# EDGAR Filing Document

**Accession Number:** 0000044402
**File Stem:** 0000898432-25-000854
**Filing Date:** 2025-10
**Character Count:** 1532430
**Document Hash:** abcb587b9176a189c36ecc9fe918df7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-25-000854.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000898432-25-000854

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 338

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251030

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00582
- **FILM NUMBER:** 251431280

**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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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 Berman 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           |

### Neuberger Berman Dividend Growth Fund (Series ID: S000052017)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000163610 | Class A             | NDGAX           |
| C000163611 | Class C             | NDGCX           |
| C000163612 | Class Institutional | NDGIX           |
| C000163613 | Class R6            | NRDGX           |

### Neuberger Berman U.S. Equity Impact Fund (Series ID: S000071179)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000225949 | Institutional Class | NEQIX           |
| C000225950 | Class A             | NEQAX           |
| C000225951 | Class C             | NEQCX           |

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

As filed with the Securities and Exchange Commission on October 29, 2025

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: August 31, 2025

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 annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

# Neuberger Berman

# Dividend Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NDGIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/en/us/products/mutual-funds/literature. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $76 | 0.70% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to the Industrials, Financials and IT sectors, which contributed positively to absolute results. In contrast, holdings in Health Care and Energy stocks detracted from overall performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i112533020f8d38647d7902d6.jpg)Investments in the Industrials, Financials and IT sectors

* ![Thin up arrow](i112533020f8d38647d7902d6.jpg)At the industry level stocks across Electrical Equipment, Electronic Equipment Instruments & Components and Metals & Mining

* ![Thin down arrow](i12d4ccbcf6eeeb838eeda9d2.jpg)Investments in the Health Care and Energy sectors

* ![Thin down arrow](i12d4ccbcf6eeeb838eeda9d2.jpg)At the industry level, investments across Semiconductors & Semiconductor Equipment, Life Sciences Tools & Services and Pharmaceuticals

## How did the Fund perform since inception?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i35e35f058562f14ab1c233da.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $3,190,900** | **S&P 500<sup>®</sup> Index $3,787,100** |
| **12/15/15** | $1000000 | $1000000 |
| **8/31/16** | $1111000 | $1090800 |
| **8/31/17** | $1317000 | $1267900 |
| **8/31/18** | $1454500 | $1517200 |
| **8/31/19** | $1418800 | $1561500 |
| **8/31/20** | $1658800 | $1904100 |
| **8/31/21** | $2242400 | $2497500 |
| **8/31/22** | $2018500 | $2217100 |
| **8/31/23** | $2278600 | $2570600 |
| **8/31/24** | $2745300 | $3268100 |
| **8/31/25** | $3190900 | $3787100 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/15/15** |
| **Institutional Class** | 16.23% | 13.98% | 12.68% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.68% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $114104722 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 18% |
| Total Investment Advisory Fees Paid | $244036 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens Energy AG | 7.1% |
| Amphenol Corp. Class A | 5.1% |
| Microsoft Corp. | 4.3% |
| Analog Devices, Inc. | 3.5% |
| Electronic Arts, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Apple, Inc. | 2.9% |
| Charles Schwab Corp. | 2.9% |
| Wheaton Precious Metals Corp. | 2.7% |
| Applied Materials, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Information Technology | 26.6% |
| Financials | 16.7% |
| Industrials | 12.3% |
| Health Care | 8.9% |
| Communication Services | 7.6% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 5.8% |
| Materials | 4.7% |
| Energy | 3.6% |
| Utilities | 2.9% |
| Real Estate | 1.4% |
| Short-Term Investments | 1.9% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024, and effective October 17, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/en/us/products/mutual-funds/literature. or upon request at 800.366.6264 or issdl@nb.com.

As described in supplements dated July 23, 2025 and September 9, 2025, shareholders voted and approved an Agreement and Plan of Reorganization between Neuberger Berman Dividend Growth Fund (the "Merging Fund") and Neuberger Berman Core Equity ETF (the "Acquiring ETF") (the "Merger"). Upon completion of the Merger on October 17, 2025, shareholders of the Merging Fund became shareholders of the Acquiring ETF, which is an exchange-traded fund. The Acquiring ETF shares are listed for trading on NYSE Arca, Inc.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information and holdings information, please visit https://www.nb.com/en/us/products/mutual-funds/literature. For proxy voting information, please visit viewpoint.glasslewis.com/WD/?siteId=NeubergerBerman.

#### 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0003 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NDGIX

# Neuberger Berman

# Dividend Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NDGAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/en/us/products/mutual-funds/literature. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class A | $111 | 1.03% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to the Industrials, Financials and IT sectors, which contributed positively to absolute results. In contrast, holdings in Health Care and Energy stocks detracted from overall performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](icb7784ad43b6af00e7042c31.jpg)Investments in the Industrials, Financials and IT sectors

* ![Thin up arrow](icb7784ad43b6af00e7042c31.jpg)At the industry level stocks across Electrical Equipment, Electronic Equipment Instruments & Components and Metals & Mining

* ![Thin down arrow](i32aa78ce5d5be26f938c6558.jpg)Investments in the Health Care and Energy sectors

* ![Thin down arrow](i32aa78ce5d5be26f938c6558.jpg)At the industry level, investments across Semiconductors & Semiconductor Equipment, Life Sciences Tools & Services and Pharmaceuticals

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i059a63c74c548f65525e8e28.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $29,053** | **S&P 500<sup>®</sup> Index $37,871** |
| **12/15/15** | $9425 | $10000 |
| **8/31/16** | $10452 | $10908 |
| **8/31/17** | $12345 | $12679 |
| **8/31/18** | $13576 | $15172 |
| **8/31/19** | $13202 | $15615 |
| **8/31/20** | $15369 | $19041 |
| **8/31/21** | $20706 | $24975 |
| **8/31/22** | $18578 | $22171 |
| **8/31/23** | $20902 | $25706 |
| **8/31/24** | $25090 | $32681 |
| **8/31/25** | $29053 | $37871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/15/15** |
| **Class A (at NAV)** | 15.80% | 13.58% | 12.28% |
| **Class A (including sales charge)** | 9.12% | 12.25% | 11.60% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.68% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $114104722 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 18% |
| Total Investment Advisory Fees Paid | $244036 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens Energy AG | 7.1% |
| Amphenol Corp. Class A | 5.1% |
| Microsoft Corp. | 4.3% |
| Analog Devices, Inc. | 3.5% |
| Electronic Arts, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Apple, Inc. | 2.9% |
| Charles Schwab Corp. | 2.9% |
| Wheaton Precious Metals Corp. | 2.7% |
| Applied Materials, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Information Technology | 26.6% |
| Financials | 16.7% |
| Industrials | 12.3% |
| Health Care | 8.9% |
| Communication Services | 7.6% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 5.8% |
| Materials | 4.7% |
| Energy | 3.6% |
| Utilities | 2.9% |
| Real Estate | 1.4% |
| Short-Term Investments | 1.9% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024, and effective October 17, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/en/us/products/mutual-funds/literature. or upon request at 800.877.9700 or fundinfo@nb.com.

As described in supplements dated July 23, 2025 and September 9, 2025, shareholders voted and approved an Agreement and Plan of Reorganization between Neuberger Berman Dividend Growth Fund (the "Merging Fund") and Neuberger Berman Core Equity ETF (the "Acquiring ETF") (the "Merger"). Upon completion of the Merger on October 17, 2025, shareholders of the Merging Fund became shareholders of the Acquiring ETF, which is an exchange-traded fund. The Acquiring ETF shares are listed for trading on NYSE Arca, Inc.

In connection with the Merger, effective July 23, 2025, a voluntary expense cap was implemented and Rule 12b-1 fees were waived.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information and holdings information, please visit https://www.nb.com/en/us/products/mutual-funds/literature. For proxy voting information, please visit viewpoint.glasslewis.com/WD/?siteId=NeubergerBerman.

#### 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0001 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NDGAX

# Neuberger Berman

# Dividend Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NDGCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/en/us/products/mutual-funds/literature. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class C | $183 | 1.70% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to the Industrials, Financials and IT sectors, which contributed positively to absolute results. In contrast, holdings in Health Care and Energy stocks detracted from overall performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i02d3e3fd18f15f1c6de028bc.jpg)Investments in the Industrials, Financials and IT sectors

* ![Thin up arrow](i02d3e3fd18f15f1c6de028bc.jpg)At the industry level stocks across Electrical Equipment, Electronic Equipment Instruments & Components and Metals & Mining

* ![Thin down arrow](i58c94af5fd5b12647565b373.jpg)Investments in the Health Care and Energy sectors

* ![Thin down arrow](i58c94af5fd5b12647565b373.jpg)At the industry level, investments across Semiconductors & Semiconductor Equipment, Life Sciences Tools & Services and Pharmaceuticals

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idb42a97bdad0d9466a83e304.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $28,662** | **S&P 500<sup>®</sup> Index $37,871** |
| **12/15/15** | $10000 | $10000 |
| **8/31/16** | $11000 | $10908 |
| **8/31/17** | $12921 | $12679 |
| **8/31/18** | $14106 | $15172 |
| **8/31/19** | $13605 | $15615 |
| **8/31/20** | $15731 | $19041 |
| **8/31/21** | $21030 | $24975 |
| **8/31/22** | $18726 | $22171 |
| **8/31/23** | $20913 | $25706 |
| **8/31/24** | $24919 | $32681 |
| **8/31/25** | $28662 | $37871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/15/15** |
| **Class C (at NAV)** | 15.02% | 12.75% | 11.44% |
| **Class C (including sales charge)** | 14.02% | 12.75% | 11.44% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.68% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $114104722 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 18% |
| Total Investment Advisory Fees Paid | $244036 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens Energy AG | 7.1% |
| Amphenol Corp. Class A | 5.1% |
| Microsoft Corp. | 4.3% |
| Analog Devices, Inc. | 3.5% |
| Electronic Arts, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Apple, Inc. | 2.9% |
| Charles Schwab Corp. | 2.9% |
| Wheaton Precious Metals Corp. | 2.7% |
| Applied Materials, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Information Technology | 26.6% |
| Financials | 16.7% |
| Industrials | 12.3% |
| Health Care | 8.9% |
| Communication Services | 7.6% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 5.8% |
| Materials | 4.7% |
| Energy | 3.6% |
| Utilities | 2.9% |
| Real Estate | 1.4% |
| Short-Term Investments | 1.9% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024, and effective October 17, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/en/us/products/mutual-funds/literature. or upon request at 800.877.9700 or fundinfo@nb.com.

As described in supplements dated July 23, 2025 and September 9, 2025, shareholders voted and approved an Agreement and Plan of Reorganization between Neuberger Berman Dividend Growth Fund (the "Merging Fund") and Neuberger Berman Core Equity ETF (the "Acquiring ETF") (the "Merger"). Upon completion of the Merger on October 17, 2025, shareholders of the Merging Fund became shareholders of the Acquiring ETF, which is an exchange-traded fund. The Acquiring ETF shares are listed for trading on NYSE Arca, Inc.

In connection with the Merger, effective July 23, 2025, a voluntary expense cap was implemented and Rule 12b-1 fees were waived.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information and holdings information, please visit https://www.nb.com/en/us/products/mutual-funds/literature. For proxy voting information, please visit viewpoint.glasslewis.com/WD/?siteId=NeubergerBerman.

#### 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0004 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NDGCX

# Neuberger Berman

# Dividend Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRDGX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/en/us/products/mutual-funds/literature. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class R6 | $65 | 0.60% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to the Industrials, Financials and IT sectors, which contributed positively to absolute results. In contrast, holdings in Health Care and Energy stocks detracted from overall performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i3a656a25f1567d1505b78429.jpg)Investments in the Industrials, Financials and IT sectors

* ![Thin up arrow](i3a656a25f1567d1505b78429.jpg)At the industry level stocks across Electrical Equipment, Electronic Equipment Instruments & Components and Metals & Mining

* ![Thin down arrow](i651f6036678fa857e1b24a1a.jpg)Investments in the Health Care and Energy sectors

* ![Thin down arrow](i651f6036678fa857e1b24a1a.jpg)At the industry level, investments across Semiconductors & Semiconductor Equipment, Life Sciences Tools & Services and Pharmaceuticals

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i233787a395cb1d555c01cf8a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $32,182** | **S&P 500<sup>®</sup> Index $37,871** |
| **12/15/15** | $10000 | $10000 |
| **8/31/16** | $11120 | $10908 |
| **8/31/17** | $13177 | $12679 |
| **8/31/18** | $14562 | $15172 |
| **8/31/19** | $14223 | $15615 |
| **8/31/20** | $16639 | $19041 |
| **8/31/21** | $22520 | $24975 |
| **8/31/22** | $20307 | $22171 |
| **8/31/23** | $22942 | $25706 |
| **8/31/24** | $27672 | $32681 |
| **8/31/25** | $32182 | $37871 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/15/15** |
| **Class R6** | 16.30% | 14.10% | 12.78% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.68% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $114104722 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 18% |
| Total Investment Advisory Fees Paid | $244036 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens Energy AG | 7.1% |
| Amphenol Corp. Class A | 5.1% |
| Microsoft Corp. | 4.3% |
| Analog Devices, Inc. | 3.5% |
| Electronic Arts, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Apple, Inc. | 2.9% |
| Charles Schwab Corp. | 2.9% |
| Wheaton Precious Metals Corp. | 2.7% |
| Applied Materials, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Information Technology | 26.6% |
| Financials | 16.7% |
| Industrials | 12.3% |
| Health Care | 8.9% |
| Communication Services | 7.6% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 5.8% |
| Materials | 4.7% |
| Energy | 3.6% |
| Utilities | 2.9% |
| Real Estate | 1.4% |
| Short-Term Investments | 1.9% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024, and effective October 17, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/en/us/products/mutual-funds/literature. or upon request at 800.366.6264 or issdl@nb.com.

As described in supplements dated July 23, 2025 and September 9, 2025, shareholders voted and approved an Agreement and Plan of Reorganization between Neuberger Berman Dividend Growth Fund (the "Merging Fund") and Neuberger Berman Core Equity ETF (the "Acquiring ETF") (the "Merger"). Upon completion of the Merger on October 17, 2025, shareholders of the Merging Fund became shareholders of the Acquiring ETF, which is an exchange-traded fund. The Acquiring ETF shares are listed for trading on NYSE Arca, Inc.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information and holdings information, please visit https://www.nb.com/en/us/products/mutual-funds/literature. For proxy voting information, please visit viewpoint.glasslewis.com/WD/?siteId=NeubergerBerman.

#### 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0002 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRDGX

# Neuberger Berman

# Emerging Markets Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NEMIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $127 | 1.15% |

---

## How did the Fund perform last year?
Emerging market equities rallied on a weak dollar, as U.S. tariffs fell short of threats and interest rate expectations improved, and on attractive valuations and earnings growth potential. While remaining mindful of evolving tariff risks, the Fund's focus on fundamentals was key to its performance this period—with a bottom-up, diversified approach offering a blend of upside advantage and downside mitigation. Relative to the MSCI Emerging Markets Index (Net) (the Index), both stock selection and sector allocation decisions added value overall.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](iae4ec308b545fbae9faa922f.jpg)Stock selection in the Industrials and IT sectors and an overweight to IT versus the Index

* ![Thin up arrow](iae4ec308b545fbae9faa922f.jpg)Stock selection in Korea, Taiwan and Brazil

* ![Thin down arrow](ic33048fc2171931ce29615b9.jpg)Stock selection in the Materials and Health Care sectors

* ![Thin down arrow](ic33048fc2171931ce29615b9.jpg)Stock selection in China and South Africa and an overweight versus the Index to lagging India

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](if463e48ae7d178b2e2874ec7.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,855,400** | **MSCI Emerging Markets Index (Net) $1,952,000** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1156400 | $1118300 |
| **8/31/17** | $1442800 | $1392600 |
| **8/31/18** | $1406900 | $1383200 |
| **8/31/19** | $1384900 | $1322800 |
| **8/31/20** | $1531500 | $1514500 |
| **8/31/21** | $1777100 | $1834300 |
| **8/31/22** | $1347000 | $1434400 |
| **8/31/23** | $1310700 | $1452300 |
| **8/31/24** | $1532900 | $1671200 |
| **8/31/25** | $1855400 | $1952000 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 21.04% | 3.91% | 6.38% |
| **MSCI Emerging Markets Index (Net)** | 16.80% | 5.21% | 6.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $207405145 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 67% |
| Total Investment Advisory Fees Paid | $1305725 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| Tencent Holdings Ltd. | 7.0% |
| Alibaba Group Holding Ltd. | 3.3% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Gupshup, Inc. | 1.7% |
| China Construction Bank Corp. Class H | 1.6% |
| Hon Hai Precision Industry Co. Ltd. | 1.5% |
| Acter Group Corp. Ltd. | 1.5% |
| Xiaomi Corp. Class B | 1.4% |
| Alpha Bank SA | 1.4% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 32.7% |
| Financials | 18.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Materials | 4.9% |
| Consumer Staples | 2.7% |
| Health Care | 2.4% |
| Energy | 1.8% |
| Utilities | 1.1% |
| Real Estate | 0.8% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| China | 25.6% |
| India | 24.2% |
| Taiwan | 17.3% |
| Korea | 9.3% |
| Brazil | 4.6% |
| United States | 3.0% |
| United Arab Emirates | 2.0% |
| Mexico | 1.9% |
| South Africa | 1.9% |
| Hungary | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0013 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NEMIX

# Neuberger Berman

# Emerging Markets Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NEMAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $155 | 1.40% |

---

## How did the Fund perform last year?
Emerging market equities rallied on a weak dollar, as U.S. tariffs fell short of threats and interest rate expectations improved, and on attractive valuations and earnings growth potential. While remaining mindful of evolving tariff risks, the Fund's focus on fundamentals was key to its performance this period—with a bottom-up, diversified approach offering a blend of upside advantage and downside mitigation. Relative to the MSCI Emerging Markets Index (Net) (the Index), both stock selection and sector allocation decisions added value overall.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i187785b17e38cd1a1d348ace.jpg)Stock selection in the Industrials and IT sectors and an overweight to IT versus the Index

* ![Thin up arrow](i187785b17e38cd1a1d348ace.jpg)Stock selection in Korea, Taiwan and Brazil

* ![Thin down arrow](ia2a49df2e201f9722c464866.jpg)Stock selection in the Materials and Health Care sectors

* ![Thin down arrow](ia2a49df2e201f9722c464866.jpg)Stock selection in China and South Africa and an overweight versus the Index to lagging India

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i18cda795fbd7304abb55f0e1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $17,039** | **MSCI Emerging Markets Index (Net) $19,520** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $10865 | $11183 |
| **8/31/17** | $13527 | $13926 |
| **8/31/18** | $13151 | $13832 |
| **8/31/19** | $12918 | $13228 |
| **8/31/20** | $14246 | $15145 |
| **8/31/21** | $16481 | $18343 |
| **8/31/22** | $12456 | $14344 |
| **8/31/23** | $12094 | $14523 |
| **8/31/24** | $14106 | $16712 |
| **8/31/25** | $17039 | $19520 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 20.80% | 3.65% | 6.10% |
| **Class A (including sales charge)** | 13.83% | 2.42% | 5.47% |
| **MSCI Emerging Markets Index (Net)** | 16.80% | 5.21% | 6.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $207405145 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 67% |
| Total Investment Advisory Fees Paid | $1305725 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| Tencent Holdings Ltd. | 7.0% |
| Alibaba Group Holding Ltd. | 3.3% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Gupshup, Inc. | 1.7% |
| China Construction Bank Corp. Class H | 1.6% |
| Hon Hai Precision Industry Co. Ltd. | 1.5% |
| Acter Group Corp. Ltd. | 1.5% |
| Xiaomi Corp. Class B | 1.4% |
| Alpha Bank SA | 1.4% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 32.7% |
| Financials | 18.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Materials | 4.9% |
| Consumer Staples | 2.7% |
| Health Care | 2.4% |
| Energy | 1.8% |
| Utilities | 1.1% |
| Real Estate | 0.8% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| China | 25.6% |
| India | 24.2% |
| Taiwan | 17.3% |
| Korea | 9.3% |
| Brazil | 4.6% |
| United States | 3.0% |
| United Arab Emirates | 2.0% |
| Mexico | 1.9% |
| South Africa | 1.9% |
| Hungary | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0009 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NEMAX

# Neuberger Berman

# Emerging Markets Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NEMCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $236 | 2.15% |

---

## How did the Fund perform last year?
Emerging market equities rallied on a weak dollar, as U.S. tariffs fell short of threats and interest rate expectations improved, and on attractive valuations and earnings growth potential. While remaining mindful of evolving tariff risks, the Fund's focus on fundamentals was key to its performance this period—with a bottom-up, diversified approach offering a blend of upside advantage and downside mitigation. Relative to the MSCI Emerging Markets Index (Net) (the Index), both stock selection and sector allocation decisions added value overall.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i5c902ed483dbbce86f5ae3e8.jpg)Stock selection in the Industrials and IT sectors and an overweight to IT versus the Index

* ![Thin up arrow](i5c902ed483dbbce86f5ae3e8.jpg)Stock selection in Korea, Taiwan and Brazil

* ![Thin down arrow](i776260a2544e05d82847c28a.jpg)Stock selection in the Materials and Health Care sectors

* ![Thin down arrow](i776260a2544e05d82847c28a.jpg)Stock selection in China and South Africa and an overweight versus the Index to lagging India

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6c7791771e99d720fa949bcc.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $16,781** | **MSCI Emerging Markets Index (Net) $19,520** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11446 | $11183 |
| **8/31/17** | $14143 | $13926 |
| **8/31/18** | $13647 | $13832 |
| **8/31/19** | $13306 | $13228 |
| **8/31/20** | $14566 | $15145 |
| **8/31/21** | $16729 | $18343 |
| **8/31/22** | $12553 | $14344 |
| **8/31/23** | $12086 | $14523 |
| **8/31/24** | $13996 | $16712 |
| **8/31/25** | $16781 | $19520 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 19.90% | 2.87% | 5.31% |
| **Class C (including sales charge)** | 18.90% | 2.87% | 5.31% |
| **MSCI Emerging Markets Index (Net)** | 16.80% | 5.21% | 6.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $207405145 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 67% |
| Total Investment Advisory Fees Paid | $1305725 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| Tencent Holdings Ltd. | 7.0% |
| Alibaba Group Holding Ltd. | 3.3% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Gupshup, Inc. | 1.7% |
| China Construction Bank Corp. Class H | 1.6% |
| Hon Hai Precision Industry Co. Ltd. | 1.5% |
| Acter Group Corp. Ltd. | 1.5% |
| Xiaomi Corp. Class B | 1.4% |
| Alpha Bank SA | 1.4% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 32.7% |
| Financials | 18.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Materials | 4.9% |
| Consumer Staples | 2.7% |
| Health Care | 2.4% |
| Energy | 1.8% |
| Utilities | 1.1% |
| Real Estate | 0.8% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| China | 25.6% |
| India | 24.2% |
| Taiwan | 17.3% |
| Korea | 9.3% |
| Brazil | 4.6% |
| United States | 3.0% |
| United Arab Emirates | 2.0% |
| Mexico | 1.9% |
| South Africa | 1.9% |
| Hungary | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0012 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NEMCX

# Neuberger Berman

# Emerging Markets Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NEMRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $199 | 1.81% |

---

## How did the Fund perform last year?
Emerging market equities rallied on a weak dollar, as U.S. tariffs fell short of threats and interest rate expectations improved, and on attractive valuations and earnings growth potential. While remaining mindful of evolving tariff risks, the Fund's focus on fundamentals was key to its performance this period—with a bottom-up, diversified approach offering a blend of upside advantage and downside mitigation. Relative to the MSCI Emerging Markets Index (Net) (the Index), both stock selection and sector allocation decisions added value overall.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i7aa7cb84e37e179710e15b61.jpg)Stock selection in the Industrials and IT sectors and an overweight to IT versus the Index

* ![Thin up arrow](i7aa7cb84e37e179710e15b61.jpg)Stock selection in Korea, Taiwan and Brazil

* ![Thin down arrow](icd82de64b5cb14287cdfdfff.jpg)Stock selection in the Materials and Health Care sectors

* ![Thin down arrow](icd82de64b5cb14287cdfdfff.jpg)Stock selection in China and South Africa and an overweight versus the Index to lagging India

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i421054098af88de284c9db5f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R3 $17,359** | **MSCI Emerging Markets Index (Net) $19,520** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11488 | $11183 |
| **8/31/17** | $14238 | $13926 |
| **8/31/18** | $13788 | $13832 |
| **8/31/19** | $13487 | $13228 |
| **8/31/20** | $14816 | $15145 |
| **8/31/21** | $17069 | $18343 |
| **8/31/22** | $12847 | $14344 |
| **8/31/23** | $12424 | $14523 |
| **8/31/24** | $14430 | $16712 |
| **8/31/25** | $17359 | $19520 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 20.30% | 3.22% | 5.67% |
| **MSCI Emerging Markets Index (Net)** | 16.80% | 5.21% | 6.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $207405145 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 67% |
| Total Investment Advisory Fees Paid | $1305725 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| Tencent Holdings Ltd. | 7.0% |
| Alibaba Group Holding Ltd. | 3.3% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Gupshup, Inc. | 1.7% |
| China Construction Bank Corp. Class H | 1.6% |
| Hon Hai Precision Industry Co. Ltd. | 1.5% |
| Acter Group Corp. Ltd. | 1.5% |
| Xiaomi Corp. Class B | 1.4% |
| Alpha Bank SA | 1.4% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 32.7% |
| Financials | 18.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Materials | 4.9% |
| Consumer Staples | 2.7% |
| Health Care | 2.4% |
| Energy | 1.8% |
| Utilities | 1.1% |
| Real Estate | 0.8% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| China | 25.6% |
| India | 24.2% |
| Taiwan | 17.3% |
| Korea | 9.3% |
| Brazil | 4.6% |
| United States | 3.0% |
| United Arab Emirates | 2.0% |
| Mexico | 1.9% |
| South Africa | 1.9% |
| Hungary | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0010 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NEMRX

# Neuberger Berman

# Emerging Markets Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NREMX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $116 | 1.05% |

---

## How did the Fund perform last year?
Emerging market equities rallied on a weak dollar, as U.S. tariffs fell short of threats and interest rate expectations improved, and on attractive valuations and earnings growth potential. While remaining mindful of evolving tariff risks, the Fund's focus on fundamentals was key to its performance this period—with a bottom-up, diversified approach offering a blend of upside advantage and downside mitigation. Relative to the MSCI Emerging Markets Index (Net) (the Index), both stock selection and sector allocation decisions added value overall.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i3c7dabfc725fbe9ad66a8c93.jpg)Stock selection in the Industrials and IT sectors and an overweight to IT versus the Index

* ![Thin up arrow](i3c7dabfc725fbe9ad66a8c93.jpg)Stock selection in Korea, Taiwan and Brazil

* ![Thin down arrow](i6abd075364e64f0789bcbf07.jpg)Stock selection in the Materials and Health Care sectors

* ![Thin down arrow](i6abd075364e64f0789bcbf07.jpg)Stock selection in China and South Africa and an overweight versus the Index to lagging India

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icf5e2a55af08b3544386c69a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $18,720** | **MSCI Emerging Markets Index (Net) $19,520** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11564 | $11183 |
| **8/31/17** | $14444 | $13926 |
| **8/31/18** | $14088 | $13832 |
| **8/31/19** | $13884 | $13228 |
| **8/31/20** | $15372 | $15145 |
| **8/31/21** | $17857 | $18343 |
| **8/31/22** | $13548 | $14344 |
| **8/31/23** | $13200 | $14523 |
| **8/31/24** | $15446 | $16712 |
| **8/31/25** | $18720 | $19520 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 21.20% | 4.02% | 6.47% |
| **MSCI Emerging Markets Index (Net)** | 16.80% | 5.21% | 6.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $207405145 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 67% |
| Total Investment Advisory Fees Paid | $1305725 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| Tencent Holdings Ltd. | 7.0% |
| Alibaba Group Holding Ltd. | 3.3% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Gupshup, Inc. | 1.7% |
| China Construction Bank Corp. Class H | 1.6% |
| Hon Hai Precision Industry Co. Ltd. | 1.5% |
| Acter Group Corp. Ltd. | 1.5% |
| Xiaomi Corp. Class B | 1.4% |
| Alpha Bank SA | 1.4% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 32.7% |
| Financials | 18.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Materials | 4.9% |
| Consumer Staples | 2.7% |
| Health Care | 2.4% |
| Energy | 1.8% |
| Utilities | 1.1% |
| Real Estate | 0.8% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| China | 25.6% |
| India | 24.2% |
| Taiwan | 17.3% |
| Korea | 9.3% |
| Brazil | 4.6% |
| United States | 3.0% |
| United Arab Emirates | 2.0% |
| Mexico | 1.9% |
| South Africa | 1.9% |
| Hungary | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0011 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NREMX

# Neuberger Berman

# Equity Income Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBHIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $76 | 0.72% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to Materials, Financials, and Industrials stocks, which contributed positively to total returns. In contrast, certain Health Care, Real Estate, and Energy stocks detracted from absolute performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](i77edf90be029b1d25e981a84.jpg)Investments in the Materials, Financials and Industrials sectors

* ![Thin up arrow](i77edf90be029b1d25e981a84.jpg)At the industry level, stocks across Metals & Mining, Construction Materials and Banks

* ![Thin down arrow](id5b291c2e4e2e66b083a1a64.jpg)Investments in the Health Care, Real Estate and Energy sectors

* ![Thin down arrow](id5b291c2e4e2e66b083a1a64.jpg)At the industry level, investments across Pharmaceuticals, Textiles Apparel & Luxury Goods and Beverages

* ![Thin up arrow](i77edf90be029b1d25e981a84.jpg)Options 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ic362cfaec7cf4940006fdb89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $2,466,500** | **Russell 1000<sup>®</sup> Index $3,815,100** | **Russell 1000<sup>®</sup> Value Index $2,646,100** |
| **8/31/15** | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1130300 | $1116900 | $1129200 |
| **8/31/17** | $1260900 | $1297400 | $1260000 |
| **8/31/18** | $1394300 | $1554500 | $1417100 |
| **8/31/19** | $1436900 | $1593300 | $1425800 |
| **8/31/20** | $1458900 | $1951800 | $1437800 |
| **8/31/21** | $1803500 | $2581200 | $1961800 |
| **8/31/22** | $1805600 | $2246600 | $1839700 |
| **8/31/23** | $1850100 | $2592600 | $1997800 |
| **8/31/24** | $2195500 | $3282200 | $2420300 |
| **8/31/25** | $2466500 | $3815100 | $2646100 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 12.34% | 11.07% | 9.45% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $968406477 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 31% |
| Total Investment Advisory Fees Paid | $4621776 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.7% |
| Ferrovial SE | 3.5% |
| Wells Fargo & Co. | 3.1% |
| JPMorgan Chase & Co. | 3.0% |
| Brixmor Property Group, Inc. | 2.8% |
| AstraZeneca PLC ADR | 2.7% |
| Abbott Laboratories | 2.6% |
| Heidelberg Materials AG | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| Emerson Electric 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>)

---

| | |
|:---|:---|
| Financials | 15.8% |
| Industrials | 15.2% |
| Utilities | 10.6% |
| Materials | 10.6% |
| Energy | 8.0% |
| Real Estate | 7.7% |
| Health Care | 7.3% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 5.8% |
| Communication Services | 5.4% |
| Information Technology | 5.4% |
| Short-Term Investments | 1.9% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0023 10/25
Annual Shareholder Report

August 31, 2025

Institutional Class: NBHIX

# Neuberger Berman

# Equity Income Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NBHAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $116 | 1.09% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to Materials, Financials, and Industrials stocks, which contributed positively to total returns. In contrast, certain Health Care, Real Estate, and Energy stocks detracted from absolute performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](ib71b7247d4389d99890c2978.jpg)Investments in the Materials, Financials and Industrials sectors

* ![Thin up arrow](ib71b7247d4389d99890c2978.jpg)At the industry level, stocks across Metals & Mining, Construction Materials and Banks

* ![Thin down arrow](if082f11ded2a9f66ee5c4bda.jpg)Investments in the Health Care, Real Estate and Energy sectors

* ![Thin down arrow](if082f11ded2a9f66ee5c4bda.jpg)At the industry level, investments across Pharmaceuticals, Textiles Apparel & Luxury Goods and Beverages

* ![Thin up arrow](ib71b7247d4389d99890c2978.jpg)Options 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib23e000d1b2039d75d073380.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $22,429** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $9425 | $10000 | $10000 |
| **8/31/16** | $10619 | $11169 | $11292 |
| **8/31/17** | $11805 | $12974 | $12600 |
| **8/31/18** | $13010 | $15545 | $14171 |
| **8/31/19** | $13358 | $15933 | $14258 |
| **8/31/20** | $13510 | $19518 | $14378 |
| **8/31/21** | $16644 | $25812 | $19618 |
| **8/31/22** | $16600 | $22466 | $18397 |
| **8/31/23** | $16947 | $25926 | $19978 |
| **8/31/24** | $20026 | $32822 | $24203 |
| **8/31/25** | $22429 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 12.00% | 10.67% | 9.05% |
| **Class A (including sales charge)** | 5.55% | 9.37% | 8.41% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $968406477 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 31% |
| Total Investment Advisory Fees Paid | $4621776 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.7% |
| Ferrovial SE | 3.5% |
| Wells Fargo & Co. | 3.1% |
| JPMorgan Chase & Co. | 3.0% |
| Brixmor Property Group, Inc. | 2.8% |
| AstraZeneca PLC ADR | 2.7% |
| Abbott Laboratories | 2.6% |
| Heidelberg Materials AG | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| Emerson Electric 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>)

---

| | |
|:---|:---|
| Financials | 15.8% |
| Industrials | 15.2% |
| Utilities | 10.6% |
| Materials | 10.6% |
| Energy | 8.0% |
| Real Estate | 7.7% |
| Health Care | 7.3% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 5.8% |
| Communication Services | 5.4% |
| Information Technology | 5.4% |
| Short-Term Investments | 1.9% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0019 10/25
Annual Shareholder Report

August 31, 2025

Class A: NBHAX

# Neuberger Berman

# Equity Income Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NBHCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $194 | 1.84% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to Materials, Financials, and Industrials stocks, which contributed positively to total returns. In contrast, certain Health Care, Real Estate, and Energy stocks detracted from absolute performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](i5d2363ca250c2c809047c884.jpg)Investments in the Materials, Financials and Industrials sectors

* ![Thin up arrow](i5d2363ca250c2c809047c884.jpg)At the industry level, stocks across Metals & Mining, Construction Materials and Banks

* ![Thin down arrow](id94321fc2dcf51e5a2284f07.jpg)Investments in the Health Care, Real Estate and Energy sectors

* ![Thin down arrow](id94321fc2dcf51e5a2284f07.jpg)At the industry level, investments across Pharmaceuticals, Textiles Apparel & Luxury Goods and Beverages

* ![Thin up arrow](i5d2363ca250c2c809047c884.jpg)Options 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i32ca25fdd5b555719bf09a48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $22,068** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11177 | $11169 | $11292 |
| **8/31/17** | $12333 | $12974 | $12600 |
| **8/31/18** | $13488 | $15545 | $14171 |
| **8/31/19** | $13745 | $15933 | $14258 |
| **8/31/20** | $13798 | $19518 | $14378 |
| **8/31/21** | $16868 | $25812 | $19618 |
| **8/31/22** | $16702 | $22466 | $18397 |
| **8/31/23** | $16916 | $25926 | $19978 |
| **8/31/24** | $19855 | $32822 | $24203 |
| **8/31/25** | $22068 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 11.15% | 9.85% | 8.24% |
| **Class C (including sales charge)** | 10.15% | 9.85% | 8.24% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $968406477 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 31% |
| Total Investment Advisory Fees Paid | $4621776 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.7% |
| Ferrovial SE | 3.5% |
| Wells Fargo & Co. | 3.1% |
| JPMorgan Chase & Co. | 3.0% |
| Brixmor Property Group, Inc. | 2.8% |
| AstraZeneca PLC ADR | 2.7% |
| Abbott Laboratories | 2.6% |
| Heidelberg Materials AG | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| Emerson Electric 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>)

---

| | |
|:---|:---|
| Financials | 15.8% |
| Industrials | 15.2% |
| Utilities | 10.6% |
| Materials | 10.6% |
| Energy | 8.0% |
| Real Estate | 7.7% |
| Health Care | 7.3% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 5.8% |
| Communication Services | 5.4% |
| Information Technology | 5.4% |
| Short-Term Investments | 1.9% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0022 10/25
Annual Shareholder Report

August 31, 2025

Class C: NBHCX

# Neuberger Berman

# Equity Income Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NBHRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $145 | 1.37% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to Materials, Financials, and Industrials stocks, which contributed positively to total returns. In contrast, certain Health Care, Real Estate, and Energy stocks detracted from absolute performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](ie0c9ff5febe9a41760187eec.jpg)Investments in the Materials, Financials and Industrials sectors

* ![Thin up arrow](ie0c9ff5febe9a41760187eec.jpg)At the industry level, stocks across Metals & Mining, Construction Materials and Banks

* ![Thin down arrow](i5c1a21c27f8cb1169782c5e0.jpg)Investments in the Health Care, Real Estate and Energy sectors

* ![Thin down arrow](i5c1a21c27f8cb1169782c5e0.jpg)At the industry level, investments across Pharmaceuticals, Textiles Apparel & Luxury Goods and Beverages

* ![Thin up arrow](ie0c9ff5febe9a41760187eec.jpg)Options 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic89b68ed3a54646076b6394b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3 $23,120** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11226 | $11169 | $11292 |
| **8/31/17** | $12447 | $12974 | $12600 |
| **8/31/18** | $13684 | $15545 | $14171 |
| **8/31/19** | $14012 | $15933 | $14258 |
| **8/31/20** | $14127 | $19518 | $14378 |
| **8/31/21** | $17351 | $25812 | $19618 |
| **8/31/22** | $17262 | $22466 | $18397 |
| **8/31/23** | $17561 | $25926 | $19978 |
| **8/31/24** | $20704 | $32822 | $24203 |
| **8/31/25** | $23120 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 11.67% | 10.35% | 8.74% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $968406477 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 31% |
| Total Investment Advisory Fees Paid | $4621776 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.7% |
| Ferrovial SE | 3.5% |
| Wells Fargo & Co. | 3.1% |
| JPMorgan Chase & Co. | 3.0% |
| Brixmor Property Group, Inc. | 2.8% |
| AstraZeneca PLC ADR | 2.7% |
| Abbott Laboratories | 2.6% |
| Heidelberg Materials AG | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| Emerson Electric 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>)

---

| | |
|:---|:---|
| Financials | 15.8% |
| Industrials | 15.2% |
| Utilities | 10.6% |
| Materials | 10.6% |
| Energy | 8.0% |
| Real Estate | 7.7% |
| Health Care | 7.3% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 5.8% |
| Communication Services | 5.4% |
| Information Technology | 5.4% |
| Short-Term Investments | 1.9% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0021 10/25
Annual Shareholder Report

August 31, 2025

Class R3: NBHRX

# Neuberger Berman

# Equity Income Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NBHEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $6 | 0.06% |

---

## How did the Fund perform last year?
The performance of the Fund was positive during the period. Key factors that materially affected performance included the Fund's exposure to Materials, Financials, and Industrials stocks, which contributed positively to total returns. In contrast, certain Health Care, Real Estate, and Energy stocks detracted from absolute performance. Despite several notable market and geopolitical events during the period, U.S. equities indices achieved new all-time highs, providing a favorable market backdrop that supported the Fund's investment approach.

### Performance Attribution

#### Top Contributors

#### Top Detractors

#### Derivatives
* ![Thin up arrow](i047f920d3601ec5a4976725e.jpg)Investments in the Materials, Financials and Industrials sectors

* ![Thin up arrow](i047f920d3601ec5a4976725e.jpg)At the industry level, stocks across Metals & Mining, Construction Materials and Banks

* ![Thin down arrow](ib789598e4d881f7d708e9a2b.jpg)Investments in the Health Care, Real Estate and Energy sectors

* ![Thin down arrow](ib789598e4d881f7d708e9a2b.jpg)At the industry level, investments across Pharmaceuticals, Textiles Apparel & Luxury Goods and Beverages

* ![Thin up arrow](i047f920d3601ec5a4976725e.jpg)Options 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iae8efdb3dffd85789e7a4346.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,268** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11303 | $11169 | $11292 |
| **8/31/17** | $12609 | $12974 | $12600 |
| **8/31/18** | $13943 | $15545 | $14171 |
| **8/31/19** | $14369 | $15933 | $14258 |
| **8/31/20** | $14589 | $19518 | $14378 |
| **8/31/21** | $18035 | $25812 | $19618 |
| **8/31/22** | $18130 | $22466 | $18397 |
| **8/31/23** | $18705 | $25926 | $19978 |
| **8/31/24** | $22344 | $32822 | $24203 |
| **8/31/25** | $25268 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 13.08% | 11.61% | 9.71% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Institutional Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $968406477 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 31% |
| Total Investment Advisory Fees Paid | $4621776 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 4.7% |
| Ferrovial SE | 3.5% |
| Wells Fargo & Co. | 3.1% |
| JPMorgan Chase & Co. | 3.0% |
| Brixmor Property Group, Inc. | 2.8% |
| AstraZeneca PLC ADR | 2.7% |
| Abbott Laboratories | 2.6% |
| Heidelberg Materials AG | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| Emerson Electric 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>)

---

| | |
|:---|:---|
| Financials | 15.8% |
| Industrials | 15.2% |
| Utilities | 10.6% |
| Materials | 10.6% |
| Energy | 8.0% |
| Real Estate | 7.7% |
| Health Care | 7.3% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 5.8% |
| Communication Services | 5.4% |
| Information Technology | 5.4% |
| Short-Term Investments | 1.9% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0020 10/25
Annual Shareholder Report

August 31, 2025

Class E: NBHEX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NBSSX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $99 | 0.90% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i0ec869af1a19e18cedf2d253.jpg)IT sector

* ![Thin up arrow](i0ec869af1a19e18cedf2d253.jpg)Health Care sector

* ![Thin down arrow](iaf3fe54016c71dd120851926.jpg)Financials sector

* ![Thin down arrow](iaf3fe54016c71dd120851926.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7786ce163283f8622a2ce5a1.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class $27,134** | **MSCI All Country World Index (Net) $28,656** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10668 | $10724 |
| **8/31/17** | $12461 | $12560 |
| **8/31/18** | $14088 | $13993 |
| **8/31/19** | $13757 | $13954 |
| **8/31/20** | $17357 | $16260 |
| **8/31/21** | $22921 | $20916 |
| **8/31/22** | $16119 | $17594 |
| **8/31/23** | $18025 | $20048 |
| **8/31/24** | $22781 | $24748 |
| **8/31/25** | $27134 | $28656 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 19.11% | 9.35% | 10.50% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0029 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NBSSX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBFCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $120 | 1.10% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i9b4ef286505a11924dd59261.jpg)IT sector

* ![Thin up arrow](i9b4ef286505a11924dd59261.jpg)Health Care sector

* ![Thin down arrow](i42cc302babee104fe3d2eb8b.jpg)Financials sector

* ![Thin down arrow](i42cc302babee104fe3d2eb8b.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2b45ca3c7c44fe5f742c53a8.jpg)

---

| | | |
|:---|:---|:---|
| | **Trust Class $26,628** | **MSCI All Country World Index (Net) $28,656** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10650 | $10724 |
| **8/31/17** | $12420 | $12560 |
| **8/31/18** | $14020 | $13993 |
| **8/31/19** | $13666 | $13954 |
| **8/31/20** | $17206 | $16260 |
| **8/31/21** | $22674 | $20916 |
| **8/31/22** | $15913 | $17594 |
| **8/31/23** | $17756 | $20048 |
| **8/31/24** | $22396 | $24748 |
| **8/31/25** | $26628 | $28656 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 18.90% | 9.13% | 10.29% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0030 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBFCX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBFAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $144 | 1.32% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i036705b2c8f3721fde07bfc4.jpg)IT sector

* ![Thin up arrow](i036705b2c8f3721fde07bfc4.jpg)Health Care sector

* ![Thin down arrow](i4a3d28947d52f73326fbe484.jpg)Financials sector

* ![Thin down arrow](i4a3d28947d52f73326fbe484.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6fa83301af76bdbe66299179.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class $26,139** | **MSCI All Country World Index (Net) $28,656** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10633 | $10724 |
| **8/31/17** | $12389 | $12560 |
| **8/31/18** | $13952 | $13993 |
| **8/31/19** | $13578 | $13954 |
| **8/31/20** | $17068 | $16260 |
| **8/31/21** | $22442 | $20916 |
| **8/31/22** | $15725 | $17594 |
| **8/31/23** | $17510 | $20048 |
| **8/31/24** | $22040 | $24748 |
| **8/31/25** | $26139 | $28656 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | 18.60% | 8.90% | 10.09% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0034 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBFAX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NFALX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $82 | 0.75% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i5014fe55c36879e7932a17e4.jpg)IT sector

* ![Thin up arrow](i5014fe55c36879e7932a17e4.jpg)Health Care sector

* ![Thin down arrow](i9b450a623184dccdfe538438.jpg)Financials sector

* ![Thin down arrow](i9b450a623184dccdfe538438.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ia39ab2d9566cfa777b6b71c8.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $2,756,700** | **MSCI All Country World Index (Net) $2,865,600** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1068600 | $1072400 |
| **8/31/17** | $1250700 | $1256000 |
| **8/31/18** | $1415700 | $1399300 |
| **8/31/19** | $1385300 | $1395400 |
| **8/31/20** | $1749900 | $1626000 |
| **8/31/21** | $2314300 | $2091600 |
| **8/31/22** | $1630000 | $1759400 |
| **8/31/23** | $1825000 | $2004800 |
| **8/31/24** | $2310200 | $2474800 |
| **8/31/25** | $2756700 | $2865600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 19.32% | 9.51% | 10.67% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0033 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NFALX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NFAAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $121 | 1.11% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i8275b12e0b7335158af72fd2.jpg)IT sector

* ![Thin up arrow](i8275b12e0b7335158af72fd2.jpg)Health Care sector

* ![Thin down arrow](if5d07ab3bc8fac286aad20cb.jpg)Financials sector

* ![Thin down arrow](if5d07ab3bc8fac286aad20cb.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i138aeb3d3e913c6225a46141.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $25,063** | **MSCI All Country World Index (Net) $28,656** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $10040 | $10724 |
| **8/31/17** | $11705 | $12560 |
| **8/31/18** | $13204 | $13993 |
| **8/31/19** | $12872 | $13954 |
| **8/31/20** | $16206 | $16260 |
| **8/31/21** | $21348 | $20916 |
| **8/31/22** | $14981 | $17594 |
| **8/31/23** | $16719 | $20048 |
| **8/31/24** | $21087 | $24748 |
| **8/31/25** | $25063 | $28656 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 18.86% | 9.11% | 10.27% |
| **Class A (including sales charge)** | 12.03% | 7.83% | 9.62% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0031 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NFAAX

# Neuberger Berman

# Focus Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NFACX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $203 | 1.86% |

---

## How did the Fund perform last year?
The Fund performed well versus the MSCI All Country World Index (Net) for the period, supported by improved macroeconomic conditions and a pause in U.S. tariffs, which lifted equity markets. Relative performance was driven by the IT and Health Care sectors, whereas the Financials and Utilities sectors detracted the most from relative returns. The Fund's largest absolute stock contributors during the year were NVIDIA and Meta Platforms, whereas LVMH Moet Hennessy, Louis Vuitton, and Apple were the most significant detractors. LVMH Moet Hennessy and Apple were both sold during the period.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i79fedd5606a1132e1385e194.jpg)IT sector

* ![Thin up arrow](i79fedd5606a1132e1385e194.jpg)Health Care sector

* ![Thin down arrow](i2c84770b4ac06554b8816ef0.jpg)Financials sector

* ![Thin down arrow](i2c84770b4ac06554b8816ef0.jpg)Utilities sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie37d634dbe95bc59a320d461.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $24,678** | **MSCI All Country World Index (Net) $28,656** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10575 | $10724 |
| **8/31/17** | $12241 | $12560 |
| **8/31/18** | $13700 | $13993 |
| **8/31/19** | $13255 | $13954 |
| **8/31/20** | $16563 | $16260 |
| **8/31/21** | $21657 | $20916 |
| **8/31/22** | $15085 | $17594 |
| **8/31/23** | $16708 | $20048 |
| **8/31/24** | $20911 | $24748 |
| **8/31/25** | $24678 | $28656 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 18.01% | 8.30% | 9.45% |
| **Class C (including sales charge)** | 17.01% | 8.30% | 9.45% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $796278301 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 79% |
| Total Investment Advisory Fees Paid | $3884010 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.5% |
| Meta Platforms, Inc. Class A | 5.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.5% |
| NVIDIA Corp. | 4.4% |
| Microsoft Corp. | 4.3% |
| Carnival Corp. | 3.8% |
| Deutsche Telekom AG | 3.6% |
| Fair Isaac Corp. | 3.5% |
| Eli Lilly & Co. | 3.5% |
| Airbus SE | 3.4% |

---

---

| | |
|:---|:---|
| 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 | 26.6% |
| Communication Services | 16.4% |
| Consumer Discretionary | 13.5% |
| Health Care | 9.4% |
| Utilities | 6.8% |
| Financials | 6.6% |
| Industrials | 6.5% |
| Consumer Staples | 4.5% |
| Energy | 2.9% |
| Materials | 2.3% |
| Short-Term Investments | 4.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0032 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NFACX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NBGNX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $98 | 0.99% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i758af0da1fe92f1559d56e6e.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](i758af0da1fe92f1559d56e6e.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](i7cfa5e063d2cca9338ce21d0.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i788ae9b935989095b41c572d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class $24,715** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11143 | $11144 | $10859 |
| **8/31/17** | $12279 | $12934 | $12479 |
| **8/31/18** | $15561 | $15553 | $15654 |
| **8/31/19** | $15643 | $15757 | $13636 |
| **8/31/20** | $17751 | $19135 | $14457 |
| **8/31/21** | $23589 | $25458 | $21264 |
| **8/31/22** | $20138 | $22076 | $17461 |
| **8/31/23** | $22080 | $25334 | $18273 |
| **8/31/24** | $25381 | $31958 | $21648 |
| **8/31/25** | $24715 | $37020 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | (2.63)% | 6.84% | 9.47% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0042 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NBGNX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBGEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $107 | 1.08% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ia2ed7b76199543b0ad66ff25.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](ia2ed7b76199543b0ad66ff25.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](ief9ee2016bdff78bfbf9369c.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i91a37c816652b252d2318531.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Trust Class $24,504** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11135 | $11144 | $10859 |
| **8/31/17** | $12262 | $12934 | $12479 |
| **8/31/18** | $15529 | $15553 | $15654 |
| **8/31/19** | $15596 | $15757 | $13636 |
| **8/31/20** | $17682 | $19135 | $14457 |
| **8/31/21** | $23477 | $25458 | $21264 |
| **8/31/22** | $20025 | $22076 | $17461 |
| **8/31/23** | $21932 | $25334 | $18273 |
| **8/31/24** | $25191 | $31958 | $21648 |
| **8/31/25** | $24504 | $37020 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | (2.73)% | 6.74% | 9.38% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0043 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBGEX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBGAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $132 | 1.34% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i91e3d1654fe4645818fcbcb0.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](i91e3d1654fe4645818fcbcb0.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](i084412851cfcf62fc9a8025b.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i978743a5de9f0b2e58bfa08f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class $23,882** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11106 | $11144 | $10859 |
| **8/31/17** | $12196 | $12934 | $12479 |
| **8/31/18** | $15405 | $15553 | $15654 |
| **8/31/19** | $15433 | $15757 | $13636 |
| **8/31/20** | $17455 | $19135 | $14457 |
| **8/31/21** | $23115 | $25458 | $21264 |
| **8/31/22** | $19663 | $22076 | $17461 |
| **8/31/23** | $21486 | $25334 | $18273 |
| **8/31/24** | $24613 | $31958 | $21648 |
| **8/31/25** | $23882 | $37020 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | (2.97)% | 6.47% | 9.10% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0046 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBGAX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBGIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $82 | 0.83% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if0c7754d3b71e2054135eb3e.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](if0c7754d3b71e2054135eb3e.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](ie936b748d273b0d01da6ead5.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i0476d7c3a2fcb9bd141fdbc1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $2,512,300** | **Russell 3000<sup>®</sup> Index $3,702,000** | **Russell 2000<sup>®</sup> Index $2,341,600** |
| **8/31/15** | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1116200 | $1114400 | $1085900 |
| **8/31/17** | $1232200 | $1293400 | $1247900 |
| **8/31/18** | $1564400 | $1555300 | $1565400 |
| **8/31/19** | $1575200 | $1575700 | $1363600 |
| **8/31/20** | $1790200 | $1913500 | $1445700 |
| **8/31/21** | $2382800 | $2545800 | $2126400 |
| **8/31/22** | $2037400 | $2207600 | $1746100 |
| **8/31/23** | $2237400 | $2533400 | $1827300 |
| **8/31/24** | $2576000 | $3195800 | $2164800 |
| **8/31/25** | $2512300 | $3702000 | $2341600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | (2.47)% | 7.01% | 9.65% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0044 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBGIX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRGSX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $72 | 0.73% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](idabe63737f2372ba81c48b5f.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](idabe63737f2372ba81c48b5f.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](i6857ffc5262b7632b19d4cf9.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i69b6dbfe680d61c19884eeef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6 $25,351** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11169 | $11144 | $10859 |
| **8/31/17** | $12339 | $12934 | $12479 |
| **8/31/18** | $15678 | $15553 | $15654 |
| **8/31/19** | $15803 | $15757 | $13636 |
| **8/31/20** | $17975 | $19135 | $14457 |
| **8/31/21** | $23949 | $25458 | $21264 |
| **8/31/22** | $20498 | $22076 | $17461 |
| **8/31/23** | $22531 | $25334 | $18273 |
| **8/31/24** | $25965 | $31958 | $21648 |
| **8/31/25** | $25351 | $37020 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | (2.37)% | 7.12% | 9.75% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0045 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRGSX

# Neuberger Berman

# Genesis Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NRGEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $2 | 0.02% |

---

## How did the Fund perform last year?
Over the past twelve months the small cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2000<sup><sup>®</sup></sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if516d4214b1784cd80b90c0c.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](if516d4214b1784cd80b90c0c.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](i0f1f02aeec8cbc0759ae233d.jpg)A number of Fund holdings declined for company specific reasons (primarily IT and Health Care names)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iab4058585a7301dd795cd6d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $25,604** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11143 | $11144 | $10859 |
| **8/31/17** | $12279 | $12934 | $12479 |
| **8/31/18** | $15561 | $15553 | $15654 |
| **8/31/19** | $15643 | $15757 | $13636 |
| **8/31/20** | $17751 | $19135 | $14457 |
| **8/31/21** | $23589 | $25458 | $21264 |
| **8/31/22** | $20264 | $22076 | $17461 |
| **8/31/23** | $22432 | $25334 | $18273 |
| **8/31/24** | $26039 | $31958 | $21648 |
| **8/31/25** | $25604 | $37020 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | (1.67)% | 7.60% | 9.86% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Investor Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9226950812 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 23% |
| Total Investment Advisory Fees Paid | $64234795 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 2.0% |
| FirstService Corp. | 1.8% |
| Littelfuse, Inc. | 1.7% |
| Nexstar Media Group, Inc. Class A | 1.7% |
| Community Financial System, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| RBC Bearings, Inc. | 1.6% |
| Manhattan Associates, Inc. | 1.5% |
| Prosperity Bancshares, Inc. | 1.5% |
| Tetra Tech, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| 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>)

---

| | |
|:---|:---|
| Industrials | 35.6% |
| Financials | 17.2% |
| Information Technology | 16.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 5.1% |
| Energy | 5.0% |
| Materials | 3.2% |
| Utilities | 3.0% |
| Real Estate | 3.0% |
| Communication Services | 2.5% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0041 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NRGEX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NIQVX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $111 | 1.07% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](ic35982b124ff011c86163d7d.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](ic35982b124ff011c86163d7d.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](i5c06a39aca0e4df6e854f76e.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](i5c06a39aca0e4df6e854f76e.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i312e66b945f642458436e6a8.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class $19,552** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10460 | $9988 |
| **8/31/17** | $12131 | $11750 |
| **8/31/18** | $12723 | $12266 |
| **8/31/19** | $12185 | $11866 |
| **8/31/20** | $14060 | $12594 |
| **8/31/21** | $18032 | $15884 |
| **8/31/22** | $13086 | $12739 |
| **8/31/23** | $15012 | $15022 |
| **8/31/24** | $18144 | $17936 |
| **8/31/25** | $19552 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 7.76% | 6.82% | 6.93% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0061 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NIQVX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NIQTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $117 | 1.13% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i2288a7684c0b79bda62a3ee4.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i2288a7684c0b79bda62a3ee4.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](idb1f5f40796b46efb226a7fb.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](idb1f5f40796b46efb226a7fb.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idbd74d6e6f68b7038056b439.jpg)

---

| | | |
|:---|:---|:---|
| | **Trust Class $19,445** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10459 | $9988 |
| **8/31/17** | $12125 | $11750 |
| **8/31/18** | $12712 | $12266 |
| **8/31/19** | $12159 | $11866 |
| **8/31/20** | $14033 | $12594 |
| **8/31/21** | $17986 | $15884 |
| **8/31/22** | $13041 | $12739 |
| **8/31/23** | $14954 | $15022 |
| **8/31/24** | $18066 | $17936 |
| **8/31/25** | $19445 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 7.63% | 6.74% | 6.88% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0062 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NIQTX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBIIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $88 | 0.85% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](ia54521353658830168276c1a.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](ia54521353658830168276c1a.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](ie1af1aaed4ba857a23a48ea5.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](ie1af1aaed4ba857a23a48ea5.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i117d99bab8d7f8a0be49b0e4.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,992,000** | **MSCI EAFE<sup>®</sup> Index (Net) $2,042,400** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1047800 | $998800 |
| **8/31/17** | $1213600 | $1175000 |
| **8/31/18** | $1275700 | $1226600 |
| **8/31/19** | $1225300 | $1186600 |
| **8/31/20** | $1418100 | $1259400 |
| **8/31/21** | $1821600 | $1588400 |
| **8/31/22** | $1324400 | $1273900 |
| **8/31/23** | $1524300 | $1502200 |
| **8/31/24** | $1845600 | $1793600 |
| **8/31/25** | $1992000 | $2042400 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 7.93% | 7.03% | 7.13% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0057 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBIIX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NIQAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $126 | 1.21% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i0d2ce39868f4f87cff6926bc.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i0d2ce39868f4f87cff6926bc.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](i8a612f1e38b1392a1ec060a1.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](i8a612f1e38b1392a1ec060a1.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i49a4c988704fa9838964c9d0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $18,117** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $9848 | $9988 |
| **8/31/17** | $11357 | $11750 |
| **8/31/18** | $11899 | $12266 |
| **8/31/19** | $11388 | $11866 |
| **8/31/20** | $13127 | $12594 |
| **8/31/21** | $16809 | $15884 |
| **8/31/22** | $12181 | $12739 |
| **8/31/23** | $13955 | $15022 |
| **8/31/24** | $16847 | $17936 |
| **8/31/25** | $18117 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 7.54% | 6.66% | 6.75% |
| **Class A (including sales charge)** | 1.34% | 5.39% | 6.12% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0063 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NIQAX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NIQCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $203 | 1.96% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](ia3d9fdf8ae4b3e30d89fd94d.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](ia3d9fdf8ae4b3e30d89fd94d.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](i4781adcb65000d3e8dde6eb8.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](i4781adcb65000d3e8dde6eb8.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i03f6a2eb65cd87bca058af98.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $17,831** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10370 | $9988 |
| **8/31/17** | $11871 | $11750 |
| **8/31/18** | $12352 | $12266 |
| **8/31/19** | $11728 | $11866 |
| **8/31/20** | $13418 | $12594 |
| **8/31/21** | $17051 | $15884 |
| **8/31/22** | $12262 | $12739 |
| **8/31/23** | $13951 | $15022 |
| **8/31/24** | $16702 | $17936 |
| **8/31/25** | $17831 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 6.76% | 5.85% | 5.95% |
| **Class C (including sales charge)** | 5.76% | 5.85% | 5.95% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0058 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NIQCX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRIQX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $78 | 0.75% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i8b64a1c5aafacb7c0effdb62.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i8b64a1c5aafacb7c0effdb62.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](i35f7b92302f71332c51352ba.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](i35f7b92302f71332c51352ba.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i723efb3b77f31e889741bbde.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $20,127** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10502 | $9988 |
| **8/31/17** | $12166 | $11750 |
| **8/31/18** | $12806 | $12266 |
| **8/31/19** | $12300 | $11866 |
| **8/31/20** | $14257 | $12594 |
| **8/31/21** | $18330 | $15884 |
| **8/31/22** | $13348 | $12739 |
| **8/31/23** | $15370 | $15022 |
| **8/31/24** | $18632 | $17936 |
| **8/31/25** | $20127 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 8.02% | 7.14% | 7.25% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0065 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRIQX

# Neuberger Berman

# International Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NIQEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $7 | 0.07% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i43bdee88875ff9c8700c5248.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i43bdee88875ff9c8700c5248.jpg)An overweight to rallying Austria and stock selection in France and Switzerland

* ![Thin down arrow](i9af32db4e5933cc1a3d593a9.jpg)Stock selection and underweights versus the Index in the Communication Services, Financials and Consumer Staples sectors

* ![Thin down arrow](i9af32db4e5933cc1a3d593a9.jpg)Stock selection in the United Kingdom, stock selection in and an underweight to Spain, and an overweight to the trailing Netherlands

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i326904158879caddec00a151.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $20,501** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10478 | $9988 |
| **8/31/17** | $12136 | $11750 |
| **8/31/18** | $12757 | $12266 |
| **8/31/19** | $12253 | $11866 |
| **8/31/20** | $14181 | $12594 |
| **8/31/21** | $18216 | $15884 |
| **8/31/22** | $13315 | $12739 |
| **8/31/23** | $15442 | $15022 |
| **8/31/24** | $18852 | $17936 |
| **8/31/25** | $20501 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 8.75% | 7.65% | 7.44% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Institutional Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1118593335 |
| Number of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 61% |
| Total Investment Advisory Fees Paid | $6631284 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.3% |
| Anheuser-Busch InBev SA | 2.3% |
| UniCredit SpA | 2.1% |
| AstraZeneca PLC | 2.0% |
| Convatec Group PLC | 1.9% |
| ING Groep NV | 1.8% |
| Erste Group Bank AG | 1.8% |
| Resona Holdings, Inc. | 1.8% |
| Compass Group PLC | 1.7% |
| Experian PLC | 1.7% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 26.2% |
| Financials | 22.7% |
| Health Care | 17.4% |
| Information Technology | 10.9% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 5.7% |
| Materials | 4.5% |
| Energy | 2.7% |
| Communication Services | 1.6% |
| Utilities | 1.1% |
| 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. |

---

### Top Ten Countries

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

---

| | |
|:---|:---|
| United Kingdom | 23.6% |
| Germany | 11.5% |
| Japan | 10.7% |
| France | 9.7% |
| Switzerland | 7.5% |
| United States | 7.5% |
| Netherlands | 5.8% |
| Italy | 5.0% |
| Austria | 3.2% |
| Denmark | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0064 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NIQEX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NILTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $119 | 1.15% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](icaa7a837eb1e5f3b3dcf6caf.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](icaa7a837eb1e5f3b3dcf6caf.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](i2ec5dd5eb1f7aa6536b56ea4.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](i2ec5dd5eb1f7aa6536b56ea4.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i249a8fc419532c88a8a551f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Trust Class $19,387** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10365 | $9988 |
| **8/31/17** | $11979 | $11750 |
| **8/31/18** | $12599 | $12266 |
| **8/31/19** | $12149 | $11866 |
| **8/31/20** | $14126 | $12594 |
| **8/31/21** | $18098 | $15884 |
| **8/31/22** | $13225 | $12739 |
| **8/31/23** | $15130 | $15022 |
| **8/31/24** | $18129 | $17936 |
| **8/31/25** | $19387 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 6.94% | 6.54% | 6.84% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0071 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NILTX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NILIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $83 | 0.80% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](ie8b35324eea9bad1e2114c9d.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](ie8b35324eea9bad1e2114c9d.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](i6f899a28c0cb11be9c5a299c.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](i6f899a28c0cb11be9c5a299c.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ie304e44913cdfdbdb30d8d0f.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $2,008,500** | **MSCI EAFE<sup>®</sup> Index (Net) $2,042,400** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1039400 | $998800 |
| **8/31/17** | $1207100 | $1175000 |
| **8/31/18** | $1273700 | $1226600 |
| **8/31/19** | $1231900 | $1186600 |
| **8/31/20** | $1437300 | $1259400 |
| **8/31/21** | $1847900 | $1588400 |
| **8/31/22** | $1356200 | $1273900 |
| **8/31/23** | $1555300 | $1502200 |
| **8/31/24** | $1870900 | $1793600 |
| **8/31/25** | $2008500 | $2042400 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 7.36% | 6.92% | 7.22% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0076 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NILIX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NBNAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $120 | 1.16% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i5119f03375c583be67558d97.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i5119f03375c583be67558d97.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](i0130f4198878ca673e9b5ac6.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](i0130f4198878ca673e9b5ac6.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i88a4ebf7a9f41911ba615f5b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $18,268** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $9774 | $9988 |
| **8/31/17** | $11299 | $11750 |
| **8/31/18** | $11878 | $12266 |
| **8/31/19** | $11453 | $11866 |
| **8/31/20** | $13311 | $12594 |
| **8/31/21** | $17047 | $15884 |
| **8/31/22** | $12463 | $12739 |
| **8/31/23** | $14250 | $15022 |
| **8/31/24** | $17083 | $17936 |
| **8/31/25** | $18268 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 6.94% | 6.54% | 6.84% |
| **Class A (including sales charge)** | 0.79% | 5.28% | 6.21% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0072 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NBNAX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NBNCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $197 | 1.91% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i82905d0ce00f2200e6085653.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i82905d0ce00f2200e6085653.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](i2e068c725613337ee1f72502.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](i2e068c725613337ee1f72502.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib1e8959adfcc704e57538199.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $17,969** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10289 | $9988 |
| **8/31/17** | $11801 | $11750 |
| **8/31/18** | $12318 | $12266 |
| **8/31/19** | $11785 | $11866 |
| **8/31/20** | $13596 | $12594 |
| **8/31/21** | $17281 | $15884 |
| **8/31/22** | $12538 | $12739 |
| **8/31/23** | $14230 | $15022 |
| **8/31/24** | $16926 | $17936 |
| **8/31/25** | $17969 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 6.16% | 5.74% | 6.04% |
| **Class C (including sales charge)** | 5.16% | 5.74% | 6.04% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0075 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NBNCX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NBNRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $146 | 1.41% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](icd91d3ed1ec50796e7e0f4ce.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](icd91d3ed1ec50796e7e0f4ce.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](id0ef247830bc21881f8d970e.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](id0ef247830bc21881f8d970e.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i21d149c9e1f17355c4bd25d2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R3 $18,876** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10333 | $9988 |
| **8/31/17** | $11910 | $11750 |
| **8/31/18** | $12496 | $12266 |
| **8/31/19** | $12020 | $11866 |
| **8/31/20** | $13935 | $12594 |
| **8/31/21** | $17801 | $15884 |
| **8/31/22** | $12984 | $12739 |
| **8/31/23** | $14807 | $15022 |
| **8/31/24** | $17705 | $17936 |
| **8/31/25** | $18876 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 6.61% | 6.26% | 6.56% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0073 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NBNRX

# Neuberger Berman

# International Select Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRILX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $73 | 0.70% |

---

## How did the Fund perform last year?
Developed international equities benefited from investor relief as tariff risks declined this period, on valuations, and as an alternative for investors apprehensive about U.S. equities given policy uncertainty in the U.S. The period was volatile, with performance between sectors and countries varying in part due to industry-specific tariff expectations and impacts. Although the Fund generated a positive return during the period, it lagged the MSCI EAFE<sup><sup>®</sup></sup> Index (Net) (the Index) due to stock selection and sector allocation.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i69bf6d2d627573a276e72449.jpg)Stock selection in and an overweight relative to the Index to Industrials, and an underweight to the trailing Consumer Discretionary sector

* ![Thin up arrow](i69bf6d2d627573a276e72449.jpg)Stock selection in Italy and Switzerland and an overweight to rallying Austria

* ![Thin down arrow](i60f95e6166dea71184054cf4.jpg)Stock selection in and an underweight versus the Index to fast-rising Communication Services, and stock selection in the Financials and IT sectors

* ![Thin down arrow](i60f95e6166dea71184054cf4.jpg)Stock selection in and an overweight to the trailing Netherlands, and stock selection in the United Kingdom and Spain

