N-Q 1 n-q.htm
As filed with the Securities and Exchange Commission on July 24, 2014
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-00582
NEUBERGER BERMAN EQUITY FUNDS
(Exact Name of the Registrant as Specified in Charter)
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Robert Conti, Chief Executive Officer and President
Neuberger Berman Equity Funds
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York  10158-0180
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Date of fiscal year end:  August 31
Date of reporting period:  May 31, 2014
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of their first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”)(17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedules of Investments.
 
MAY 31, 2014


Schedule of Investments Emerging Markets Equity Fund
(Unaudited)

Number of
Shares
Value†
($000's)z
Common Stocks (97.4%)
 
Brazil (9.5%)
AMBEV SA ADR
943,500
6,642
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares
783,000
3,712
BB Seguridade Participacoes SA
561,800
7,147
BM&FBOVESPA SA
1,290,900
6,327
BR Malls Participacoes SA
655,300
5,414
Brasil Insurance Participacoes E Administracao SA
559,100
1,997
Cielo SA
335,200
5,989
Qualicorp SA *
443,600
4,673
Totvs SA
191,725
3,343
Vale SA ADR, Preference Shares
838,525
9,626
54,870
Chile (0.5%)
SACI Falabella
306,250
2,859
 
China (21.5%)
AAC Technologies Holdings, Inc.
1,345,100
7,859
Agricultural Bank of China Ltd., H Shares
18,572,600
8,265
Baidu, Inc. ADR *
26,900
4,465
Bolina Holding Co. Ltd.
6,517,600
2,446
Changyou.com Ltd. ADR *
163,500
4,415
China Everbright International Ltd.
7,631,200
9,715
China Lesso Group Holdings Ltd.
2,694,400
1,484
China Medical System Holdings Ltd.
3,741,200
4,396
China Mengniu Dairy Co. Ltd.
1,431,140
7,024
China State Construction International Holdings Ltd.
3,140,400
5,395
China Vanke Co. Ltd., B Shares
5,041,123
7,933
CNOOC Ltd.
3,631,100
6,210
Haier Electronics Group Co. Ltd.
3,525,800
8,241
Industrial & Commercial Bank of China Ltd., H Shares
9,964,600
6,452
Jumei International Holding Ltd. ADR *
22,300
613
New Oriental Education & Technology Group, Inc. ADR
189,000
4,880
PICC Property & Casualty Co. Ltd., H Shares
2,889,200
4,248
Prince Frog International Holdings Ltd. *
7,623,300
1,996
Sinopec Engineering Group Co. Ltd., H Shares
4,699,300
5,389
Sunny Optical Technology Group Co. Ltd.
5,793,400
6,927
Tencent Holdings Ltd.
950,500
13,339
Zhuzhou CSR Times Electric Co. Ltd., H Shares
914,900
2,673
124,365
Czech Republic (0.8%)
Komercni Banka A/S
20,645
4,759
 
India (11.3%)
Bank of Baroda
405,530
5,765
Cummins India Ltd.
630,515
6,828
Dabur India Ltd.
1,477,349
4,662
Glenmark Pharmaceuticals Ltd.
386,205
3,608
Godrej Consumer Products Ltd.
163,750
2,181
ITC Ltd. *
873,840
5,052
Jubilant Foodworks Ltd. *
190,266
3,738
Larsen & Toubro Ltd.
254,202
6,651
Mahindra & Mahindra Ltd.
253,905
5,298
Power Grid Corp. of India Ltd.
2,757,634
5,691
Reliance Industries Ltd.
252,260
4,551
Tata Global Beverages Ltd.
1,770,160
4,462
Yes Bank Ltd.
704,308
6,770
65,257
Indonesia (3.5%)
PT AKR Corporindo Tbk
8,252,000
2,916
PT Bank Mandiri (Persero) Tbk
3,551,400
3,095
PT Gudang Garam Tbk
944,100
4,209
PT Matahari Department Store Tbk *
3,580,900
4,455
PT Semen Indonesia (Persero) Tbk
4,465,200
5,632
20,307
Korea (11.9%)
Coway Co. Ltd.
149,840
12,602
Hankook Tire Co. Ltd.
73,721
4,372
Hyundai Motor Co.
52,350
11,520
Lock & Lock Co. Ltd.
174,660
2,251
Samsung Electronics Co. Ltd.
17,788
25,160
Samsung Engineering Co. Ltd. *
61,827
4,939
SFA Engineering Corp.
111,837
4,549
Sung Kwang Bend Co. Ltd.
176,282
3,585
68,978
Luxembourg (0.5%)
Tenaris SA ADR
66,100
2,965
 
Malaysia (2.8%)
Axiata Group Berhad
3,400,000
7,333
Malayan Banking Berhad
1,529,000
4,702
Top Glove Corp. Berhad
2,881,500
4,341
16,376
Mexico (5.5%)
Arca Continental SAB de CV
780,900
5,064
Corp. Inmobiliaria Vesta SAB de CV
2,272,300
4,675
Fibra Uno Administracion SA de CV
1,295,200
3,976
Genomma Lab Internacional SAB de CV Class B *
259,800
665
Grupo Financiero Banorte SAB de CV, O Shares
920,100
6,719
Grupo Mexico SAB de CV Series B
1,708,400
5,621
Kimberly-Clark de Mexico SAB de CV Class A
1,939,400
5,233
31,953
Nigeria (1.1%)
Afren PLC *
2,499,330
6,393
 
Peru (1.4%)
Credicorp Ltd.
52,300
8,172
 
Philippines (2.8%)
Ayala Corp.
324,360
4,581
International Container Terminal Services, Inc.
2,176,050
5,371
RFM Corp.
15,440,800
2,329
SM Investments Corp.
147,580
2,651
SM Prime Holdings, Inc.
3,497,300
1,340
16,272
Qatar (1.5%)
Industries Qatar QSC
159,763
8,303
 
Russia (5.3%)
Eurasia Drilling Co. Ltd. GDR
112,180
3,354
Magnit OJSC^^
35,725
9,021
QIWI PLC ADR
94,400
3,988
Sberbank of Russia *^^
3,316,430
8,033
Yandex NV Class A *
199,900
6,225
30,621
Singapore (0.9%)
Asian Pay Television Trust
8,714,702
5,280
 
South Africa (4.2%)
Bidvest Group Ltd.
221,058
6,143
Life Healthcare Group Holdings Ltd.
1,667,860
6,548
MTN Group Ltd.
294,879
6,215
Shoprite Holdings Ltd.
345,295
5,383
24,289
Taiwan, Province of China (5.4%)
China Steel Chemical Corp.
560,400
3,401
eMemory Technology, Inc.
441,000
4,206
Hermes Microvision, Inc.
116,440
4,660
MediaTek, Inc.
500,100
8,122
Taiwan Semiconductor Manufacturing Co. Ltd.
2,747,739
10,951
31,340
Thailand (1.4%)
Bangkok Dusit Medical Services PCL^^
6,677,300
3,376
CP ALL PCL^^
3,230,000
4,477
7,853
Turkey (1.7%)
Arcelik A/S
612,200
3,853
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S
2,675,890
3,419
Turkiye Garanti Bankasi A/S
662,070
2,699
9,971
United Arab Emirates (1.1%)
Dragon Oil PLC
594,325
6,047
 
United Kingdom (2.8%)
BG Group PLC
143,360
2,934
Hikma Pharmaceuticals PLC
200,150
5,720
SABMiller PLC
137,360
7,657
 
