Table of contents

Schedule of investments	1
Statement of assets and liabilities	7
Statement of operations	9
Statements of changes in net assets	11
Financial highlights	14
Notes to financial statements	24
Other Fund information	39

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Form N-PORT and proxy voting information

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at nomuraassetmanagement.com/literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at nomuraassetmanagement.com/proxy; and (ii) on the SEC’s website at sec.gov.

Schedule of investments

Nomura Emerging Markets Fund

May 31, 2026 (Unaudited)

		Number of shares	Value (US $)
Common Stocks — 95.59%Δ
Argentina — 0.35%
Cablevision Holding GDR		443,972	$     2,691,686
Cresud ADR		1,643,789	19,577,527
Grupo Clarin GDR Class B 144A #		131,213	722,228
IRSA Inversiones y Representaciones ADR		1,751,834	27,048,317
			50,039,758
Bahrain — 0.02%
Aluminium Bahrain GDR 144A #		221,400	2,612,985
			2,612,985
Brazil — 2.50%
Ambev ADR		13,500,000	43,335,000
Auren Energia †		350,225	854,639
Axia Energia ADR		989,541	10,251,645
Axia Energia ADR †		260,088	2,600,880
Banco Bradesco ADR		15,000,000	52,350,000
Banco Santander Brasil ADR		2,884,119	15,689,607
Embraer ADR		420,704	24,295,656
Itau Unibanco Holding ADR		6,744,112	53,143,603
MBRF Global Foods ADR		4,192,735	12,787,842
Petroleo Brasileiro ADR		4,900,000	82,173,000
Rumo		1,905,351	5,185,888
Sitios Latinoamerica †		1,565,678	464,185
Telefonica Brasil ADR		1,430,000	18,790,200
TIM ADR		900,000	19,818,000
Vale ADR		1,000,000	16,250,000
XP Class A		211,715	3,529,289
			361,519,434
Chile — 0.18%
Cia Cervecerias Unidas ADR		410,528	4,836,020
Sociedad Quimica y Minera de Chile ADR		240,000	20,608,800
			25,444,820
China — 5.09%
Alibaba Group Holding ADR		2,020,000	250,924,400
Baidu ADR †		680,000	92,010,800
China Petroleum & Chemical Class H		30,000,000	16,537,151
DiDi Global ADR †		1,278,300	4,486,833
Guangshen Railway Class H		11,000,000	3,228,317
iQIYI ADR †		1,450,000	1,653,000
JD.com ADR		430,000	12,396,900
Kunlun Energy		21,000,000	19,186,158

    1

Schedule of investments

Nomura Emerging Markets Fund 

		Number of shares	Value (US $)
Common StocksΔ (continued)
China (continued)
New Oriental Education & Technology Group ADR		50,000	$     2,289,500
PDD Holdings ADR †		600,000	50,664,000
PetroChina Class H		18,000,000	25,012,441
Sohu.com ADR <<, †		2,219,642	29,987,364
TAL Education Group ADR †		23,506	228,243
Tencent Holdings		2,684,000	146,308,464
Tencent Music Entertainment Group ADR		1,354,888	12,492,067
Tianjin Development Holdings		15,885,550	4,520,254
Trip.com Group ADR †		500,000	23,715,000
Uni-President China Holdings		28,305,000	28,388,432
Weibo ADR		1,450,000	11,397,000
			735,426,324
India — 4.60%
Aurobindo Pharma		1,500,000	22,522,105
BSE		1,500,000	65,464,737
Glenmark Pharmaceuticals		1,167,988	27,969,009
Jio Financial Services		2,534,900	6,375,940
Lupin		2,500,000	59,676,316
Reliance Industries		21,000,000	292,054,737
Reliance Industries GDR 144A #		2,340,879	130,855,136
Tata Chemicals		1,866,909	14,895,969
Tata Consumer Products		2,128,276	26,399,583
United Breweries		1,000,000	13,894,737
Zee Entertainment Enterprises		3,530,000	3,459,772
			663,568,041
Indonesia — 0.35%
Astra International		180,000,000	50,363,738
			50,363,738
Malaysia — 0.02%
UEM Sunrise		17,000,000	2,422,446
			2,422,446
Mexico — 1.85%
America Movil ADR		1,430,000	36,293,400
Cemex ADR		5,100,000	66,759,000
Coca-Cola Femsa ADR		220,000	23,663,200
Fomento Economico Mexicano ADR		540,000	64,276,200
Grupo Financiero Banorte Class O		4,000,000	41,675,030
Grupo Televisa ADR		6,017,000	16,005,220
Ollamani SAB †		1,504,250	6,877,018