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5177164eb1b493b6b304656e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $20,116** | **MSCI EAFE<sup>®</sup> Index (Net) $20,424** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10365 | $9988 |
| **8/31/17** | $12002 | $11750 |
| **8/31/18** | $12672 | $12266 |
| **8/31/19** | $12279 | $11866 |
| **8/31/20** | $14338 | $12594 |
| **8/31/21** | $18446 | $15884 |
| **8/31/22** | $13542 | $12739 |
| **8/31/23** | $15560 | $15022 |
| **8/31/24** | $18732 | $17936 |
| **8/31/25** | $20116 | $20424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 7.39% | 7.01% | 7.24% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 10.15% | 7.40% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of April 17, 2017 is that of the Fund's Trust Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $246243300 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 58% |
| Total Investment Advisory Fees Paid | $834606 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Siemens AG | 2.7% |
| State Street Institutional Treasury Money Market Fund Premier Class | 2.4% |
| Anheuser-Busch InBev SA | 2.4% |
| AstraZeneca PLC | 2.3% |
| L'Oreal SA | 2.3% |
| UniCredit SpA | 2.1% |
| BAE Systems PLC | 2.1% |
| Resona Holdings, Inc. | 2.0% |
| Convatec Group PLC | 2.0% |
| Experian PLC | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 24.4% |
| Financials | 23.0% |
| Health Care | 18.3% |
| Information Technology | 9.2% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 6.1% |
| Materials | 4.8% |
| Energy | 2.8% |
| Communication Services | 1.4% |
| Utilities | 1.1% |
| Short-Term Investments | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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 | 22.1% |
| Germany | 13.1% |
| United States | 11.3% |
| France | 10.2% |
| Japan | 8.7% |
| Switzerland | 7.0% |
| Netherlands | 6.5% |
| Italy | 4.6% |
| Austria | 3.2% |
| Luxembourg | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0074 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRILX

# Neuberger Berman

# Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NINLX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $101 | 0.96% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT investments and exposure to the AI megatrend generated solid performance. Noteworthy performance also came from some of the Fund's traditional value names. On the negative side, several of the Fund's Health Care stocks struggled in a sector that was markedly out of favor. Stock selection in Communication Services hurt returns due predominantly to a stock specific issue with one company.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i29b11881ec66b6ff6114ea38.jpg)Investments in Industrials, IT and Utilities sectors

* ![Thin up arrow](i29b11881ec66b6ff6114ea38.jpg)Exposure to companies associated with AI

* ![Thin down arrow](i37c082d7ae6173c44290dfd7.jpg)Investments in Communication Services, Consumer Staples and Materials sectors

* ![Thin down arrow](i37c082d7ae6173c44290dfd7.jpg)Underweight in Financials sector versus the Russell 2000<sup><sup>®</sup></sup> Value Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ifbb6852e3e8e1538a5fdce28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class $2,436,100** | **Russell 3000<sup>®</sup> Index $3,702,000** | **Russell 2000<sup>®</sup> Value Index $2,287,100** | **Russell 2000<sup>®</sup> Index $2,341,600** |
| **8/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1029600 | $1114400 | $1138000 | $1085900 |
| **8/31/17** | $1200500 | $1293400 | $1291200 | $1247900 |
| **8/31/18** | $1452800 | $1555300 | $1550100 | $1565400 |
| **8/31/19** | $1295400 | $1575700 | $1319300 | $1363600 |
| **8/31/20** | $1390700 | $1913500 | $1238200 | $1445700 |
| **8/31/21** | $2245100 | $2545800 | $1974900 | $2126400 |
| **8/31/22** | $1895200 | $2207600 | $1773800 | $1746100 |
| **8/31/23** | $2011200 | $2533400 | $1812300 | $1827300 |
| **8/31/24** | $2201100 | $3195800 | $2161100 | $2164800 |
| **8/31/25** | $2436100 | $3702000 | $2287100 | $2341600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 10.68% | 11.86% | 9.31% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Value Index** | 5.83% | 13.06% | 8.62% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1186404155 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees Paid | $8850537 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Viasat, Inc. | 4.1% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 3.1% |
| AerCap Holdings NV | 2.8% |
| Kyndryl Holdings, Inc. | 2.6% |
| KBR, Inc. | 2.6% |
| Brightstar Lottery PLC | 2.4% |
| Huntington Bancshares, Inc. | 2.3% |
| Ciena Corp. | 2.3% |
| Rambus, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| 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 | 33.4% |
| Industrials | 22.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 7.8% |
| Financials | 6.4% |
| Health Care | 6.2% |
| Energy | 5.4% |
| Communication Services | 3.6% |
| Materials | 3.6% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 0.6% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0222 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NINLX

# Neuberger Berman

# Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NINAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $140 | 1.33% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT investments and exposure to the AI megatrend generated solid performance. Noteworthy performance also came from some of the Fund's traditional value names. On the negative side, several of the Fund's Health Care stocks struggled in a sector that was markedly out of favor. Stock selection in Communication Services hurt returns due predominantly to a stock specific issue with one company.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i424479f866381c9730ceed1a.jpg)Investments in Industrials, IT and Utilities sectors

* ![Thin up arrow](i424479f866381c9730ceed1a.jpg)Exposure to companies associated with AI

* ![Thin down arrow](i4e256b5f1ea3fc0c34a41cc7.jpg)Investments in Communication Services, Consumer Staples and Materials sectors

* ![Thin down arrow](i4e256b5f1ea3fc0c34a41cc7.jpg)Underweight in Financials sector versus the Russell 2000<sup><sup>®</sup></sup> Value Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i129115c99b6a822d8c20058a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge) $22,128** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Value Index $22,871** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $9425 | $10000 | $10000 | $10000 |
| **8/31/16** | $9667 | $11144 | $11380 | $10859 |
| **8/31/17** | $11233 | $12934 | $12912 | $12479 |
| **8/31/18** | $13545 | $15553 | $15501 | $15654 |
| **8/31/19** | $12030 | $15757 | $13193 | $13636 |
| **8/31/20** | $12877 | $19135 | $12382 | $14457 |
| **8/31/21** | $20707 | $25458 | $19749 | $21264 |
| **8/31/22** | $17414 | $22076 | $17738 | $17461 |
| **8/31/23** | $18401 | $25334 | $18123 | $18273 |
| **8/31/24** | $20069 | $31958 | $21611 | $21648 |
| **8/31/25** | $22128 | $37020 | $22871 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 10.26% | 11.44% | 8.91% |
| **Class A (including sales charge)** | 3.93% | 10.12% | 8.27% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Value Index** | 5.83% | 13.06% | 8.62% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1186404155 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees Paid | $8850537 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Viasat, Inc. | 4.1% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 3.1% |
| AerCap Holdings NV | 2.8% |
| Kyndryl Holdings, Inc. | 2.6% |
| KBR, Inc. | 2.6% |
| Brightstar Lottery PLC | 2.4% |
| Huntington Bancshares, Inc. | 2.3% |
| Ciena Corp. | 2.3% |
| Rambus, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| 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 | 33.4% |
| Industrials | 22.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 7.8% |
| Financials | 6.4% |
| Health Care | 6.2% |
| Energy | 5.4% |
| Communication Services | 3.6% |
| Materials | 3.6% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 0.6% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0091 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NINAX

# Neuberger Berman

# Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NINCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $217 | 2.07% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT investments and exposure to the AI megatrend generated solid performance. Noteworthy performance also came from some of the Fund's traditional value names. On the negative side, several of the Fund's Health Care stocks struggled in a sector that was markedly out of favor. Stock selection in Communication Services hurt returns due predominantly to a stock specific issue with one company.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i4f9cb0da6797e0642263d112.jpg)Investments in Industrials, IT and Utilities sectors

* ![Thin up arrow](i4f9cb0da6797e0642263d112.jpg)Exposure to companies associated with AI

* ![Thin down arrow](if93ce2014fe74b84413ca864.jpg)Investments in Communication Services, Consumer Staples and Materials sectors

* ![Thin down arrow](if93ce2014fe74b84413ca864.jpg)Underweight in Financials sector versus the Russell 2000<sup><sup>®</sup></sup> Value Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icc9d95b6bf868e8a1fc9b0a7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charge) $21,794** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Value Index $22,871** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10185 | $11144 | $11380 | $10859 |
| **8/31/17** | $11749 | $12934 | $12912 | $12479 |
| **8/31/18** | $14057 | $15553 | $15501 | $15654 |
| **8/31/19** | $12402 | $15757 | $13193 | $13636 |
| **8/31/20** | $13166 | $19135 | $12382 | $14457 |
| **8/31/21** | $21010 | $25458 | $19749 | $21264 |
| **8/31/22** | $17538 | $22076 | $17738 | $17461 |
| **8/31/23** | $18396 | $25334 | $18123 | $18273 |
| **8/31/24** | $19912 | $31958 | $21611 | $21648 |
| **8/31/25** | $21794 | $37020 | $22871 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 9.45% | 10.61% | 8.10% |
| **Class C (including sales charge)** | 8.45% | 10.61% | 8.10% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Value Index** | 5.83% | 13.06% | 8.62% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1186404155 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees Paid | $8850537 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Viasat, Inc. | 4.1% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 3.1% |
| AerCap Holdings NV | 2.8% |
| Kyndryl Holdings, Inc. | 2.6% |
| KBR, Inc. | 2.6% |
| Brightstar Lottery PLC | 2.4% |
| Huntington Bancshares, Inc. | 2.3% |
| Ciena Corp. | 2.3% |
| Rambus, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| 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 | 33.4% |
| Industrials | 22.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 7.8% |
| Financials | 6.4% |
| Health Care | 6.2% |
| Energy | 5.4% |
| Communication Services | 3.6% |
| Materials | 3.6% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 0.6% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0226 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NINCX

# Neuberger Berman

# Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRINX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $91 | 0.86% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT investments and exposure to the AI megatrend generated solid performance. Noteworthy performance also came from some of the Fund's traditional value names. On the negative side, several of the Fund's Health Care stocks struggled in a sector that was markedly out of favor. Stock selection in Communication Services hurt returns due predominantly to a stock specific issue with one company.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i235c6b8676ebdacbbbfb6436.jpg)Investments in Industrials, IT and Utilities sectors

* ![Thin up arrow](i235c6b8676ebdacbbbfb6436.jpg)Exposure to companies associated with AI

* ![Thin down arrow](i68c86c2c0992969ea032a67d.jpg)Investments in Communication Services, Consumer Staples and Materials sectors

* ![Thin down arrow](i68c86c2c0992969ea032a67d.jpg)Underweight in Financials sector versus the Russell 2000<sup><sup>®</sup></sup> Value Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i64065996cfd9bd8ad9342bf6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6 $24,544** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Value Index $22,871** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10296 | $11144 | $11380 | $10859 |
| **8/31/17** | $12005 | $12934 | $12912 | $12479 |
| **8/31/18** | $14528 | $15553 | $15501 | $15654 |
| **8/31/19** | $12972 | $15757 | $13193 | $13636 |
| **8/31/20** | $13943 | $19135 | $12382 | $14457 |
| **8/31/21** | $22524 | $25458 | $19749 | $21264 |
| **8/31/22** | $19035 | $22076 | $17738 | $17461 |
| **8/31/23** | $20224 | $25334 | $18123 | $18273 |
| **8/31/24** | $22154 | $31958 | $21611 | $21648 |
| **8/31/25** | $24544 | $37020 | $22871 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 10.79% | 11.97% | 9.39% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Value Index** | 5.83% | 13.06% | 8.62% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of January 18, 2019 is that of the Fund's Institutional Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1186404155 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 12% |
| Total Investment Advisory Fees Paid | $8850537 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Viasat, Inc. | 4.1% |
| Resideo Technologies, Inc. | 3.3% |
| Ormat Technologies, Inc. | 3.1% |
| AerCap Holdings NV | 2.8% |
| Kyndryl Holdings, Inc. | 2.6% |
| KBR, Inc. | 2.6% |
| Brightstar Lottery PLC | 2.4% |
| Huntington Bancshares, Inc. | 2.3% |
| Ciena Corp. | 2.3% |
| Rambus, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| 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 | 33.4% |
| Industrials | 22.2% |
| Utilities | 10.2% |
| Consumer Discretionary | 7.8% |
| Financials | 6.4% |
| Health Care | 6.2% |
| Energy | 5.4% |
| Communication Services | 3.6% |
| Materials | 3.6% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 0.6% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0092 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRINX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NGUAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $87 | 0.80% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if6f573e0daa7ed6285489ae5.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](if6f573e0daa7ed6285489ae5.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](ife4230b0ddd2c24b939677d2.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](ife4230b0ddd2c24b939677d2.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id20d59917576dc13dba0fdfb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class $43,005** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10845 | $11255 | $11054 |
| **8/31/17** | $12753 | $13082 | $13355 |
| **8/31/18** | $15541 | $15655 | $16992 |
| **8/31/19** | $16168 | $16112 | $17718 |
| **8/31/20** | $21949 | $19647 | $25574 |
| **8/31/21** | $29740 | $25770 | $32869 |
| **8/31/22** | $24637 | $22876 | $26605 |
| **8/31/23** | $29080 | $26524 | $32441 |
| **8/31/24** | $36292 | $33721 | $42418 |
| **8/31/25** | $43005 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 18.50% | 14.40% | 15.70% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0095 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NGUAX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBGTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $109 | 1.00% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ia0ae2c0fe2bcb310b4302066.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](ia0ae2c0fe2bcb310b4302066.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](i886f9c0c4526b79ef119889c.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](i886f9c0c4526b79ef119889c.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i585a248e69e26d8b22157e04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Trust Class $42,224** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10831 | $11255 | $11054 |
| **8/31/17** | $12712 | $13082 | $13355 |
| **8/31/18** | $15478 | $15655 | $16992 |
| **8/31/19** | $16062 | $16112 | $17718 |
| **8/31/20** | $21771 | $19647 | $25574 |
| **8/31/21** | $29436 | $25770 | $32869 |
| **8/31/22** | $24342 | $22876 | $26605 |
| **8/31/23** | $28679 | $26524 | $32441 |
| **8/31/24** | $35716 | $33721 | $42418 |
| **8/31/25** | $42224 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 18.22% | 14.17% | 15.49% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0096 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBGTX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBGUX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $152 | 1.40% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ia8d96e194798f0bb2948ac3c.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](ia8d96e194798f0bb2948ac3c.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](ic1eadaad5efde34b7b8b4102.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](ic1eadaad5efde34b7b8b4102.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibd41e8d915031ff82568a971.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class $41,013** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10803 | $11255 | $11054 |
| **8/31/17** | $12667 | $13082 | $13355 |
| **8/31/18** | $15371 | $15655 | $16992 |
| **8/31/19** | $15894 | $16112 | $17718 |
| **8/31/20** | $21486 | $19647 | $25574 |
| **8/31/21** | $28995 | $25770 | $32869 |
| **8/31/22** | $23934 | $22876 | $26605 |
| **8/31/23** | $28076 | $26524 | $32441 |
| **8/31/24** | $34811 | $33721 | $42418 |
| **8/31/25** | $41013 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | 17.82% | 13.80% | 15.16% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0102 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBGUX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NGDLX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $71 | 0.65% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i73f92ad01f607d1171cd03d8.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](i73f92ad01f607d1171cd03d8.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](ic89764a9d81eb1972deb8f59.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](ic89764a9d81eb1972deb8f59.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i6479d2afaa0c981bbb504e72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $4,371,000** | **S&P 500<sup>®</sup> Index $3,907,600** | **Russell 1000<sup>®</sup> Growth Index $5,199,500** |
| **8/31/15** | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1086800 | $1125500 | $1105400 |
| **8/31/17** | $1279500 | $1308200 | $1335500 |
| **8/31/18** | $1562800 | $1565500 | $1699200 |
| **8/31/19** | $1628300 | $1611200 | $1771800 |
| **8/31/20** | $2214900 | $1964700 | $2557400 |
| **8/31/21** | $3005200 | $2577000 | $3286900 |
| **8/31/22** | $2492600 | $2287600 | $2660500 |
| **8/31/23** | $2947300 | $2652400 | $3244100 |
| **8/31/24** | $3684200 | $3372100 | $4241800 |
| **8/31/25** | $4371000 | $3907600 | $5199500 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 18.64% | 14.56% | 15.89% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0101 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NGDLX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NGDAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $111 | 1.02% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](id7ea34b336394649d3e36d3e.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](id7ea34b336394649d3e36d3e.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](id77f54fdaf3880e9a1cb97c8.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](id77f54fdaf3880e9a1cb97c8.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9c115a8be243dfad95773761.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $39,686** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $9425 | $10000 | $10000 |
| **8/31/16** | $10207 | $11255 | $11054 |
| **8/31/17** | $11971 | $13082 | $13355 |
| **8/31/18** | $14566 | $15655 | $16992 |
| **8/31/19** | $15117 | $16112 | $17718 |
| **8/31/20** | $20483 | $19647 | $25574 |
| **8/31/21** | $27682 | $25770 | $32869 |
| **8/31/22** | $22884 | $22876 | $26605 |
| **8/31/23** | $26958 | $26524 | $32441 |
| **8/31/24** | $33566 | $33721 | $42418 |
| **8/31/25** | $39686 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 18.23% | 14.14% | 15.46% |
| **Class A (including sales charge)** | 11.44% | 12.80% | 14.78% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0097 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NGDAX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NGDCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $191 | 1.76% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iae517eea4c48d9df9cabfa8a.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](iae517eea4c48d9df9cabfa8a.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](i39f828dc2b5b8ab241931c12.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](i39f828dc2b5b8ab241931c12.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i593dc27b80d25814be810b71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $39,123** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10747 | $11255 | $11054 |
| **8/31/17** | $12524 | $13082 | $13355 |
| **8/31/18** | $15122 | $15655 | $16992 |
| **8/31/19** | $15575 | $16112 | $17718 |
| **8/31/20** | $20954 | $19647 | $25574 |
| **8/31/21** | $28113 | $25770 | $32869 |
| **8/31/22** | $23061 | $22876 | $26605 |
| **8/31/23** | $26967 | $26524 | $32441 |
| **8/31/24** | $33337 | $33721 | $42418 |
| **8/31/25** | $39123 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 17.36% | 13.30% | 14.62% |
| **Class C (including sales charge)** | 16.36% | 13.30% | 14.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0100 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NGDCX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NGDRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $142 | 1.30% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i7121b5370819f73484e9da4a.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](i7121b5370819f73484e9da4a.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](idd61439ebf023ef974313bcf.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](idd61439ebf023ef974313bcf.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iad79860aee07e85efa20dff8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3 $40,945** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10800 | $11255 | $11054 |
| **8/31/17** | $12638 | $13082 | $13355 |
| **8/31/18** | $15334 | $15655 | $16992 |
| **8/31/19** | $15872 | $16112 | $17718 |
| **8/31/20** | $21436 | $19647 | $25574 |
| **8/31/21** | $28889 | $25770 | $32869 |
| **8/31/22** | $23804 | $22876 | $26605 |
| **8/31/23** | $27965 | $26524 | $32441 |
| **8/31/24** | $34728 | $33721 | $42418 |
| **8/31/25** | $40945 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 17.90% | 13.82% | 15.14% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0098 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NGDRX

# Neuberger Berman

# Large Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NGRDX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class R6 | $61 | 0.56% |

---

## How did the Fund perform last year?
The Fund lagged the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) on a relative basis driven by both stock selection and sector allocation decisions. Positioning in the Consumer Discretionary sector negatively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, the IT sector negatively impacted relative performance with holdings in the Software industry as the largest headwind within that sector.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if04eda2f61eb69cc4a2e812a.jpg)Investments in the Health Care and Consumer Staples sectors

* ![Thin up arrow](if04eda2f61eb69cc4a2e812a.jpg)An overweight in the Utilities sector and underweights in the Health Care and Consumer Staples sectors versus the Index

* ![Thin down arrow](ie1834f6a41e1d9271976d252.jpg)Stock selection in the Consumer Discretionary sector and, to a lesser extent, in the IT sector

* ![Thin down arrow](ie1834f6a41e1d9271976d252.jpg)An underweight in the IT sector and an overweight to pre-IPO positions in privately held investments (which involve greater risk than publicly traded securities and are generally less liquid) that lagged the broader Index of publicly traded companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idfa913be62ba659527198265.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6 $43,594** | **S&P 500<sup>®</sup> Index $39,076** | **Russell 1000<sup>®</sup> Growth Index $51,995** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $10845 | $11255 | $11054 |
| **8/31/17** | $12753 | $13082 | $13355 |
| **8/31/18** | $15541 | $15655 | $16992 |
| **8/31/19** | $16176 | $16112 | $17718 |
| **8/31/20** | $22014 | $19647 | $25574 |
| **8/31/21** | $29877 | $25770 | $32869 |
| **8/31/22** | $24793 | $22876 | $26605 |
| **8/31/23** | $29338 | $26524 | $32441 |
| **8/31/24** | $36699 | $33721 | $42418 |
| **8/31/25** | $43594 | $39076 | $51995 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 18.79% | 14.64% | 15.86% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of March 29, 2019 is that of the Fund's Investor Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2608240539 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 30% |
| Total Investment Advisory Fees Paid | $11669921 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 7.6% |
| Amazon.com, Inc. | 7.5% |
| Meta Platforms, Inc. Class A | 6.1% |
| Alphabet, Inc. Class A | 5.3% |
| Broadcom, Inc. | 5.3% |
| Apple, Inc. | 4.9% |
| Fanatics Holdings, Inc. Class A | 3.3% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 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 | 40.5% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.6% |
| Financials | 12.3% |
| Industrials | 7.5% |
| Health Care | 5.5% |
| Consumer Staples | 3.0% |
| Utilities | 1.3% |
| Energy | 0.4% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024 For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/LargeCapGrowth/TSRdocuments or upon request at 800.366.6264 or issdl@nb.com.

Effective December 18, 2024, the Fund's Class R6 contractual expense limitation was reduced by 0.01%.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0099 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NGRDX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NPRTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $77 | 0.74% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i51981da5c3af84eeb670e334.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i51981da5c3af84eeb670e334.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i56919d44c85a7e03b1c22624.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i56919d44c85a7e03b1c22624.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3dd5810affcb100e515a603f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class $30,455** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11316 | $11169 | $11292 |
| **8/31/17** | $13113 | $12974 | $12600 |
| **8/31/18** | $14805 | $15545 | $14171 |
| **8/31/19** | $15730 | $15933 | $14258 |
| **8/31/20** | $16238 | $19518 | $14378 |
| **8/31/21** | $24366 | $25812 | $19618 |
| **8/31/22** | $23299 | $22466 | $18397 |
| **8/31/23** | $24595 | $25926 | $19978 |
| **8/31/24** | $28140 | $32822 | $24203 |
| **8/31/25** | $30455 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 8.23% | 13.40% | 11.78% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0111 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NPRTX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBPTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $99 | 0.95% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i62840312bb1eec0852f6b924.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i62840312bb1eec0852f6b924.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](ied9aeb394ffd9af62fc0a5d2.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](ied9aeb394ffd9af62fc0a5d2.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie99ba12aacd575b3211ea77e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Trust Class $29,905** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11297 | $11169 | $11292 |
| **8/31/17** | $13079 | $12974 | $12600 |
| **8/31/18** | $14738 | $15545 | $14171 |
| **8/31/19** | $15627 | $15933 | $14258 |
| **8/31/20** | $16104 | $19518 | $14378 |
| **8/31/21** | $24116 | $25812 | $19618 |
| **8/31/22** | $23015 | $22466 | $18397 |
| **8/31/23** | $24247 | $25926 | $19978 |
| **8/31/24** | $27686 | $32822 | $24203 |
| **8/31/25** | $29905 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 8.01% | 13.18% | 11.58% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0112 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBPTX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBPBX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $114 | 1.10% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i4b2c2cc8e7fa4e09fcb5f04f.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i4b2c2cc8e7fa4e09fcb5f04f.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i4df151f9cc243919c7d6de50.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i4df151f9cc243919c7d6de50.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i32a8708be6b29bfd557d1f4f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class $29,452** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11281 | $11169 | $11292 |
| **8/31/17** | $13031 | $12974 | $12600 |
| **8/31/18** | $14668 | $15545 | $14171 |
| **8/31/19** | $15533 | $15933 | $14258 |
| **8/31/20** | $15984 | $19518 | $14378 |
| **8/31/21** | $23892 | $25812 | $19618 |
| **8/31/22** | $22768 | $22466 | $18397 |
| **8/31/23** | $23950 | $25926 | $19978 |
| **8/31/24** | $27310 | $32822 | $24203 |
| **8/31/25** | $29452 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | 7.85% | 13.00% | 11.41% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0119 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBPBX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBPIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $63 | 0.60% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i3357f98fc010e0f7ea308732.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i3357f98fc010e0f7ea308732.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i36903fb782ba24013e1c1fb0.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i36903fb782ba24013e1c1fb0.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i93f894cfbc99e920db278967.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $3,094,900** | **Russell 1000<sup>®</sup> Index $3,815,100** | **Russell 1000<sup>®</sup> Value Index $2,646,100** |
| **8/31/15** | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1133800 | $1116900 | $1129200 |
| **8/31/17** | $1315700 | $1297400 | $1260000 |
| **8/31/18** | $1488100 | $1554500 | $1417100 |
| **8/31/19** | $1583600 | $1593300 | $1425800 |
| **8/31/20** | $1637800 | $1951800 | $1437800 |
| **8/31/21** | $2460700 | $2581200 | $1961800 |
| **8/31/22** | $2357100 | $2246600 | $1839700 |
| **8/31/23** | $2491800 | $2592600 | $1997800 |
| **8/31/24** | $2855700 | $3282200 | $2420300 |
| **8/31/25** | $3094900 | $3815100 | $2646100 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 8.38% | 13.57% | 11.96% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0118 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBPIX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NPNAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $100 | 0.96% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i6da209b166c8170b91fa5676.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i6da209b166c8170b91fa5676.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i2ae757921af4a9a29b734108.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i2ae757921af4a9a29b734108.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i58adb4ac371300755bf1d9e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $28,096** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $9425 | $10000 | $10000 |
| **8/31/16** | $10646 | $11169 | $11292 |
| **8/31/17** | $12312 | $12974 | $12600 |
| **8/31/18** | $13874 | $15545 | $14171 |
| **8/31/19** | $14705 | $15933 | $14258 |
| **8/31/20** | $15150 | $19518 | $14378 |
| **8/31/21** | $22674 | $25812 | $19618 |
| **8/31/22** | $21636 | $22466 | $18397 |
| **8/31/23** | $22788 | $25926 | $19978 |
| **8/31/24** | $26015 | $32822 | $24203 |
| **8/31/25** | $28096 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 8.00% | 13.15% | 11.54% |
| **Class A (including sales charge)** | 1.78% | 11.82% | 10.88% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0113 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NPNAX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NPNCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $177 | 1.71% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iaf33374205ae1f28d649bde4.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](iaf33374205ae1f28d649bde4.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i41e48f55a5085a9e3fa67a9c.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i41e48f55a5085a9e3fa67a9c.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie84d84e4b0be5b6b30f57c91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $27,691** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11209 | $11169 | $11292 |
| **8/31/17** | $12872 | $12974 | $12600 |
| **8/31/18** | $14395 | $15545 | $14171 |
| **8/31/19** | $15150 | $15933 | $14258 |
| **8/31/20** | $15494 | $19518 | $14378 |
| **8/31/21** | $23023 | $25812 | $19618 |
| **8/31/22** | $21807 | $22466 | $18397 |
| **8/31/23** | $22797 | $25926 | $19978 |
| **8/31/24** | $25836 | $32822 | $24203 |
| **8/31/25** | $27691 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 7.18% | 12.32% | 10.72% |
| **Class C (including sales charge)** | 6.18% | 12.32% | 10.72% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0117 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NPNCX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NPNRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $129 | 1.24% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if159e1cfe817b63146a88262.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](if159e1cfe817b63146a88262.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i848a01084414abd54e50abab.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i848a01084414abd54e50abab.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id88ff5df0f58755e7bc96462.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3 $28,994** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11258 | $11169 | $11292 |
| **8/31/17** | $12978 | $12974 | $12600 |
| **8/31/18** | $14586 | $15545 | $14171 |
| **8/31/19** | $15422 | $15933 | $14258 |
| **8/31/20** | $15845 | $19518 | $14378 |
| **8/31/21** | $23650 | $25812 | $19618 |
| **8/31/22** | $22509 | $22466 | $18397 |
| **8/31/23** | $23644 | $25926 | $19978 |
| **8/31/24** | $26924 | $32822 | $24203 |
| **8/31/25** | $28994 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 7.69% | 12.85% | 11.23% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0115 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NPNRX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRLCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $52 | 0.50% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i03b46b9637052c02c4cea6d4.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](i03b46b9637052c02c4cea6d4.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i8b6099b5d6b63153368c4016.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i8b6099b5d6b63153368c4016.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i21e019ca211f0912ef5ca34b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6 $30,962** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11316 | $11169 | $11292 |
| **8/31/17** | $13113 | $12974 | $12600 |
| **8/31/18** | $14805 | $15545 | $14171 |
| **8/31/19** | $15752 | $15933 | $14258 |
| **8/31/20** | $16309 | $19518 | $14378 |
| **8/31/21** | $24526 | $25812 | $19618 |
| **8/31/22** | $23514 | $22466 | $18397 |
| **8/31/23** | $24876 | $25926 | $19978 |
| **8/31/24** | $28537 | $32822 | $24203 |
| **8/31/25** | $30962 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 8.50% | 13.68% | 11.97% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of January 18, 2019 is that of the Fund's Investor Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0116 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRLCX

# Neuberger Berman

# Large Cap Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NPNEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $2 | 0.02% |

---

## How did the Fund perform last year?
The Fund posted a strong return but lagged the Russell 1000<sup><sup>®</sup></sup> Value Index (the Index) on a relative basis. Stock selection contributed while sector allocation detracted from relative performance. The largest relative contributors were an allocation to Wheaton Precious Metals and Agnico Eagle Mines. Individual stock detractors included overweights in Newmont Corp. (which was sold during the period) and Danaher Corp. We remain committed to our investment philosophy of pure value and discipline, which historically has been beneficial, particularly during this phase of the economic cycle.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ic7262b77d4aa5775a131da75.jpg)Stock selection in the Materials and Consumer Staples sectors

* ![Thin up arrow](ic7262b77d4aa5775a131da75.jpg)An overweight in the Utilities sector and underweight in the Real Estate sector versus the Index

* ![Thin down arrow](i850cb9432ff07e38845e8134.jpg)Stock selection in the Industrials and Utilities sectors

* ![Thin down arrow](i850cb9432ff07e38845e8134.jpg)An underweight in the Communication Services sector and overweight in the Health Care sector versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iea4df766d30de65039b4d839.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $31,268** | **Russell 1000<sup>®</sup> Index $38,151** | **Russell 1000<sup>®</sup> Value Index $26,461** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11316 | $11169 | $11292 |
| **8/31/17** | $13113 | $12974 | $12600 |
| **8/31/18** | $14805 | $15545 | $14171 |
| **8/31/19** | $15730 | $15933 | $14258 |
| **8/31/20** | $16238 | $19518 | $14378 |
| **8/31/21** | $24366 | $25812 | $19618 |
| **8/31/22** | $23406 | $22466 | $18397 |
| **8/31/23** | $24886 | $25926 | $19978 |
| **8/31/24** | $28687 | $32822 | $24203 |
| **8/31/25** | $31268 | $38151 | $26461 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 9.00% | 14.00% | 12.08% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.33% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Investor Class, which had higher expenses than Class E so its performance typically would have been lower than Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8359100053 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 106% |
| Total Investment Advisory Fees Paid | $35276962 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Johnson & Johnson | 3.7% |
| Boeing Co. | 3.4% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 3.0% |
| Southern Copper Corp. | 2.7% |
| Chevron Corp. | 2.5% |
| PNC Financial Services Group, Inc. | 2.5% |
| Capital One Financial Corp. | 2.4% |
| Linde PLC | 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>)

---

| | |
|:---|:---|
| Financials | 20.7% |
| Health Care | 15.5% |
| Materials | 12.7% |
| Industrials | 11.6% |
| Energy | 10.8% |
| Consumer Staples | 6.0% |
| Information Technology | 5.5% |
| Utilities | 5.4% |
| Consumer Discretionary | 4.4% |
| Communication Services | 3.1% |
| Real Estate | 1.3% |
| Short-Term Investments | 3.0% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0114 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NPNEX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NMANX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $93 | 0.83% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i00affd5efe63c6016b24bf6a.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](i00affd5efe63c6016b24bf6a.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](i7e081dbf51ecfb5558940e9a.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](i7e081dbf51ecfb5558940e9a.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5f5725d373adfd50784f4878.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class $29,137** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9830 | $11144 | $10700 | $10991 |
| **8/31/17** | $11383 | $12934 | $12254 | $12359 |
| **8/31/18** | $14428 | $15553 | $15324 | $14570 |
| **8/31/19** | $15126 | $15757 | $16238 | $14650 |
| **8/31/20** | $18446 | $19135 | $20063 | $15928 |
| **8/31/21** | $25017 | $25458 | $27119 | $22497 |
| **8/31/22** | $18782 | $22076 | $19881 | $19163 |
| **8/31/23** | $19611 | $25334 | $22466 | $20768 |
| **8/31/24** | $23601 | $31958 | $26749 | $24954 |
| **8/31/25** | $29137 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 23.45% | 9.57% | 11.29% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0129 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NMANX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBMTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $103 | 0.92% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i12b072a9061356f5a2b5705f.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](i12b072a9061356f5a2b5705f.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](if0c21de3d08e9c1b152ba47a.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](if0c21de3d08e9c1b152ba47a.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i221566d0b46906fb37a77ad0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Trust Class $28,905** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9823 | $11144 | $10700 | $10991 |
| **8/31/17** | $11371 | $12934 | $12254 | $12359 |
| **8/31/18** | $14400 | $15553 | $15324 | $14570 |
| **8/31/19** | $15089 | $15757 | $16238 | $14650 |
| **8/31/20** | $18385 | $19135 | $20063 | $15928 |
| **8/31/21** | $24918 | $25458 | $27119 | $22497 |
| **8/31/22** | $18693 | $22076 | $19881 | $19163 |
| **8/31/23** | $19493 | $25334 | $22466 | $20768 |
| **8/31/24** | $23444 | $31958 | $26749 | $24954 |
| **8/31/25** | $28905 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 23.29% | 9.47% | 11.20% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0130 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBMTX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBMBX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $132 | 1.18% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ib24d049a855d5d7f0548b9de.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](ib24d049a855d5d7f0548b9de.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](ib41fc10aef6c152872fc7c69.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](ib41fc10aef6c152872fc7c69.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib0cce39fe4e3cf3fa7521887.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class $28,182** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9796 | $11144 | $10700 | $10991 |
| **8/31/17** | $11311 | $12934 | $12254 | $12359 |
| **8/31/18** | $14288 | $15553 | $15324 | $14570 |
| **8/31/19** | $14935 | $15757 | $16238 | $14650 |
| **8/31/20** | $18156 | $19135 | $20063 | $15928 |
| **8/31/21** | $24544 | $25458 | $27119 | $22497 |
| **8/31/22** | $18362 | $22076 | $19881 | $19163 |
| **8/31/23** | $19112 | $25334 | $22466 | $20768 |
| **8/31/24** | $22912 | $31958 | $26749 | $24954 |
| **8/31/25** | $28182 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | 23.00% | 9.19% | 10.92% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0136 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBMBX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBMLX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $75 | 0.67% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iff768fe4c6823b2198439950.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](iff768fe4c6823b2198439950.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](i9ba7ddbaef4fa3890bc65af7.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](i9ba7ddbaef4fa3890bc65af7.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i823289933958671290d08066.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class $2,964,000** | **Russell 3000<sup>®</sup> Index $3,702,000** | **Russell Midcap<sup>®</sup> Growth Index $3,381,800** | **Russell Midcap<sup>®</sup> Index $2,809,300** |
| **8/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $984800 | $1114400 | $1070000 | $1099100 |
| **8/31/17** | $1142700 | $1293400 | $1225400 | $1235900 |
| **8/31/18** | $1450400 | $1555300 | $1532400 | $1457000 |
| **8/31/19** | $1524200 | $1575700 | $1623800 | $1465000 |
| **8/31/20** | $1861300 | $1913500 | $2006300 | $1592800 |
| **8/31/21** | $2529800 | $2545800 | $2711900 | $2249700 |
| **8/31/22** | $1902200 | $2207600 | $1988100 | $1916300 |
| **8/31/23** | $1988700 | $2533400 | $2246600 | $2076800 |
| **8/31/24** | $2397500 | $3195800 | $2674900 | $2495400 |
| **8/31/25** | $2964000 | $3702000 | $3381800 | $2809300 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 23.63% | 9.75% | 11.48% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0135 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBMLX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NMGAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $116 | 1.04% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ibcf73df31064df87911e81f1.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](ibcf73df31064df87911e81f1.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](i182d00ca17cbe3489f1b740d.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](i182d00ca17cbe3489f1b740d.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ide3e179d31f8edae2a1c8025.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge) $26,910** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $9425 | $10000 | $10000 | $10000 |
| **8/31/16** | $9244 | $11144 | $10700 | $10991 |
| **8/31/17** | $10684 | $12934 | $12254 | $12359 |
| **8/31/18** | $13513 | $15553 | $15324 | $14570 |
| **8/31/19** | $14142 | $15757 | $16238 | $14650 |
| **8/31/20** | $17211 | $19135 | $20063 | $15928 |
| **8/31/21** | $23307 | $25458 | $27119 | $22497 |
| **8/31/22** | $17462 | $22076 | $19881 | $19163 |
| **8/31/23** | $18198 | $25334 | $22466 | $20768 |
| **8/31/24** | $21842 | $31958 | $26749 | $24954 |
| **8/31/25** | $26910 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 23.20% | 9.35% | 11.06% |
| **Class A (including sales charge)** | 16.11% | 8.06% | 10.41% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0131 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NMGAX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NMGCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $200 | 1.80% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i3f4cc995c3d6d2f14c8124b4.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](i3f4cc995c3d6d2f14c8124b4.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](ie1603b2cd2248a2d477d4789.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](ie1603b2cd2248a2d477d4789.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id0bcd35dc0fdc579e0a83d69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charge) $26,493** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9738 | $11144 | $10700 | $10991 |
| **8/31/17** | $11169 | $12934 | $12254 | $12359 |
| **8/31/18** | $14016 | $15553 | $15324 | $14570 |
| **8/31/19** | $14565 | $15757 | $16238 | $14650 |
| **8/31/20** | $17590 | $19135 | $20063 | $15928 |
| **8/31/21** | $23645 | $25458 | $27119 | $22497 |
| **8/31/22** | $17577 | $22076 | $19881 | $19163 |
| **8/31/23** | $18187 | $25334 | $22466 | $20768 |
| **8/31/24** | $21662 | $31958 | $26749 | $24954 |
| **8/31/25** | $26493 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 22.30% | 8.54% | 10.23% |
| **Class C (including sales charge)** | 21.30% | 8.54% | 10.23% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0134 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NMGCX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NMGRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $145 | 1.30% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i91a6ad30ea61a484c5bb379b.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](i91a6ad30ea61a484c5bb379b.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](i08b4ec282f8e6f0978119568.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](i08b4ec282f8e6f0978119568.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if85657b31928365522cff0cf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3 $27,830** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9788 | $11144 | $10700 | $10991 |
| **8/31/17** | $11285 | $12934 | $12254 | $12359 |
| **8/31/18** | $14232 | $15553 | $15324 | $14570 |
| **8/31/19** | $14860 | $15757 | $16238 | $14650 |
| **8/31/20** | $18034 | $19135 | $20063 | $15928 |
| **8/31/21** | $24351 | $25458 | $27119 | $22497 |
| **8/31/22** | $18202 | $22076 | $19881 | $19163 |
| **8/31/23** | $18920 | $25334 | $22466 | $20768 |
| **8/31/24** | $22653 | $31958 | $26749 | $24954 |
| **8/31/25** | $27830 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 22.86% | 9.06% | 10.78% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0132 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NMGRX

# Neuberger Berman

# Mid Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRMGX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $64 | 0.57% |

---

## How did the Fund perform last year?
Looking back, continued economic resiliency and consistently solid-to-strong corporate fundamentals broadly boosted the mid-cap growth segment to new highs. However, despite the overall positive momentum, macro-level influences and policy uncertainty fostered a rollercoaster ride of risk-on/risk-off sentiment across multiple distinct and varied mini-market regimes. Working through the challenges of navigating an unpredictable and highly rotational market, the Fund delivered a strong double-digit absolute positive return that trailed the Russell Midcap<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i36bfe611a8cab78b173db0a7.jpg)Investments in the IT and Communication Services sectors

* ![Thin up arrow](i36bfe611a8cab78b173db0a7.jpg)Digital transformation secular growth trend, including AI

* ![Thin down arrow](icc6bff47d90ce6acc4c9aee9.jpg)Investments in the Consumer Discretionary, Industrials and Health Care sectors

* ![Thin down arrow](icc6bff47d90ce6acc4c9aee9.jpg)A lack of clarity on tariffs weighed on multiple market segments

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iec9e39a5456bb44cda1a35b1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6 $29,914** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Growth Index $33,818** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9856 | $11144 | $10700 | $10991 |
| **8/31/17** | $11446 | $12934 | $12254 | $12359 |
| **8/31/18** | $14536 | $15553 | $15324 | $14570 |
| **8/31/19** | $15292 | $15757 | $16238 | $14650 |
| **8/31/20** | $18698 | $19135 | $20063 | $15928 |
| **8/31/21** | $25427 | $25458 | $27119 | $22497 |
| **8/31/22** | $19144 | $22076 | $19881 | $19163 |
| **8/31/23** | $20040 | $25334 | $22466 | $20768 |
| **8/31/24** | $24176 | $31958 | $26749 | $24954 |
| **8/31/25** | $29914 | $37020 | $33818 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 23.73% | 9.85% | 11.58% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 11.01% | 12.96% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2069060141 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 144% |
| Total Investment Advisory Fees Paid | $8953599 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.7% |
| Cloudflare, Inc. Class A | 3.1% |
| Hilton Worldwide Holdings, Inc. | 2.7% |
| Carvana Co. | 2.6% |
| Ares Management Corp. Class A | 2.5% |
| Axon Enterprise, Inc. | 2.5% |
| Howmet Aerospace, Inc. | 2.5% |
| Toast, Inc. Class A | 2.5% |
| Cencora, Inc. | 2.5% |
| Datadog, Inc. Class A | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 21.7% |
| Consumer Discretionary | 21.6% |
| Industrials | 21.4% |
| Health Care | 12.0% |
| Financials | 11.9% |
| Communication Services | 5.2% |
| Utilities | 2.3% |
| Consumer Staples | 1.6% |
| Energy | 1.0% |
| Short-Term Investments | 1.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0133 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRMGX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NBRVX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $99 | 0.96% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i668fbd493862d3e890981b2d.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i668fbd493862d3e890981b2d.jpg)Exposure to companies associated with AI

* ![Thin down arrow](ib25c36d67e65944bd07adf96.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](ib25c36d67e65944bd07adf96.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibbb10ff88552f4f578e8ff4d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class $19,127** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10585 | $11144 | $11288 | $10991 |
| **8/31/17** | $12404 | $12934 | $12509 | $12359 |
| **8/31/18** | $13917 | $15553 | $14093 | $14570 |
| **8/31/19** | $12111 | $15757 | $13652 | $14650 |
| **8/31/20** | $10161 | $19135 | $13474 | $15928 |
| **8/31/21** | $15658 | $25458 | $19469 | $22497 |
| **8/31/22** | $15083 | $22076 | $17951 | $19163 |
| **8/31/23** | $15668 | $25334 | $18965 | $20768 |
| **8/31/24** | $17984 | $31958 | $22794 | $24954 |
| **8/31/25** | $19127 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 6.35% | 13.49% | 6.70% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0145 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NBRVX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBREX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $124 | 1.20% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i0970bafd072d64490ed92f1b.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i0970bafd072d64490ed92f1b.jpg)Exposure to companies associated with AI

* ![Thin down arrow](i9c4f1cc1ba2b762a6e5ab070.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](i9c4f1cc1ba2b762a6e5ab070.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5e453c4ad8a8b1c95768c949.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Trust Class $18,802** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10580 | $11144 | $11288 | $10991 |
| **8/31/17** | $12363 | $12934 | $12509 | $12359 |
| **8/31/18** | $13867 | $15553 | $14093 | $14570 |
| **8/31/19** | $12060 | $15757 | $13652 | $14650 |
| **8/31/20** | $10099 | $19135 | $13474 | $15928 |
| **8/31/21** | $15539 | $25458 | $19469 | $22497 |
| **8/31/22** | $14932 | $22076 | $17951 | $19163 |
| **8/31/23** | $15478 | $25334 | $18965 | $20768 |
| **8/31/24** | $17721 | $31958 | $22794 | $24954 |
| **8/31/25** | $18802 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 6.10% | 13.24% | 6.52% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0146 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBREX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBRTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $88 | 0.85% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i9d124227bb27646aef43a983.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i9d124227bb27646aef43a983.jpg)Exposure to companies associated with AI

* ![Thin down arrow](ic0cb6cd47df56caddddb8ded.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](ic0cb6cd47df56caddddb8ded.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i6a99275c44eb3edddefd3cd6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class $1,952,500** | **Russell 3000<sup>®</sup> Index $3,702,000** | **Russell Midcap<sup>®</sup> Value Index $2,467,100** | **Russell Midcap<sup>®</sup> Index $2,809,300** |
| **8/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1061800 | $1114400 | $1128800 | $1099100 |
| **8/31/17** | $1246600 | $1293400 | $1250900 | $1235900 |
| **8/31/18** | $1403600 | $1555300 | $1409300 | $1457000 |
| **8/31/19** | $1225300 | $1575700 | $1365200 | $1465000 |
| **8/31/20** | $1030700 | $1913500 | $1347400 | $1592800 |
| **8/31/21** | $1590800 | $2545800 | $1946900 | $2249700 |
| **8/31/22** | $1534400 | $2207600 | $1795100 | $1916300 |
| **8/31/23** | $1595700 | $2533400 | $1896500 | $2076800 |
| **8/31/24** | $1833200 | $3195800 | $2279400 | $2495400 |
| **8/31/25** | $1952500 | $3702000 | $2467100 | $2809300 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 6.51% | 13.63% | 6.92% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0151 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBRTX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NBRAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $125 | 1.21% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if6b95a9edebe54fb8fd05b21.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](if6b95a9edebe54fb8fd05b21.jpg)Exposure to companies associated with AI

* ![Thin down arrow](i45800acd8a0f2646dd7179d5.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](i45800acd8a0f2646dd7179d5.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie4854cb4f76c2a7bd6fb66b1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge) $17,746** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $9425 | $10000 | $10000 | $10000 |
| **8/31/16** | $9968 | $11144 | $11288 | $10991 |
| **8/31/17** | $11658 | $12934 | $12509 | $12359 |
| **8/31/18** | $13083 | $15553 | $14093 | $14570 |
| **8/31/19** | $11379 | $15757 | $13652 | $14650 |
| **8/31/20** | $9538 | $19135 | $13474 | $15928 |
| **8/31/21** | $14665 | $25458 | $19469 | $22497 |
| **8/31/22** | $14096 | $22076 | $17951 | $19163 |
| **8/31/23** | $14610 | $25334 | $18965 | $20768 |
| **8/31/24** | $16724 | $31958 | $22794 | $24954 |
| **8/31/25** | $17746 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 6.11% | 13.22% | 6.53% |
| **Class A (including sales charge)** | 0.01% | 11.88% | 5.90% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0147 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NBRAX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NBRCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $201 | 1.96% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i64fd411367caa6d6e77e10d1.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i64fd411367caa6d6e77e10d1.jpg)Exposure to companies associated with AI

* ![Thin down arrow](if08384b2afdde6df2a274546.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](if08384b2afdde6df2a274546.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if2a6b4462c9e7517da467129.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charge) $17,470** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10501 | $11144 | $11288 | $10991 |
| **8/31/17** | $12191 | $12934 | $12509 | $12359 |
| **8/31/18** | $13576 | $15553 | $14093 | $14570 |
| **8/31/19** | $11717 | $15757 | $13652 | $14650 |
| **8/31/20** | $9747 | $19135 | $13474 | $15928 |
| **8/31/21** | $14883 | $25458 | $19469 | $22497 |
| **8/31/22** | $14195 | $22076 | $17951 | $19163 |
| **8/31/23** | $14599 | $25334 | $18965 | $20768 |
| **8/31/24** | $16587 | $31958 | $22794 | $24954 |
| **8/31/25** | $17470 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 5.32% | 12.38% | 5.74% |
| **Class C (including sales charge)** | 4.32% | 12.38% | 5.74% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0150 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NBRCX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NBRRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $150 | 1.46% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i4fffac4949064b8db7cf3e79.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i4fffac4949064b8db7cf3e79.jpg)Exposure to companies associated with AI

* ![Thin down arrow](if73afdf6c37734a9da6cde6b.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](if73afdf6c37734a9da6cde6b.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib79519b7ec9a1224bd4f1f31.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3 $18,364** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10554 | $11144 | $11288 | $10991 |
| **8/31/17** | $12308 | $12934 | $12509 | $12359 |
| **8/31/18** | $13775 | $15553 | $14093 | $14570 |
| **8/31/19** | $11955 | $15757 | $13652 | $14650 |
| **8/31/20** | $9992 | $19135 | $13474 | $15928 |
| **8/31/21** | $15329 | $25458 | $19469 | $22497 |
| **8/31/22** | $14699 | $22076 | $17951 | $19163 |
| **8/31/23** | $15192 | $25334 | $18965 | $20768 |
| **8/31/24** | $17347 | $31958 | $22794 | $24954 |
| **8/31/25** | $18364 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 5.86% | 12.94% | 6.27% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0148 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NBRRX

# Neuberger Berman

# Mid Cap Intrinsic Value Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NBMRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $77 | 0.75% |

---

## How did the Fund perform last year?
The one-year period was marked by abrupt shifts in sentiment and investor preferences for stocks, sectors and themes. The Fund's IT and Utilities investments with exposure to the AI megatrend generated solid performance. On the negative side, the Fund's Consumer Staples stocks struggled in a difficult sector. With investors focused on stocks poised to benefit from interest rate cuts, the Fund's underweight in Financials detracted from returns relative to the Russell Midcap<sup><sup>®</sup></sup> Value Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i6cd5909de8ed8af0278a5238.jpg)Investments in the Utilities, Real Estate and Health Care sectors

* ![Thin up arrow](i6cd5909de8ed8af0278a5238.jpg)Exposure to companies associated with AI

* ![Thin down arrow](ia433e5a34c0b96512a7402ee.jpg)Investments in the Industrials, Consumer Staples and Materials sectors

* ![Thin down arrow](ia433e5a34c0b96512a7402ee.jpg)Underweight in Financials versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if730838ad66a52eb372c66cd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6 $19,443** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell Midcap<sup>®</sup> Value Index $24,671** | **Russell Midcap<sup>®</sup> Index $28,093** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $10585 | $11144 | $11288 | $10991 |
| **8/31/17** | $12404 | $12934 | $12509 | $12359 |
| **8/31/18** | $13917 | $15553 | $14093 | $14570 |
| **8/31/19** | $12135 | $15757 | $13652 | $14650 |
| **8/31/20** | $10219 | $19135 | $13474 | $15928 |
| **8/31/21** | $15783 | $25458 | $19469 | $22497 |
| **8/31/22** | $15242 | $22076 | $17951 | $19163 |
| **8/31/23** | $15869 | $25334 | $18965 | $20768 |
| **8/31/24** | $18246 | $31958 | $22794 | $24954 |
| **8/31/25** | $19443 | $37020 | $24671 | $28093 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 6.56% | 13.73% | 6.88% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell Midcap<sup>®</sup> Value Index** | 8.24% | 12.86% | 9.45% |
| **Russell Midcap<sup>®</sup> Index** | 12.58% | 12.02% | 10.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of March 29, 2019 is that of the Fund's Investor Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52330939 |
| Number of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Aptiv PLC | 2.7% |
| CenterPoint Energy, Inc. | 2.6% |
| Gates Industrial Corp. PLC | 2.6% |
| Teledyne Technologies, Inc. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| Williams Cos., Inc. | 2.4% |
| L3Harris Technologies, Inc. | 2.4% |
| Ciena Corp. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Travel & Leisure Co. | 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 | 26.1% |
| Industrials | 21.0% |
| Consumer Discretionary | 11.5% |
| Financials | 9.1% |
| Utilities | 7.8% |
| Energy | 6.7% |
| Real Estate | 4.9% |
| Health Care | 4.8% |
| Materials | 3.8% |
| Consumer Staples | 2.8% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.2% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0149 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NBMRX

# Neuberger Berman

# Multi-Cap Opportunities Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NMULX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $93 | 0.88% |

---

## How did the Fund perform last year?
The Fund generated strong performance for the period. Positive returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation, pro-business U.S. government policy initiatives, and the prospect of lower interest rates. Robust returns were evident across the portfolio as the Fund realized positive returns in various sectors, industries, and market capitalizations. This demonstrated the benefit of the Fund's flexible investment approach. Select holdings in the Health Care and Materials sectors detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i1a66868629fe6ca7d97b8f1a.jpg)Investments within the Consumer Discretionary, Financials, and IT sectors on an absolute basis

* ![Thin down arrow](i90c994d7d5f6387c168597e2.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](ibe2e1544eb609665028ab539.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $3,271,200** | **S&P 500<sup>®</sup> Index $3,907,600** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1089400 | $1125500 |
| **8/31/17** | $1310200 | $1308200 |
| **8/31/18** | $1561100 | $1565500 |
| **8/31/19** | $1606600 | $1611200 |
| **8/31/20** | $1771000 | $1964700 |
| **8/31/21** | $2412800 | $2577000 |
| **8/31/22** | $2059100 | $2287600 |
| **8/31/23** | $2323000 | $2652400 |
| **8/31/24** | $2916800 | $3372100 |
| **8/31/25** | $3271200 | $3907600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 12.15% | 13.06% | 12.58% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249976997 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 36% |
| Total Investment Advisory Fees Paid | $867418 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.7% |
| Alphabet, Inc. Class C | 4.1% |
| Amazon.com, Inc. | 4.0% |
| Berkshire Hathaway, Inc. Class B | 4.0% |
| Brookfield Corp. | 3.5% |
| Oracle Corp. | 3.3% |
| JPMorgan Chase & Co. | 3.0% |
| Broadcom, Inc. | 2.9% |
| General Motors Co. | 2.8% |

---

---

| | |
|:---|:---|
| 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 | 22.3% |
| Information Technology | 21.6% |
| Consumer Discretionary | 15.1% |
| Industrials | 12.8% |
| Communication Services | 9.0% |
| Health Care | 5.3% |
| Consumer Staples | 5.1% |
| Materials | 3.9% |
| Utilities | 2.7% |
| Energy | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0162 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NMULX

# Neuberger Berman

# Multi-Cap Opportunities Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NMUAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $132 | 1.25% |

---

## How did the Fund perform last year?
The Fund generated strong performance for the period. Positive returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation, pro-business U.S. government policy initiatives, and the prospect of lower interest rates. Robust returns were evident across the portfolio as the Fund realized positive returns in various sectors, industries, and market capitalizations. This demonstrated the benefit of the Fund's flexible investment approach. Select holdings in the Health Care and Materials sectors detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i280a388d4912817d6355eaa2.jpg)Investments within the Consumer Discretionary, Financials, and IT sectors on an absolute basis

* ![Thin down arrow](i281d45f9ca20ec82880632bf.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i13140589d6869b047979a447.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $29,705** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $10226 | $11255 |
| **8/31/17** | $12257 | $13082 |
| **8/31/18** | $14551 | $15655 |
| **8/31/19** | $14920 | $16112 |
| **8/31/20** | $16386 | $19647 |
| **8/31/21** | $22234 | $25770 |
| **8/31/22** | $18917 | $22876 |
| **8/31/23** | $21258 | $26524 |
| **8/31/24** | $26605 | $33721 |
| **8/31/25** | $29705 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 11.65% | 12.63% | 12.17% |
| **Class A (including sales charge)** | 5.24% | 11.31% | 11.50% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249976997 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 36% |
| Total Investment Advisory Fees Paid | $867418 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.7% |
| Alphabet, Inc. Class C | 4.1% |
| Amazon.com, Inc. | 4.0% |
| Berkshire Hathaway, Inc. Class B | 4.0% |
| Brookfield Corp. | 3.5% |
| Oracle Corp. | 3.3% |
| JPMorgan Chase & Co. | 3.0% |
| Broadcom, Inc. | 2.9% |
| General Motors Co. | 2.8% |

---

---

| | |
|:---|:---|
| 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 | 22.3% |
| Information Technology | 21.6% |
| Consumer Discretionary | 15.1% |
| Industrials | 12.8% |
| Communication Services | 9.0% |
| Health Care | 5.3% |
| Consumer Staples | 5.1% |
| Materials | 3.9% |
| Utilities | 2.7% |
| Energy | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0159 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NMUAX

# Neuberger Berman

# Multi-Cap Opportunities Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NMUCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $211 | 2.00% |

---

## How did the Fund perform last year?
The Fund generated strong performance for the period. Positive returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation, pro-business U.S. government policy initiatives, and the prospect of lower interest rates. Robust returns were evident across the portfolio as the Fund realized positive returns in various sectors, industries, and market capitalizations. This demonstrated the benefit of the Fund's flexible investment approach. Select holdings in the Health Care and Materials sectors detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i61626049c5e7dcd52de45a51.jpg)Investments within the Consumer Discretionary, Financials, and IT sectors on an absolute basis

* ![Thin down arrow](i64423628d1c531ec193ef931.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1fabc4bc5e29487e3b45eaea.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $29,287** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10773 | $11255 |
| **8/31/17** | $12815 | $13082 |
| **8/31/18** | $15100 | $15655 |
| **8/31/19** | $15369 | $16112 |
| **8/31/20** | $16758 | $19647 |
| **8/31/21** | $22566 | $25770 |
| **8/31/22** | $19049 | $22876 |
| **8/31/23** | $21265 | $26524 |
| **8/31/24** | $26409 | $33721 |
| **8/31/25** | $29287 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 10.90% | 11.81% | 11.34% |
| **Class C (including sales charge)** | 9.90% | 11.81% | 11.34% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249976997 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 36% |
| Total Investment Advisory Fees Paid | $867418 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.7% |
| Alphabet, Inc. Class C | 4.1% |
| Amazon.com, Inc. | 4.0% |
| Berkshire Hathaway, Inc. Class B | 4.0% |
| Brookfield Corp. | 3.5% |
| Oracle Corp. | 3.3% |
| JPMorgan Chase & Co. | 3.0% |
| Broadcom, Inc. | 2.9% |
| General Motors Co. | 2.8% |

---

---

| | |
|:---|:---|
| 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 | 22.3% |
| Information Technology | 21.6% |
| Consumer Discretionary | 15.1% |
| Industrials | 12.8% |
| Communication Services | 9.0% |
| Health Care | 5.3% |
| Consumer Staples | 5.1% |
| Materials | 3.9% |
| Utilities | 2.7% |
| Energy | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0161 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NMUCX

# Neuberger Berman

# Multi-Cap Opportunities Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NMUEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $14 | 0.13% |

---

## How did the Fund perform last year?
The Fund generated strong performance for the period. Positive returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation, pro-business U.S. government policy initiatives, and the prospect of lower interest rates. Robust returns were evident across the portfolio as the Fund realized positive returns in various sectors, industries, and market capitalizations. This demonstrated the benefit of the Fund's flexible investment approach. Select holdings in the Health Care and Materials sectors detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iccecc4be51e0e67efeded577.jpg)Investments within the Consumer Discretionary, Financials, and IT sectors on an absolute basis

* ![Thin down arrow](ia361e0e7e5c58f9629180b31.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0bf9ee39dbcff35e5f104ad5.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $33,619** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10894 | $11255 |
| **8/31/17** | $13102 | $13082 |
| **8/31/18** | $15611 | $15655 |
| **8/31/19** | $16066 | $16112 |
| **8/31/20** | $17710 | $19647 |
| **8/31/21** | $24128 | $25770 |
| **8/31/22** | $20679 | $22876 |
| **8/31/23** | $23513 | $26524 |
| **8/31/24** | $29763 | $33721 |
| **8/31/25** | $33619 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 12.96% | 13.68% | 12.89% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Institutional Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249976997 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 36% |
| Total Investment Advisory Fees Paid | $867418 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.7% |
| Alphabet, Inc. Class C | 4.1% |
| Amazon.com, Inc. | 4.0% |
| Berkshire Hathaway, Inc. Class B | 4.0% |
| Brookfield Corp. | 3.5% |
| Oracle Corp. | 3.3% |
| JPMorgan Chase & Co. | 3.0% |
| Broadcom, Inc. | 2.9% |
| General Motors Co. | 2.8% |

---

---

| | |
|:---|:---|
| 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 | 22.3% |
| Information Technology | 21.6% |
| Consumer Discretionary | 15.1% |
| Industrials | 12.8% |
| Communication Services | 9.0% |
| Health Care | 5.3% |
| Consumer Staples | 5.1% |
| Materials | 3.9% |
| Utilities | 2.7% |
| Energy | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0160 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NMUEX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NBSRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Investor Class | $92 | 0.86% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i888313c2de6628cd2ccde675.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i888313c2de6628cd2ccde675.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](ia1758976bd4a18fd47340ee2.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](ia1758976bd4a18fd47340ee2.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i59bc2df0aa181c741e4ce684.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class $33,803** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11049 | $11255 |
| **8/31/17** | $12545 | $13082 |
| **8/31/18** | $14848 | $15655 |
| **8/31/19** | $14448 | $16112 |
| **8/31/20** | $16776 | $19647 |
| **8/31/21** | $22555 | $25770 |
| **8/31/22** | $19466 | $22876 |
| **8/31/23** | $22335 | $26524 |
| **8/31/24** | $29392 | $33721 |
| **8/31/25** | $33803 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 15.01% | 15.04% | 12.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.877.9700 or fundinfo@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0197 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NBSRX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBSTX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Trust Class | $111 | 1.03% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if6bd69b045031febec33f043.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](if6bd69b045031febec33f043.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](i356295a8f006c1e05579c56f.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](i356295a8f006c1e05579c56f.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i560124e64c861514dbc068c2.jpg)

---

| | | |
|:---|:---|:---|
| | **Trust Class $33,232** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11029 | $11255 |
| **8/31/17** | $12508 | $13082 |
| **8/31/18** | $14776 | $15655 |
| **8/31/19** | $14353 | $16112 |
| **8/31/20** | $16643 | $19647 |
| **8/31/21** | $22337 | $25770 |
| **8/31/22** | $19243 | $22876 |
| **8/31/23** | $22032 | $26524 |
| **8/31/24** | $28951 | $33721 |
| **8/31/25** | $33232 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 14.79% | 14.83% | 12.76% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.877.9700 or fundinfo@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0198 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBSTX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBSLX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Institutional Class | $73 | 0.68% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i87b739e1f7cf724ab0f36200.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i87b739e1f7cf724ab0f36200.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](i567af59a21a82d73e1eb9809.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](i567af59a21a82d73e1eb9809.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](if79a917cf0ce5a4cf4c85864.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $3,442,200** | **S&P 500<sup>®</sup> Index $3,907,600** |
| **8/31/15** | $1000000 | $1000000 |
| **8/31/16** | $1107000 | $1125500 |
| **8/31/17** | $1259500 | $1308200 |
| **8/31/18** | $1493300 | $1565500 |
| **8/31/19** | $1455700 | $1611200 |
| **8/31/20** | $1693700 | $1964700 |
| **8/31/21** | $2281100 | $2577000 |
| **8/31/22** | $1971900 | $2287600 |
| **8/31/23** | $2266100 | $2652400 |
| **8/31/24** | $2988200 | $3372100 |
| **8/31/25** | $3442200 | $3907600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 15.19% | 15.24% | 13.16% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.366.6264 or issdl@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0203 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBSLX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NRAAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class A | $113 | 1.05% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ided549ea928f1e451316c893.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](ided549ea928f1e451316c893.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](i25867a14de3695aed5032125.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](i25867a14de3695aed5032125.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icf24fe17ee84f1ae5d4bd9a4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $31,257** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $9425 | $10000 |
| **8/31/16** | $10392 | $11255 |
| **8/31/17** | $11780 | $13082 |
| **8/31/18** | $13917 | $15655 |
| **8/31/19** | $13513 | $16112 |
| **8/31/20** | $15667 | $19647 |
| **8/31/21** | $21020 | $25770 |
| **8/31/22** | $18106 | $22876 |
| **8/31/23** | $20730 | $26524 |
| **8/31/24** | $27238 | $33721 |
| **8/31/25** | $31257 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 14.76% | 14.81% | 12.74% |
| **Class A (including sales charge)** | 8.16% | 13.46% | 12.07% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.877.9700 or fundinfo@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0199 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NRAAX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NRACX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class C | $193 | 1.80% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i8dfbb2bcdf86be38513332d7.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i8dfbb2bcdf86be38513332d7.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](if4d46d6c7dc6fbda4689b60e.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](if4d46d6c7dc6fbda4689b60e.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie5e17002502325cc7d65cb7a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $30,781** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $10944 | $11255 |
| **8/31/17** | $12316 | $13082 |
| **8/31/18** | $14441 | $15655 |
| **8/31/19** | $13919 | $16112 |
| **8/31/20** | $16015 | $19647 |
| **8/31/21** | $21331 | $25770 |
| **8/31/22** | $18239 | $22876 |
| **8/31/23** | $20727 | $26524 |
| **8/31/24** | $27025 | $33721 |
| **8/31/25** | $30781 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 13.90% | 13.96% | 11.90% |
| **Class C (including sales charge)** | 12.90% | 13.96% | 11.90% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.877.9700 or fundinfo@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0202 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NRACX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NRARX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class R3 | $139 | 1.30% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i380b3d2d50a8a55c4f6cecc6.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i380b3d2d50a8a55c4f6cecc6.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](i738701a9f966953ab6df72f6.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](i738701a9f966953ab6df72f6.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i213ea99c0c5b7e3323bc852e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R3 $32,343** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11001 | $11255 |
| **8/31/17** | $12435 | $13082 |
| **8/31/18** | $14654 | $15655 |
| **8/31/19** | $14197 | $16112 |
| **8/31/20** | $16415 | $19647 |
| **8/31/21** | $21975 | $25770 |
| **8/31/22** | $18881 | $22876 |
| **8/31/23** | $21565 | $26524 |
| **8/31/24** | $28252 | $33721 |
| **8/31/25** | $32343 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 14.48% | 14.53% | 12.45% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.366.6264 or issdl@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0200 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NRARX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRSRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class R6 | $64 | 0.59% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i1b885c3d0e709bf060bce3af.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i1b885c3d0e709bf060bce3af.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](id5d9992b958da2cff5b2412f.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](id5d9992b958da2cff5b2412f.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i82f6a490bf4829356d72a36b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6 $34,720** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11078 | $11255 |
| **8/31/17** | $12611 | $13082 |
| **8/31/18** | $14963 | $15655 |
| **8/31/19** | $14599 | $16112 |
| **8/31/20** | $17005 | $19647 |
| **8/31/21** | $22926 | $25770 |
| **8/31/22** | $19837 | $22876 |
| **8/31/23** | $22819 | $26524 |
| **8/31/24** | $30114 | $33721 |
| **8/31/25** | $34720 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 15.30% | 15.35% | 13.26% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.366.6264 or issdl@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0201 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRSRX

# Neuberger Berman

# Quality Equity Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NRAEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Class E | $5 | 0.05% |

---

## How did the Fund perform last year?
Equity markets were tumultuous but generated positive returns during the period, as investors responded to changing tariff policies, economic data, and interest rate expectations. The Fund's investment process, which seeks to identify high-quality companies, contributed to capital preservation in market downturns while participating in market rallies. The Fund's performance was aided by this approach, even though it did not own a number of the key IT outperformers that drove the S&P 500<sup><sup>®</sup></sup> Index's (the Index) performance this period, as these companies did not meet the Fund's quality criteria.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i9b0c9e4125b8935dc7104569.jpg)Stock selection within the Industrials and Financials sectors

* ![Thin up arrow](i9b0c9e4125b8935dc7104569.jpg)An overweight to Financials and underweight to Consumer Staples versus the Index

* ![Thin down arrow](ic36fdfa53697d86053860d27.jpg)An underweight to IT, especially the AI-focused names that drove the sector within the Index

* ![Thin down arrow](ic36fdfa53697d86053860d27.jpg)Stock selection and an underweight to the Communication Services sector

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i954f32b3f4d97bc9d7e8ec5c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class E $34,277** | **S&P 500<sup>®</sup> Index $39,076** |
| **8/31/15** | $10000 | $10000 |
| **8/31/16** | $11049 | $11255 |
| **8/31/17** | $12545 | $13082 |
| **8/31/18** | $14848 | $15655 |
| **8/31/19** | $14448 | $16112 |
| **8/31/20** | $16776 | $19647 |
| **8/31/21** | $22555 | $25770 |
| **8/31/22** | $19466 | $22876 |
| **8/31/23** | $22335 | $26524 |
| **8/31/24** | $29565 | $33721 |
| **8/31/25** | $34277 | $39076 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | 15.94% | 15.36% | 13.11% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of December 6, 2023 is that of the Fund's Investor Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1896368624 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 10% |
| Total Investment Advisory Fees Paid | $7862959 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class A | 9.3% |
| Amazon.com, Inc. | 8.9% |
| Microsoft Corp. | 8.6% |
| Interactive Brokers Group, Inc. Class A | 5.9% |
| Berkshire Hathaway, Inc. Class B | 4.5% |
| Kyndryl Holdings, Inc. | 4.5% |
| Mastercard, Inc. Class A | 4.1% |
| United Rentals, Inc. | 2.8% |
| GoDaddy, Inc. Class A | 2.8% |
| Applied Materials, Inc. | 2.4% |

---

---

| | |
|:---|:---|
| 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 | 26.2% |
| Information Technology | 26.2% |
| Consumer Discretionary | 13.0% |
| Industrials | 12.7% |
| Communication Services | 9.3% |
| Health Care | 8.6% |
| Consumer Staples | 1.1% |
| Energy | 1.1% |
| Materials | 1.0% |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.nb.com/QualityEquity/TSRdocuments or upon request at 800.877.9700 or fundinfo@nb.com.