16,311
Total Common Stocks
(Cost $512,569)
 
563,541
 
Short-Term Investments (2.5%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $14,586)
14,585,844
14,586
 
Total Investments## (99.9%)
(Cost $527,155)
578,127
 
Cash, receivables and other assets, less liabilities (0.1%)
803
 
Total Net Assets (100.0%)
 
$ 578,930
 
 
See Notes to Schedule of Investments
 

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY
EMERGING MARKETS EQUITY FUND (UNAUDITED)
 

Industry
Investments at
Value†
 (000's omitted)
 
Percentage of
 Net Assets
Banks
$
69,143
 
11.9%
Semiconductors & Semiconductor Equipment
 
53,099
 
9.2%
Oil, Gas & Consumable Fuels
 
26,135
 
4.5%
Household Durables
 
24,696
 
4.3%
Internet Software & Services
 
24,029
 
4.2%
Construction & Engineering
 
22,374
 
3.9%
Beverages
 
19,363
 
3.3%
Real Estate Management & Development
 
19,362
 
3.3%
Electronic Equipment, Instruments & Components
 
19,335
 
3.3%
Food & Staples Retailing
 
18,881
 
3.3%
Industrial Conglomerates
 
17,097
 
3.0%
Automobiles
 
16,818
 
2.9%
Metals & Mining
 
15,247
 
2.6%
Health Care Providers & Services
 
14,597
 
2.5%
Pharmaceuticals
 
14,389
 
2.5%
Food Products
 
13,815
 
2.4%
Wireless Telecommunication Services
 
13,548
 
2.3%
Insurance
 
13,392
 
2.3%
Diversified Financial Services
 
10,908
 
1.9%
IT Services
 
9,977
 
1.7%
Commercial Services & Supplies
 
9,715
 
1.7%
Tobacco
 
9,261
 
1.6%
Personal Products
 
8,839
 
1.5%
Software
 
7,758
 
1.3%
Building Products
 
7,515
 
1.3%
Real Estate Investment Trusts
 
7,395
 
1.3%
Multiline Retail
 
7,314
 
1.3%
Machinery
 
6,828
 
1.2%
Energy Equipment & Services
 
6,319
 
1.1%
Electric Utilities
 
5,691
 
1.0%
Construction Materials
 
5,632
 
1.0%
Transportation Infrastructure
 
5,371
 
0.9%
Media
 
5,280
 
0.9%
Household Products
 
5,233
 
0.9%
Diversified Consumer Services
 
4,880
 
0.8%
Auto Components
 
4,372
 
0.8%
Health Care Equipment & Supplies
 
4,341
 
0.7%
Hotels, Restaurants & Leisure
 
3,738
 
0.7%
Chemicals
 
3,401
 
0.6%
Trading Companies & Distributors
 
2,916
 
0.5%
Electrical Equipment
 
2,673
 
0.5%
Containers & Packaging
 
2,251
 
0.4%
Internet & Catalog Retail
 
613
 
0.1%
Short-Term Investments and Other Assets-Net
 
15,389
 
2.6%
 
$
578,930
 
100.0%


MAY 31, 2014


Schedule of Investments Equity Income Fund
(Unaudited)
 

Number of
Shares
Value†
($000's)z
Common Stocks (94.8%)
 
Aerospace & Defense (2.6%)
General Dynamics Corp. @
325,000
38,389
Honeywell International, Inc.
275,000
25,616
 
64,005
Automobiles (1.4%)
General Motors Co.
993,000
34,338
 
Banks (7.4%)
JPMorgan Chase & Co.
800,000
44,456
M&T Bank Corp.
314,000
38,110
PNC Financial Services Group, Inc.
414,000
35,302
Wells Fargo & Co. @
1,250,000
63,475
 
181,343
Capital Markets (3.2%)
BlackRock, Inc.
52,000
15,855
Blackstone Group LP
817,000
25,392
KKR & Co. LP
1,610,000
36,595
 
77,842
Chemicals (1.8%)
E.I. du Pont de Nemours & Co. @
634,000
43,943
 
Diversified Financial Services (1.5%)
CME Group, Inc.
514,000
37,008
 
Diversified Telecommunication Services (2.4%)
Singapore Telecommunications Ltd.
18,500,000
57,522
 
Electric Utilities (5.8%)
Great Plains Energy, Inc.
1,520,000
38,684
NextEra Energy, Inc.
660,000
64,258
PPL Corp.
1,078,000
37,827
 
140,769
Food & Staples Retailing (0.5%)
Wesfarmers Ltd.
317,000
12,792
 
Food Products (0.5%)
Unilever NV
264,800
11,495
 
Gas Utilities (0.5%)
Infraestructura Energetica Nova SAB de CV
2,151,900
11,797
 
Household Products (1.4%)
Kimberly-Clark Corp. @
310,000
34,829
 
Industrial Conglomerates (2.7%)
3M Co.
95,000
13,542
Koninklijke Philips NV
1,644,500
51,940
 
65,482
Leisure Products (2.0%)
Hasbro, Inc.
920,000
49,404
 
Media (1.0%)
Lagardere SCA
700,000
24,394
 
Metals & Mining (1.6%)
BHP Billiton Ltd. ADR
581,000
39,438
 
Multi-Utilities (10.5%)
Alliant Energy Corp.
909,000
52,995
Ameren Corp.
1,169,000
46,000
CenterPoint Energy, Inc.
1,015,000
24,482
Dominion Resources, Inc.
795,000
54,823
NiSource, Inc.
825,000
30,830
Sempra Energy
285,200
28,620
Wisconsin Energy Corp. @
400,000
18,208
 
255,958
Oil, Gas & Consumable Fuels (10.9%)
Cenovus Energy, Inc.
909,000
27,079
Chevron Corp. @
287,200
35,265
Enbridge, Inc.
941,700
44,721
Exxon Mobil Corp. @
260,000
26,138
Golar LNG Ltd.
548,000
25,509
Occidental Petroleum Corp. @
247,000
24,624
ONEOK, Inc.
607,000
39,146
Spectra Energy Corp. @
1,082,500
43,928
 
266,410
Pharmaceuticals (9.6%)
Bristol-Myers Squibb Co.
475,100
23,631
Eli Lilly & Co.
815,000
48,786
Johnson & Johnson @
525,000
53,266
Novartis AG ADR @
645,000
58,089
Roche Holding AG ADR
1,366,000
50,392
 
234,164
Real Estate Investment Trusts (23.4%)
CapitaCommercial Trust
9,448,000
12,730
Equity Residential @
940,000
58,092
Extra Space Storage, Inc.
1,010,000
52,873
Fibra Uno Administracion SA de CV
10,962,000
33,654
Goodman Group
3,089,000
14,633
Host Hotels & Resorts, Inc.
1,317,000
29,066
Keppel REIT Management Ltd.
12,422,000
12,924
Mapletree Logistics Trust
12,280,000
11,601
Parkway Life Real Estate Investment Trust
5,973,000
11,286
Prologis, Inc.
1,700,000
70,567
Public Storage
140,000
24,133
Realty Income Corp.
849,000
36,762
Simon Property Group, Inc. @
263,000
43,779
Starwood Property Trust, Inc.
2,063,000
50,317
TF Administradora Industrial S de RL de CV
6,200,000
12,572
Ventas, Inc.
925,000
61,790
Washington Prime Group, Inc. *
131,500
2,616
Weyerhaeuser Co.
1,000,000
31,420
570,815
Road & Rail (1.1%)
Norfolk Southern Corp. @
275,000
27,706
 
