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17981.3 12686 12875 20216 10930.54 22947.08 24617 21550.58 13587.42 12178 15468 12366 15600.21 10000 14215.95 14111 14442.07 22146.54 10806 9999.99 12447.76 21648.07 11880.56 11991.56 16848.36 14989.45 16959 14341.25 19392.36 39175 22594 13766.62 10217 16384 13465.22 13953.84 10000 12241.01 17157.26 14282.93 10999.84 10000 17166.81 16795.7 10000.01 11726 11758.32 12502.06 22936 14265.46 12435.92 10637 25160 16604.9 18445 22874.74 14662.05 16912.18 12224 19210.06 16226.08 11165.44 21113.59 16364 10546 12133 11314.66 13365.02 11818.39 13024.37 12538.86 21159 12972.74 0000809821 false N-1A Delaware Group Equity Funds V N-CSR 2025-11-30 Nomura Small Cap Core Fund(formerly, Macquarie Small Cap Core Fund) Class A DCCAX This annual shareholder report contains important information about Nomura Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.04<span>%</span></td> </tr> </table> 102 0.0104 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Core Fund (Class A) returned -4.00% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Index, the Fund's narrowly based securities market index, returned 4.09%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the healthcare sector. Insmed, Inc. and Travere Therapeutics, Inc. were the leading contributors.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the consumer services sector outperformed versus the Russell 2000 index (benchmark). Brinker International, Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the media sector outperformed. IMAX Corp. was the top contributor.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund's underperformance was largely due to lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. Results were weakest within the software industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the capital goods sector underperformed versus the benchmark. A lack of exposure to Bloom Energy Corp. detracted the most.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the finance sector underperformed, with the insurance industry detracting the most.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047879.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-9.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.35</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.78</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-4.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.42</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.09</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Core Fund (Class A) – including sales charge -0.0951 0.0635 0.0778 Nomura Small Cap Core Fund (Class A) – excluding sales charge -0.0400 0.0761 0.0842 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Index 0.0409 0.0799 0.0912 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,514,110,730</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">137</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>44,025,690</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">26<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 6514110730 137 44025690 0.26 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">12.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">10.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.2027 0.1857 0.1839 0.1239 0.1037 0.0687 0.0378 0.0287 0.0265 0.0162 0.0125 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> 0.0207 0.0171 0.0170 0.0169 0.0158 0.0145 0.0141 0.0140 0.0138 0.0137 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Core Fund(formerly, Macquarie Small Cap Core Fund) Class C DCCCX This annual shareholder report contains important information about Nomura Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>175</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.79<span>%</span></td> </tr> </table> 175 0.0179 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Core Fund (Class C) returned -4.69% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Index, the Fund's narrowly based securities market index, returned 4.09%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the healthcare sector. Insmed, Inc. and Travere Therapeutics, Inc. were the leading contributors.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the consumer services sector outperformed versus the Russell 2000 index (benchmark). Brinker International, Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the media sector outperformed. IMAX Corp. was the top contributor.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund's underperformance was largely due to lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. Results were weakest within the software industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the capital goods sector underperformed versus the benchmark. A lack of exposure to Bloom Energy Corp. detracted the most.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the finance sector underperformed, with the insurance industry detracting the most.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047918.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-5.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.81</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.62</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-4.69</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.81</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.62</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.09</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Core Fund (Class C) – including sales charge -0.0563 0.0681 0.0762 Nomura Small Cap Core Fund (Class C) – excluding sales charge -0.0469 0.0681 0.0762 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Index 0.0409 0.0799 0.0912 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,514,110,730</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">137</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>44,025,690</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">26<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 6514110730 137 44025690 0.26 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">12.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">10.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.2027 0.1857 0.1839 0.1239 0.1037 0.0687 0.0378 0.0287 0.0265 0.0162 0.0125 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> 0.0207 0.0171 0.0170 0.0169 0.0158 0.0145 0.0141 0.0140 0.0138 0.0137 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Core Fund(formerly, Macquarie Small Cap Core Fund) Class R DCCRX This annual shareholder report contains important information about Nomura Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>126</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.29<span>%</span></td> </tr> </table> 126 0.0129 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Core Fund (Class R) returned -4.23% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Index, the Fund's narrowly based securities market index, returned 4.09%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the healthcare sector. Insmed, Inc. and Travere Therapeutics, Inc. were the leading contributors.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the consumer services sector outperformed versus the Russell 2000 index (benchmark). Brinker International, Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the media sector outperformed. IMAX Corp. was the top contributor.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund's underperformance was largely due to lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. Results were weakest within the software industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the capital goods sector underperformed versus the benchmark. A lack of exposure to Bloom Energy Corp. detracted the most.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the finance sector underperformed, with the insurance industry detracting the most.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047957.