Effective July 28, 2025, the Board of Trustees approved a change in Fund name from Neuberger Berman Sustainable Equity Fund to Neuberger Berman Quality Equity Fund.

In connection with the name change, the Fund made corresponding changes to its 80% investment policy and the Fund no longer has an 80% investment policy that requires the Fund to invest at least 80% of its net assets in equity securities selected in accordance with its prior name. However, at the effective date, the Fund's principal investment strategies were changed to state that the Fund invests predominately in securities of companies selected in accordance with the Fund's Sustainable Investing Criteria and the Fund defined "predominantly" to mean at least 80% of the Fund's net assets at the time of initial purchase.

## 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0204 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NRAEX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBRFX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $102 | 1.04% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i96f6b1a5d3c960b5ca31278d.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i96f6b1a5d3c960b5ca31278d.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](i27d0d3e8a8585b286a04b3f3.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](i27d0d3e8a8585b286a04b3f3.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3d34b87377b143035eedf775.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Trust Class $19,278** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $12159 | $11255 | $12537 |
| **8/31/17** | $12511 | $13082 | $12770 |
| **8/31/18** | $13138 | $15655 | $13595 |
| **8/31/19** | $15925 | $16112 | $15713 |
| **8/31/20** | $15267 | $19647 | $14447 |
| **8/31/21** | $20475 | $25770 | $19662 |
| **8/31/22** | $18250 | $22876 | $17744 |
| **8/31/23** | $16421 | $26524 | $16375 |
| **8/31/24** | $20048 | $33721 | $19885 |
| **8/31/25** | $19278 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | (3.84)% | 4.78% | 6.78% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0167 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBRFX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBRIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $83 | 0.85% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i0c13f6977801e18ad277b881.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i0c13f6977801e18ad277b881.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](i7c9ab22caeb610dbcf061edb.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](i7c9ab22caeb610dbcf061edb.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i0c52a5806ffe13bfd3ef659f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class $1,964,600** | **S&P 500<sup>®</sup> Index $3,907,600** | **FTSE Nareit All Equity REITs Index $1,960,800** |
| **8/31/15** | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $1218400 | $1125500 | $1253700 |
| **8/31/17** | $1255100 | $1308200 | $1277000 |
| **8/31/18** | $1321300 | $1565500 | $1359500 |
| **8/31/19** | $1604700 | $1611200 | $1571300 |
| **8/31/20** | $1540900 | $1964700 | $1444700 |
| **8/31/21** | $2071000 | $2577000 | $1966200 |
| **8/31/22** | $1848200 | $2287600 | $1774400 |
| **8/31/23** | $1666800 | $2652400 | $1637500 |
| **8/31/24** | $2040000 | $3372100 | $1988500 |
| **8/31/25** | $1964600 | $3907600 | $1960800 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | (3.70)% | 4.98% | 6.99% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0173 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBRIX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NREAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $119 | 1.21% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i0bbcbdb3a5255e53aa4d4ee6.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i0bbcbdb3a5255e53aa4d4ee6.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](i08f643b65ac4c897359125a6.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](i08f643b65ac4c897359125a6.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id4669f881f7345188dd146a5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge) $17,855** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $9425 | $10000 | $10000 |
| **8/31/16** | $11439 | $11255 | $12537 |
| **8/31/17** | $11740 | $13082 | $12770 |
| **8/31/18** | $12315 | $15655 | $13595 |
| **8/31/19** | $14903 | $16112 | $15713 |
| **8/31/20** | $14261 | $19647 | $14447 |
| **8/31/21** | $19093 | $25770 | $19662 |
| **8/31/22** | $16988 | $22876 | $17744 |
| **8/31/23** | $15258 | $26524 | $16375 |
| **8/31/24** | $18609 | $33721 | $19885 |
| **8/31/25** | $17855 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | (4.05)% | 4.60% | 6.60% |
| **Class A (including sales charge)** | (9.57)% | 3.37% | 5.97% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0168 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NREAX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NRECX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $191 | 1.96% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i1706d8c4397a86e305f62bf3.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i1706d8c4397a86e305f62bf3.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](i6bf50e3b58e4ac1075295503.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](i6bf50e3b58e4ac1075295503.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6f82c95791e592ec1e2e4a0c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charge) $17,581** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $12045 | $11255 | $12537 |
| **8/31/17** | $12272 | $13082 | $12770 |
| **8/31/18** | $12781 | $15655 | $13595 |
| **8/31/19** | $15352 | $16112 | $15713 |
| **8/31/20** | $14572 | $19647 | $14447 |
| **8/31/21** | $19373 | $25770 | $19662 |
| **8/31/22** | $17103 | $22876 | $17744 |
| **8/31/23** | $15250 | $26524 | $16375 |
| **8/31/24** | $18454 | $33721 | $19885 |
| **8/31/25** | $17581 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | (4.73)% | 3.83% | 5.80% |
| **Class C (including sales charge)** | (5.68)% | 3.83% | 5.80% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0172 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NRECX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NRERX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $143 | 1.46% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i29154f8e8160b4be91e91d30.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i29154f8e8160b4be91e91d30.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](ia455d087db53a1aad17c03e6.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](ia455d087db53a1aad17c03e6.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5dae7c30a5e13c605de283e0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3 $18,479** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $12103 | $11255 | $12537 |
| **8/31/17** | $12400 | $13082 | $12770 |
| **8/31/18** | $12967 | $15655 | $13595 |
| **8/31/19** | $15659 | $16112 | $15713 |
| **8/31/20** | $14942 | $19647 | $14447 |
| **8/31/21** | $19955 | $25770 | $19662 |
| **8/31/22** | $17713 | $22876 | $17744 |
| **8/31/23** | $15876 | $26524 | $16375 |
| **8/31/24** | $19297 | $33721 | $19885 |
| **8/31/25** | $18479 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | (4.24)% | 4.34% | 6.33% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0170 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NRERX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NRREX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $74 | 0.75% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i592f88121d7476c6057bea22.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](i592f88121d7476c6057bea22.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](i676c9fd99a94ba2398bc5398.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](i676c9fd99a94ba2398bc5398.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6e99404289d820fe5d414cc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6 $19,825** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $12185 | $11255 | $12537 |
| **8/31/17** | $12571 | $13082 | $12770 |
| **8/31/18** | $13244 | $15655 | $13595 |
| **8/31/19** | $16098 | $16112 | $15713 |
| **8/31/20** | $15475 | $19647 | $14447 |
| **8/31/21** | $20806 | $25770 | $19662 |
| **8/31/22** | $18597 | $22876 | $17744 |
| **8/31/23** | $16782 | $26524 | $16375 |
| **8/31/24** | $20552 | $33721 | $19885 |
| **8/31/25** | $19825 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | (3.53)% | 5.08% | 7.08% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0171 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NRREX

# Neuberger Berman

# Real Estate Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class E: NREEX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class E | $8 | 0.08% |

---

## How did the Fund perform last year?
The Fund and Real Estate Investment Trust market, as measured by the FTSE Nareit All Equity REITs Index (the Index) generated negative returns over the period. U.S. 10-year Treasury yields were volatile but ended the period up approximately 30 basis points, as persistent inflation curtailed the U.S. Federal Reserve Board rate cuts. Investor sentiment remained cautiously optimistic, underpinned by resilient consumer spending and continued GDP growth. Volatility persisted amid shifting rate expectations, federal deficit concerns, geopolitical risks and potential changes to tariffs and tax policy.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ie5a59c2fba6cacac98319b98.jpg)An underweight to the Industrial and an overweight to the Single Family Homes sectors versus the Index

* ![Thin up arrow](ie5a59c2fba6cacac98319b98.jpg)Overweights to American Healthcare REIT and Ventas, Inc. and an underweight to Alexandria Real Estate Equities (now overweight)

* ![Thin down arrow](ib0124a50858cff0e8627aaad.jpg)An underweight to the Lodging/Resorts and an overweight to the Manufactured Homes sectors versus the Index

* ![Thin down arrow](ib0124a50858cff0e8627aaad.jpg)Overweights to Hudson Pacific Properties, Iron Mountain, Inc. and Rexford Industrial Realty, Inc. (was sold during the period)

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7e13648cad5f02d97b7e577a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class E $19,973** | **S&P 500<sup>®</sup> Index $39,076** | **FTSE Nareit All Equity REITs Index $19,608** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $12159 | $11255 | $12537 |
| **8/31/17** | $12511 | $13082 | $12770 |
| **8/31/18** | $13138 | $15655 | $13595 |
| **8/31/19** | $15925 | $16112 | $15713 |
| **8/31/20** | $15267 | $19647 | $14447 |
| **8/31/21** | $20475 | $25770 | $19662 |
| **8/31/22** | $18354 | $22876 | $17744 |
| **8/31/23** | $16683 | $26524 | $16375 |
| **8/31/24** | $20566 | $33721 | $19885 |
| **8/31/25** | $19973 | $39076 | $19608 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class E** | (2.88)% | 5.52% | 7.16% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |
| **FTSE Nareit All Equity REITs Index** | (1.39)% | 6.30% | 6.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Trust Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $680765578 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 57% |
| Total Investment Advisory Fees Paid | $4243072 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| American Tower Corp. | 9.5% |
| Welltower, Inc. | 9.1% |
| Prologis, Inc. | 7.2% |
| Equinix, Inc. | 5.5% |
| AvalonBay Communities, Inc. | 5.1% |
| Public Storage | 4.7% |
| Ventas, Inc. | 4.2% |
| SBA Communications Corp. | 4.0% |
| Simon Property Group, Inc. | 3.6% |
| Invitation Homes, 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>)

---

| | |
|:---|:---|
| Health Care | 17.8% |
| Telecommunications | 14.2% |
| Apartments | 9.5% |
| Industrial | 8.2% |
| Data Centers | 7.9% |
| Self Storage | 7.3% |
| Shopping Centers | 6.4% |
| Free Standing | 5.3% |
| Regional Malls | 4.8% |
| Manufactured Homes | 4.6% |
| Single Family Homes | 3.7% |
| Office | 3.6% |
| Specialty | 2.7% |
| Gaming | 1.4% |
| Timber | 1.1% |
| Short-Term Investments | 1.5% |
| 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/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0169 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class E: NREEX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Investor Class: NBMIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Investor Class | $102 | 1.01% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i19b8b27ff3baad51a500402c.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](if9901c30ed89008bbe4327cc.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](if9901c30ed89008bbe4327cc.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icaf6897cc5a12fc842b2aecf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class $28,951** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9684 | $11144 | $10355 | $10859 |
| **8/31/17** | $11813 | $12934 | $12052 | $12479 |
| **8/31/18** | $16381 | $15553 | $15754 | $15654 |
| **8/31/19** | $17046 | $15757 | $14018 | $13636 |
| **8/31/20** | $21001 | $19135 | $16440 | $14457 |
| **8/31/21** | $26870 | $25458 | $22294 | $21264 |
| **8/31/22** | $21511 | $22076 | $16663 | $17461 |
| **8/31/23** | $21822 | $25334 | $17792 | $18273 |
| **8/31/24** | $28565 | $31958 | $20936 | $21648 |
| **8/31/25** | $28951 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 1.35% | 6.63% | 11.22% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0181 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Investor Class: NBMIX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Trust Class: NBMOX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Trust Class | $126 | 1.25% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ie06651849ebe243f9ca00703.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i62c677d6ed50ec6b973ca478.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i62c677d6ed50ec6b973ca478.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i92cfb0fb168065ba82c8abd6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Trust Class $28,424** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9673 | $11144 | $10355 | $10859 |
| **8/31/17** | $11776 | $12934 | $12052 | $12479 |
| **8/31/18** | $16304 | $15553 | $15754 | $15654 |
| **8/31/19** | $16954 | $15757 | $14018 | $13636 |
| **8/31/20** | $20859 | $19135 | $16440 | $14457 |
| **8/31/21** | $26638 | $25458 | $22294 | $21264 |
| **8/31/22** | $21273 | $22076 | $16663 | $17461 |
| **8/31/23** | $21532 | $25334 | $17792 | $18273 |
| **8/31/24** | $28115 | $31958 | $20936 | $21648 |
| **8/31/25** | $28424 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Trust Class** | 1.10% | 6.38% | 11.01% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0182 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Trust Class: NBMOX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Advisor Class: NBMVX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Advisor Class | $141 | 1.40% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i5afbc52f0405ae50be07c565.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i9ae8d5f5e380976016c2d8fa.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i9ae8d5f5e380976016c2d8fa.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i99627fe127505e0d093499f8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class $28,007** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9660 | $11144 | $10355 | $10859 |
| **8/31/17** | $11745 | $12934 | $12052 | $12479 |
| **8/31/18** | $16238 | $15553 | $15754 | $15654 |
| **8/31/19** | $16856 | $15757 | $14018 | $13636 |
| **8/31/20** | $20709 | $19135 | $16440 | $14457 |
| **8/31/21** | $26405 | $25458 | $22294 | $21264 |
| **8/31/22** | $21054 | $22076 | $16663 | $17461 |
| **8/31/23** | $21283 | $25334 | $17792 | $18273 |
| **8/31/24** | $27745 | $31958 | $20936 | $21648 |
| **8/31/25** | $28007 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Advisor Class** | 0.94% | 6.22% | 10.85% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0188 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Advisor Class: NBMVX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NBSMX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Institutional Class | $91 | 0.90% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ifb228b0581a1c025e3a8cac6.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i908d73fa847f05655f440464.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i908d73fa847f05655f440464.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i9368f32bdbec913af563d92c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class $2,957,300** | **Russell 3000<sup>®</sup> Index $3,702,000** | **Russell 2000<sup>®</sup> Growth Index $2,312,900** | **Russell 2000<sup>®</sup> Index $2,341,600** |
| **8/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/31/16** | $971800 | $1114400 | $1035500 | $1085900 |
| **8/31/17** | $1188600 | $1293400 | $1205200 | $1247900 |
| **8/31/18** | $1653600 | $1555300 | $1575400 | $1565400 |
| **8/31/19** | $1726000 | $1575700 | $1401800 | $1363600 |
| **8/31/20** | $2131900 | $1913500 | $1644000 | $1445700 |
| **8/31/21** | $2732600 | $2545800 | $2229400 | $2126400 |
| **8/31/22** | $2190000 | $2207600 | $1666300 | $1746100 |
| **8/31/23** | $2224600 | $2533400 | $1779200 | $1827300 |
| **8/31/24** | $2914600 | $3195800 | $2093600 | $2164800 |
| **8/31/25** | $2957300 | $3702000 | $2312900 | $2341600 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 1.46% | 6.76% | 11.45% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0187 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NBSMX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NSNAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class A | $127 | 1.26% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iba7cf0aa864e5d0cdce7bcb9.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i006bc05670f84a4b2807ccd7.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i006bc05670f84a4b2807ccd7.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i41f9b5e5598877aaa98de504.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge) $26,878** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $9425 | $10000 | $10000 | $10000 |
| **8/31/16** | $9126 | $11144 | $10355 | $10859 |
| **8/31/17** | $11122 | $12934 | $12052 | $12479 |
| **8/31/18** | $15416 | $15553 | $15754 | $15654 |
| **8/31/19** | $16033 | $15757 | $14018 | $13636 |
| **8/31/20** | $19735 | $19135 | $16440 | $14457 |
| **8/31/21** | $25199 | $25458 | $22294 | $21264 |
| **8/31/22** | $20124 | $22076 | $16663 | $17461 |
| **8/31/23** | $20369 | $25334 | $17792 | $18273 |
| **8/31/24** | $26591 | $31958 | $20936 | $21648 |
| **8/31/25** | $26878 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class A (at NAV)** | 1.08% | 6.37% | 11.05% |
| **Class A (including sales charge)** | (4.73)% | 5.12% | 10.39% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0183 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NSNAX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NSNCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class C | $201 | 2.01% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i668e4e216bc23f3dd61bddec.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i36e12ed9847001a2b03d3dba.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i36e12ed9847001a2b03d3dba.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ifd7322ec1ffed0c240c4de4d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charge) $26,458** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9608 | $11144 | $10355 | $10859 |
| **8/31/17** | $11626 | $12934 | $12052 | $12479 |
| **8/31/18** | $15993 | $15553 | $15754 | $15654 |
| **8/31/19** | $16504 | $15757 | $14018 | $13636 |
| **8/31/20** | $20167 | $19135 | $16440 | $14457 |
| **8/31/21** | $25562 | $25458 | $22294 | $21264 |
| **8/31/22** | $20261 | $22076 | $16663 | $17461 |
| **8/31/23** | $20353 | $25334 | $17792 | $18273 |
| **8/31/24** | $26372 | $31958 | $20936 | $21648 |
| **8/31/25** | $26458 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class C (at NAV)** | 0.33% | 5.58% | 10.22% |
| **Class C (including sales charge)** | (0.67)% | 5.58% | 10.22% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0186 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NSNCX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R3: NSNRX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R3 | $152 | 1.51% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i98123e2d46f7ae8d3ff7a00c.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i30cbe80182a381f37f4cfd55.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i30cbe80182a381f37f4cfd55.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i70933fcad32c1b022ee83d2e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3 $27,819** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9656 | $11144 | $10355 | $10859 |
| **8/31/17** | $11740 | $12934 | $12052 | $12479 |
| **8/31/18** | $16235 | $15553 | $15754 | $15654 |
| **8/31/19** | $16841 | $15757 | $14018 | $13636 |
| **8/31/20** | $20680 | $19135 | $16440 | $14457 |
| **8/31/21** | $26342 | $25458 | $22294 | $21264 |
| **8/31/22** | $20981 | $22076 | $16663 | $17461 |
| **8/31/23** | $21187 | $25334 | $17792 | $18273 |
| **8/31/24** | $27590 | $31958 | $20936 | $21648 |
| **8/31/25** | $27819 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R3** | 0.83% | 6.11% | 10.77% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0184 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R3: NSNRX

# Neuberger Berman

# Small Cap Growth Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class R6: NSRSX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Class R6 | $81 | 0.80% |

---

## How did the Fund perform last year?
The twelve-month period represented a challenging time for the Fund, following a strong effort across most of calendar year 2024, as the Fund struggled to keep pace with a highly rotational market. The net effect of strong macro-level influences, policy uncertainty and economic "handwringing" was unpredictability, as the market took investors on a rollercoaster ride of risk-on/risk-off sentiment through multiple distinct and varied mini-regimes. For the period, the Fund delivered a positive at NAV return but trailed the Russell 2000<sup><sup>®</sup></sup> Growth Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i7ffba952c2f4d9fb063b3f25.jpg)Investments in Health Care and our avoidance of the Communication Services sector

* ![Thin down arrow](i23c186a43e94c78440908cac.jpg)Investments in the IT, Industrials and Financial sectors

* ![Thin down arrow](i23c186a43e94c78440908cac.jpg)January's significant decline in market prices, spurred by the debut of China's DeepSeek, across AI infrastructure companies

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id854b7dbfd9d6b5525f1972a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6 $29,500** | **Russell 3000<sup>®</sup> Index $37,020** | **Russell 2000<sup>®</sup> Growth Index $23,129** | **Russell 2000<sup>®</sup> Index $23,416** |
| **8/31/15** | $10000 | $10000 | $10000 | $10000 |
| **8/31/16** | $9684 | $11144 | $10355 | $10859 |
| **8/31/17** | $11813 | $12934 | $12052 | $12479 |
| **8/31/18** | $16381 | $15553 | $15754 | $15654 |
| **8/31/19** | $17115 | $15757 | $14018 | $13636 |
| **8/31/20** | $21163 | $19135 | $16440 | $14457 |
| **8/31/21** | $27150 | $25458 | $22294 | $21264 |
| **8/31/22** | $21781 | $22076 | $16663 | $17461 |
| **8/31/23** | $22147 | $25334 | $17792 | $18273 |
| **8/31/24** | $29047 | $31958 | $20936 | $21648 |
| **8/31/25** | $29500 | $37020 | $23129 | $23416 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 1.56% | 6.87% | 11.42% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.98% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The performance prior to Class R6's inception date of September 7, 2018 is that of the Fund's Investor Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $462708373 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 150% |
| Total Investment Advisory Fees Paid | $2749337 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.3% |
| RadNet, Inc. | 2.3% |
| Dave, Inc. | 2.2% |
| Zurn Elkay Water Solutions Corp. | 1.9% |
| SPX Technologies, Inc. | 1.9% |
| StepStone Group, Inc. Class A | 1.9% |
| IonQ, Inc. | 1.8% |
| Credo Technology Group Holding Ltd. | 1.8% |
| InterDigital, Inc. | 1.7% |
| Q2 Holdings, 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>)

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Industrials | 23.2% |
| Health Care | 22.0% |
| Financials | 11.9% |
| Consumer Discretionary | 10.4% |
| Materials | 2.7% |
| Consumer Staples | 1.4% |
| Energy | 1.2% |
| Utilities | 0.5% |
| Short-Term Investments | 3.3% |
| 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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0185 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class R6: NSRSX

# Neuberger Berman

# U.S. Equity Impact Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Institutional Class: NEQIX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/USEquityImpact/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 year?
(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** |
| Institutional Class | $91 | 0.90% |

---

## How did the Fund perform last year?
The Fund generated positive at NAV performance for the period. Returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation and the prospect of lower interest rates. The Fund is supported by demand for products and services that have the potential to generate positive outcomes for people and the planet. Government policies had mixed effects on the Fund. Returns within the Consumer Discretionary, Industrials, and IT sectors were strong. Select holdings in Health Care and Materials detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](iaa43202df7147195acc79e6b.jpg)On an absolute basis, investments within the Industrials, IT and Utilities sectors

* ![Thin down arrow](ic02182fc2a18190541ac9abd.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform since inception?

### Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](i0be76bd51237181e3120c481.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class $1,306,300** | **Russell 3000<sup>®</sup> Index $1,653,300** |
| **3/23/21** | $1000000 | $1000000 |
| **5/31/21** | $1032000 | $1060800 |
| **8/31/21** | $1135000 | $1136900 |
| **11/30/21** | $1088000 | $1141700 |
| **2/28/22** | $979000 | $1088700 |
| **5/31/22** | $914900 | $1021800 |
| **8/31/22** | $885900 | $985900 |
| **11/30/22** | $954000 | $1018400 |
| **2/28/23** | $939300 | $1000800 |
| **5/31/23** | $955300 | $1042600 |
| **8/31/23** | $1007400 | $1131400 |
| **11/30/23** | $992400 | $1146800 |
| **2/29/24** | $1116400 | $1287100 |
| **5/31/24** | $1195800 | $1330100 |
| **8/31/24** | $1266200 | $1427200 |
| **11/30/24** | $1312500 | $1542200 |
| **2/28/25** | $1237800 | $1512700 |
| **5/31/25** | $1250900 | $1504600 |
| **8/31/25** | $1306300 | $1653300 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 3/23/21** |
| **Institutional Class** | 3.16% | 6.19% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 11.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $14342361 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Motorola Solutions, Inc. | 4.7% |
| Trane Technologies PLC | 4.6% |
| Pentair PLC | 4.5% |
| NVIDIA Corp. | 4.1% |
| Westinghouse Air Brake Technologies Corp. | 3.7% |
| Brookfield Renewable Corp. | 3.7% |
| Boston Scientific Corp. | 3.6% |
| Ecolab, Inc. | 3.6% |
| Graphic Packaging Holding Co. | 3.4% |
| NextEra Energy, Inc. | 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>)

---

| | |
|:---|:---|
| Industrials | 32.8% |
| Information Technology | 23.3% |
| Health Care | 16.8% |
| Materials | 9.2% |
| Utilities | 6.9% |
| Financials | 4.1% |
| Consumer Discretionary | 3.1% |
| Consumer Staples | 3.0% |
| 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/USEquityImpact/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0215 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Institutional Class: NEQIX

# Neuberger Berman

# U.S. Equity Impact Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class A: NEQAX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/USEquityImpact/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 year?
(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** |
| Class A | $128 | 1.26% |

---

## How did the Fund perform last year?
The Fund generated positive at NAV performance for the period. Returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation and the prospect of lower interest rates. The Fund is supported by demand for products and services that have the potential to generate positive outcomes for people and the planet. Government policies had mixed effects on the Fund. Returns within the Consumer Discretionary, Industrials, and IT sectors were strong. Select holdings in Health Care and Materials detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](if7aeae3cec36db3b8edd223b.jpg)On an absolute basis, investments within the Industrials, IT and Utilities sectors

* ![Thin down arrow](i02b11fc85a3dd5f448008752.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i81eea21733206f4675432ae1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge) $12,119** | **Russell 3000<sup>®</sup> Index $16,533** |
| **3/23/21** | $9425 | $10000 |
| **5/31/21** | $9727 | $10608 |
| **8/31/21** | $10679 | $11369 |
| **11/30/21** | $10226 | $11417 |
| **2/28/22** | $9195 | $10887 |
| **5/31/22** | $8582 | $10218 |
| **8/31/22** | $8299 | $9859 |
| **11/30/22** | $8931 | $10184 |
| **2/28/23** | $8785 | $10008 |
| **5/31/23** | $8936 | $10426 |
| **8/31/23** | $9408 | $11314 |
| **11/30/23** | $9257 | $11468 |
| **2/29/24** | $10409 | $12871 |
| **5/31/24** | $11136 | $13301 |
| **8/31/24** | $11788 | $14272 |
| **11/30/24** | $12204 | $15422 |
| **2/28/25** | $11505 | $15127 |
| **5/31/25** | $11609 | $15046 |
| **8/31/25** | $12119 | $16533 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 3/23/21** |
| **Class A (at NAV)** | 2.80% | 5.82% |
| **Class A (including sales charge)** | (3.10)% | 4.42% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 11.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75%. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $14342361 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Motorola Solutions, Inc. | 4.7% |
| Trane Technologies PLC | 4.6% |
| Pentair PLC | 4.5% |
| NVIDIA Corp. | 4.1% |
| Westinghouse Air Brake Technologies Corp. | 3.7% |
| Brookfield Renewable Corp. | 3.7% |
| Boston Scientific Corp. | 3.6% |
| Ecolab, Inc. | 3.6% |
| Graphic Packaging Holding Co. | 3.4% |
| NextEra Energy, Inc. | 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>)

---

| | |
|:---|:---|
| Industrials | 32.8% |
| Information Technology | 23.3% |
| Health Care | 16.8% |
| Materials | 9.2% |
| Utilities | 6.9% |
| Financials | 4.1% |
| Consumer Discretionary | 3.1% |
| Consumer Staples | 3.0% |
| 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/USEquityImpact/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0213 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class A: NEQAX

# Neuberger Berman

# U.S. Equity Impact Fund
![Image](i80a7de819d00b73e12064a79.jpg)

Annual Shareholder Report

August 31, 2025

# Class C: NEQCX
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.nb.com/USEquityImpact/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 year?
(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** |
| Class C | $203 | 2.01% |

---

## How did the Fund perform last year?
The Fund generated positive at NAV performance for the period. Returns for U.S. equities were supported by economic and earnings growth, stabilizing inflation and the prospect of lower interest rates. The Fund is supported by demand for products and services that have the potential to generate positive outcomes for people and the planet. Government policies had mixed effects on the Fund. Returns within the Consumer Discretionary, Industrials, and IT sectors were strong. Select holdings in Health Care and Materials detracted in part due to challenging operating environments.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i52d3fa8b88b9655aa2288762.jpg)On an absolute basis, investments within the Industrials, IT and Utilities sectors

* ![Thin down arrow](i09f127e83e5ed72c9b01cb28.jpg)Select holdings within the Health Care and Materials sectors

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i515eb02cca8e847811c0fd41.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (including sales charge) $12,438** | **Russell 3000<sup>®</sup> Index $16,533** |
| **3/23/21** | $10000 | $10000 |
| **5/31/21** | $10300 | $10608 |
| **8/31/21** | $11290 | $11369 |
| **11/30/21** | $10790 | $11417 |
| **2/28/22** | $9686 | $10887 |
| **5/31/22** | $9026 | $10218 |
| **8/31/22** | $8715 | $9859 |
| **11/30/22** | $9356 | $10184 |
| **2/28/23** | $9186 | $10008 |
| **5/31/23** | $9326 | $10426 |
| **8/31/23** | $9806 | $11314 |
| **11/30/23** | $9636 | $11468 |
| **2/29/24** | $10807 | $12871 |
| **5/31/24** | $11547 | $13301 |
| **8/31/24** | $12188 | $14272 |
| **11/30/24** | $12598 | $15422 |
| **2/28/25** | $11857 | $15127 |
| **5/31/25** | $11937 | $15046 |
| **8/31/25** | $12438 | $16533 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 3/23/21** |
| **Class C (at NAV)** | 2.05% | 5.03% |
| **Class C (including sales charge)** | 1.05% | 5.03% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 11.97% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit www.nb.com/performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $14342361 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 16% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Motorola Solutions, Inc. | 4.7% |
| Trane Technologies PLC | 4.6% |
| Pentair PLC | 4.5% |
| NVIDIA Corp. | 4.1% |
| Westinghouse Air Brake Technologies Corp. | 3.7% |
| Brookfield Renewable Corp. | 3.7% |
| Boston Scientific Corp. | 3.6% |
| Ecolab, Inc. | 3.6% |
| Graphic Packaging Holding Co. | 3.4% |
| NextEra Energy, Inc. | 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>)

---

| | |
|:---|:---|
| Industrials | 32.8% |
| Information Technology | 23.3% |
| Health Care | 16.8% |
| Materials | 9.2% |
| Utilities | 6.9% |
| Financials | 4.1% |
| Consumer Discretionary | 3.1% |
| Consumer Staples | 3.0% |
| 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/USEquityImpact/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.

![Image](i80a7de819d00b73e12064a79.jpg)

# Z0214 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

Class C: NEQCX

&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 Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3. Audit Committee Financial Expert.

The Board has determined that the Registrant has three audit committee financial experts serving on its audit committee. The Registrant's audit committee financial experts are Michael J. Cosgrove, Martha C. Goss and Deborah C. McLean. Mr. Cosgrove, Ms. Goss and Ms. McLean are independent trustees as defined by Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Ernst & Young, LLP ("E&Y") serves as independent registered public accounting firm to each series of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> 

The aggregate fees billed for professional services rendered by E&Y for the audit of the annual financial statements or services that are normally provided by E&Y in connection with statutory and regulatory filings or engagements were $862,500 and $824,000 for the fiscal years ended 2024 and 2025, respectively.

(b) <u>Audit-Related Fees</u>

The aggregate fees billed to the Registrant for assurance and related services by E&Y that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported above in Audit Fees were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for assurance and related services by E&Y that are reasonably related to the performance of the audit that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> 

The aggregate fees billed to the Registrant for professional services rendered by E&Y for tax compliance, tax advice, and tax planning were $248,870 and $255,500 for the fiscal years ended 2024 and 2025, respectively. The nature of the services provided includes preparation of the Federal and State tax extensions and tax returns, review of annual excise tax calculations, and preparation of form 8613, in addition to assistance with the identification of Passive Foreign Investment Companies, assistance with determination of various foreign withholding taxes, and assistance with Internal Revenue Code and tax regulation requirements for fund investments. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

------

The fees billed to other entities in the investment company complex for professional services rendered by E&Y for tax compliance, tax advice, and tax planning that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(d) <u>All Other Fees</u>

The aggregate fees billed to the Registrant for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Audit Committee's Pre-Approval Policies and Procedures</u> 

(1) The Audit Committee's pre-approval policies and procedures for the Registrant to engage an accountant to render audit and non-audit services delegate to each member of the Committee the power to pre-approve services between meetings of the Committee.

(2) None of the services described in paragraphs (b) through (d) above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Hours Attributed to Other Persons</u>

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u> 

Non-audit fees billed by E&Y for services rendered to the Registrant were $248,870 and $255,500 for the fiscal years ended 2024 and 2025, respectively.

Non-audit fees billed by E&Y for services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively.

(h) The Audit Committee of the Board considered whether the provision of non-audit services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved by the Audit Committee because the engagement did not relate directly to the operations and financial reporting of the Registrant is compatible with maintaining E&Y's independence.

(i) Not applicable.

(j) Not applicable.

------

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant. 

Item 6. Investments.

(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.

(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

![](img30b42b3d1.jpg)

Neuberger Berman

Equity Funds

---

| | |
|:---|:---|
| Investor Class Shares | Class A Shares |
| Trust Class Shares | Class C Shares |
| Advisor Class Shares | Class R3 Shares |
| Institutional Class Shares | Class R6 Shares |
|  | Class E Shares |

---

---

| |
|:---|
| Dividend Growth Fund  |
| 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 (formerly <br> Sustainable Equity Fund)<br>|
| Real Estate Fund  |
| Small Cap Growth Fund  |
| U.S. Equity Impact Fund  |

---

![](img5b31a6ba2.jpg)

Annual Financial Statements and Other Information

August 31, 2025

------

![](img66d130543.gif)

Contents

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

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_LEG-TOC-Legend-16_1) | 3 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_1) | 4 |
| [Dividend Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_1) | 4 |
| [Positions by Country](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_3) | 6 |
| [Emerging Markets Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_4) | 7 |
| [Positions by Industry](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_7) | 10 |
| [Equity Income Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_10) | 13 |
| [Positions by Country](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_12) | 15 |
| [Focus Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_15) | 18 |
| [Positions by Country](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_17) | 20 |
| [Genesis Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_20) | 23 |
| [International Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_23) | 26 |
| [Positions by Industry](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_25) | 28 |
| [International Select Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_27) | 30 |
| [Positions by Industry](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_29) | 32 |
| [Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_31) | 34 |
| [Large Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_34) | 37 |
| [Large Cap Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_39) | 42 |
| [Mid Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_42) | 45 |
| [Mid Cap Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_44) | 47 |
| [Multi-Cap Opportunities Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_47) | 50 |
| [Quality Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_50) | 53 |
| [Real Estate Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_54) | 57 |
| [Small Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_56) | 59 |
| [U.S. Equity Impact Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOI-TOC-SOI-16_59) | 62 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_FS-StatementofAssetsandLiabilities-Intro-16_2) | 66 |
| [Remuneration paid to trustees, officers, and others (Form N-CSR](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_1)<br> [Item 10)](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_1)<br>| 74 |
| [Dividend Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_1) | 74 |
| [Emerging Markets Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_1) | 74 |
| [Equity Income Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_1) | 74 |
| [Focus Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_2) | 75 |
| [Genesis Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_2) | 75 |
| [International Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_2) | 75 |
| [International Select Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_2) | 75 |
| [Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_2) | 75 |
| [Large Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_5) | 78 |

---

------

![](img66d130543.gif)

Contents

---

| | |
|:---|:---|
| [Large Cap Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_5) | 78 |
| [Mid Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_5) | 78 |
| [Mid Cap Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [Multi-Cap Opportunities Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [Quality Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [Real Estate Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [Small Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [U.S. Equity Impact Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_SOPI-StatementofOperations-Intro-16_6) | 79 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_c15f5585-5873-43d1-906f-2092257de355_NTF-TOC-NTFS-2_1)<br> [Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_NTF-TOC-NTFS-2_1)<br>| 94 |
| [FINANCIAL HIGHLIGHTS (ALL CLASSES) (Form N-CSR](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_2)<br> [Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_2)<br>| 122 |
| [Dividend Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_2) | 122 |
| [Emerging Markets Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_2) | 122 |
| [Equity Income Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_4) | 124 |
| [Focus Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_6) | 126 |
| [Genesis Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_8) | 128 |
| [International Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_10) | 130 |
| [International Select Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_14) | 134 |
| [Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_16) | 136 |
| [Large Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_16) | 136 |
| [Large Cap Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_20) | 140 |
| [Mid Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_22) | 142 |
| [Mid Cap Intrinsic Value Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_26) | 146 |
| [Multi-Cap Opportunities Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_28) | 148 |
| [Quality Equity Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_30) | 150 |
| [Real Estate Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_32) | 152 |
| [Small Cap Growth Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_34) | 154 |
| [U.S. Equity Impact Fund](#xx_c15f5585-5873-43d1-906f-2092257de355_FIHIPIV-TOC-PivotedFinancialHighlights-Name-16_38) | 158 |
| [Report of Independent Registered Public Accounting Firm (Form N-CSR](#xx_c15f5585-5873-43d1-906f-2092257de355_AUD-TOC-AuditorsReport-16_1)<br> [Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_AUD-TOC-AuditorsReport-16_1)<br>| 166 |
| [Directory (Form N-CSR Item 7)](#xx_c15f5585-5873-43d1-906f-2092257de355_DIRECT-Directory_1) | 169 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_c15f5585-5873-43d1-906f-2092257de355_DISCLOSE-ProxyVotingPoliciesandProcedures_1) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_c15f5585-5873-43d1-906f-2092257de355_DISCLOSE-ProxyVotingPoliciesandProcedures_1) | 170 |
| [Board Consideration of the Management Agreements (Form N-CSR](#xx_c15f5585-5873-43d1-906f-2092257de355_DISCLOSE-ProxyVotingPoliciesandProcedures_1)<br> [Item 11)](#xx_c15f5585-5873-43d1-906f-2092257de355_DISCLOSE-ProxyVotingPoliciesandProcedures_1)<br>| N/A |
| [Notice to Shareholders](#xx_c15f5585-5873-43d1-906f-2092257de355_NOTICE-NoticetoShareholders_1) | 171 |

---

The "Neuberger Berman" name and logo 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend August 31, 2025 (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 |
| PJSC | = Public Joint Stock Company |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |

---

------

Schedule of Investments Dividend Growth Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.1%** | **Common Stocks 98.1%** | **Common Stocks 98.1%** |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |
| 7350 | RTX Corp. | &nbsp;&nbsp; **$1165710** |
| **Banks 4.6%** | **Banks 4.6%** | **Banks 4.6%** |
| 11650 | JPMorgan Chase & Co. | &nbsp;&nbsp; 3511543 |
| 8550 | &nbsp;&nbsp; PNC Financial Services Group, <br> Inc.<br>| &nbsp;&nbsp; 1773612 |
|  |  | &nbsp;&nbsp; **5285155** |
| **Capital Markets 7.9%** | **Capital Markets 7.9%** | **Capital Markets 7.9%** |
| 1275 | Blackrock, Inc. | &nbsp;&nbsp; 1437103 |
| 7700 | Cboe Global Markets, Inc. | &nbsp;&nbsp; 1816815 |
| 34400 | Charles Schwab Corp. | &nbsp;&nbsp; 3296896 |
| 16450 | Morgan Stanley | &nbsp;&nbsp; 2475396 |
|  |  | &nbsp;&nbsp; **9026210** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| 16915 | &nbsp;&nbsp; Novonesis (Novozymes) B <br> Class B<br>| &nbsp;&nbsp; **1075230** |
| **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** |
| 2853 | Veralto Corp. | &nbsp;&nbsp; **302960** |
| **Communications Equipment 0.4%** | **Communications Equipment 0.4%** | **Communications Equipment 0.4%** |
| 1000 | Motorola Solutions, Inc. | &nbsp;&nbsp; **472460** |
| **Consumer Finance 1.5%** | **Consumer Finance 1.5%** | **Consumer Finance 1.5%** |
| 5250 | American Express Co. | &nbsp;&nbsp; **1739220** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| 26275 | Walmart, Inc. | &nbsp;&nbsp; **2548150** |
| **Electric Utilities 0.8%** | **Electric Utilities 0.8%** | **Electric Utilities 0.8%** |
| 14350 | Alliant Energy Corp. | &nbsp;&nbsp; **933755** |
| **Electrical Equipment 7.1%** | **Electrical Equipment 7.1%** | **Electrical Equipment 7.1%** |
| 75950 | Siemens Energy AG<sup>\*</sup> | &nbsp;&nbsp; **8060825** |
| **Electronic Equipment, Instruments & Components 5.1%** | **Electronic Equipment, Instruments & Components 5.1%** | **Electronic Equipment, Instruments & Components 5.1%** |
| 53000 | Amphenol Corp. Class A | &nbsp;&nbsp; **5769580** |
| **Entertainment 4.4%** | **Entertainment 4.4%** | **Entertainment 4.4%** |
| 21550 | Electronic Arts, Inc. | &nbsp;&nbsp; 3705522 |
| 11475 | Walt Disney Co. | &nbsp;&nbsp; 1358411 |
|  |  | &nbsp;&nbsp; **5063933** |
| **Financial Services 0.8%** | **Financial Services 0.8%** | **Financial Services 0.8%** |
| 16850 | Equitable Holdings, Inc. | &nbsp;&nbsp; **897431** |
| **Food Products 3.5%** | **Food Products 3.5%** | **Food Products 3.5%** |
| 15075 | McCormick & Co., Inc. | &nbsp;&nbsp; 1060828 |
| 20150 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; 1238016 |
| 43522 | Tootsie Roll Industries, Inc. | &nbsp;&nbsp; 1750019 |
|  |  | &nbsp;&nbsp; **4048863** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Gas Utilities 1.0%** | **Gas Utilities 1.0%** | **Gas Utilities 1.0%** |
| 13840 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp; **$1105539** |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 42425 | CSX Corp. | &nbsp;&nbsp; **1379237** |
| **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** |
| 5000 | Abbott Laboratories | &nbsp;&nbsp; 663300 |
| 11090 | Medtronic PLC | &nbsp;&nbsp; 1029263 |
|  |  | &nbsp;&nbsp; **1692563** |
| **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** |
| 5200 | McDonald's Corp. | &nbsp;&nbsp; **1630408** |
| **Industrial Conglomerates 1.6%** | **Industrial Conglomerates 1.6%** | **Industrial Conglomerates 1.6%** |
| 8200 | Honeywell International, Inc. | &nbsp;&nbsp; **1799900** |
| **Insurance 1.9%** | **Insurance 1.9%** | **Insurance 1.9%** |
| 5175 | Aon PLC Class A | &nbsp;&nbsp; 1899225 |
| 3150 | Unum Group | &nbsp;&nbsp; 220059 |
|  |  | &nbsp;&nbsp; **2119284** |
| **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** |
| 6000 | Alphabet, Inc. Class C | &nbsp;&nbsp; **1281180** |
| **Life Sciences Tools & Services 3.5%** | **Life Sciences Tools & Services 3.5%** | **Life Sciences Tools & Services 3.5%** |
| 12325 | Agilent Technologies, Inc. | &nbsp;&nbsp; 1548759 |
| 4900 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 2414328 |
|  |  | &nbsp;&nbsp; **3963087** |
| **Metals & Mining 3.8%** | **Metals & Mining 3.8%** | **Metals & Mining 3.8%** |
| 29125 | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 1293150 |
| 30400 | Wheaton Precious Metals Corp. | &nbsp;&nbsp; 3052768 |
|  |  | &nbsp;&nbsp; **4345918** |
| **Multi-Utilities 1.1%** | **Multi-Utilities 1.1%** | **Multi-Utilities 1.1%** |
| 15195 | &nbsp;&nbsp; Public Service Enterprise Group, <br> Inc.<br>| &nbsp;&nbsp; **1251004** |
| **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** |
| 36500 | Devon Energy Corp. | &nbsp;&nbsp; 1317650 |
| 7975 | EOG Resources, Inc. | &nbsp;&nbsp; 995440 |
| 5250 | Expand Energy Corp. | &nbsp;&nbsp; 508095 |
| 13894 | Shell PLC | &nbsp;&nbsp; 511543 |
| 10075 | Shell PLC ADR | &nbsp;&nbsp; 744341 |
|  |  | &nbsp;&nbsp; **4077069** |
| **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** |
| 35885 | AstraZeneca PLC ADR | &nbsp;&nbsp; 2867212 |
| 2295 | Eli Lilly & Co. | &nbsp;&nbsp; 1681271 |
|  |  | &nbsp;&nbsp; **4548483** |
| **Professional Services 1.1%** | **Professional Services 1.1%** | **Professional Services 1.1%** |
| 4300 | Automatic Data Processing, Inc. | &nbsp;&nbsp; **1307415** |
| **Semiconductors & Semiconductor Equipment 11.6%** | **Semiconductors & Semiconductor Equipment 11.6%** | **Semiconductors & Semiconductor Equipment 11.6%** |
| 15675 | Analog Devices, Inc. | &nbsp;&nbsp; 3939284 |
| 18280 | Applied Materials, Inc. | &nbsp;&nbsp; 2938693 |

---

See Notes to Financial Statements

------

Schedule of Investments Dividend Growth Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 2560 | Broadcom, Inc. | &nbsp;&nbsp; $761318 |
| 11050 | QUALCOMM, Inc. | &nbsp;&nbsp; 1776067 |
| 9175 | Texas Instruments, Inc. | &nbsp;&nbsp; 1857754 |
| 13955 | Universal Display Corp. | &nbsp;&nbsp; 1934023 |
|  |  | &nbsp;&nbsp; **13207139** |
| **Software 6.7%** | **Software 6.7%** | **Software 6.7%** |
| 2370 | Intuit, Inc. | &nbsp;&nbsp; 1580790 |
| 9675 | Microsoft Corp. | &nbsp;&nbsp; 4902226 |
| 4325 | Salesforce, Inc. | &nbsp;&nbsp; 1108281 |
|  |  | &nbsp;&nbsp; **7591297** |
| **Specialized REITs 1.4%** | **Specialized REITs 1.4%** | **Specialized REITs 1.4%** |
| 44660 | Millrose Properties, Inc. Class A | &nbsp;&nbsp; **1576945** |
| **Specialty Retail 3.6%** | **Specialty Retail 3.6%** | **Specialty Retail 3.6%** |
| 3000 | Home Depot, Inc. | &nbsp;&nbsp; 1220310 |
| 21100 | TJX Cos., Inc. | &nbsp;&nbsp; 2882471 |
|  |  | &nbsp;&nbsp; **4102781** |
| **Technology Hardware, Storage & Peripherals 2.9%** | **Technology Hardware, Storage & Peripherals 2.9%** | **Technology Hardware, Storage & Peripherals 2.9%** |
| 14250 | Apple, Inc. | &nbsp;&nbsp; **3307995** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Textiles, Apparel & Luxury Goods 2.5%** | **Textiles, Apparel & Luxury Goods 2.5%** | **Textiles, Apparel & Luxury Goods 2.5%** |
| 16565 | &nbsp;&nbsp; Cie Financiere Richemont SA <br> Class A<br>| &nbsp;&nbsp; **$2893156** |
| **Wireless Telecommunication Services 2.1%** | **Wireless Telecommunication Services 2.1%** | **Wireless Telecommunication Services 2.1%** |
| 9325 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **2349807** |
| **Total Common Stocks (Cost $59,908,822)** | **Total Common Stocks (Cost $59,908,822)** | &nbsp;&nbsp; **111919689** |
| **Short-Term Investments 1.9%** | **Short-Term Investments 1.9%** | **Short-Term Investments 1.9%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| 2133623 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(a)</sup> <br>**(Cost $2,133,623)**<br>| &nbsp;&nbsp; **2133623** |
| **Total Investments 100.0%** <br> **(Cost $62,042,445)** | **Total Investments 100.0%** <br> **(Cost $62,042,445)** | &nbsp;&nbsp; **114053312** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 51410 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$114104722** |

---

&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 August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Dividend Growth Fund^ (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; $93970498 | 82.4<br> %<br>|
| Germany | &nbsp;&nbsp; 8060825 | 7.1<br> %<br>|
| Brazil | &nbsp;&nbsp; 3052768 | 2.7<br> %<br>|
| Switzerland | &nbsp;&nbsp; 2893156 | 2.5<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 2867212 | 2.5<br> %<br>|
| Denmark | &nbsp;&nbsp; 1075230 | 0.9<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 2185033 | 1.9<br> %<br>|
|  | &nbsp;&nbsp; **$114104722** | **100.0%**<br>|

---

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $111919689 | $— | $— | $111919689 |
| Short-Term Investments |  | 2133623 |  | 2133623 |
| **Total Investments** | **$111919689** | **$2133623** | **$—** | **$114053312** |

---

&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.

^

A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 94.1%** | **Common Stocks 94.1%** | **Common Stocks 94.1%** |
| **Argentina 0.5%** | **Argentina 0.5%** | **Argentina 0.5%** |
| 25575 | &nbsp;&nbsp; Grupo Financiero Galicia SA <br> ADR<sup>\*(a)</sup><br>| &nbsp;&nbsp; **$1004586** |
| **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** |
| 34306 | Rio Tinto PLC | &nbsp;&nbsp; **2152402** |
| **Brazil 4.6%** | **Brazil 4.6%** | **Brazil 4.6%** |
| 254558 | Banco BTG Pactual SA<sup>(b)</sup> | &nbsp;&nbsp; 2106195 |
| 98730 | &nbsp;&nbsp; Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP<br>| &nbsp;&nbsp; 2230500 |
| 135293 | Embraer SA | &nbsp;&nbsp; 1901441 |
| 703 | MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1738456 |
| 105438 | NU Holdings Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; 1560482 |
|  |  | &nbsp;&nbsp; **9537074** |
| **China 25.8%** | **China 25.8%** | **China 25.8%** |
| 415336 | Alibaba Group Holding Ltd. | &nbsp;&nbsp; 6876994 |
| 100500 | BYD Co. Ltd. Class H | &nbsp;&nbsp; 1417835 |
| 3403000 | &nbsp;&nbsp; China Construction Bank Corp. <br> Class H<br>| &nbsp;&nbsp; 3293430 |
| 411500 | &nbsp;&nbsp; China Merchants Bank Co. Ltd. <br> Class H<br>| &nbsp;&nbsp; 2557752 |
| 58836 | &nbsp;&nbsp; Contemporary Amperex <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 2527974 |
| 50600 | &nbsp;&nbsp; Eastroc Beverage Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 2194633 |
| 64400 | Meituan Class B<sup>\*(c)</sup> | &nbsp;&nbsp; 857739 |
| 71555 | &nbsp;&nbsp; Montage Technology Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 1234397 |
| 22447 | &nbsp;&nbsp; NAURA Technology Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 1173141 |
| 14677 | NetEase, Inc. ADR | &nbsp;&nbsp; 1998861 |
| 21073 | PDD Holdings, Inc. ADR<sup>\*</sup> | &nbsp;&nbsp; 2533396 |
| 223000 | &nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd. Class H<br>| &nbsp;&nbsp; 1623584 |
| 38800 | &nbsp;&nbsp; Pop Mart International Group <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 1612814 |
| 206650 | Sieyuan Electric Co. Ltd. Class A | &nbsp;&nbsp; 2540464 |
| 187300 | Tencent Holdings Ltd. | &nbsp;&nbsp; 14505346 |
| 921100 | Weichai Power Co. Ltd. Class A | &nbsp;&nbsp; 1958833 |
| 436000 | Xiaomi Corp. Class B<sup>\*(c)</sup> | &nbsp;&nbsp; 2975633 |
| 300708 | &nbsp;&nbsp; Zhejiang Shuanghuan Driveline <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 1571495 |
|  |  | &nbsp;&nbsp; **53454321** |
| **Congo 0.5%** | **Congo 0.5%** | **Congo 0.5%** |
| 117480 | Ivanhoe Mines Ltd. Class A<sup>\*(a)</sup> | &nbsp;&nbsp; **1038488** |
| **Greece 1.4%** | **Greece 1.4%** | **Greece 1.4%** |
| 718698 | Alpha Bank SA | &nbsp;&nbsp; **2847805** |
| **Hungary 1.8%** | **Hungary 1.8%** | **Hungary 1.8%** |
| 23728 | OTP Bank Nyrt | &nbsp;&nbsp; 2068078 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Hungary – cont'd** | **Hungary – cont'd** | **Hungary – cont'd** |
| 53914 | Richter Gedeon Nyrt | &nbsp;&nbsp; $1634235 |
|  |  | &nbsp;&nbsp; **3702313** |
| **India 19.1%** | **India 19.1%** | **India 19.1%** |
| 12880 | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 1112415 |
| 270425 | ASK Automotive Ltd. | &nbsp;&nbsp; 1485892 |
| 84844 | AurionPro Solutions Ltd. | &nbsp;&nbsp; 1265462 |
| 63340 | Bajaj Finserv Ltd. | &nbsp;&nbsp; 1376716 |
| 54898 | Bharti Airtel Ltd. | &nbsp;&nbsp; 1176347 |
| 125403 | &nbsp;&nbsp; CG Power & Industrial Solutions <br> Ltd.<br>| &nbsp;&nbsp; 987987 |
| 23496 | &nbsp;&nbsp; Clean Science & Technology <br> Ltd.<br>| &nbsp;&nbsp; 311945 |
| 44663 | Data Patterns India Ltd. | &nbsp;&nbsp; 1214880 |
| 7349 | Dixon Technologies India Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1392626 |
| 29982 | Doms Industries Ltd. | &nbsp;&nbsp; 827234 |
| 74952 | HDFC Bank Ltd. | &nbsp;&nbsp; 810519 |
| 137114 | ICICI Bank Ltd. | &nbsp;&nbsp; 2170066 |
| 86080 | &nbsp;&nbsp; JB Chemicals & Pharmaceuticals <br> Ltd.<br>| &nbsp;&nbsp; 1680069 |
| 509798 | JSW Cement Ltd.<sup>\*(d)(e)</sup> | &nbsp;&nbsp; 855219 |
| 509799 | JSW Cement Ltd.<sup>\*(d)(e)</sup> | &nbsp;&nbsp; 855221 |
| 192706 | Jyoti CNC Automation Ltd.<sup>\*(c)</sup> | &nbsp;&nbsp; 1992577 |
| 78676 | Kfin Technologies Ltd. | &nbsp;&nbsp; 915931 |
| 48098 | Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1745449 |
| 71507 | Netweb Technologies India Ltd. | &nbsp;&nbsp; 1796740 |
| 135854 | PDS Ltd. | &nbsp;&nbsp; 505784 |
| 1024288 | Pine Labs Ltd.<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 2656297 |
| 151296 | PNB Housing Finance Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1293548 |
| 126970 | Reliance Industries Ltd. | &nbsp;&nbsp; 1953688 |
| 77846 | Shyam Metalics & Energy Ltd. | &nbsp;&nbsp; 800120 |
| 33156 | &nbsp;&nbsp; Sun Pharmaceutical Industries <br> Ltd.<br>| &nbsp;&nbsp; 600273 |
| 38338 | TVS Motor Co. Ltd. | &nbsp;&nbsp; 1428381 |
| 156092 | TVS Motor Co. Ltd.<sup>\*(d)</sup> | &nbsp;&nbsp; 17693 |
| 90729 | Venus Pipes & Tubes Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1230868 |
| 10956 | Voltamp Transformers Ltd. | &nbsp;&nbsp; 972437 |
| 130691 | XPRO India Ltd. | &nbsp;&nbsp; 1690282 |
| 59637 | Yasho Industries Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1213450 |
| 191452 | Zinka Logistics Solutions Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1384053 |
|  |  | &nbsp;&nbsp; **39720169** |
| **Korea 9.4%** | **Korea 9.4%** | **Korea 9.4%** |
| 6371 | Cosmax, Inc. | &nbsp;&nbsp; 989364 |
| 1672 | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 1060335 |
| 3014 | HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 1056927 |
| 8017 | &nbsp;&nbsp; HD Korea Shipbuilding & <br> Offshore Engineering Co. Ltd.<br>| &nbsp;&nbsp; 2336378 |
| 33465 | Kia Corp. | &nbsp;&nbsp; 2532078 |
| 51078 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 2073863 |
| 108367 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 5413993 |
| 16352 | Sanil Electric Co. Ltd. | &nbsp;&nbsp; 1299919 |

---

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Korea – cont'd** | **Korea – cont'd** | **Korea – cont'd** |
| 13872 | SK Hynix, Inc. | &nbsp;&nbsp; $2643134 |
|  |  | &nbsp;&nbsp; **19405991** |
| **Mexico 1.9%** | **Mexico 1.9%** | **Mexico 1.9%** |
| 945059 | FIBRA Macquarie Mexico<sup>(c)</sup> | &nbsp;&nbsp; 1584845 |
| 270700 | &nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV Class O<sup>(a)</sup><br>| &nbsp;&nbsp; 2465735 |
|  |  | &nbsp;&nbsp; **4050580** |
| **Peru 1.0%** | **Peru 1.0%** | **Peru 1.0%** |
| 8277 | Credicorp Ltd. | &nbsp;&nbsp; **2128844** |
| **Philippines 0.8%** | **Philippines 0.8%** | **Philippines 0.8%** |
| 683959 | BDO Unibank, Inc. | &nbsp;&nbsp; **1616539** |
| **Poland 0.9%** | **Poland 0.9%** | **Poland 0.9%** |
| 26854 | Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 1350549 |
| 76445 | Zabka Group SA<sup>\*(a)</sup> | &nbsp;&nbsp; 457365 |
|  |  | &nbsp;&nbsp; **1807914** |
| **Saudi Arabia 1.3%** | **Saudi Arabia 1.3%** | **Saudi Arabia 1.3%** |
| 108902 | Al Rajhi Bank | &nbsp;&nbsp; **2732623** |
| **Singapore 0.6%** | **Singapore 0.6%** | **Singapore 0.6%** |
| 6322 | Sea Ltd. ADR<sup>\*</sup> | &nbsp;&nbsp; **1179306** |
| **South Africa 1.9%** | **South Africa 1.9%** | **South Africa 1.9%** |
| 75161 | Bid Corp. Ltd. | &nbsp;&nbsp; 1965350 |
| 138338 | Standard Bank Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1951632 |
|  |  | &nbsp;&nbsp; **3916982** |
| **Taiwan 17.4%** | **Taiwan 17.4%** | **Taiwan 17.4%** |
| 105000 | Acter Group Corp. Ltd. | &nbsp;&nbsp; 3044735 |
| 102000 | Delta Electronics, Inc. | &nbsp;&nbsp; 2349851 |
| 639000 | &nbsp;&nbsp; Far EasTone <br> Telecommunications Co. Ltd.<br>| &nbsp;&nbsp; 1756027 |
| 483000 | &nbsp;&nbsp; Hon Hai Precision Industry Co. <br> Ltd.<br>| &nbsp;&nbsp; 3188741 |
| 55000 | MediaTek, Inc. | &nbsp;&nbsp; 2443980 |
| 170000 | Quanta Computer, Inc. | &nbsp;&nbsp; 1447617 |
| 583839 | &nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| &nbsp;&nbsp; 21865579 |
|  |  | &nbsp;&nbsp; **36096530** |
| **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** |
| 407573 | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 2368017 |
| 2028655 | Adnoc Gas PLC | &nbsp;&nbsp; 1839236 |
|  |  | &nbsp;&nbsp; **4207253** |
| **United States 1.7%** | **United States 1.7%** | **United States 1.7%** |
| 5352 | Broadcom, Inc. | &nbsp;&nbsp; 1591631 |
| 11696 | NVIDIA Corp. | &nbsp;&nbsp; 2037210 |
|  |  | &nbsp;&nbsp; **3628841** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Vietnam 0.5%** | **Vietnam 0.5%** | **Vietnam 0.5%** |
| 684700 | &nbsp;&nbsp; Vietnam Technological & <br> Commercial Joint Stock Bank<sup>\*</sup><br>| &nbsp;&nbsp; **$1029194** |
| **Total Common Stocks** <br>**(Cost $144,372,137)** | **Total Common Stocks** <br>**(Cost $144,372,137)** | &nbsp;&nbsp; **195257755** |
| **Preferred Stocks 4.7%** | **Preferred Stocks 4.7%** | **Preferred Stocks 4.7%** |
| **India 4.7%** | **India 4.7%** | **India 4.7%** |
| 217973 | Gupshup, Inc., Series F<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 3559499 |
| 736612 | Pine Labs Ltd., Series 1<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 1910264 |
| 310186 | Pine Labs Ltd., Series A<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 804409 |
| 337529 | Pine Labs Ltd., Series B<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 875317 |
| 273050 | Pine Labs Ltd., Series B2<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 708103 |
| 507820 | Pine Labs Ltd., Series C<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 1316935 |
| 106956 | Pine Labs Ltd., Series C1<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 277370 |
| 114460 | Pine Labs Ltd., Series D<sup>\*#(d)(f)</sup> | &nbsp;&nbsp; 296830 |
| **Total Preferred Stocks** <br>**(Cost $11,981,087)** | **Total Preferred Stocks** <br>**(Cost $11,981,087)** | &nbsp;&nbsp; **9748727** |
| **Participatory Notes 0.5%** | **Participatory Notes 0.5%** | **Participatory Notes 0.5%** |
| **India 0.5%** | **India 0.5%** | **India 0.5%** |
| 108586 | &nbsp;&nbsp; Hexaware Technologies Ltd. <br> (issuer JP Morgan Structured <br> Products), Expires 2/27/26<sup>\*</sup> <br> **(Cost $887,834)**<br>| &nbsp;&nbsp; **932647** |
| **Short-Term Investments 1.3%** | **Short-Term Investments 1.3%** | **Short-Term Investments 1.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| 1451596 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(g)</sup><br>| &nbsp;&nbsp; 1451596 |
| 1157421 | &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money <br> Market Portfolio, 4.31%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 1157421 |
| **Total Short-Term Investments** <br>**(Cost $2,609,017)** | **Total Short-Term Investments** <br>**(Cost $2,609,017)** | &nbsp;&nbsp; **2609017** |
| **Total Investments 100.6%** <br> **(Cost $159,850,075)** | **Total Investments 100.6%** <br> **(Cost $159,850,075)** | &nbsp;&nbsp; **208548146** |
| Liabilities Less Other Assets (0.6)% | Liabilities Less Other Assets (0.6)% | &nbsp;&nbsp; (1143001)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$207405145** |

---

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

\* Non-income producing security.

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ (cont'd)

&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 August 31, 2025. Total value of all
 such securities at August 31, 2025 amounted to $5,920,814, collateralized by cash collateral of $1,157,421 and non-cash
 (U.S. Treasury Securities) collateral of $5,094,762 for the Fund (see Note A of the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security represented in Units.

&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 August 31, 2025 amounted to $12,940,650, which represents 6.2%
 of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security fair valued as of August 31, 2025 in accordance with procedures approved
 by the valuation designee. Total value of all such securities at August 31, 2025 amounted to $14,133,157,
 which represents 6.8% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is subject to a lock-up agreement. Fair value is based on the unadjusted
 market price of the equivalent security. As of August 31, 2025, the total fair value of unadjusted securities
 subject to contractual sale restrictions is $1,710,440, which represents 0.8% of net assets of the Fund.
 Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 The restriction is set to expire on the date shown in the table.

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Lock-up period** | **Expiration of Restriction** |
| JSW Cement Ltd. | &nbsp;&nbsp; 509,798 | 30 days | &nbsp;&nbsp; 9/10/2025 |
| JSW Cement Ltd. | &nbsp;&nbsp; 509,799 | 90 days | &nbsp;&nbsp; 11/9/2025 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents 7-day effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents investment of cash collateral received from securities lending.