2    

		Number of shares	Value (US $)
Common StocksΔ (continued)
Mexico (continued)
Wal-Mart de Mexico		4,000,000	$    12,108,208
			267,657,276
Pakistan — 0.01%
VEON ADR †		29,290	1,644,341
			1,644,341
Peru — 0.44%
Cia de Minas Buenaventura ADR		603,884	22,277,281
Credicorp		120,000	41,115,600
			63,392,881
Russia — 0.00%
EL5-ENERO PJSC =, †		1,058,050	0
Gazprom PJSC =, †		29,200,000	0
LUKOIL PJSC =, †		492,501	0
Rosneft Oil PJSC =, †		14,555,684	0
Sberbank of Russia PJSC =, †		15,200,000	0
Surgutneftegas PJSC ADR =, †		2,014,441	0
T Plus PJSC =, †		36,096	0
VK IPJSC GDR =, †		551,200	0
			0
Singapore — 0.09%
Grab Holdings Class A †		3,500,000	12,390,000
			12,390,000
South Africa — 0.16%
Naspers Class N		431,990	22,701,920
			22,701,920
South Korea — 61.93%
Hyundai Motor		67,203	32,241,386
KB Financial Group ADR		201,350	20,424,944
LG Chem		250,000	60,882,548
LG Electronics		70,819	13,769,056
Lotte		300,000	5,066,357
Lotte Chilsung Beverage		44,000	3,182,482
Lotte Wellfood		60,000	4,495,023
Samsung C&T		2,017,831	579,105,446
Samsung Electronics		5,200,000	1,093,828,799
Samsung Life Insurance		300,000	77,339,084
Shinhan Financial Group		400,000	24,844,061
SK hynix **		1,730,000	2,678,228,268

    3

Schedule of investments

Nomura Emerging Markets Fund 

		Number of shares	Value (US $)
Common StocksΔ (continued)
South Korea (continued)
SK Square **		5,204,428	$ 4,258,168,364
SK Telecom ADR		2,399,800	89,608,532
			8,941,184,350
Taiwan — 17.29%
FIT Hon Teng 144A #, †		38,000,000	43,154,819
MediaTek		3,900,000	536,591,595
Taiwan Semiconductor Manufacturing		25,500,000	1,917,048,411
			2,496,794,825
Türkiye — 0.46%
Akbank		25,000,000	34,124,738
D-MARKET Elektronik Hizmetler ve Ticaret ADR †		144,600	410,664
Turk Telekomunikasyon †		951,192	1,261,424
Turkcell Iletisim Hizmetleri		2,427,827	5,281,430
Turkcell Iletisim Hizmetleri ADR		4,449,485	25,451,054
			66,529,310
United States — 0.25%
BeOne Medicines Class H †		1,615,700	36,450,096
			36,450,096
Total Common Stocks (cost $3,715,721,072)			13,800,142,545
Preferred Stocks — 1.21%Δ
Brazil — 0.07%
Braskem Class A †, ω		1,470,000	3,021,855
Usinas Siderurgicas de Minas Gerais Class A †, ω		3,235,733	7,004,432
			10,026,287
Russia — 0.00%
Transneft PJSC =, †, ω		1,200,000	0
			0
South Korea — 1.14%
LG Chem 1.41% ω		58,307	6,480,705
Samsung Electronics 01/1/01 ω		1,183,100	158,976,609
			165,457,314
Total Preferred Stocks (cost $57,444,276)			175,483,601

4    

		Number of shares	Value (US $)
Exchange-Traded Fund — 0.08%
iShares MSCI Turkey ETF <<		290,275	$    11,088,505
Total Exchange-Traded Fund (cost $13,207,352)			11,088,505
Participation Notes — 0.00%
Lehman Indian Oil CW 12 LEPO =, †		172,132	0
Lehman Oil & Natural Gas CW 12 LEPO =, †		254,590	0
Total Participation Notes (cost $8,559,056)			0