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class R) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-4.23</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.35</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.16</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class R) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-4.23</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.35</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.16</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.09</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Core Fund (Class R) – including sales charge -0.0423 0.0735 0.0816 Nomura Small Cap Core Fund (Class R) – excluding sales charge -0.0423 0.0735 0.0816 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Index 0.0409 0.0799 0.0912 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,514,110,730</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">137</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>44,025,690</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">26<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 6514110730 137 44025690 0.26 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">12.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">10.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.2027 0.1857 0.1839 0.1239 0.1037 0.0687 0.0378 0.0287 0.0265 0.0162 0.0125 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> 0.0207 0.0171 0.0170 0.0169 0.0158 0.0145 0.0141 0.0140 0.0138 0.0137 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Core Fund(formerly, Macquarie Small Cap Core Fund) Institutional Class DCCIX This annual shareholder report contains important information about Nomura Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.79<span>%</span></td> </tr> </table> 78 0.0079 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Core Fund (Institutional Class) returned -3.76% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Index, the Fund's narrowly based securities market index, returned 4.09%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the healthcare sector. Insmed, Inc. and Travere Therapeutics, Inc. were the leading contributors.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the consumer services sector outperformed versus the Russell 2000 index (benchmark). Brinker International, Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the media sector outperformed. IMAX Corp. was the top contributor.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund's underperformance was largely due to lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. Results were weakest within the software industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the capital goods sector underperformed versus the benchmark. A lack of exposure to Bloom Energy Corp. detracted the most.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the finance sector underperformed, with the insurance industry detracting the most.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11048035.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-3.76</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.88</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-3.76</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.88</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.09</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Core Fund (Institutional Class) – including sales charge -0.0376 0.0788 0.0870 Nomura Small Cap Core Fund (Institutional Class) – excluding sales charge -0.0376 0.0788 0.0870 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Index 0.0409 0.0799 0.0912 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,514,110,730</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">137</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>44,025,690</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">26<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 6514110730 137 44025690 0.26 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">12.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">10.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.2027 0.1857 0.1839 0.1239 0.1037 0.0687 0.0378 0.0287 0.0265 0.0162 0.0125 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> 0.0207 0.0171 0.0170 0.0169 0.0158 0.0145 0.0141 0.0140 0.0138 0.0137 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Core Fund(formerly, Macquarie Small Cap Core Fund) Class R6 DCZRX This annual shareholder report contains important information about Nomura Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.69<span>%</span></td> </tr> </table> 68 0.0069 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Core Fund (Class R6) returned -3.65% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Index, the Fund's narrowly based securities market index, returned 4.09%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the healthcare sector. Insmed, Inc. and Travere Therapeutics, Inc. were the leading contributors.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the consumer services sector outperformed versus the Russell 2000 index (benchmark). Brinker International, Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the media sector outperformed. IMAX Corp. was the top contributor.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund's underperformance was largely due to lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. Results were weakest within the software industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Fund’s holdings in the capital goods sector underperformed versus the benchmark. A lack of exposure to Bloom Energy Corp. detracted the most.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the finance sector underperformed, with the insurance industry detracting the most.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period May 2, 2016 (Class R6's inception), through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047996.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>Since inception</strong><strong><br/>(5/2/16)</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class R6) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-3.65</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.01</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.78</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Core Fund (Class R6) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-3.65</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.01</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.78</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.09</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.01</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 2016-05-02 Nomura Small Cap Core Fund (Class R6) – including sales charge -0.0365 0.0801 0.0978 Nomura Small Cap Core Fund (Class R6) – excluding sales charge -0.0365 0.0801 0.0978 Russell 3000 Index 0.1359 0.1415 0.1467 Russell 2000 Index 0.0409 0.0799 0.1001 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,514,110,730</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">137</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>44,025,690</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">26<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 6514110730 137 44025690 0.26 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">18.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">12.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">10.