# This security is subject to restrictions on resale. Total value of all such securities at August 31, 2025 amounted to $12,405,024, which represents 6.0% 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>**8/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**8/31/2025**<br>|
| Gupshup, Inc. (Series F Preferred Shares) | 7/16/2021 | $4983996 | $3559499 | 1.7% |
| Pine Labs Ltd. | 7/6/2021 | 3003014 | 2656297 | 1.3% |
| Pine Labs Ltd. (Series 1 Preferred Shares) | 7/6/2021 | 2159605 | 1910264 | 0.9% |
| Pine Labs Ltd. (Series A Preferred Shares) | 7/6/2021 | 909406 | 804409 | 0.4% |
| Pine Labs Ltd. (Series B Preferred Shares) | 7/6/2021 | 989571 | 875317 | 0.4% |
| Pine Labs Ltd. (Series B2 Preferred Shares) | 7/6/2021 | 800530 | 708103 | 0.4% |
| Pine Labs Ltd. (Series C Preferred Shares) | 7/6/2021 | 1488830 | 1316935 | 0.6% |
| Pine Labs Ltd. (Series C1 Preferred Shares) | 7/6/2021 | 313575 | 277370 | 0.1% |
| Pine Labs Ltd. (Series D Preferred Shares) | 7/6/2021 | 335574 | 296830 | 0.2% |
| **Total** |  | **$14984101** | **$12405024** | **6.0%** |

---

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ (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>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; $32989072 | 15.9<br> %<br>|
| Banks | &nbsp;&nbsp; 31955851 | 15.4<br> %<br>|
| Interactive Media & Services | &nbsp;&nbsp; 14505346 | 7.0<br> %<br>|
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 13707846 | 6.6<br> %<br>|
| IT Services | &nbsp;&nbsp; 13337671 | 6.4<br> %<br>|
| Broadline Retail | &nbsp;&nbsp; 12328152 | 5.9<br> %<br>|
| Electrical Equipment | &nbsp;&nbsp; 9385708 | 4.5<br> %<br>|
| Automobiles | &nbsp;&nbsp; 7141436 | 3.4<br> %<br>|
| Machinery | &nbsp;&nbsp; 6287788 | 3.0<br> %<br>|
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5538592 | 2.7<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 5221878 | 2.5<br> %<br>|
| Aerospace & Defense | &nbsp;&nbsp; 4176656 | 2.0<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 3914577 | 1.9<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3792924 | 1.8<br> %<br>|
| Chemicals | &nbsp;&nbsp; 3215677 | 1.5<br> %<br>|
| Automobile Components | &nbsp;&nbsp; 3057387 | 1.5<br> %<br>|
| Construction & Engineering | &nbsp;&nbsp; 3044735 | 1.5<br> %<br>|
| Capital Markets | &nbsp;&nbsp; 3022126 | 1.5<br> %<br>|
| Wireless Telecommunication Services | &nbsp;&nbsp; 2932374 | 1.4<br> %<br>|
| Financial Services | &nbsp;&nbsp; 2670264 | 1.3<br> %<br>|
| Software | &nbsp;&nbsp; 2649515 | 1.3<br> %<br>|
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2422715 | 1.2<br> %<br>|
| Water Utilities | &nbsp;&nbsp; 2230500 | 1.1<br> %<br>|
| Beverages | &nbsp;&nbsp; 2194633 | 1.1<br> %<br>|
| Entertainment | &nbsp;&nbsp; 1998861 | 1.0<br> %<br>|
| Construction Materials | &nbsp;&nbsp; 1710440 | 0.8<br> %<br>|
| Insurance | &nbsp;&nbsp; 1623584 | 0.8<br> %<br>|
| Specialty Retail | &nbsp;&nbsp; 1612814 | 0.8<br> %<br>|
| Industrial REITs | &nbsp;&nbsp; 1584845 | 0.8<br> %<br>|
| Household Durables | &nbsp;&nbsp; 1392626 | 0.7<br> %<br>|
| Health Care Providers & Services | &nbsp;&nbsp; 1112415 | 0.5<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 989364 | 0.5<br> %<br>|
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 857739 | 0.4<br> %<br>|
| Commercial Services & Supplies | &nbsp;&nbsp; 827234 | 0.4<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 505784 | 0.2<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 1466016 | 0.7<br> %<br>|
|  | &nbsp;&nbsp; **$207405145** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| China | $4532257 | $48922064 | $— | $53454321 |
| India | 1213450 | 35850422 | 2656297 | 39720169 |
| Korea |  | 19405991 |  | 19405991 |
| Philippines |  | 1616539 |  | 1616539 |
| Saudi Arabia |  | 2732623 |  | 2732623 |
| Taiwan |  | 36096530 |  | 36096530 |
| Other Common Stocks<sup>#</sup> <br>| 42231582 |  |  | 42231582 |
| Total Common Stocks | 47977289 | 144624169 | 2656297 | 195257755 |
| Participatory Notes<sup>#</sup> <br>| 932647 |  |  | 932647 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 9748727 | 9748727 |
| Short-Term Investments |  | 2609017 |  | 2609017 |
| **Total Investments** | **$48909936** | **$147233186** | **$12405024** | **$208548146** |

---

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

See Notes to Financial Statements

------

Schedule of Investments Emerging Markets Equity Fund^ (cont'd)

# 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 9/1/2024<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>8/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>8/31/2025<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>| $1179 | $— | $(3)<br>| $— | $1480 | $— | $— | $— | $2656 | $— |
| Preferred Stocks<sup>(1)</sup> <br>| 10132 |  | (17)<br>| 1114 |  | (1480)<br>|  |  | 9749 | 1114 |
| Total | $11311 | $— | $(20)<br>| $1114 | $1480 | $(1480)<br>| $— | $— | $12405 | $1114 |
| (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>8/31/2025<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 | $2656297 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 10.9x | 10.9x | Increase |
| Preferred Stocks | 9748727 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 2.7x - 10.9x | 7.9x | Increase |
|  |  |  | Discount Rate | 3.7%  | 3.7% | Decrease |
|  |  |  | Term (Years) | 2.1 | 2.1 | Decrease |
|  |  |  | Expected Volatility | 65.0% | 65.0% | 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 Financial Statements

------

Schedule of Investments Equity Income Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 97.9%** | **Common Stocks 97.9%** | **Common Stocks 97.9%** |
| **Aerospace & Defense 4.6%** | **Aerospace & Defense 4.6%** | **Aerospace & Defense 4.6%** |
| 820945 | BAE Systems PLC | &nbsp;&nbsp; $19501028 |
| 9340 | Lockheed Martin Corp. | &nbsp;&nbsp; 4255584 |
| 63070 | RTX Corp. | &nbsp;&nbsp; 10002902 |
| 1824000 | &nbsp;&nbsp; Singapore Technologies <br> Engineering Ltd.<br>| &nbsp;&nbsp; 10915899 |
|  |  | &nbsp;&nbsp; **44675413** |
| **Banks 7.7%** | **Banks 7.7%** | **Banks 7.7%** |
| 299950 | Bank of America Corp. | &nbsp;&nbsp; 15219463 |
| 95940 | JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp; 28918235 |
| 364591 | Wells Fargo & Co. | &nbsp;&nbsp; 29962088 |
|  |  | &nbsp;&nbsp; **74099786** |
| **Beverages 1.1%** | **Beverages 1.1%** | **Beverages 1.1%** |
| 151960 | Coca-Cola Co. | &nbsp;&nbsp; **10483720** |
| **Capital Markets 4.1%** | **Capital Markets 4.1%** | **Capital Markets 4.1%** |
| 35510 | CME Group, Inc. | &nbsp;&nbsp; 9463770 |
| 16796 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 12517219 |
| 120286 | Morgan Stanley | &nbsp;&nbsp; 18100637 |
|  |  | &nbsp;&nbsp; **40081626** |
| **Chemicals 1.4%** | **Chemicals 1.4%** | **Chemicals 1.4%** |
| 241000 | Nutrien Ltd. | &nbsp;&nbsp; **13886420** |
| **Construction & Engineering 3.5%** | **Construction & Engineering 3.5%** | **Construction & Engineering 3.5%** |
| 627000 | Ferrovial SE | &nbsp;&nbsp; **34248386** |
| **Construction Materials 3.9%** | **Construction Materials 3.9%** | **Construction Materials 3.9%** |
| 122450 | CRH PLC | &nbsp;&nbsp; 13830728 |
| 102230 | Heidelberg Materials AG | &nbsp;&nbsp; 24158970 |
|  |  | &nbsp;&nbsp; **37989698** |
| **Diversified Telecommunication Services 3.2%** | **Diversified Telecommunication Services 3.2%** | **Diversified Telecommunication Services 3.2%** |
| 280000 | Deutsche Telekom AG | &nbsp;&nbsp; 10226797 |
| 6244000 | &nbsp;&nbsp; Singapore <br> Telecommunications Ltd.<br>| &nbsp;&nbsp; 20984701 |
|  |  | &nbsp;&nbsp; **31211498** |
| **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** |
| 28100 | Eaton Corp. PLC | &nbsp;&nbsp; 9810834 |
| 171515 | Emerson Electric Co. | &nbsp;&nbsp; 22639980 |
|  |  | &nbsp;&nbsp; **32450814** |
| **Energy Equipment & Services 1.6%** | **Energy Equipment & Services 1.6%** | **Energy Equipment & Services 1.6%** |
| 528700 | Noble Corp. PLC | &nbsp;&nbsp; **15237134** |
| **Entertainment 2.2%** | **Entertainment 2.2%** | **Entertainment 2.2%** |
| 636500 | &nbsp;&nbsp; Warner Music Group Corp. <br> Class A<br>| &nbsp;&nbsp; **21227275** |
| **Food Products 1.5%** | **Food Products 1.5%** | **Food Products 1.5%** |
| 55938 | Hershey Co. | &nbsp;&nbsp; 10278608 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Food Products – cont'd** | **Food Products – cont'd** | **Food Products – cont'd** |
| 622250 | Tate & Lyle PLC | &nbsp;&nbsp; $4470090 |
|  |  | &nbsp;&nbsp; **14748698** |
| **Gas Utilities 3.8%** | **Gas Utilities 3.8%** | **Gas Utilities 3.8%** |
| 519825 | MDU Resources Group, Inc. | &nbsp;&nbsp; 8467949 |
| 157670 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp; 12594680 |
| 448161 | UGI Corp. | &nbsp;&nbsp; 15524297 |
|  |  | &nbsp;&nbsp; **36586926** |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 52350 | Union Pacific Corp. | &nbsp;&nbsp; **11703889** |
| **Health Care Equipment & Supplies 2.6%** | **Health Care Equipment & Supplies 2.6%** | **Health Care Equipment & Supplies 2.6%** |
| 191670 | Abbott Laboratories | &nbsp;&nbsp; **25426942** |
| **Health Care REITs 1.0%** | **Health Care REITs 1.0%** | **Health Care REITs 1.0%** |
| 136935 | Ventas, Inc. | &nbsp;&nbsp; **9322535** |
| **Hotels, Restaurants & Leisure 3.5%** | **Hotels, Restaurants & Leisure 3.5%** | **Hotels, Restaurants & Leisure 3.5%** |
| 98875 | Darden Restaurants, Inc. | &nbsp;&nbsp; 20461193 |
| 43160 | McDonald's Corp. | &nbsp;&nbsp; 13532386 |
|  |  | &nbsp;&nbsp; **33993579** |
| **Household Products 1.6%** | **Household Products 1.6%** | **Household Products 1.6%** |
| 98774 | Procter & Gamble Co. | &nbsp;&nbsp; **15511469** |
| **Industrial REITs 0.5%** | **Industrial REITs 0.5%** | **Industrial REITs 0.5%** |
| 84375 | Terreno Realty Corp. | &nbsp;&nbsp; **4874344** |
| **Insurance 4.0%** | **Insurance 4.0%** | **Insurance 4.0%** |
| 262325 | &nbsp;&nbsp; American International Group, <br> Inc.<br>| &nbsp;&nbsp; 21332269 |
| 39645 | Progressive Corp. | &nbsp;&nbsp; 9794694 |
| 114350 | Unum Group | &nbsp;&nbsp; 7988491 |
|  |  | &nbsp;&nbsp; **39115454** |
| **IT Services 1.6%** | **IT Services 1.6%** | **IT Services 1.6%** |
| 63836 | &nbsp;&nbsp; International Business <br> Machines Corp.<br>| &nbsp;&nbsp; **15543428** |
| **Metals & Mining 5.2%** | **Metals & Mining 5.2%** | **Metals & Mining 5.2%** |
| 311719 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 44940528 |
| 55424 | Southern Copper Corp. | &nbsp;&nbsp; 5325710 |
|  |  | &nbsp;&nbsp; **50266238** |
| **Multi-Utilities 6.8%** | **Multi-Utilities 6.8%** | **Multi-Utilities 6.8%** |
| 1655986 | &nbsp;&nbsp; Algonquin Power & Utilities <br> Corp.<br>| &nbsp;&nbsp; 9604719 |
| 593310 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 22373720 |
| 239920 | &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<br>| &nbsp;&nbsp; 19752613 |
| 167775 | Sempra | &nbsp;&nbsp; 13851504 |
|  |  | &nbsp;&nbsp; **65582556** |
| **Oil, Gas & Consumable Fuels 6.4%** | **Oil, Gas & Consumable Fuels 6.4%** | **Oil, Gas & Consumable Fuels 6.4%** |
| 108857 | ConocoPhillips | &nbsp;&nbsp; 10773577 |
| 133318 | Expand Energy Corp. | &nbsp;&nbsp; 12902516 |

---

See Notes to Financial Statements

------

Schedule of Investments Equity Income Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** |
| 204865 | Exxon Mobil Corp. | &nbsp;&nbsp; $23414021 |
| 257700 | Williams Cos., Inc. | &nbsp;&nbsp; 14915676 |
|  |  | &nbsp;&nbsp; **62005790** |
| **Pharmaceuticals 4.7%** | **Pharmaceuticals 4.7%** | **Pharmaceuticals 4.7%** |
| 330900 | AstraZeneca PLC ADR | &nbsp;&nbsp; 26438910 |
| 59405 | Merck & Co., Inc. | &nbsp;&nbsp; 4997149 |
| 341326 | Roche Holding AG ADR | &nbsp;&nbsp; 13915861 |
|  |  | &nbsp;&nbsp; **45351920** |
| **Professional Services 1.3%** | **Professional Services 1.3%** | **Professional Services 1.3%** |
| 91375 | Paychex, Inc. | &nbsp;&nbsp; **12742701** |
| **Residential REITs 0.9%** | **Residential REITs 0.9%** | **Residential REITs 0.9%** |
| 148905 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; **8977482** |
| **Retail REITs 2.8%** | **Retail REITs 2.8%** | **Retail REITs 2.8%** |
| 968841 | Brixmor Property Group, Inc. | &nbsp;&nbsp; **27117860** |
| **Semiconductors & Semiconductor Equipment 2.6%** | **Semiconductors & Semiconductor Equipment 2.6%** | **Semiconductors & Semiconductor Equipment 2.6%** |
| 46027 | Analog Devices, Inc. | &nbsp;&nbsp; 11567045 |
| 66605 | Texas Instruments, Inc. | &nbsp;&nbsp; 13486181 |
|  |  | &nbsp;&nbsp; **25053226** |
| **Software 1.2%** | **Software 1.2%** | **Software 1.2%** |
| 22250 | Microsoft Corp. | &nbsp;&nbsp; **11273852** |
| **Specialized REITs 2.5%** | **Specialized REITs 2.5%** | **Specialized REITs 2.5%** |
| 135000 | Crown Castle, Inc. | &nbsp;&nbsp; 13383900 |
| 322321 | VICI Properties, Inc. | &nbsp;&nbsp; 10888003 |
|  |  | &nbsp;&nbsp; **24271903** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 2.8%** | **Specialty Retail 2.8%** | **Specialty Retail 2.8%** |
| 42700 | Home Depot, Inc. | &nbsp;&nbsp; $17369079 |
| 188344 | Industria de Diseno Textil SA | &nbsp;&nbsp; 9298501 |
|  |  | &nbsp;&nbsp; **26667580** |
| **Tobacco 1.6%** | **Tobacco 1.6%** | **Tobacco 1.6%** |
| 90576 | Philip Morris International, Inc. | &nbsp;&nbsp; **15137967** |
| **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** |
| 10335 | Watsco, Inc. | &nbsp;&nbsp; **4158597** |
| **Transportation Infrastructure 0.7%** | **Transportation Infrastructure 0.7%** | **Transportation Infrastructure 0.7%** |
| 237000 | Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; **6859568** |
| **Total Common Stocks (Cost $642,523,654)** | **Total Common Stocks (Cost $642,523,654)** | &nbsp;&nbsp; **947886274** |
| **Short-Term Investments 1.9%** | **Short-Term Investments 1.9%** | **Short-Term Investments 1.9%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| 18473412 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(c)</sup> <br>**(Cost $18,473,412)**<br>| &nbsp;&nbsp; **18473412** |
| **Total Investments 99.8%** <br> **(Cost $660,997,066)** | **Total Investments 99.8%** <br> **(Cost $660,997,066)** | &nbsp;&nbsp; **966359686** |
| Other Assets Less Liabilities 0.2%<sup>(d)</sup> | Other Assets Less Liabilities 0.2%<sup>(d)</sup> | &nbsp;&nbsp; 2046791 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$968406477** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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) 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 August 31, 2025 amounted to $6,859,568, which represents 0.7% of
 net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents 7-day effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the impact of the Fund's open positions in derivatives at August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Equity Income Fund^ (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; $741274433 | 76.5<br> %<br>|
| Canada | &nbsp;&nbsp; 68431667 | 7.1<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 50410028 | 5.2<br> %<br>|
| Germany | &nbsp;&nbsp; 34385767 | 3.6<br> %<br>|
| Singapore | &nbsp;&nbsp; 31900600 | 3.3<br> %<br>|
| Spain | &nbsp;&nbsp; 16158069 | 1.7<br> %<br>|
| Mexico | &nbsp;&nbsp; 5325710 | 0.5<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 20520203 | 2.1<br> %<br>|
|  | &nbsp;&nbsp; **$968406477** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Equity Income Fund^ (cont'd)

Derivative Instruments

**Written option contracts ("options written")**

At August 31, 2025, 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** |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| CRH PLC | &nbsp;&nbsp; 150 | &nbsp;&nbsp; $(1694250) | &nbsp;&nbsp; $120 | 9/19/2025 | &nbsp;&nbsp; **$(11250)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| Eaton Corp. PLC | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (1745700) | &nbsp;&nbsp; 440 | 9/19/2025 | (500)<sup>(a)(b)</sup> |
| Emerson Electric Co. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; (1980000) | &nbsp;&nbsp; 165 | 9/19/2025 | &nbsp;&nbsp; —<sup>(a)(b)</sup> |
|  |  |  |  |  | **(500)** |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; (2162550) | &nbsp;&nbsp; 165 | 9/19/2025 | &nbsp;&nbsp; **(10125)**<sup>(a)(b)</sup> |
| **Total calls** |  |  |  |  | &nbsp;&nbsp; **$(21875)** |
| **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| Nutrien Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; (2304800) | &nbsp;&nbsp; 50 | 9/19/2025 | &nbsp;&nbsp; **(2000)**<sup>(a)(b)</sup> |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| Union Pacific Corp. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; (2235700) | &nbsp;&nbsp; 200 | 9/19/2025 | &nbsp;&nbsp; **(2750)** |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| Expand Energy Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; (2903400) | &nbsp;&nbsp; 75 | 9/19/2025 | &nbsp;&nbsp; **—**<sup>(a)(b)</sup> |
| **Total puts** |  |  |  |  | &nbsp;&nbsp; **$(4750)** |
| **Total options written (premium received $59,155)** | **Total options written (premium received $59,155)** | **Total options written (premium received $59,155)** | **Total options written (premium received $59,155)** | **Total options written (premium received $59,155)** | &nbsp;&nbsp; **$(26625)** |

---

&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 August 31, 2025 in accordance with procedures approved
 by the valuation designee.

For the year ended August 31, 2025, the average market value for the months where the Fund had options written outstanding was $(83,622). At August 31, 2025, the Fund had securities pledged in the amount of $16,035,544 to cover collateral requirements for options written.

See Notes to Financial Statements

------

Schedule of Investments Equity Income Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | $33759514 | $10915899 | $— | $44675413 |
| Diversified Telecommunication Services | 10226797 | 20984701 |  | 31211498 |
| Other Common Stocks<sup>#</sup> <br>| 871999363 |  |  | 871999363 |
| Total Common Stocks | 915985674 | 31900600 |  | 947886274 |
| Short-Term Investments |  | 18473412 |  | 18473412 |
| **Total Investments** | **$915985674** | **$50374012** | **$—** | **$966359686** |

---

&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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Options Written |  |  |  |  |
| Liabilities | $(14000)<br>| $— | $(12625)<br>| $(26625)<br>|
| **Total** | **$(14000)**<br>| **$—** | **$(12625)**<br>| **$(26625)**<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 9/1/2024<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>8/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>8/31/2025<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>| $(23)<br>| $— | $39 | $12 | $— | $(41)<br>| $— | $— | $(13)<br>| $29 |
| Total | $(23)<br>| $— | $39 | $12 | $— | $(41)<br>| $— | $— | $(13)<br>| $29 |
| (1) At August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025, 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

------

Schedule of Investments Focus Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 95.0%** | **Common Stocks 95.0%** | **Common Stocks 95.0%** |
| **Aerospace & Defense 3.4%** | **Aerospace & Defense 3.4%** | **Aerospace & Defense 3.4%** |
| 130091 | Airbus SE | &nbsp;&nbsp; **$27251758** |
| **Banks 5.4%** | **Banks 5.4%** | **Banks 5.4%** |
| 2774191 | Barclays PLC | &nbsp;&nbsp; 13513544 |
| 140303 | Commerzbank AG | &nbsp;&nbsp; 5354262 |
| 314159 | UniCredit SpA | &nbsp;&nbsp; 24271983 |
|  |  | &nbsp;&nbsp; **43139789** |
| **Biotechnology 0.5%** | **Biotechnology 0.5%** | **Biotechnology 0.5%** |
| 108000 | Caris Life Sciences, Inc.<sup>\*</sup> | &nbsp;&nbsp; **4146120** |
| **Broadline Retail 7.4%** | **Broadline Retail 7.4%** | **Broadline Retail 7.4%** |
| 190757 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; 43683353 |
| 6123 | MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp; 15141628 |
|  |  | &nbsp;&nbsp; **58824981** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| 38933 | Air Liquide SA | &nbsp;&nbsp; **8026418** |
| **Construction Materials 1.3%** | **Construction Materials 1.3%** | **Construction Materials 1.3%** |
| 90734 | CRH PLC | &nbsp;&nbsp; **10248405** |
| **Diversified Telecommunication Services 3.6%** | **Diversified Telecommunication Services 3.6%** | **Diversified Telecommunication Services 3.6%** |
| 791568 | Deutsche Telekom AG | &nbsp;&nbsp; **28911447** |
| **Electric Utilities 3.4%** | **Electric Utilities 3.4%** | **Electric Utilities 3.4%** |
| 179693 | Alliant Energy Corp. | &nbsp;&nbsp; 11692623 |
| 139540 | &nbsp;&nbsp; American Electric Power Co., <br> Inc.<br>| &nbsp;&nbsp; 15491731 |
|  |  | &nbsp;&nbsp; **27184354** |
| **Entertainment 6.0%** | **Entertainment 6.0%** | **Entertainment 6.0%** |
| 12747 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 15401563 |
| 37918 | ROBLOX Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 4724204 |
| 114688 | Walt Disney Co. | &nbsp;&nbsp; 13576765 |
| 1235095 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; 14376506 |
|  |  | &nbsp;&nbsp; **48079038** |
| **Financial Services 1.2%** | **Financial Services 1.2%** | **Financial Services 1.2%** |
| 26219 | Visa, Inc. Class A | &nbsp;&nbsp; **9223320** |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| 114349 | Danone SA | &nbsp;&nbsp; **9522238** |
| **Gas Utilities 1.4%** | **Gas Utilities 1.4%** | **Gas Utilities 1.4%** |
| 324769 | UGI Corp. | &nbsp;&nbsp; **11249998** |
| **Ground Transportation 2.6%** | **Ground Transportation 2.6%** | **Ground Transportation 2.6%** |
| 222662 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **20874562** |
| **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** |
| 95922 | Abbott Laboratories | &nbsp;&nbsp; 12725013 |
| 187728 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; 19805304 |
|  |  | &nbsp;&nbsp; **32530317** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |
| 14930 | McKesson Corp. | &nbsp;&nbsp; **$10251535** |
| **Hotels, Restaurants & Leisure 6.0%** | **Hotels, Restaurants & Leisure 6.0%** | **Hotels, Restaurants & Leisure 6.0%** |
| 950457 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 30310073 |
| 69903 | DoorDash, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 17143711 |
|  |  | &nbsp;&nbsp; **47453784** |
| **Interactive Media & Services 6.8%** | **Interactive Media & Services 6.8%** | **Interactive Media & Services 6.8%** |
| 39511 | Alphabet, Inc. Class C | &nbsp;&nbsp; 8436784 |
| 53454 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 39486470 |
| 159464 | Pinterest, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 5841166 |
|  |  | &nbsp;&nbsp; **53764420** |
| **IT Services 1.8%** | **IT Services 1.8%** | **IT Services 1.8%** |
| 132427 | Twilio, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **13985615** |
| **Multi-Utilities 1.9%** | **Multi-Utilities 1.9%** | **Multi-Utilities 1.9%** |
| 407073 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **15350723** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |
| 114379 | DT Midstream, Inc. | &nbsp;&nbsp; 11916004 |
| 150337 | Shell PLC ADR | &nbsp;&nbsp; 11106898 |
|  |  | &nbsp;&nbsp; **23022902** |
| **Pharmaceuticals 3.5%** | **Pharmaceuticals 3.5%** | **Pharmaceuticals 3.5%** |
| 37997 | Eli Lilly & Co. | &nbsp;&nbsp; **27835842** |
| **Professional Services 0.5%** | **Professional Services 0.5%** | **Professional Services 0.5%** |
| 7874 | &nbsp;&nbsp; CACI International, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; **3777315** |
| **Semiconductors & Semiconductor Equipment 9.2%** | **Semiconductors & Semiconductor Equipment 9.2%** | **Semiconductors & Semiconductor Equipment 9.2%** |
| 138004 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 22443591 |
| 164048 | Lam Research Corp. | &nbsp;&nbsp; 16429407 |
| 199618 | NVIDIA Corp. | &nbsp;&nbsp; 34769463 |
|  |  | &nbsp;&nbsp; **73642461** |
| **Software 15.3%** | **Software 15.3%** | **Software 15.3%** |
| 90909 | &nbsp;&nbsp; Arctic Wolf Networks, <br> Inc.<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1050908 |
| 5343 | Constellation Software, Inc. | &nbsp;&nbsp; 17703038 |
| 20526 | CyberArk Software Ltd.<sup>\*</sup> | &nbsp;&nbsp; 9303615 |
| 18482 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 28122950 |
| 67930 | Microsoft Corp. | &nbsp;&nbsp; 34419452 |
| 77986 | Oracle Corp. | &nbsp;&nbsp; 17634974 |
| 14752 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13534370 |
|  |  | &nbsp;&nbsp; **121769307** |
| **Tobacco 3.3%** | **Tobacco 3.3%** | **Tobacco 3.3%** |
| 155498 | Philip Morris International, Inc. | &nbsp;&nbsp; **25988381** |
| **Total Common Stocks (Cost $528,469,384)** | **Total Common Stocks (Cost $528,469,384)** | &nbsp;&nbsp; **756055030** |

---

See Notes to Financial Statements

------

Schedule of Investments Focus Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Preferred Stocks 0.4%** | **Preferred Stocks 0.4%** | **Preferred Stocks 0.4%** |
| **IT Services 0.1%** | **IT Services 0.1%** | **IT Services 0.1%** |
| 106691 | Druva, Inc., Series 5<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; **$1028501** |
| **Software 0.1%** | **Software 0.1%** | **Software 0.1%** |
| 63363 | &nbsp;&nbsp; Videoamp, Inc., <br> Series F1<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; **999995** |
| **Specialty Retail 0.2%** | **Specialty Retail 0.2%** | **Specialty Retail 0.2%** |
| 1000 | Fabletics LLC, Series G<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; **1332600** |
| **Total Preferred Stocks (Cost $2,999,995)** | **Total Preferred Stocks (Cost $2,999,995)** | &nbsp;&nbsp; **3361096** |
| **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>\*(a)(b)</sup> <br> **(Cost $0)**<br>| &nbsp;&nbsp; **1** |
| **Short-Term Investments 4.4%** | **Short-Term Investments 4.4%** | **Short-Term Investments 4.4%** |
| **Investment Companies 4.4%** | **Investment Companies 4.4%** | **Investment Companies 4.4%** |
| 35448875 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 4.23%<sup>(c)</sup> <br>**(Cost $35,448,875)**<br>| &nbsp;&nbsp; **35448875** |
| **Total Investments 99.8%** <br> **(Cost $566,918,254)** | **Total Investments 99.8%** <br> **(Cost $566,918,254)** | &nbsp;&nbsp; **794865002** |
| Other Assets Less Liabilities 0.2% | Other Assets Less Liabilities 0.2% | &nbsp;&nbsp; 1413299 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$796278301** |

---

&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 August 31, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at August 31, 2025 amounted to $4,412,005, which represents 0.6% of net assets of the Fund. 

(c) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Focus Fund^ (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at August 31, 2025 amounted to $4,412,004, 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>**8/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**8/31/2025**<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 | 1332600 | 0.2% |
| Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 999995 | 999995 | 0.1% |
| **Total** |  | **$3999994** | **$4412004** | **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; $609719810 | 76.6<br> %<br>|
| France | &nbsp;&nbsp; 44800414 | 5.6<br> %<br>|
| Germany | &nbsp;&nbsp; 34265709 | 4.3<br> %<br>|
| Italy | &nbsp;&nbsp; 24271983 | 3.1<br> %<br>|
| Canada | &nbsp;&nbsp; 17703039 | 2.2<br> %<br>|
| Brazil | &nbsp;&nbsp; 15141628 | 1.9<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 13513544 | 1.7<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 36862174 | 4.6<br> %<br>|
|  | &nbsp;&nbsp; **$796278301** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Focus Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Software | $120718399 | $— | $1050908 | $121769307 |
| Other Common Stocks<sup>#</sup> <br>| 634285723 |  |  | 634285723 |
| Total Common Stocks | 755004122 |  | 1050908 | 756055030 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 3361096 | 3361096 |
| Warrants<sup>#</sup> <br>|  |  | 1 | 1 |
| Short-Term Investments |  | 35448875 |  | 35448875 |
| **Total Investments** | **$755004122** | **$35448875** | **$4412005** | **$794865002** |

---

&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

------

Schedule of Investments Focus Fund^ (cont'd)

&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 9/1/2024<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>8/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>8/31/2025<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>| $1077 | $— | $— | $(26)<br>| $— | $— | $— | $— | $1051 | $(26)<br>|
| Preferred Stocks<sup>(1)</sup> <br>| 3224 |  |  | 137 |  |  |  |  | 3361 | 137 |
| Warrants<sup>(2)</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| Total | $4301 | $— | $— | $111 | $— | $— | $— | $— | $4412 | $111 |
| (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>8/31/2025<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>| 9.1x | 9.1x | Increase |
|  |  |  | Discount Rate | 3.9% | 3.9% | Decrease |
|  |  |  | Term (Years) | 1.3 | 1.3 | Decrease |
|  |  |  | Expected Volatility | 80.0% | 80.0% | Decrease |
| Preferred Stocks | 3361096 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 2.0x - 6.3x | 4.3x | Increase |
|  |  |  | Discount Rate | 3.7% - 15.0% | 8.2% | Decrease |
|  |  |  | Term (Years) | 1.3 - 2.3 | 1.7 | Decrease |
|  |  |  | Expected Volatility | 60.0% | 60.0% | 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. |

---

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

(2) At August 31, 2025, 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

------

Schedule of Investments Genesis Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.3%** | **Common Stocks 99.3%** | **Common Stocks 99.3%** |
| **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** |
| 496158 | VSE Corp. | &nbsp;&nbsp; **$80576059** |
| **Banks 11.0%** | **Banks 11.0%** | **Banks 11.0%** |
| 2429636 | &nbsp;&nbsp; Community Financial <br> System, Inc.<br>| &nbsp;&nbsp; 145510900 |
| 849633 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 109628146 |
| 2084814 | &nbsp;&nbsp; First Financial Bankshares, <br> Inc.<br>| &nbsp;&nbsp; 77492536 |
| 2501387 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 122943171 |
| 1202210 | Lakeland Financial Corp. | &nbsp;&nbsp; 82291275 |
| 2027597 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 140167781 |
| 1070116 | Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 86369062 |
| 1127525 | UMB Financial Corp. | &nbsp;&nbsp; 137445298 |
| 3348691 | &nbsp;&nbsp; United Community Banks, <br> Inc.<br>| &nbsp;&nbsp; 111846279 |
|  |  | &nbsp;&nbsp; **1013694448** |
| **Building Products 4.9%** | **Building Products 4.9%** | **Building Products 4.9%** |
| 620858 | &nbsp;&nbsp; Armstrong World Industries, <br> Inc.<br>| &nbsp;&nbsp; 121545371 |
| 262697 | CSW Industrials, Inc. | &nbsp;&nbsp; 71858137 |
| 4949314 | Hayward Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 79584969 |
| 476513 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 91071165 |
| 1464777 | Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; 90274206 |
|  |  | &nbsp;&nbsp; **454333848** |
| **Capital Markets 1.6%** | **Capital Markets 1.6%** | **Capital Markets 1.6%** |
| 409479 | Hamilton Lane, Inc. Class A | &nbsp;&nbsp; 63198989 |
| 423007 | Houlihan Lokey, Inc. | &nbsp;&nbsp; 84284145 |
|  |  | &nbsp;&nbsp; **147483134** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| 3500355 | Element Solutions, Inc. | &nbsp;&nbsp; **90029131** |
| **Commercial Services & Supplies 4.0%** | **Commercial Services & Supplies 4.0%** | **Commercial Services & Supplies 4.0%** |
| 1419671 | Brady Corp. Class A | &nbsp;&nbsp; 110847911 |
| 418346 | &nbsp;&nbsp; Casella Waste Systems, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 41232182 |
| 1350761 | Rollins, Inc. | &nbsp;&nbsp; 76372027 |
| 3848262 | Tetra Tech, Inc. | &nbsp;&nbsp; 140153702 |
|  |  | &nbsp;&nbsp; **368605822** |
| **Construction & Engineering 3.6%** | **Construction & Engineering 3.6%** | **Construction & Engineering 3.6%** |
| 1168126 | Arcosa, Inc. | &nbsp;&nbsp; 115586068 |
| 501612 | Valmont Industries, Inc. | &nbsp;&nbsp; 184151797 |
| 1405473 | WillScot Holdings Corp. | &nbsp;&nbsp; 34068666 |
|  |  | &nbsp;&nbsp; **333806531** |
| **Construction Materials 1.2%** | **Construction Materials 1.2%** | **Construction Materials 1.2%** |
| 365276 | Eagle Materials, Inc. | &nbsp;&nbsp; 84342228 |
| 304064 | Knife River Corp.<sup>\*</sup> | &nbsp;&nbsp; 24629184 |
|  |  | &nbsp;&nbsp; **108971412** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| 688900 | AptarGroup, Inc. | &nbsp;&nbsp; **$95943103** |
| **Diversified Consumer Services 1.1%** | **Diversified Consumer Services 1.1%** | **Diversified Consumer Services 1.1%** |
| 830675 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **98052877** |
| **Electric Utilities 1.0%** | **Electric Utilities 1.0%** | **Electric Utilities 1.0%** |
| 760038 | IDACORP, Inc. | &nbsp;&nbsp; **95080754** |
| **Electronic Equipment, Instruments & Components 4.2%** | **Electronic Equipment, Instruments & Components 4.2%** | **Electronic Equipment, Instruments & Components 4.2%** |
| 602573 | &nbsp;&nbsp; Advanced Energy Industries, <br> Inc.<br>| &nbsp;&nbsp; 90193127 |
| 229987 | Badger Meter, Inc. | &nbsp;&nbsp; 42069222 |
| 3002204 | Knowles Corp.<sup>\*</sup> | &nbsp;&nbsp; 64097055 |
| 597386 | Littelfuse, Inc. | &nbsp;&nbsp; 155218804 |
| 317739 | Novanta, Inc.<sup>\*</sup> | &nbsp;&nbsp; 36987997 |
|  |  | &nbsp;&nbsp; **388566205** |
| **Energy Equipment & Services 2.4%** | **Energy Equipment & Services 2.4%** | **Energy Equipment & Services 2.4%** |
| 220201 | Cactus, Inc. Class A | &nbsp;&nbsp; 9237432 |
| 2292147 | &nbsp;&nbsp; Oceaneering International, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 55928387 |
| 287125 | TerraVest Industries, Inc. | &nbsp;&nbsp; 30141487 |
| 2110788 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; 127069437 |
|  |  | &nbsp;&nbsp; **222376743** |
| **Financial Services 1.4%** | **Financial Services 1.4%** | **Financial Services 1.4%** |
| 383289 | Jack Henry & Associates, Inc. | &nbsp;&nbsp; 62575762 |
| 713139 | &nbsp;&nbsp; Shift4 Payments, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 64489160 |
|  |  | &nbsp;&nbsp; **127064922** |
| **Gas Utilities 0.8%** | **Gas Utilities 0.8%** | **Gas Utilities 0.8%** |
| 621326 | Chesapeake Utilities Corp. | &nbsp;&nbsp; **76783467** |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| 160360 | Saia, Inc.<sup>\*</sup> | &nbsp;&nbsp; **47540326** |
| **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** |
| 2048967 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 111750660 |
| 210645 | UFP Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 44269153 |
|  |  | &nbsp;&nbsp; **156019813** |
| **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** |
| 281575 | Chemed Corp. | &nbsp;&nbsp; **128947271** |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |
| 800114 | Texas Roadhouse, Inc. | &nbsp;&nbsp; **138059671** |
| **Household Durables 1.0%** | **Household Durables 1.0%** | **Household Durables 1.0%** |
| 339611 | &nbsp;&nbsp; Installed Building Products, <br> Inc.<br>| &nbsp;&nbsp; **88916952** |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| 1145537 | AMERISAFE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52900899 |
| 4810061 | Hagerty, Inc. Class A<sup>\*(a)</sup> | &nbsp;&nbsp; 55075198 |

---

See Notes to Financial Statements

------

Schedule of Investments Genesis Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| 1032478 | &nbsp;&nbsp; Stewart Information Services <br> Corp.<br>| &nbsp;&nbsp; $75205698 |
| 65514 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 119902412 |
|  |  | &nbsp;&nbsp; **303084207** |
| **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** |
| 1488799 | Bio-Techne Corp. | &nbsp;&nbsp; 81333089 |
| 2131517 | Stevanato Group SpA | &nbsp;&nbsp; 49046206 |
| 212609 | &nbsp;&nbsp; West Pharmaceutical <br> Services, Inc.<br>| &nbsp;&nbsp; 52503793 |
|  |  | &nbsp;&nbsp; **182883088** |
| **Machinery 16.4%** | **Machinery 16.4%** | **Machinery 16.4%** |
| 403395 | Crane Co. | &nbsp;&nbsp; 74749093 |
| 2264896 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 95895697 |
| 272570 | Enpro, Inc. | &nbsp;&nbsp; 59630139 |
| 1066361 | Esab Corp. | &nbsp;&nbsp; 123026068 |
| 512037 | ESCO Technologies, Inc. | &nbsp;&nbsp; 102873354 |
| 869926 | Federal Signal Corp. | &nbsp;&nbsp; 106992199 |
| 4939535 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 126254515 |
| 850142 | Graco, Inc. | &nbsp;&nbsp; 72593625 |
| 297113 | Kadant, Inc. | &nbsp;&nbsp; 96050691 |
| 631914 | Lindsay Corp.<sup>(a)</sup> | &nbsp;&nbsp; 86717558 |
| 679732 | Miller Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28609920 |
| 370103 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 144325366 |
| 907333 | REV Group, Inc. | &nbsp;&nbsp; 48279189 |
| 666669 | SPX Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 124740436 |
| 585755 | Standex International Corp. | &nbsp;&nbsp; 119535023 |
| 1250540 | Toro Co. | &nbsp;&nbsp; 101368772 |
|  |  | &nbsp;&nbsp; **1511641645** |
| **Marine Transportation 1.4%** | **Marine Transportation 1.4%** | **Marine Transportation 1.4%** |
| 1368003 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **132969892** |
| **Media 2.5%** | **Media 2.5%** | **Media 2.5%** |
| 1970976 | &nbsp;&nbsp; John Wiley & Sons, Inc. <br> Class A<br>| &nbsp;&nbsp; 79982206 |
| 753549 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; 154123377 |
|  |  | &nbsp;&nbsp; **234105583** |
| **Oil, Gas & Consumable Fuels 2.5%** | **Oil, Gas & Consumable Fuels 2.5%** | **Oil, Gas & Consumable Fuels 2.5%** |
| 3988306 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 116458535 |
| 2975042 | Viper Energy, Inc. Class A | &nbsp;&nbsp; 118540549 |
|  |  | &nbsp;&nbsp; **234999084** |
| **Professional Services 1.6%** | **Professional Services 1.6%** | **Professional Services 1.6%** |
| 390602 | CRA International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 75683043 |
| 1003118 | Exponent, Inc. | &nbsp;&nbsp; 71602563 |
|  |  | &nbsp;&nbsp; **147285606** |
| **Real Estate Management & Development 3.0%** | **Real Estate Management & Development 3.0%** | **Real Estate Management & Development 3.0%** |
| 651453 | &nbsp;&nbsp; Colliers International Group, <br> Inc.<br>| &nbsp;&nbsp; 107717754 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Real Estate Management & Development – cont'd** | **Real Estate Management & Development – cont'd** | **Real Estate Management & Development – cont'd** |
| 818421 | FirstService Corp. | &nbsp;&nbsp; $164666305 |
|  |  | &nbsp;&nbsp; **272384059** |
| **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** |
| 2183163 | &nbsp;&nbsp; Lattice Semiconductor <br> Corp.<sup>\*</sup><br>| &nbsp;&nbsp; 144918360 |
| 958489 | MKS, Inc. | &nbsp;&nbsp; 99050253 |
| 2605010 | Power Integrations, Inc. | &nbsp;&nbsp; 117485951 |
|  |  | &nbsp;&nbsp; **361454564** |
| **Software 8.7%** | **Software 8.7%** | **Software 8.7%** |
| 988260 | BlackLine, Inc.<sup>\*</sup> | &nbsp;&nbsp; 53731696 |
| 5157114 | &nbsp;&nbsp; CCC Intelligent Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 51055429 |
| 650141 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 121345567 |
| 3319558 | &nbsp;&nbsp; Computer Modelling Group <br> Ltd.<br>| &nbsp;&nbsp; 15050876 |
| 58394 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 88854646 |
| 662446 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; 142717366 |
| 665399 | Qualys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 90367838 |
| 798896 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 88118229 |
| 183671 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 103384733 |
| 1913603 | Vertex, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 49409229 |
|  |  | &nbsp;&nbsp; **804035609** |
| **Specialty Retail 4.4%** | **Specialty Retail 4.4%** | **Specialty Retail 4.4%** |
| 293020 | &nbsp;&nbsp; Asbury Automotive Group, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 73706251 |
| 809074 | &nbsp;&nbsp; Floor & Decor Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 66279342 |
| 102484 | Murphy USA, Inc. | &nbsp;&nbsp; 38585226 |
| 1442156 | Tractor Supply Co. | &nbsp;&nbsp; 89067555 |
| 1188130 | Valvoline, Inc.<sup>\*</sup> | &nbsp;&nbsp; 46075681 |
| 199706 | Winmark Corp.<sup>(a)</sup> | &nbsp;&nbsp; 92631631 |
|  |  | &nbsp;&nbsp; **406345686** |
| **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** |
| 464461 | &nbsp;&nbsp; SiteOne Landscape Supply, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 66529394 |
| 512243 | Transcat, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 43002800 |
| 249227 | Watsco, Inc. | &nbsp;&nbsp; 100283960 |
|  |  | &nbsp;&nbsp; **209816154** |
| **Water Utilities 1.1%** | **Water Utilities 1.1%** | **Water Utilities 1.1%** |
| 1112907 | American States Water Co. | &nbsp;&nbsp; 82944959 |
| 346067 | Middlesex Water Co. | &nbsp;&nbsp; 18528427 |
|  |  | &nbsp;&nbsp; **101473386** |
| **Total Common Stocks** <br> **(Cost $5,899,349,764)** | **Total Common Stocks** <br> **(Cost $5,899,349,764)** | &nbsp;&nbsp; **9163331052** |

---

See Notes to Financial Statements

------

Schedule of Investments Genesis Fund^ (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 0.7%** | **Short-Term Investments 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| 6459205<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 4.19%<sup>(b)</sup><br>| &nbsp;&nbsp; $6459205 |
| 61475774<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Plus Money Market <br> Fund Premier Class, <br> 4.21%<sup>(b)</sup><br>| &nbsp;&nbsp; 61475774 |
| **Total Short-Term Investments** <br> **(Cost $67,934,979)** | &nbsp;&nbsp; **67934979** |
| **Total Investments 100.0%** <br> **(Cost $5,967,284,743)** | &nbsp;&nbsp; **9231266031** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (4315219)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$9226950812** |

---

&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) Affiliated company (see Note F of the Notes to Financial Statements). <br> (b) Represents 7-day effective yield as of August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $9163331052 | $— | $— | $9163331052 |
| Short-Term Investments |  | 67934979 |  | 67934979 |
| **Total Investments** | **$9163331052** | **$67934979** | **$—** | **$9231266031** |

---

&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

------

Schedule of Investments International Equity Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.2%** | **Common Stocks 98.2%** | **Common Stocks 98.2%** |
| **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** |
| 2695664 | Steadfast Group Ltd. | &nbsp;&nbsp; **$10704207** |
| **Austria 3.1%** | **Austria 3.1%** | **Austria 3.1%** |
| 119447 | BAWAG Group AG<sup>\*(a)</sup> | &nbsp;&nbsp; 15441384 |
| 207113 | Erste Group Bank AG | &nbsp;&nbsp; 19699110 |
|  |  | &nbsp;&nbsp; **35140494** |
| **Belgium 2.3%** | **Belgium 2.3%** | **Belgium 2.3%** |
| 413689 | Anheuser-Busch InBev SA | &nbsp;&nbsp; **25912006** |
| **Canada 2.4%** | **Canada 2.4%** | **Canada 2.4%** |
| 101785 | Kinaxis, Inc.<sup>\*</sup> | &nbsp;&nbsp; 14049865 |
| 450829 | &nbsp;&nbsp; Triple Flag Precious Metals <br> Corp.<br>| &nbsp;&nbsp; 12339190 |
|  |  | &nbsp;&nbsp; **26389055** |
| **Denmark 2.4%** | **Denmark 2.4%** | **Denmark 2.4%** |
| 57474 | DSV AS | &nbsp;&nbsp; 12727563 |
| 257255 | Novo Nordisk AS Class B | &nbsp;&nbsp; 14465983 |
|  |  | &nbsp;&nbsp; **27193546** |
| **France 9.6%** | **France 9.6%** | **France 9.6%** |
| 230545 | Accor SA | &nbsp;&nbsp; 11400835 |
| 409862 | Bureau Veritas SA | &nbsp;&nbsp; 12351856 |
| 128313 | Cie de Saint-Gobain SA | &nbsp;&nbsp; 13840452 |
| 327041 | Edenred SE | &nbsp;&nbsp; 9450349 |
| 247222 | Exosens SAS | &nbsp;&nbsp; 11366542 |
| 32467 | L'Oreal SA | &nbsp;&nbsp; 15113491 |
| 24457 | &nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE<br>| &nbsp;&nbsp; 14423431 |
| 48554 | Nexans SA | &nbsp;&nbsp; 7395792 |
| 37771 | Safran SA | &nbsp;&nbsp; 12589243 |
|  |  | &nbsp;&nbsp; **107931991** |
| **Germany 11.5%** | **Germany 11.5%** | **Germany 11.5%** |
| 344913 | Bayer AG | &nbsp;&nbsp; 11322594 |
| 31602 | Deutsche Boerse AG | &nbsp;&nbsp; 9301948 |
| 174947 | KION Group AG | &nbsp;&nbsp; 11379678 |
| 300197 | RWE AG | &nbsp;&nbsp; 12025103 |
| 38805 | SAP SE ADR | &nbsp;&nbsp; 10561169 |
| 94405 | Siemens AG | &nbsp;&nbsp; 26131145 |
| 176124 | Siemens Energy AG<sup>\*</sup> | &nbsp;&nbsp; 18692624 |
| 241236 | Siemens Healthineers AG<sup>(a)</sup> | &nbsp;&nbsp; 13351921 |
| 160237 | Symrise AG | &nbsp;&nbsp; 15518042 |
|  |  | &nbsp;&nbsp; **128284224** |
| **Ireland 0.8%** | **Ireland 0.8%** | **Ireland 0.8%** |
| 640592 | Bank of Ireland Group PLC | &nbsp;&nbsp; **9472776** |
| **Israel 0.8%** | **Israel 0.8%** | **Israel 0.8%** |
| 44528 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; **8600138** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Italy 5.0%** | **Italy 5.0%** | **Italy 5.0%** |
| 486576 | Amplifon SpA<sup>(b)</sup> | &nbsp;&nbsp; $8860301 |
| 195273 | Avio SpA<sup>(a)</sup> | &nbsp;&nbsp; 8132815 |
| 525044 | Intercos SpA | &nbsp;&nbsp; 7334132 |
| 82910 | Prysmian SpA | &nbsp;&nbsp; 7247571 |
| 309395 | UniCredit SpA | &nbsp;&nbsp; 23903916 |
|  |  | &nbsp;&nbsp; **55478735** |
| **Japan 10.6%** | **Japan 10.6%** | **Japan 10.6%** |
| 1243300 | Azbil Corp. | &nbsp;&nbsp; 12443760 |
| 401800 | Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 9163010 |
| 338200 | Daifuku Co. Ltd. | &nbsp;&nbsp; 10644606 |
| 658500 | Fujitsu Ltd. | &nbsp;&nbsp; 15846268 |
| 665700 | Hitachi Ltd. | &nbsp;&nbsp; 17936227 |
| 165800 | Oracle Corp. Japan | &nbsp;&nbsp; 17160690 |
| 556800 | Renesas Electronics Corp. | &nbsp;&nbsp; 6499331 |
| 1940800 | Resona Holdings, Inc. | &nbsp;&nbsp; 19465128 |
| 316200 | Simplex Holdings, Inc. | &nbsp;&nbsp; 9770769 |
|  |  | &nbsp;&nbsp; **118929789** |
| **Korea 0.9%** | **Korea 0.9%** | **Korea 0.9%** |
| 132178 | Kia Corp. | &nbsp;&nbsp; **10001044** |
| **Luxembourg 1.8%** | **Luxembourg 1.8%** | **Luxembourg 1.8%** |
| 269323 | ArcelorMittal SA | &nbsp;&nbsp; 8967204 |
| 147906 | Eurofins Scientific SE | &nbsp;&nbsp; 11216142 |
|  |  | &nbsp;&nbsp; **20183346** |
| **Netherlands 5.8%** | **Netherlands 5.8%** | **Netherlands 5.8%** |
| 4721 | Adyen NV<sup>\*(a)</sup> | &nbsp;&nbsp; 7922331 |
| 17660 | ASM International NV | &nbsp;&nbsp; 8485239 |
| 11505 | ASML Holding NV | &nbsp;&nbsp; 8568444 |
| 61278 | IMCD NV | &nbsp;&nbsp; 6880722 |
| 844247 | ING Groep NV | &nbsp;&nbsp; 20109256 |
| 455385 | Universal Music Group NV<sup>(b)</sup> | &nbsp;&nbsp; 12860702 |
|  |  | &nbsp;&nbsp; **64826694** |
| **Spain 1.1%** | **Spain 1.1%** | **Spain 1.1%** |
| 429435 | Fluidra SA | &nbsp;&nbsp; **12228318** |
| **Sweden 1.9%** | **Sweden 1.9%** | **Sweden 1.9%** |
| 482277 | Epiroc AB Class A | &nbsp;&nbsp; 10068988 |
| 187988 | Hemnet Group AB | &nbsp;&nbsp; 4886158 |
| 264701 | Sandvik AB | &nbsp;&nbsp; 6687095 |
|  |  | &nbsp;&nbsp; **21642241** |
| **Switzerland 7.5%** | **Switzerland 7.5%** | **Switzerland 7.5%** |
| 134161 | DSM-Firmenich AG | &nbsp;&nbsp; 13105737 |
| 86706 | Galderma Group AG | &nbsp;&nbsp; 15127361 |
| 18118 | Lonza Group AG | &nbsp;&nbsp; 12838725 |
| 7479 | Partners Group Holding AG | &nbsp;&nbsp; 10258330 |
| 178861 | Sandoz Group AG | &nbsp;&nbsp; 11212482 |
| 26887 | Sonova Holding AG | &nbsp;&nbsp; 7826011 |
| 16352 | Tecan Group AG<sup>(b)</sup> | &nbsp;&nbsp; 3374011 |

---

See Notes to Financial Statements

------

Schedule of Investments International Equity Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Switzerland – cont'd** | **Switzerland – cont'd** | **Switzerland – cont'd** |
| 108075 | Temenos AG<sup>(b)</sup> | &nbsp;&nbsp; $9603365 |
|  |  | &nbsp;&nbsp; **83346022** |
| **United Kingdom 23.5%** | **United Kingdom 23.5%** | **United Kingdom 23.5%** |
| 178136 | Ashtead Group PLC | &nbsp;&nbsp; 13112257 |
| 138692 | AstraZeneca PLC | &nbsp;&nbsp; 22101071 |
| 322937 | BAE Systems PLC | &nbsp;&nbsp; 7671164 |
| 2756109 | Barclays PLC | &nbsp;&nbsp; 13425463 |
| 626845 | Beazley PLC | &nbsp;&nbsp; 6638153 |
| 2296055 | Chemring Group PLC | &nbsp;&nbsp; 16664975 |
| 175728 | &nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC<br>| &nbsp;&nbsp; 15615190 |
| 560603 | Compass Group PLC | &nbsp;&nbsp; 19033697 |
| 6774763 | Convatec Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 21664913 |
| 363797 | Experian PLC | &nbsp;&nbsp; 18842248 |
| 37951 | Flutter Entertainment PLC<sup>\*</sup> | &nbsp;&nbsp; 11613089 |
| 2832640 | GlobalData PLC | &nbsp;&nbsp; 5130318 |
| 686910 | Hiscox Ltd. | &nbsp;&nbsp; 12115978 |
| 317109 | ICG PLC | &nbsp;&nbsp; 9352149 |
| 119402 | &nbsp;&nbsp; London Stock Exchange <br> Group PLC<br>| &nbsp;&nbsp; 14795659 |
| 2446541 | NatWest Group PLC | &nbsp;&nbsp; 16884236 |
| 304310 | RELX PLC | &nbsp;&nbsp; 14173581 |
| 710694 | St. James's Place PLC | &nbsp;&nbsp; 12189682 |
| 802142 | Wise PLC Class A<sup>\*</sup> | &nbsp;&nbsp; 11427204 |
|  |  | &nbsp;&nbsp; **262451027** |
| **United States 6.2%** | **United States 6.2%** | **United States 6.2%** |
| 179049 | Alcon AG | &nbsp;&nbsp; 14289901 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **United States – cont'd** | **United States – cont'd** | **United States – cont'd** |
| 3471077 | Haleon PLC | &nbsp;&nbsp; $17025478 |
| 49044 | ICON PLC<sup>\*</sup> | &nbsp;&nbsp; 8726889 |
| 341558 | Schlumberger NV | &nbsp;&nbsp; 12582997 |
| 464317 | Shell PLC | &nbsp;&nbsp; 17095027 |
|  |  | &nbsp;&nbsp; **69720292** |
| **Total Common Stocks** <br>**(Cost $912,548,772)** | **Total Common Stocks** <br>**(Cost $912,548,772)** | &nbsp;&nbsp; **1098435945** |
| **Short-Term Investments 1.2%** | **Short-Term Investments 1.2%** | **Short-Term Investments 1.2%** |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| 13462009 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 4.19%<sup>(c)</sup><br>| &nbsp;&nbsp; 13462009 |
| 161681 | &nbsp;&nbsp; State Street Navigator <br> Securities Lending <br> Government Money Market <br> Portfolio, 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 161681 |
| **Total Short-Term Investments** <br>**(Cost $13,623,690)** | **Total Short-Term Investments** <br>**(Cost $13,623,690)** | &nbsp;&nbsp; **13623690** |
| **Total Investments 99.4%** <br> **(Cost $926,172,462)** | **Total Investments 99.4%** <br> **(Cost $926,172,462)** | &nbsp;&nbsp; **1112059635** |
| Other Assets Less Liabilities 0.6% | Other Assets Less Liabilities 0.6% | &nbsp;&nbsp; 6533700 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1118593335** |

---

&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 August 31, 2025 amounted to $66,513,364, which represents 5.9% of net assets of the Fund. 

(b) All or a portion of this security is on loan at August 31, 2025. Total value of all such securities at August 31, 2025 amounted to $15,020,232, collateralized by cash collateral of $161,681 and non-cash (U.S. Treasury Securities) collateral of $15,670,764 for the Fund (see Note A of the Notes to Financial Statements). 

(c) Represents 7-day effective yield as of August 31, 2025.

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

------

Schedule of Investments International Equity Fund^ (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; $138401269 | 12.4<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 91254969 | 8.2<br> %<br>|
| Software | &nbsp;&nbsp; 59975227 | 5.4<br> %<br>|
| Health Care Equipment & Supplies | &nbsp;&nbsp; 57132746 | 5.1<br> %<br>|
| Aerospace & Defense | &nbsp;&nbsp; 56424739 | 5.0<br> %<br>|
| Capital Markets | &nbsp;&nbsp; 55897768 | 5.0<br> %<br>|
| Machinery | &nbsp;&nbsp; 51008685 | 4.6<br> %<br>|
| Professional Services | &nbsp;&nbsp; 50498003 | 4.5<br> %<br>|
| Industrial Conglomerates | &nbsp;&nbsp; 44067372 | 3.9<br> %<br>|
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 42047621 | 3.8<br> %<br>|
| Beverages | &nbsp;&nbsp; 41527196 | 3.7<br> %<br>|
| Life Sciences Tools & Services | &nbsp;&nbsp; 36155767 | 3.2<br> %<br>|
| Electrical Equipment | &nbsp;&nbsp; 33335987 | 3.0<br> %<br>|
| Insurance | &nbsp;&nbsp; 29458338 | 2.6<br> %<br>|
| Financial Services | &nbsp;&nbsp; 28799884 | 2.6<br> %<br>|
| Chemicals | &nbsp;&nbsp; 28623779 | 2.6<br> %<br>|
| IT Services | &nbsp;&nbsp; 25617037 | 2.3<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 23553014 | 2.1<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 22447623 | 2.0<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 21306394 | 1.9<br> %<br>|
| Trading Companies & Distributors | &nbsp;&nbsp; 19992979 | 1.8<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 17095027 | 1.5<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 14423431 | 1.3<br> %<br>|
| Building Products | &nbsp;&nbsp; 13840452 | 1.2<br> %<br>|
| Entertainment | &nbsp;&nbsp; 12860702 | 1.2<br> %<br>|
| Air Freight & Logistics | &nbsp;&nbsp; 12727563 | 1.1<br> %<br>|
| Energy Equipment & Services | &nbsp;&nbsp; 12582997 | 1.1<br> %<br>|
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 12443760 | 1.1<br> %<br>|
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 12025103 | 1.1<br> %<br>|
| Automobiles | &nbsp;&nbsp; 10001044 | 0.9<br> %<br>|
| Commercial Services & Supplies | &nbsp;&nbsp; 9163010 | 0.8<br> %<br>|
| Health Care Providers & Services | &nbsp;&nbsp; 8860301 | 0.8<br> %<br>|
| Interactive Media & Services | &nbsp;&nbsp; 4886158 | 0.4<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 20157390 | 1.8<br> %<br>|
|  | &nbsp;&nbsp; **$1118593335** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments International Equity Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | $— | $10704207 | $— | $10704207 |
| Japan |  | 118929789 |  | 118929789 |
| Korea |  | 10001044 |  | 10001044 |
| Other Common Stocks<sup>#</sup> <br>| 958800905 |  |  | 958800905 |
| Total Common Stocks | 958800905 | 139635040 |  | 1098435945 |
| Short-Term Investments |  | 13623690 |  | 13623690 |
| **Total Investments** | **$958800905** | **$153258730** | **$—** | **$1112059635** |

---

&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

------

Schedule of Investments International Select Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 96.8%** | **Common Stocks 96.8%** | **Common Stocks 96.8%** |
| **Austria 3.2%** | **Austria 3.2%** | **Austria 3.2%** |
| 26658 | BAWAG Group AG<sup>\*(a)</sup> | &nbsp;&nbsp; $3446185 |
| 45982 | Erste Group Bank AG | &nbsp;&nbsp; 4373479 |
|  |  | &nbsp;&nbsp; **7819664** |
| **Belgium 2.4%** | **Belgium 2.4%** | **Belgium 2.4%** |
| 95093 | Anheuser-Busch InBev SA | &nbsp;&nbsp; **5956287** |
| **Canada 1.4%** | **Canada 1.4%** | **Canada 1.4%** |
| 24547 | Kinaxis, Inc.<sup>\*</sup> | &nbsp;&nbsp; **3388338** |
| **Denmark 2.5%** | **Denmark 2.5%** | **Denmark 2.5%** |
| 12807 | DSV AS | &nbsp;&nbsp; 2836098 |
| 57070 | Novo Nordisk AS Class B | &nbsp;&nbsp; 3209165 |
|  |  | &nbsp;&nbsp; **6045263** |
| **France 10.1%** | **France 10.1%** | **France 10.1%** |
| 51201 | Accor SA | &nbsp;&nbsp; 2531975 |
| 89341 | AXA SA | &nbsp;&nbsp; 4158852 |
| 98790 | Bureau Veritas SA | &nbsp;&nbsp; 2977197 |
| 28009 | Cie de Saint-Gobain SA | &nbsp;&nbsp; 3021184 |
| 12056 | L'Oreal SA | &nbsp;&nbsp; 5612106 |
| 6523 | &nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE<br>| &nbsp;&nbsp; 3846917 |
| 8403 | Safran SA | &nbsp;&nbsp; 2800757 |
|  |  | &nbsp;&nbsp; **24948988** |
| **Germany 13.0%** | **Germany 13.0%** | **Germany 13.0%** |
| 75289 | Bayer AG | &nbsp;&nbsp; 2471541 |
| 7054 | Deutsche Boerse AG | &nbsp;&nbsp; 2076322 |
| 51672 | KION Group AG | &nbsp;&nbsp; 3361079 |
| 66757 | RWE AG | &nbsp;&nbsp; 2674110 |
| 12865 | SAP SE ADR | &nbsp;&nbsp; 3501338 |
| 23442 | Siemens AG | &nbsp;&nbsp; 6488706 |
| 44477 | Siemens Energy AG<sup>\*</sup> | &nbsp;&nbsp; 4720492 |
| 53838 | Siemens Healthineers AG<sup>(a)</sup> | &nbsp;&nbsp; 2979824 |
| 37777 | Symrise AG | &nbsp;&nbsp; 3658488 |
|  |  | &nbsp;&nbsp; **31931900** |
| **Ireland 0.8%** | **Ireland 0.8%** | **Ireland 0.8%** |
| 142340 | Bank of Ireland Group PLC | &nbsp;&nbsp; **2104858** |
| **Israel 1.0%** | **Israel 1.0%** | **Israel 1.0%** |
| 13093 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; **2528782** |
| **Italy 4.6%** | **Italy 4.6%** | **Italy 4.6%** |
| 118564 | Amplifon SpA<sup>(b)</sup> | &nbsp;&nbsp; 2158990 |
| 44521 | Prysmian SpA | &nbsp;&nbsp; 3891800 |
| 67701 | UniCredit SpA | &nbsp;&nbsp; 5230592 |
|  |  | &nbsp;&nbsp; **11281382** |
| **Japan 8.6%** | **Japan 8.6%** | **Japan 8.6%** |
| 147200 | Fujitsu Ltd. | &nbsp;&nbsp; 3542249 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Japan – cont'd** | **Japan – cont'd** | **Japan – cont'd** |
| 169400 | Hitachi Ltd. | &nbsp;&nbsp; $4564213 |
| 39800 | Oracle Corp. Japan | &nbsp;&nbsp; 4119394 |
| 43600 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 2494935 |
| 147800 | Renesas Electronics Corp. | &nbsp;&nbsp; 1725217 |
| 482300 | Resona Holdings, Inc. | &nbsp;&nbsp; 4837197 |
|  |  | &nbsp;&nbsp; **21283205** |
| **Korea 1.0%** | **Korea 1.0%** | **Korea 1.0%** |
| 32577 | Kia Corp. | &nbsp;&nbsp; **2464888** |
| **Luxembourg 2.6%** | **Luxembourg 2.6%** | **Luxembourg 2.6%** |
| 59890 | ArcelorMittal SA | &nbsp;&nbsp; 1994059 |
| 64539 | CVC Capital Partners PLC<sup>(a)</sup> | &nbsp;&nbsp; 1302447 |
| 40143 | Eurofins Scientific SE | &nbsp;&nbsp; 3044160 |
|  |  | &nbsp;&nbsp; **6340666** |
| **Netherlands 6.5%** | **Netherlands 6.5%** | **Netherlands 6.5%** |
| 1361 | Adyen NV<sup>\*(a)</sup> | &nbsp;&nbsp; 2283900 |
| 3941 | ASM International NV | &nbsp;&nbsp; 1893563 |
| 2558 | ASML Holding NV | &nbsp;&nbsp; 1905092 |
| 17720 | IMCD NV<sup>(b)</sup> | &nbsp;&nbsp; 1989726 |
| 187814 | ING Groep NV | &nbsp;&nbsp; 4473572 |
| 121186 | Universal Music Group NV<sup>(b)</sup> | &nbsp;&nbsp; 3422460 |
|  |  | &nbsp;&nbsp; **15968313** |
| **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** |
| 106975 | Epiroc AB Class A<sup>(b)</sup> | &nbsp;&nbsp; 2233426 |
| 58493 | Sandvik AB | &nbsp;&nbsp; 1477698 |
|  |  | &nbsp;&nbsp; **3711124** |
| **Switzerland 6.9%** | **Switzerland 6.9%** | **Switzerland 6.9%** |
| 32025 | DSM-Firmenich AG | &nbsp;&nbsp; 3128415 |
| 23993 | Galderma Group AG | &nbsp;&nbsp; 4185993 |
| 4536 | Lonza Group AG | &nbsp;&nbsp; 3214287 |
| 1683 | Partners Group Holding AG | &nbsp;&nbsp; 2308433 |
| 39791 | Sandoz Group AG | &nbsp;&nbsp; 2494428 |
| 5918 | Sonova Holding AG | &nbsp;&nbsp; 1722555 |
|  |  | &nbsp;&nbsp; **17054111** |
| **United Kingdom 21.9%** | **United Kingdom 21.9%** | **United Kingdom 21.9%** |
| 39732 | Ashtead Group PLC | &nbsp;&nbsp; 2924598 |
| 35275 | AstraZeneca PLC | &nbsp;&nbsp; 5621199 |
| 213649 | BAE Systems PLC | &nbsp;&nbsp; 5075096 |
| 729486 | Barclays PLC | &nbsp;&nbsp; 3553447 |
| 39218 | &nbsp;&nbsp; Coca-Cola Europacific Partners <br> PLC<br>| &nbsp;&nbsp; 3484911 |
| 127497 | Compass Group PLC | &nbsp;&nbsp; 4328802 |
| 1497128 | Convatec Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 4787643 |
| 92193 | Experian PLC | &nbsp;&nbsp; 4774980 |
| 8388 | Flutter Entertainment PLC<sup>\*</sup> | &nbsp;&nbsp; 2566746 |
| 70487 | ICG PLC | &nbsp;&nbsp; 2078796 |
| 34247 | &nbsp;&nbsp; London Stock Exchange Group <br> PLC<br>| &nbsp;&nbsp; 4243706 |
| 540631 | NatWest Group PLC | &nbsp;&nbsp; 3731040 |

---

See Notes to Financial Statements

------

Schedule of Investments International Select Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **United Kingdom – cont'd** | **United Kingdom – cont'd** | **United Kingdom – cont'd** |
| 84377 | RELX PLC | &nbsp;&nbsp; $3929954 |
| 203973 | Wise PLC Class A<sup>\*</sup> | &nbsp;&nbsp; 2905771 |
|  |  | &nbsp;&nbsp; **54006689** |
| **United States 8.8%** | **United States 8.8%** | **United States 8.8%** |
| 39391 | Alcon AG | &nbsp;&nbsp; 3143796 |
| 8230 | Aon PLC Class A | &nbsp;&nbsp; 3020410 |
| 774654 | Haleon PLC | &nbsp;&nbsp; 3799643 |
| 10820 | ICON PLC<sup>\*</sup> | &nbsp;&nbsp; 1925311 |
| 16251 | Royal Gold, Inc. | &nbsp;&nbsp; 2918355 |
| 82269 | Schlumberger NV | &nbsp;&nbsp; 3030790 |
| 102567 | Shell PLC | &nbsp;&nbsp; 3776268 |
|  |  | &nbsp;&nbsp; **21614573** |
| **Total Common Stocks** <br>**(Cost $206,087,267)** | **Total Common Stocks** <br>**(Cost $206,087,267)** | &nbsp;&nbsp; **238449031** |

---

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 2.5%** | **Short-Term Investments 2.5%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| 5968075<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(c)</sup><br>| &nbsp;&nbsp; $5968075 |
| 63025<br> &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money <br> Market Portfolio, 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 63025 |
| **Total Short-Term Investments** <br>**(Cost $6,031,100)** | &nbsp;&nbsp; **6031100** |
| **Total Investments 99.3%** <br> **(Cost $212,118,367)** | &nbsp;&nbsp; **244480131** |
| Other Assets Less Liabilities 0.7% | &nbsp;&nbsp; 1763169 |
| **Net Assets 100.0%** | &nbsp;&nbsp; **$246243300** |

---

&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 August 31, 2025 amounted to $14,799,999, which represents 6.0% of net assets of the Fund. 

(b) All or a portion of this security is on loan at August 31, 2025. Total value of all such securities at August 31, 2025 amounted to $6,812,364, collateralized by cash collateral of $63,025 and non-cash (U.S. Treasury Securities) collateral of $7,147,841 for the Fund (see Note A of the Notes to Financial Statements). 

(c) Represents 7-day effective yield as of August 31, 2025.