Short-Term Investments — 2.49%
Money Market Mutual Funds — 2.49%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.51%)		89,827,834	89,827,834
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.51%)		89,827,834	89,827,834
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.55%)		89,827,834	89,827,834
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.54%)		89,827,833	89,827,833
Total Short-Term Investments (cost $359,311,335)			359,311,335
Total Value of Securities—99.37% (cost $4,154,243,091)			14,346,025,986
Receivables and Other Assets Net of Liabilities — 0.63%			90,590,066
Net Assets Applicable to 226,037,186 Shares Outstanding — 100.00%			$14,436,616,052

Δ	Securities have been classified by country of risk.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2026, the aggregate value of Rule 144A securities was $177,345,168, which represents 1.23% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
†	Non-income producing security.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”

    5

Schedule of investments

Nomura Emerging Markets Fund 

=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
**	Because SK Square invests most of its assets in SK hynix, these two holdings are likely to perform similarly.
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

GDR – Global Depositary Receipt

IPJSC – International Public Joint Stock Company

LEPO – Low Exercise Price Option

PJSC – Private Joint Stock Company

See accompanying notes, which are an integral part of the financial statements.

6    

Statement of assets and liabilities

Nomura Emerging Markets Fund

May 31, 2026 (Unaudited)

Assets:
Investments, at value*	$14,304,950,117
Investments of affiliated issuers, at value**	41,075,869
Foreign currencies, at valueΔ	13,111,163
Receivable for securities sold	139,120,614
Receivable for fund shares sold	60,741,166
Dividends receivable	15,154,553
Prepaid expenses	664,688
Foreign tax reclaims receivable	157,039
Other assets	44,060
Total Assets	14,575,019,269
Liabilities:
Due to custodian	95,421
Payable for fund shares redeemed	78,980,139
Accrued capital gains taxes on appreciated securities	44,358,379
Investment management fees payable to affiliates	11,924,046
Other accrued expenses	2,686,184
Distribution fees payable to affiliates	272,884
Dividend disbursing and transfer agent fees and expenses payable to affiliates	46,423
Accounting and administration expenses payable to affiliates	30,901
Legal fees payable to affiliates	8,840
Total Liabilities	138,403,217
Total Net Assets	$14,436,616,052
Net Assets Consist of:
Paid-in capital	$3,300,667,607
Total distributable earnings (loss)	11,135,948,445
Total Net Assets	$14,436,616,052

    7

Statement of assets and liabilities

Nomura Emerging Markets Fund 

Net Asset Value
Class A:
Net assets	$974,388,258
Shares of beneficial interest outstanding, unlimited authorization, no par	15,406,763
Net asset value per share	$63.24
Sales charge	5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$67.10
Class C:
Net assets	$87,895,341
Shares of beneficial interest outstanding, unlimited authorization, no par	1,547,271
Net asset value per share	$56.81
Class R:
Net assets	$55,140,771
Shares of beneficial interest outstanding, unlimited authorization, no par	863,200
Net asset value per share	$63.88
Institutional Class:
Net assets	$7,507,592,778
Shares of beneficial interest outstanding, unlimited authorization, no par	117,420,941
Net asset value per share	$63.94
Class R6:
Net assets	$5,811,598,904
Shares of beneficial interest outstanding, unlimited authorization, no par	90,799,011
Net asset value per share	$64.01
*Investments, at cost	$4,059,463,895
**Investments of affiliated issuers, at cost	94,779,196
ΔForeign currencies, at cost	13,113,892

See accompanying notes, which are an integral part of the financial statements.

8    

Statement of operations

Nomura Emerging Markets Fund

Six months ended May 31, 2026 (Unaudited)

Investment Income:
Dividends	$70,121,383
Dividends from affiliated investments	104,293
Foreign tax withheld	(9,858,395)
	60,367,281
Expenses:
Management fees	56,699,887
Distribution expenses — Class A	729,324
Distribution expenses — Class C	266,912
Distribution expenses — Class R	90,046
Dividend disbursing, transfer agent and sub-transfer agent fees and expenses	3,250,661
Custodian fees	707,474
Accounting and administration expenses	422,879
Reports and statements to shareholders expenses	295,637
Trustees’ fees	187,417
Legal fees	170,819
Registration fees	93,097
Audit and tax fees	31,199
Other	96,730
	63,042,082
Less expenses waived	(4,981,673)
Less expenses paid indirectly	(1,781)
Total operating expenses	58,058,628
Net Investment Income (Loss)	2,308,653