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 100%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.2027 0.1857 0.1839 0.1239 0.1037 0.0687 0.0378 0.0287 0.0265 0.0162 0.0125 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Travere Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Ligand Pharmaceuticals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Bridgebio Pharma</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Construction Partners Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Modine Manufacturing</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axsome Therapeutics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Artivion</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Old National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.37<span>%</span></td> </tr> </table> 0.0207 0.0171 0.0170 0.0169 0.0158 0.0145 0.0141 0.0140 0.0138 0.0137 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Core Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Value Fund(formerly, Macquarie Small Cap Value Fund) Class A DEVLX This annual shareholder report contains important information about Nomura Small Cap Value Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 112%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 112%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>108</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.09<span>%</span></td> </tr> </table> 108 0.0109 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Value Fund (Class A) returned -1.99% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Value Index, the Fund's narrowly based securities market index, returned 3.02%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the industrials sector outperformed the Fund's narrowly based securities market index (benchmark), specifically positions in the construction and engineering industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Strong stock selection, in addition to an underweight allocation to companies in the real estate investment trust (REIT) sector, contributed to the Fund’s performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the financial services sector outperformed versus the benchmark. Within the sector, stocks owned in the banks and consumer finance industries were the largest contributors.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the materials sector was weak as the Fund’s holdings in the chemicals industry underperformed.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investments in the healthcare equipment and supplies industry underperformed versus the benchmark.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector underperformed over the period. The Fund’s positions in the textiles, apparel, and luxury goods industry detracted from performance.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 12pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047489.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-7.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.14</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.37</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.44</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.01</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Value Fund (Class A) – including sales charge -0.0763 0.0914 0.0737 Nomura Small Cap Value Fund (Class A) – excluding sales charge -0.0199 0.1044 0.0801 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Value Index 0.0302 0.1051 0.0866 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,658,857,424</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">104</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>25,807,981</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">21<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 3658857424 104 25807981 0.21 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">30.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.3022 0.2029 0.0969 0.0931 0.0784 0.0626 0.0593 0.0548 0.0203 0.0121 <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> 0.0195 0.0194 0.0192 0.0191 0.0186 0.0185 0.0180 0.0178 0.0176 0.0175 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Value Fund(formerly, Macquarie Small Cap Value Fund) Class C DEVCX This annual shareholder report contains important information about Nomura Small Cap Value Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 112%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 112%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>181</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.84<span>%</span></td> </tr> </table> 181 0.0184 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Value Fund (Class C) returned -2.74% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Value Index, the Fund's narrowly based securities market index, returned 3.02%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the industrials sector outperformed the Fund's narrowly based securities market index (benchmark), specifically positions in the construction and engineering industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Strong stock selection, in addition to an underweight allocation to companies in the real estate investment trust (REIT) sector, contributed to the Fund’s performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the financial services sector outperformed versus the benchmark. Within the sector, stocks owned in the banks and consumer finance industries were the largest contributors.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the materials sector was weak as the Fund’s holdings in the chemicals industry underperformed.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investments in the healthcare equipment and supplies industry underperformed versus the benchmark.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector underperformed over the period. The Fund’s positions in the textiles, apparel, and luxury goods industry detracted from performance.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 12pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047528.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-3.58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.20</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-2.74</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.20</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Value Fund (Class C) – including sales charge -0.0358 0.0961 0.0720 Nomura Small Cap Value Fund (Class C) – excluding sales charge -0.0274 0.0961 0.0720 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Value Index 0.0302 0.1051 0.0866 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,658,857,424</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">104</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>25,807,981</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">21<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 3658857424 104 25807981 0.21 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">30.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.3022 0.2029 0.0969 0.0931 0.0784 0.0626 0.0593 0.0548 0.0203 0.0121 <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> 0.0195 0.0194 0.0192 0.0191 0.0186 0.0185 0.0180 0.0178 0.0176 0.0175 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Value Fund(formerly, Macquarie Small Cap Value Fund) Class R DVLRX This annual shareholder report contains important information about Nomura Small Cap Value Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 112%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 112%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>132</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.34<span>%</span></td> </tr> </table> 132 0.0134 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Value Fund (Class R) returned -2.24% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Value Index, the Fund's narrowly based securities market index, returned 3.02%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the industrials sector outperformed the Fund's narrowly based securities market index (benchmark), specifically positions in the construction and engineering industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Strong stock selection, in addition to an underweight allocation to companies in the real estate investment trust (REIT) sector, contributed to the Fund’s performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the financial services sector outperformed versus the benchmark. Within the sector, stocks owned in the banks and consumer finance industries were the largest contributors.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the materials sector was weak as the Fund’s holdings in the chemicals industry underperformed.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investments in the healthcare equipment and supplies industry underperformed versus the benchmark.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector underperformed over the period. The Fund’s positions in the textiles, apparel, and luxury goods industry detracted from performance.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 12pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047567.