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

------

Schedule of Investments International Select Fund^ (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; $31750370 | 12.9<br> %<br>|
| Pharmaceuticals | &nbsp;&nbsp; 21781969 | 8.8<br> %<br>|
| Professional Services | &nbsp;&nbsp; 14177066 | 5.8<br> %<br>|
| Software | &nbsp;&nbsp; 13537852 | 5.5<br> %<br>|
| Health Care Equipment & Supplies | &nbsp;&nbsp; 12633818 | 5.1<br> %<br>|
| Capital Markets | &nbsp;&nbsp; 12009704 | 4.9<br> %<br>|
| Industrial Conglomerates | &nbsp;&nbsp; 11052919 | 4.5<br> %<br>|
| Beverages | &nbsp;&nbsp; 9441198 | 3.8<br> %<br>|
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 9427523 | 3.8<br> %<br>|
| Electrical Equipment | &nbsp;&nbsp; 8612292 | 3.5<br> %<br>|
| Life Sciences Tools & Services | &nbsp;&nbsp; 8183758 | 3.3<br> %<br>|
| Aerospace & Defense | &nbsp;&nbsp; 7875853 | 3.2<br> %<br>|
| Insurance | &nbsp;&nbsp; 7179262 | 2.9<br> %<br>|
| Machinery | &nbsp;&nbsp; 7072203 | 2.9<br> %<br>|
| Chemicals | &nbsp;&nbsp; 6786903 | 2.8<br> %<br>|
| Personal Care Products | &nbsp;&nbsp; 5612106 | 2.3<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5523872 | 2.2<br> %<br>|
| Financial Services | &nbsp;&nbsp; 5189671 | 2.1<br> %<br>|
| Trading Companies & Distributors | &nbsp;&nbsp; 4914324 | 2.0<br> %<br>|
| Metals & Mining | &nbsp;&nbsp; 4912414 | 2.0<br> %<br>|
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3846917 | 1.6<br> %<br>|
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3776268 | 1.5<br> %<br>|
| IT Services | &nbsp;&nbsp; 3542249 | 1.4<br> %<br>|
| Entertainment | &nbsp;&nbsp; 3422460 | 1.4<br> %<br>|
| Energy Equipment & Services | &nbsp;&nbsp; 3030790 | 1.2<br> %<br>|
| Building Products | &nbsp;&nbsp; 3021184 | 1.2<br> %<br>|
| Air Freight & Logistics | &nbsp;&nbsp; 2836098 | 1.2<br> %<br>|
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 2674110 | 1.1<br> %<br>|
| Automobiles | &nbsp;&nbsp; 2464888 | 1.0<br> %<br>|
| Health Care Providers & Services | &nbsp;&nbsp; 2158990 | 0.9<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 7794269 | 3.2<br> %<br>|
|  | &nbsp;&nbsp; **$246243300** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments International Select Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Japan | $— | $21283205 | $— | $21283205 |
| Korea |  | 2464888 |  | 2464888 |
| Other Common Stocks<sup>#</sup> <br>| 214700938 |  |  | 214700938 |
| Total Common Stocks | 214700938 | 23748093 |  | 238449031 |
| Short-Term Investments |  | 6031100 |  | 6031100 |
| **Total Investments** | **$214700938** | **$29779193** | **$—** | **$244480131** |

---

&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

------

Schedule of Investments Intrinsic Value Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** |
| 302727 | Mercury Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$20449209** |
| **Automobile Components 1.0%** | **Automobile Components 1.0%** | **Automobile Components 1.0%** |
| 110647 | Lear Corp. | &nbsp;&nbsp; **12171170** |
| **Banks 5.7%** | **Banks 5.7%** | **Banks 5.7%** |
| 769173 | Banc of California, Inc. | &nbsp;&nbsp; 13014407 |
| 132918 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 6532920 |
| 1540039 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 27428094 |
| 240687 | &nbsp;&nbsp; Texas Capital Bancshares, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 20836274 |
|  |  | &nbsp;&nbsp; **67811695** |
| **Building Products 3.3%** | **Building Products 3.3%** | **Building Products 3.3%** |
| 1159491 | Resideo Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **39480669** |
| **Commercial Services & Supplies 4.8%** | **Commercial Services & Supplies 4.8%** | **Commercial Services & Supplies 4.8%** |
| 49687 | Clean Harbors, Inc.<sup>\*</sup> | &nbsp;&nbsp; 12034688 |
| 1739781 | Enviri Corp.<sup>\*</sup> | &nbsp;&nbsp; 19659525 |
| 868640 | OPENLANE, Inc.<sup>\*</sup> | &nbsp;&nbsp; 25121069 |
|  |  | &nbsp;&nbsp; **56815282** |
| **Communications Equipment 7.9%** | **Communications Equipment 7.9%** | **Communications Equipment 7.9%** |
| 284325 | Ciena Corp.<sup>\*</sup> | &nbsp;&nbsp; 26718020 |
| 124487 | Harmonic, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1197565 |
| 4340662 | &nbsp;&nbsp; Ribbon Communications, <br> Inc.<sup>\*(a)</sup><br>| &nbsp;&nbsp; 17709901 |
| 1493764 | Viasat, Inc.<sup>\*</sup> | &nbsp;&nbsp; 48293390 |
|  |  | &nbsp;&nbsp; **93918876** |
| **Construction & Engineering 1.8%** | **Construction & Engineering 1.8%** | **Construction & Engineering 1.8%** |
| 216172 | Arcosa, Inc. | &nbsp;&nbsp; **21390219** |
| **Consumer Finance 0.7%** | **Consumer Finance 0.7%** | **Consumer Finance 0.7%** |
| 119541 | Bread Financial Holdings, Inc. | &nbsp;&nbsp; **7912419** |
| **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** |
| 128538 | Avery Dennison Corp. | &nbsp;&nbsp; 22063548 |
| 78379 | Sealed Air Corp. | &nbsp;&nbsp; 2544966 |
|  |  | &nbsp;&nbsp; **24608514** |
| **Electric Utilities 1.4%** | **Electric Utilities 1.4%** | **Electric Utilities 1.4%** |
| 400853 | Portland General Electric Co. | &nbsp;&nbsp; **17148491** |
| **Electrical Equipment 1.7%** | **Electrical Equipment 1.7%** | **Electrical Equipment 1.7%** |
| 1759683 | &nbsp;&nbsp; Babcock & Wilcox Enterprises, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 3924093 |
| 298851 | Bloom Energy Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 15821172 |
|  |  | &nbsp;&nbsp; **19745265** |
| **Electronic Equipment, Instruments & Components 6.8%** | **Electronic Equipment, Instruments & Components 6.8%** | **Electronic Equipment, Instruments & Components 6.8%** |
| 129435 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 11709984 |
| 1299949 | Innoviz Technologies Ltd.<sup>\*</sup> | &nbsp;&nbsp; 2170915 |
| 164165 | IPG Photonics Corp.<sup>\*</sup> | &nbsp;&nbsp; 13431980 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electronic Equipment, Instruments & Components –** <br> **cont'd** | **Electronic Equipment, Instruments & Components –** <br> **cont'd** | **Electronic Equipment, Instruments & Components –** <br> **cont'd** |
| 92682 | Itron, Inc.<sup>\*</sup> | &nbsp;&nbsp; $11394325 |
| 366775 | nLight, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10563120 |
| 69013 | OSI Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 15876441 |
| 40309 | Rogers Corp.<sup>\*</sup> | &nbsp;&nbsp; 3162644 |
| 24041 | Teledyne Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 12938145 |
|  |  | &nbsp;&nbsp; **81247554** |
| **Energy Equipment & Services 2.9%** | **Energy Equipment & Services 2.9%** | **Energy Equipment & Services 2.9%** |
| 222225 | Innovex International, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3835604 |
| 687077 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 3991917 |
| 453337 | TechnipFMC PLC | &nbsp;&nbsp; 16664668 |
| 2100650 | TETRA Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 9873055 |
|  |  | &nbsp;&nbsp; **34365244** |
| **Entertainment 1.6%** | **Entertainment 1.6%** | **Entertainment 1.6%** |
| 2716286 | Lionsgate Studios Corp.<sup>\*</sup> | &nbsp;&nbsp; 17465719 |
| 122423 | Starz Entertainment Corp.<sup>\*</sup> | &nbsp;&nbsp; 1563342 |
|  |  | &nbsp;&nbsp; **19029061** |
| **Food Products 0.6%** | **Food Products 0.6%** | **Food Products 0.6%** |
| 702697 | Hain Celestial Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1264854 |
| 343799 | TreeHouse Foods, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6305274 |
|  |  | &nbsp;&nbsp; **7570128** |
| **Gas Utilities 3.2%** | **Gas Utilities 3.2%** | **Gas Utilities 3.2%** |
| 124592 | Atmos Energy Corp. | &nbsp;&nbsp; 20698469 |
| 374884 | New Jersey Resources Corp. | &nbsp;&nbsp; 17728264 |
|  |  | &nbsp;&nbsp; **38426733** |
| **Health Care Equipment & Supplies 4.0%** | **Health Care Equipment & Supplies 4.0%** | **Health Care Equipment & Supplies 4.0%** |
| 1459751 | Accuray, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2218822 |
| 253580 | AtriCure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 9379924 |
| 84022 | CONMED Corp. | &nbsp;&nbsp; 4567436 |
| 670866 | CytoSorbents Corp.<sup>\*</sup> | &nbsp;&nbsp; 632895 |
| 211741 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 11548354 |
| 411577 | &nbsp;&nbsp; Integra LifeSciences Holdings <br> Corp.<sup>\*</sup><br>| &nbsp;&nbsp; 6227160 |
| 315728 | Neogen Corp.<sup>\*</sup> | &nbsp;&nbsp; 1815436 |
| 1145292 | OraSure Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3790916 |
| 86503 | QuidelOrtho Corp.<sup>\*</sup> | &nbsp;&nbsp; 2481771 |
| 395983 | Varex Imaging Corp.<sup>\*</sup> | &nbsp;&nbsp; 4573604 |
|  |  | &nbsp;&nbsp; **47236318** |
| **Health Care Providers & Services 0.6%** | **Health Care Providers & Services 0.6%** | **Health Care Providers & Services 0.6%** |
| 329407 | Acadia Healthcare Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; **7563185** |
| **Hotels, Restaurants & Leisure 2.8%** | **Hotels, Restaurants & Leisure 2.8%** | **Hotels, Restaurants & Leisure 2.8%** |
| 1695631 | Brightstar Lottery PLC | &nbsp;&nbsp; 28215300 |
| 107438 | United Parks & Resorts, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5649090 |
|  |  | &nbsp;&nbsp; **33864390** |
| **Household Durables 2.8%** | **Household Durables 2.8%** | **Household Durables 2.8%** |
| 259921 | &nbsp;&nbsp; Somnigroup International, <br> Inc.<br>| &nbsp;&nbsp; 21820368 |

---

See Notes to Financial Statements

------

Schedule of Investments Intrinsic Value Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Household Durables – cont'd** | **Household Durables – cont'd** | **Household Durables – cont'd** |
| 117772 | Whirlpool Corp. | &nbsp;&nbsp; $10970462 |
|  |  | &nbsp;&nbsp; **32790830** |
| **Independent Power and Renewable**<br> **Electricity Producers 4.0%** | **Independent Power and Renewable**<br> **Electricity Producers 4.0%** | **Independent Power and Renewable**<br> **Electricity Producers 4.0%** |
| 395561 | Ormat Technologies, Inc. | &nbsp;&nbsp; 36348100 |
| 56007 | Vistra Corp. | &nbsp;&nbsp; 10591484 |
|  |  | &nbsp;&nbsp; **46939584** |
| **IT Services 4.0%** | **IT Services 4.0%** | **IT Services 4.0%** |
| 986255 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 31353047 |
| 1573564 | Unisys Corp.<sup>\*</sup> | &nbsp;&nbsp; 6152635 |
| 69791 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 9846114 |
|  |  | &nbsp;&nbsp; **47351796** |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| 49359 | &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 8060818 |
| 1075383 | Standard BioTools, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1354983 |
|  |  | &nbsp;&nbsp; **9415801** |
| **Machinery 2.0%** | **Machinery 2.0%** | **Machinery 2.0%** |
| 176553 | Helios Technologies, Inc. | &nbsp;&nbsp; 9576235 |
| 1312454 | Stratasys Ltd.<sup>\*</sup> | &nbsp;&nbsp; 13977635 |
|  |  | &nbsp;&nbsp; **23553870** |
| **Media 2.0%** | **Media 2.0%** | **Media 2.0%** |
| 953119 | Criteo SA ADR<sup>\*</sup> | &nbsp;&nbsp; **23665945** |
| **Metals & Mining 1.5%** | **Metals & Mining 1.5%** | **Metals & Mining 1.5%** |
| 121009 | Alcoa Corp. | &nbsp;&nbsp; 3895280 |
| 1274262 | Cleveland-Cliffs, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13698316 |
|  |  | &nbsp;&nbsp; **17593596** |
| **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** | **Multi-Utilities 1.6%** |
| 324543 | &nbsp;&nbsp; Northwestern Energy Group, <br> Inc.<br>| &nbsp;&nbsp; **18664468** |
| **Oil, Gas & Consumable Fuels 2.5%** | **Oil, Gas & Consumable Fuels 2.5%** | **Oil, Gas & Consumable Fuels 2.5%** |
| 475356 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 13880395 |
| 445896 | Devon Energy Corp. | &nbsp;&nbsp; 16096846 |
|  |  | &nbsp;&nbsp; **29977241** |
| **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** |
| 976411 | &nbsp;&nbsp; Amneal Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **9334489** |
| **Professional Services 4.1%** | **Professional Services 4.1%** | **Professional Services 4.1%** |
| 1844416 | Alight, Inc. Class A | &nbsp;&nbsp; 7156334 |
| 3739519 | Conduent, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10395863 |
| 610158 | KBR, Inc. | &nbsp;&nbsp; 30788573 |
|  |  | &nbsp;&nbsp; **48340770** |
| **Semiconductors & Semiconductor Equipment 8.0%** | **Semiconductors & Semiconductor Equipment 8.0%** | **Semiconductors & Semiconductor Equipment 8.0%** |
| 210250 | CEVA, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4671755 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 1490535 | &nbsp;&nbsp; indie Semiconductor, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; $6752123 |
| 168100 | &nbsp;&nbsp; MACOM Technology <br> Solutions Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 21542015 |
| 359684 | Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp; 26533889 |
| 180088 | Semtech Corp.<sup>\*</sup> | &nbsp;&nbsp; 10461312 |
| 1009715 | Veeco Instruments, Inc.<sup>\*</sup> | &nbsp;&nbsp; 24758212 |
|  |  | &nbsp;&nbsp; **94719306** |
| **Software 6.5%** | **Software 6.5%** | **Software 6.5%** |
| 956962 | Adeia, Inc. | &nbsp;&nbsp; 14392709 |
| 1471771 | Cognyte Software Ltd.<sup>\*</sup> | &nbsp;&nbsp; 13142915 |
| 432651 | OneSpan, Inc. | &nbsp;&nbsp; 6543846 |
| 315393 | Radware Ltd.<sup>\*</sup> | &nbsp;&nbsp; 7960519 |
| 672528 | UiPath, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 7478511 |
| 272572 | Varonis Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 16087200 |
| 339810 | Verint Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6928726 |
| 766022 | Xperi, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4596132 |
|  |  | &nbsp;&nbsp; **77130558** |
| **Specialty Retail 0.8%** | **Specialty Retail 0.8%** | **Specialty Retail 0.8%** |
| 268046 | Caleres, Inc. | &nbsp;&nbsp; 4020690 |
| 252100 | ODP Corp.<sup>\*</sup> | &nbsp;&nbsp; 5107546 |
|  |  | &nbsp;&nbsp; **9128236** |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| 1055997 | Under Armour, Inc. Class C<sup>\*</sup> | &nbsp;&nbsp; **5195505** |
| **Trading Companies & Distributors 2.8%** | **Trading Companies & Distributors 2.8%** | **Trading Companies & Distributors 2.8%** |
| 269177 | AerCap Holdings NV | &nbsp;&nbsp; **33243359** |
| **Total Common Stocks** <br> **(Cost $839,171,051)** | **Total Common Stocks** <br> **(Cost $839,171,051)** | &nbsp;&nbsp; **1177799776** |
| **Warrants 0.2%** | **Warrants 0.2%** | **Warrants 0.2%** |
| **Communications Equipment 0.2%** | **Communications Equipment 0.2%** | **Communications Equipment 0.2%** |
| 1511444 | &nbsp;&nbsp; Ribbon Communications, Inc. <br> Expires 3/31/2027<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; **2178106** |
| **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>\*(b)</sup> | &nbsp;&nbsp; **0** |
| **Total Warrants (Cost $2,464,258)** | **Total Warrants (Cost $2,464,258)** | &nbsp;&nbsp; **2178106** |

---

See Notes to Financial Statements

------

Schedule of Investments Intrinsic Value Fund^ (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 0.6%** | **Short-Term Investments 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| 6815403<br> &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(c)</sup> <br>**(Cost $6,815,403)**<br>| &nbsp;&nbsp; **$6815403** |
| **Total Investments 100.0%** <br> **(Cost $848,450,712)** | &nbsp;&nbsp; **1186793285** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (389130)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$1186404155** |

---

&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) Security fair valued as of August 31, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at August 31, 2025 amounted to $2,178,106, which represents 0.2% of net assets of the Fund. 

(c) Represents 7-day effective yield as of August 31, 2025.

# This security is subject to restrictions on resale. Total value of all such securities at August 31, 2025 amounted to $2,178,106, which represents 0.2% 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>**8/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**8/31/2025**<br>|
| Ribbon Communications, Inc. Expires 3/31/2027 (Warrants) | 3/29/2023 | $2464258 | $2178106 | 0.2% |

---

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $1177799776 | $— | $— | $1177799776 |
| Warrants<sup>#</sup> <br>|  | 2178106 |  | 2178106 |
| Short-Term Investments |  | 6815403 |  | 6815403 |
| **Total Investments** | **$1177799776** | **$8993509** | **$—** | **$1186793285** |

---

&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

------

Consolidated Schedule of Investments Large Cap Growth Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.0%** | **Common Stocks 99.0%** | **Common Stocks 99.0%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
| 57465 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $13485886 |
| 197034 | General Electric Co. | &nbsp;&nbsp; 54223757 |
|  |  | &nbsp;&nbsp; **67709643** |
| **Application Software 0.3%** | **Application Software 0.3%** | **Application Software 0.3%** |
| 4688 | Canva, Inc.<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; **7717104** |
| **Biotechnology 1.1%** | **Biotechnology 1.1%** | **Biotechnology 1.1%** |
| 130822 | AbbVie, Inc. | &nbsp;&nbsp; **27524949** |
| **Broadline Retail 7.5%** | **Broadline Retail 7.5%** | **Broadline Retail 7.5%** |
| 859722 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **196876338** |
| **Capital Markets 3.9%** | **Capital Markets 3.9%** | **Capital Markets 3.9%** |
| 500241 | &nbsp;&nbsp; Brookfield Asset <br> Management Ltd. Class A<sup>(c)</sup><br>| &nbsp;&nbsp; 30094498 |
| 18372 | CME Group, Inc. | &nbsp;&nbsp; 4896322 |
| 266438 | KKR & Co., Inc. | &nbsp;&nbsp; 37165437 |
| 53280 | S&P Global, Inc. | &nbsp;&nbsp; 29220883 |
|  |  | &nbsp;&nbsp; **101377140** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 46470 | Waste Management, Inc. | &nbsp;&nbsp; **10520343** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| 34158 | Costco Wholesale Corp. | &nbsp;&nbsp; 32221924 |
| 257409 | Walmart, Inc. | &nbsp;&nbsp; 24963525 |
|  |  | &nbsp;&nbsp; **57185449** |
| **Electrical Equipment 1.3%** | **Electrical Equipment 1.3%** | **Electrical Equipment 1.3%** |
| 367183 | nVent Electric PLC | &nbsp;&nbsp; **33189671** |
| **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** |
| 273038 | Amphenol Corp. Class A | &nbsp;&nbsp; **29722917** |
| **Entertainment 3.7%** | **Entertainment 3.7%** | **Entertainment 3.7%** |
| 53059 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 64108536 |
| 35193 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 23997403 |
| 82997 | Walt Disney Co. | &nbsp;&nbsp; 9825185 |
|  |  | &nbsp;&nbsp; **97931124** |
| **Financial Services 5.1%** | **Financial Services 5.1%** | **Financial Services 5.1%** |
| 126495 | MasterCard, Inc. Class A | &nbsp;&nbsp; 75301208 |
| 164005 | Visa, Inc. Class A | &nbsp;&nbsp; 57693679 |
|  |  | &nbsp;&nbsp; **132994887** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |
| 214262 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 20087062 |
| 59036 | Union Pacific Corp. | &nbsp;&nbsp; 13198679 |
|  |  | &nbsp;&nbsp; **33285741** |
| **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** |
| 329992 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **34814156** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Technology 0.9%** | **Health Care Technology 0.9%** | **Health Care Technology 0.9%** |
| 592802 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **$22455340** |
| **Hotels, Restaurants & Leisure 0.9%** | **Hotels, Restaurants & Leisure 0.9%** | **Hotels, Restaurants & Leisure 0.9%** |
| 101407 | Chipotle Mexican Grill, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4273291 |
| 61305 | McDonald's Corp. | &nbsp;&nbsp; 19221570 |
|  |  | &nbsp;&nbsp; **23494861** |
| **Household Products 0.2%** | **Household Products 0.2%** | **Household Products 0.2%** |
| 31178 | Procter & Gamble Co. | &nbsp;&nbsp; **4896193** |
| **Interactive Media & Services 11.8%** | **Interactive Media & Services 11.8%** | **Interactive Media & Services 11.8%** |
| 649303 | Alphabet, Inc. Class A | &nbsp;&nbsp; 138243102 |
| 259264 | Match Group, Inc. | &nbsp;&nbsp; 9680918 |
| 216368 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 159831041 |
|  |  | &nbsp;&nbsp; **307755061** |
| **IT Services 0.4%** | **IT Services 0.4%** | **IT Services 0.4%** |
| 49833 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **10400645** |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| 23747 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **11700622** |
| **Machinery 1.1%** | **Machinery 1.1%** | **Machinery 1.1%** |
| 68181 | Caterpillar, Inc. | &nbsp;&nbsp; **28570566** |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| 148597 | Trade Desk, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **8122312** |
| **Multi-Utilities 1.3%** | **Multi-Utilities 1.3%** | **Multi-Utilities 1.3%** |
| 912863 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **34424064** |
| **Oil, Gas & Consumable Fuels 0.4%** | **Oil, Gas & Consumable Fuels 0.4%** | **Oil, Gas & Consumable Fuels 0.4%** |
| 201539 | Williams Cos., Inc. | &nbsp;&nbsp; **11665077** |
| **Pharmaceuticals 1.7%** | **Pharmaceuticals 1.7%** | **Pharmaceuticals 1.7%** |
| 62279 | Eli Lilly & Co. | &nbsp;&nbsp; **45624350** |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| 93163 | Equifax, Inc. | &nbsp;&nbsp; **22946047** |
| **Semiconductors & Semiconductor Equipment 13.8%** | **Semiconductors & Semiconductor Equipment 13.8%** | **Semiconductors & Semiconductor Equipment 13.8%** |
| 43353 | Analog Devices, Inc. | &nbsp;&nbsp; 10895042 |
| 16617 | ASML Holding NV | &nbsp;&nbsp; 12340117 |
| 464424 | Broadcom, Inc. | &nbsp;&nbsp; 138115053 |
| 1136586 | NVIDIA Corp. | &nbsp;&nbsp; 197970550 |
|  |  | &nbsp;&nbsp; **359320762** |
| **Software 19.5%** | **Software 19.5%** | **Software 19.5%** |
| 90909 | &nbsp;&nbsp; Arctic Wolf Networks, <br> Inc.<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1050908 |
| 39767 | &nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 16849278 |
| 10567 | CyberArk Software Ltd.<sup>\*</sup> | &nbsp;&nbsp; 4789598 |
| 106995 | Grammarly, Inc.<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 1270031 |
| 46618 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 22524419 |
| 628253 | Microsoft Corp.<sup>(d)</sup> | &nbsp;&nbsp; 318329513 |
| 82475 | Salesforce, Inc. | &nbsp;&nbsp; 21134219 |

---

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Large Cap Growth Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 41601 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; $38167253 |
| 96381 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 58167861 |
| 110763 | Workday, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 25566316 |
|  |  | &nbsp;&nbsp; **507849396** |
| **Specialty Retail 7.8%** | **Specialty Retail 7.8%** | **Specialty Retail 7.8%** |
| 435602 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 17842258 |
| 1297807 | &nbsp;&nbsp; Fanatics Holdings, Inc. <br> Class A<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 86135451 |
| 144509 | Home Depot, Inc. | &nbsp;&nbsp; 58781926 |
| 295440 | TJX Cos., Inc. | &nbsp;&nbsp; 40360058 |
|  |  | &nbsp;&nbsp; **203119693** |
| **Technology Hardware, Storage & Peripherals 4.9%** | **Technology Hardware, Storage & Peripherals 4.9%** | **Technology Hardware, Storage & Peripherals 4.9%** |
| 548789 | Apple, Inc. | &nbsp;&nbsp; **127395879** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| 92659 | NIKE, Inc. Class B | &nbsp;&nbsp; **7169027** |
| **Tobacco 0.6%** | **Tobacco 0.6%** | **Tobacco 0.6%** |
| 94646 | &nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| &nbsp;&nbsp; **15818186** |
| **Total Common Stocks** <br> **(Cost $1,350,430,164)** | **Total Common Stocks** <br> **(Cost $1,350,430,164)** | &nbsp;&nbsp; **2583577543** |
| **Preferred Stocks 1.0%** | **Preferred Stocks 1.0%** | **Preferred Stocks 1.0%** |
| **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> | **Entertainment 0.0%**<sup>‡</sup> |
| 8256 | A24 Films LLC<sup>\*#(a)(b)(e)</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** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software 0.3%** | **Software 0.3%** | **Software 0.3%** |
| 10 | Databricks, Inc., Series B<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; $1500 |
| 801 | &nbsp;&nbsp; Databricks, Inc., <br> Series C<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 120150 |
| 16466 | &nbsp;&nbsp; Databricks, Inc., <br> Series D<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 2469900 |
| 6358 | Databricks, Inc., Series E<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 953700 |
| 3258 | Databricks, Inc., Series F<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 488700 |
| 39 | &nbsp;&nbsp; Databricks, Inc., <br> Series G<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 5850 |
| 95 | &nbsp;&nbsp; Databricks, Inc., <br> Series H<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 14250 |
| 33179 | &nbsp;&nbsp; Grammarly, Inc., <br> Series 3<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 834452 |
| 90310 | &nbsp;&nbsp; Signifyd, Inc., <br> Series Seed<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 537344 |
| 39343 | Signifyd, Inc., Series A<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 235271 |
| 82373 | &nbsp;&nbsp; Videoamp, Inc., <br> Series F1<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 1300011 |
|  |  | &nbsp;&nbsp; **6961128** |
| **Specialty Retail 0.4%** | **Specialty Retail 0.4%** | **Specialty Retail 0.4%** |
| 7000 | Fabletics LLC, Series G<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 9328200 |
| 5623 | &nbsp;&nbsp; Savage X Fenty, Series C <br> 1<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 13525 |
| 72983 | Savage X Fenty, Series D<sup>\*#(a)(b)</sup> | &nbsp;&nbsp; 862783 |
|  |  | &nbsp;&nbsp; **10204508** |
| **Total Preferred Stocks** <br> **(Cost $23,604,252)** | **Total Preferred Stocks** <br> **(Cost $23,604,252)** | &nbsp;&nbsp; **24970060** |
| **Total Investments 100.0%** <br> **(Cost $1,374,034,416)** | **Total Investments 100.0%** <br> **(Cost $1,374,034,416)** | &nbsp;&nbsp; **2608547603** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (307064)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$2608240539** |

---

&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 August 31, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at August 31, 2025 amounted to $121,143,554, which represents 4.6% of net assets of the Fund. 

(c) All or a portion of this security is on loan at August 31, 2025. Total value of all such securities at August 31, 2025 amounted to $16,141,457, collateralized by non-cash (U.S. Treasury Securities) collateral of $16,494,268 for the Fund (see Note A of the Notes to Financial Statements). 

(d) All or a portion of this security is pledged as collateral for options written.

(e) Security represented in Units.

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Large Cap Growth Fund^ (cont'd)

# This security is subject to restrictions on resale. Total value of all such securities at August 31, 2025 amounted to $121,143,554, which represents 4.6% 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value as of** <br>**8/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**8/31/2025**<br>|
| A24 Films LLC | 2/25/2022 | $940028 | $1209242 | 0.0% |
| 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 | 1500 | 0.0% |
| Databricks, Inc. (Series C Preferred Shares) | 3/12/2025 | 74092 | 120150 | 0.0% |
| Databricks, Inc. (Series D Preferred Shares) | 3/12/2025 | 1523105 | 2469900 | 0.1% |
| Databricks, Inc. (Series E Preferred Shares) | 3/12/2025 | 588115 | 953700 | 0.0% |
| Databricks, Inc. (Series F Preferred Shares) | 3/12/2025 | 301365 | 488700 | 0.0% |
| Databricks, Inc. (Series G Preferred Shares) | 3/12/2025 | 3608 | 5850 | 0.0% |
| Databricks, Inc. (Series H Preferred Shares) | 3/12/2025 | 8787 | 14250 | 0.0% |
| 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 | 9328200 | 0.4% |
| Fanatics Holdings, Inc. Class A | 8/13/2020-4/29/2021 | 23018871 | 86135451 | 3.3% |
| Grammarly, Inc. Class A | 12/23/2021-1/24/2022 | 2804542 | 1270031 | 0.1% |
| Grammarly, Inc. (Series 3 Preferred Shares) | 12/23/2021-1/24/2022 | 869685 | 834452 | 0.0% |
| 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 | 235271 | 0.0% |
| Signifyd, Inc. (Series Seed Preferred Shares) | 5/27/2021 | 2786053 | 537344 | 0.0% |
| Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 1300011 | 1300011 | 0.1% |
| **Total** |  | **$55428171** | **$121143554** | **4.6%** |

---

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Large Cap Growth Fund^ (cont'd)

Derivative Instruments

**Purchased option contracts ("options purchased")**

At August 31, 2025, the Fund did not have any outstanding options purchased.

**Written option contracts ("options written")**

At August 31, 2025, the Fund did not have any outstanding options written.

For the year ended August 31, 2025, the average market value for the months where the Fund had options purchased and options written outstanding was $272,350 and $(139,717), respectively. At August 31, 2025, the Fund had securities pledged in the amount of $2,280,105 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Application Software | $— | $— | $7717104 | $7717104 |
| Software | 505528457 |  | 2320939 | 507849396 |
| Specialty Retail | 116984242 |  | 86135451 | 203119693 |
| Other Common Stocks<sup>#</sup> <br>| 1864891350 |  |  | 1864891350 |
| Total Common Stocks | 2487404049 |  | 96173494 | 2583577543 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 24970060 | 24970060 |
| **Total Investments** | **$2487404049** | **$—** | **$121143554** | **$2608547603** |

---

&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

------

Consolidated Schedule of Investments Large Cap Growth Fund^ (cont'd)

&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 9/1/2024<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>8/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>8/31/2025<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>| $107143 | $— | $— | $(10969)<br>| $— | $— | $— | $— | $96174 | $(10969)<br>|
| Preferred Stocks<sup>(1)</sup> <br>| 18782 |  |  | 2309 | 2670 |  |  |  | 23761 | 2309 |
| Preferred Units<sup>(1)</sup> <br>| 1209 |  |  |  |  |  |  |  | 1209 |  |
| Total | $127134 | $— | $— | $(8660)<br>| $2670 | $— | $— | $— | $121144 | $(8660)<br>|
| (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>8/31/2025<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 | $96173494 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 3.0x - 9.1x | 3.1x | Increase |
|  |  |  | Discount Rate | 3.9% | 3.9% | Decrease |
|  |  |  | Term (Years) | 1.3 | 1.3 | Decrease |
|  |  |  | Expected Volatility | 50.0% - 80.0% | 63.6% | Decrease |
|  |  |  | Transaction Price | $1646.14 | $1646.14 | Increase |
| Preferred Stocks | 23760818 | Market Approach | Enterprise value/ <br>Revenue multiple<sup>(c)</sup> (EV/Revenue)<br>| 1.2x - 7.0x | 3.4x | Increase |
|  |  |  | Discount Rate | 0.3% - 15.0% | 9.0% | Decrease |
|  |  |  | Term (Years) | 1.3 - 2.5 | 1.5 | Decrease |
|  |  |  | Expected Volatility | 30.0% -70.0% | 58.6% | Decrease |
|  |  |  | Transaction Price | $4.55 - $150.00 | $124.15 | Increase |
| Preferred Units | 1209242 | Market Approach | Transaction Price | $146.47 | $146.47 | 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. |

---

^

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

------

Schedule of Investments Large Cap Value Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 96.8%** | **Common Stocks 96.8%** | **Common Stocks 96.8%** |
| **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** | **Aerospace & Defense 3.9%** |
| 1222669 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $286935961 |
| 18638 | Lockheed Martin Corp. | &nbsp;&nbsp; 8492032 |
| 56487 | Northrop Grumman Corp. | &nbsp;&nbsp; 33329589 |
|  |  | &nbsp;&nbsp; **328757582** |
| **Banks 10.3%** | **Banks 10.3%** | **Banks 10.3%** |
| 2753286 | Bank of America Corp. | &nbsp;&nbsp; 139701731 |
| 1073007 | JPMorgan Chase & Co. | &nbsp;&nbsp; 323425770 |
| 94995 | M&T Bank Corp. | &nbsp;&nbsp; 19156692 |
| 1001895 | &nbsp;&nbsp; PNC Financial Services <br> Group, Inc.<br>| &nbsp;&nbsp; 207833099 |
| 2059228 | Wells Fargo & Co. | &nbsp;&nbsp; 169227357 |
|  |  | &nbsp;&nbsp; **859344649** |
| **Biotechnology 1.7%** | **Biotechnology 1.7%** | **Biotechnology 1.7%** |
| 1236852 | Gilead Sciences, Inc. | &nbsp;&nbsp; **139727170** |
| **Building Products 0.4%** | **Building Products 0.4%** | **Building Products 0.4%** |
| 309434 | &nbsp;&nbsp; Johnson Controls <br> International PLC<br>| &nbsp;&nbsp; **33075400** |
| **Capital Markets 6.7%** | **Capital Markets 6.7%** | **Capital Markets 6.7%** |
| 1343218 | Charles Schwab Corp. | &nbsp;&nbsp; 128734013 |
| 528077 | CME Group, Inc. | &nbsp;&nbsp; 140737801 |
| 636537 | Morgan Stanley | &nbsp;&nbsp; 95786088 |
| 327516 | S&P Global, Inc. | &nbsp;&nbsp; 179622875 |
| 144469 | State Street Corp. | &nbsp;&nbsp; 16609601 |
|  |  | &nbsp;&nbsp; **561490378** |
| **Chemicals 2.5%** | **Chemicals 2.5%** | **Chemicals 2.5%** |
| 697116 | Dow, Inc. | &nbsp;&nbsp; 17169967 |
| 402553 | Linde PLC | &nbsp;&nbsp; 192537074 |
|  |  | &nbsp;&nbsp; **209707041** |
| **Communications Equipment 1.7%** | **Communications Equipment 1.7%** | **Communications Equipment 1.7%** |
| 2038123 | Cisco Systems, Inc. | &nbsp;&nbsp; **140813918** |
| **Consumer Finance 2.4%** | **Consumer Finance 2.4%** | **Consumer Finance 2.4%** |
| 883777 | Capital One Financial Corp. | &nbsp;&nbsp; **200811810** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| 1355520 | Walmart, Inc. | &nbsp;&nbsp; **131458330** |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |
| 155019 | Constellation Energy Corp. | &nbsp;&nbsp; 47742752 |
| 436213 | Duke Energy Corp. | &nbsp;&nbsp; 53431730 |
| 1769252 | FirstEnergy Corp. | &nbsp;&nbsp; 77174772 |
| 255815 | NextEra Energy, Inc. | &nbsp;&nbsp; 18431471 |
|  |  | &nbsp;&nbsp; **196780725** |
| **Entertainment 1.4%** | **Entertainment 1.4%** | **Entertainment 1.4%** |
| 784211 | Walt Disney Co. | &nbsp;&nbsp; 92834898 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Entertainment – cont'd** | **Entertainment – cont'd** | **Entertainment – cont'd** |
| 2148849 | &nbsp;&nbsp; Warner Bros Discovery, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; $25012603 |
|  |  | &nbsp;&nbsp; **117847501** |
| **Food Products 0.8%** | **Food Products 0.8%** | **Food Products 0.8%** |
| 1089276 | &nbsp;&nbsp; Mondelez International, <br> Inc. Class A<br>| &nbsp;&nbsp; **66925117** |
| **Ground Transportation 0.6%** | **Ground Transportation 0.6%** | **Ground Transportation 0.6%** |
| 351192 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 32924250 |
| 71971 | Union Pacific Corp. | &nbsp;&nbsp; 16090556 |
|  |  | &nbsp;&nbsp; **49014806** |
| **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** |
| 789766 | Abbott Laboratories | &nbsp;&nbsp; 104770358 |
| 1882164 | Medtronic PLC | &nbsp;&nbsp; 174683641 |
| 163987 | Stryker Corp. | &nbsp;&nbsp; 64186152 |
|  |  | &nbsp;&nbsp; **343640151** |
| **Health Care Providers & Services 3.3%** | **Health Care Providers & Services 3.3%** | **Health Care Providers & Services 3.3%** |
| 69008 | HCA Healthcare, Inc. | &nbsp;&nbsp; 27876472 |
| 420923 | Humana, Inc. | &nbsp;&nbsp; 127817478 |
| 344640 | Quest Diagnostics, Inc. | &nbsp;&nbsp; 62600410 |
| 179190 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 55525605 |
|  |  | &nbsp;&nbsp; **273819965** |
| **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** |
| 2782669 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 88739314 |
| 1682170 | Las Vegas Sands Corp. | &nbsp;&nbsp; 96943457 |
| 737837 | Wynn Resorts Ltd. | &nbsp;&nbsp; 93520840 |
|  |  | &nbsp;&nbsp; **279203611** |
| **Household Products 1.0%** | **Household Products 1.0%** | **Household Products 1.0%** |
| 1046189 | Colgate-Palmolive Co. | &nbsp;&nbsp; **87953109** |
| **Industrial Conglomerates 1.9%** | **Industrial Conglomerates 1.9%** | **Industrial Conglomerates 1.9%** |
| 1034057 | 3M Co. | &nbsp;&nbsp; **160826885** |
| **Insurance 1.2%** | **Insurance 1.2%** | **Insurance 1.2%** |
| 981124 | &nbsp;&nbsp; American International <br> Group, Inc.<br>| &nbsp;&nbsp; 79785004 |
| 67809 | Aon PLC Class A | &nbsp;&nbsp; 24885903 |
|  |  | &nbsp;&nbsp; **104670907** |
| **Interactive Media & Services 1.7%** | **Interactive Media & Services 1.7%** | **Interactive Media & Services 1.7%** |
| 670342 | Alphabet, Inc. Class C | &nbsp;&nbsp; **143138127** |
| **IT Services 0.7%** | **IT Services 0.7%** | **IT Services 0.7%** |
| 240158 | &nbsp;&nbsp; International Business <br> Machines Corp.<br>| &nbsp;&nbsp; **58476071** |
| **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** |
| 391499 | Danaher Corp. | &nbsp;&nbsp; **80578324** |
| **Machinery 3.6%** | **Machinery 3.6%** | **Machinery 3.6%** |
| 133555 | Caterpillar, Inc. | &nbsp;&nbsp; 55964887 |
| 345226 | Cummins, Inc. | &nbsp;&nbsp; 137551848 |

---

See Notes to Financial Statements

------

Schedule of Investments Large Cap Value Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Machinery – cont'd** | **Machinery – cont'd** | **Machinery – cont'd** |
| 217725 | Deere & Co. | &nbsp;&nbsp; $104211894 |
| 7526 | Parker-Hannifin Corp. | &nbsp;&nbsp; 5714868 |
|  |  | &nbsp;&nbsp; **303443497** |
| **Metals & Mining 10.2%** | **Metals & Mining 10.2%** | **Metals & Mining 10.2%** |
| 989472 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 142652178 |
| 1494043 | BHP Group Ltd. ADR | &nbsp;&nbsp; 83322778 |
| 3623320 | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 160875408 |
| 937055 | Rio Tinto PLC ADR | &nbsp;&nbsp; 58772090 |
| 2315557 | Southern Copper Corp. | &nbsp;&nbsp; 222501899 |
| 64514 | Steel Dynamics, Inc. | &nbsp;&nbsp; 8446173 |
| 1753980 | &nbsp;&nbsp; Wheaton Precious Metals <br> Corp.<br>| &nbsp;&nbsp; 176134672 |
|  |  | &nbsp;&nbsp; **852705198** |
| **Multi-Utilities 3.0%** | **Multi-Utilities 3.0%** | **Multi-Utilities 3.0%** |
| 520458 | DTE Energy Co. | &nbsp;&nbsp; 71120586 |
| 1619574 | &nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<br>| &nbsp;&nbsp; 133339527 |
| 608424 | Sempra | &nbsp;&nbsp; 50231486 |
|  |  | &nbsp;&nbsp; **254691599** |
| **Oil, Gas & Consumable Fuels 10.8%** | **Oil, Gas & Consumable Fuels 10.8%** | **Oil, Gas & Consumable Fuels 10.8%** |
| 1306073 | Chevron Corp. | &nbsp;&nbsp; 209755324 |
| 355617 | ConocoPhillips | &nbsp;&nbsp; 35195414 |
| 484426 | Devon Energy Corp. | &nbsp;&nbsp; 17487779 |
| 866608 | EOG Resources, Inc. | &nbsp;&nbsp; 108170011 |
| 1119960 | EQT Corp. | &nbsp;&nbsp; 58058726 |
| 3140378 | Exxon Mobil Corp. | &nbsp;&nbsp; 358913802 |
| 392999 | Phillips 66 | &nbsp;&nbsp; 52496806 |
| 1066653 | Williams Cos., Inc. | &nbsp;&nbsp; 61737876 |
|  |  | &nbsp;&nbsp; **901815738** |
| **Personal Care Products 1.0%** | **Personal Care Products 1.0%** | **Personal Care Products 1.0%** |
| 1296970 | Unilever PLC ADR | &nbsp;&nbsp; **81968504** |
| **Pharmaceuticals 5.5%** | **Pharmaceuticals 5.5%** | **Pharmaceuticals 5.5%** |
| 1729959 | Johnson & Johnson | &nbsp;&nbsp; 306496836 |
| 486515 | Merck & Co., Inc. | &nbsp;&nbsp; 40925642 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** |
| 4411690 | Pfizer, Inc. | &nbsp;&nbsp; $109233444 |
|  |  | &nbsp;&nbsp; **456655922** |
| **Professional Services 1.1%** | **Professional Services 1.1%** | **Professional Services 1.1%** |
| 642698 | Paychex, Inc. | &nbsp;&nbsp; **89627450** |
| **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** |
| 509423 | &nbsp;&nbsp; Advanced Micro Devices, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 82847463 |
| 4182295 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 101838883 |
| 634007 | Micron Technology, Inc. | &nbsp;&nbsp; 75453173 |
|  |  | &nbsp;&nbsp; **260139519** |
| **Specialized REITs 1.3%** | **Specialized REITs 1.3%** | **Specialized REITs 1.3%** |
| 365627 | Public Storage | &nbsp;&nbsp; **107710058** |
| **Textiles, Apparel & Luxury Goods 1.0%** | **Textiles, Apparel & Luxury Goods 1.0%** | **Textiles, Apparel & Luxury Goods 1.0%** |
| 1131870 | NIKE, Inc. Class B | &nbsp;&nbsp; **87572782** |
| **Tobacco 1.6%** | **Tobacco 1.6%** | **Tobacco 1.6%** |
| 777120 | &nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| &nbsp;&nbsp; **129880066** |
| **Total Common Stocks** <br> **(Cost $6,592,102,811)** | **Total Common Stocks** <br> **(Cost $6,592,102,811)** | &nbsp;&nbsp; **8094271910** |
| **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| 248611098 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 4.23%<sup>(a)</sup> <br>**(Cost $248,611,098)**<br>| &nbsp;&nbsp; **248611098** |
| **Total Investments 99.8%** <br> **(Cost $6,840,713,909)** | **Total Investments 99.8%** <br> **(Cost $6,840,713,909)** | &nbsp;&nbsp; **8342883008** |
| Other Assets Less Liabilities 0.2% | Other Assets Less Liabilities 0.2% | &nbsp;&nbsp; 16217045 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$8359100053** |

---

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Large Cap Value Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $8094271910 | $— | $— | $8094271910 |
| Short-Term Investments |  | 248611098 |  | 248611098 |
| **Total Investments** | **$8094271910** | **$248611098** | **$—** | **$8342883008** |

---

&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

------

Schedule of Investments Mid Cap Growth Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** | **Common Stocks 98.7%** |
| **Aerospace & Defense 7.8%** | **Aerospace & Defense 7.8%** | **Aerospace & Defense 7.8%** |
| 69200 | Axon Enterprise, Inc.<sup>\*</sup> | &nbsp;&nbsp; $51712468 |
| 31200 | Curtiss-Wright Corp. | &nbsp;&nbsp; 14918280 |
| 91700 | HEICO Corp. | &nbsp;&nbsp; 28612234 |
| 296300 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 51585830 |
| 295364 | Rocket Lab Corp.<sup>\*</sup> | &nbsp;&nbsp; 14354690 |
|  |  | &nbsp;&nbsp; **161183502** |
| **Banks 1.1%** | **Banks 1.1%** | **Banks 1.1%** |
| 1552199 | NU Holdings Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; **22972545** |
| **Biotechnology 3.2%** | **Biotechnology 3.2%** | **Biotechnology 3.2%** |
| 97038 | &nbsp;&nbsp; Alnylam Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 43328437 |
| 138164 | Natera, Inc.<sup>\*</sup> | &nbsp;&nbsp; 23246093 |
|  |  | &nbsp;&nbsp; **66574530** |
| **Broadline Retail 1.6%** | **Broadline Retail 1.6%** | **Broadline Retail 1.6%** |
| 1163900 | Coupang, Inc.<sup>\*</sup> | &nbsp;&nbsp; **33264262** |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| 75700 | Builders FirstSource, Inc.<sup>\*</sup> | &nbsp;&nbsp; **10498076** |
| **Capital Markets 6.4%** | **Capital Markets 6.4%** | **Capital Markets 6.4%** |
| 293001 | &nbsp;&nbsp; Ares Management Corp. <br> Class A<br>| &nbsp;&nbsp; 52505779 |
| 33885 | Evercore, Inc. Class A | &nbsp;&nbsp; 10895722 |
| 165223 | &nbsp;&nbsp; Robinhood Markets, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 17188149 |
| 561973 | TPG, Inc. | &nbsp;&nbsp; 33915070 |
| 153546 | &nbsp;&nbsp; Tradeweb Markets, Inc. <br> Class A<br>| &nbsp;&nbsp; 18941435 |
|  |  | &nbsp;&nbsp; **133446155** |
| **Commercial Services & Supplies 2.7%** | **Commercial Services & Supplies 2.7%** | **Commercial Services & Supplies 2.7%** |
| 95948 | Cintas Corp. | &nbsp;&nbsp; 20151959 |
| 220700 | Veralto Corp. | &nbsp;&nbsp; 23436133 |
| 67400 | Waste Connections, Inc. | &nbsp;&nbsp; 12456194 |
|  |  | &nbsp;&nbsp; **56044286** |
| **Construction & Engineering 3.6%** | **Construction & Engineering 3.6%** | **Construction & Engineering 3.6%** |
| 48400 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 34043592 |
| 109100 | Quanta Services, Inc. | &nbsp;&nbsp; 41235436 |
|  |  | &nbsp;&nbsp; **75279028** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| 159188 | &nbsp;&nbsp; BJ's Wholesale Club <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 15549484 |
| 223700 | U.S. Foods Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 17359120 |
|  |  | &nbsp;&nbsp; **32908604** |
| **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** |
| 118646 | Duolingo, Inc.<sup>\*</sup> | &nbsp;&nbsp; 35339897 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Diversified Consumer Services – cont'd** | **Diversified Consumer Services – cont'd** | **Diversified Consumer Services – cont'd** |
| 56675 | &nbsp;&nbsp; Grand Canyon Education, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; $11423980 |
|  |  | &nbsp;&nbsp; **46763877** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| 257500 | Vertiv Holdings Co. Class A | &nbsp;&nbsp; **32844125** |
| **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** |
| 146339 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 13239290 |
| 203941 | Corning, Inc. | &nbsp;&nbsp; 13670165 |
|  |  | &nbsp;&nbsp; **26909455** |
| **Entertainment 3.8%** | **Entertainment 3.8%** | **Entertainment 3.8%** |
| 291361 | ROBLOX Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 36300667 |
| 62493 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 42612727 |
|  |  | &nbsp;&nbsp; **78913394** |
| **Financial Services 4.4%** | **Financial Services 4.4%** | **Financial Services 4.4%** |
| 440310 | Affirm Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 38949823 |
| 1140479 | Toast, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 51435603 |
|  |  | &nbsp;&nbsp; **90385426** |
| **Health Care Equipment & Supplies 1.6%** | **Health Care Equipment & Supplies 1.6%** | **Health Care Equipment & Supplies 1.6%** |
| 449441 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; **33860885** |
| **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** |
| 175192 | Cencora, Inc. | &nbsp;&nbsp; 51087739 |
| 100782 | Encompass Health Corp. | &nbsp;&nbsp; 12271217 |
|  |  | &nbsp;&nbsp; **63358956** |
| **Health Care Technology 1.9%** | **Health Care Technology 1.9%** | **Health Care Technology 1.9%** |
| 78189 | Veeva Systems, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 21048479 |
| 475995 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 18030690 |
|  |  | &nbsp;&nbsp; **39079169** |
| **Hotels, Restaurants & Leisure 12.6%** | **Hotels, Restaurants & Leisure 12.6%** | **Hotels, Restaurants & Leisure 12.6%** |
| 90700 | DoorDash, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 22244175 |
| 734400 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 35236512 |
| 153900 | Flutter Entertainment PLC<sup>\*</sup> | &nbsp;&nbsp; 47273463 |
| 203157 | &nbsp;&nbsp; Hilton Worldwide Holdings, <br> Inc.<br>| &nbsp;&nbsp; 56083521 |
| 209200 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 75985624 |
| 72500 | Wingstop, Inc. | &nbsp;&nbsp; 23788700 |
|  |  | &nbsp;&nbsp; **260611995** |
| **Household Durables 1.1%** | **Household Durables 1.1%** | **Household Durables 1.1%** |
| 52700 | TopBuild Corp.<sup>\*</sup> | &nbsp;&nbsp; **22174052** |
| **Independent Power and Renewable Electricity** <br> **Producers 2.3%** | **Independent Power and Renewable Electricity** <br> **Producers 2.3%** | **Independent Power and Renewable Electricity** <br> **Producers 2.3%** |
| 246993 | Vistra Corp. | &nbsp;&nbsp; **46708846** |
| **Interactive Media & Services 1.3%** | **Interactive Media & Services 1.3%** | **Interactive Media & Services 1.3%** |
| 122217 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **27508602** |
| **IT Services 3.1%** | **IT Services 3.1%** | **IT Services 3.1%** |
| 303206 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **63282124** |

---

See Notes to Financial Statements

------

Schedule of Investments Mid Cap Growth Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Life Sciences Tools & Services 2.2%** | **Life Sciences Tools & Services 2.2%** | **Life Sciences Tools & Services 2.2%** |
| 402619 | Stevanato Group SpA | &nbsp;&nbsp; $9264263 |
| 51987 | Waters Corp.<sup>\*</sup> | &nbsp;&nbsp; 15689677 |
| 85130 | &nbsp;&nbsp; West Pharmaceutical <br> Services, Inc.<br>| &nbsp;&nbsp; 21022853 |
|  |  | &nbsp;&nbsp; **45976793** |
| **Oil, Gas & Consumable Fuels 1.0%** | **Oil, Gas & Consumable Fuels 1.0%** | **Oil, Gas & Consumable Fuels 1.0%** |
| 84900 | Cheniere Energy, Inc. | &nbsp;&nbsp; **20530518** |
| **Professional Services 1.3%** | **Professional Services 1.3%** | **Professional Services 1.3%** |
| 103800 | &nbsp;&nbsp; Broadridge Financial <br> Solutions, Inc.<br>| &nbsp;&nbsp; **26533356** |
| **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** |
| 155396 | Astera Labs, Inc.<sup>\*</sup> | &nbsp;&nbsp; 28313151 |
| 55740 | &nbsp;&nbsp; Monolithic Power Systems, <br> Inc.<br>| &nbsp;&nbsp; 46585263 |
|  |  | &nbsp;&nbsp; **74898414** |
| **Software 11.4%** | **Software 11.4%** | **Software 11.4%** |
| 49030 | AppLovin Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 23465268 |
| 358799 | Datadog, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 49040647 |
| 103298 | Guidewire Software, Inc.<sup>\*</sup> | &nbsp;&nbsp; 22417732 |
| 377515 | Nutanix, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 25372783 |
| 307699 | Rubrik, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 27508291 |
| 196274 | ServiceTitan, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 21046461 |
| 55562 | Strategy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 18580488 |
| 176662 | Zscaler, Inc.<sup>\*</sup> | &nbsp;&nbsp; 48944207 |
|  |  | &nbsp;&nbsp; **236375877** |
| **Specialty Retail 4.1%** | **Specialty Retail 4.1%** | **Specialty Retail 4.1%** |
| 145773 | Carvana Co.<sup>\*</sup> | &nbsp;&nbsp; 54215894 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 290430 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; $30111783 |
|  |  | &nbsp;&nbsp; **84327677** |
| **Technology Hardware, Storage & Peripherals 2.3%** | **Technology Hardware, Storage & Peripherals 2.3%** | **Technology Hardware, Storage & Peripherals 2.3%** |
| 620700 | Pure Storage, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **48172527** |
| **Trading Companies & Distributors 3.9%** | **Trading Companies & Distributors 3.9%** | **Trading Companies & Distributors 3.9%** |
| 747900 | Fastenal Co. | &nbsp;&nbsp; 37140714 |
| 857500 | QXO, Inc.<sup>\*</sup> | &nbsp;&nbsp; 17261475 |
| 27400 | United Rentals, Inc. | &nbsp;&nbsp; 26203716 |
|  |  | &nbsp;&nbsp; **80605905** |
| **Total Common Stocks** <br> **(Cost $1,686,635,638)** | **Total Common Stocks** <br> **(Cost $1,686,635,638)** | &nbsp;&nbsp; **2041992961** |
| **Short-Term Investments 1.3%** | **Short-Term Investments 1.3%** | **Short-Term Investments 1.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| 27571376 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 4.23%<sup>(a)</sup> <br>**(Cost $27,571,376)**<br>| &nbsp;&nbsp; **27571376** |
| **Total Investments 100.0%** <br> **(Cost $1,714,207,014)** | **Total Investments 100.0%** <br> **(Cost $1,714,207,014)** | &nbsp;&nbsp; **2069564337** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (504196)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$2069060141** |

---

&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 August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $2041992961 | $— | $— | $2041992961 |
| Short-Term Investments |  | 27571376 |  | 27571376 |
| **Total Investments** | **$2041992961** | **$27571376** | **$—** | **$2069564337** |

---

&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

------

Schedule of Investments Mid Cap Intrinsic Value Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 100.0%** | **Common Stocks 100.0%** | **Common Stocks 100.0%** |
| **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** |
| 977 | General Dynamics Corp. | &nbsp;&nbsp; $317105 |
| 4481 | L3Harris Technologies, Inc. | &nbsp;&nbsp; 1244015 |
|  |  | &nbsp;&nbsp; **1561120** |
| **Air Freight & Logistics 2.6%** | **Air Freight & Logistics 2.6%** | **Air Freight & Logistics 2.6%** |
| 3474 | FedEx Corp. | &nbsp;&nbsp; 802737 |
| 10903 | GXO Logistics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 574043 |
|  |  | &nbsp;&nbsp; **1376780** |
| **Automobile Components 2.7%** | **Automobile Components 2.7%** | **Automobile Components 2.7%** |
| 17791 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; **1414918** |
| **Automobiles 1.1%** | **Automobiles 1.1%** | **Automobiles 1.1%** |
| 9723 | General Motors Co. | &nbsp;&nbsp; **569671** |
| **Banks 4.6%** | **Banks 4.6%** | **Banks 4.6%** |
| 24255 | First Horizon Corp. | &nbsp;&nbsp; 548163 |
| 52185 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 929415 |
| 19846 | Truist Financial Corp. | &nbsp;&nbsp; 929190 |
|  |  | &nbsp;&nbsp; **2406768** |
| **Building Products 3.0%** | **Building Products 3.0%** | **Building Products 3.0%** |
| 13111 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 767256 |
| 23429 | Resideo Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 797757 |
|  |  | &nbsp;&nbsp; **1565013** |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
| 6720 | Ashland, Inc. | &nbsp;&nbsp; **377328** |
| **Communications Equipment 3.3%** | **Communications Equipment 3.3%** | **Communications Equipment 3.3%** |
| 13102 | Ciena Corp.<sup>\*</sup> | &nbsp;&nbsp; 1231195 |
| 1071 | Motorola Solutions, Inc. | &nbsp;&nbsp; 506005 |
|  |  | &nbsp;&nbsp; **1737200** |
| **Construction & Engineering 2.1%** | **Construction & Engineering 2.1%** | **Construction & Engineering 2.1%** |
| 10904 | Arcosa, Inc. | &nbsp;&nbsp; **1078951** |
| **Consumer Finance 1.0%** | **Consumer Finance 1.0%** | **Consumer Finance 1.0%** |
| 7848 | Bread Financial Holdings, Inc. | &nbsp;&nbsp; **519459** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| 8270 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; **902836** |
| **Containers & Packaging 1.8%** | **Containers & Packaging 1.8%** | **Containers & Packaging 1.8%** |
| 2153 | Avery Dennison Corp. | &nbsp;&nbsp; 369563 |
| 18369 | Sealed Air Corp. | &nbsp;&nbsp; 596441 |
|  |  | &nbsp;&nbsp; **966004** |
| **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** |
| 24374 | FirstEnergy Corp. | &nbsp;&nbsp; **1063194** |
| **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** |
| 1039 | Rockwell Automation, Inc. | &nbsp;&nbsp; **356824** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electronic Equipment, Instruments & Components 8.1%** | **Electronic Equipment, Instruments & Components 8.1%** | **Electronic Equipment, Instruments & Components 8.1%** |
| 3255 | CDW Corp. | &nbsp;&nbsp; $536294 |
| 7703 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 696890 |
| 13262 | IPG Photonics Corp.<sup>\*</sup> | &nbsp;&nbsp; 1085097 |
| 5501 | Itron, Inc.<sup>\*</sup> | &nbsp;&nbsp; 676293 |
| 2353 | Teledyne Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1266314 |
|  |  | &nbsp;&nbsp; **4260888** |
| **Energy Equipment & Services 1.4%** | **Energy Equipment & Services 1.4%** | **Energy Equipment & Services 1.4%** |
| 16517 | Baker Hughes Co. | &nbsp;&nbsp; **749872** |
| **Entertainment 1.3%** | **Entertainment 1.3%** | **Entertainment 1.3%** |
| 94888 | Lionsgate Studios Corp.<sup>\*</sup> | &nbsp;&nbsp; 610130 |
| 6493 | Starz Entertainment Corp.<sup>\*</sup> | &nbsp;&nbsp; 82915 |
|  |  | &nbsp;&nbsp; **693045** |
| **Food Products 1.0%** | **Food Products 1.0%** | **Food Products 1.0%** |
| 43182 | Hain Celestial Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 77728 |
| 25522 | TreeHouse Foods, Inc.<sup>\*</sup> | &nbsp;&nbsp; 468073 |
|  |  | &nbsp;&nbsp; **545801** |
| **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** |
| 10694 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; 583251 |
| 7581 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 804344 |
|  |  | &nbsp;&nbsp; **1387595** |
| **Health Care Providers & Services 1.8%** | **Health Care Providers & Services 1.8%** | **Health Care Providers & Services 1.8%** |
| 1352 | McKesson Corp. | &nbsp;&nbsp; **928337** |
| **Hotels, Restaurants & Leisure 6.1%** | **Hotels, Restaurants & Leisure 6.1%** | **Hotels, Restaurants & Leisure 6.1%** |
| 57697 | Brightstar Lottery PLC | &nbsp;&nbsp; 960078 |
| 22025 | MGM Resorts International<sup>\*</sup> | &nbsp;&nbsp; 874172 |
| 17531 | Travel & Leisure Co. | &nbsp;&nbsp; 1108135 |
| 4728 | United Parks & Resorts, Inc.<sup>\*</sup> | &nbsp;&nbsp; 248598 |
|  |  | &nbsp;&nbsp; **3190983** |
| **Independent Power and Renewable**<br> **Electricity Producers 1.7%** | **Independent Power and Renewable**<br> **Electricity Producers 1.7%** | **Independent Power and Renewable**<br> **Electricity Producers 1.7%** |
| 2950 | Ormat Technologies, Inc. | &nbsp;&nbsp; 271075 |
| 3153 | Vistra Corp. | &nbsp;&nbsp; 596264 |
|  |  | &nbsp;&nbsp; **867339** |
| **Industrial REITs 1.2%** | **Industrial REITs 1.2%** | **Industrial REITs 1.2%** |
| 16381 | STAG Industrial, Inc. | &nbsp;&nbsp; **603640** |
| **Insurance 3.5%** | **Insurance 3.5%** | **Insurance 3.5%** |
| 4307 | Allstate Corp. | &nbsp;&nbsp; 876259 |
| 6745 | Globe Life, Inc. | &nbsp;&nbsp; 943963 |
|  |  | &nbsp;&nbsp; **1820222** |
| **IT Services 2.3%** | **IT Services 2.3%** | **IT Services 2.3%** |
| 12274 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 390190 |
| 5759 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 812480 |
|  |  | &nbsp;&nbsp; **1202670** |

---

See Notes to Financial Statements

------

Schedule of Investments Mid Cap Intrinsic Value Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| 1319 | &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **$215406** |
| **Machinery 2.6%** | **Machinery 2.6%** | **Machinery 2.6%** |
| 52622 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; **1345018** |
| **Metals & Mining 1.3%** | **Metals & Mining 1.3%** | **Metals & Mining 1.3%** |
| 20570 | Alcoa Corp. | &nbsp;&nbsp; **662148** |
| **Multi-Utilities 4.2%** | **Multi-Utilities 4.2%** | **Multi-Utilities 4.2%** |
| 36642 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 1381770 |
| 13290 | Dominion Energy, Inc. | &nbsp;&nbsp; 796071 |
|  |  | &nbsp;&nbsp; **2177841** |
| **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** |
| 14660 | Devon Energy Corp. | &nbsp;&nbsp; 529226 |
| 8082 | EOG Resources, Inc. | &nbsp;&nbsp; 1008795 |
| 21530 | Williams Cos., Inc. | &nbsp;&nbsp; 1246157 |
|  |  | &nbsp;&nbsp; **2784178** |
| **Professional Services 4.8%** | **Professional Services 4.8%** | **Professional Services 4.8%** |
| 133510 | Alight, Inc. Class A | &nbsp;&nbsp; 518019 |
| 12692 | Concentrix Corp. | &nbsp;&nbsp; 669630 |
| 154335 | Conduent, Inc.<sup>\*</sup> | &nbsp;&nbsp; 429051 |
| 17844 | KBR, Inc. | &nbsp;&nbsp; 900408 |
|  |  | &nbsp;&nbsp; **2517108** |
| **Real Estate Management & Development 1.8%** | **Real Estate Management & Development 1.8%** | **Real Estate Management & Development 1.8%** |
| 3125 | Jones Lang LaSalle, Inc.<sup>\*</sup> | &nbsp;&nbsp; **954906** |
| **Retail REITs 1.9%** | **Retail REITs 1.9%** | **Retail REITs 1.9%** |
| 13961 | Regency Centers Corp. | &nbsp;&nbsp; **1012173** |
| **Semiconductors & Semiconductor Equipment 4.3%** | **Semiconductors & Semiconductor Equipment 4.3%** | **Semiconductors & Semiconductor Equipment 4.3%** |
| 10764 | Enphase Energy, Inc.<sup>\*</sup> | &nbsp;&nbsp; 405803 |
| 21414 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 521431 |
| 3972 | &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 509012 |
| 10576 | Skyworks Solutions, Inc. | &nbsp;&nbsp; 792565 |
|  |  | &nbsp;&nbsp; **2228811** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software 3.7%** | **Software 3.7%** | **Software 3.7%** |
| 9218 | Docusign, Inc.<sup>\*</sup> | &nbsp;&nbsp; $706652 |
| 41294 | UiPath, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 459189 |
| 9559 | Zoom Communications, Inc.<sup>\*</sup> | &nbsp;&nbsp; 778294 |
|  |  | &nbsp;&nbsp; **1944135** |
| **Specialty Retail 1.1%** | **Specialty Retail 1.1%** | **Specialty Retail 1.1%** |
| 4627 | Best Buy Co., Inc. | &nbsp;&nbsp; 340732 |
| 11488 | ODP Corp.<sup>\*</sup> | &nbsp;&nbsp; 232747 |
|  |  | &nbsp;&nbsp; **573479** |
| **Technology Hardware, Storage & Peripherals 4.4%** | **Technology Hardware, Storage & Peripherals 4.4%** | **Technology Hardware, Storage & Peripherals 4.4%** |
| 55891 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 1261460 |
| 13417 | Pure Storage, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1041293 |
|  |  | &nbsp;&nbsp; **2302753** |
| **Textiles, Apparel & Luxury Goods 0.5%** | **Textiles, Apparel & Luxury Goods 0.5%** | **Textiles, Apparel & Luxury Goods 0.5%** |
| 52039 | Under Armour, Inc. Class C<sup>\*</sup> | &nbsp;&nbsp; **256032** |
| **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** |
| 9598 | AerCap Holdings NV | &nbsp;&nbsp; **1185353** |
| **Total Common Stocks (Cost $40,868,418)** | **Total Common Stocks (Cost $40,868,418)** | &nbsp;&nbsp; **52305799** |
| **Short-Term Investments 0.2%** | **Short-Term Investments 0.2%** | **Short-Term Investments 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| 105051 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.23%<sup>(a)</sup> <br>**(Cost $105,051)**<br>| &nbsp;&nbsp; **105051** |
| **Total Investments 100.2%** <br> **(Cost $40,973,469)** | **Total Investments 100.2%** <br> **(Cost $40,973,469)** | &nbsp;&nbsp; **52410850** |
| Liabilities Less Other Assets (0.2)% | Liabilities Less Other Assets (0.2)% | &nbsp;&nbsp; (79911)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$52330939** |

---

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Mid Cap Intrinsic Value Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $52305799 | $— | $— | $52305799 |
| Short-Term Investments |  | 105051 |  | 105051 |
| **Total Investments** | **$52305799** | **$105051** | **$—** | **$52410850** |

---

&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

------

Schedule of Investments Multi-Cap Opportunities Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** | **Common Stocks 99.4%** |
| **Automobiles 2.8%** | **Automobiles 2.8%** | **Automobiles 2.8%** |
| 121000 | General Motors Co. | &nbsp;&nbsp; **$7089390** |
| **Banks 3.0%** | **Banks 3.0%** | **Banks 3.0%** |
| 25000 | JPMorgan Chase & Co. | &nbsp;&nbsp; **7535500** |
| **Broadline Retail 4.0%** | **Broadline Retail 4.0%** | **Broadline Retail 4.0%** |
| 44000 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **10076000** |
| **Capital Markets 10.0%** | **Capital Markets 10.0%** | **Capital Markets 10.0%** |
| 134100 | Brookfield Corp. | &nbsp;&nbsp; 8813052 |
| 33000 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 5827800 |
| 31000 | Morgan Stanley | &nbsp;&nbsp; 4664880 |
| 60000 | Nasdaq, Inc. | &nbsp;&nbsp; 5684400 |
|  |  | &nbsp;&nbsp; **24990132** |
| **Commercial Services & Supplies 1.8%** | **Commercial Services & Supplies 1.8%** | **Commercial Services & Supplies 1.8%** |
| 42000 | Veralto Corp. | &nbsp;&nbsp; **4459980** |
| **Communications Equipment 2.5%** | **Communications Equipment 2.5%** | **Communications Equipment 2.5%** |
| 13000 | Motorola Solutions, Inc. | &nbsp;&nbsp; **6141980** |
| **Construction Materials 2.0%** | **Construction Materials 2.0%** | **Construction Materials 2.0%** |
| 21000 | Eagle Materials, Inc. | &nbsp;&nbsp; **4848900** |
| **Consumer Staples Distribution & Retail 3.9%** | **Consumer Staples Distribution & Retail 3.9%** | **Consumer Staples Distribution & Retail 3.9%** |
| 34000 | &nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 3321120 |
| 83000 | U.S. Foods Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 6440800 |
|  |  | &nbsp;&nbsp; **9761920** |
| **Containers & Packaging 2.0%** | **Containers & Packaging 2.0%** | **Containers & Packaging 2.0%** |
| 225000 | Graphic Packaging Holding Co. | &nbsp;&nbsp; **5010750** |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |
| 57000 | Alliant Energy Corp. | &nbsp;&nbsp; 3708990 |
| 42000 | NextEra Energy, Inc. | &nbsp;&nbsp; 3026100 |
|  |  | &nbsp;&nbsp; **6735090** |
| **Electrical Equipment 2.6%** | **Electrical Equipment 2.6%** | **Electrical Equipment 2.6%** |
| 33000 | nVent Electric PLC | &nbsp;&nbsp; 2982870 |
| 10000 | Rockwell Automation, Inc. | &nbsp;&nbsp; 3434300 |
|  |  | &nbsp;&nbsp; **6417170** |
| **Financial Services 6.4%** | **Financial Services 6.4%** | **Financial Services 6.4%** |
| 43000 | &nbsp;&nbsp; Apollo Global Management, <br> Inc.<br>| &nbsp;&nbsp; 5857890 |
| 20000 | &nbsp;&nbsp; Berkshire Hathaway, Inc. <br> Class B<sup>\*</sup><br>| &nbsp;&nbsp; 10059600 |
|  |  | &nbsp;&nbsp; **15917490** |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| 50000 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; **3072000** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Ground Transportation 2.0%** | **Ground Transportation 2.0%** | **Ground Transportation 2.0%** |
| 80000 | CSX Corp. | &nbsp;&nbsp; $2600800 |
| 25000 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2343750 |
|  |  | &nbsp;&nbsp; **4944550** |
| **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** |
| 15000 | HCA Healthcare, Inc. | &nbsp;&nbsp; **6059400** |
| **Hotels, Restaurants & Leisure 5.2%** | **Hotels, Restaurants & Leisure 5.2%** | **Hotels, Restaurants & Leisure 5.2%** |
| 150000 | Aramark | &nbsp;&nbsp; 5866500 |
| 475 | Booking Holdings, Inc. | &nbsp;&nbsp; 2659549 |
| 14500 | McDonald's Corp. | &nbsp;&nbsp; 4546330 |
|  |  | &nbsp;&nbsp; **13072379** |
| **Insurance 2.9%** | **Insurance 2.9%** | **Insurance 2.9%** |
| 15000 | Chubb Ltd. | &nbsp;&nbsp; 4126050 |
| 12500 | Progressive Corp. | &nbsp;&nbsp; 3088250 |
|  |  | &nbsp;&nbsp; **7214300** |
| **Interactive Media & Services 6.5%** | **Interactive Media & Services 6.5%** | **Interactive Media & Services 6.5%** |
| 48000 | Alphabet, Inc. Class C | &nbsp;&nbsp; 10249440 |
| 8000 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 5909600 |
|  |  | &nbsp;&nbsp; **16159040** |
| **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** |
| 19500 | Danaher Corp. | &nbsp;&nbsp; **4013490** |
| **Machinery 3.7%** | **Machinery 3.7%** | **Machinery 3.7%** |
| 28000 | &nbsp;&nbsp; Allison Transmission Holdings, <br> Inc.<br>| &nbsp;&nbsp; 2444680 |
| 10000 | Nordson Corp. | &nbsp;&nbsp; 2250900 |
| 24000 | &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| &nbsp;&nbsp; 4644000 |
|  |  | &nbsp;&nbsp; **9339580** |
| **Oil, Gas & Consumable Fuels 1.5%** | **Oil, Gas & Consumable Fuels 1.5%** | **Oil, Gas & Consumable Fuels 1.5%** |
| 30000 | EOG Resources, Inc. | &nbsp;&nbsp; **3744600** |
| **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** |
| 4500 | Eli Lilly & Co. | &nbsp;&nbsp; **3296610** |
| **Professional Services 2.8%** | **Professional Services 2.8%** | **Professional Services 2.8%** |
| 46000 | TransUnion | &nbsp;&nbsp; 4066400 |
| 10500 | Verisk Analytics, Inc. | &nbsp;&nbsp; 2815260 |
|  |  | &nbsp;&nbsp; **6881660** |
| **Semiconductors & Semiconductor Equipment 5.9%** | **Semiconductors & Semiconductor Equipment 5.9%** | **Semiconductors & Semiconductor Equipment 5.9%** |
| 3300 | ASML Holding NV | &nbsp;&nbsp; 2450646 |
| 24000 | Broadcom, Inc. | &nbsp;&nbsp; 7137360 |
| 29000 | NVIDIA Corp. | &nbsp;&nbsp; 5051220 |
|  |  | &nbsp;&nbsp; **14639226** |
| **Software 8.5%** | **Software 8.5%** | **Software 8.5%** |
| 26000 | Microsoft Corp. | &nbsp;&nbsp; 13173940 |
| 36000 | Oracle Corp. | &nbsp;&nbsp; 8140680 |
|  |  | &nbsp;&nbsp; **21314620** |

---

See Notes to Financial Statements

------

Schedule of Investments Multi-Cap Opportunities Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 3.0%** | **Specialty Retail 3.0%** | **Specialty Retail 3.0%** |
| 15000 | Lowe's Cos., Inc. | &nbsp;&nbsp; $3870900 |
| 27000 | TJX Cos., Inc. | &nbsp;&nbsp; 3688470 |
|  |  | &nbsp;&nbsp; **7559370** |
| **Technology Hardware, Storage & Peripherals 4.7%** | **Technology Hardware, Storage & Peripherals 4.7%** | **Technology Hardware, Storage & Peripherals 4.7%** |
| 51000 | Apple, Inc. | &nbsp;&nbsp; **11839140** |
| **Wireless Telecommunication Services 2.5%** | **Wireless Telecommunication Services 2.5%** | **Wireless Telecommunication Services 2.5%** |
| 25000 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **6299750** |
| **Total Common Stocks (Cost $152,808,278)** | **Total Common Stocks (Cost $152,808,278)** | &nbsp;&nbsp; **248434017** |
| **Short-Term Investments 0.7%** | **Short-Term Investments 0.7%** | **Short-Term Investments 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| 1677566 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(a)</sup> <br>**(Cost $1,677,566)**<br>| &nbsp;&nbsp; **1677566** |
| **Total Investments 100.1%** <br> **(Cost $154,485,844)** | **Total Investments 100.1%** <br> **(Cost $154,485,844)** | &nbsp;&nbsp; **250111583** |
| Liabilities Less Other Assets (0.1)% | Liabilities Less Other Assets (0.1)% | &nbsp;&nbsp; (134586)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$249976997** |

---

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Multi-Cap Opportunities Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $248434017 | $— | $— | $248434017 |
| Short-Term Investments |  | 1677566 |  | 1677566 |
| **Total Investments** | **$248434017** | **$1677566** | **$—** | **$250111583** |

---

&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

------

Schedule of Investments Quality Equity Fund<sup>†</sup>^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 96.7%** | **Common Stocks 96.7%** | **Common Stocks 96.7%** |
| **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** |
| 128024 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp. <br> Class A<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; $27141088 |
| 137408 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp. <br> Class C<sup>\*#(a)(b)</sup><br>| &nbsp;&nbsp; 29130496 |
|  |  | &nbsp;&nbsp; **56271584** |
| **Banks 3.6%** | **Banks 3.6%** | **Banks 3.6%** |
| 640121 | Bank of America Corp. | &nbsp;&nbsp; 32479740 |
| 119972 | JPMorgan Chase & Co. | &nbsp;&nbsp; 36161960 |
|  |  | &nbsp;&nbsp; **68641700** |
| **Broadline Retail 8.9%** | **Broadline Retail 8.9%** | **Broadline Retail 8.9%** |
| 736102 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **168567358** |
| **Building Products 1.2%** | **Building Products 1.2%** | **Building Products 1.2%** |
| 53869 | Trane Technologies PLC | &nbsp;&nbsp; **22387956** |
| **Capital Markets 5.9%** | **Capital Markets 5.9%** | **Capital Markets 5.9%** |
| 1802258 | &nbsp;&nbsp; Interactive Brokers Group, <br> Inc. Class A<br>| &nbsp;&nbsp; **112172538** |
| **Communications Equipment 2.3%** | **Communications Equipment 2.3%** | **Communications Equipment 2.3%** |
| 325009 | Arista Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; **44379979** |
| **Consumer Finance 2.1%** | **Consumer Finance 2.1%** | **Consumer Finance 2.1%** |
| 175279 | Capital One Financial Corp. | &nbsp;&nbsp; **39826894** |
| **Financial Services 12.3%** | **Financial Services 12.3%** | **Financial Services 12.3%** |
| 58 | &nbsp;&nbsp; Berkshire Hathaway, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 43806240 |
| 169003 | &nbsp;&nbsp; Berkshire Hathaway, Inc. <br> Class B<sup>\*</sup><br>| &nbsp;&nbsp; 85005129 |
| 206158 | Fiserv, Inc.<sup>\*</sup> | &nbsp;&nbsp; 28486912 |
| 129052 | MasterCard, Inc. Class A | &nbsp;&nbsp; 76823365 |
|  |  | &nbsp;&nbsp; **234121646** |
| **Ground Transportation 1.0%** | **Ground Transportation 1.0%** | **Ground Transportation 1.0%** |
| 573779 | CSX Corp. | &nbsp;&nbsp; **18653555** |
| **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** |
| 103756 | Becton Dickinson & Co. | &nbsp;&nbsp; **20022833** |
| **Health Care Providers & Services 6.5%** | **Health Care Providers & Services 6.5%** | **Health Care Providers & Services 6.5%** |
| 156462 | Cencora, Inc. | &nbsp;&nbsp; 45625884 |
| 145838 | Cigna Group | &nbsp;&nbsp; 43878279 |
| 244034 | DaVita, Inc.<sup>\*</sup> | &nbsp;&nbsp; 33618124 |
|  |  | &nbsp;&nbsp; **123122287** |
| **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** |
| 1243634 | Compass Group PLC | &nbsp;&nbsp; **42224093** |
| **Household Products 1.1%** | **Household Products 1.1%** | **Household Products 1.1%** |
| 254184 | Colgate-Palmolive Co. | &nbsp;&nbsp; **21369249** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Insurance 2.2%** | **Insurance 2.2%** | **Insurance 2.2%** |
| 168104 | Progressive Corp. | &nbsp;&nbsp; **$41531774** |
| **Interactive Media & Services 9.3%** | **Interactive Media & Services 9.3%** | **Interactive Media & Services 9.3%** |
| 829563 | Alphabet, Inc. Class A | &nbsp;&nbsp; **176622258** |
| **IT Services 7.3%** | **IT Services 7.3%** | **IT Services 7.3%** |
| 356188 | GoDaddy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 52826242 |
| 2670742 | Kyndryl Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 84902888 |
|  |  | &nbsp;&nbsp; **137729130** |
| **Machinery 0.8%** | **Machinery 0.8%** | **Machinery 0.8%** |
| 185420 | Otis Worldwide Corp. | &nbsp;&nbsp; **16016580** |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| 54385 | Sherwin-Williams Co. | &nbsp;&nbsp; **19895665** |
| **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** |
| 825848 | Coterra Energy, Inc. | &nbsp;&nbsp; **20183725** |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| 61066 | Roche Holding AG | &nbsp;&nbsp; **19865625** |
| **Semiconductors & Semiconductor Equipment 4.3%** | **Semiconductors & Semiconductor Equipment 4.3%** | **Semiconductors & Semiconductor Equipment 4.3%** |
| 288094 | Applied Materials, Inc. | &nbsp;&nbsp; 46313992 |
| 171944 | Texas Instruments, Inc. | &nbsp;&nbsp; 34815221 |
|  |  | &nbsp;&nbsp; **81129213** |
| **Software 9.8%** | **Software 9.8%** | **Software 9.8%** |
| 36351 | Intuit, Inc. | &nbsp;&nbsp; 24246117 |
| 319919 | Microsoft Corp. | &nbsp;&nbsp; 162099758 |
|  |  | &nbsp;&nbsp; **186345875** |
| **Specialty Retail 1.9%** | **Specialty Retail 1.9%** | **Specialty Retail 1.9%** |
| 42862 | Home Depot, Inc. | &nbsp;&nbsp; 17434976 |
| 130163 | TJX Cos., Inc. | &nbsp;&nbsp; 17781567 |
|  |  | &nbsp;&nbsp; **35216543** |
| **Technology Hardware, Storage & Peripherals 2.4%** | **Technology Hardware, Storage & Peripherals 2.4%** | **Technology Hardware, Storage & Peripherals 2.4%** |
| 198788 | Apple, Inc. | &nbsp;&nbsp; **46146646** |
| **Trading Companies & Distributors 4.3%** | **Trading Companies & Distributors 4.3%** | **Trading Companies & Distributors 4.3%** |
| 55724 | United Rentals, Inc. | &nbsp;&nbsp; 53291090 |
| 27933 | W.W. Grainger, Inc. | &nbsp;&nbsp; 28310096 |
|  |  | &nbsp;&nbsp; **81601186** |
| **Total Common Stocks** <br> **(Cost $883,147,518)** | **Total Common Stocks** <br> **(Cost $883,147,518)** | &nbsp;&nbsp; **1834045892** |
| **Preferred Stocks 2.4%** | **Preferred Stocks 2.4%** | **Preferred Stocks 2.4%** |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |
| 21111 | &nbsp;&nbsp; Space Exploration <br> Technologies Corp., <br> Series E<sup>\*#(a)(b)</sup> <br> **(Cost $17,099,910)**<br>| &nbsp;&nbsp; **44755320** |

---

See Notes to Financial Statements

------

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Short-Term Investments 0.8%** | **Short-Term Investments 0.8%** | **Short-Term Investments 0.8%** |
| **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 9/23/2025<br>| &nbsp;&nbsp; $100000 |
| 250000 | &nbsp;&nbsp; Self Help Credit Union, <br> 0.10%, due 11/16/2025<br>| &nbsp;&nbsp; 250000 |
| 250000 | &nbsp;&nbsp; Self Help Federal Credit <br> Union, 0.10%, due <br> 9/1/2025<br>| &nbsp;&nbsp; 250000 |
|  |  | &nbsp;&nbsp; **600000** |
| Number of Shares | Number of Shares |  |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| 15315623 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund Premier Class, <br> 4.19%<sup>(c)</sup><br>| &nbsp;&nbsp; **15315623** |
| **Total Short-Term Investments** <br> **(Cost $15,915,623)** | **Total Short-Term Investments** <br> **(Cost $15,915,623)** | &nbsp;&nbsp; **15915623** |
| **Total Investments 99.9%** <br> **(Cost $916,163,051)** | **Total Investments 99.9%** <br> **(Cost $916,163,051)** | &nbsp;&nbsp; **1894716835** |
| Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | &nbsp;&nbsp; 1651789 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$1896368624** |

---

&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 August 31, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at August 31, 2025 amounted to $101,026,904, which represents 5.3% of net assets of the Fund. 