Software (2.0%)
Microsoft Corp. @
1,180,000
48,309
 
Specialty Retail (1.0%)
Home Depot, Inc.
305,000
24,470
 
 
Total Common Stocks
(Cost $2,001,794)
 
2,314,233
 
Principal
Amount($)
Convertible Bonds (3.1%)
Emulex Corp., Senior Unsecured Notes, 1.75%, due 11/15/18 ñ
2,100,000
1,902
Golar LNG Ltd., Secured Notes, 3.75%, due 3/7/17
3,900,000
4,471
Live Nation Entertainment, Inc., Senior Unsecured Notes, 2.50%, due 5/15/19 ñ
1,860,000
1,930
NRG Yield, Inc., Guaranteed Notes, 3.50%, due 2/1/19 ñ
11,800,000
13,150
Patriot Coal Corp., Senior Unsecured Notes, 3.25%, due 5/31/13 ‡^^
14,515,000
190
RTI International Metals, Inc., Guaranteed Notes, 1.63%, due 10/15/19
5,000,000
4,953
TIBCO Software, Inc., Senior Unsecured Notes, 2.25%, due 5/1/32
17,025,000
17,142
WebMD Health Corp., Senior Unsecured Notes, 2.25%, due 3/31/16
10,000,000
10,162
WebMD Health Corp., Senior Unsecured Notes, 2.50%, due 1/31/18
20,565,000
20,861
 
 
Total Convertible Bonds
(Cost $84,701)
 
74,761
 
Number of
Shares
Short-Term Investments (0.9%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $20,780)
20,780,339
20,780
 
Total Investments## (98.8%)
(Cost $2,107,275)
2,409,774
 
Cash, receivables and other assets, less liabilities‡‡ (1.2%)
30,301
 
Total Net Assets (100.0%)
 
$ 2,440,075
 
See Notes to Schedule of Investments

MAY 31, 2014


Schedule of Investments Focus Fund
(Unaudited)
 
 
Number of
Shares
Value†
($000's)z
 
 
 
Common Stocks (96.1%)
 
 
 
Aerospace & Defense (0.6%)
 
 
 
 
Boeing Co.
39,000
5,275
 
 
 
Airlines (2.4%)
 
 
Delta Air Lines, Inc.
501,800
20,027
 
 
Automobiles (0.9%)
 
 
General Motors Co.
225,000
7,780
 
 
Banks (7.0%)
 
 
JPMorgan Chase & Co.
665,000
36,954
PNC Financial Services Group, Inc.
243,000
20,721
 
57,675
Capital Markets (4.1%)
 
 
Invesco Ltd.
910,000
33,397
 
 
Chemicals (1.9%)
 
 
WR Grace & Co. *
173,000
15,930
 
 
Communications Equipment (3.8%)
 
 
Cisco Systems, Inc.
1,265,000
31,144
 
 
Diversified Consumer Services (2.0%)
 
 
Service Corp. International
820,000
16,416
 
 
Diversified Financial Services (2.9%)
 
 
Intercontinental Exchange, Inc.
122,500
24,059
 
 
Electrical Equipment (4.0%)
 
 
Eaton Corp. PLC
445,000
32,792
 
 
Electronic Equipment, Instruments & Components (2.2%)
 
 
Corning, Inc.
830,000
17,679
 
 
Food Products (0.4%)
 
 
WhiteWave Foods Co. Class A *
96,500
3,039
 
 
 
Health Care Equipment & Supplies (4.2%)
 
 
C.R. Bard, Inc.
236,000
34,907
 
 
 
Health Care Providers & Services (2.1%)
 
 
DaVita HealthCare Partners, Inc. *
245,000
17,295
 
 
 
Hotels, Restaurants & Leisure (2.0%)
 
 
Starwood Hotels & Resorts Worldwide, Inc.
208,000
16,609
 
 
 
Household Durables (2.1%)
 
 
Newell Rubbermaid, Inc.
583,000
17,070
 
 
 
Household Products (3.2%)
 
 
Procter & Gamble Co.
326,000
26,338
 
 
 
Internet Software & Services (6.0%)
 
 
eBay, Inc. *
550,000
27,901
Google, Inc. Class A *
19,000
10,861
Google, Inc. Class C *
19,000
10,659
 
 
49,421
Machinery (2.4%)
 
 
Pall Corp.
235,000
19,914
 
 
 
Media (6.5%)
 
 
Comcast Corp. Class A Special
620,000
32,141
Time Warner, Inc.
305,000
21,298
 
 
53,439
Metals & Mining (0.5%)
 
 
BHP Billiton PLC ADR
70,000
4,386
 
 
 
Multi-Utilities (3.5%)
 
 
NiSource, Inc.
760,000
28,401
 
 
 
Oil, Gas & Consumable Fuels (10.3%)
 
 
Antero Resources Corp. *
506,100
31,125
Apache Corp.
202,000
18,831
Pioneer Natural Resources Co.
94,000
19,755
Range Resources Corp.
160,000
14,872
 
 
84,583
Paper & Forest Products (1.2%)
 
 
International Paper Co.
207,000
9,859
 
 
 
Personal Products (4.0%)
 
 
Estee Lauder Cos., Inc. Class A
427,000
32,717
 
 
 
Pharmaceuticals (4.3%)
 
 
Eli Lilly & Co.
584,000
34,958
 
 
 
Semiconductors & Semiconductor Equipment (1.9%)
 
 
Altera Corp.
480,000
15,902
 
 
 
Software (1.8%)
 
 
Activision Blizzard, Inc.
720,000
14,962
 
 
 
Specialty Retail (2.8%)
 
 
Bed Bath & Beyond, Inc. *
375,000
22,819
 
 
 
Technology Hardware, Storage & Peripherals (3.2%)
 
 
SanDisk Corp.
270,000
26,090
 
 
 
Textiles, Apparel & Luxury Goods (1.9%)
 
 
Ralph Lauren Corp.
101,000
15,501
 
 
 
Total Common Stocks
 
 
(Cost $635,682)
 
790,384
 
 
 
Short-Term Investments (3.8%)
 
 
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $31,409)
31,409,362
31,409
 
 
 
Total Investments## (99.9%)
 
 
(Cost $667,091)
 
821,793
 
 
 
Cash, receivables and other assets, less liabilities (0.1%)
 
481
 
 
 
Total Net Assets (100.0%)
 
$ 822,274
 
 
See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Genesis Fund
(Unaudited)
 
Number of
Shares
Value†
($000's)z
Common Stocks (96.8%)
 
Aerospace & Defense (0.1%)
Cubic Corp.
281,100
13,675
 
Air Freight & Logistics (0.5%)
Forward Air Corp. ^
1,688,300
75,737
 
Auto Components (0.4%)
Gentex Corp.
1,998,249
57,789
 
Banks (7.6%)
Bank of the Ozarks, Inc.
1,441,550
85,109
Bank of Hawaii Corp. ^
2,501,412
139,479
BankUnited, Inc.
3,214,430
104,598
BOK Financial Corp.
1,643,676
103,190
Community Bank System, Inc.
1,265,623
44,942
Cullen/Frost Bankers, Inc.
1,973,525
147,738
CVB Financial Corp.
3,231,072
47,109
First Financial Bankshares, Inc. ^
1,895,168
112,725
FNB Corp.
4,499,346
55,072
PacWest Bancorp
2,439,651
98,611
ViewPoint Financial Group, Inc.
1,977,558
49,142
Westamerica Bancorporation ^
1,814,243
88,843
 