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class R) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-2.24</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.17</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.74</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class R) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-2.24</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.17</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.74</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Value Fund (Class R) – including sales charge -0.0224 0.1017 0.0774 Nomura Small Cap Value Fund (Class R) – excluding sales charge -0.0224 0.1017 0.0774 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Value Index 0.0302 0.1051 0.0866 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,658,857,424</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">104</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>25,807,981</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">21<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 3658857424 104 25807981 0.21 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">30.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.3022 0.2029 0.0969 0.0931 0.0784 0.0626 0.0593 0.0548 0.0203 0.0121 <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> 0.0195 0.0194 0.0192 0.0191 0.0186 0.0185 0.0180 0.0178 0.0176 0.0175 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Value Fund(formerly, Macquarie Small Cap Value Fund) Institutional Class DEVIX This annual shareholder report contains important information about Nomura Small Cap Value Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 112%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 112%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.84<span>%</span></td> </tr> </table> 83 0.0084 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Value Fund (Institutional Class) returned -1.75% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Value Index, the Fund's narrowly based securities market index, returned 3.02%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the industrials sector outperformed the Fund's narrowly based securities market index (benchmark), specifically positions in the construction and engineering industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Strong stock selection, in addition to an underweight allocation to companies in the real estate investment trust (REIT) sector, contributed to the Fund’s performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the financial services sector outperformed versus the benchmark. Within the sector, stocks owned in the banks and consumer finance industries were the largest contributors.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the materials sector was weak as the Fund’s holdings in the chemicals industry underperformed.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investments in the healthcare equipment and supplies industry underperformed versus the benchmark.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector underperformed over the period. The Fund’s positions in the textiles, apparel, and luxury goods industry detracted from performance.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 12pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047645.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.75</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.72</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.27</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.75</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.72</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.27</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Small Cap Value Fund (Institutional Class) – including sales charge -0.0175 0.1072 0.0827 Nomura Small Cap Value Fund (Institutional Class) – excluding sales charge -0.0175 0.1072 0.0827 Russell 3000 Index 0.1359 0.1415 0.1405 Russell 2000 Value Index 0.0302 0.1051 0.0866 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,658,857,424</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">104</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>25,807,981</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">21<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 3658857424 104 25807981 0.21 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">30.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.3022 0.2029 0.0969 0.0931 0.0784 0.0626 0.0593 0.0548 0.0203 0.0121 <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> 0.0195 0.0194 0.0192 0.0191 0.0186 0.0185 0.0180 0.0178 0.0176 0.0175 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Small Cap Value Fund(formerly, Macquarie Small Cap Value Fund) Class R6 DVZRX This annual shareholder report contains important information about Nomura Small Cap Value Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 112%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 112%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.71<span>%</span></td> </tr> </table> 70 0.0071 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Small Cap Value Fund (Class R6) returned -1.62% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the Russell 3000<sup style="font-size: smaller;">®</sup> Index, the Fund's broad-based securities market index, returned 13.59%, while the Russell 2000<sup style="font-size: smaller;">®</sup> Value Index, the Fund's narrowly based securities market index, returned 3.02%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the industrials sector outperformed the Fund's narrowly based securities market index (benchmark), specifically positions in the construction and engineering industry.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Strong stock selection, in addition to an underweight allocation to companies in the real estate investment trust (REIT) sector, contributed to the Fund’s performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the financial services sector outperformed versus the benchmark. Within the sector, stocks owned in the banks and consumer finance industries were the largest contributors.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Stock selection in the materials sector was weak as the Fund’s holdings in the chemicals industry underperformed.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investments in the healthcare equipment and supplies industry underperformed versus the benchmark.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 112%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector underperformed over the period. The Fund’s positions in the textiles, apparel, and luxury goods industry detracted from performance.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup style="font-size: smaller;">®</sup> is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 112%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period May 2, 2016 (Class R6's inception), through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 12pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047606.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>Since inception</strong><strong><br/>(5/2/16)</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class R6) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.62</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.89</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.87</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Small Cap Value Fund (Class R6) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.62</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.89</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.87</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">13.59</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.15</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">10.51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.14</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 2016-05-02 Nomura Small Cap Value Fund (Class R6) – including sales charge -0.0162 0.1089 0.0887 Nomura Small Cap Value Fund (Class R6) – excluding sales charge -0.0162 0.1089 0.0887 Russell 3000 Index 0.1359 0.1415 0.1467 Russell 2000 Value Index 0.0302 0.1051 0.0914 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,658,857,424</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">104</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>25,807,981</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">21<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 3658857424 104 25807981 0.21 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation*</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">30.