(c) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (cont'd)

#

This security is subject to restrictions on resale. Total value of all such securities at August 31, 2025 amounted to $101,026,904, which represents 5.3% 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>**8/31/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**8/31/2025**<br>|
| Space Exploration Technologies Corp. (Series E Preferred <br> Shares)<br>| 11/7/2023 | $17099910 | $44755320 | 2.4% |
| Space Exploration Technologies Corp. Class A | 8/18/2023 | 10369944 | 27141088 | 1.4% |
| Space Exploration Technologies Corp. Class C | 8/18/2023 | 11130048 | 29130496 | 1.5% |
| **Total** |  | **$38599902** | **$101026904** | **5.3%** |

---

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | $— | $— | $56271584 | $56271584 |
| Other Common Stocks<sup>#</sup> <br>| 1777774308 |  |  | 1777774308 |
| Total Common Stocks | 1777774308 |  | 56271584 | 1834045892 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 44755320 | 44755320 |
| Short-Term Investments |  | 15915623 |  | 15915623 |
| **Total Investments** | **$1777774308** | **$15915623** | **$101026904** | **$1894716835** |

---

&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

------

Schedule of Investments Quality Equity Fund<sup>†</sup>^ (cont'd)

&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 9/1/2024<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>8/31/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>8/31/2025<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>| $29728 | $— | $— | $26544 | $— | $— | $— | $— | $56272 | $26544 |
| Preferred Stocks<sup>(1)</sup> <br>| 23644 |  |  | 21111 |  |  |  |  | 44755 | 21111 |
| Total | $53372 | $— | $— | $47655 | $— | $— | $— | $— | $101027 | $47655 |
| (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>8/31/2025<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 | $56271584 | Market Approach | Transaction Price | $212.00 | $212.00 | Increase |
| Preferred Stocks | 44755320 | Market Approach | Transaction Price | $212.00 | $212.00 | 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

------

Schedule of Investments Real Estate Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Apartments 9.5%** | **Apartments 9.5%** | **Apartments 9.5%** |
| 178755 | AvalonBay Communities, Inc. | &nbsp;&nbsp; $35009167 |
| 69439 | Camden Property Trust | &nbsp;&nbsp; 7775779 |
| 447726 | &nbsp;&nbsp; GO Residential Real Estate <br> Investment Trust<sup>(a)</sup><br>| &nbsp;&nbsp; 5668211 |
| 403849 | UDR, Inc. | &nbsp;&nbsp; 15980305 |
|  |  | &nbsp;&nbsp; **64433462** |
| **Data Centers 7.9%** | **Data Centers 7.9%** | **Data Centers 7.9%** |
| 94495 | Digital Realty Trust, Inc. | &nbsp;&nbsp; 15841142 |
| 47823 | Equinix, Inc. | &nbsp;&nbsp; 37597964 |
|  |  | &nbsp;&nbsp; **53439106** |
| **Free Standing 5.3%** | **Free Standing 5.3%** | **Free Standing 5.3%** |
| 177838 | Agree Realty Corp. | &nbsp;&nbsp; 12935936 |
| 455135 | &nbsp;&nbsp; Essential Properties Realty Trust, <br> Inc.<br>| &nbsp;&nbsp; 14254828 |
| 150705 | Realty Income Corp. | &nbsp;&nbsp; 8855426 |
|  |  | &nbsp;&nbsp; **36046190** |
| **Gaming 1.4%** | **Gaming 1.4%** | **Gaming 1.4%** |
| 203199 | &nbsp;&nbsp; Gaming & Leisure Properties, <br> Inc.<br>| &nbsp;&nbsp; **9755584** |
| **Health Care 17.8%** | **Health Care 17.8%** | **Health Care 17.8%** |
| 128364 | &nbsp;&nbsp; Alexandria Real Estate Equities, <br> Inc.<br>| &nbsp;&nbsp; 10582328 |
| 273269 | American Healthcare REIT, Inc. | &nbsp;&nbsp; 11693181 |
| 185692 | &nbsp;&nbsp; Omega Healthcare Investors, <br> Inc.<br>| &nbsp;&nbsp; 7904908 |
| 422631 | Ventas, Inc. | &nbsp;&nbsp; 28772719 |
| 369004 | Welltower, Inc. | &nbsp;&nbsp; 62095993 |
|  |  | &nbsp;&nbsp; **121049129** |
| **Industrial 8.2%** | **Industrial 8.2%** | **Industrial 8.2%** |
| 39777 | EastGroup Properties, Inc. | &nbsp;&nbsp; 6744588 |
| 432138 | Prologis, Inc. | &nbsp;&nbsp; 49168662 |
|  |  | &nbsp;&nbsp; **55913250** |
| **Manufactured Homes 4.6%** | **Manufactured Homes 4.6%** | **Manufactured Homes 4.6%** |
| 220050 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 13266815 |
| 141329 | Sun Communities, Inc. | &nbsp;&nbsp; 17930410 |
|  |  | &nbsp;&nbsp; **31197225** |
| **Office 3.6%** | **Office 3.6%** | **Office 3.6%** |
| 371381 | Cousins Properties, Inc. | &nbsp;&nbsp; 10952026 |
| 4912140 | Hudson Pacific Properties, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13803113 |
|  |  | &nbsp;&nbsp; **24755139** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Regional Malls 4.8%** | **Regional Malls 4.8%** | **Regional Malls 4.8%** |
| 473022 | Macerich Co. | &nbsp;&nbsp; $8703605 |
| 133860 | Simon Property Group, Inc. | &nbsp;&nbsp; 24183147 |
|  |  | &nbsp;&nbsp; **32886752** |
| **Self Storage 7.3%** | **Self Storage 7.3%** | **Self Storage 7.3%** |
| 120251 | Extra Space Storage, Inc. | &nbsp;&nbsp; 17265638 |
| 109388 | Public Storage | &nbsp;&nbsp; 32224611 |
|  |  | &nbsp;&nbsp; **49490249** |
| **Shopping Centers 6.4%** | **Shopping Centers 6.4%** | **Shopping Centers 6.4%** |
| 89190 | Federal Realty Investment Trust | &nbsp;&nbsp; 8968054 |
| 536561 | InvenTrust Properties Corp. | &nbsp;&nbsp; 15973421 |
| 841175 | Kimco Realty Corp. | &nbsp;&nbsp; 18918026 |
|  |  | &nbsp;&nbsp; **43859501** |
| **Single Family Homes 3.7%** | **Single Family Homes 3.7%** | **Single Family Homes 3.7%** |
| 115008 | &nbsp;&nbsp; American Homes 4 Rent <br> Class A<br>| &nbsp;&nbsp; 4119586 |
| 672140 | Invitation Homes, Inc. | &nbsp;&nbsp; 21031261 |
|  |  | &nbsp;&nbsp; **25150847** |
| **Specialty 2.7%** | **Specialty 2.7%** | **Specialty 2.7%** |
| 202578 | Iron Mountain, Inc. | &nbsp;&nbsp; **18704027** |
| **Telecommunications 14.2%** | **Telecommunications 14.2%** | **Telecommunications 14.2%** |
| 315896 | American Tower Corp. | &nbsp;&nbsp; 64395400 |
| 52830 | Crown Castle, Inc. | &nbsp;&nbsp; 5237566 |
| 131466 | SBA Communications Corp. | &nbsp;&nbsp; 26930810 |
|  |  | &nbsp;&nbsp; **96563776** |
| **Timber 1.1%** | **Timber 1.1%** | **Timber 1.1%** |
| 287893 | Weyerhaeuser Co. | &nbsp;&nbsp; **7447792** |
| **Total Common Stocks (Cost $674,394,890)** | **Total Common Stocks (Cost $674,394,890)** | &nbsp;&nbsp; **670692029** |
| **Short-Term Investments 1.5%** | **Short-Term Investments 1.5%** | **Short-Term Investments 1.5%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| 9967845 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 4.23%<sup>(b)</sup> **(Cost $9,967,845)**<br>| &nbsp;&nbsp; **9967845** |
| **Total Investments 100.0%** <br> **(Cost $684,362,735)** | **Total Investments 100.0%** <br> **(Cost $684,362,735)** | &nbsp;&nbsp; **680659874** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 105704 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$680765578** |

---

&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.

See Notes to Financial Statements

------

Schedule of Investments Real Estate Fund^ (cont'd)

&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 August 31, 2025 amounted to $5,668,211, which represents 0.8% of
 net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $670692029 | $— | $— | $670692029 |
| Short-Term Investments |  | 9967845 |  | 9967845 |
| **Total Investments** | **$670692029** | **$9967845** | **$—** | **$680659874** |

---

&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

------

Schedule of Investments Small Cap Growth Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 100.0%** | **Common Stocks 100.0%** | **Common Stocks 100.0%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| 16199 | AeroVironment, Inc.<sup>\*</sup> | &nbsp;&nbsp; $3909629 |
| 20231 | BWX Technologies, Inc. | &nbsp;&nbsp; 3278231 |
| 77700 | &nbsp;&nbsp; Kratos Defense & Security <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 5115768 |
|  |  | &nbsp;&nbsp; **12303628** |
| **Automobile Components 2.0%** | **Automobile Components 2.0%** | **Automobile Components 2.0%** |
| 36100 | Modine Manufacturing Co.<sup>\*</sup> | &nbsp;&nbsp; 4914293 |
| 37201 | Patrick Industries, Inc. | &nbsp;&nbsp; 4160932 |
|  |  | &nbsp;&nbsp; **9075225** |
| **Banks 2.0%** | **Banks 2.0%** | **Banks 2.0%** |
| 40836 | &nbsp;&nbsp; Pinnacle Financial Partners, <br> Inc.<br>| &nbsp;&nbsp; 3970076 |
| 28909 | Western Alliance Bancorp | &nbsp;&nbsp; 2588801 |
| 17929 | Wintrust Financial Corp. | &nbsp;&nbsp; 2461472 |
|  |  | &nbsp;&nbsp; **9020349** |
| **Biotechnology 10.0%** | **Biotechnology 10.0%** | **Biotechnology 10.0%** |
| 249049 | ADMA Biologics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4298586 |
| 72558 | Alkermes PLC<sup>\*</sup> | &nbsp;&nbsp; 2102005 |
| 8266 | Ascendis Pharma AS ADR<sup>\*</sup> | &nbsp;&nbsp; 1605836 |
| 70617 | Avidity Biosciences, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3289340 |
| 102306 | Bridgebio Pharma, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5295359 |
| 92467 | Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1903895 |
| 150657 | Dyne Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2032363 |
| 86340 | Halozyme Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6315771 |
| 8937 | &nbsp;&nbsp; Madrigal Pharmaceuticals, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 3913065 |
| 58300 | Protagonist Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3442615 |
| 41083 | Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4237711 |
| 39946 | Soleno Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2703146 |
| 75633 | Twist Bioscience Corp.<sup>\*</sup> | &nbsp;&nbsp; 2039822 |
| 84505 | Xenon Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3271189 |
|  |  | &nbsp;&nbsp; **46450703** |
| **Broadline Retail 0.7%** | **Broadline Retail 0.7%** | **Broadline Retail 0.7%** |
| 25949 | &nbsp;&nbsp; Ollie's Bargain Outlet <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **3291371** |
| **Building Products 2.6%** | **Building Products 2.6%** | **Building Products 2.6%** |
| 14400 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 2752128 |
| 201693 | &nbsp;&nbsp; Zurn Elkay Water Solutions <br> Corp.<br>| &nbsp;&nbsp; 9148794 |
|  |  | &nbsp;&nbsp; **11900922** |
| **Capital Markets 3.5%** | **Capital Markets 3.5%** | **Capital Markets 3.5%** |
| 22208 | Piper Sandler Cos. | &nbsp;&nbsp; 7412809 |
| 143321 | StepStone Group, Inc. Class A | &nbsp;&nbsp; 8894501 |
|  |  | &nbsp;&nbsp; **16307310** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Chemicals 1.9%** | **Chemicals 1.9%** | **Chemicals 1.9%** |
| 21000 | Hawkins, Inc. | &nbsp;&nbsp; $3513930 |
| 46210 | Sensient Technologies Corp. | &nbsp;&nbsp; 5242987 |
|  |  | &nbsp;&nbsp; **8756917** |
| **Commercial Services & Supplies 1.7%** | **Commercial Services & Supplies 1.7%** | **Commercial Services & Supplies 1.7%** |
| 27740 | &nbsp;&nbsp; Casella Waste Systems, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2734055 |
| 22049 | Clean Harbors, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5340488 |
|  |  | &nbsp;&nbsp; **8074543** |
| **Communications Equipment 1.7%** | **Communications Equipment 1.7%** | **Communications Equipment 1.7%** |
| 108593 | Calix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6455854 |
| 12210 | Lumentum Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1621610 |
|  |  | &nbsp;&nbsp; **8077464** |
| **Construction & Engineering 5.2%** | **Construction & Engineering 5.2%** | **Construction & Engineering 5.2%** |
| 179499 | API Group Corp.<sup>\*</sup> | &nbsp;&nbsp; 6404524 |
| 44298 | Arcosa, Inc. | &nbsp;&nbsp; 4383287 |
| 56800 | Primoris Services Corp. | &nbsp;&nbsp; 6733640 |
| 23300 | Sterling Infrastructure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6489749 |
|  |  | &nbsp;&nbsp; **24011200** |
| **Consumer Finance 3.5%** | **Consumer Finance 3.5%** | **Consumer Finance 3.5%** |
| 48988 | Dave, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10445221 |
| 39783 | FirstCash Holdings, Inc. | &nbsp;&nbsp; 5858843 |
|  |  | &nbsp;&nbsp; **16304064** |
| **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** |
| 35950 | &nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 3511596 |
| 54851 | Chefs' Warehouse, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3463292 |
|  |  | &nbsp;&nbsp; **6974888** |
| **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** |
| 19969 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 2357141 |
| 12100 | &nbsp;&nbsp; Grand Canyon Education, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 2438997 |
| 255841 | OneSpaWorld Holdings Ltd. | &nbsp;&nbsp; 5774331 |
|  |  | &nbsp;&nbsp; **10570469** |
| **Electrical Equipment 4.0%** | **Electrical Equipment 4.0%** | **Electrical Equipment 4.0%** |
| 77629 | Bloom Energy Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 4109679 |
| 99000 | NEXTracker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 6658740 |
| 42700 | NuScale Power Corp.<sup>\*</sup> | &nbsp;&nbsp; 1479555 |
| 69342 | nVent Electric PLC | &nbsp;&nbsp; 6267824 |
|  |  | &nbsp;&nbsp; **18515798** |
| **Electronic Equipment, Instruments & Components 2.6%** | **Electronic Equipment, Instruments & Components 2.6%** | **Electronic Equipment, Instruments & Components 2.6%** |
| 49981 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 4521781 |
| 22069 | Fabrinet<sup>\*</sup> | &nbsp;&nbsp; 7311239 |
|  |  | &nbsp;&nbsp; **11833020** |
| **Financial Services 3.1%** | **Financial Services 3.1%** | **Financial Services 3.1%** |
| 38053 | Mr. Cooper Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7174132 |

---

See Notes to Financial Statements

------

Schedule of Investments Small Cap Growth Fund^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Financial Services – cont'd** | **Financial Services – cont'd** | **Financial Services – cont'd** |
| 398928 | Remitly Global, Inc.<sup>\*</sup> | &nbsp;&nbsp; $7392136 |
|  |  | &nbsp;&nbsp; **14566268** |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |
| 139437 | AtriCure, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5157775 |
| 23393 | Glaukos Corp.<sup>\*</sup> | &nbsp;&nbsp; 2241517 |
| 57832 | Integer Holdings Corp.<sup>\*</sup> | &nbsp;&nbsp; 6238338 |
|  |  | &nbsp;&nbsp; **13637630** |
| **Health Care Providers & Services 6.4%** | **Health Care Providers & Services 6.4%** | **Health Care Providers & Services 6.4%** |
| 271809 | AdaptHealth Corp.<sup>\*</sup> | &nbsp;&nbsp; 2579468 |
| 18941 | Encompass Health Corp. | &nbsp;&nbsp; 2306256 |
| 51657 | Guardant Health, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3482715 |
| 26037 | HealthEquity, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2325885 |
| 63543 | Hims & Hers Health, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 2691046 |
| 189575 | Option Care Health, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5437011 |
| 150507 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 10800382 |
|  |  | &nbsp;&nbsp; **29622763** |
| **Health Care Technology 1.1%** | **Health Care Technology 1.1%** | **Health Care Technology 1.1%** |
| 132679 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **5025880** |
| **Hotels, Restaurants & Leisure 1.7%** | **Hotels, Restaurants & Leisure 1.7%** | **Hotels, Restaurants & Leisure 1.7%** |
| 66543 | Red Rock Resorts, Inc. Class A | &nbsp;&nbsp; 4117015 |
| 11300 | Wingstop, Inc. | &nbsp;&nbsp; 3707756 |
|  |  | &nbsp;&nbsp; **7824771** |
| **Household Durables 2.9%** | **Household Durables 2.9%** | **Household Durables 2.9%** |
| 12341 | Cavco Industries, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6546777 |
| 26656 | &nbsp;&nbsp; Installed Building Products, <br> Inc.<br>| &nbsp;&nbsp; 6979074 |
|  |  | &nbsp;&nbsp; **13525851** |
| **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%** |
| 6100 | Talen Energy Corp.<sup>\*</sup> | &nbsp;&nbsp; **2311412** |
| **Insurance 0.1%** | **Insurance 0.1%** | **Insurance 0.1%** |
| 28000 | Accelerant Holdings Class A<sup>\*</sup> | &nbsp;&nbsp; **561400** |
| **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** |
| 98455 | Stevanato Group SpA | &nbsp;&nbsp; **2265449** |
| **Machinery 4.1%** | **Machinery 4.1%** | **Machinery 4.1%** |
| 24363 | ESCO Technologies, Inc. | &nbsp;&nbsp; 4894770 |
| 51609 | Mueller Industries, Inc. | &nbsp;&nbsp; 4951368 |
| 47974 | SPX Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 8976415 |
|  |  | &nbsp;&nbsp; **18822553** |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |
| 17470 | Carpenter Technology Corp. | &nbsp;&nbsp; **4208174** |
| **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** |
| 55500 | DT Midstream, Inc. | &nbsp;&nbsp; **5781990** |
| **Passenger Airlines 0.5%** | **Passenger Airlines 0.5%** | **Passenger Airlines 0.5%** |
| 155273 | Joby Aviation, Inc.<sup>\*</sup> | &nbsp;&nbsp; **2197113** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Pharmaceuticals 1.8%** | **Pharmaceuticals 1.8%** | **Pharmaceuticals 1.8%** |
| 44233 | Axsome Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; $5364578 |
| 21776 | Corcept Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1518223 |
| 95460 | Edgewise Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1369851 |
|  |  | &nbsp;&nbsp; **8252652** |
| **Professional Services 0.5%** | **Professional Services 0.5%** | **Professional Services 0.5%** |
| 22000 | Willdan Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; **2416920** |
| **Semiconductors & Semiconductor Equipment 5.4%** | **Semiconductors & Semiconductor Equipment 5.4%** | **Semiconductors & Semiconductor Equipment 5.4%** |
| 69231 | &nbsp;&nbsp; Credo Technology Group <br> Holding Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 8519221 |
| 17373 | Impinj, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3256916 |
| 44589 | &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 5714080 |
| 56396 | Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4160333 |
| 13830 | SiTime Corp.<sup>\*</sup> | &nbsp;&nbsp; 3342296 |
|  |  | &nbsp;&nbsp; **24992846** |
| **Software 12.6%** | **Software 12.6%** | **Software 12.6%** |
| 216260 | Amplitude, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 2471852 |
| 174512 | Box, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 5694327 |
| 38709 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7224841 |
| 459169 | D-Wave Quantum, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 7172220 |
| 30498 | InterDigital, Inc. | &nbsp;&nbsp; 8286612 |
| 96810 | Klaviyo, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 3140516 |
| 95738 | Q2 Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7537453 |
| 59258 | Rubrik, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 5297665 |
| 55663 | ServiceTitan, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 5968743 |
| 419787 | &nbsp;&nbsp; SoundHound AI, Inc. <br> Class A<sup>\*(a)</sup><br>| &nbsp;&nbsp; 5465627 |
|  |  | &nbsp;&nbsp; **58259856** |
| **Specialty Retail 1.2%** | **Specialty Retail 1.2%** | **Specialty Retail 1.2%** |
| 210488 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **5514786** |
| **Technology Hardware, Storage & Peripherals 1.9%** | **Technology Hardware, Storage & Peripherals 1.9%** | **Technology Hardware, Storage & Peripherals 1.9%** |
| 202908 | IonQ, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; **8672288** |
| **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** |
| 58926 | Air Lease Corp. | &nbsp;&nbsp; 3547934 |
| 20172 | &nbsp;&nbsp; Applied Industrial <br> Technologies, Inc.<br>| &nbsp;&nbsp; 5316936 |
| 66421 | Rush Enterprises, Inc. Class A | &nbsp;&nbsp; 3812565 |
|  |  | &nbsp;&nbsp; **12677435** |
| **Total Common Stocks (Cost $413,866,596)** | **Total Common Stocks (Cost $413,866,596)** | &nbsp;&nbsp; **462605908** |

---

See Notes to Financial Statements

------

Schedule of Investments Small Cap Growth Fund^ (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Short-Term Investments 3.4%** | **Short-Term Investments 3.4%** |
| **Investment Companies 3.4%** | **Investment Companies 3.4%** |
| 15604623<br> &nbsp;&nbsp; State Street Navigator <br> Securities Lending <br> Government Money Market <br> Portfolio, 4.31%<sup>(b)(c)</sup> <br>**(Cost $15,604,623)**<br>| &nbsp;&nbsp; **$15604623** |
| **Total Investments 103.4%** <br> **(Cost $429,471,219)** | &nbsp;&nbsp; **478210531** |
| Liabilities Less Other Assets (3.4)% | &nbsp;&nbsp; (15502158)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$462708373** |

---

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at August 31, 2025. Total value of all such securities at August 31, 2025 amounted to $26,039,323, collateralized by cash collateral of $15,604,623 and non-cash (U.S. Treasury Securities) collateral of $13,567,595 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of August 31, 2025.

(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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $462605908 | $— | $— | $462605908 |
| Short-Term Investments |  | 15604623 |  | 15604623 |
| **Total Investments** | **$462605908** | **$15604623** | **$—** | **$478210531** |

---

&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

------

Schedule of Investments U.S. Equity Impact Fund^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Automobile Components 1.8%** | **Automobile Components 1.8%** | **Automobile Components 1.8%** |
| 3169 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; **$252031** |
| **Building Products 4.6%** | **Building Products 4.6%** | **Building Products 4.6%** |
| 1582 | Trane Technologies PLC | &nbsp;&nbsp; **657479** |
| **Capital Markets 2.8%** | **Capital Markets 2.8%** | **Capital Markets 2.8%** |
| 2244 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; **396290** |
| **Chemicals 4.3%** | **Chemicals 4.3%** | **Chemicals 4.3%** |
| 1863 | Ecolab, Inc. | &nbsp;&nbsp; 516125 |
| 226 | Linde PLC | &nbsp;&nbsp; 108094 |
|  |  | &nbsp;&nbsp; **624219** |
| **Commercial Services & Supplies 3.5%** | **Commercial Services & Supplies 3.5%** | **Commercial Services & Supplies 3.5%** |
| 920 | Republic Services, Inc. | &nbsp;&nbsp; 215252 |
| 2758 | Veralto Corp. | &nbsp;&nbsp; 292872 |
|  |  | &nbsp;&nbsp; **508124** |
| **Communications Equipment 4.7%** | **Communications Equipment 4.7%** | **Communications Equipment 4.7%** |
| 1423 | Motorola Solutions, Inc. | &nbsp;&nbsp; **672311** |
| **Construction & Engineering 0.8%** | **Construction & Engineering 0.8%** | **Construction & Engineering 0.8%** |
| 1027 | Stantec, Inc. | &nbsp;&nbsp; **111604** |
| **Containers & Packaging 4.9%** | **Containers & Packaging 4.9%** | **Containers & Packaging 4.9%** |
| 4072 | Ball Corp. | &nbsp;&nbsp; 214350 |
| 21729 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 483905 |
|  |  | &nbsp;&nbsp; **698255** |
| **Electric Utilities 3.2%** | **Electric Utilities 3.2%** | **Electric Utilities 3.2%** |
| 6341 | NextEra Energy, Inc. | &nbsp;&nbsp; **456869** |
| **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** |
| 3715 | nVent Electric PLC | &nbsp;&nbsp; **335799** |
| **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** | **Electronic Equipment, Instruments & Components 3.7%** |
| 2417 | Coherent Corp.<sup>\*</sup> | &nbsp;&nbsp; 218666 |
| 3922 | Trimble, Inc.<sup>\*</sup> | &nbsp;&nbsp; 316976 |
|  |  | &nbsp;&nbsp; **535642** |
| **Financial Services 1.3%** | **Financial Services 1.3%** | **Financial Services 1.3%** |
| 6819 | &nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital, Inc.<br>| &nbsp;&nbsp; **192569** |
| **Food Products 0.9%** | **Food Products 0.9%** | **Food Products 0.9%** |
| 4370 | Simply Good Foods Co.<sup>\*</sup> | &nbsp;&nbsp; **125113** |
| **Ground Transportation 6.8%** | **Ground Transportation 6.8%** | **Ground Transportation 6.8%** |
| 4429 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 337446 |
| 11556 | CSX Corp. | &nbsp;&nbsp; 375686 |
| 2730 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 255937 |
|  |  | &nbsp;&nbsp; **969069** |
| **Health Care Equipment & Supplies 6.7%** | **Health Care Equipment & Supplies 6.7%** | **Health Care Equipment & Supplies 6.7%** |
| 7684 | Baxter International, Inc. | &nbsp;&nbsp; 189718 |

---

---

| | | |
|:---|:---|:---|
| 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** |
| 4966 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; $523913 |
| 997 | STERIS PLC | &nbsp;&nbsp; 244325 |
|  |  | &nbsp;&nbsp; **957956** |
| **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** |
| 1096 | HCA Healthcare, Inc. | &nbsp;&nbsp; **442740** |
| **Household Durables 1.4%** | **Household Durables 1.4%** | **Household Durables 1.4%** |
| 1156 | D.R. Horton, Inc. | &nbsp;&nbsp; **195919** |
| **Household Products 1.5%** | **Household Products 1.5%** | **Household Products 1.5%** |
| 2594 | Colgate-Palmolive Co. | &nbsp;&nbsp; **218078** |
| **Independent Power and Renewable Electricity** <br> **Producers 3.7%** | **Independent Power and Renewable Electricity** <br> **Producers 3.7%** | **Independent Power and Renewable Electricity** <br> **Producers 3.7%** |
| 15932 | Brookfield Renewable Corp. | &nbsp;&nbsp; **536908** |
| **Life Sciences Tools & Services 3.7%** | **Life Sciences Tools & Services 3.7%** | **Life Sciences Tools & Services 3.7%** |
| 1293 | Danaher Corp. | &nbsp;&nbsp; 266125 |
| 544 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 268040 |
|  |  | &nbsp;&nbsp; **534165** |
| **Machinery 12.7%** | **Machinery 12.7%** | **Machinery 12.7%** |
| 753 | Deere & Co. | &nbsp;&nbsp; 360416 |
| 6087 | Pentair PLC | &nbsp;&nbsp; 654535 |
| 2775 | &nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp.<br>| &nbsp;&nbsp; 536962 |
| 1878 | Xylem, Inc. | &nbsp;&nbsp; 265850 |
|  |  | &nbsp;&nbsp; **1817763** |
| **Personal Care Products 0.6%** | **Personal Care Products 0.6%** | **Personal Care Products 0.6%** |
| 2046 | BellRing Brands, Inc.<sup>\*</sup> | &nbsp;&nbsp; **83988** |
| **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** |
| 471 | Eli Lilly & Co. | &nbsp;&nbsp; 345045 |
| 1689 | Merck & Co., Inc. | &nbsp;&nbsp; 142079 |
|  |  | &nbsp;&nbsp; **487124** |
| **Professional Services 2.3%** | **Professional Services 2.3%** | **Professional Services 2.3%** |
| 1213 | Verisk Analytics, Inc. | &nbsp;&nbsp; **325229** |
| **Semiconductors & Semiconductor Equipment 9.8%** | **Semiconductors & Semiconductor Equipment 9.8%** | **Semiconductors & Semiconductor Equipment 9.8%** |
| 984 | Analog Devices, Inc. | &nbsp;&nbsp; 247289 |
| 1348 | Broadcom, Inc. | &nbsp;&nbsp; 400882 |
| 3390 | NVIDIA Corp. | &nbsp;&nbsp; 590470 |
| 3400 | ON Semiconductor Corp.<sup>\*</sup> | &nbsp;&nbsp; 168606 |
|  |  | &nbsp;&nbsp; **1407247** |
| **Software 5.2%** | **Software 5.2%** | **Software 5.2%** |
| 1628 | Docusign, Inc.<sup>\*</sup> | &nbsp;&nbsp; 124802 |
| 441 | Intuit, Inc. | &nbsp;&nbsp; 294147 |
| 593 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 333788 |
|  |  | &nbsp;&nbsp; **752737** |
| **Total Common Stocks (Cost $11,130,724)** | **Total Common Stocks (Cost $11,130,724)** | &nbsp;&nbsp; **14295228** |

---

See Notes to Financial Statements

------

Schedule of Investments U.S. Equity Impact Fund^ (cont'd)

---

| | |
|:---|:---|
| Number of Shares | Value |
| **Rights 0.0%**<sup>‡</sup>  | **Rights 0.0%**<sup>‡</sup>  |
| **Health Care Equipment & Supplies 0.0%**<sup>‡</sup> |  |
| 248<br> &nbsp;&nbsp; Contra Abiomed, Inc., CVR<sup>\*(a)</sup> <br>**(Cost $253)**<br>| &nbsp;&nbsp; **$397** |
| **Short-Term Investments 0.8%** | **Short-Term Investments 0.8%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| 114444<br> &nbsp;&nbsp; State Street Institutional Treasury <br> Money Market Fund Premier Class, <br> 4.19%<sup>(b)</sup> <br>**(Cost $114,444)**<br>| &nbsp;&nbsp; **114444** |
| **Total Investments 100.5%** <br> **(Cost $11,245,421)** | &nbsp;&nbsp; **14410069** |
| Liabilities Less Other Assets (0.5)% | &nbsp;&nbsp; (67708)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$14342361** |

---

&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. <br> (b) Represents 7-day effective yield as of August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments U.S. Equity Impact Fund^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $14295228 | $— | $— | $14295228 |
| Rights<sup>#,(b)</sup> <br>|  |  | 397 | 397 |
| Short-Term Investments |  | 114444 |  | 114444 |
| **Total Investments** | **$14295228** | **$114444** | **$397** | **$14410069** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

(a) The reconciliation between beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used is not presented as all values rounded to less than $1,000. 

(b) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The Fund does not have access to significant unobservable inputs and therefore cannot disclose such 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

------

This page has been left blank intentionally

------

Statements of Assets and Liabilities

**Neuberger Berman Equity Funds** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund**<br>| **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Notes A & F)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $114053312 | &nbsp;&nbsp; $208548146 | &nbsp;&nbsp; $966359686 |
| Affiliated issuers<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 114053312 | &nbsp;&nbsp; 208548146 | &nbsp;&nbsp; 966359686 |
| Foreign currency<sup>(c)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 209124 | &nbsp;&nbsp; 1082 |
| Dividends and interest receivable | &nbsp;&nbsp; 192360 | &nbsp;&nbsp; 172568 | &nbsp;&nbsp; 2476882 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 1113394 | &nbsp;&nbsp; — |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; 10493 | &nbsp;&nbsp; 25590 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 40579 | &nbsp;&nbsp; 433863 |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 16784 | &nbsp;&nbsp; 22849 | &nbsp;&nbsp; 55476 |
| Total Assets | &nbsp;&nbsp; 114273062 | &nbsp;&nbsp; 210133023 | &nbsp;&nbsp; 969326989 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 48136 | &nbsp;&nbsp; 158404 | &nbsp;&nbsp; 397476 |
| Option contracts written, at value<sup>(d)</sup> (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26625 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 2614 | &nbsp;&nbsp; 18866 | &nbsp;&nbsp; 125307 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198488 |
| Payable to trustees | &nbsp;&nbsp; 9746 | &nbsp;&nbsp; 9661 | &nbsp;&nbsp; 8999 |
| Payable for audit fees | &nbsp;&nbsp; 47463 | &nbsp;&nbsp; 60700 | &nbsp;&nbsp; 62613 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 12223 | &nbsp;&nbsp; 58379 | &nbsp;&nbsp; 27570 |
| Payable for legal fees | &nbsp;&nbsp; 37762 | &nbsp;&nbsp; 37762 | &nbsp;&nbsp; 37761 |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 24115 | &nbsp;&nbsp; 3884 |
| Payable for cash collateral on loaned securities (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1157421 | &nbsp;&nbsp; — |
| Accrued capital gains taxes (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172264 | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 10098 | &nbsp;&nbsp; 30306 | &nbsp;&nbsp; 31789 |
| Total Liabilities | &nbsp;&nbsp; 168340 | &nbsp;&nbsp; 2727878 | &nbsp;&nbsp; 920512 |
| Net Assets  | &nbsp;&nbsp; $114104722 | &nbsp;&nbsp; $207405145 | &nbsp;&nbsp; $968406477 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $61535824 | &nbsp;&nbsp; $239790954 | &nbsp;&nbsp; $647799603 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 52568898 | &nbsp;&nbsp; (32385809)<br>| &nbsp;&nbsp; 320606874 |
| Net Assets  | &nbsp;&nbsp; $114104722 | &nbsp;&nbsp; $207405145 | &nbsp;&nbsp; $968406477 |
| **Net Assets** |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 111319325 | &nbsp;&nbsp; 175838753 | &nbsp;&nbsp; 731090279 |
| Class A | &nbsp;&nbsp; 1742805 | &nbsp;&nbsp; 10826942 | &nbsp;&nbsp; 153575395 |
| Class C | &nbsp;&nbsp; 1030434 | &nbsp;&nbsp; 1979221 | &nbsp;&nbsp; 38092068 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 715033 | &nbsp;&nbsp; 911089 |
| Class R6 | &nbsp;&nbsp; 12158 | &nbsp;&nbsp; 18045196 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44737646 |

---

See Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focus Fund** | **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| $794865002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8796644981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1112059635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $244480131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1186793285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434621050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 794865002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9231266031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112059635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244480131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186793285 |
| 1239216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1062050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4932643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6460661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520215 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8801301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 3044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8579110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 53411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45110 |
| 797222723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9253817679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120003651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246603064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188313792 |
| 352504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4882076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 167752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14891027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813518 |
| 180775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162731 |
| 9181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8814 |
| 56420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51710 |
| 25452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30570 |
| 37762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37762 |
| 79686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 34890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62947 |
| 944422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26866867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909637 |
| $796278301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9226950812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1118593335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $246243300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1186404155 |
| $495565269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5070464350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $874797102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $205250608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $819124504 |
| 300713032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156486462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243796233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40992692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367279651 |
| $796278301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9226950812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1118593335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $246243300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1186404155 |
| $728604068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1550034134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75744280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| 33902292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886832920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23449703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5718544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1147162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75413383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 29189155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2303553522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919176083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210902484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024134691 |
| 3172306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10631199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6170975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39132016 |
| 263318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16037524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255723673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44435423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21683209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107099924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155393180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42701283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

Statements of Assets and Liabilities (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund**<br>| **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 4527201 | &nbsp;&nbsp; 7369089 | &nbsp;&nbsp; 48681241 |
| Class A | &nbsp;&nbsp; 70781 | &nbsp;&nbsp; 453668 | &nbsp;&nbsp; 10281924 |
| Class C | &nbsp;&nbsp; 42437 | &nbsp;&nbsp; 85097 | &nbsp;&nbsp; 2567379 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30313 | &nbsp;&nbsp; 61061 |
| Class R6 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 756627 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2976918 |
| **Net Asset Value, offering and redemption price per share**  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | 24.59 | 23.86 | 15.02 |
| Class R3 | &nbsp;&nbsp; — | 23.59 | 14.92 |
| Class R6 | 24.63 | 23.85 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 15.03 |
| **Net Asset Value and redemption price per share**  |  |  |  |
| Class A | &nbsp;&nbsp; $24.62 | &nbsp;&nbsp; $23.87 | &nbsp;&nbsp; $14.94 |
| **Offering Price per share**  |  |  |  |
| Class A‡ | &nbsp;&nbsp; $26.12 | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $15.85 |
| **Net Asset Value and offering price per share**  |  |  |  |
| Class C^ | &nbsp;&nbsp; $24.28 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $14.84 |
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5920814 | &nbsp;&nbsp; $— |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $62042445 | &nbsp;&nbsp; $159850075 | &nbsp;&nbsp; $660997066 |
| (b) Affiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total cost of investments | &nbsp;&nbsp; $62042445 | &nbsp;&nbsp; $159850075 | &nbsp;&nbsp; $660997066 |
| (c) Total cost of foreign currency | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $432146 | &nbsp;&nbsp; $1068 |
| (d) Premium received from option contracts written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59155 |

---

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

---

| | |
|:---|:---|
| (e) | Updated to reflect the effect of a reverse stock split that occurred after the close of business on October 10, 2025. See Note G of the <br> Notes to Financial Statements.<br>|
| ‡ | 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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focus Fund** | **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| 20702921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23971189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5115542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 963427<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13791122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 32602<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 829291<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35456979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61977475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13787068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44018991 |
| 90147<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730096 |
| 7487<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65505285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4566088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2872783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $35.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| 35.19<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 35.19<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 35.20<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $35.19<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.62 |
| $37.34<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.00 |
| $35.17<br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.37 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15020232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6812364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $566918254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5622116147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $926172462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $212118367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $848450712 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345168596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $566918254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5967284743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $926172462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $212118367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $848450712 |
| $1224784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1301982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $616763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

------

Statements of Assets and Liabilities (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>|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Note A)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $2608547603 | &nbsp;&nbsp; $8342883008 | &nbsp;&nbsp; $2069564337 |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 1378645 | &nbsp;&nbsp; 19231008 | &nbsp;&nbsp; 712342 |
| Receivable for securities sold | &nbsp;&nbsp; 1274089 | &nbsp;&nbsp; 41992624 | &nbsp;&nbsp; — |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 155317 | &nbsp;&nbsp; 2209533 | &nbsp;&nbsp; 794464 |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 7279 | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 112218 | &nbsp;&nbsp; 220886 | &nbsp;&nbsp; 89924 |
| Total Assets | &nbsp;&nbsp; 2611470932 | &nbsp;&nbsp; 8406544338 | &nbsp;&nbsp; 2071161067 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 1025546 | &nbsp;&nbsp; 2896361 | &nbsp;&nbsp; 823668 |
| Due to custodian | &nbsp;&nbsp; 477383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 37897245 | &nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 660803 | &nbsp;&nbsp; 4359288 | &nbsp;&nbsp; 705940 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; 564154 | &nbsp;&nbsp; 1434067 | &nbsp;&nbsp; 274546 |
| Payable to trustees | &nbsp;&nbsp; 7642 | &nbsp;&nbsp; 7321 | &nbsp;&nbsp; 8188 |
| Payable for audit fees | &nbsp;&nbsp; 79850 | &nbsp;&nbsp; 57730 | &nbsp;&nbsp; 54262 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 57771 | &nbsp;&nbsp; 174117 | &nbsp;&nbsp; 42833 |
| Payable for legal fees | &nbsp;&nbsp; 37761 | &nbsp;&nbsp; 37762 | &nbsp;&nbsp; 37762 |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 271109 | &nbsp;&nbsp; 213150 | &nbsp;&nbsp; 83984 |
| Payable for cash collateral on loaned securities (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 48374 | &nbsp;&nbsp; 367244 | &nbsp;&nbsp; 69743 |
| Total Liabilities | &nbsp;&nbsp; 3230393 | &nbsp;&nbsp; 47444285 | &nbsp;&nbsp; 2100926 |
| Net Assets  | &nbsp;&nbsp; $2608240539 | &nbsp;&nbsp; $8359100053 | &nbsp;&nbsp; $2069060141 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $1173182659 | &nbsp;&nbsp; $6519536635 | &nbsp;&nbsp; $1402691664 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 1435057880 | &nbsp;&nbsp; 1839563418 | &nbsp;&nbsp; 666368477 |
| Net Assets  | &nbsp;&nbsp; $2608240539 | &nbsp;&nbsp; $8359100053 | &nbsp;&nbsp; $2069060141 |
| **Net Assets** |  |  |  |
| Investor Class | &nbsp;&nbsp; $2022516737 | &nbsp;&nbsp; $1514828786 | &nbsp;&nbsp; $594429344 |
| Trust Class | &nbsp;&nbsp; 49508739 | &nbsp;&nbsp; 85439018 | &nbsp;&nbsp; 25674840 |
| Advisor Class | &nbsp;&nbsp; 210489 | &nbsp;&nbsp; 116301018 | &nbsp;&nbsp; 5711822 |
| Institutional Class | &nbsp;&nbsp; 466629989 | &nbsp;&nbsp; 5471564463 | &nbsp;&nbsp; 534540632 |
| Class A | &nbsp;&nbsp; 29479366 | &nbsp;&nbsp; 178685259 | &nbsp;&nbsp; 37867492 |
| Class C | &nbsp;&nbsp; 20140284 | &nbsp;&nbsp; 200431376 | &nbsp;&nbsp; 5856264 |
| Class R3 | &nbsp;&nbsp; 1369247 | &nbsp;&nbsp; 11219244 | &nbsp;&nbsp; 10616895 |
| Class R6 | &nbsp;&nbsp; 18385688 | &nbsp;&nbsp; 586799871 | &nbsp;&nbsp; 854362852 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 193831018 | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

&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>| **U.S. Equity** <br>**Impact Fund**<br>|
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| $52410850 | &nbsp;&nbsp;&nbsp; $250111583 | &nbsp;&nbsp;&nbsp; $1894716835 | &nbsp;&nbsp;&nbsp; $680659874 | &nbsp;&nbsp;&nbsp; $478210531 | &nbsp;&nbsp;&nbsp; $14410069 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 57615 | &nbsp;&nbsp;&nbsp; 122438 | &nbsp;&nbsp;&nbsp; 3069108 | &nbsp;&nbsp;&nbsp; 532458 | &nbsp;&nbsp;&nbsp; 184983 | &nbsp;&nbsp;&nbsp; 14420 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 204186 | &nbsp;&nbsp;&nbsp; 10465934 | &nbsp;&nbsp;&nbsp; — |
| 15815 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20726 | &nbsp;&nbsp;&nbsp; 21117 |
| 2951 | &nbsp;&nbsp;&nbsp; 38380 | &nbsp;&nbsp;&nbsp; 1229251 | &nbsp;&nbsp;&nbsp; 488466 | &nbsp;&nbsp;&nbsp; 601868 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7557 | &nbsp;&nbsp;&nbsp; — |
| 48184 | &nbsp;&nbsp;&nbsp; 16837 | &nbsp;&nbsp;&nbsp; 152309 | &nbsp;&nbsp;&nbsp; 63506 | &nbsp;&nbsp;&nbsp; 65194 | &nbsp;&nbsp;&nbsp; 18639 |
| 52535415 | &nbsp;&nbsp;&nbsp; 250289238 | &nbsp;&nbsp;&nbsp; 1899167877 | &nbsp;&nbsp;&nbsp; 681948490 | &nbsp;&nbsp;&nbsp; 489556793 | &nbsp;&nbsp;&nbsp; 14464245 |
| 23822 | &nbsp;&nbsp;&nbsp; 70920 | &nbsp;&nbsp;&nbsp; 740980 | &nbsp;&nbsp;&nbsp; 444270 | &nbsp;&nbsp;&nbsp; 322976 | &nbsp;&nbsp;&nbsp; 8586 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124512 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9796789 | &nbsp;&nbsp;&nbsp; — |
| 55564 | &nbsp;&nbsp;&nbsp; 83994 | &nbsp;&nbsp;&nbsp; 1344519 | &nbsp;&nbsp;&nbsp; 555606 | &nbsp;&nbsp;&nbsp; 825880 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 33973 | &nbsp;&nbsp;&nbsp; 383530 | &nbsp;&nbsp;&nbsp; 9476 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 9790 | &nbsp;&nbsp;&nbsp; 9621 | &nbsp;&nbsp;&nbsp; 8376 | &nbsp;&nbsp;&nbsp; 9198 | &nbsp;&nbsp;&nbsp; 9444 | &nbsp;&nbsp;&nbsp; 9825 |
| 46263 | &nbsp;&nbsp;&nbsp; 47813 | &nbsp;&nbsp;&nbsp; 58753 | &nbsp;&nbsp;&nbsp; 56710 | &nbsp;&nbsp;&nbsp; 50263 | &nbsp;&nbsp;&nbsp; 46710 |
| 13409 | &nbsp;&nbsp;&nbsp; 12068 | &nbsp;&nbsp;&nbsp; 40893 | &nbsp;&nbsp;&nbsp; 25112 | &nbsp;&nbsp;&nbsp; 20243 | &nbsp;&nbsp;&nbsp; 9998 |
| 37762 | &nbsp;&nbsp;&nbsp; 37762 | &nbsp;&nbsp;&nbsp; 50283 | &nbsp;&nbsp;&nbsp; 37762 | &nbsp;&nbsp;&nbsp; 37761 | &nbsp;&nbsp;&nbsp; 41853 |
| 7330 | &nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp; 135825 | &nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp;&nbsp; 26363 | &nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15604623 | &nbsp;&nbsp;&nbsp; — |
| 10536 | &nbsp;&nbsp;&nbsp; 13511 | &nbsp;&nbsp;&nbsp; 36094 | &nbsp;&nbsp;&nbsp; 33028 | &nbsp;&nbsp;&nbsp; 29566 | &nbsp;&nbsp;&nbsp; 4699 |
| 204476 | &nbsp;&nbsp;&nbsp; 312241 | &nbsp;&nbsp;&nbsp; 2799253 | &nbsp;&nbsp;&nbsp; 1182912 | &nbsp;&nbsp;&nbsp; 26848420 | &nbsp;&nbsp;&nbsp; 121884 |
| $52330939 | &nbsp;&nbsp;&nbsp; $249976997 | &nbsp;&nbsp;&nbsp; $1896368624 | &nbsp;&nbsp;&nbsp; $680765578 | &nbsp;&nbsp;&nbsp; $462708373 | &nbsp;&nbsp;&nbsp; $14342361 |
| $37212614 | &nbsp;&nbsp;&nbsp; $152017043 | &nbsp;&nbsp;&nbsp; $871295192 | &nbsp;&nbsp;&nbsp; $721942463 | &nbsp;&nbsp;&nbsp; $383683757 | &nbsp;&nbsp;&nbsp; $11197922 |
| 15118325 | &nbsp;&nbsp;&nbsp; 97959954 | &nbsp;&nbsp;&nbsp; 1025073432 | &nbsp;&nbsp;&nbsp; (41176885)<br>| &nbsp;&nbsp;&nbsp; 79024616 | &nbsp;&nbsp;&nbsp; 3144439 |
| $52330939 | &nbsp;&nbsp;&nbsp; $249976997 | &nbsp;&nbsp;&nbsp; $1896368624 | &nbsp;&nbsp;&nbsp; $680765578 | &nbsp;&nbsp;&nbsp; $462708373 | &nbsp;&nbsp;&nbsp; $14342361 |
| $29811443 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $434784963 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $67174953 | &nbsp;&nbsp;&nbsp; $— |
| 6009026 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120665749 | &nbsp;&nbsp;&nbsp; 68879302 | &nbsp;&nbsp;&nbsp; 3971351 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1396919 | &nbsp;&nbsp;&nbsp; — |
| 13931360 | &nbsp;&nbsp;&nbsp; 102004982 | &nbsp;&nbsp;&nbsp; 968973815 | &nbsp;&nbsp;&nbsp; 379888883 | &nbsp;&nbsp;&nbsp; 221256015 | &nbsp;&nbsp;&nbsp; 14066085 |
| 1157970 | &nbsp;&nbsp;&nbsp; 28714594 | &nbsp;&nbsp;&nbsp; 153000627 | &nbsp;&nbsp;&nbsp; 51087855 | &nbsp;&nbsp;&nbsp; 20173011 | &nbsp;&nbsp;&nbsp; 237258 |
| 889489 | &nbsp;&nbsp;&nbsp; 7901810 | &nbsp;&nbsp;&nbsp; 34404644 | &nbsp;&nbsp;&nbsp; 5469879 | &nbsp;&nbsp;&nbsp; 6264348 | &nbsp;&nbsp;&nbsp; 39018 |
| 520981 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15835332 | &nbsp;&nbsp;&nbsp; 12043422 | &nbsp;&nbsp;&nbsp; 16624062 | &nbsp;&nbsp;&nbsp; — |
| 10670 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 128040172 | &nbsp;&nbsp;&nbsp; 146252199 | &nbsp;&nbsp;&nbsp; 125847714 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 111355611 | &nbsp;&nbsp;&nbsp; 40663322 | &nbsp;&nbsp;&nbsp; 17144038 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

Statements of Assets and Liabilities (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>|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |  |  |
| Investor Class | &nbsp;&nbsp; 62334723 | &nbsp;&nbsp; 30221228 | &nbsp;&nbsp; 30944506 |
| Trust Class | &nbsp;&nbsp; 1526172<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 1701627 | &nbsp;&nbsp; 1336894<br> <sup>(c)</sup><br>|
| Advisor Class | &nbsp;&nbsp; 6487<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 2317637 | &nbsp;&nbsp; 297481<br> <sup>(c)</sup><br>|
| Institutional Class | &nbsp;&nbsp; 14379621<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 109119654 | &nbsp;&nbsp; 27826528<br> <sup>(c)</sup><br>|
| Class A | &nbsp;&nbsp; 908772<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 3560427 | &nbsp;&nbsp; 1972012<br> <sup>(c)</sup><br>|
| Class C | &nbsp;&nbsp; 621204<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 4007126 | &nbsp;&nbsp; 305176<br> <sup>(c)</sup><br>|
| Class R3 | &nbsp;&nbsp; 42219<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 224771 | &nbsp;&nbsp; 553027<br> <sup>(c)</sup><br>|
| Class R6 | &nbsp;&nbsp; 566508<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 11705187 | &nbsp;&nbsp; 44472105<br> <sup>(c)</sup><br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 3853350 | &nbsp;&nbsp; — |
| **Net Asset Value, offering and redemption price per share**  |  |  |  |
| Investor Class | &nbsp;&nbsp; $32.45 | &nbsp;&nbsp; $50.12 | &nbsp;&nbsp; $19.21 |
| Trust Class | 32.44<br> <sup>(c)</sup><br>| 50.21 | 19.20<br> <sup>(c)</sup><br>|
| Advisor Class | 32.45<br> <sup>(c)</sup><br>| 50.18 | 19.20<br> <sup>(c)</sup><br>|
| Institutional Class | 32.45<br> <sup>(c)</sup><br>| 50.14 | 19.21<br> <sup>(c)</sup><br>|
| Class R3 | 32.43<br> <sup>(c)</sup><br>| 49.91 | 19.20<br> <sup>(c)</sup><br>|
| Class R6 | 32.45<br> <sup>(c)</sup><br>| 50.13 | 19.21<br> <sup>(c)</sup><br>|
| Class E | &nbsp;&nbsp; — | 50.30 | &nbsp;&nbsp; — |
| **Net Asset Value and redemption price per share**  |  |  |  |
| Class A | &nbsp;&nbsp; $32.44<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $50.19 | &nbsp;&nbsp; $19.20<br> <sup>(c)</sup><br>|
| **Offering Price per share**  |  |  |  |
| Class A‡ | &nbsp;&nbsp; $34.42<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $53.25 | &nbsp;&nbsp; $20.37<br> <sup>(c)</sup><br>|
| **Net Asset Value and offering price per share**  |  |  |  |
| Class C^ | &nbsp;&nbsp; $32.43<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $50.02 | &nbsp;&nbsp; $19.19<br> <sup>(c)</sup><br>|
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $16141457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $1374034416 | &nbsp;&nbsp; $6840713909 | &nbsp;&nbsp; $1714207014 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| (c) | Updated to reflect the effect of a reverse stock split that occurred after the close of business on October 10, 2025. See Note G of the <br> Notes to Financial Statements.<br>|
| \*\* | 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

------

&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>| **U.S. Equity** <br>**Impact Fund**<br>|
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| 1083480 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8230541 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1321655 | &nbsp;&nbsp;&nbsp; — |
| 218750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2290741 | &nbsp;&nbsp;&nbsp; 4958320 | &nbsp;&nbsp;&nbsp; 78947 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27955 | &nbsp;&nbsp;&nbsp; — |
| 506839 | &nbsp;&nbsp;&nbsp; 9015292 | &nbsp;&nbsp;&nbsp; 18366895 | &nbsp;&nbsp;&nbsp; 27232046 | &nbsp;&nbsp;&nbsp; 4331869 | &nbsp;&nbsp;&nbsp; 1084938 |
| 42161 | &nbsp;&nbsp;&nbsp; 2553846 | &nbsp;&nbsp;&nbsp; 2911810 | &nbsp;&nbsp;&nbsp; 3677184 | &nbsp;&nbsp;&nbsp; 401178 | &nbsp;&nbsp;&nbsp; 18493 |
| 33177 | &nbsp;&nbsp;&nbsp; 758615 | &nbsp;&nbsp;&nbsp; 686800 | &nbsp;&nbsp;&nbsp; 391890 | &nbsp;&nbsp;&nbsp; 128725 | &nbsp;&nbsp;&nbsp; 3139 |
| 19024 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 303505 | &nbsp;&nbsp;&nbsp; 868937 | &nbsp;&nbsp;&nbsp; 334211 | &nbsp;&nbsp;&nbsp; — |
| 388 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2425754 | &nbsp;&nbsp;&nbsp; 10492334 | &nbsp;&nbsp;&nbsp; 2453069 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 9871823 | &nbsp;&nbsp;&nbsp; 766494 | &nbsp;&nbsp;&nbsp; 1229302 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| $27.51 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $52.83 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $50.83 | &nbsp;&nbsp;&nbsp; $— |
| 27.47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;52.68 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;50.30 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;49.97 | &nbsp;&nbsp;&nbsp; — |
| 27.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;52.76 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;51.08 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 |
| 27.39 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;52.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;49.74 | &nbsp;&nbsp;&nbsp; — |
| 27.49 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;52.78 | &nbsp;&nbsp;&nbsp;&nbsp;13.94 | &nbsp;&nbsp;&nbsp;&nbsp;51.30 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp;&nbsp;53.05 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| $27.47 | &nbsp;&nbsp;&nbsp; $11.24 | &nbsp;&nbsp;&nbsp; $52.54 | &nbsp;&nbsp;&nbsp; $13.89 | &nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp; $12.83 |
| $29.15 | &nbsp;&nbsp;&nbsp; $11.93 | &nbsp;&nbsp;&nbsp; $55.75 | &nbsp;&nbsp;&nbsp; $14.74 | &nbsp;&nbsp;&nbsp; $53.35 | &nbsp;&nbsp;&nbsp; $13.61 |
| $26.81 | &nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp; $50.09 | &nbsp;&nbsp;&nbsp; $13.96 | &nbsp;&nbsp;&nbsp; $48.66 | &nbsp;&nbsp;&nbsp; $12.43 |
| $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $26039323 | &nbsp;&nbsp;&nbsp; $— |
| $40973469 | &nbsp;&nbsp;&nbsp; $154485844 | &nbsp;&nbsp;&nbsp; $916163051 | &nbsp;&nbsp;&nbsp; $684362735 | &nbsp;&nbsp;&nbsp; $429471219 | &nbsp;&nbsp;&nbsp; $11245421 |
| $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $372 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

------

Statements of Operations

**Neuberger Berman Equity Funds** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund**<br>| **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>|
|  | **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $1579517 | &nbsp;&nbsp; $3891542 | &nbsp;&nbsp; $25604105 |
| Dividend income—affiliated issuers (Note F) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 68103 | &nbsp;&nbsp; 123121 | &nbsp;&nbsp; 444121 |
| Other income (Note A) | &nbsp;&nbsp; 13684 | &nbsp;&nbsp; 68880 | &nbsp;&nbsp; 1243376 |
| Income from securities loaned—net | &nbsp;&nbsp; — | &nbsp;&nbsp; 6696 | &nbsp;&nbsp; 4157 |
| Foreign taxes withheld | &nbsp;&nbsp; (13565)<br>| &nbsp;&nbsp; (468662)<br>| &nbsp;&nbsp; (383944)<br>|
| Total income  | &nbsp;&nbsp; $1647739 | &nbsp;&nbsp; $3621577 | &nbsp;&nbsp; $26911815 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 519686 | &nbsp;&nbsp; 1985574 | &nbsp;&nbsp; 4834078 |
| Administration fees (Note B): |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 151317 | &nbsp;&nbsp; 249523 | &nbsp;&nbsp; 1053784 |
| Class A | &nbsp;&nbsp; 5318 | &nbsp;&nbsp; 36601 | &nbsp;&nbsp; 398696 |
| Class C | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 3837 | &nbsp;&nbsp; 106210 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 2223 |
| Class R6 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8015 | &nbsp;&nbsp; — |
| Distribution fees (Note B): |  |  |  |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class A | &nbsp;&nbsp; 5113 | &nbsp;&nbsp; 35193 | &nbsp;&nbsp; 383361 |
| Class C | &nbsp;&nbsp; 9885 | &nbsp;&nbsp; 14758 | &nbsp;&nbsp; 408499 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3123 | &nbsp;&nbsp; 4276 |
| Shareholder servicing agent fees: |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5050 |
| Class A | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; 7272 |
| Class C | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 2257 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 302 |
| Class R6 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 |
| Audit fees | &nbsp;&nbsp; 47463 | &nbsp;&nbsp; 59910 | &nbsp;&nbsp; 60833 |
| Custodian and accounting fees | &nbsp;&nbsp; 48243 | &nbsp;&nbsp; 182894 | &nbsp;&nbsp; 122726 |
| Insurance | &nbsp;&nbsp; 2471 | &nbsp;&nbsp; 6917 | &nbsp;&nbsp; 24697 |
| Legal fees | &nbsp;&nbsp; 60216 | &nbsp;&nbsp; 60216 | &nbsp;&nbsp; 60216 |
| Registration and filing fees | &nbsp;&nbsp; 66125 | &nbsp;&nbsp; 82064 | &nbsp;&nbsp; 78091 |
| Repayment to Management of expenses previously assumed by <br> Management (Note B)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reports | &nbsp;&nbsp; 15703 | &nbsp;&nbsp; 30129 | &nbsp;&nbsp; 54290 |
| Trustees' fees and expenses | &nbsp;&nbsp; 60593 | &nbsp;&nbsp; 60841 | &nbsp;&nbsp; 61929 |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 21158 | &nbsp;&nbsp; 180029 | &nbsp;&nbsp; 66474 |
| Total expenses | &nbsp;&nbsp; 1018186 | &nbsp;&nbsp; 3006676 | &nbsp;&nbsp; 7735386 |

---

See Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focus Fund** | **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| $7795463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88783836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24218526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4605091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14351821 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9657247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1238878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391851 |
| 101012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 14511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (454658)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (305241)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2262442)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (432481)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $8695206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102482951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22704042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4334083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14743672 |
| 3882586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65308168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8850537 |
| 1758529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4272469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 133562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3760267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 38551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3753650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515259 |
| 7290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102327 |
| 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2259914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52061 |
| 33390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 2514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 7010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98391 |
| 2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 263191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11891 |
| 608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 |
| 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 55630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50657 |
| 99636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161693 |
| 18365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31785 |
| 60216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60216 |
| 99394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76608 |
| 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 42524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79188 |
| 61581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62498 |
| 91089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59106 |
| 6667494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82885551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11190825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11421846 |

---

------

Statements of Operations (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund**<br>| **Emerging Markets** <br>**Equity Fund**<br>| **Equity** <br>**Income Fund**<br>|
|  | **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (274014)<br>| &nbsp;&nbsp; (481292)<br>| &nbsp;&nbsp; — |
| Fees waived (Note B) | &nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp; (198557)<br>| &nbsp;&nbsp; (212302)<br>|
| Total net expenses | &nbsp;&nbsp; 742536 | &nbsp;&nbsp; 2326827 | &nbsp;&nbsp; 7523084 |
| Net investment income/(loss) | &nbsp;&nbsp; $905203 | &nbsp;&nbsp; $1294750 | &nbsp;&nbsp; $19388731 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 474501 | &nbsp;&nbsp; 19509017<br> <sup>\*</sup><br>| &nbsp;&nbsp; 39139403 |
| Transactions in investment securities of affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67387853 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; 876 | &nbsp;&nbsp; (309779)<br>| &nbsp;&nbsp; 79470 |
| Expiration or closing of option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 937049 |
| **Change in net unrealized appreciation/(depreciation) in value** <br> **of:**<br>|  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 14610503 | &nbsp;&nbsp; 17564838<br> <sup>\*\*</sup><br>| &nbsp;&nbsp; (18771427)<br>|
| Investment securities of affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 3424 | &nbsp;&nbsp; (128157)<br>| &nbsp;&nbsp; 20030 |
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124680 |
| Net gain/(loss) on investments | &nbsp;&nbsp; 15089304 | &nbsp;&nbsp; 36635919 | &nbsp;&nbsp; 88917058 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $15994507 | &nbsp;&nbsp; $37930669 | &nbsp;&nbsp; $108305789 |

---

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

\* Net of foreign capital gains tax of $1,400,106 for Emerging Markets Equity.