1,076,558
Beverages (0.8%)
Boston Beer Co., Inc. Class A *
536,419
115,014
 
Building Products (0.7%)
AAON, Inc.
782,121
24,402
AO Smith Corp.
1,550,548
76,566
 
100,968
Chemicals (4.5%)
Balchem Corp. ^
1,565,135
86,302
Hawkins, Inc.
350,773
12,666
Innophos Holdings, Inc. ^
1,676,300
88,006
NewMarket Corp.
234,212
91,696
RPM International, Inc.
2,239,244
96,444
Sensient Technologies Corp. ^
4,056,345
222,288
Stepan Co.
742,996
39,765
637,167
Commercial Services & Supplies (3.9%)
Copart, Inc. *
804,462
28,615
Healthcare Services Group, Inc. ^
4,898,881
145,791
Rollins, Inc.
5,580,120
171,142
Team, Inc. *
886,506
37,162
UniFirst Corp.
494,750
48,955
United Stationers, Inc. ^
2,906,341
115,760
547,425
Communications Equipment (0.7%)
NETGEAR, Inc. *^
3,052,000
100,319
 
Construction & Engineering (0.2%)
Primoris Services Corp.
939,900
27,229
 
Construction Materials (0.5%)
Eagle Materials, Inc.
818,300
71,168
 
Containers & Packaging (2.6%)
AptarGroup, Inc. ^
4,180,100
278,353
Silgan Holdings, Inc.
1,844,283
90,056
 
368,409
Distributors (1.3%)
Pool Corp. ^
3,187,598
184,020
 
Diversified Financial Services (0.1%)
MarketAxess Holdings, Inc.
227,040
12,113
 
Electrical Equipment (0.5%)
Franklin Electric Co., Inc.
1,002,372
38,391
Thermon Group Holdings, Inc. *
1,339,257
31,539
 
69,930
Electronic Equipment, Instruments & Components (3.4%)
Badger Meter, Inc. ^
760,201
37,653
FEI Co.
1,967,542
164,191
Littelfuse, Inc.
518,852
45,483
Rogers Corp. *
639,849
39,837
Zebra Technologies Corp. Class A *^
2,534,624
188,322
 
475,486
Energy Equipment & Services (4.6%)
Canadian Energy Services & Technology Corp.
538,400
15,630
CARBO Ceramics, Inc. ^
1,423,657
195,852
Natural Gas Services Group, Inc. *^
746,000
22,410
Oceaneering International, Inc.
2,796,528
201,490
Pason Systems, Inc. ^
4,671,457
127,255
ShawCor Ltd.
1,714,600
86,940
 
649,577
Food & Staples Retailing (0.2%)
North West Co., Inc.
1,298,300
28,497
 
Food Products (2.4%)
B&G Foods, Inc.
2,146,300
73,532
Flowers Foods, Inc.
3,721,100
77,585
J & J Snack Foods Corp. ^
1,042,646
97,664
Lancaster Colony Corp.
1,080,756
96,501
 
345,282
Gas Utilities (0.5%)
South Jersey Industries, Inc.
1,253,448
72,098
 
Health Care Equipment & Supplies (5.7%)
Abaxis, Inc.
1,077,800
44,535
Cyberonics, Inc. *
527,380
32,065
Haemonetics Corp. *^
4,517,300
153,859
IDEXX Laboratories, Inc. *
1,446,962
185,906
Meridian Bioscience, Inc. ^
3,090,397
63,075
Sirona Dental Systems, Inc. *
2,060,026
154,955
West Pharmaceutical Services, Inc. ^
4,054,458
170,652
 
805,047
Health Care Providers & Services (2.8%)
AmSurg Corp. *
1,302,550
58,979
Henry Schein, Inc. *
1,526,240
182,615
MWI Veterinary Supply, Inc. *^
1,109,529
154,790
 
396,384
Hotels, Restaurants & Leisure (4.4%)
Bally Technologies, Inc. *^
2,839,592
167,536
Brinker International, Inc.
2,840,300
141,021
Cheesecake Factory, Inc.
1,531,800
70,263
Cracker Barrel Old Country Store, Inc.
867,327
87,210
Papa John's International, Inc.
1,936,545
83,988
Texas Roadhouse, Inc.
2,829,700
71,535
 
621,553
Household Durables (0.2%)
Leggett & Platt, Inc.
1,017,000
34,497
 
Household Products (2.2%)
Church & Dwight Co., Inc.
4,592,356
317,929
 
Industrial Conglomerates (0.7%)
Raven Industries, Inc. ^
3,227,052
101,168
 
Insurance (1.2%)
RLI Corp. ^
2,636,414
117,584
Safety Insurance Group, Inc. ^
993,849
51,263
 
168,847
Internet Software & Services (0.3%)
j2 Global, Inc.
921,201
43,628
 
IT Services (1.5%)
Jack Henry & Associates, Inc.
1,938,903
112,437
Sapient Corp. *
5,371,073
88,354
Virtusa Corp. *
322,500
11,033
 
211,824
Leisure Products (1.6%)
Polaris Industries, Inc.
1,764,520
227,482
 
Life Sciences Tools & Services (2.2%)
ICON PLC *^
4,295,200
181,558
PAREXEL International Corp. *
1,460,955
73,705
Techne Corp.
612,500
53,772
 
309,035
Machinery (10.9%)
Chart Industries, Inc. *
651,700
46,851
CLARCOR, Inc. ^
3,874,522
226,776
Donaldson Co., Inc.
2,694,900
109,763
Graco, Inc.
790,717
57,707
Lincoln Electric Holdings, Inc.
571,282
37,527
Lindsay Corp. ^
911,650
76,843
Middleby Corp. *
524,106
125,167
Nordson Corp.
2,183,408
178,035
RBC Bearings, Inc.
453,040
27,169
Tennant Co.
851,402
54,413
Toro Co.
1,625,888
105,000
Valmont Industries, Inc.
998,904
154,780
Wabtec Corp.
4,282,400
337,196
 
1,537,227
Media (1.4%)
LIN Media LLC Class A *
1,368,430
34,402
Media General, Inc. *
1,687,909
29,927
Nexstar Broadcasting Group, Inc. Class A ^
2,746,921
127,622
 
191,951
Metals & Mining (2.2%)
Alamos Gold, Inc.
5,545,100
45,858
Compass Minerals International, Inc. ^
2,851,873
265,196
 
311,054
Multi-Utilities (0.3%)
NorthWestern Corp.
891,000
42,768
 
Oil, Gas & Consumable Fuels (2.4%)
Evolution Petroleum Corp.
1,091,850
12,262
Gulfport Energy Corp. *
2,326,300
143,137
Kodiak Oil & Gas Corp. *
1,927,637
24,539
Laredo Petroleum, Inc. *
1,841,700
50,960
Oasis Petroleum, Inc. *
1,701,780
84,238
Painted Pony Petroleum Ltd. *
2,354,250
24,743
 
339,879
Paper & Forest Products (0.6%)
Stella-Jones, Inc.
2,396,800
65,142
Stella-Jones, Inc. b
621,200
16,884
 
82,026
Professional Services (0.6%)
Exponent, Inc. ^
1,152,435
81,512
 
Real Estate Management & Development (2.3%)
Altisource Asset Management Corp. *^
143,317
140,904
Altisource Portfolio Solutions SA *^
1,635,270
180,223
 
