waived by Management ranked in the fourth quintile, and total expenses ranked in the third quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger International Select Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 10-year periods and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-year period, the fourth quintile for the 3- and 5-year periods, and the second quintile for the 10-year period. In addition, the Board met with the portfolio management team in December 2024. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management, and total expenses each ranked in the first quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Intrinsic Value Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1- and 3-year periods and higher for the 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fifth quintile for the 1- and 3-year periods, the second quintile for the 5-year period, and the third quintile for the 10-year period. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the third quintile of its Lipper peer category. In addition, the Board met with the portfolio management team in March 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and actual management fee each ranked in the third quintile and total expenses ranked in the second quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Large Cap Growth Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-,3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1- and 10-year periods, the second quintile for the 3-year period, and the first quintile for the 5-year period. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the second quintile of both its Morningstar and Lipper peer categories. The Board took into account that the Fund showed a risk/return ratio that was better than the median for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of that Performance Universe for those same periods. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and actual management fee each ranked in the second quintile and total expenses ranked in the first quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Large Cap Value Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 5- and 10-year periods, and lower for the 3-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1- and 5-year periods, in the fifth quintile for the 3-year period, and in the first quintile for the 10-year period. In addition, the Board met with the portfolio management team in March 2025. The Board considered that, as

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![](img006065f64.gif)

compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked in the second quintile and actual management fee net of fees waived by Management ranked in the third quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Mid Cap Growth Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-, 3-, 5- and 10-year periods. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board took into account that the Fund showed a risk/return ratio that was better than the median for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of that Performance Universe for those same periods. In addition, the Board met with the portfolio management team in June 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked in the first quintile and actual management fee ranked in the second quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Mid Cap Intrinsic Value Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3- and 10-year periods and higher for the 5-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the fifth quintile for the 1-, 3- and 10-year periods and the third quintile for the 5-year period. In addition, the Board met with the portfolio management team in March 2025. The Board also discussed with Management the additional portfolio management resource that Management planned to add to the Fund and steps it was taking with respect to the Fund's performance. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, actual management fee net of fees waived by Management ranked in the first quintile, and total expenses ranked in the third quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Multi-Cap Opportunities Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-, 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period, the fourth quintile for the 3- and 5-year periods, and the third quintile for the 10-year period. The Board noted that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the second quintile of both its Morningstar and Lipper peer categories. In addition, the Board met with the portfolio management team in October 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile and actual management fee and total expenses each ranked in the fifth quintile. The Board further considered the Fund's contractual management fee, actual management fee, and total expenses against a supplemental peer group from the Lipper Multi-Cap Core category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Quality Equity Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3- and 5-year periods and was lower for the 10-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-, 3- and 5-year periods and the third quintile for the 10-year period. The Board took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for that same period. The Board also took into account that as of April 2022, management of the Fund is under a new portfolio manager and

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![](img006065f64.gif)

changes were made to the Fund's investment strategy in May 2024. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked in the third quintile and the actual management fee ranked in the fourth quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Real Estate Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 10-year periods and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1-year period, the third quintile for the 3-year period, the fifth quintile for the 5-year period, and the first quintile for the 10-year period. In addition, the Board met with the portfolio management team in October 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fifth quintile, actual management fee net of fees waived by Management ranked in the fourth quintile, and total expenses ranked in the third quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Neuberger Small Cap Growth Fund (Institutional Class)—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-year period and higher for the 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1- and 5-year periods, the second quintile for the 3-year period, and the first quintile for the 10-year period. The Board took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3-year period, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for that same period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the fourth quintile and actual management fee net of fees waived by Management and total expenses each ranked in the second quintile.

Conclusions

In approving the continuation of the Agreements, the Board concluded that, in its business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to continue to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of a Fund that underperformed relative to its Performance Universe, that the Board retained confidence in Management's capabilities to manage each Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions are based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.

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*Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.*

I0134 04/26

![](img63d08df85.jpg)

**Neuberger Berman Investment Advisers LLC**

1290 Avenue of the Americas

New York, NY 10104-0002

Retail Services: 800.877.9700

Broker-Dealer and Institutional Services: 800.366.6264/888.556.9030

www.nb.com

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to trustees, officers, and others for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding the basis for the approval of the investment advisory contract is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which shareholders may recommend nominees to the Board.

#### Item 16. Controls and Procedures.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report,
 the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information
 required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | A copy of the [Code of Ethics is incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm)[Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm). |

---

(a)(2) Not applicable to the Registrant.

---

| | |
|:---|:---|
| (a)(3) | [The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")](exh99-cert.htm#EXHIBIT99-CERT) are filed herewith. |

---

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT99.906-CERT) is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

------

#### 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.

Neuberger Berman Equity Funds

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: May 1, 2026

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.

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: May 1, 2026

By: <u>/s/ John M. McGovern</u>

John M. McGovern

Treasurer and Principal Financial and Accounting Officer

Date: May 1, 2026

## Ex-99.Cert

EXHIBIT 99-CERT

#### CERTIFICATIONS
I, Joseph V. Amato, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Equity Funds ("Registrant");

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(s) 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:

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;

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;

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

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(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

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

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.

Date: May 1, 2026

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

------

I, John M. McGovern, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Equity Funds ("Registrant");

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(s) 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:

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;

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;

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

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(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

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

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.

Date: May 1, 2026

By: <u>/s/ John M. McGovern</u>

John M. McGovern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial and Accounting Officer

## Exhibit 99.906

EXHIBIT 99.906-CERT

#### Section 906 Certification

We, Joseph V. Amato, Chief Executive Officer and President, and John M. McGovern, Treasurer and Principal Financial and Accounting Officer, of Neuberger Berman Equity Funds ("Registrant"), certify, pursuant to 18 U.S.C. Section 1350 enacted under Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

<br> 1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2026, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and

<br> 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 1, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Joseph V. Amato</u><br> Joseph V. Amato<br> Chief Executive Officer and President |
| By: | <u>/s/ John M. McGovern</u><br> John M. McGovern<br> Treasurer and Principal Financial<br> and Accounting Officer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

<br>