    9

Statement of operations

Nomura Emerging Markets Fund 

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$2,197,697,387
Foreign currencies	(9,709,738)
Net realized gain (loss)	2,187,987,649
Net change in unrealized appreciation (depreciation) on:
Investments1	6,655,391,465
Affiliated investments	(2,875,223)
Foreign currencies	(570,881)
Net change in unrealized appreciation (depreciation)	6,651,945,361
Net Realized and Unrealized Gain (Loss)	8,839,933,010
Net Increase (Decrease) in Net Assets Resulting from Operations	$8,842,241,663

1	Includes net change of $10,533,571 on capital gains taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

10    

Statements of changes in net assets

Nomura Emerging Markets Fund

	Six months ended 5/31/26 (Unaudited)		Year ended 11/30/25
Increase in Net Assets from Operations:
Net investment income (loss)	$2,308,653		$39,362,853
Net realized gain (loss)	2,187,987,649		355,665,3321
Net increase from payment by affiliates	—		83,0072
Net change in unrealized appreciation (depreciation)	6,651,945,361		2,992,995,978
Net increase (decrease) in net assets resulting from operations	8,842,241,663		3,388,107,170
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A	(69,792,605)		(4,271,460)
Class C	(6,954,486)		(356,832)
Class R	(4,549,512)		(283,499)
Institutional Class	(714,214,380)		(52,564,902)
Class R6	(593,068,710)		(44,955,576)
	(1,388,579,693)		(102,432,269)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A	207,979,059		77,034,702
Class C	32,432,717		2,523,282
Class R	5,863,508		4,370,938
Institutional Class	1,266,575,632		730,917,658
Class R6	745,865,182		564,202,081
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A	52,523,040		4,035,733
Class C	6,398,357		354,332
Class R	4,503,051		283,101
Institutional Class	549,974,866		45,190,743
Class R6	478,420,305		37,289,653
	3,350,535,717		1,466,202,223

    11

Statements of changes in net assets

Nomura Emerging Markets Fund 

	Six months ended 5/31/26 (Unaudited)		Year ended 11/30/25
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$(127,611,507)		$(89,248,165)
Class C	(27,035,009)		(15,474,447)
Class R	(9,275,374)		(7,957,212)
Institutional Class	(2,290,601,791)		(1,038,752,571)
Class R6	(1,889,066,368)		(865,035,807)
	(4,343,590,049)		(2,016,468,202)
Decrease in net assets derived from capital share transactions	(993,054,332)		(550,265,979)
Net Increase in Net Assets	6,460,607,638		2,735,408,922
Net Assets:
Beginning of period	7,976,008,414		5,240,599,492
End of period	$14,436,616,052		$7,976,008,414

1	Excludes net increase from payment by affiliates.
2	See Note 2 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

12    

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Financial highlights

Nomura Emerging Markets Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)2

Net realized and unrealized gain (loss)

Payment by affiliates

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return5

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses.
4	Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

14    

Six months ended 5/31/261 (Unaudited)		Year ended
		11/30/25		11/30/24		11/30/23		11/30/22		11/30/21
$34.13		$20.79		$19.07		$17.78		$24.14		$23.67
(0.05) 3		0.09		0.16		0.40		0.50		0.54
35.10		13.60		2.09		1.16		(6.09)		0.07
—		—4		—		—		—		—
35.05		13.69		2.25		1.56		(5.59)		0.61
(4.98)		(0.35)		(0.53)		(0.27)		(0.77)		—
(0.96)		—		—		—		—		(0.14)
(5.94)		(0.35)		(0.53)		(0.27)		(0.77)		(0.14)
$63.24		$34.13		$20.79		$19.07		$17.78		$24.14
123.94%		66.91%4		12.12%		8.97%		(23.97%)		2.57%
$974,388		$400,686		$251,281		$242,762		$245,037		$361,528
1.41%		1.42%		1.43%		1.46%		1.51%		1.57%
1.51%		1.57%		1.59%		1.59%		1.66%		1.59%
(0.24%)		0.36%		0.75%		2.22%		2.54%		2.08%
(0.34%)		0.21%		0.59%		2.09%		2.39%		2.06%
1%		5%		14%		2%		11%		4%