321,127
Road & Rail (0.2%)
Genesee & Wyoming, Inc. Class A *
256,600
24,980
 
Semiconductors & Semiconductor Equipment (1.7%)
Hittite Microwave Corp. ^
2,262,065
133,009
Power Integrations, Inc. ^
2,057,500
103,472
 
236,481
Software (8.6%)
Advent Software, Inc.
2,100,238
63,553
Computer Modelling Group Ltd. ^
2,970,200
83,191
Constellation Software, Inc. (CAD)
3,142
710
Constellation Software, Inc.
759,300
171,565
Descartes Systems Group, Inc. *
632,300
8,454
Enghouse Systems Ltd.
1,092,000
32,640
FactSet Research Systems, Inc.
825,700
88,466
Fair Isaac Corp.
226,012
13,312
Manhattan Associates, Inc. *^
5,367,928
174,243
MICROS Systems, Inc. *
3,483,742
186,102
Monotype Imaging Holdings, Inc. ^
2,751,845
70,860
Solera Holdings, Inc.
2,792,953
182,240
Tyler Technologies, Inc. *^
1,777,932
138,910
 
1,214,246
Specialty Retail (2.6%)
Hibbett Sports, Inc. *^
1,698,769
89,338
Sally Beauty Holdings, Inc. *
4,762,393
122,012
Tractor Supply Co.
2,315,082
150,527
 
361,877
Technology Hardware, Storage & Peripherals (0.2%)
Electronics For Imaging, Inc. *
787,000
32,023
 
Textiles, Apparel & Luxury Goods (0.5%)
Wolverine World Wide, Inc.
2,590,470
67,015
 
Thrifts & Mortgage Finance (1.6%)
Home Loan Servicing Solutions Ltd. ^
5,652,000
126,040
Ocwen Financial Corp. *
2,706,729
94,925
 
220,965
Trading Companies & Distributors (2.4%)
Applied Industrial Technologies, Inc. ^
2,511,844
119,614
Beacon Roofing Supply, Inc. *
1,974,500
68,120
MSC Industrial Direct Co., Inc. Class A
715,700
65,823
Watsco, Inc.
788,204
79,317
 
332,874
Total Common Stocks
(Cost $7,427,704)
 
13,663,860
 
Short-Term Investments (3.2%)
State Street Institutional Treasury Money Market Fund Institutional Class
370,359,600
370,360
State Street Institutional Treasury Plus Fund Institutional Class  
83,304,237
83,304
 
 
 
Total Short-Term Investments
(Cost $453,664)
 
453,664
 
Total Investments## (100.0%)
(Cost $7,881,368)
14,117,524
 
Cash, receivables and other assets, less liabilities (0.0%)
4,226
 
Total Net Assets (100.0%)
$14,121,750


See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Global Equity Fund
(Unaudited)
 
 
 
Number of
Shares
Value†
($000's)z
   
Common Stocks (96.1%)
  
 
Brazil (0.7%)
  
SLC Agricola SA
 
30,800
262
     
Canada (5.2%)
      
Alimentation Couche-Tard, Inc. Class B
 
16,880
458
Home Capital Group, Inc.
 
11,520
518
ShawCor Ltd.
 
11,300
573
Suncor Energy, Inc.
 
12,900
497
 
    
2,046
China (1.9%)
      
Haier Electronics Group Co. Ltd.
 
143,000
334
PICC Property & Casualty Co. Ltd., H Shares
 
290,100
427
 
    
761
France (5.5%)
      
BNP Paribas SA
 
6,400
448
Rexel SA
  
22,700
542
Sanofi
 
5,300
567
Sodexo
 
5,300
570
 
    
2,127
Germany (5.0%)
      
Continental AG
 
2,435
576
Henkel AG & Co. KGaA
 
4,070
470
Linde AG
 
2,222
464
Volkswagen AG, Preference Shares
 
1,620
431
 
    
1,941
Ireland (1.2%)
      
Covidien PLC
 
6,245
457
     
Israel (2.7%)
      
Bezeq Israeli Telecommunication Corp. Ltd.
 
260,140
467
Check Point Software Technologies Ltd. *
  
9,190
592
 
    
1,059
Japan (4.3%)
      
FANUC Corp.
 
2,800
476
SOFTBANK Corp.
 
5,100
368
SUGI HOLDINGS Co. Ltd.
 
6,900
325
TOYOTA MOTOR Corp.
 
9,250
524
 
    
1,693
Korea (1.6%)
      
Samsung Electronics Co. Ltd.
 
438
619
     
Netherlands (2.5%)
      
ASML Holding NV
 
6,985
599
Sensata Technologies Holding NV *
  
8,885
381
 
    
980
Norway (1.6%)
      
DNB ASA
 
32,530
611
     
Sweden (1.5%)
      
Elekta AB, B Shares
 
18,505
239
Telefonaktiebolaget LM Ericsson, B Shares
 
29,135
365
 
    
604
Switzerland (8.7%)
      
Givaudan SA *
  
368
603
Julius Baer Group Ltd. *
  
12,300
532
Roche Holding AG
 
1,966
578
SGS SA
 
236
592
Sika AG
 
141
559
Sonova Holding AG *
  
3,410
520
 
    
3,384
United Kingdom (6.9%)
      
Aon PLC
 
5,435
489
Howden Joinery Group PLC
 
69,100
370
Prudential PLC
 
24,700
574
SABMiller PLC
 
8,095
449
St. James's Place PLC
 
29,200
383
TalkTalk Telecom Group PLC
 
78,500
422
 
  
2,687
United States (46.8%)
      
Actuant Corp. Class A
 
14,050
499
Amazon.com, Inc. *
  
1,210
378
American Tower Corp.
 
4,045
363
AMETEK, Inc.
 
9,595
509
Apple, Inc.
 
1,289
816
BlackRock, Inc.
 
1,863
568
BorgWarner, Inc.
 
7,880
496
Cardinal Health, Inc.
 
8,905
629
CVS Caremark Corp.
 
6,705
525
eBay, Inc. *
  
9,255
469
EOG Resources, Inc.
 
5,084
538
Estee Lauder Cos., Inc. Class A
 
6,400
490
First Republic Bank
 
11,300
575
Google, Inc. Class A *
  
460
263
Google, Inc. Class C *
  
460
258
Graco, Inc.
 
6,850
500
Henry Schein, Inc. *
  
4,330
518
Intercontinental Exchange Group, Inc.
 
2,450
481
JPMorgan Chase & Co.
 
10,305
573
Motorola Solutions, Inc.
 
7,680
518
Nielsen NV
 
10,140
489
Nordstrom, Inc.
 
6,235
424
Pall Corp.
 
6,890
584
Pioneer Natural Resources Co.
 
2,535
533
Range Resources Corp.
 
5,605
521
Rockwood Holdings, Inc.
 
5,300
405
RPM International, Inc.
 
13,500
581
SanDisk Corp.
 
11,745
1,135
Schlumberger Ltd.
 
4,715
490
Sealed Air Corp.
 
16,995
560
Sirona Dental Systems, Inc. *
  
6,010
452
Taminco Corp. *
  
11,395
243
Teradata Corp. *
  
8,100
340
Visa, Inc. Class A
 
1,870
402
Wabtec Corp.
 
7,630
601
Waste Connections, Inc.
 