\*\* Change in accrued foreign capital gains tax amounted to $2,213,947 for Emerging Markets Equity.

See Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focus Fund** | **Genesis Fund** | **International** <br>**Equity Fund**<br>| **International** <br>**Select Fund**<br>| **Intrinsic** <br>**Value Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| (669)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198391)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286251)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1073373)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1870598)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 6666825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81812178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9121836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11421846 |
| $2028381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20670773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13582206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2658960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3321826 |
| 79616436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072376465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73048454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9152203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86386110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1979997)<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; (20674341)<br>|
| 19380092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494190979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 83697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2480)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 30332457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1909525486)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4547946)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3811450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12319556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35682139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26958998 |
| (2483)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 129410199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309258380)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69110126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13062750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104990323 |
| $131438580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(288587607)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82692332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15721710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $108312149 |

---

------

Statements of Operations (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 Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $16558672 | &nbsp;&nbsp; $191863900 | &nbsp;&nbsp; $8374824 |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 194732 | &nbsp;&nbsp; 9749345 | &nbsp;&nbsp; 1806596 |
| Income from securities loaned—net | &nbsp;&nbsp; 16591 | &nbsp;&nbsp; 17869 | &nbsp;&nbsp; 28468 |
| Foreign taxes withheld | &nbsp;&nbsp; (129179)<br>| &nbsp;&nbsp; (419970)<br>| &nbsp;&nbsp; (10706)<br>|
| Total income  | &nbsp;&nbsp; $16640816 | &nbsp;&nbsp; $201211144 | &nbsp;&nbsp; $10199182 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 11668691 | &nbsp;&nbsp; 36048075 | &nbsp;&nbsp; 8953599 |
| Administration fees (Note B): |  |  |  |
| Investor Class | &nbsp;&nbsp; 4898836 | &nbsp;&nbsp; 3860959 | &nbsp;&nbsp; 1442050 |
| Trust Class | &nbsp;&nbsp; 187938 | &nbsp;&nbsp; 339303 | &nbsp;&nbsp; 100381 |
| Advisor Class | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 473706 | &nbsp;&nbsp; 22487 |
| Institutional Class | &nbsp;&nbsp; 742447 | &nbsp;&nbsp; 8460610 | &nbsp;&nbsp; 743495 |
| Class A | &nbsp;&nbsp; 72294 | &nbsp;&nbsp; 448412 | &nbsp;&nbsp; 91956 |
| Class C | &nbsp;&nbsp; 57651 | &nbsp;&nbsp; 535808 | &nbsp;&nbsp; 15325 |
| Class R3 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 25708 | &nbsp;&nbsp; 24893 |
| Class R6 | &nbsp;&nbsp; 16319 | &nbsp;&nbsp; 306506 | &nbsp;&nbsp; 369792 |
| Distribution fees (Note B): |  |  |  |
| Trust Class | &nbsp;&nbsp; 46985 | &nbsp;&nbsp; 84826 | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 296066 | &nbsp;&nbsp; 14055 |
| Class A | &nbsp;&nbsp; 69514 | &nbsp;&nbsp; 431165 | &nbsp;&nbsp; 88419 |
| Class C | &nbsp;&nbsp; 221733 | &nbsp;&nbsp; 2060801 | &nbsp;&nbsp; 58943 |
| Class R3 | &nbsp;&nbsp; 6492 | &nbsp;&nbsp; 49438 | &nbsp;&nbsp; 47871 |
| Shareholder servicing agent fees: |  |  |  |
| Investor Class | &nbsp;&nbsp; 718663 | &nbsp;&nbsp; 548104 | &nbsp;&nbsp; 268041 |
| Trust Class | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1033 |
| Advisor Class | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 506 |
| Institutional Class | &nbsp;&nbsp; 3019 | &nbsp;&nbsp; 23585 | &nbsp;&nbsp; 5565 |
| Class A | &nbsp;&nbsp; 2961 | &nbsp;&nbsp; 9599 | &nbsp;&nbsp; 4094 |
| Class C | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 10832 | &nbsp;&nbsp; 1006 |
| Class R3 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 2905 | &nbsp;&nbsp; 1825 |
| Class R6 | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 11965 | &nbsp;&nbsp; 12785 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — |
| Audit fees | &nbsp;&nbsp; 65163 | &nbsp;&nbsp; 57730 | &nbsp;&nbsp; 54263 |
| Blocker administration fees | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp; 225180 | &nbsp;&nbsp; 659241 | &nbsp;&nbsp; 166937 |
| Insurance | &nbsp;&nbsp; 62709 | &nbsp;&nbsp; 238398 | &nbsp;&nbsp; 46309 |
| Legal fees | &nbsp;&nbsp; 60216 | &nbsp;&nbsp; 60216 | &nbsp;&nbsp; 60216 |
| Registration and filing fees | &nbsp;&nbsp; 162540 | &nbsp;&nbsp; 203224 | &nbsp;&nbsp; 138983 |
| Repayment to Management of expenses previously assumed by <br> Management (Note B)<br>| &nbsp;&nbsp; 1230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reports | &nbsp;&nbsp; 91529 | &nbsp;&nbsp; 429885 | &nbsp;&nbsp; 138331 |
| Trustees' fees and expenses | &nbsp;&nbsp; 64523 | &nbsp;&nbsp; 74277 | &nbsp;&nbsp; 63251 |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 163260 | &nbsp;&nbsp; 322991 | &nbsp;&nbsp; 88213 |
| Total expenses | &nbsp;&nbsp; 19621566 | &nbsp;&nbsp; 56078278 | &nbsp;&nbsp; 13024624 |

---

See Notes to Financial Statements

------

&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>| **U.S. Equity** <br>**Impact Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| $980195 | &nbsp;&nbsp;&nbsp;&nbsp; $2637991 | &nbsp;&nbsp;&nbsp;&nbsp; $13052456 | &nbsp;&nbsp;&nbsp;&nbsp; $19920959 | &nbsp;&nbsp;&nbsp;&nbsp; $1836238 | &nbsp;&nbsp;&nbsp;&nbsp; $150190 |
| 8354 | &nbsp;&nbsp;&nbsp;&nbsp; 72265 | &nbsp;&nbsp;&nbsp;&nbsp; 935320 | &nbsp;&nbsp;&nbsp;&nbsp; 543909 | &nbsp;&nbsp;&nbsp;&nbsp; 618324 | &nbsp;&nbsp;&nbsp;&nbsp; 13460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68054 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (1550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4131)<br>|
| $986999 | &nbsp;&nbsp;&nbsp;&nbsp; $2697735 | &nbsp;&nbsp;&nbsp;&nbsp; $13886453 | &nbsp;&nbsp;&nbsp;&nbsp; $20461291 | &nbsp;&nbsp;&nbsp;&nbsp; $2521422 | &nbsp;&nbsp;&nbsp;&nbsp; $159519 |
| 294241 | &nbsp;&nbsp;&nbsp;&nbsp; 1481044 | &nbsp;&nbsp;&nbsp;&nbsp; 8024306 | &nbsp;&nbsp;&nbsp;&nbsp; 5770380 | &nbsp;&nbsp;&nbsp;&nbsp; 3697656 | &nbsp;&nbsp;&nbsp;&nbsp; 97890 |
| 80839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178063 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 512846 | &nbsp;&nbsp;&nbsp;&nbsp; 322595 | &nbsp;&nbsp;&nbsp;&nbsp; 16575 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6441 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 20616 | &nbsp;&nbsp;&nbsp;&nbsp; 159579 | &nbsp;&nbsp;&nbsp;&nbsp; 1126709 | &nbsp;&nbsp;&nbsp;&nbsp; 595057 | &nbsp;&nbsp;&nbsp;&nbsp; 320600 | &nbsp;&nbsp;&nbsp;&nbsp; 20577 |
| 3745 | &nbsp;&nbsp;&nbsp;&nbsp; 77003 | &nbsp;&nbsp;&nbsp;&nbsp; 368627 | &nbsp;&nbsp;&nbsp;&nbsp; 139627 | &nbsp;&nbsp;&nbsp;&nbsp; 51187 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 22813 | &nbsp;&nbsp;&nbsp;&nbsp; 93741 | &nbsp;&nbsp;&nbsp;&nbsp; 16788 | &nbsp;&nbsp;&nbsp;&nbsp; 16442 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| 1344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41413 | &nbsp;&nbsp;&nbsp;&nbsp; 34602 | &nbsp;&nbsp;&nbsp;&nbsp; 31081 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60350 | &nbsp;&nbsp;&nbsp;&nbsp; 76087 | &nbsp;&nbsp;&nbsp;&nbsp; 60322 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128211 | &nbsp;&nbsp;&nbsp;&nbsp; 80648 | &nbsp;&nbsp;&nbsp;&nbsp; 4144 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4026 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3601 | &nbsp;&nbsp;&nbsp;&nbsp; 74041 | &nbsp;&nbsp;&nbsp;&nbsp; 354450 | &nbsp;&nbsp;&nbsp;&nbsp; 134257 | &nbsp;&nbsp;&nbsp;&nbsp; 49218 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| 8348 | &nbsp;&nbsp;&nbsp;&nbsp; 87742 | &nbsp;&nbsp;&nbsp;&nbsp; 360541 | &nbsp;&nbsp;&nbsp;&nbsp; 64571 | &nbsp;&nbsp;&nbsp;&nbsp; 63237 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| 2586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79641 | &nbsp;&nbsp;&nbsp;&nbsp; 66543 | &nbsp;&nbsp;&nbsp;&nbsp; 59771 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64466 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp;&nbsp; 16646 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 651 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 | &nbsp;&nbsp;&nbsp;&nbsp; 5962 | &nbsp;&nbsp;&nbsp;&nbsp; 6497 | &nbsp;&nbsp;&nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| 883 | &nbsp;&nbsp;&nbsp;&nbsp; 4582 | &nbsp;&nbsp;&nbsp;&nbsp; 7484 | &nbsp;&nbsp;&nbsp;&nbsp; 6632 | &nbsp;&nbsp;&nbsp;&nbsp; 8058 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| 338 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 | &nbsp;&nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 532 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| 525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp;&nbsp; 3554 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9207 | &nbsp;&nbsp;&nbsp;&nbsp; 10098 | &nbsp;&nbsp;&nbsp;&nbsp; 6214 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 46263 | &nbsp;&nbsp;&nbsp;&nbsp; 45763 | &nbsp;&nbsp;&nbsp;&nbsp; 57763 | &nbsp;&nbsp;&nbsp;&nbsp; 55720 | &nbsp;&nbsp;&nbsp;&nbsp; 51316 | &nbsp;&nbsp;&nbsp;&nbsp; 46710 |
| 52387 | &nbsp;&nbsp;&nbsp;&nbsp; 51869 | &nbsp;&nbsp;&nbsp;&nbsp; 157216 | &nbsp;&nbsp;&nbsp;&nbsp; 105240 | &nbsp;&nbsp;&nbsp;&nbsp; 78489 | &nbsp;&nbsp;&nbsp;&nbsp; 39497 |
| 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 | &nbsp;&nbsp;&nbsp;&nbsp; 41417 | &nbsp;&nbsp;&nbsp;&nbsp; 18584 | &nbsp;&nbsp;&nbsp;&nbsp; 9863 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| 63664 | &nbsp;&nbsp;&nbsp;&nbsp; 60216 | &nbsp;&nbsp;&nbsp;&nbsp; 73114 | &nbsp;&nbsp;&nbsp;&nbsp; 60216 | &nbsp;&nbsp;&nbsp;&nbsp; 60216 | &nbsp;&nbsp;&nbsp;&nbsp; 69066 |
| 112917 | &nbsp;&nbsp;&nbsp;&nbsp; 51164 | &nbsp;&nbsp;&nbsp;&nbsp; 150607 | &nbsp;&nbsp;&nbsp;&nbsp; 112667 | &nbsp;&nbsp;&nbsp;&nbsp; 163830 | &nbsp;&nbsp;&nbsp;&nbsp; 49922 |
| 20269 | &nbsp;&nbsp;&nbsp;&nbsp; 19349 | &nbsp;&nbsp;&nbsp;&nbsp; 134286 | &nbsp;&nbsp;&nbsp;&nbsp; 88629 | &nbsp;&nbsp;&nbsp;&nbsp; 70457 | &nbsp;&nbsp;&nbsp;&nbsp; 8696 |
| 60517 | &nbsp;&nbsp;&nbsp;&nbsp; 60835 | &nbsp;&nbsp;&nbsp;&nbsp; 62901 | &nbsp;&nbsp;&nbsp;&nbsp; 61614 | &nbsp;&nbsp;&nbsp;&nbsp; 61064 | &nbsp;&nbsp;&nbsp;&nbsp; 60448 |
| 16077 | &nbsp;&nbsp;&nbsp;&nbsp; 21095 | &nbsp;&nbsp;&nbsp;&nbsp; 99847 | &nbsp;&nbsp;&nbsp;&nbsp; 36007 | &nbsp;&nbsp;&nbsp;&nbsp; 34790 | &nbsp;&nbsp;&nbsp;&nbsp; 8859 |
| 849132 | &nbsp;&nbsp;&nbsp;&nbsp; 2227602 | &nbsp;&nbsp;&nbsp;&nbsp; 13343847 | &nbsp;&nbsp;&nbsp;&nbsp; 7885024 | &nbsp;&nbsp;&nbsp;&nbsp; 5176601 | &nbsp;&nbsp;&nbsp;&nbsp; 404428 |

---

------

Statements of Operations (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 Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fees waived (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; (771113)<br>| &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 19621566 | &nbsp;&nbsp; 55307165 | &nbsp;&nbsp; 13024624 |
| Net investment income/(loss) | &nbsp;&nbsp; $(2980750)<br>| &nbsp;&nbsp; $145903979 | &nbsp;&nbsp; $(2825442)<br>|
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 282402427 | &nbsp;&nbsp; 643046867 | &nbsp;&nbsp; 371051026 |
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; 2958189 | &nbsp;&nbsp; — |
| Settlement of foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 |
| Expiration or closing of option contracts written | &nbsp;&nbsp; 219197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 141303079 | &nbsp;&nbsp; (141211654)<br>| &nbsp;&nbsp; 25561890 |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; 423924703 | &nbsp;&nbsp; 504793402 | &nbsp;&nbsp; 396612929 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $420943953 | &nbsp;&nbsp; $650697381 | &nbsp;&nbsp; $393787487 |

---

&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

------

&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>| **U.S. Equity** <br>**Impact Fund**<br>|
| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| (320274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1380877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (948319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (276805)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (613626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 528858 | &nbsp;&nbsp;&nbsp;&nbsp; 1613976 | &nbsp;&nbsp;&nbsp;&nbsp; 13182500 | &nbsp;&nbsp;&nbsp;&nbsp; 6357716 | &nbsp;&nbsp;&nbsp;&nbsp; 4228282 | &nbsp;&nbsp;&nbsp;&nbsp; 127623 |
| $458141 | &nbsp;&nbsp;&nbsp;&nbsp; $1083759 | &nbsp;&nbsp;&nbsp;&nbsp; $703953 | &nbsp;&nbsp;&nbsp;&nbsp; $14103575 | &nbsp;&nbsp;&nbsp;&nbsp; $(1706860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31896 |
| 4550636 | &nbsp;&nbsp;&nbsp;&nbsp; 16875088 | &nbsp;&nbsp;&nbsp;&nbsp; 65409915 | &nbsp;&nbsp;&nbsp;&nbsp; 9659740 | &nbsp;&nbsp;&nbsp;&nbsp; 36971882 | &nbsp;&nbsp;&nbsp;&nbsp; 401375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 38643654 | &nbsp;&nbsp;&nbsp;&nbsp; 21425693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| (1929747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27363548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 152406028 | &nbsp;&nbsp;&nbsp;&nbsp; (51715966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30541629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2620889 | &nbsp;&nbsp;&nbsp;&nbsp; 28155194 | &nbsp;&nbsp;&nbsp;&nbsp; 239369735 | &nbsp;&nbsp;&nbsp;&nbsp; (42056226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6430253 | &nbsp;&nbsp;&nbsp;&nbsp; 415055 |
| $3079030 | &nbsp;&nbsp;&nbsp;&nbsp; $29238953 | &nbsp;&nbsp;&nbsp;&nbsp; $240073688 | &nbsp;&nbsp;&nbsp;&nbsp; $(27952651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4723393 | &nbsp;&nbsp;&nbsp;&nbsp; $446951 |

---

------

Statements of Changes in Net Assets

**Neuberger Berman Equity Funds** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund** | **Dividend** <br>**Growth Fund** | **Emerging Markets** <br>**Equity Fund** | **Emerging Markets** <br>**Equity Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $905203 | &nbsp;&nbsp; $946416 | &nbsp;&nbsp; $1294750 | &nbsp;&nbsp; $3115954 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 475377 | &nbsp;&nbsp; 2710115 | &nbsp;&nbsp; 19199238 | &nbsp;&nbsp; 37919778 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 14613927 | &nbsp;&nbsp; 14088678 | &nbsp;&nbsp; 17436681 | &nbsp;&nbsp; (1601956)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 15994507 | &nbsp;&nbsp; 17745209 | &nbsp;&nbsp; 37930669 | &nbsp;&nbsp; 39433776 |
| **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; (2581120)<br>| &nbsp;&nbsp; (2444477)<br>| &nbsp;&nbsp; (227378)<br>| &nbsp;&nbsp; (3876201)<br>|
| Class A | &nbsp;&nbsp; (48426)<br>| &nbsp;&nbsp; (47156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (230896)<br>|
| Class C | &nbsp;&nbsp; (17577)<br>| &nbsp;&nbsp; (17421)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8949)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5286)<br>|
| Class R6 | &nbsp;&nbsp; (1125)<br>| &nbsp;&nbsp; (1920)<br>| &nbsp;&nbsp; (39667)<br>| &nbsp;&nbsp; (812972)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (2648248)<br>| &nbsp;&nbsp; (2510974)<br>| &nbsp;&nbsp; (267045)<br>| &nbsp;&nbsp; (4934304)<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; 4926534 | &nbsp;&nbsp; 11602170 | &nbsp;&nbsp; 16118410 | &nbsp;&nbsp; 41017325 |
| Class A | &nbsp;&nbsp; 407345 | &nbsp;&nbsp; 217472 | &nbsp;&nbsp; 2872304 | &nbsp;&nbsp; 3435711 |
| Class C | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 21748 | &nbsp;&nbsp; 648806 | &nbsp;&nbsp; 192102 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71481 | &nbsp;&nbsp; 103855 |
| Class R6 | &nbsp;&nbsp; 8173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1149484 | &nbsp;&nbsp; 1801844 |
| 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; — | &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; 2581120 | &nbsp;&nbsp; 2444477 | &nbsp;&nbsp; 141451 | &nbsp;&nbsp; 1400176 |
| Class A | &nbsp;&nbsp; 46550 | &nbsp;&nbsp; 45528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139167 |
| Class C | &nbsp;&nbsp; 17361 | &nbsp;&nbsp; 17222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5534 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4427 |
| Class R6 | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 39492 | &nbsp;&nbsp; 812167 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity** <br>**Income Fund** | **Equity** <br>**Income Fund** | **Focus Fund** | **Focus Fund** | **Genesis Fund** | **Genesis Fund** | **International** <br>**Equity Fund** | **International** <br>**Equity Fund** |
| **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>|
| $19388731 | &nbsp;&nbsp; $19452787 | &nbsp;&nbsp; $2028381 | &nbsp;&nbsp; $2465914 | &nbsp;&nbsp; $20670773 | &nbsp;&nbsp; $18298469 | &nbsp;&nbsp; $13582206 | &nbsp;&nbsp; $20479335 |
| 107543775 | &nbsp;&nbsp; 39741980 | &nbsp;&nbsp; 99080225 | &nbsp;&nbsp; 30195548 | &nbsp;&nbsp; 1564584967 | &nbsp;&nbsp; 672603578 | &nbsp;&nbsp; 73452363 | &nbsp;&nbsp; 20129969 |
| (18626717)<br>| &nbsp;&nbsp; 93714340 | &nbsp;&nbsp; 30329974 | &nbsp;&nbsp; 122722324 | &nbsp;&nbsp; (1873843347)<br>| &nbsp;&nbsp; 728851674 | &nbsp;&nbsp; (4342237)<br>| &nbsp;&nbsp; 159640349 |
| 108305789 | &nbsp;&nbsp; 152909107 | &nbsp;&nbsp; 131438580 | &nbsp;&nbsp; 155383786 | &nbsp;&nbsp; (288587607)<br>| &nbsp;&nbsp; 1419753721 | &nbsp;&nbsp; 82692332 | &nbsp;&nbsp; 200249653 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1277959)<br>| &nbsp;&nbsp; (3443518)<br>| &nbsp;&nbsp; (36138911)<br>| &nbsp;&nbsp; (49894093)<br>| &nbsp;&nbsp; (2799006)<br>| &nbsp;&nbsp; (1645070)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (26363)<br>| &nbsp;&nbsp; (118742)<br>| &nbsp;&nbsp; (20741001)<br>| &nbsp;&nbsp; (30824987)<br>| &nbsp;&nbsp; (873581)<br>| &nbsp;&nbsp; (490803)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (733)<br>| &nbsp;&nbsp; (1063)<br>| &nbsp;&nbsp; (2008035)<br>| &nbsp;&nbsp; (2964451)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (47824823)<br>| &nbsp;&nbsp; (39502484)<br>| &nbsp;&nbsp; (73407)<br>| &nbsp;&nbsp; (143425)<br>| &nbsp;&nbsp; (55317782)<br>| &nbsp;&nbsp; (78199113)<br>| &nbsp;&nbsp; (35886819)<br>| &nbsp;&nbsp; (21478209)<br>|
| (9993077)<br>| &nbsp;&nbsp; (8642694)<br>| &nbsp;&nbsp; (2192)<br>| &nbsp;&nbsp; (10073)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (380272)<br>| &nbsp;&nbsp; (248465)<br>|
| (2410781)<br>| &nbsp;&nbsp; (2276877)<br>| &nbsp;&nbsp; (210)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (80002)<br>| &nbsp;&nbsp; (38373)<br>|
| (52003)<br>| &nbsp;&nbsp; (33982)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (101762962)<br>| &nbsp;&nbsp; (149634166)<br>| &nbsp;&nbsp; (2076997)<br>| &nbsp;&nbsp; (1124340)<br>|
| (2949046)<br>| &nbsp;&nbsp; (2246354)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4319474)<br>| &nbsp;&nbsp; (5752804)<br>| &nbsp;&nbsp; (1808653)<br>| &nbsp;&nbsp; (1232673)<br>|
| (63229730)<br>| &nbsp;&nbsp; (52702391)<br>| &nbsp;&nbsp; (1380864)<br>| &nbsp;&nbsp; (3716821)<br>| &nbsp;&nbsp; (220288165)<br>| &nbsp;&nbsp; (317269614)<br>| &nbsp;&nbsp; (43905330)<br>| &nbsp;&nbsp; (26257933)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2146341 | &nbsp;&nbsp; 2507942 | &nbsp;&nbsp; 81868849 | &nbsp;&nbsp; 110826450 | &nbsp;&nbsp; 2002282 | &nbsp;&nbsp; 1191419 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 303310 | &nbsp;&nbsp; 408563 | &nbsp;&nbsp; 58590008 | &nbsp;&nbsp; 71416820 | &nbsp;&nbsp; 1663405 | &nbsp;&nbsp; 938886 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 179825 | &nbsp;&nbsp; 176448 | &nbsp;&nbsp; 10141534 | &nbsp;&nbsp; 11674599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 202995254 | &nbsp;&nbsp; 66784131 | &nbsp;&nbsp; 42663253 | &nbsp;&nbsp; 4198046 | &nbsp;&nbsp; 1208438416 | &nbsp;&nbsp; 1060029181 | &nbsp;&nbsp; 128879002 | &nbsp;&nbsp; 63767537 |
| 13311802 | &nbsp;&nbsp; 11146132 | &nbsp;&nbsp; 529386 | &nbsp;&nbsp; 65271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2287074 | &nbsp;&nbsp; 1797901 |
| 780561 | &nbsp;&nbsp; 1044750 | &nbsp;&nbsp; 11358 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 421845 | &nbsp;&nbsp; 86035 |
| 262193 | &nbsp;&nbsp; 253979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 407937575 | &nbsp;&nbsp; 533685586 | &nbsp;&nbsp; 10606634 | &nbsp;&nbsp; 10806209 |
| 2677038 | &nbsp;&nbsp; 2675275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11052689 | &nbsp;&nbsp; 14760530 | &nbsp;&nbsp; 5057989 | &nbsp;&nbsp; 3038533 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162907 | &nbsp;&nbsp; 3131472 | &nbsp;&nbsp; 34925102 | &nbsp;&nbsp; 48128651 | &nbsp;&nbsp; 2618201 | &nbsp;&nbsp; 1524207 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 26255 | &nbsp;&nbsp; 118198 | &nbsp;&nbsp; 20511834 | &nbsp;&nbsp; 30668011 | &nbsp;&nbsp; 742523 | &nbsp;&nbsp; 423961 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 1972572 | &nbsp;&nbsp; 2922490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 44434397 | &nbsp;&nbsp; 36187274 | &nbsp;&nbsp; 72209 | &nbsp;&nbsp; 141625 | &nbsp;&nbsp; 49955352 | &nbsp;&nbsp; 69723365 | &nbsp;&nbsp; 28449873 | &nbsp;&nbsp; 17066346 |
| 7407310 | &nbsp;&nbsp; 6456141 | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 9639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 289139 | &nbsp;&nbsp; 168637 |
| 2292481 | &nbsp;&nbsp; 2159205 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65362 | &nbsp;&nbsp; 27034 |
| 52004 | &nbsp;&nbsp; 33982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100282675 | &nbsp;&nbsp; 148996818 | &nbsp;&nbsp; 2076996 | &nbsp;&nbsp; 1123902 |
| 2949046 | &nbsp;&nbsp; 2246353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4319475 | &nbsp;&nbsp; 5752804 | &nbsp;&nbsp; 1808654 | &nbsp;&nbsp; 1232673 |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dividend** <br>**Growth Fund** | **Dividend** <br>**Growth Fund** | **Emerging Markets** <br>**Equity Fund** | **Emerging Markets** <br>**Equity Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<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; (10790203)<br>| &nbsp;&nbsp; (9534373)<br>| &nbsp;&nbsp; (46775146)<br>| &nbsp;&nbsp; (351420229)<br>|
| Class A | &nbsp;&nbsp; (1156458)<br>| &nbsp;&nbsp; (203635)<br>| &nbsp;&nbsp; (12765145)<br>| &nbsp;&nbsp; (7241920)<br>|
| Class C | &nbsp;&nbsp; (150671)<br>| &nbsp;&nbsp; (220729)<br>| &nbsp;&nbsp; (421920)<br>| &nbsp;&nbsp; (863663)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (48296)<br>| &nbsp;&nbsp; (217481)<br>|
| Class R6 | &nbsp;&nbsp; (41129)<br>| &nbsp;&nbsp; (31362)<br>| &nbsp;&nbsp; (1514319)<br>| &nbsp;&nbsp; (103679736)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (4145141)<br>| &nbsp;&nbsp; 4359293 | &nbsp;&nbsp; (40483398)<br>| &nbsp;&nbsp; (414510721)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 9201118 | &nbsp;&nbsp; 19593528 | &nbsp;&nbsp; (2819774)<br>| &nbsp;&nbsp; (380011249)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 104903604 | &nbsp;&nbsp; 85310076 | &nbsp;&nbsp; 210224919 | &nbsp;&nbsp; 590236168 |
| End of year | &nbsp;&nbsp; $114104722 | &nbsp;&nbsp; $104903604 | &nbsp;&nbsp; $207405145 | &nbsp;&nbsp; $210224919 |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity** <br>**Income Fund** | **Equity** <br>**Income Fund** | **Focus Fund** | **Focus Fund** | **Genesis Fund** | **Genesis Fund** | **International** <br>**Equity Fund** | **International** <br>**Equity Fund** |
| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| $— | $— | $(52920747)<br>| $(52978119)<br>| $(273772031)<br>| $(215779566)<br>| $(7499332)<br>| $(9905889)<br>|
|  |  | (5783686)<br>| (4590862)<br>| (176300371)<br>| (215069527)<br>| (3635243)<br>| (3435072)<br>|
|  |  | (152100)<br>| (395445)<br>| (33533369)<br>| (24157166)<br>|  |  |
| (258402465)<br>| (179805904)<br>| (40712559)<br>| (5195246)<br>| (1496467138)<br>| (1271698434)<br>| (190338427)<br>| (174355206)<br>|
| (32920670)<br>| (33821347)<br>| (481810)<br>| (627275)<br>|  |  | (4598913)<br>| (3376206)<br>|
| (11196280)<br>| (16052742)<br>| (52224)<br>| (31168)<br>|  |  | (1499307)<br>| (1546726)<br>|
| (198085)<br>| (207300)<br>|  |  |  |  |  |  |
|  |  |  |  | (809497487)<br>| (960595809)<br>| (18929028)<br>| (10940871)<br>|
| (2464051)<br>| (2646219)<br>|  |  | (20728487)<br>| (15685473)<br>| (4666715)<br>| (3425009)<br>|
| (28019465)<br>| (103546290)<br>| (53005272)<br>| (53054848)<br>| (820302802)<br>| (594400670)<br>| (44197986)<br>| (103791699)<br>|
| 17056594 | (3339574)<br>| 77052444 | 98612117 | (1329178574)<br>| 508083437 | (5410984)<br>| 70200021 |
| 951349883 | 954689457 | 719225857 | 620613740 | 10556129386 | 10048045949 | 1124004319 | 1053804298 |
| $968406477 | $951349883 | $796278301 | $719225857 | $9226950812 | $10556129386 | $1118593335 | $1124004319 |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International** <br>**Select Fund** | **International** <br>**Select Fund** | **Intrinsic** <br>**Value Fund** | **Intrinsic** <br>**Value Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $2658960 | &nbsp;&nbsp; $2443435 | &nbsp;&nbsp; $3321826 | &nbsp;&nbsp; $(2595324)<br>|
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 9212465 | &nbsp;&nbsp; 3365720 | &nbsp;&nbsp; 65711769 | &nbsp;&nbsp; (9902882)<br>|
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 3850285 | &nbsp;&nbsp; 24088599 | &nbsp;&nbsp; 39278554 | &nbsp;&nbsp; 129983904 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 15721710 | &nbsp;&nbsp; 29897754 | &nbsp;&nbsp; 108312149 | &nbsp;&nbsp; 117485698 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; (141441)<br>| &nbsp;&nbsp; (123832)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (5346423)<br>| &nbsp;&nbsp; (4021647)<br>| &nbsp;&nbsp; (9891389)<br>| &nbsp;&nbsp; (3376623)<br>|
| Class A | &nbsp;&nbsp; (110746)<br>| &nbsp;&nbsp; (99168)<br>| &nbsp;&nbsp; (390104)<br>| &nbsp;&nbsp; (239897)<br>|
| Class C | &nbsp;&nbsp; (12683)<br>| &nbsp;&nbsp; (12987)<br>| &nbsp;&nbsp; (164757)<br>| &nbsp;&nbsp; (49049)<br>|
| Class R3 | &nbsp;&nbsp; (44518)<br>| &nbsp;&nbsp; (33943)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (378012)<br>| &nbsp;&nbsp; (3828)<br>| &nbsp;&nbsp; (989636)<br>| &nbsp;&nbsp; (294518)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (6033823)<br>| &nbsp;&nbsp; (4295405)<br>| &nbsp;&nbsp; (11435886)<br>| &nbsp;&nbsp; (3960087)<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; 354096 | &nbsp;&nbsp; 37829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 71689538 | &nbsp;&nbsp; 23312072 | &nbsp;&nbsp; 244819042 | &nbsp;&nbsp; 380272907 |
| Class A | &nbsp;&nbsp; 3579525 | &nbsp;&nbsp; 565639 | &nbsp;&nbsp; 6292713 | &nbsp;&nbsp; 27052120 |
| Class C | &nbsp;&nbsp; 38708 | &nbsp;&nbsp; 162007 | &nbsp;&nbsp; 1791835 | &nbsp;&nbsp; 2603952 |
| Class R3 | &nbsp;&nbsp; 485429 | &nbsp;&nbsp; 199493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 20142979 | &nbsp;&nbsp; 13181 | &nbsp;&nbsp; 4604283 | &nbsp;&nbsp; 11268996 |
| 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; — | &nbsp;&nbsp; — |
| Trust Class | &nbsp;&nbsp; 134086 | &nbsp;&nbsp; 117631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 5248075 | &nbsp;&nbsp; 3958996 | &nbsp;&nbsp; 8498828 | &nbsp;&nbsp; 3082985 |
| Class A | &nbsp;&nbsp; 57919 | &nbsp;&nbsp; 50411 | &nbsp;&nbsp; 317084 | &nbsp;&nbsp; 215934 |
| Class C | &nbsp;&nbsp; 11414 | &nbsp;&nbsp; 11363 | &nbsp;&nbsp; 137881 | &nbsp;&nbsp; 40121 |
| Class R3 | &nbsp;&nbsp; 44518 | &nbsp;&nbsp; 33942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 373646 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 970088 | &nbsp;&nbsp; 289535 |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **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** |
| **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>| &nbsp;&nbsp; **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>| &nbsp;&nbsp; **August 31,** <br>**2025**<br>| &nbsp;&nbsp; **August 31,** <br>**2024**<br>|
| $(2980750)<br>| &nbsp;&nbsp;&nbsp; $1653433 | &nbsp;&nbsp;&nbsp; $145903979 | &nbsp;&nbsp;&nbsp; $227244903 | &nbsp;&nbsp;&nbsp; $(2825442)<br>| &nbsp;&nbsp;&nbsp; $(2100312)<br>| &nbsp;&nbsp;&nbsp; $458141 | &nbsp;&nbsp;&nbsp; $328176 |
| 282621624 | &nbsp;&nbsp;&nbsp; 131746658 | &nbsp;&nbsp;&nbsp; 646005056 | &nbsp;&nbsp;&nbsp; (100781178)<br>| &nbsp;&nbsp;&nbsp; 371051039 | &nbsp;&nbsp;&nbsp; 173205198 | &nbsp;&nbsp;&nbsp; 4550636 | &nbsp;&nbsp;&nbsp; 2261453 |
| 141303079 | &nbsp;&nbsp;&nbsp; 381451876 | &nbsp;&nbsp;&nbsp; (141211654)<br>| &nbsp;&nbsp;&nbsp; 1109639892 | &nbsp;&nbsp;&nbsp; 25561890 | &nbsp;&nbsp;&nbsp; 124402140 | &nbsp;&nbsp;&nbsp; (1929747)<br>| &nbsp;&nbsp;&nbsp; 4930116 |
| 420943953 | &nbsp;&nbsp;&nbsp; 514851967 | &nbsp;&nbsp;&nbsp; 650697381 | &nbsp;&nbsp;&nbsp; 1236103617 | &nbsp;&nbsp;&nbsp; 393787487 | &nbsp;&nbsp;&nbsp; 295507026 | &nbsp;&nbsp;&nbsp; 3079030 | &nbsp;&nbsp;&nbsp; 7519745 |
| (109141216)<br>| &nbsp;&nbsp;&nbsp; (68657370)<br>| &nbsp;&nbsp;&nbsp; (31339603)<br>| &nbsp;&nbsp;&nbsp; (36302389)<br>| &nbsp;&nbsp;&nbsp; (50387776)<br>| &nbsp;&nbsp;&nbsp; (14911568)<br>| &nbsp;&nbsp;&nbsp; (1938298)<br>| &nbsp;&nbsp;&nbsp; (633193)<br>|
| (2744727)<br>| &nbsp;&nbsp;&nbsp; (1745237)<br>| &nbsp;&nbsp;&nbsp; (1560160)<br>| &nbsp;&nbsp;&nbsp; (2339486)<br>| &nbsp;&nbsp;&nbsp; (2245367)<br>| &nbsp;&nbsp;&nbsp; (1024271)<br>| &nbsp;&nbsp;&nbsp; (341406)<br>| &nbsp;&nbsp;&nbsp; (103277)<br>|
| (14693)<br>| &nbsp;&nbsp;&nbsp; (8195)<br>| &nbsp;&nbsp;&nbsp; (2032699)<br>| &nbsp;&nbsp;&nbsp; (2612623)<br>| &nbsp;&nbsp;&nbsp; (491295)<br>| &nbsp;&nbsp;&nbsp; (223857)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| (30462550)<br>| &nbsp;&nbsp;&nbsp; (21249627)<br>| &nbsp;&nbsp;&nbsp; (128790398)<br>| &nbsp;&nbsp;&nbsp; (203540349)<br>| &nbsp;&nbsp;&nbsp; (45480355)<br>| &nbsp;&nbsp;&nbsp; (13321973)<br>| &nbsp;&nbsp;&nbsp; (867681)<br>| &nbsp;&nbsp;&nbsp; (301094)<br>|
| (1632872)<br>| &nbsp;&nbsp;&nbsp; (1056552)<br>| &nbsp;&nbsp;&nbsp; (2908213)<br>| &nbsp;&nbsp;&nbsp; (4231873)<br>| &nbsp;&nbsp;&nbsp; (3300640)<br>| &nbsp;&nbsp;&nbsp; (904971)<br>| &nbsp;&nbsp;&nbsp; (87158)<br>| &nbsp;&nbsp;&nbsp; (24833)<br>|
| (1428671)<br>| &nbsp;&nbsp;&nbsp; (567904)<br>| &nbsp;&nbsp;&nbsp; (2203766)<br>| &nbsp;&nbsp;&nbsp; (3438455)<br>| &nbsp;&nbsp;&nbsp; (566910)<br>| &nbsp;&nbsp;&nbsp; (168564)<br>| &nbsp;&nbsp;&nbsp; (46488)<br>| &nbsp;&nbsp;&nbsp; (11462)<br>|
| (89451)<br>| &nbsp;&nbsp;&nbsp; (62413)<br>| &nbsp;&nbsp;&nbsp; (150556)<br>| &nbsp;&nbsp;&nbsp; (228465)<br>| &nbsp;&nbsp;&nbsp; (810215)<br>| &nbsp;&nbsp;&nbsp; (258289)<br>| &nbsp;&nbsp;&nbsp; (28919)<br>| &nbsp;&nbsp;&nbsp; (6474)<br>|
| (5041160)<br>| &nbsp;&nbsp;&nbsp; (147567)<br>| &nbsp;&nbsp;&nbsp; (14478826)<br>| &nbsp;&nbsp;&nbsp; (17990243)<br>| &nbsp;&nbsp;&nbsp; (62158268)<br>| &nbsp;&nbsp;&nbsp; (17751428)<br>| &nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp; (664)<br>|
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5002818)<br>| &nbsp;&nbsp;&nbsp; (4949289)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| (150555340)<br>| &nbsp;&nbsp;&nbsp; (93494865)<br>| &nbsp;&nbsp;&nbsp; (188467039)<br>| &nbsp;&nbsp;&nbsp; (275633172)<br>| &nbsp;&nbsp;&nbsp; (165440826)<br>| &nbsp;&nbsp;&nbsp; (48564921)<br>| &nbsp;&nbsp;&nbsp; (3310602)<br>| &nbsp;&nbsp;&nbsp; (1080997)<br>|
| 11850212 | &nbsp;&nbsp;&nbsp; 17167716 | &nbsp;&nbsp;&nbsp; 16389036 | &nbsp;&nbsp;&nbsp; 34172692 | &nbsp;&nbsp;&nbsp; 4502463 | &nbsp;&nbsp;&nbsp; 2301323 | &nbsp;&nbsp;&nbsp; 294132 | &nbsp;&nbsp;&nbsp; 1152262 |
| 1688834 | &nbsp;&nbsp;&nbsp; 1815990 | &nbsp;&nbsp;&nbsp; 5981558 | &nbsp;&nbsp;&nbsp; 5216170 | &nbsp;&nbsp;&nbsp; 5390582 | &nbsp;&nbsp;&nbsp; 1628460 | &nbsp;&nbsp;&nbsp; 133831 | &nbsp;&nbsp;&nbsp; 66414 |
| 15121 | &nbsp;&nbsp;&nbsp; 54985 | &nbsp;&nbsp;&nbsp; 9431581 | &nbsp;&nbsp;&nbsp; 9675147 | &nbsp;&nbsp;&nbsp; 2239289 | &nbsp;&nbsp;&nbsp; 2106984 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 105167731 | &nbsp;&nbsp;&nbsp; 269731559 | &nbsp;&nbsp;&nbsp; 951409148 | &nbsp;&nbsp;&nbsp; 1839837968 | &nbsp;&nbsp;&nbsp; 123414624 | &nbsp;&nbsp;&nbsp; 78012798 | &nbsp;&nbsp;&nbsp; 789150 | &nbsp;&nbsp;&nbsp; 5488949 |
| 6238453 | &nbsp;&nbsp;&nbsp; 12337888 | &nbsp;&nbsp;&nbsp; 43889182 | &nbsp;&nbsp;&nbsp; 33489309 | &nbsp;&nbsp;&nbsp; 8945177 | &nbsp;&nbsp;&nbsp; 6349379 | &nbsp;&nbsp;&nbsp; 171714 | &nbsp;&nbsp;&nbsp; 540230 |
| 2792055 | &nbsp;&nbsp;&nbsp; 14692004 | &nbsp;&nbsp;&nbsp; 12921023 | &nbsp;&nbsp;&nbsp; 21961214 | &nbsp;&nbsp;&nbsp; 460066 | &nbsp;&nbsp;&nbsp; 535615 | &nbsp;&nbsp;&nbsp; 58804 | &nbsp;&nbsp;&nbsp; 93533 |
| 197310 | &nbsp;&nbsp;&nbsp; 924655 | &nbsp;&nbsp;&nbsp; 3931586 | &nbsp;&nbsp;&nbsp; 2472082 | &nbsp;&nbsp;&nbsp; 3061620 | &nbsp;&nbsp;&nbsp; 1282921 | &nbsp;&nbsp;&nbsp; 36031 | &nbsp;&nbsp;&nbsp; 125613 |
| 98968641 | &nbsp;&nbsp;&nbsp; 6054338 | &nbsp;&nbsp;&nbsp; 93214766 | &nbsp;&nbsp;&nbsp; 364547855 | &nbsp;&nbsp;&nbsp; 240441582 | &nbsp;&nbsp;&nbsp; 141962252 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5659092 | &nbsp;&nbsp;&nbsp; 7764749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 102421830 | &nbsp;&nbsp;&nbsp; 64167383 | &nbsp;&nbsp;&nbsp; 29874993 | &nbsp;&nbsp;&nbsp; 34543863 | &nbsp;&nbsp;&nbsp; 47705939 | &nbsp;&nbsp;&nbsp; 14221284 | &nbsp;&nbsp;&nbsp; 1809889 | &nbsp;&nbsp;&nbsp; 592032 |
| 2724100 | &nbsp;&nbsp;&nbsp; 1733299 | &nbsp;&nbsp;&nbsp; 1499398 | &nbsp;&nbsp;&nbsp; 2247216 | &nbsp;&nbsp;&nbsp; 2229413 | &nbsp;&nbsp;&nbsp; 1020835 | &nbsp;&nbsp;&nbsp; 335044 | &nbsp;&nbsp;&nbsp; 101474 |
| 14693 | &nbsp;&nbsp;&nbsp; 8195 | &nbsp;&nbsp;&nbsp; 1917911 | &nbsp;&nbsp;&nbsp; 2440398 | &nbsp;&nbsp;&nbsp; 405126 | &nbsp;&nbsp;&nbsp; 156148 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 30352322 | &nbsp;&nbsp;&nbsp; 21203090 | &nbsp;&nbsp;&nbsp; 113049277 | &nbsp;&nbsp;&nbsp; 182159405 | &nbsp;&nbsp;&nbsp; 45017955 | &nbsp;&nbsp;&nbsp; 13176152 | &nbsp;&nbsp;&nbsp; 864983 | &nbsp;&nbsp;&nbsp; 300240 |
| 1303652 | &nbsp;&nbsp;&nbsp; 909329 | &nbsp;&nbsp;&nbsp; 1954642 | &nbsp;&nbsp;&nbsp; 2679395 | &nbsp;&nbsp;&nbsp; 2840767 | &nbsp;&nbsp;&nbsp; 840108 | &nbsp;&nbsp;&nbsp; 74857 | &nbsp;&nbsp;&nbsp; 21421 |
| 1428671 | &nbsp;&nbsp;&nbsp; 567904 | &nbsp;&nbsp;&nbsp; 1765171 | &nbsp;&nbsp;&nbsp; 2735348 | &nbsp;&nbsp;&nbsp; 561250 | &nbsp;&nbsp;&nbsp; 167082 | &nbsp;&nbsp;&nbsp; 46488 | &nbsp;&nbsp;&nbsp; 11462 |
| 88694 | &nbsp;&nbsp;&nbsp; 61965 | &nbsp;&nbsp;&nbsp; 148694 | &nbsp;&nbsp;&nbsp; 226435 | &nbsp;&nbsp;&nbsp; 781886 | &nbsp;&nbsp;&nbsp; 250812 | &nbsp;&nbsp;&nbsp; 28333 | &nbsp;&nbsp;&nbsp; 6057 |
| 5040486 | &nbsp;&nbsp;&nbsp; 145855 | &nbsp;&nbsp;&nbsp; 12814944 | &nbsp;&nbsp;&nbsp; 14534393 | &nbsp;&nbsp;&nbsp; 59232626 | &nbsp;&nbsp;&nbsp; 16897827 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5002818 | &nbsp;&nbsp;&nbsp; 4949289 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International** <br>**Select Fund** | **International** <br>**Select Fund** | **Intrinsic** <br>**Value Fund** | **Intrinsic** <br>**Value Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Trust Class | &nbsp;&nbsp; (434215)<br>| &nbsp;&nbsp; (376010)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (34438685)<br>| &nbsp;&nbsp; (28166686)<br>| &nbsp;&nbsp; (416369530)<br>| &nbsp;&nbsp; (726652370)<br>|
| Class A | &nbsp;&nbsp; (1987569)<br>| &nbsp;&nbsp; (841029)<br>| &nbsp;&nbsp; (14669332)<br>| &nbsp;&nbsp; (63871728)<br>|
| Class C | &nbsp;&nbsp; (278322)<br>| &nbsp;&nbsp; (249958)<br>| &nbsp;&nbsp; (4455462)<br>| &nbsp;&nbsp; (5954392)<br>|
| Class R3 | &nbsp;&nbsp; (948506)<br>| &nbsp;&nbsp; (230886)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (121044)<br>| &nbsp;&nbsp; (14945)<br>| &nbsp;&nbsp; (22929825)<br>| &nbsp;&nbsp; (11921333)<br>|
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 63951592 | &nbsp;&nbsp; (1416771)<br>| &nbsp;&nbsp; (190992395)<br>| &nbsp;&nbsp; (383573273)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 73639479 | &nbsp;&nbsp; 24185578 | &nbsp;&nbsp; (94116132)<br>| &nbsp;&nbsp; (270047662)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 172603821 | &nbsp;&nbsp; 148418243 | &nbsp;&nbsp; 1280520287 | &nbsp;&nbsp; 1550567949 |
| End of year | &nbsp;&nbsp; $246243300 | &nbsp;&nbsp; $172603821 | &nbsp;&nbsp; $1186404155 | &nbsp;&nbsp; $1280520287 |

---

&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

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **Large Cap** <br>**Growth Fund**<sup>\*\*</sup> | **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** |
| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| $(138238826)<br>| $(122303688)<br>| $(162471703)<br>| $(256484015)<br>| $(44135486)<br>| $(38583428)<br>| $(5478915)<br>| $(4597662)<br>|
| (8196327)<br>| (4422469)<br>| (18187329)<br>| (45224161)<br>| (8273503)<br>| (20132446)<br>| (621796)<br>| (679150)<br>|
| (92189)<br>| (45648)<br>| (31730518)<br>| (30265305)<br>| (3233848)<br>| (4392215)<br>|  |  |
| (296339974)<br>| (231586066)<br>| (2168544878)<br>| (5666844418)<br>| (155348720)<br>| (148438994)<br>| (2210190)<br>| (7035242)<br>|
| (7577338)<br>| (14841048)<br>| (43656967)<br>| (104676091)<br>| (9717282)<br>| (7129358)<br>| (597729)<br>| (352400)<br>|
| (9107851)<br>| (6856374)<br>| (50228175)<br>| (93135982)<br>| (1580312)<br>| (1649633)<br>| (75591)<br>| (190936)<br>|
| (568593)<br>| (840133)<br>| (2834238)<br>| (5880252)<br>| (2477909)<br>| (2949129)<br>| (95552)<br>| (72224)<br>|
| (83180521)<br>| (4537824)<br>| (224976631)<br>| (337556266)<br>| (177343624)<br>| (159882803)<br>|  | (22049)<br>|
|  |  | (8092212)<br>| (10364969)<br>|  |  |  |  |
| (173008814)<br>| 26142905 | (1399867831)<br>| (3984778531)<br>| 145119681 | (102248026)<br>| (4436517)<br>| (4449976)<br>|
| 97379799 | 447500007 | (937637489)<br>| (3024308086)<br>| 373466342 | 144694079 | (4668089)<br>| 1988772 |
| 2510860740 | 2063360733 | 9296737542 | 12321045628 | 1695593799 | 1550899720 | 56999028 | 55010256 |
| $2608240539 | $2510860740 | $8359100053 | $9296737542 | $2069060141 | $1695593799 | $52330939 | $56999028 |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Cap** <br>**Opportunities Fund** | **Multi-Cap** <br>**Opportunities Fund** | **Quality** <br>**Equity Fund** | **Quality** <br>**Equity Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $1083759 | &nbsp;&nbsp; $1053605 | &nbsp;&nbsp; $703953 | &nbsp;&nbsp; $1240823 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 55518742 | &nbsp;&nbsp; 47169412 | &nbsp;&nbsp; 86844315 | &nbsp;&nbsp; 124191459 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; (27363548)<br>| &nbsp;&nbsp; 6680340 | &nbsp;&nbsp; 152525420 | &nbsp;&nbsp; 269456127 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 29238953 | &nbsp;&nbsp; 54903357 | &nbsp;&nbsp; 240073688 | &nbsp;&nbsp; 394888409 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24225903)<br>| &nbsp;&nbsp; (34091548)<br>|
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7753674)<br>| &nbsp;&nbsp; (10171390)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (3107546)<br>| &nbsp;&nbsp; (21534057)<br>| &nbsp;&nbsp; (37868029)<br>| &nbsp;&nbsp; (51244168)<br>|
| Class A | &nbsp;&nbsp; (841962)<br>| &nbsp;&nbsp; (5739309)<br>| &nbsp;&nbsp; (7954924)<br>| &nbsp;&nbsp; (13554173)<br>|
| Class C | &nbsp;&nbsp; (276065)<br>| &nbsp;&nbsp; (2194052)<br>| &nbsp;&nbsp; (2194886)<br>| &nbsp;&nbsp; (3120885)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (921653)<br>| &nbsp;&nbsp; (1457345)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6686398)<br>| &nbsp;&nbsp; (11017419)<br>|
| Class E | &nbsp;&nbsp; (3635967)<br>| &nbsp;&nbsp; (16174102)<br>| &nbsp;&nbsp; (1868876)<br>| &nbsp;&nbsp; (1920738)<br>|
| Tax return of capital: |  |  |  |  |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class E | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (7861540)<br>| &nbsp;&nbsp; (45641520)<br>| &nbsp;&nbsp; (89474343)<br>| &nbsp;&nbsp; (126577666)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14536112 | &nbsp;&nbsp; 23658854 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8771290 | &nbsp;&nbsp; 11768613 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 58675483 | &nbsp;&nbsp; 66909099 | &nbsp;&nbsp; 418257390 | &nbsp;&nbsp; 70082882 |
| Class A | &nbsp;&nbsp; 3655164 | &nbsp;&nbsp; 3345480 | &nbsp;&nbsp; 21535280 | &nbsp;&nbsp; 21232979 |
| Class C | &nbsp;&nbsp; 330097 | &nbsp;&nbsp; 843649 | &nbsp;&nbsp; 4225011 | &nbsp;&nbsp; 2127841 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2734497 | &nbsp;&nbsp; 2434562 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52646199 | &nbsp;&nbsp; 42022342 |
| Class E | &nbsp;&nbsp; 4966196 | &nbsp;&nbsp; 3642472 | &nbsp;&nbsp; 11869268 | &nbsp;&nbsp; 23425641 |
| Proceeds from reinvestment of dividends and distributions: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23413579 | &nbsp;&nbsp; 33084898 |
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7704584 | &nbsp;&nbsp; 10115819 |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 2380421 | &nbsp;&nbsp; 17133845 | &nbsp;&nbsp; 32809169 | &nbsp;&nbsp; 45147081 |
| Class A | &nbsp;&nbsp; 765995 | &nbsp;&nbsp; 5219305 | &nbsp;&nbsp; 6937483 | &nbsp;&nbsp; 12239447 |
| Class C | &nbsp;&nbsp; 265234 | &nbsp;&nbsp; 2057171 | &nbsp;&nbsp; 2017420 | &nbsp;&nbsp; 2823701 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 915559 | &nbsp;&nbsp; 1449944 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6544319 | &nbsp;&nbsp; 10897099 |
| Class E | &nbsp;&nbsp; 3635966 | &nbsp;&nbsp; 16174101 | &nbsp;&nbsp; 1868877 | &nbsp;&nbsp; 1920739 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Estate** <br>**Fund** | **Real Estate** <br>**Fund** | **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Growth Fund** | **U.S. Equity** <br>**Impact Fund** | **U.S. Equity** <br>**Impact Fund** |
| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| $14103575 | &nbsp;&nbsp; $17403659 | &nbsp;&nbsp; $(1706860)<br>| &nbsp;&nbsp; $(1547001)<br>| &nbsp;&nbsp; $31896 | &nbsp;&nbsp; $33921 |
| 9659740 | &nbsp;&nbsp; (26240863)<br>| &nbsp;&nbsp; 36971882 | &nbsp;&nbsp; 39820317 | &nbsp;&nbsp; 401372 | &nbsp;&nbsp; 163338 |
| (51715966)<br>| &nbsp;&nbsp; 155199767 | &nbsp;&nbsp; (30541629)<br>| &nbsp;&nbsp; 55272374 | &nbsp;&nbsp; 13683 | &nbsp;&nbsp; 2678277 |
| (27952651)<br>| &nbsp;&nbsp; 146362563 | &nbsp;&nbsp; 4723393 | &nbsp;&nbsp; 93545690 | &nbsp;&nbsp; 446951 | &nbsp;&nbsp; 2875536 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (329506)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (1503801)<br>| &nbsp;&nbsp; (1904526)<br>| &nbsp;&nbsp; (20679)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (9045)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (8218249)<br>| &nbsp;&nbsp; (9383597)<br>| &nbsp;&nbsp; (982573)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30247)<br>| &nbsp;&nbsp; (36860)<br>|
| (922806)<br>| &nbsp;&nbsp; (1113518)<br>| &nbsp;&nbsp; (92932)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (147)<br>|
| (57137)<br>| &nbsp;&nbsp; (88987)<br>| &nbsp;&nbsp; (29772)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (195333)<br>| &nbsp;&nbsp; (232595)<br>| &nbsp;&nbsp; (47702)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (3323383)<br>| &nbsp;&nbsp; (3638799)<br>| &nbsp;&nbsp; (570241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (522031)<br>| &nbsp;&nbsp; (516522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (93004)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (452971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (61588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (7420)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (15386)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (174300)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (20874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (15568283)<br>| &nbsp;&nbsp; (16878544)<br>| &nbsp;&nbsp; (2082450)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30247)<br>| &nbsp;&nbsp; (37007)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3920973 | &nbsp;&nbsp; 1208656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2010041 | &nbsp;&nbsp; 3518069 | &nbsp;&nbsp; 161130 | &nbsp;&nbsp; 66255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 496155 | &nbsp;&nbsp; 187985 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 95411274 | &nbsp;&nbsp; 161085953 | &nbsp;&nbsp; 115570832 | &nbsp;&nbsp; 63393448 | &nbsp;&nbsp; 113770 | &nbsp;&nbsp; 203689 |
| 11261411 | &nbsp;&nbsp; 9757462 | &nbsp;&nbsp; 5291351 | &nbsp;&nbsp; 4097199 | &nbsp;&nbsp; 31252 | &nbsp;&nbsp; 96223 |
| 400360 | &nbsp;&nbsp; 350197 | &nbsp;&nbsp; 1659013 | &nbsp;&nbsp; 1445019 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; — |
| 1336949 | &nbsp;&nbsp; 2323670 | &nbsp;&nbsp; 8781708 | &nbsp;&nbsp; 2795339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 32459139 | &nbsp;&nbsp; 27543531 | &nbsp;&nbsp; 78902810 | &nbsp;&nbsp; 28703703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1618868 | &nbsp;&nbsp; 2259282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 319711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1578573 | &nbsp;&nbsp; 1885751 | &nbsp;&nbsp; 19660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 8165871 | &nbsp;&nbsp; 8759264 | &nbsp;&nbsp; 981790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30247 | &nbsp;&nbsp; 36859 |
| 780866 | &nbsp;&nbsp; 922100 | &nbsp;&nbsp; 89304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| 58169 | &nbsp;&nbsp; 80623 | &nbsp;&nbsp; 29628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 210647 | &nbsp;&nbsp; 232532 | &nbsp;&nbsp; 47359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3452488 | &nbsp;&nbsp; 3591656 | &nbsp;&nbsp; 570110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 542905 | &nbsp;&nbsp; 516522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman Equity Funds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Cap** <br>**Opportunities Fund** | **Multi-Cap** <br>**Opportunities Fund** | **Quality** <br>**Equity Fund** | **Quality** <br>**Equity Fund** |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| Payments for shares redeemed: |  |  |  |  |
| Investor Class | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59357430)<br>| &nbsp;&nbsp; $(64093613)<br>|
| Trust Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (42798037)<br>| &nbsp;&nbsp; (17300821)<br>|
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; (81343853)<br>| &nbsp;&nbsp; (101612063)<br>| &nbsp;&nbsp; (205116376)<br>| &nbsp;&nbsp; (142145849)<br>|
| Class A | &nbsp;&nbsp; (9087606)<br>| &nbsp;&nbsp; (11785359)<br>| &nbsp;&nbsp; (24879384)<br>| &nbsp;&nbsp; (67381423)<br>|
| Class C | &nbsp;&nbsp; (3646637)<br>| &nbsp;&nbsp; (4609102)<br>| &nbsp;&nbsp; (11588771)<br>| &nbsp;&nbsp; (7636356)<br>|
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6129406)<br>| &nbsp;&nbsp; (5676745)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (54106312)<br>| &nbsp;&nbsp; (71449377)<br>|
| Class E | &nbsp;&nbsp; (4048426)<br>| &nbsp;&nbsp; (7953057)<br>| &nbsp;&nbsp; (2958229)<br>| &nbsp;&nbsp; (2228574)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (23451966)<br>| &nbsp;&nbsp; (10634459)<br>| &nbsp;&nbsp; 209852092 | &nbsp;&nbsp; (63480316)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; (2074553)<br>| &nbsp;&nbsp; (1372622)<br>| &nbsp;&nbsp; 360451437 | &nbsp;&nbsp; 204830427 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 252051550 | &nbsp;&nbsp; 253424172 | &nbsp;&nbsp; 1535917187 | &nbsp;&nbsp; 1331086760 |
| End of year | &nbsp;&nbsp; $249976997 | &nbsp;&nbsp; $252051550 | &nbsp;&nbsp; $1896368624 | &nbsp;&nbsp; $1535917187 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Estate** <br>**Fund** | **Real Estate** <br>**Fund** | **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Growth Fund** | **U.S. Equity** <br>**Impact Fund** | **U.S. Equity** <br>**Impact Fund** |
| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9048832)<br>| &nbsp;&nbsp; $(6478161)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| (21914828)<br>| &nbsp;&nbsp; (20798797)<br>| &nbsp;&nbsp; (609607)<br>| &nbsp;&nbsp; (197903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; (890045)<br>| &nbsp;&nbsp; (804432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (122495421)<br>| &nbsp;&nbsp; (267479365)<br>| &nbsp;&nbsp; (90618158)<br>| &nbsp;&nbsp; (67140086)<br>| &nbsp;&nbsp; (339414)<br>| &nbsp;&nbsp; (106910)<br>|
| (16123917)<br>| &nbsp;&nbsp; (21035245)<br>| &nbsp;&nbsp; (6509509)<br>| &nbsp;&nbsp; (4848569)<br>| &nbsp;&nbsp; (45584)<br>| &nbsp;&nbsp; (51975)<br>|
| (2228781)<br>| &nbsp;&nbsp; (2115108)<br>| &nbsp;&nbsp; (1626564)<br>| &nbsp;&nbsp; (795137)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (3825712)<br>| &nbsp;&nbsp; (3525421)<br>| &nbsp;&nbsp; (4171454)<br>| &nbsp;&nbsp; (2947049)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (41722375)<br>| &nbsp;&nbsp; (49651744)<br>| &nbsp;&nbsp; (56497320)<br>| &nbsp;&nbsp; (39038075)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (3227608)<br>| &nbsp;&nbsp; (2551014)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| (52251081)<br>| &nbsp;&nbsp; (144330082)<br>| &nbsp;&nbsp; 46879091 | &nbsp;&nbsp; (20351808)<br>| &nbsp;&nbsp; (209279)<br>| &nbsp;&nbsp; 177986 |
| (95772015)<br>| &nbsp;&nbsp; (14846063)<br>| &nbsp;&nbsp; 49520034 | &nbsp;&nbsp; 73193882 | &nbsp;&nbsp; 207425 | &nbsp;&nbsp; 3016515 |
| 776537593 | &nbsp;&nbsp; 791383656 | &nbsp;&nbsp; 413188339 | &nbsp;&nbsp; 339994457 | &nbsp;&nbsp; 14134936 | &nbsp;&nbsp; 11118421 |
| $680765578 | &nbsp;&nbsp; $776537593 | &nbsp;&nbsp; $462708373 | &nbsp;&nbsp; $413188339 | &nbsp;&nbsp; $14342361 | &nbsp;&nbsp; $14134936 |

---

------

Notes to Financial Statements Equity Funds<sup>ß</sup>

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 Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Growth Fund ("Large Cap Growth"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Quality Equity Fund ("Quality Equity") (formerly known as Neuberger Berman Sustainable Equity Fund), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), and Neuberger Berman U.S. Equity Impact Fund ("U.S. Equity Impact") (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, seventeen offer Institutional Class shares, sixteen offer Class A shares, sixteen offer Class C shares, ten offer Class R3 shares, thirteen 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.

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 August 31, 2025, 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; $1138653 | &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

------

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, participatory notes, 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 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 based on 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 year ended August 31, 2025, were as follows:

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

---

| | |
|:---|:---|
| **Dividend Growth** | $9438 |
| **Emerging Markets Equity** | 99 |
| **Equity Income** | 1355 |
| **Focus** | 166042 |
| **Genesis** | 54860 |
| **International Equity** | 5082 |
| **International Select** | 47 |
| **Intrinsic Value** | 295346 |
| **Large Cap Growth** | 120690 |

---

---

| | |
|:---|:---|
| **Large Cap Value** | $177114 |
| **Mid Cap Growth** | 242566 |
| **Mid Cap Intrinsic Value** | 4796 |
| **Multi-Cap Opportunities** | 338649 |
| **Quality Equity** | 118 |
| **Real Estate** | 7645 |
| **Small Cap Growth** | 58514 |
| **U.S. Equity Impact** | 591 |

---

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 August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **Dividend Growth** | $62043064 | &nbsp;&nbsp; $52041837 | &nbsp;&nbsp; $31589 | &nbsp;&nbsp; $52010248 |
| **Emerging Markets Equity** | 167905742 | &nbsp;&nbsp; 55358459 | &nbsp;&nbsp; 14938844 | &nbsp;&nbsp; 40419615 |
| **Equity Income** | 660610840 | &nbsp;&nbsp; 313740018 | &nbsp;&nbsp; 7958628 | &nbsp;&nbsp; 305781390 |
| **Focus** | 567264155 | &nbsp;&nbsp; 234536348 | &nbsp;&nbsp; 6935501 | &nbsp;&nbsp; 227600847 |
| **Genesis** | 5970985839 | &nbsp;&nbsp; 3433294869 | &nbsp;&nbsp; 173014677 | &nbsp;&nbsp; 3260280192 |
| **International Equity** | 928613249 | &nbsp;&nbsp; 244209878 | &nbsp;&nbsp; 60755052 | &nbsp;&nbsp; 183454826 |
| **International Select** | 212988043 | &nbsp;&nbsp; 43123563 | &nbsp;&nbsp; 11628403 | &nbsp;&nbsp; 31495160 |
| **Intrinsic Value** | 865162165 | &nbsp;&nbsp; 452847367 | &nbsp;&nbsp; 131216247 | &nbsp;&nbsp; 321631120 |
| **Large Cap Growth** | 1389081978 | &nbsp;&nbsp; 1262541016 | &nbsp;&nbsp; 43075391 | &nbsp;&nbsp; 1219465625 |
| **Large Cap Value** | 6855088597 | &nbsp;&nbsp; 1549013007 | &nbsp;&nbsp; 61218596 | &nbsp;&nbsp; 1487794411 |
| **Mid Cap Growth** | 1724213692 | &nbsp;&nbsp; 394590787 | &nbsp;&nbsp; 49240142 | &nbsp;&nbsp; 345350645 |
| **Mid Cap Intrinsic Value** | 41046996 | &nbsp;&nbsp; 16598728 | &nbsp;&nbsp; 5234874 | &nbsp;&nbsp; 11363854 |
| **Multi-Cap Opportunities** | 154461758 | &nbsp;&nbsp; 96516483 | &nbsp;&nbsp; 866658 | &nbsp;&nbsp; 95649825 |
| **Quality Equity** | 918590228 | &nbsp;&nbsp; 983254945 | &nbsp;&nbsp; 7128338 | &nbsp;&nbsp; 976126607 |
| **Real Estate** | 696139056 | &nbsp;&nbsp; 42936068 | &nbsp;&nbsp; 58415250 | &nbsp;&nbsp; (15479182)<br>|
| **Small Cap Growth** | 431263457 | &nbsp;&nbsp; 62110856 | &nbsp;&nbsp; 15163782 | &nbsp;&nbsp; 46947074 |
| **U.S. Equity Impact** | 11233514 | &nbsp;&nbsp; 3670951 | &nbsp;&nbsp; 494396 | &nbsp;&nbsp; 3176555 |

---

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>|
| **Dividend Growth** | $14185 | &nbsp;&nbsp; $(14185)<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>|
| **U.S. Equity Impact** |  | &nbsp;&nbsp; — |

---

------

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** | &nbsp;&nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain** | &nbsp;&nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain** | &nbsp;&nbsp;&nbsp; **Return of** <br>**Capital**  | &nbsp;&nbsp;&nbsp; **Return of** <br>**Capital**  | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Dividend** <br> **Growth**<br>| $917091 | $1050158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1731157 | $1460816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2648248 | $2510974 |
| **Emerging** <br> **Markets** <br> **Equity**<br>| 267045 | 4934304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267045 | 4934304 |
| **Equity** <br> **Income**<br>| 19923203 | 18148850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43306527 | 34553541 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63229730 | 52702391 |
| **Focus** | 816503 | 3716821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564361 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380864 | 3716821 |
| **Genesis** | 3835130 | 19138150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216453035 | 298131464 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220288165 | 317269614 |
| **International** <br> **Equity**<br>| 31761965 | 21860070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12143365 | 4397863 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43905330 | 26257933 |
| **International** <br> **Select**<br>| 4755483 | 3511806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278340 | 783599 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6033823 | 4295405 |
| **Intrinsic** <br> **Value**<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11435886 | 3960087 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11435886 | 3960087 |
| **Large Cap** <br> **Growth**<br>| 1577626 | 7163099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148977714 | 86331766 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150555340 | 93494865 |
| **Large Cap** <br> **Value**<br>| 188467039 | 275633172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188467039 | 275633172 |
| **Mid Cap** <br> **Growth**<br>| 100047521 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65393305 | 48564921 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165440826 | 48564921 |
| **Mid Cap** <br> **Intrinsic** <br> **Value**<br>| 374638 | 328937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2935964 | 752060 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3310602 | 1080997 |
| **Multi-Cap** <br> **Opportunities**<br>| 1050146 | 1004387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6811394 | 44637133 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7861540 | 45641520 |
| **Quality** <br> **Equity**<br>| 1439913 | 3997941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88034430 | 122579725 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89474343 | 126577666 |
| **Real** <br> **Estate**<br>| 14742740 | 16878544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 825543 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15568283 | 16878544 |
| **Small Cap** <br> **Growth**<br>|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2082450 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2082450 |  |
| **U.S. Equity** <br> **Impact**<br>| 30247 | 37007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30247 | 37007 |

---

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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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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**  |
| **Dividend Growth** | $551859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52017039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52568898 |
| **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 |
| **U.S. Equity Impact** | 14892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3176555 | &nbsp;&nbsp; (42734)<br>| &nbsp;&nbsp; (4274)<br>| &nbsp;&nbsp; 3144439 |

---

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales, amortization of organization expenses, 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:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **Emerging Markets Equity** | $— | &nbsp;&nbsp; $71582688 |
| **Real Estate** | 22032149 | &nbsp;&nbsp; 3665554 |
| **U.S. Equity Impact** |  | &nbsp;&nbsp; 42734 |

---

During the year ended August 31, 2025, Emerging Markets Equity, Focus, Intrinsic Value, Large Cap Value, Real Estate, and U.S. Equity Impact utilized capital loss carryforwards of $17,854,846, $2,898,772, $3,114,159, $311,527,885, $9,531,844, and $397,056, 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 August 31, 2025, Emerging Markets Equity had accrued capital gains taxes of $1,172,264, which is reflected in the Statements of Assets and Liabilities. For the year ended August 31, 2025, Emerging Markets Equity had realized capital gains taxes of $1,400,106, 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 (Note A)" 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. At August 31, 2025, these Funds estimated these amounts for the period January 1, 2025 to August 31, 2025 within the financial statements because the 2025 information is not available from the REITs until after these Fund's fiscal year-end. All estimates are based upon REIT information sources available to these Funds together with actual IRS Forms 1099-DIV received to date. 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

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a portion of these Funds' distributions during the current fiscal year, if 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.