15    

Financial highlights

Nomura Emerging Markets Fund Class C 

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)2

Net realized and unrealized gain (loss)

Payment by affiliates

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return5

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses.
4	Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

16    

Six months ended 5/31/261 (Unaudited)		Year ended
		11/30/25		11/30/24		11/30/23		11/30/22		11/30/21
$31.17		$19.02		$17.44		$16.24		$22.09		$21.83
(0.18)3		(0.07)		0.01		0.24		0.33		0.32
31.58		12.42		1.93		1.07		(5.60)		0.08
—		—4		—		—		—		—
31.40		12.35		1.94		1.31		(5.27)		0.40
(4.80)		(0.20)		(0.36)		(0.11)		(0.58)		—
(0.96)		—		—		—		—		(0.14)
(5.76)		(0.20)		(0.36)		(0.11)		(0.58)		(0.14)
$56.81		$31.17		$19.02		$17.44		$16.24		$22.09
123.15%		65.59%4		11.34%		8.13%		(24.56%)		1.82%
$87,895		$37,567		$34,087		$42,531		$56,938		$105,474
2.16%		2.17%		2.18%		2.21%		2.26%		2.32%
2.26%		2.32%		2.34%		2.34%		2.41%		2.34%
(0.99%)		(0.33%)		0.03%		1.47%		1.79%		1.33%
(1.09%)		(0.48%)		(0.13%)		1.34%		1.64%		1.31%
1%		5%		14%		2%		11%		4%

17    

Financial highlights

Nomura Emerging Markets Fund Class R 

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)2

Net realized and unrealized gain (loss)

Payment by affiliates

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return5

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses.
4	Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

18    

Six months ended 5/31/261 (Unaudited)		Year ended
		11/30/25		11/30/24		11/30/23		11/30/22		11/30/21
$34.37		$20.94		$19.17		$17.87		$24.24		$23.82
(0.10)3		0.03		0.11		0.36		0.46		0.48
35.47		13.70		2.13		1.16		(6.14)		0.08
—		—4		—		—		—		—
35.37		13.73		2.24		1.52		(5.68)		0.56
(4.90)		(0.30)		(0.47)		(0.22)		(0.69)		—
(0.96)		—		—		—		—		(0.14)
(5.86)		(0.30)		(0.47)		(0.22)		(0.69)		(0.14)
$63.88		$34.37		$20.94		$19.17		$17.87		$24.24
123.68%		66.43%4		11.92%		8.64%		(24.15%)		2.34%
$55,141		$27,381		$19,607		$19,767		$21,502		$34,148
1.66%		1.67%		1.68%		1.71%		1.76%		1.82%
1.76%		1.82%		1.84%		1.84%		1.91%		1.84%
(0.48%)		0.12%		0.51%		1.97%		2.29%		1.83%
(0.58%)		(0.03%)		0.35%		1.84%		2.14%		1.81%
1%		5%		14%		2%		11%		4%

19    

Financial highlights

Nomura Emerging Markets Fund Institutional Class 

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Payment by affiliates

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return5

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

20    

Six months ended 5/31/261 (Unaudited)		Year ended
		11/30/25		11/30/24		11/30/23		11/30/22		11/30/21
$34.44		$20.98		$19.23		$17.94		$24.35		$23.85
—3		0.15		0.21		0.45		0.55		0.61
35.48		13.72		2.11		1.16		(6.13)		0.07
—		—4		—		—		—		—
35.48		13.87		2.32		1.61		(5.58)		0.68
(5.02)		(0.41)		(0.57)		(0.32)		(0.83)		(0.04)
(0.96)		—		—		—		—		(0.14)
(5.98)		(0.41)		(0.57)		(0.32)		(0.83)		(0.18)
$63.94		$34.44		$20.98		$19.23		$17.94		$24.35
124.28%		67.29%4		12.42%		9.22%		(23.76%)		2.84%
$7,507,593		$4,110,620		$2,708,135		$2,525,330		$2,558,425		$3,728,519
1.16%		1.17%		1.18%		1.21%		1.26%		1.32%
1.26%		1.32%		1.34%		1.34%		1.41%		1.34%
0.02%		0.61%		0.99%		2.47%		2.79%		2.33%
(0.08%)		0.46%		0.83%		2.34%		2.64%		2.31%
1%		5%		14%		2%		11%		4%