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">20.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Utilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 105%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span> Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.</div> 0.3022 0.2029 0.0969 0.0931 0.0784 0.0626 0.0593 0.0548 0.0203 0.0121 <div style="font-family: 'arial'; font-size: 10pt; line-height: 112%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Webster Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">FNB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">CACI International Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Valley National Bancorp</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">MasTec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 105%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">TTM Technologies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 105%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.75<span>%</span></td> </tr> </table> 0.0195 0.0194 0.0192 0.0191 0.0186 0.0185 0.0180 0.0178 0.0176 0.0175 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Small Cap Value Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 112%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 8pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Wealth Builder Fund(formerly, Macquarie Wealth Builder Fund) Class A DDIAX This annual shareholder report contains important information about Nomura Wealth Builder Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.08<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 1.04% if tax and non-recurring expenses were not included.</div> </td> </tr> </table> 113 0.0108 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Wealth Builder Fund (Class A) returned 8.93% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the S&amp;P 500<sup style="font-size: smaller;">®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices, returned 15.00% and 5.70%, respectively, while the current blended benchmark*, the Fund's narrowly based securities market index, returned 11.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Global equities and fixed income generally rose during the fiscal year against relatively stabilizing inflation and continued rate cuts by the US Federal Reserve and central banks globally.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investment growth in artificial intelligence contributed significantly to US equity performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US equities with a quality and income style tilt contributed to Fund performance relative to the S&amp;P 500 Index, driven by periods of US equity momentum broadening.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to US corporate bonds was a key contributor to Fund performance. Both high yield and investment grade corporates outperformed longer-duration US government bonds that comprise a material portion of the Bloomberg US Aggregate Index.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US large-cap value stocks underperformed the S&amp;P 500 Index, detracting from Fund performance relative to pure <br/>index exposure.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Although all other equity and fixed income sleeves performed positively, exposure to US real estate investment trusts at the beginning of the reporting period detracted from performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Some US market indices, such as the S&amp;P 500 Index, at times exhibited high volatility during the reporting period due to changing global trade dynamics. US equity indices underperformed international equities broadly over the reporting period, negatively impacting the Fund's US-focused strategy relative to globally focused peers.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The portfolio’s small allocation to money market funds also detracted.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*The blended benchmark is computed using a combination of 60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market indices and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047684.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.65</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.87</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.39</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.16</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.02</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.31</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">11.36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.98</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-style: normal; font-size: 10pt; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; line-height: 100%; font-weight: normal; width: 1%; text-indent: 0; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;"><sup style="font-size: 6pt; vertical-align: super;">*</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; width: 97%; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;">The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information.</div> </td> </tr> </table> Nomura Wealth Builder Fund (Class A) – including sales charge 0.0265 0.0787 0.0639 Nomura Wealth Builder Fund (Class A) – excluding sales charge 0.0893 0.0916 0.0702 S&P 500 Index 0.1500 0.1528 0.1463 Bloomberg US Aggregate Index 0.0570 -0.0031 0.0199 60% S&P 500 Index / 40% Bloomberg US Aggregate Index 0.1136 0.0898 0.0967 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>835,151,384</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">722</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,775,810</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">91<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 835151384 722 4775810 0.91 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Portfolio composition</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">56.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Municipal Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.17<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.5619 0.1429 0.0940 0.0851 0.0385 0.0255 0.0130 0.0103 0.0084 0.0017 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.0357 0.0263 0.0250 0.0157 0.0136 0.0126 0.0110 0.0107 0.0096 0.0086 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class A increased from 0.79% to 1.08%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). 2025-04-01 The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class A increased from 0.79% to 1.08%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Wealth Builder Fund(formerly, Macquarie Wealth Builder Fund) Class C DDICX This annual shareholder report contains important information about Nomura Wealth Builder Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>191</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.83<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 1.79% if tax and non-recurring expenses were not included.</div> </td> </tr> </table> 191 0.0183 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Wealth Builder Fund (Class C) returned 8.21% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the S&amp;P 500<sup style="font-size: smaller;">®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices, returned 15.00% and 5.70%, respectively, while the current blended benchmark*, the Fund's narrowly based securities market index, returned 11.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Global equities and fixed income generally rose during the fiscal year against relatively stabilizing inflation and continued rate cuts by the US Federal Reserve and central banks globally.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investment growth in artificial intelligence contributed significantly to US equity performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US equities with a quality and income style tilt contributed to Fund performance relative to the S&amp;P 500 Index, driven by periods of US equity momentum broadening.