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

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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 year ended August 31, 2025, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 2025. 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 August 31, 2025, 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 | $(26625)<br>|

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The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 2025, 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; $937049 | &nbsp;&nbsp; $124680 |
| **Large Cap Growth** |  |  |
| Options purchased |  |  |
| Equity risk | &nbsp;&nbsp; (330038)<br>| &nbsp;&nbsp; — |
| Options written |  |  |
| Equity risk | &nbsp;&nbsp; 219197 | &nbsp;&nbsp; — |

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&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 Dividend Growth, 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, Small Cap Growth and U.S. Equity Impact did not hold any derivative instruments during the year ended August 31, 2025 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.

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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 August 31, 2025, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value of Securities** <br>**Loaned**<br>|
| **Emerging Markets Equity** | &nbsp;&nbsp;&nbsp;&nbsp; $5920814 |
| **International Equity** | &nbsp;&nbsp;&nbsp;&nbsp; 15020232 |
| **International Select** | &nbsp;&nbsp;&nbsp;&nbsp; 6812364 |
| **Large Cap Growth** | &nbsp;&nbsp;&nbsp;&nbsp; 16141457 |
| **Small Cap Growth** | &nbsp;&nbsp;&nbsp;&nbsp; 26039323 |

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As of August 31, 2025, the Funds listed below had outstanding loans of securities to certain approved brokers for which each received collateral as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |  |
| **Emerging Markets Equity** | $6252183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6252183 |
| **International Equity** | 15832445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15832445 |
| **International Select** | 7210866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7210866 |
| **Large Cap Growth** | 16494268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16494268 |
| **Small Cap Growth** | 29172218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29172218 |

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&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. Emerging Markets Equity, International Equity, International Select, Large Cap Growth and Small Cap Growth held one or more of these investments at August 31, 2025. 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 August 31, 2025.

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| | | |
|:---|:---|:---|
| **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>|
| **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** |
| Securities lending | &nbsp;&nbsp; $5920814 | &nbsp;&nbsp; $— |
| **International Equity** | **International Equity** | **International Equity** |
| Securities lending | &nbsp;&nbsp; $15020232 | &nbsp;&nbsp; $— |
| **International Select** | **International Select** | **International Select** |
| Securities lending | &nbsp;&nbsp; $6812364 | &nbsp;&nbsp; $— |
| **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** |
| Securities lending | &nbsp;&nbsp; $16141457 | &nbsp;&nbsp; $— |
| **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |
| Securities lending | &nbsp;&nbsp; $26039323 | &nbsp;&nbsp; $— |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| **Emerging Markets Equity** | **Emerging Markets Equity** |  |  |  |  |  |  |  |
| SSB | $5920814 | $— | $(5920814)<br>| $— | $— | $— | $— | $— |
| **Total** | **$5920814** | **$—** | **$(5920814)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **International Equity** | **International Equity** |  |  |  |  |  |  |  |
| SSB | $15020232 | $— | $(15020232)<br>| $— | $— | $— | $— | $— |
| **Total** | **$15020232** | **$—** | **$(15020232)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **International Select** | **International Select** |  |  |  |  |  |  |  |
| SSB | $6812364 | $— | $(6812364)<br>| $— | $— | $— | $— | $— |
| **Total** | **$6812364** | **$—** | **$(6812364)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **Large Cap Growth** | **Large Cap Growth** |  |  |  |  |  |  |  |
| SSB | $16141457 | $— | $(16141457)<br>| $— | $— | $— | $— | $— |
| **Total** | **$16141457** | **$—** | **$(16141457)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |
| **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |  |
| SSB | $26039323 | $— | $(26039323)<br>| $— | $— | $— | $— | $— |
| **Total** | **$26039323** | **$—** | **$(26039323)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Net Amount greater than zero represents amounts subject to loss as of August 31,
 2025, in the event of a counterparty failure. A Net Amount less than zero represents amounts under-collateralized
 to each counterparty as of August 31, 2025.

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 year ended August 31, 2025, Equity Income, Focus, Genesis, Large Cap Value, Multi-Cap Opportunities and Quality Equity realized net gains of $67,387,853, $19,380,092, $494,190,979, $2,958,189, $38,643,654 and $21,425,693, respectively, on $121,746,268, $36,485,370, $753,072,997, $11,550,778, $48,205,016 and $25,062,500 of in-kind redemptions, which is comprised of $121,695,653, $36,485,132, $749,277,274, $11,161,763, $48,200,101 and $25,062,421 in securities and $50,615, $238, $3,795,723, $389,015, $4,915 and $79 in cash, respectively. During the year ended August 31, 2024, Genesis and Multi-Cap Opportunities realized net gains of $365,127,688 and $34,403,161, respectively, on $565,814,327 and $46,435,805 of in-kind redemptions, which is comprised of $563,693,471 and $46,410,869 in securities and $2,120,855 and $24,936 in cash, respectively.

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: Investments in private companies, including companies that have not yet issued securities publicly in an initial public offering, involve greater risks than investments in securities of companies that have traded publicly on an exchange for extended periods of time. Investments in these companies are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value. Private placements and other restricted securities may not be listed on an exchange and may have no active trading market. As a result of the absence of a public trading market, the prices of these securities may be more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. Private placements and other restricted securities may be illiquid, and it frequently can be difficult to sell them at a time when it may otherwise be desirable to do so or the Fund may be able to sell them only at prices that are less than what the Fund regards as their fair market value.

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 strategies 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:  | 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:  |
| **First** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$500** <br>**million**<br>| **Next** <br>**$500** <br>**million**<br>| **Next** <br>**$1.5** <br>**billion**<br>| **Next** <br>**$10** <br>**billion**<br>| **Thereafter** |
| **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** |
| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.475<br> %<br>| 0.475<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  | **Emerging Markets Equity**<sup>(a)</sup>  |
| 1.00<br> %<br>| 0.975<br> %<br>| 0.95<br> %<br>| 0.925<br> %<br>| 0.90<br> %<br>| 0.875<br> %<br>| 0.875<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</sup>  | **Equity Income**<sup>(b)</sup>**, Focus, International Select, Large Cap Growth, Large Cap Value**<sup>(b)</sup>**, Mid Cap Growth, Mid Cap Intrinsic** <br> **Value and Quality Equity**<sup>(b)</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>| 0.425<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</sup>  | **Genesis**<sup>(b)</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>| 0.65<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>|
| **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  | **International Equity**<sup>(a)(b)</sup>  |
| 0.85<br> %<br>| 0.825<br> %<br>| 0.80<br> %<br>| 0.775<br> %<br>| 0.75<br> %<br>| 0.725<br> %<br>| 0.70<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** | **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>| 0.65<br> %<br>| 0.65<br> %<br>|
| **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</sup>  | **Multi-Cap Opportunities**<sup>(b)</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>| 0.475<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</sup>  | **Real Estate**<sup>(b)</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>| 0.80<br> %<br>| 0.80<br> %<br>|
| **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** |
| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<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>**Year Ended** <br>**August 31, 2025**<br>|
| **Emerging Markets Equity** | 0.10<br> %<br>| &nbsp;&nbsp; 9/1/23 | &nbsp;&nbsp; $198557 |
| **International Equity** | 0.15<br> %<br>| &nbsp;&nbsp; 11/21/22 | &nbsp;&nbsp; $1615171 |

---

(b) NBIA has contractually agreed to waive its Class E management fee for the below Funds. This undertaking lasts until August 31, 2026 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>**Year Ended** <br>**August 31, 2025**<br>|
| **Equity Income** | 0.52<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $212302 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Annualized**<br> **Percentage of**<br> **Average Daily**<br> **Net Assets**<br> **Waived** <br>| **Effective Date(s)**  | **Management Fees**<br> **Waived for the**<br> **Year Ended**<br> **August 31, 2025**<br>|
| **Genesis** | 0.66<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $1073373 |
| **International Equity** | 0.66<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $255427 |
| **Large Cap Value** | 0.42<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $771113 |
| **Multi-Cap Opportunities** | 0.60<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $613626 |
| **Quality Equity** | 0.49<br> % <br>| &nbsp;&nbsp; 12/6/23 | &nbsp;&nbsp; $161347 |
| **Real Estate** | 0.80<br> % <br>| &nbsp;&nbsp; 1/11/22 | &nbsp;&nbsp; $146431 |

---

Accordingly, for the year ended August 31, 2025, 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**  |
| **Dividend Growth** | 0.50<br> %<br>|
| **Emerging Markets Equity** | 1.00<br> %<sup>(a)</sup><br>|
| **Equity Income** | 0.51<br> %<sup>(b)</sup><br>|
| **Focus** | 0.53<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** | 0.76<br> %<br>|
| **Large Cap Growth** | 0.46<br> %<br>|
| **Large Cap Value** | 0.42<br> %<sup>(e)</sup><br>|
| **Mid Cap Growth** | 0.48<br> %<br>|
| **Mid Cap Intrinsic Value** | 0.55<br> %<br>|
| **Multi-Cap Opportunities** | 0.60<br> %<sup>(f)</sup><br>|
| **Quality Equity** | 0.49<br> %<sup>(g)</sup><br>|
| **Real Estate** | 0.80<br> %<sup>(h)</sup><br>|
| **Small Cap Growth** | 0.83<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After waivers, 0.90% 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, 0.35% annual effective net rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) After waivers, 0.48% 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 share with the Blocker. For the year ended August 31, 2025, the expenses of the Blocker amounted to $8,776.

At August 31, 2025, 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,**  |
|  |  |  | **2023** | **2024** | **2025** |
|  |  |  | **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** |
| **Dividend Growth Institutional Class** | 0.69<br> %<sup>(b)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; $241403 | &nbsp;&nbsp; $261699 | &nbsp;&nbsp; $264216 |
| **Dividend Growth Class A** | 1.05<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 6955 | &nbsp;&nbsp; 6977 | &nbsp;&nbsp; 6316 |
| **Dividend Growth Class C** | 1.80<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 3277 | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 1630 |
| **Dividend Growth Class R6** | 0.59<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 216 |
| **Emerging Markets Equity Institutional Class** | 1.25<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 360925 | &nbsp;&nbsp; 298501 | &nbsp;&nbsp; 218130 |
| **Emerging Markets Equity Class A** | 1.50<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 35496 | &nbsp;&nbsp; 46856 | &nbsp;&nbsp; 37378 |
| **Emerging Markets Equity Class C** | 2.25<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 4379 | &nbsp;&nbsp; 3742 | &nbsp;&nbsp; 4021 |
| **Emerging Markets Equity Class R3** | 1.91<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1186 |
| **Emerging Markets Equity Class R6** | 1.15<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 66328 | &nbsp;&nbsp; 25727 | &nbsp;&nbsp; 22020 |
| **Equity Income Institutional Class** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class A** | 1.16<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class C** | 1.91<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class R3** | 1.41<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127 | &nbsp;&nbsp; — |
| **Focus Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 431 |
| **Focus Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 238 |
| **Genesis Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Genesis Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Investor Class** | 1.40<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Trust Class** | 2.00<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 232778 | &nbsp;&nbsp; 163216 | &nbsp;&nbsp; 183646 |
| **International Equity Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 3263 |
| **International Equity Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1253 |
| **International Equity Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 9720 | &nbsp;&nbsp; 11837 | &nbsp;&nbsp; 10229 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **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** |
|  |  |  | **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** |
| **International Select Trust Class** | 1.15<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; $14835 | &nbsp;&nbsp; $11304 | &nbsp;&nbsp; $12421 |
| **International Select Institutional Class** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 223646 | &nbsp;&nbsp; 230593 | &nbsp;&nbsp; 243082 |
| **International Select Class A** | 1.16<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 6724 | &nbsp;&nbsp; 7059 |
| **International Select Class C** | 1.91<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1057 |
| **International Select Class R3** | 1.41<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 2639 |
| **International Select Class R6** | 0.70<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 19993 |
| **Intrinsic Value Institutional Class** | 1.00<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class A** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class C** | 2.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class R6** | 0.90<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class R6** | 0.56<br> %<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Institutional Class** | 0.70<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class R6** | 0.60<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Advisor Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class R6** | 0.65<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Investor Class** | 1.50<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 3482 | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 26433 |
| **Mid Cap Intrinsic Value Trust Class** | 1.25<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 26407 | &nbsp;&nbsp; 28864 | &nbsp;&nbsp; 30321 |
| **Mid Cap Intrinsic Value Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 63665 | &nbsp;&nbsp; 74104 | &nbsp;&nbsp; 75545 |
| **Mid Cap Intrinsic Value Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 6023 | &nbsp;&nbsp; 7860 | &nbsp;&nbsp; 8711 |
| **Mid Cap Intrinsic Value Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4451 | &nbsp;&nbsp; 4901 |
| **Mid Cap Intrinsic Value Class R3** | 1.46<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 3342 |
| **Mid Cap Intrinsic Value Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 194 |
| **Multi-Cap Opportunities Institutional Class** | 1.00<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class A** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class C** | 2.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **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** |
|  |  |  | **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** |
| **Quality Equity Trust Class** | 1.50<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Quality Equity Institutional Class** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class A** | 1.11<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class C** | 1.86<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class R3** | 1.36<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class R6** | 0.65<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Trust Class** | 1.50<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Institutional Class** | 0.85<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 968863 | &nbsp;&nbsp; 684581 | &nbsp;&nbsp; 687909 |
| **Real Estate Class A** | 1.21<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 119614 | &nbsp;&nbsp; 101881 | &nbsp;&nbsp; 98776 |
| **Real Estate Class C** | 1.96<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 16910 | &nbsp;&nbsp; 14353 | &nbsp;&nbsp; 12679 |
| **Real Estate Class R3** | 1.46<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 28692 | &nbsp;&nbsp; 26248 | &nbsp;&nbsp; 26365 |
| **Real Estate Class R6** | 0.75<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 255521 | &nbsp;&nbsp; 266615 | &nbsp;&nbsp; 271667 |
| **Small Cap Growth Investor Class** | 1.30<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 7122 | &nbsp;&nbsp; 15927 | &nbsp;&nbsp; — |
| **Small Cap Growth Trust Class** | 1.40<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 3497 | &nbsp;&nbsp; 2714 |
| **Small Cap Growth Advisor Class** | 1.60<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 720 |
| **Small Cap Growth Institutional Class** | 0.90<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 337846 | &nbsp;&nbsp; 336103 | &nbsp;&nbsp; 416459 |
| **Small Cap Growth Class A** | 1.26<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 46585 | &nbsp;&nbsp; 46373 | &nbsp;&nbsp; 45778 |
| **Small Cap Growth Class C** | 2.01<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 9514 | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 12685 |
| **Small Cap Growth Class R3** | 1.51<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 17434 | &nbsp;&nbsp; 21071 | &nbsp;&nbsp; 26195 |
| **Small Cap Growth Class R6** | 0.80<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 189641 | &nbsp;&nbsp; 196169 | &nbsp;&nbsp; 238843 |
| **U.S. Equity Impact Institutional Class** | 0.90<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 243413 | &nbsp;&nbsp; 266638 | &nbsp;&nbsp; 270897 |
| **U.S. Equity Impact Class A** | 1.26<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 4848 | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 5035 |
| **U.S. Equity Impact Class C** | 2.01<br> %<br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 873 |

---

&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) Effective October 3, 2025, the expense limitation will be 0.59%.

&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 Year** <br>**Ended August 31,** <br>**2025**<br>|
| **Dividend Growth Class A** | 0.80<br> %<br>| 7/23/25 | $518 |
| **Dividend Growth Class C** | 0.80<br> %<br>| 7/23/25 | 1118 |
| **Emerging Markets Equity Institutional Class** | 1.15<br> %<br>| 9/1/23 | 166349 |
| **Emerging Markets Equity Class A** | 1.40<br> %<br>| 9/1/23 | 14076 |
| **Emerging Markets Equity Class C** | 2.15<br> %<br>| 9/1/23 | 1476 |
| **Emerging Markets Equity Class R3** | 1.81<br> %<br>| 9/1/23 | 625 |
| **Emerging Markets Equity Class R6** | 1.05<br> %<br>| 9/1/23 | 16031 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Class**  | **Voluntary Expense**<br> **Limitation** <br>| **Effective Date(s)**  | &nbsp;&nbsp; **Fees Voluntarily**<br> **Waived for the Year**<br> **Ended August 31,**<br> **2025**<br>|
| **Mid Cap Intrinsic Value Investor Class** | 0.96<br> %<br>| 1/19/21 | $167897 |
| **Mid Cap Intrinsic Value Trust Class** | 1.20<br> %<br>| 1/19/21 | 2930 |
| **Real Estate Trust Class** | 1.04<br> %<br>| 12/16/11 | 283481 |
| **Small Cap Growth Investor Class** | 1.01<br> %<br>| 1/19/21 | 198609 |
| **Small Cap Growth Trust Class** | 1.25<br> %<br>| 1/19/21 | 6216 |
| **Small Cap Growth Advisor Class** | 1.40<br> %<br>| 1/27/21 | 3221 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective January 1, 2026, the expense limitation will be 0.65% until August 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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**  |
| **Large Cap Growth R6** | 0.56<br> %<br>| &nbsp;&nbsp; 12/31/25 |
|  | 0.57<br> %<br>| &nbsp;&nbsp; 12/18/24 |
|  | 0.58<br> %<br>| &nbsp;&nbsp; 12/18/23 |
|  | 0.65<br> %<br>| &nbsp;&nbsp; 12/19/22 |

---

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 year ended August 31, 2025, 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; $2093 |
| **Large Cap Growth Class R6** | &nbsp;&nbsp; 1230 |

---

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.

------

Dividend Growth paid the Distributor fees at the annual rate of 0.25% of Class A's average daily net assets and 1.00% of Class C's average daily net assets. Effective from July 23, 2025 to September 11, 2025, the 12b-1 fees for Class A and Class C share classes of Dividend Growth were voluntarily waived until Class A and Class C shares were converted into Institutional Class shares, which amounted to $518 and $1,118, respectively. These waivers are included in the Statements of Operations under the caption "Fees waived."

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.

For the year ended August 31, 2025, 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**  |
| **Dividend Growth Class A** | &nbsp;&nbsp; $1096 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Dividend Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Emerging Markets Equity Class A** | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Emerging Markets Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class A** | &nbsp;&nbsp; 5682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Equity Income Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Class A** | &nbsp;&nbsp; 1896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Focus Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Class A** | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Select Class A** | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Select Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class A** | &nbsp;&nbsp; 1644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Intrinsic Value Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class A** | &nbsp;&nbsp; 12282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 2399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class A** | &nbsp;&nbsp; 20803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Large Cap Value Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 9003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class A** | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Mid Cap Intrinsic Value Class A** | &nbsp;&nbsp; 373 | &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; 1197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Multi-Cap Opportunities Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class A** | &nbsp;&nbsp; 20580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Quality Equity Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Class A** | &nbsp;&nbsp; 2341 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Real Estate Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small Cap Growth Class A** | &nbsp;&nbsp; 9168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small Cap Growth Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; 5265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **U.S. Equity Impact Class A** | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **U.S. Equity Impact Class C** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

Note C—Securities Transactions:

During the year ended August 31, 2025, 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**  |
| **Dividend Growth** | $18248375 | &nbsp;&nbsp; $22917902 |
| **Emerging Markets Equity** | 132293016 | &nbsp;&nbsp; 171708564 |
| **Equity Income** | 319325712 | &nbsp;&nbsp; 286220698 |
| **Focus** | 560291487 | &nbsp;&nbsp; 599974247 |
| **Genesis** | 2235333652 | &nbsp;&nbsp; 2558584985 |
| **International Equity** | 650562807 | &nbsp;&nbsp; 727641700 |
| **International Select** | 170636433 | &nbsp;&nbsp; 116454722 |
| **Intrinsic Value** | 145007344 | &nbsp;&nbsp; 321876848 |
| **Large Cap Growth** | 757626992 | &nbsp;&nbsp; 1079226849 |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| **Large Cap Value** | $8852383895 | &nbsp;&nbsp; $10202071357 |
| **Mid Cap Growth** | 2640204256 | &nbsp;&nbsp; 2670737575 |
| **Mid Cap Intrinsic Value** | 8602977 | &nbsp;&nbsp; 15758565 |
| **Multi-Cap Opportunities** | 105244870 | &nbsp;&nbsp; 87785795 |
| **Quality Equity** | 301488318 | &nbsp;&nbsp; 168805699 |
| **Real Estate** | 410322786 | &nbsp;&nbsp; 453672491 |
| **Small Cap Growth** | 704106462 | &nbsp;&nbsp; 648037409 |
| **U.S. Equity Impact** | 2170351 | &nbsp;&nbsp; 2244846 |

---

During the year ended August 31, 2025, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended August 31, 2025, and August 31, 2024, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** |
|  | **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**  |
| **Dividend Growth** | **Dividend Growth** | **Dividend Growth** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 217524 | 119663 | (489808)<br>| (152621)<br>| &nbsp;&nbsp; 595980 | 128724 | (488912)<br>| 235792 |
| Class A | 17511 | 2150 | (50418)<br>| (30757)<br>| &nbsp;&nbsp; 11257 | 2390 | (10310)<br>| 3337 |
| Class C | 255 | 809 | (7131)<br>| (6067)<br>| &nbsp;&nbsp; 1137 | 910 | (11580)<br>| (9533)<br>|
| Class R6 | 361 | 39 | (1835)<br>| (1435)<br>| &nbsp;&nbsp; — | 41 | (1567)<br>| (1526)<br>|
| **Emerging Markets Equity** | **Emerging Markets Equity** | **Emerging Markets Equity** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 778180 | 7097 | (2260951)<br>| (1475674)<br>| &nbsp;&nbsp; 2367365 | 82170 | (20115756)<br>| (17666221)<br>|
| Class A | 135591 |  | (612975)<br>| (477384)<br>| &nbsp;&nbsp; 192540 | 8138 | (392401)<br>| (191723)<br>|
| Class C | 29823 |  | (21114)<br>| 8709 | &nbsp;&nbsp; 10667 | 328 | (49852)<br>| (38857)<br>|
| Class R3 | 3510 |  | (2289)<br>| 1221 | &nbsp;&nbsp; 5939 | 260 | (12370)<br>| (6171)<br>|
| Class R6 | 55838 | 1985 | (72301)<br>| (14478)<br>| &nbsp;&nbsp; 102747 | 47690 | (6095025)<br>| (5944588)<br>|
| **Equity Income** | **Equity Income** | **Equity Income** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 14228692 | 3224432 | (18204449)<br>| (751325)<br>| &nbsp;&nbsp; 5162696 | 2865397 | (14058064)<br>| (6029971)<br>|
| Class A | 941113 | 540853 | (2330700)<br>| (848734)<br>| &nbsp;&nbsp; 871309 | 514409 | (2629168)<br>| (1243450)<br>|
| Class C | 55898 | 168895 | (794593)<br>| (569800)<br>| &nbsp;&nbsp; 85193 | 173507 | (1266322)<br>| (1007622)<br>|
| Class R3 | 18878 | 3802 | (14844)<br>| 7836 | &nbsp;&nbsp; 19396 | 2704 | (16079)<br>| 6021 |
| Class E | 191901 | 213461 | (171520)<br>| 233842 | &nbsp;&nbsp; 208720 | 177541 | (203084)<br>| 183177 |
| **Focus**<sup>(a)</sup>  | **Focus**<sup>(a)</sup>  | **Focus**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 68367 | 36976 | (1684038)<br>| (1578695)<br>| &nbsp;&nbsp; 99285 | 126575 | (2045575)<br>| (1819715)<br>|
| Trust Class | 9745 | 834 | (183471)<br>| (172892)<br>| &nbsp;&nbsp; 15018 | 4768 | (175560)<br>| (155774)<br>|
| Advisor Class | 5730 | 24 | (4746)<br>| 1008 | &nbsp;&nbsp; 6812 | 42 | (15530)<br>| (8676)<br>|
| Institutional <br> Class<br>| 1248910 | 2298 | (1175550)<br>| 75658 | &nbsp;&nbsp; 159673 | 5732 | (204320)<br>| (38915)<br>|
| Class A | 16376 | 66 | (15239)<br>| 1203 | &nbsp;&nbsp; 2510 | 388 | (24237)<br>| (21339)<br>|
| Class C | 338 | 6 | (1714)<br>| (1370)<br>| &nbsp;&nbsp; 216 |  | (1178)<br>| (962)<br>|
| **Genesis** | **Genesis** | **Genesis** |  |  |  |  |  |  |
| Investor Class | 1261532 | 504917 | (4281688)<br>| (2515239)<br>| &nbsp;&nbsp; 1820877 | 802947 | (3517591)<br>| (893767)<br>|
| Trust Class | 913782 | 298007 | (2743209)<br>| (1531420)<br>| &nbsp;&nbsp; 1182469 | 513616 | (3497541)<br>| (1801456)<br>|
| Advisor Class | 160787 | 29271 | (540049)<br>| (349991)<br>| &nbsp;&nbsp; 193913 | 49846 | (409174)<br>| (165415)<br>|

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** |
|  | **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**  |
| Institutional <br> Class<br>| 18832091 | 719610 | (23351967)<br>| (3800266)<br>| &nbsp;&nbsp; 17428168 | 1160895 | (20926689)<br>| (2337626)<br>|
| Class R6 | 6204805 | 1445620 | (12641241)<br>| (4990816)<br>| &nbsp;&nbsp; 8759969 | 2483694 | (15731055)<br>| (4487392)<br>|
| Class E | 163215 | 62124 | (323091)<br>| (97752)<br>| &nbsp;&nbsp; 240308 | 95944 | (257007)<br>| 79245 |
| **International Equity** | **International Equity** | **International Equity** |  |  |  |  |  |  |
| Investor Class | 147853 | 203434 | (547874)<br>| (196587)<br>| &nbsp;&nbsp; 94253 | 125760 | (779628)<br>| (559615)<br>|
| Trust Class | 122826 | 57649 | (263228)<br>| (82753)<br>| &nbsp;&nbsp; 74861 | 34951 | (272889)<br>| (163077)<br>|
| Institutional <br> Class<br>| 9184202 | 2208841 | (13496129)<br>| (2103086)<br>| &nbsp;&nbsp; 5060539 | 1406954 | (13997808)<br>| (7530315)<br>|
| Class A | 164119 | 22327 | (331298)<br>| (144852)<br>| &nbsp;&nbsp; 143102 | 13845 | (268904)<br>| (111957)<br>|
| Class C | 30292 | 5083 | (110569)<br>| (75194)<br>| &nbsp;&nbsp; 6596 | 2240 | (124093)<br>| (115257)<br>|
| Class R6 | 782660 | 161508 | (1422527)<br>| (478359)<br>| &nbsp;&nbsp; 851753 | 92731 | (877896)<br>| 66588 |
| Class E | 368539 | 140971 | (342835)<br>| 166675 | &nbsp;&nbsp; 243654 | 101958 | (270920)<br>| 74692 |
| **International Select** | **International Select** | **International Select** |  |  |  |  |  |  |
| Trust Class | 24536 | 10006 | (30959)<br>| 3583 | &nbsp;&nbsp; 2908 | 9336 | (28329)<br>| (16085)<br>|
| Institutional <br> Class<br>| 4861668 | 393409 | (2360439)<br>| 2894638 | &nbsp;&nbsp; 1722061 | 315709 | (2051416)<br>| (13646)<br>|
| Class A | 244552 | 4368 | (135771)<br>| 113149 | &nbsp;&nbsp; 43502 | 4042 | (65333)<br>| (17789)<br>|
| Class C | 3139 | 883 | (20629)<br>| (16607)<br>| &nbsp;&nbsp; 13540 | 935 | (20352)<br>| (5877)<br>|
| Class R3 | 34721 | 3396 | (65706)<br>| (27589)<br>| &nbsp;&nbsp; 15656 | 2751 | (18143)<br>| 264 |
| Class R6 | 1387120 | 28031 | (8630)<br>| 1406521 | &nbsp;&nbsp; 1018 | 14 | (1183)<br>| (151)<br>|
| **Intrinsic Value** | **Intrinsic Value** | **Intrinsic Value** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 11855664 | 375888 | (20272598)<br>| (8041046)<br>| &nbsp;&nbsp; 19092049 | 156496 | (36756613)<br>| (17508068)<br>|
| Class A | 307859 | 14387 | (724369)<br>| (402123)<br>| &nbsp;&nbsp; 1459836 | 11206 | (3280627)<br>| (1809585)<br>|
| Class C | 92654 | 6585 | (228482)<br>| (129243)<br>| &nbsp;&nbsp; 139663 | 2175 | (323485)<br>| (181647)<br>|
| Class R6 | 217180 | 42585 | (1069079)<br>| (809314)<br>| &nbsp;&nbsp; 592534 | 14608 | (579356)<br>| 27786 |
| **Large Cap Growth**<sup>(a)</sup>  | **Large Cap Growth**<sup>(a)</sup>  | **Large Cap Growth**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 397598 | 3376880 | (4687516)<br>| (913038)<br>| &nbsp;&nbsp; 666028 | 2618012 | (4625497)<br>| (1341457)<br>|
| Trust Class | 59525 | 89694 | (276229)<br>| (127010)<br>| &nbsp;&nbsp; 70045 | 70512 | (166171)<br>| (25614)<br>|
| Advisor Class | 509 | 483 | (2965)<br>| (1973)<br>| &nbsp;&nbsp; 2204 | 330 | (1795)<br>| 739 |
| Institutional <br> Class<br>| 3581420 | 1001796 | (9949977)<br>| (5366761)<br>| &nbsp;&nbsp; 10615903 | 866866 | (8904141)<br>| 2578628 |
| Class A | 210597 | 42926 | (263378)<br>| (9855)<br>| &nbsp;&nbsp; 467219 | 36971 | (547467)<br>| (43277)<br>|
| Class C | 93867 | 46822 | (313072)<br>| (172383)<br>| &nbsp;&nbsp; 547979 | 22738 | (271164)<br>| 299553 |
| Class R3 | 6432 | 2915 | (19317)<br>| (9970)<br>| &nbsp;&nbsp; 36425 | 2506 | (29778)<br>| 9153 |
| Class R6 | 3178441 | 166437 | (3032584)<br>| 312294 | &nbsp;&nbsp; 233466 | 5964 | (180208)<br>| 59222 |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |  |  |  |  |  |  |
| Investor Class | 350863 | 649598 | (3460148)<br>| (2459687)<br>| &nbsp;&nbsp; 808593 | 849161 | (6049908)<br>| (4392154)<br>|
| Trust Class | 127277 | 32504 | (385922)<br>| (226141)<br>| &nbsp;&nbsp; 123941 | 55119 | (1059961)<br>| (880901)<br>|
| Advisor Class | 199451 | 41549 | (675657)<br>| (434657)<br>| &nbsp;&nbsp; 228279 | 59799 | (710923)<br>| (422845)<br>|
| Institutional <br> Class<br>| 20413876 | 2459732 | (46446305)<br>| (23572697)<br>| &nbsp;&nbsp; 43892016 | 4483372 | (134868166)<br>| (86492778)<br>|
| Class A | 957810 | 42391 | (929144)<br>| 71057 | &nbsp;&nbsp; 792326 | 65736 | (2450971)<br>| (1592909)<br>|
| Class C | 276080 | 38199 | (1070624)<br>| (756345)<br>| &nbsp;&nbsp; 524631 | 66994 | (2205121)<br>| (1613496)<br>|
| Class R3 | 83983 | 3236 | (59986)<br>| 27233 | &nbsp;&nbsp; 58480 | 5572 | (136965)<br>| (72913)<br>|
| Class R6 | 1995766 | 279132 | (4815996)<br>| (2541098)<br>| &nbsp;&nbsp; 8680879 | 357902 | (8013530)<br>| 1025251 |
| Class E | 122154 | 108946 | (171138)<br>| 59962 | &nbsp;&nbsp; 184794 | 121844 | (245953)<br>| 60685 |
| **Mid Cap Growth**<sup>(a)</sup>  | **Mid Cap Growth**<sup>(a)</sup>  | **Mid Cap Growth**<sup>(a)</sup>  |  |  |  |  |  |  |
| Investor Class | 252067 | 2612592 | (2514373)<br>| 350286 | &nbsp;&nbsp; 144592 | 954448 | (2490859)<br>| (1391819)<br>|
| Trust Class | 311434 | 122029 | (463466)<br>| (30003)<br>| &nbsp;&nbsp; 104178 | 68406 | (1291582)<br>| (1118998)<br>|
| Advisor Class | 122720 | 22133 | (180134)<br>| (35281)<br>| &nbsp;&nbsp; 134998 | 10410 | (273062)<br>| (127654)<br>|
| Institutional <br> Class<br>| 7027566 | 2467170 | (9128306)<br>| 366430 | &nbsp;&nbsp; 4839900 | 887189 | (9812748)<br>| (4085659)<br>|
| Class A | 487626 | 155362 | (546576)<br>| 96412 | &nbsp;&nbsp; 400844 | 56153 | (448960)<br>| 8037 |
| Class C | 25668 | 30544 | (88918)<br>| (32706)<br>| &nbsp;&nbsp; 33907 | 11006 | (109226)<br>| (64313)<br>|
| Class R3 | 172475 | 42707 | (140552)<br>| 74630 | &nbsp;&nbsp; 81491 | 16682 | (187702)<br>| (89529)<br>|
| Class R6 | 13766369 | 3248965 | (10060041)<br>| 6955293 | &nbsp;&nbsp; 9339006 | 1140040 | (10376141)<br>| 102905 |
| **Mid Cap Intrinsic Value** | **Mid Cap Intrinsic Value** | **Mid Cap Intrinsic Value** |  |  |  |  |  |  |
| Investor Class | 11058 | 66418 | (211224)<br>| (133748)<br>| &nbsp;&nbsp; 44647 | 23559 | (182249)<br>| (114043)<br>|
| Trust Class | 5165 | 12295 | (23570)<br>| (6110)<br>| &nbsp;&nbsp; 2635 | 4038 | (27045)<br>| (20372)<br>|
| Institutional <br> Class<br>| 29837 | 31801 | (84941)<br>| (23303)<br>| &nbsp;&nbsp; 216205 | 11972 | (279044)<br>| (50867)<br>|
| Class A | 6631 | 2747 | (23628)<br>| (14250)<br>| &nbsp;&nbsp; 21227 | 852 | (13834)<br>| 8245 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** |
|  | **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 C | 2308 | 1739 | (2961)<br>| 1086 | &nbsp;&nbsp; 4066 | 463 | (7935)<br>| (3406)<br>|
| Class R3 | 1397 | 1041 | (3534)<br>| (1096)<br>| &nbsp;&nbsp; 4734 | 241 | (2803)<br>| 2172 |
| Class R6 |  |  |  |  | &nbsp;&nbsp; — |  | (832)<br>| (832)<br>|
| **Multi-Cap Opportunities** | **Multi-Cap Opportunities** | **Multi-Cap Opportunities** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 5593364 | 223514 | (7687272)<br>| (1870394)<br>| &nbsp;&nbsp; 7167017 | 1987685 | (10733215)<br>| (1578513)<br>|
| Class A | 348754 | 72195 | (864772)<br>| (443823)<br>| &nbsp;&nbsp; 355206 | 606191 | (1238430)<br>| (277033)<br>|
| Class C | 33743 | 26846 | (373433)<br>| (312844)<br>| &nbsp;&nbsp; 99464 | 254286 | (519927)<br>| (166177)<br>|
| Class E | 469719 | 344315 | (391424)<br>| 422610 | &nbsp;&nbsp; 401261 | 1891708 | (841386)<br>| 1451583 |
| **Quality Equity** | **Quality Equity** | **Quality Equity** |  |  |  |  |  |  |
| Investor Class | 291888 | 464371 | (1197917)<br>| (441658)<br>| &nbsp;&nbsp; 560228 | 836111 | (1476209)<br>| (79870)<br>|
| Trust Class | 177017 | 153051 | (851306)<br>| (521238)<br>| &nbsp;&nbsp; 270709 | 255579 | (398572)<br>| 127716 |
| Institutional <br> Class<br>| 8511634 | 652399 | (4111643)<br>| 5052390 | &nbsp;&nbsp; 1608478 | 1144703 | (3329836)<br>| (576655)<br>|
| Class A | 433807 | 138142 | (505368)<br>| 66581 | &nbsp;&nbsp; 492906 | 309859 | (1537694)<br>| (734929)<br>|
| Class C | 89549 | 41916 | (244348)<br>| (112883)<br>| &nbsp;&nbsp; 51998 | 73861 | (182559)<br>| (56700)<br>|
| Class R3 | 55611 | 18329 | (127414)<br>| (53474)<br>| &nbsp;&nbsp; 56742 | 36800 | (133263)<br>| (39721)<br>|
| Class R6 | 1047031 | 130158 | (1107233)<br>| 69956 | &nbsp;&nbsp; 978534 | 276506 | (1646453)<br>| (391413)<br>|
| Class E | 234403 | 37125 | (59972)<br>| 211556 | &nbsp;&nbsp; 557554 | 48775 | (51391)<br>| 554938 <br><sup>(b)</sup><br>|
| **Real Estate** | **Real Estate** | **Real Estate** |  |  |  |  |  |  |
| Trust Class | 142777 | 109523 | (1550350)<br>| (1298050)<br>| &nbsp;&nbsp; 281870 | 149981 | (1642667)<br>| (1210816)<br>|
| Institutional <br> Class<br>| 6715694 | 565320 | (8613946)<br>| (1332932)<br>| &nbsp;&nbsp; 12638777 | 695177 | (21116746)<br>| (7782792)<br>|
| Class A | 803604 | 54201 | (1144388)<br>| (286583)<br>| &nbsp;&nbsp; 777502 | 73374 | (1655041)<br>| (804165)<br>|
| Class C | 28163 | 4019 | (156053)<br>| (123871)<br>| &nbsp;&nbsp; 27688 | 6386 | (169122)<br>| (135048)<br>|
| Class R3 | 94758 | 14660 | (269499)<br>| (160081)<br>| &nbsp;&nbsp; 181822 | 18521 | (282430)<br>| (82087)<br>|
| Class R6 | 2283924 | 239188 | (2935845)<br>| (412733)<br>| &nbsp;&nbsp; 2170280 | 284737 | (3895643)<br>| (1440626)<br>|
| Class E | 115182 | 37625 | (231075)<br>| (78268)<br>| &nbsp;&nbsp; 172738 | 40901 | (204623)<br>| 9016 |
| **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |
| Investor Class | 82404 | 6028 | (191083)<br>| (102651)<br>| &nbsp;&nbsp; 28793 |  | (156066)<br>| (127273)<br>|
| Trust Class | 3147 | 374 | (13138)<br>| (9617)<br>| &nbsp;&nbsp; 1571 |  | (4952)<br>| (3381)<br>|
| Advisor Class | 9932 | 173 | (18460)<br>| (8355)<br>| &nbsp;&nbsp; 4457 |  | (18836)<br>| (14379)<br>|
| Institutional <br> Class<br>| 2330725 | 18434 | (1878076)<br>| 471083 | &nbsp;&nbsp; 1456879 |  | (1644597)<br>| (187718)<br>|
| Class A | 108902 | 1699 | (131944)<br>| (21343)<br>| &nbsp;&nbsp; 95320 |  | (114844)<br>| (19524)<br>|
| Class C | 33977 | 579 | (34658)<br>| (102)<br>| &nbsp;&nbsp; 34475 |  | (20454)<br>| 14021 |
| Class R3 | 207639 | 909 | (87582)<br>| 120966 | &nbsp;&nbsp; 67181 |  | (73878)<br>| (6697)<br>|
| Class R6 | 1612704 | 10664 | (1182250)<br>| 441118 | &nbsp;&nbsp; 661852 |  | (950887)<br>| (289035)<br>|
| **U.S. Equity Impact** | **U.S. Equity Impact** | **U.S. Equity Impact** |  |  |  |  |  |  |
| Institutional <br> Class<br>| 9224 | 2400 | (26583)<br>| (14959)<br>| &nbsp;&nbsp; 18500 | 3589 | (9660)<br>| 12429 |
| Class A | 2450 |  | (3722)<br>| (1272)<br>| &nbsp;&nbsp; 8413 | 10 | (4791)<br>| 3632 |
| Class C | 37 |  |  | 37 | &nbsp;&nbsp; — |  |  |  |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from December 6, 2023 (Commencement of Operations) to August 31, 2024.

Note E—Line of Credit:

At August 31, 2025, 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 1.10% 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 that is a participant 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 August 31, 2025.

During the year ended August 31, 2025, no Fund utilized the Credit Facility.

Note F—Investments in Affiliates<sup>(a)</sup>:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>August 31, <br>2024<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>August 31, <br>2025<br>| Value at <br>August 31, <br>2025<br>|
| **Genesis** |  |  |  |  |  |  |  |  |
| AMERISAFE, <br> Inc.<br>| $59663349 | $1698511 | $(3785030) | $(3807626) | $(868305) | $5360028 | 1145537 | $52900899 |
| CRA <br> International, <br> Inc.<br>| 69891613 | 448118 | (4894616) | 8249769 | 1988160 | 783825 | 390602 | 75683044 |
| Hagerty, Inc. | 33154359 | 19495647 |  | 2425192 |  | —\* | 4810061 | 55075198 |
| Lindsay Corp. | 63662088 | 21669017 | (6544131) | 6751696 | 1178888 | 902598 | 631914 | 86717558 |
| Miller <br> Industries, <br> Inc.<br>|  | 41833743 |  | (13223823) |  | 241409 | 679732 | 28609920 |
| Transcat, Inc. | 62405450 | 3683946 | (2896194) | (21048039) | 857637 | —\* | 512243 | 43002800 |
| Winmark <br> Corp.<br>| 76168456 | 523848 | (5053130) | 20147751 | 844706 | 2369387 | 199706 | 92631631 |
| Total for <br> affiliates held <br> as of <br> 8/31/25<sup>(b)</sup><br>| $364945315 | $89352830 | $(23173101) | $(505080) | $4001086 | $9657247 |  | $434621050 |
| Sitio Royalties <br> Corp.<br>| $89788015 | $3610386 | $(106693630) | $19797935 | $(6502706) | $5570966 |  | $— |
| Standex <br> International <br> Corp.<br>| 105148566 | 6969928 | (6175562) | 12781288 | 810803 | 750174 | 585755 | 119535023 |
| Stevanato <br> Group SpA<br>| 54954902 | 330960 | (9558472) | 3607996 | (289180) | 120446 | 2131517 | 49046206 |
| Total for <br> securities no <br> longer <br> affiliated as <br> of 8/31/25<sup>(c)</sup><br>| $249891483 | $10911274 | $(122427664) | $36187219 | $(5981083) | $6441586 |  | $168581229 |
| Total | $614836798 | $100264104 | $(145600765) | $35682139 | $(1979997) | $16098833 |  | $603202279 |
| **Intrinsic** <br> **Value**<br>|  |  |  |  |  |  |  |  |
| Quantum <br> Corp.<br>| $1145492 | $— | $(7430149) | $26958998 | $(20674341) | $—\* |  | $— |
| Total for <br> securities no <br> longer <br> affiliated as <br> of 8/31/25<sup>(d)</sup><br>| $1145492 | $— | $(7430149) | $26958998 | $(20674341) | $— |  | $— |

---

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

------

\* Non-income producing security.

(a) Affiliated persons, as defined in the 1940 Act.

(b) At August 31, 2025, these securities amounted to 4.71% of net assets of Genesis.

(c) At August 31, 2025, the issuers of these securities were no longer affiliated with Genesis.

(d) At August 31, 2025, the issuers of these securities were no longer affiliated with Intrinsic Value.

Note G—Subsequent Events:

On July 23, 2025, the shareholders of Neuberger Berman Dividend Growth Fund (the "Merging Fund") approved the proposed reorganization of the Merging Fund into Neuberger Berman Core Equity ETF (the "Acquiring ETF"), a series of the Neuberger Berman ETF Trust (the "Merger"). The Merger was completed as of the close of business on October 17, 2025, and the Merging Fund shareholders became shareholders of the Acquiring ETF. The Acquiring ETF shares currently are listed for trading on NYSE Arca, Inc. The Merger qualified as a tax-free reorganization for federal income tax purposes. Further information about the Acquiring ETF, including its Summary Prospectus, Prospectus, and Statement of Additional Information, can be found on our website at www.nb.com.

As previously announced, the Board approved stock splits or 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"). As a result of the Stock Split, for each share of each affected class of each of the Stock Split Funds a shareholder held, the shareholder received a proportional number of shares of the same class of the respective Fund with the same aggregate dollar value.

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 |

---

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

---

| | |
|:---|:---|
| **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 |

---

The shares outstanding, NAV per share and other per share information of each affected class for Focus, Large Cap Growth and Mid Cap Growth have been updated in the accompanying financial statements and financial highlights to reflect the effect of the stock split.

Note H—Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 clarifies the guidance in ASC 740 "Income Taxes" to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The amendments are intended to address investors' requests

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for income tax disclosures that provide more information to help them better understand an entity's exposure to potential changes in tax laws and the ensuing risks and opportunities and to assess income tax information that affects cash flow forecasts and capital allocation decisions. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying ASU 2023-09.

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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 Year**<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>|
| **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 8/31/2025  | $21.71 | $0.20 | $3.24 | $3.44 | $(0.19)<br>| $(0.37)<br>| $— | $(0.56)<br>|
| 8/31/2024  | $18.53 | $0.20 | $3.52 | $3.72 | $(0.21)<br>| $(0.33)<br>| $— | $(0.54)<br>|
| 8/31/2023  | $17.10 | $0.21 | $1.92 | $2.13 | $(0.25)<br>| $(0.45)<br>| $— | $(0.70)<br>|
| 8/31/2022  | $19.68 | $0.21 | $(2.09)<br>| $(1.88)<br>| $(0.17)<br>| $(0.53)<br>| $— | $(0.70)<br>|
| 8/31/2021  | $14.76 | $0.17 | $4.97 | $5.14 | $(0.22)<br>| $— | $— | $(0.22)<br>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 8/31/2025  | $21.74 | $0.12 | $3.25 | $3.37 | $(0.12)<br>| $(0.37)<br>| $— | $(0.49)<br>|
| 8/31/2024  | $18.56 | $0.13 | $3.52 | $3.65 | $(0.14)<br>| $(0.33)<br>| $— | $(0.47)<br>|
| 8/31/2023  | $17.13 | $0.15 | $1.92 | $2.07 | $(0.19)<br>| $(0.45)<br>| $— | $(0.64)<br>|
| 8/31/2022  | $19.68 | $0.15 | $(2.10)<br>| $(1.95)<br>| $(0.07)<br>| $(0.53)<br>| $— | $(0.60)<br>|
| 8/31/2021  | $14.76 | $0.10 | $4.99 | $5.09 | $(0.17)<br>| $— | $— | $(0.17)<br>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 8/31/2025  | $21.47 | $(0.02)<br>| $3.20 | $3.18 | $— | $(0.37)<br>| $— | $(0.37)<br>|
| 8/31/2024  | $18.34 | $(0.01)<br>| $3.48 | $3.47 | $(0.01)<br>| $(0.33)<br>| $— | $(0.34)<br>|
| 8/31/2023  | $16.92 | $0.02 | $1.91 | $1.93 | $(0.06)<br>| $(0.45)<br>| $— | $(0.51)<br>|
| 8/31/2022  | $19.52 | $(0.00)<br>| $(2.07)<br>| $(2.07)<br>| $— | $(0.53)<br>| $— | $(0.53)<br>|
| 8/31/2021  | $14.65 | $(0.03)<br>| $4.95 | $4.92 | $(0.05)<br>| $— | $— | $(0.05)<br>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 8/31/2025  | $21.75 | $0.21 | $3.25 | $3.46 | $(0.21)<br>| $(0.37)<br>| $— | $(0.58)<br>|
| 8/31/2024  | $18.56 | $0.23 | $3.52 | $3.75 | $(0.23)<br>| $(0.33)<br>| $— | $(0.56)<br>|
| 8/31/2023  | $17.13 | $0.23 | $1.91 | $2.14 | $(0.26)<br>| $(0.45)<br>| $— | $(0.71)<br>|
| 8/31/2022  | $19.70 | $0.23 | $(2.08)<br>| $(1.85)<br>| $(0.19)<br>| $(0.53)<br>| $— | $(0.72)<br>|
| 8/31/2021  | $14.77 | $0.18 | $4.99 | $5.17 | $(0.24)<br>| $— | $— | $(0.24)<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 |
| 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>|

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See Notes to Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $24.59 | &nbsp;&nbsp;&nbsp;&nbsp; 16.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $111.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $21.71 | &nbsp;&nbsp;&nbsp;&nbsp; 20.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $18.53 | &nbsp;&nbsp;&nbsp;&nbsp; 12.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $17.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.68 | &nbsp;&nbsp;&nbsp;&nbsp; 35.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $24.62 | &nbsp;&nbsp;&nbsp;&nbsp; 15.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $21.74 | &nbsp;&nbsp;&nbsp;&nbsp; 20.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $18.56 | &nbsp;&nbsp;&nbsp;&nbsp; 12.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.68 | &nbsp;&nbsp;&nbsp;&nbsp; 34.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $24.28 | &nbsp;&nbsp;&nbsp;&nbsp; 15.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $21.47 | &nbsp;&nbsp;&nbsp;&nbsp; 19.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $18.34 | &nbsp;&nbsp;&nbsp;&nbsp; 11.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $16.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.52 | &nbsp;&nbsp;&nbsp;&nbsp; 33.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| $24.63 | &nbsp;&nbsp;&nbsp;&nbsp; 16.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $21.75 | &nbsp;&nbsp;&nbsp;&nbsp; 20.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $18.56 | &nbsp;&nbsp;&nbsp;&nbsp; 12.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| $17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>|
| $19.70 | &nbsp;&nbsp;&nbsp;&nbsp; 35.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<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>e</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 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 |
| 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 |
| 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 | $— | $— | $— | $— |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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 |
| 8/31/2025  | $14.33 | $0.31 <br><sup>g</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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>e</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>|
| $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>e</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>|
| $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>e</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<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>e</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>|
| $15.02 | &nbsp;&nbsp;&nbsp;&nbsp; 12.34 %<sup>h</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>g</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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 8/31/2025  | $14.25 | $0.25 <br><sup>g</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 |
| 8/31/2025  | $14.16 | $0.15 <br><sup>g</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 |
| 8/31/2025  | $14.24 | $0.21 <br><sup>g</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>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 8/31/2025  | $14.34 | $0.40 <br><sup>g</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>i</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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $14.94 | &nbsp;&nbsp;&nbsp;&nbsp; 12.00 %<sup>h</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>g</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>|
| $14.84 | &nbsp;&nbsp;&nbsp;&nbsp; 11.15 %<sup>h</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>g</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>|
| $14.92 | &nbsp;&nbsp;&nbsp;&nbsp; 11.67 %<sup>h</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>g</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>|
| $15.03 | &nbsp;&nbsp;&nbsp;&nbsp; 13.08 %<sup>h</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>g</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>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 %<sup>k,l</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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 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 |
| 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>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 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 |
| 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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>f</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123<br> %<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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 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>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 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 |
| 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 |
| 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>i</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 |
| 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>g</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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 %<sup>k,l</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>g</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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 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>g</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>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 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>g</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 |
| 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>g</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 |
| 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>g</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 |
| 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>g</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 |
| 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>g</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>i</sup> to <br>8/31/2022 <br>| $14.79 | $0.19 | $(3.78)<br>| $(3.59)<br>| $— | $— | $— | $— |

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $14.81 | &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>g</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>|
| $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>g</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>|
| $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>g</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>|
| $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>g</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>|
| $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>g</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>|
| $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>g</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>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 %<sup>l</sup><br>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $15.33 | &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>e</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>|
| $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>e</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>|
| $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>e</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>|
| $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>e</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>|
| $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>e</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>|
| $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>e</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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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>|
| **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 |
| 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 |
| 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 |
| 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 |
| 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>|
| **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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>e</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>f</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<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>e</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>f</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>f</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>|
| $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>e</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>f</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>f</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<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>e</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>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 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 |
| 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 |
| 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 |
| 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>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>f</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>f</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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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 |
| 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 |
| 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>|
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>f</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>f</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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 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 |
| 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>|
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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 |
| 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>i</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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 %<sup>l</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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class | Trust Class |
| 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 |
| 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>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 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 |
| 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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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>|
| **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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $27.47 | &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>|
| $27.49 | &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>|
| $27.47 | &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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 |
| 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 |
| 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 |
| 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 |
| 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>|
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $27.39 | &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>|
| $27.49 | &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>|
| $11.31 | &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>|
| $11.24 | &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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 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>i</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 |
| 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 |
| 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 |
| 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>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 %<sup>l</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>|
| $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>|
| $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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 | Class R3 |
| 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 |
| 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 |
| 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>i</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 |
| 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>|
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $52.17 | &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>|
| $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>|
| $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>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 %<sup>l</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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 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 |
| 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 |
| 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>|
| Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E | Class E |
| 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>i</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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 %<sup>l</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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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)** |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 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 |
| 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>|
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 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 |
| 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 |
| 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>|

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $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>|
| $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>|
| $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>|
| $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>|

---

------

Financial Highlights (cont'd)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**<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 R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 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>|
| **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** | **U.S. Equity Impact Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 8/31/2025  | $12.59 | $0.03 | $0.37 | $0.40 | $(0.03)<br>| $— | $— | $(0.03)<br>|
| 8/31/2024  | $10.05 | $0.03 | $2.54 | $2.57 | $(0.03)<br>| $— | $— | $(0.03)<br>|
| 8/31/2023  | $8.85 | $0.04 | $1.17 | $1.21 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2022  | $11.35 | $0.01 | $(2.50)<br>| $(2.49)<br>| $(0.00)<br>| $(0.01)<br>| $— | $(0.01)<br>|
| Period from <br>3/23/2021<sup>i</sup> to <br>8/31/2021 <br>| $10.00 | $(0.01)<br>| $1.36 | $1.35 | $— | $— | $— | $— |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| 8/31/2025  | $12.48 | $(0.02)<br>| $0.37 | $0.35 | $— | $— | $— | $— |
| 8/31/2024  | $9.97 | $(0.01)<br>| $2.53 | $2.52 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2023  | $8.80 | $0.01 | $1.17 | $1.18 | $(0.01)<br>| $— | $— | $(0.01)<br>|
| 8/31/2022  | $11.33 | $(0.03)<br>| $(2.49)<br>| $(2.52)<br>| $— | $(0.01)<br>| $— | $(0.01)<br>|
| Period from <br>3/23/2021<sup>i</sup> to <br>8/31/2021 <br>| $10.00 | $(0.02)<br>| $1.35 | $1.33 | $— | $— | $— | $— |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| 8/31/2025  | $12.18 | $(0.10)<br>| $0.35 | $0.25 | $— | $— | $— | $— |
| 8/31/2024  | $9.80 | $(0.09)<br>| $2.47 | $2.38 | $— | $— | $— | $— |
| 8/31/2023  | $8.71 | $(0.06)<br>| $1.15 | $1.09 | $— | $— | $— | $— |
| 8/31/2022  | $11.29 | $(0.10)<br>| $(2.47)<br>| $(2.57)<br>| $— | $(0.01)<br>| $— | $(0.01)<br>|
| Period from <br>3/23/2021<sup>i</sup> to <br>8/31/2021 <br>| $10.00 | $(0.06)<br>| $1.35 | $1.29 | $— | $— | $— | $— |

---

See Notes to Financial Highlights

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <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>|
| $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>|
| $12.96 | &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $12.59 | &nbsp;&nbsp;&nbsp;&nbsp; 25.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.9 | &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $10.05 | &nbsp;&nbsp;&nbsp;&nbsp; 13.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.9 | &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $8.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.9 | &nbsp;&nbsp;&nbsp;&nbsp; 5.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $11.35 | &nbsp;&nbsp;&nbsp;&nbsp; 13.50 %<sup>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.1 | &nbsp;&nbsp;&nbsp;&nbsp; 6.59 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19 )%<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>k</sup><br>|
| $12.83 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; 25.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; 13.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $11.33 | &nbsp;&nbsp;&nbsp;&nbsp; 13.30 %<sup>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp;&nbsp;&nbsp; 9.83 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48 )%<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>k</sup><br>|
| $12.43 | &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 4.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; 24.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| $9.80 | &nbsp;&nbsp;&nbsp;&nbsp; 12.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| $8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| $11.29 | &nbsp;&nbsp;&nbsp;&nbsp; 12.90 %<sup>k</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0 | &nbsp;&nbsp;&nbsp;&nbsp; 18.90 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.30 )%<sup>j,r</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 %<sup>k</sup><br>|

---

------

Notes to Financial Highlights Equity Funds

&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 | Except for the Fund classes listed below, the class action proceeds listed in Note A of the Notes to Financial <br> Statements, if any, had no impact on the Funds' total returns for the year ended August 31, 2025. Had the <br> Fund classes listed below not received class action proceeds in 2025, total return on per share NAV for the <br> year ended August 31, 2025, would have been:<br>|

---

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

---

| | |
|:---|:---|
| **Multi-Cap Opportunities Institutional Class** | 11.95% |
| **Multi-Cap Opportunities Class A** | 11.46% |
| **Multi-Cap Opportunities Class C** | 10.68% |
| **Multi-Cap Opportunities Class E** | 12.86% |

---

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

------

Notes to Financial Highlights Equity Funds (cont'd)

Except for the Fund classes listed below, the class action proceeds received in 2024, 2023, 2022, and/or <br> 2021, if any, had no impact on the Funds' total returns for the years ended August 31, 2024, 2023, 2022, <br> and/or 2021. Had the Fund classes listed below not received class action proceeds in 2024, 2023, 2022, <br> and/or 2021, total return based on per share NAV for the years ended August 31, 2024, 2023, 2022, <br> and/or 2021 would have 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,** |
|  | **2024** | **2023** | **2022** | **2021** |
| **International Equity Investor Class** | &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; 28.02% |
| **International Equity Institutional Class** | &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; 27.90% |
| **International Equity Class C** | &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; 28.42% |
| **International Select Trust Class** | &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; 28.42% |
| **International Select Class A** | &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; 26.96% |
| **International Select Class R3** | &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; 28.43% |
| **Large Cap Value Investor Class** | &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; 49.69% |
| **Large Cap Value Advisor Class** | &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; 49.63% |
| **Large Cap Value Class R3** | &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; 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; 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; 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; 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; 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; 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; 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; 25.44% | &nbsp;&nbsp;&nbsp;&nbsp; 12.26% | &nbsp;&nbsp;&nbsp;&nbsp; (15.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.16% |
| **Multi-Cap Opportunities Class A** | &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; 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; — | &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; 31.54% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Trust Class** | &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; 31.81% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class A** | &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; 30.33% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class R3** | &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; 31.91% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Quality Equity Class E** | &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; 27.90% |
| **Small Cap Growth Trust Class** | &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; 27.46% |
| **Small Cap Growth Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28.16% |

---

------

Notes to Financial Highlights Equity Funds (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2024** | **2023** | **2022** | **2021** |
| **Small Cap Growth Class A** | &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; 26.71% |
| **Small Cap Growth Class R3** | &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; 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 | 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% |
| **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;

------

Notes to Financial Highlights Equity Funds (cont'd)

---

| | |
|:---|:---|
| f | 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2023** | **2022** | **2021** |
| **Emerging Markets Equity Institutional Class** |  | &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; 1.90% |
| **Emerging Markets Equity Class R6** |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| **Focus Institutional Class** | 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| **Focus Class A** |  | &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; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| **Intrinsic Value Class A** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Intrinsic Value Class C** |  | &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; 0.89% |
| **Large Cap Growth Class R3** |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Large Cap Growth Class R6** | 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

g 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 |
| **International Equity Class E** |  | &nbsp;&nbsp;&nbsp;&nbsp; $0.31 |

---

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

------

Notes to Financial Highlights Equity Funds (cont'd)

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;

---

| | | |
|:---|:---|:---|
|  | **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>|

---

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

---

| | |
|:---|:---|
| h | Had the Fund not received ECJ tax reclaim income, the total return based on per share NAV would have <br> been: |

---

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

---

| | | |
|:---|:---|:---|
|  | **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>|

---

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

---

| | |
|:---|:---|
| i | The date investment operations commenced. |
| j | Annualized. |
| k | Not annualized. |
| 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>|

---

------

Notes to Financial Highlights Equity Funds (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;

---

| | |
|:---|:---|
|  | **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>|

---

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

---

| | |
|:---|:---|
| 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>|
| r | Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized <br> basis.<br>|

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Neuberger Berman Equity Funds and the Shareholders of:

Neuberger Berman Dividend Growth Fund

Neuberger Berman Emerging Markets Equity Fund

Neuberger Berman Equity Income Fund

Neuberger Berman Focus Fund

Neuberger Berman Genesis Fund

Neuberger Berman International Equity Fund

Neuberger Berman International Select Fund

Neuberger Berman Intrinsic Value Fund

Neuberger Berman Large Cap Growth Fund

Neuberger Berman Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Neuberger Berman Mid Cap Intrinsic Value Fund

Neuberger Berman Multi-Cap Opportunities Fund

Neuberger Berman Quality Equity Fund

Neuberger Berman Real Estate Fund

Neuberger Berman Small Cap Growth Fund

Neuberger Berman U.S. Equity Impact Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Neuberger Berman Large Cap Growth Fund (one of the series constituting the Neuberger Berman Equity Funds (the "Trust")), including the consolidated schedule of investments, as of August 31, 2025, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have audited the accompanying statements of assets and liabilities of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Quality Equity Fund (formerly, Neuberger Berman Sustainable Equity Fund), Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, and Neuberger Berman U.S. Equity Impact Fund (collectively, together with Neuberger Berman Large Cap Growth Fund, referred to as the "Funds") (sixteen of the series constituting the Trust), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds (seventeen of the series constituting Neuberger Berman Equity Funds) at August 31, 2025, and the results, or the consolidated results, of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles. The accompanying financial highlights of the Neuberger Berman Intrinsic Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Quality Equity Fund, and Neuberger Berman Small Cap Growth Fund for each of the periods in

------

the year ended August 31, 2021 were audited by another independent registered public accounting firm whose report, dated October 20, 2021, expressed an unqualified opinion on the financial statements containing those financial highlights.

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting Neuberger** <br> **Berman Equity Funds**<br>| **Statement of** <br> **operations**<br>| **Statements of** <br> **changes in net** <br> **assets**<br>| **Financial** <br> **highlights**<br>|
| Neuberger Berman Dividend Growth Fund <br>Neuberger Berman Emerging Markets Equity Fund <br>Neuberger Berman Equity Income Fund <br>Neuberger Berman Focus Fund <br>Neuberger Berman Genesis Fund <br>Neuberger Berman International Equity Fund <br>Neuberger Berman International Select Fund <br>Neuberger Berman Large Cap Growth Fund <br>Neuberger Berman Large Cap Value Fund <br>Neuberger Berman Real Estate Fund<br>| For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> five years in the <br> period ended <br> August 31, 2025<br>|
| Neuberger Berman U.S. Equity Impact Fund | For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> four years ended <br> August 31, 2025 <br> and the period <br> from March 23, <br> 2021<br> (commencement <br> of operations) to <br> August 31, 2021<br>|
| Neuberger Berman Intrinsic Value Fund <br>Neuberger Berman Mid Cap Growth Fund <br>Neuberger Berman Mid Cap Intrinsic Value Fund <br>Neuberger Berman Multi-Cap Opportunities Fund <br>Neuberger Berman Quality Equity Fund <br>Neuberger Berman Small Cap Growth Fund <br>| For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> four years in the <br> period ended <br> August 31, 2025<br>|

---

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed

------

other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img12019ece4.jpg)

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts

October 22, 2025

------

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 Berman 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

------

Proxy Disclosures - Report of Votes of Shareholders

A Special Meeting of Shareholders of Neuberger Berman Dividend Growth Fund ("Dividend Growth Fund") was held on July 23, 2025. Shareholders voted and approved an Agreement and Plan of Reorganization between Neuberger Berman Equity Funds, on behalf of Dividend Growth Fund, and Neuberger Berman ETF Trust, on behalf of Neuberger Berman Core Equity ETF ("Core Equity ETF"), and the transactions contemplated thereby, including the transfer of all assets of Dividend Growth Fund to, and the assumption of all its liabilities by, Core Equity ETF in exchange solely for shares of Core Equity ETF having an aggregate net asset value equal to the value of the Dividend Growth Fund's net asset value. There were no changes to any other Funds.

The results of the voting at the meeting were as follows:

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Number of Shares** |
| **Votes For** | &nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**Against**<br>| **Abstentions** |
| 2,396,238 | 1,675 | 353 |

---

------

Notice to Shareholders

For the fiscal year ended August 31, 2025, each Fund makes the following designation, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as Capital Gains Distributions and Qualified Dividend Income. Complete information regarding each Fund's Qualified Dividend Income distributions during the calendar year 2025 will be reported in conjunction with Form 1099-DIV.

---

| | | |
|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Capital Gains** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Qualified** <br>**Dividend** <br>**Income**<br>|
| **Dividend Growth** | $1745342  | $1562241 |
| **Emerging Markets Equity** | —  | 3891543 |
| **Equity Income** | 58952546  | 25405228 |
| **Focus** | 5735115  | 7795463 |
| **Genesis** | 413468622  | 98026953 |
| **International Equity** | 19324541  | 24218526 |
| **International Select** | 2114037  | 4605091 |
| **Intrinsic Value** | 18295888  | 14204176 |
| **Large Cap Growth** | 173566441  |  |
| **Large Cap Value** | 46350065  | 191791163 |
| **Mid Cap Growth** | 99362951  | 8051485 |
| **Mid Cap Intrinsic Value** | 3288669  | 952348 |
| **Multi-Cap Opportunities** | 15338193  | 2637991 |
| **Quality Equity** | 100754855  | 13052455 |
| **Real Estate** | —  | 394775 |
| **Small Cap Growth** | 6336347  |  |
| **U.S. Equity Impact** | —  | 149220 |

---

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This page has been left blank intentionally

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![](img30b42b3d1.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

*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.*

![](img68a73df15.jpg)

H0599 10/25

![](img402035ea6.jpg)

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There was nothing to report with respect to this item.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable for any series except Dividend Growth Fund. For Dividend Growth Fund, this is disclosed 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.

There was nothing to report with respect to this item.

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.

(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.

(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 Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.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](exh99-906_cert.htm#EXHIBIT99-906CERT) 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: October 29, 2025

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: October 29, 2025

By: <u>/s/ John M. McGovern</u>

John M. McGovern

Treasurer and Principal Financial and Accounting Officer

Date: October 29, 2025

## Ex-99.Cert

**EXHIBIT 99-CERT**<br>

#### 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: October 29, 2025

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: October 29, 2025

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**<br>

#### 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 August 31, 2025, 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: October 29, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Joseph V. Amato</u> |
|  | Joseph V. Amato |
|  | Chief Executive Officer and President |
| By: | <u>/s/ John M. McGovern</u> |
|  | John M. McGovern |
|  | Treasurer and Principal Financial |
|  | and Accounting Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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>