21    

Financial highlights

Nomura Emerging Markets Fund Class R6 

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Payment by affiliates

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

22    

Six months ended 5/31/261 (Unaudited)		Year ended
		11/30/25		11/30/24		11/30/23		11/30/22		11/30/21
$34.47		$21.00		$19.25		$17.97		$24.38		$23.88
0.03		0.18		0.23		0.47		0.57		0.64
35.51		13.71		2.12		1.15		(6.13)		0.07
—		—3		—		—		—		—
35.54		13.89		2.35		1.62		(5.56)		0.71
(5.04)		(0.42)		(0.60)		(0.34)		(0.85)		(0.07)
(0.96)		—		—		—		—		(0.14)
(6.00)		(0.42)		(0.60)		(0.34)		(0.85)		(0.21)
$64.01		$34.47		$21.00		$19.25		$17.97		$24.38
124.41%		67.42%3		12.58%		9.28%		(23.67%)		2.94%
$5,811,599		$3,399,754		$2,227,489		$1,988,183		$1,867,261		$2,190,839
1.06%		1.06%		1.07%		1.13%		1.16%		1.21%
1.16%		1.21%		1.24%		1.22%		1.30%		1.23%
0.13%		0.72%		1.10%		2.55%		2.89%		2.44%
0.03%		0.57%		0.93%		2.44%		2.75%		2.42%
1%		5%		14%		2%		11%		4%

23    

Notes to financial statements

Nomura Emerging Markets Fund

May 31, 2026 (Unaudited)

Delaware Group^® Global & International Funds (Trust) is organized as a Delaware statutory trust and offers one series: Nomura Emerging Markets Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as part of its duties as the Fund's valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Fund investments. DMC has established a pricing committee (Pricing Committee) to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and

24    

procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Fund may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended May 31, 2026, and for all open tax years (years ended November 30, 2022–
November 30, 2025), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax penalties” on the “Statement of operations.” During the six months ended May 31, 2026, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.  

Underlying Funds —  The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Fund may invest include ETFs. The Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and

    25

Notes to financial statements

Nomura Emerging Markets Fund   

1. Significant Accounting Policies (continued)

liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from any Underlying Funds in which the Fund invests are recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The "Statement of operations" includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. The Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may

26    

distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. The Fund’s Chief Executive Officer and Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements.

Recent Accounting Standard — The Fund adopted FASB ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of May 31, 2026. ASU 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2026, the Fund earned $652 under this arrangement.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2026, the Fund earned $1,129 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 1.25% on the

    27

Notes to financial statements

Nomura Emerging Markets Fund   

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

first $500 million of average daily net assets of the Fund, 1.20% on the next $500 million, 1.15% on the next $1.5 billion, 1.10% on the next $5.5 billion, and 1.075% on average daily net assets in excess of $8 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 1.15% of the Fund’s average daily net assets for all share classes other than Class R6 from March 31, 2026 through March 30, 2027 and 1.06% of the Fund’s Class R6 shares’ average daily net assets, from December 1, 2025 through March 30, 2027. Prior to March 31, 2026, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual fund operating expenses from exceeding 1.17% of the Fund’s average daily net assets for all share classes other than Class R6. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from December 1, 2025 (except as noted) through March 30, 2027, unless terminated by agreement of DMC and the Fund, is as follows:

	Operating expense limitation as a percentage of average daily net assets
	Class A		Class C		Class R		Institutional Class		Class R6
	1.40%*		2.15%*		1.65%*		1.15%*		1.06%

*	Effective March 31, 2026. Prior to March 31, 2026, these amounts for Class A, Class C, Class R, and Institutional Class shares were 1.42%, 2.17%, 1.67%, and 1.17%, respectively.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2026, the Fund paid $185,549 for these services.