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to US corporate bonds was a key contributor to Fund performance. Both high yield and investment grade corporates outperformed longer-duration US government bonds that comprise a material portion of the Bloomberg US Aggregate Index.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US large-cap value stocks underperformed the S&amp;P 500 Index, detracting from Fund performance relative to pure <br/>index exposure.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Although all other equity and fixed income sleeves performed positively, exposure to US real estate investment trusts at the beginning of the reporting period detracted from performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Some US market indices, such as the S&amp;P 500 Index, at times exhibited high volatility during the reporting period due to changing global trade dynamics. US equity indices underperformed international equities broadly over the reporting period, negatively impacting the Fund's US-focused strategy relative to globally focused peers.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The portfolio’s small allocation to money market funds also detracted.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*The blended benchmark is computed using a combination of 60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market indices and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047723.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.21</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.35</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.22</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.21</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.35</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.22</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.31</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">11.36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.98</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-style: normal; font-size: 10pt; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; line-height: 100%; font-weight: normal; width: 1%; text-indent: 0; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;"><sup style="font-size: 6pt; vertical-align: super;">*</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; width: 97%; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;">The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information.</div> </td> </tr> </table> Nomura Wealth Builder Fund (Class C) – including sales charge 0.0721 0.0835 0.0622 Nomura Wealth Builder Fund (Class C) – excluding sales charge 0.0821 0.0835 0.0622 S&P 500 Index 0.1500 0.1528 0.1463 Bloomberg US Aggregate Index 0.0570 -0.0031 0.0199 60% S&P 500 Index / 40% Bloomberg US Aggregate Index 0.1136 0.0898 0.0967 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>835,151,384</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">722</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,775,810</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">91<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 835151384 722 4775810 0.91 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Portfolio composition</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">56.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Municipal Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.17<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.5619 0.1429 0.0940 0.0851 0.0385 0.0255 0.0130 0.0103 0.0084 0.0017 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.0357 0.0263 0.0250 0.0157 0.0136 0.0126 0.0110 0.0107 0.0096 0.0086 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class C increased from 1.54% to 1.83%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary).Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). 2025-04-01 The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class C increased from 1.54% to 1.83%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Wealth Builder Fund(formerly, Macquarie Wealth Builder Fund) Class R DDDRX This annual shareholder report contains important information about Nomura Wealth Builder Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.33<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 1.29% if tax and non-recurring expenses were not included.</div> </td> </tr> </table> 139 0.0133 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Wealth Builder Fund (Class R) returned 8.71% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the S&amp;P 500<sup style="font-size: smaller;">®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices, returned 15.00% and 5.70%, respectively, while the current blended benchmark*, the Fund's narrowly based securities market index, returned 11.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Global equities and fixed income generally rose during the fiscal year against relatively stabilizing inflation and continued rate cuts by the US Federal Reserve and central banks globally.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investment growth in artificial intelligence contributed significantly to US equity performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US equities with a quality and income style tilt contributed to Fund performance relative to the S&amp;P 500 Index, driven by periods of US equity momentum broadening.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to US corporate bonds was a key contributor to Fund performance. Both high yield and investment grade corporates outperformed longer-duration US government bonds that comprise a material portion of the Bloomberg US Aggregate Index.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US large-cap value stocks underperformed the S&amp;P 500 Index, detracting from Fund performance relative to pure <br/>index exposure.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Although all other equity and fixed income sleeves performed positively, exposure to US real estate investment trusts at the beginning of the reporting period detracted from performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Some US market indices, such as the S&amp;P 500 Index, at times exhibited high volatility during the reporting period due to changing global trade dynamics. US equity indices underperformed international equities broadly over the reporting period, negatively impacting the Fund's US-focused strategy relative to globally focused peers.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The portfolio’s small allocation to money market funds also detracted.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*The blended benchmark is computed using a combination of 60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market indices and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047762.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class R) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.71</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.89</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.76</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class R) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.71</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.89</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.76</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.31</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">11.36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.98</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-style: normal; font-size: 10pt; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; line-height: 100%; font-weight: normal; width: 1%; text-indent: 0; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;"><sup style="font-size: 6pt; vertical-align: super;">*</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; width: 97%; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;">The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information.