11,100
506
   
18,232
 
Total Common Stocks
(Cost $32,983)
    
37,463
 
    
 
Short-Term Investments (4.0%)
      
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $1,561)
  
1,560,661
1,561
     
Total Investments## (100.1%)
(Cost $34,544)
    
39,024
 
Liabilities, less cash, receivables and other assets [(0.1%)]
    
(43)
     
Total Net Assets (100.0%)
    
$ 38,981

See Notes to Schedule of Investments


SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY
GLOBAL EQUITY FUND (UNAUDITED)

 
 
Industry
Investments at
Value†
(000's omitted)
 
Percentage of
Net Assets
Chemicals
$
2,855
7.3%
Machinery
 
2,660
6.8%
Banks
 
2,207
5.7%
Oil, Gas & Consumable Fuels
 
2,089
5.4%
Technology Hardware, Storage & Peripherals
 
1,951
5.0%
Insurance
 
1,873
4.8%
Health Care Equipment & Supplies
 
1,668
4.3%
Food & Staples Retailing
 
1,308
3.4%
Semiconductors & Semiconductor Equipment
 
1,218
3.1%
Health Care Providers & Services
 
1,147
2.9%
Pharmaceuticals
 
1,145
2.9%
Capital Markets
 
1,100
2.8%
Professional Services
 
1,081
2.8%
Auto Components
 
1,072
2.8%
Energy Equipment & Services
 
1,063
2.7%
Internet Software & Services
 
990
2.5%
Automobiles
 
955
2.4%
Electrical Equipment
 
890
2.3%
Diversified Telecommunication Services
 
889
2.3%
Communications Equipment
 
883
2.3%
IT Services
 
742
1.9%
Software
 
592
1.5%
Hotels, Restaurants & Leisure
 
570
1.5%
Containers & Packaging
 
560
1.4%
Trading Companies & Distributors
 
542
1.4%
Thrifts & Mortgage Finance
 
518
1.3%
Commercial Services & Supplies
 
506
1.3%
Personal Products
 
490
1.3%
Diversified Financial Services
 
481
1.2%
Household Products
 
470
1.2%
Beverages
 
449
1.2%
Multiline Retail
 
424
1.1%
Internet & Catalog Retail
 
378
1.0%
Specialty Retail
 
370
0.9%
Wireless Telecommunication Services
 
368
0.9%
Real Estate Investment Trusts
 
363
0.9%
Household Durables
 
334
0.9%
Food Products
 
262
0.7%
Short-Term Investments and Other Assets-Net
 
1,518
3.9%
 
$
38,981
100.0%
 
MAY 31, 2014


Schedule of Investments Global Thematic Opportunities Fund
(Unaudited)

 
Number of
Shares
Value†
($000's)z
Common Stocks (94.4%)
 
Australia (4.7%)
BHP Billiton Ltd. ADR
22,600
1,534
Treasury Wine Estates Ltd.
511,700
2,476
4,010
Chile (2.5%)
Sociedad Quimica y Minera de Chile SA ADR
69,600
2,105
 
China (4.6%)
Belle International Holdings Ltd.
980,000
973
Chow Tai Fook Jewellery Group Ltd.
959,400
1,260
New Oriental Education & Technology Group, Inc. ADR
66,500
1,717
3,950
France (1.2%)
Accor SA
18,800
995
 
Hong Kong (4.4%)
GCL-Poly Energy Holdings Ltd. *
4,483,000
1,393
SA SA International Holdings Ltd.
1,836,000
1,246
SJM Holdings Ltd.
397,000
1,134
3,773
Israel (3.0%)
Check Point Software Technologies Ltd. *
39,500
2,547
 
Japan (6.2%)
Lawson, Inc.
15,500
1,113
Mitsubishi UFJ Financial Group, Inc.
373,700
2,103
TOYOTA MOTOR Corp.
37,000
2,094
5,310
Korea (2.8%)
Samsung Electronics Co. Ltd. GDR
3,330
2,368
 
Netherlands (1.9%)
Koninklijke Philips NV
51,000
1,611
 
Spain (2.9%)
Mediaset Espana Comunicacion SA *
217,000
2,510
 
Switzerland (4.6%)
Novartis AG ADR
20,900
1,882
Roche Holding AG ADR
56,800
2,096
3,978
United Kingdom (5.5%)
Aberdeen Asset Management PLC
235,000
1,753
Aon PLC
22,650
2,037
Derwent London PLC
20,000
918
4,708
United States (50.1%)
American International Group, Inc.
33,700
1,822
Antero Resources Corp. *
28,300
1,741
Bed Bath & Beyond, Inc. *
26,200
1,594
BlackRock, Inc.
6,600
2,012
Blackstone Group LP
65,000
2,020
Boeing Co.
6,500
879
C.R. Bard, Inc.
6,650
984
CME Group, Inc.
12,000
864
Corning, Inc.
88,900
1,894
Deere & Co.
18,000
1,641
Express Scripts Holding Co. *
24,700
1,765
Franklin Resources, Inc.
31,900
1,761
General Dynamics Corp.
9,000
1,063
General Motors Co.
59,400
2,054
Google, Inc. Class A *
2,775
1,586
Google, Inc. Class C *
2,775
1,557
Honeywell International, Inc.
22,900
2,133
Invesco Ltd.
48,600
1,784
KKR & Co. LP
107,600
2,446
Range Resources Corp.
30,300
2,816
SanDisk Corp.
35,000
3,382
TRI Pointe Homes, Inc. *
159,700
2,436
Valmont Industries, Inc.
11,600
1,797
Wynn Resorts Ltd.
3,600
774
 
42,805
 
Total Common Stocks
(Cost $68,486)
 
80,670
 
Short-Term Investments (3.8%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $3,208)
3,208,022
3,208
 
Total Investments## (98.2%)
(Cost $71,694)
83,878
 
Cash, receivables and other assets, less liabilities (1.8%)
1,564
 
Total Net Assets (100.0%)
 
$ 85,442


See Notes to Schedule of Investments
 


SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY
GLOBAL THEMATIC OPPORTUNITIES FUND (UNAUDITED)
 

Industry
Investments at
Value†
 (000's omitted)
 
Percentage of
 Net Assets
Capital Markets
$
11,776
 
13.8%
Specialty Retail
 
5,073
 
5.9%
Oil, Gas & Consumable Fuels
 
4,557
 
5.3%
Automobiles
 
4,148
 
4.8%
Aerospace & Defense
 
4,075
 
4.8%
Pharmaceuticals
 
3,978
 
4.7%
Insurance
 
3,859
 
4.5%
Semiconductors & Semiconductor Equipment
 
3,761
 
4.4%
Machinery
 
3,438
 
4.0%
Technology Hardware, Storage & Peripherals
 
3,382
 
4.0%
Internet Software & Services
 
3,143
 
3.7%
Hotels, Restaurants & Leisure
 
2,903
 
3.4%
Software
 
2,547
 
3.0%
Media
 
2,510
 
2.9%
Beverages
 
2,476
 
2.9%
Household Durables
 
2,436
 
2.8%
Chemicals
 
2,105
 
2.5%
Banks
 
2,103
 
2.5%
Electronic Equipment, Instruments & Components
 
1,894
 
2.2%
Health Care Providers & Services
 
1,765
 
2.1%
Diversified Consumer Services
 
1,717
 
2.0%
Industrial Conglomerates
 
1,611
 
1.9%
Metals & Mining
 
1,534
 
1.8%
Food & Staples Retailing
 
1,113
 
1.3%
Health Care Equipment & Supplies
 
984
 
1.1%
Real Estate Investment Trusts
 
918
 
1.1%
Diversified Financial Services
 
864
 
1.0%
Short-Term Investments and Other Assets-Net
 
4,772
 
5.6%
 
$
85,442
 
100.0%

MAY 31, 2014


Schedule of Investments Greater China Equity Fund
(Unaudited)
 