28    

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Nomura Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Nomura Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses.” For the six months ended May 31, 2026, the Fund paid $279,256 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing, transfer agent and sub-transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended May 31, 2026, the Fund paid $52,917 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended May 31, 2026, DDLP earned $229,417 for commissions on sales of the Fund’s Class A shares. For the six months ended May 31, 2026, DDLP received gross CDSC commissions of $464 and $52,646 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

    29

Notes to financial statements

Nomura Emerging Markets Fund   

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

During the year ended November 30, 2025, DMC reimbursed the Fund $83,007 for tax paid on foreign security. This amount is included in “Net increase from payment by affiliates” in the“Statements of changes.” Payment by affiliates had no impact on total return.

An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or sub-advisor to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the six months ended May 31, 2026 was as follows:

	Value, beginning of period		Gross additions		Gross reductions		Net realized gain (loss) on affiliated investments		Net change in unrealized appreciation (depreciation) on affiliated investments
Common Stock—0.21%
Sohu.com ADR	$34,226,880		$—		$—		$—		$(4,239,516)
Exchange-Traded Fund—0.07%
iShares MSCI Turkey ETF	9,724,212		—		—		—		1,364,293
Total	$43,951,092		$—		$—		$—		$(2,875,223)

	Value, end of period		Shares		Dividends
Common Stock—0.21%
Sohu.com ADR	$29,987,364		2,219,642		$—
Exchange-Traded Fund—0.07%
iShares MSCI Turkey ETF	11,088,505		290,275		104,293
Total	$41,075,869				$104,293

3. Investments

For the six months ended May 31, 2026, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:

Purchases	$130,384,598
Sales	3,010,941,283

30    

At May 31, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At May 31, 2026, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

Cost of investments	$4,154,243,091
Aggregate unrealized appreciation of investments	$10,716,161,370
Aggregate unrealized depreciation of investments	(524,378,475)
Net unrealized appreciation of investments	$10,191,782,895

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each of the Fund's investments are assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3  − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and

    31

Notes to financial statements

Nomura Emerging Markets Fund   

3. Investments (continued)

industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of May 31, 2026:

			Level 1		Level 2		Level 3	Total
Securities
Assets:
Common Stocks
Argentina			$46,625,844		$3,413,914		$—	$50,039,758
Bahrain			—		2,612,985		—	2,612,985
Brazil			361,519,434		—		—	361,519,434
Chile			25,444,820		—		—	25,444,820
China			735,426,324		—		—	735,426,324
India			663,568,041		—		—	663,568,041
Indonesia			50,363,738		—		—	50,363,738
Malaysia			2,422,446		—		—	2,422,446
Mexico			267,657,276		—		—	267,657,276
Pakistan			1,644,341		—		—	1,644,341
Peru			63,392,881		—		—	63,392,881
Russia			—		—		—1,2	—
Singapore			12,390,000		—		—	12,390,000
South Africa			22,701,920		—		—	22,701,920
South Korea			8,941,184,350		—		—	8,941,184,350
Taiwan			2,496,794,825		—		—	2,496,794,825
Türkiye			25,861,718		40,667,592		—	66,529,310
United States			36,450,096		—		—	36,450,096
Exchange-Traded Fund			11,088,505		—		—	11,088,505
Participation Notes			—		—		—2	—
Preferred Stocks			175,483,601		—		—1,2	175,483,601
Short-Term Investments			359,311,335		—		—	359,311,335
Total Value of Securities			$14,299,331,495		$46,694,491		$—	$14,346,025,986

1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of May 31, 2026.

2The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

During the six months ended May 31, 2026, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

32    

As a result of utilizing international fair value pricing at May 31, 2026, a portion of the common stock in the portfolio was categorized as Level 2.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended		Year ended
	5/31/26		11/30/25
Shares sold:
Class A	5,049,490		3,060,174
Class C	824,738		100,954
Class R	141,344		177,808
Institutional Class	32,328,710		28,648,442
Class R6	18,572,002		22,574,462
Shares issued upon reinvestment of dividends and distributions:
Class A	1,844,856		191,448
Class C	249,351		18,274
Class R	156,410		13,304
Institutional Class	19,129,561		2,129,630
Class R6	16,629,138		1,757,288
	94,925,600		58,671,784
Shares redeemed:
Class A	(3,229,015)		(3,595,851)
Class C	(732,074)		(706,590)
Class R	(231,286)		(330,930)
Institutional Class	(53,387,235)		(40,506,772)
Class R6	(43,018,409)		(31,809,244)
	(100,598,019)		(76,949,387)
Net decrease	(5,672,419)		(18,277,603)