</div> </td> </tr> </table> Nomura Wealth Builder Fund (Class R) – including sales charge 0.0871 0.0889 0.0676 Nomura Wealth Builder Fund (Class R) – excluding sales charge 0.0871 0.0889 0.0676 S&P 500 Index 0.1500 0.1528 0.1463 Bloomberg US Aggregate Index 0.0570 -0.0031 0.0199 60% S&P 500 Index / 40% Bloomberg US Aggregate Index 0.1136 0.0898 0.0967 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>835,151,384</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">722</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,775,810</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">91<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 835151384 722 4775810 0.91 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Portfolio composition</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">56.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Municipal Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.17<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.5619 0.1429 0.0940 0.0851 0.0385 0.0255 0.0130 0.0103 0.0084 0.0017 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.0357 0.0263 0.0250 0.0157 0.0136 0.0126 0.0110 0.0107 0.0096 0.0086 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class R increased from 1.04% to 1.33%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary).Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). 2025-04-01 The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class R increased from 1.04% to 1.33%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Wealth Builder Fund(formerly, Macquarie Wealth Builder Fund) Institutional Class DDIIX This annual shareholder report contains important information about Nomura Wealth Builder Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.83<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.79% if tax and non-recurring expenses were not included.</div> </td> </tr> </table> 87 0.0083 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Wealth Builder Fund (Institutional Class) returned 9.22% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the S&amp;P 500<sup style="font-size: smaller;">®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices, returned 15.00% and 5.70%, respectively, while the current blended benchmark*, the Fund's narrowly based securities market index, returned 11.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Global equities and fixed income generally rose during the fiscal year against relatively stabilizing inflation and continued rate cuts by the US Federal Reserve and central banks globally.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investment growth in artificial intelligence contributed significantly to US equity performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US equities with a quality and income style tilt contributed to Fund performance relative to the S&amp;P 500 Index, driven by periods of US equity momentum broadening.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to US corporate bonds was a key contributor to Fund performance. Both high yield and investment grade corporates outperformed longer-duration US government bonds that comprise a material portion of the Bloomberg US Aggregate Index.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US large-cap value stocks underperformed the S&amp;P 500 Index, detracting from Fund performance relative to pure <br/>index exposure.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Although all other equity and fixed income sleeves performed positively, exposure to US real estate investment trusts at the beginning of the reporting period detracted from performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Some US market indices, such as the S&amp;P 500 Index, at times exhibited high volatility during the reporting period due to changing global trade dynamics. US equity indices underperformed international equities broadly over the reporting period, negatively impacting the Fund's US-focused strategy relative to globally focused peers.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The portfolio’s small allocation to money market funds also detracted.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*The blended benchmark is computed using a combination of 60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market indices and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period November 30, 2015, through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047801.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.22</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.44</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.29</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.22</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.44</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">7.29</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">14.63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.31</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">11.36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">8.98</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-style: normal; font-size: 10pt; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; line-height: 100%; font-weight: normal; width: 1%; text-indent: 0; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;"><sup style="font-size: 6pt; vertical-align: super;">*</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; width: 97%; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;">The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information.</div> </td> </tr> </table> Nomura Wealth Builder Fund (Institutional Class) – including sales charge 0.0922 0.0944 0.0729 Nomura Wealth Builder Fund (Institutional Class) – excluding sales charge 0.0922 0.0944 0.0729 S&P 500 Index 0.1500 0.1528 0.1463 Bloomberg US Aggregate Index 0.0570 -0.0031 0.0199 60% S&P 500 Index / 40% Bloomberg US Aggregate Index 0.1136 0.0898 0.0967 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>835,151,384</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">722</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,775,810</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">91<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 835151384 722 4775810 0.91 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Portfolio composition</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">56.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Municipal Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.17<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.5619 0.1429 0.0940 0.0851 0.0385 0.0255 0.0130 0.0103 0.0084 0.0017 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.0357 0.0263 0.0250 0.0157 0.0136 0.0126 0.0110 0.0107 0.0096 0.0086 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Institutional Class increased from 0.54% to 0.83%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary).Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). 2025-04-01 The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Institutional Class increased from 0.54% to 0.83%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Wealth Builder Fund(formerly, Macquarie Wealth Builder Fund) Class R6 DDERX This annual shareholder report contains important information about Nomura Wealth Builder Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2024,</span> to November 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 110%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.76<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.72% if tax and non-recurring expenses were not included.</div> </td> </tr> </table> 80 0.0076 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Wealth Builder Fund (Class R6) returned 9.23% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2025.</span> During the same period, the S&amp;P 500<sup style="font-size: smaller;">®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices, returned 15.00% and 5.70%, respectively, while the current blended benchmark*, the Fund's narrowly based securities market index, returned 11.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Global equities and fixed income generally rose during the fiscal year against relatively stabilizing inflation and continued rate cuts by the US Federal Reserve and central banks globally.