 
Number of
Shares
Value†
($000's)z
Common Stocks (67.4%)
 
 
Auto Components (1.2%)
Weifu High-Technology Group Co. Ltd. Class B
225,479
693
 
Automobiles (10.3%)
Brilliance China Automotive Holdings Ltd.
1,644,000
2,723
Dongfeng Motor Group Co. Ltd., H Shares
2,138,000
3,259
5,982
Banks (9.0%)
China Construction Bank Corp., H Shares
2,274,000
1,666
Industrial & Commercial Bank of China Ltd., H Shares
5,518,000
3,573
5,239
Capital Markets (3.4%)
China Cinda Asset Management Co. Ltd., H Shares *
4,108,000
1,960
 
Construction Materials (2.4%)
BBMG Corp., H Shares
2,101,500
1,410
 
Diversified Consumer Services (1.9%)
New Oriental Education & Technology Group, Inc. ADR
43,211
1,116
 
Diversified Telecommunication Services (1.2%)
China Unicom Hong Kong Ltd.
462,000
688
 
Electronic Equipment, Instruments & Components (0.7%)
Hollysys Automation Technologies Ltd. *
20,049
421
 
Gas Utilities (1.1%)
ENN Energy Holdings Ltd. *
94,000
660
 
Health Care Providers & Services (1.0%)
Sinopharm Group Co. Ltd., H Shares
223,200
605
 
Independent Power and Renewable Electricity Producers (6.8%)
China Power International Development Ltd.
3,540,000
1,247
China Resources Power Holdings Co. Ltd.
340,000
892
Huadian Fuxin Energy Corp. Ltd., H Shares
3,738,000
1,822
3,961
Insurance (8.3%)
China Pacific Insurance Group Co. Ltd., H shares
494,800
1,643
Ping An Insurance Group Co. of China Ltd., H Shares
411,500
3,177
4,820
Internet & Catalog Retail (0.6%)
Jumei International Holding Ltd. ADR *
11,536
317
 
Internet Software & Services (11.9%)
Baidu, Inc. ADR *
13,016
2,161
Qihoo 360 Technology Co. Ltd. ADR *
23,740
2,180
Tencent Holdings Ltd.
184,500
2,589
6,930
Machinery (2.1%)
Sany Heavy Equipment International Holdings Co. Ltd.
1,376,000
309
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B
519,014
900
1,209
Oil, Gas & Consumable Fuels (1.4%)
China Petroleum & Chemical Corp., H Shares
300,000
272
CNOOC Ltd.
307,000
525
797
Pharmaceuticals (1.1%)
Sino Biopharmaceutical Ltd.
760,000
621
 
Real Estate Management & Development (3.0%)
Country Garden Holdings Co. Ltd.
1,231,000
519
Sunac China Holdings Ltd.
2,342,000
1,209
 
1,728
Total Common Stocks
(Cost $38,216)
 
39,157
  
Participatory Notes (24.1%)
 
 
Automobiles (2.8%)
SAIC Motor Corp. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 8/29/2018
56,100
131
SAIC Motor Corp. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 8/14/2023
21,600
50
SAIC Motor Corp. Ltd., Class A (issuer UBS AG), Expiration Date 8/13/2014
38,605
90
SAIC Motor Corp. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/20/2015 ñ
136,061
316
SAIC Motor Corp. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 8/29/2018
458,337
1,066
1,653
Electrical Equipment (3.3%)
NARI Technology Development Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 3/22/2023
59,035
124
NARI Technology Development Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/30/2015
127,500
269
NARI Technology Development Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 1/24/2019
33,000
70
NARI Technology Development Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 1/24/2019
10,700
23
NARI Technology Development Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/20/2015 ñ
10,200
21
Zhejiang Dahua Technology Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 4/1/2019
24,592
106
Zhejiang Dahua Technology Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 3/18/2015
57,189
245
Zhejiang Dahua Technology Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 12/19/2022
5,651
24
Zhejiang Dahua Technology Co. Ltd., Class A (issuer UBS AG), Expiration Date 3/19/2015
101,462
435
Zhejiang Dahua Technology Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 4/1/2015
140,864
604
1,921
Food Products (2.2%)
Henan Shuanghui Investment & Development Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 12/28/2018
8,765
48
Henan Shuanghui Investment & Development Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 4/8/2016
32,781
180
Henan Shuanghui Investment & Development Co. Ltd., Class A (issuer UBS AG), Expiration Date 9/26/2014
46,394
254
Henan Shuanghui Investment & Development Co. Ltd., Class A (issuer Citigroup Global Markets Holding, Inc.), Expiration Date 1/20/2015 ñ
46,779
255
Henan Shuanghui Investment & Development Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/11/2020
100,482
548
1,285
Independent Power and Renewable Electricity Producers (5.2%)
SDIC Power Holdings Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/16/2015 ñ
837,400
667
SDIC Power Holdings Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 11/4/2019
184,032
147
SDIC Power Holdings Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/23/2018
1,234,918
984
SDIC Power Holdings Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 1/21/2015
925,982
738
SDIC Power Holdings Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 1/17/2019
532,749
425
SDIC Power Holdings Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/19/2015
77,284
62
3,023
Insurance (1.3%)
China Pacific Insurance Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 10/13/2014
77,186
207
China Pacific Insurance Group Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 4/23/2015
7,700
21
China Pacific Insurance Group Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 4/11/2019
71,600
192
China Pacific Insurance Group Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/16/2015 ñ
64,900
175
China Pacific Insurance Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 2/4/2015
67,500
181
776
Pharmaceuticals (3.4%)
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer UBS AG), Expiration Date 11/7/2014
45,000
292
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/22/2018
76,414
497
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 1/3/2024
56,533
367
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 1/23/2015
41,523
270
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 12/6/2022
25,059
163
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/16/2015 ñ
58,963
383
1,972
Real Estate Management & Development (4.6%)
China Vanke Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 2/11/2019
147,600
202
China Vanke Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 6/30/2015
338,947
464
China Vanke Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 1/7/2019
58,500
80
China Vanke Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/18/2020
492,421
669
China Vanke Co. Ltd., Class A (issuer UBS AG), Expiration Date 9/26/2014
421,935
577
China Vanke Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/20/2015 ñ
480,841
654
2,646
Road & Rail (1.3%)
Daqin Railway Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 9/18/2014
27,500
29
Daqin Railway Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 10/28/2020
106,800
115
Daqin Railway Co. Ltd., Class A (issuer UBS AG), Expiration Date 12/19/2014
21,668
23
Daqin Railway Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/20/2015 ñ
118,716
128
Daqin Railway Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 7/6/2018
239,839
258
Daqin Railway Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/18/2018
191,390
206
 
759
Total Participatory Notes
(Cost $14,579)
 
14,035
 
Short-Term Investments (0.5%)
State Street Institutional Government Money Market Fund Institutional Class
(Cost $294)
294,440
294
    
Total Investments## (92.0%)
(Cost $53,089)
53,486
    
Cash, receivables and other assets, less liabilities (8.0%)
4,663
    
Total Net Assets (100.0%)
$ 58,149


See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Guardian Fund
(Unaudited)


Number of
Shares
Value†
($000's)z
 
Common Stocks (98.6%)
 
Auto Components (1.5%)
BorgWarner, Inc.
 
350,866
22,066
 
Banks (3.0%)
U.S. Bancorp
 
1,062,880
44,843
 
Beverages (6.2%)
Anheuser-Busch InBev NV ADR
 
568,767
62,519
Coca-Cola Co.
684,890
28,019
 
90,538
Capital Markets (2.0%)
Lazard Ltd. Class A
 
569,306
28,750
 
Consumer Finance (4.8%)
American Express Co.
 