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Investment growth in artificial intelligence contributed significantly to US equity performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US equities with a quality and income style tilt contributed to Fund performance relative to the S&amp;P 500 Index, driven by periods of US equity momentum broadening.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to US corporate bonds was a key contributor to Fund performance. Both high yield and investment grade corporates outperformed longer-duration US government bonds that comprise a material portion of the Bloomberg US Aggregate Index.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">US large-cap value stocks underperformed the S&amp;P 500 Index, detracting from Fund performance relative to pure <br/>index exposure.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Although all other equity and fixed income sleeves performed positively, exposure to US real estate investment trusts at the beginning of the reporting period detracted from performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Some US market indices, such as the S&amp;P 500 Index, at times exhibited high volatility during the reporting period due to changing global trade dynamics. US equity indices underperformed international equities broadly over the reporting period, negatively impacting the Fund's US-focused strategy relative to globally focused peers.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The portfolio’s small allocation to money market funds also detracted.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">*The blended benchmark is computed using a combination of 60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in multiple <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market indices and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period February 28, 2023 (Class R6's inception), through November 30, 2025</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g94781chartimages_11047840.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>Since inception</strong><strong><br/>(2/28/23)</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class R6) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.23</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">12.42</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Nomura Wealth Builder Fund (Class R6) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">9.23</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">12.42</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">23.68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.00</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 3pt 3pt 3pt;">60% S&amp;P 500 Index / 40% Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">11.36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">15.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-style: normal; font-size: 10pt; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; line-height: 100%; font-weight: normal; width: 1%; text-indent: 0; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;"><sup style="font-size: 6pt; vertical-align: super;">*</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0; width: 97%; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; margin-bottom: 0px; padding: 6pt 0px 0px 0px;">The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information.</div> </td> </tr> </table> 2023-02-28 Nomura Wealth Builder Fund (Class R6) – including sales charge 0.0923 0.1242 Nomura Wealth Builder Fund (Class R6) – excluding sales charge 0.0923 0.1242 S&P 500 Index 0.1500 0.2368 Bloomberg US Aggregate Index 0.0570 0.0500 60% S&P 500 Index / 40% Bloomberg US Aggregate Index 0.1136 0.1599 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2025)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>835,151,384</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">722</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,775,810</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">91<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 835151384 722 4775810 0.91 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2025)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Portfolio composition</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">56.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">9.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">1.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Municipal Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">0.17<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.5619 0.1429 0.0940 0.0851 0.0385 0.0255 0.0130 0.0103 0.0084 0.0017 <div style="font-family: 'arial'; font-size: 10pt; line-height: 110%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Top 10 equity holdings</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">NVIDIA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Microsoft</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Broadcom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alphabet Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Exxon Mobil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Merck &amp; Co.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Cisco Systems</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">1.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Meta Platforms Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 100%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">AbbVie</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 100%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">0.86<span>%</span></td> </tr> </table> 0.0357 0.0263 0.0250 0.0157 0.0136 0.0126 0.0110 0.0107 0.0096 0.0086 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees). For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class R6 increased from 0.47% to 0.76%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary).Effective on or around July 31, 2025, the Fund revised its principal investment strategies to explain that within the Fund's tactical/completion sleeve, the Fund may invest in exchange-traded funds (ETFs) managed by the Fund's manager and/or its affiliates (Affiliated ETFs) and ETFs that are managed by unaffiliated investment advisers (Unaffiliated ETFs). Effective April 1, 2025, the Fund revised its principal investment strategies to explain that, at times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund, in order to effect certain investments consistent with the Fund's investment objectives (the Subsidiary). 2025-04-01 The Fund also added new risk disclosure related to the Fund's investments in a Subsidiary.The Fund also added additional risk disclosure related to the Fund's investments in Affiliated ETFs. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective April 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees). For the fiscal year ended November 30, 2025, the Fund's total annual operating expenses for Class R6 increased from 0.47% to 0.76%.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Wealth Builder Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 110%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2025-09-09 Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Costs paid as a percentage of a $10,000 investment would have been 1.04% if tax and non-recurring expenses were not included. The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 1.79% if tax and non-recurring expenses were not included. The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 1.29% if tax and non-recurring expenses were not included. Excludes cash and cash equivalents. The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information. Costs paid as a percentage of a $10,000 investment would have been 0.79% if tax and non-recurring expenses were not included. The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information. Excludes cash and cash equivalents. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 0.72% if tax and non-recurring expenses were not included. The total return has been adjusted to reflect performance in conformity with US generally accepted accounting principles and may differ from the total return in other performance information. Excludes cash and cash equivalents. Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. Excludes cash and cash equivalents.