776,978
71,093
 
Diversified Financial Services (8.3%)
Berkshire Hathaway, Inc. Class B *
 
597,878
76,732
Intercontinental Exchange Group, Inc.
230,511
45,272
 
122,004
Diversified Telecommunication Services (1.4%)
tw telecom, inc. *
 
617,604
20,251
 
Energy Equipment & Services (3.5%)
Schlumberger Ltd.
 
493,959
51,391
 
Food & Staples Retailing (2.6%)
Costco Wholesale Corp.
 
323,660
37,551
 
Health Care Equipment & Supplies (5.0%)
Abbott Laboratories
 
819,266
32,779
Covidien PLC
566,168
41,392
 
74,171
Household Durables (5.0%)
Newell Rubbermaid, Inc.
 
2,491,789
72,960
 
Household Products (2.4%)
Procter & Gamble Co.
 
436,275
35,247
 
Industrial Conglomerates (7.8%)
3M Co.
 
358,650
51,125
Danaher Corp.
818,027
64,158
 
115,283
Industrial Gases (2.0%)
Praxair, Inc.
 
219,419
29,016
 
Insurance (3.1%)
Progressive Corp.
 
1,801,216
45,084
 
Internet Software & Services (2.9%)
eBay, Inc. *
 
841,320
42,680
 
IT Services (3.5%)
Computer Sciences Corp.
 
497,726
31,302
MasterCard, Inc. Class A
257,618
19,695
 
50,997
Leisure Products (2.7%)
Polaris Industries, Inc.
 
307,428
39,634
 
Machinery (2.5%)
Lincoln Electric Holdings, Inc.
 
556,858
36,580
 
Media (1.2%)
Scripps Networks Interactive, Inc. Class A
 
233,405
17,846
 
Metals & Mining (1.9%)
Nucor Corp.
 
550,772
27,885
 
Oil, Gas & Consumable Fuels (3.2%)
Noble Energy, Inc.
 
654,042
47,137
 
Pharmaceuticals (4.9%)
Roche Holding AG
 
143,848
42,327
Sanofi ADR
567,385
30,242
 
72,569
Road & Rail (2.0%)
J.B. Hunt Transport Services, Inc.
 
374,051
29,049
 
Semiconductors & Semiconductor Equipment (7.5%)
Microchip Technology, Inc.
 
804,746
38,306
Texas Instruments, Inc.
1,547,087
72,682
 
110,988
Software (3.3%)
Intuit, Inc.
 
619,664
49,133
 
Specialty Retail (2.9%)
TJX Cos., Inc.
 
779,389
42,438
 
Trading Companies & Distributors (1.5%)
W.W. Grainger, Inc.
 
84,242
21,766
 
 
 
Total Common Stocks (Cost $1,060,302)
 
 
1,448,950
 
Short-Term Investments (1.1%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $15,910)
 
15,909,519
15,910
 
Total Investments## (99.7%)
(Cost $1,076,212)
1,464,860
 
Cash, receivables and other assets, less liabilities (0.3%)
5,119
 
Total Net Assets (100.0%)
$1,469,979


See Notes to Schedule of Investments
MAY 31, 2014


Schedule of Investments International Equity Fund
(Unaudited)

 
Number of
Shares
Value†
($000's)z
Common Stocks (96.8%)
 
Australia (1.4%)
Brambles Ltd.
1,280,815
11,467
Spotless Group Holdings Ltd. *¢
2,677,176
4,597
 
 
16,064
Austria (1.2%)
Andritz AG
226,455
13,488
 
Belgium (1.0%)
Colruyt SA
198,930
11,147
 
Brazil (1.0%)
SLC Agricola SA
1,312,500
11,161
 
Canada (8.6%)
Alimentation Couche-Tard, Inc. Class B
396,700
10,771
ATS Automation Tooling Systems, Inc. *
857,700
11,660
Cenovus Energy, Inc.
384,752
11,451
Corus Entertainment, Inc., B Shares
628,201
14,519
Home Capital Group, Inc.
260,600
11,719
MacDonald, Dettwiler & Associates Ltd.
179,533
14,670
ShawCor Ltd.
254,400
12,899
Suncor Energy, Inc.
291,000
11,199
 
 
98,888
China (1.1%)
PICC Property & Casualty Co. Ltd., H Shares
8,525,300
12,536
 
Denmark (1.2%)
Sydbank A/S *
518,621
13,865
 
France (8.5%)
Arkema SA
118,475
12,114
BNP Paribas SA
149,800
10,490
Pernod-Ricard SA
60,725
7,446
Publicis Groupe SA
164,960
14,229
Rexel SA *
688,047
16,441
Sanofi
150,990
16,145
Sodexo
191,940
20,628
 
 
97,493
Germany (11.5%)
Bayer AG
101,290
14,649
Brenntag AG
91,655
17,123
Continental AG
59,270
14,014
Deutsche Boerse AG
178,049
13,592
Gerresheimer AG
207,658
13,975
Henkel AG & Co. KGaA
122,715
14,173
Linde AG
81,376
17,000
SAP AG ADR
151,800
11,613
Volkswagen AG, Preference Shares
59,686
15,865
 
 
132,004
Ireland (0.6%)
DCC PLC
123,623
7,273
 
Israel (3.0%)
Bezeq Israeli Telecommunication Corp. Ltd.
7,732,284
13,879
Check Point Software Technologies Ltd. *
313,800
20,234
 
 
34,113
Italy (0.9%)
Azimut Holding SpA
361,000
9,881
 
Japan (14.1%)
FANUC Corp.
92,400
15,721
KANSAI PAINT Co. Ltd.
890,600
13,997
KEYENCE Corp.
50,900
19,772
Nihon Kohden Corp.
294,800
13,335
PIGEON Corp.
199,900
9,298
Pola Orbis Holdings, Inc.
237,800
9,274
Sanrio Co. Ltd. ØØ
244,500
6,586
SMC Corp.
56,900
14,868
SOFTBANK Corp.
186,000
13,420
SUGI HOLDINGS Co. Ltd.
223,900
10,546
Sundrug Co. Ltd.
366,900
16,453
TOYOTA MOTOR Corp.
316,300
17,900
 
 
161,170
Korea (1.6%)
Samsung Electronics Co. Ltd.
13,001
18,389
 
Netherlands (4.3%)
Akzo Nobel NV
173,207
12,981
ASML Holding NV
170,490
14,632
Koninklijke Ahold NV
582,904
10,592
Nutreco NV
251,072
11,068
 
 
49,273
Norway (2.9%)
DNB ASA
955,364
17,947
Norwegian Property ASA *
3,491,672
4,381
ProSafe SE
1,279,870
10,716
 
 
33,044
Singapore (2.0%)
Jardine Matheson Holdings Ltd.
191,130
11,754
United Overseas Bank Ltd.
648,200
11,664
 
 
23,418
Sweden (1.6%)
Elekta AB, B Shares
302,358
3,908
Telefonaktiebolaget LM Ericsson, B Shares
1,166,275
14,614
 
 
18,522
Switzerland (12.1%)
Bucher Industries AG
33,870
11,205
Givaudan SA *
11,410
18,705
Julius Baer Group Ltd. *
300,540
13,008
Partners Group Holding AG
40,485
10,742
Roche Holding AG
57,529
16,928
SGS SA
6,880
17,248
Sika AG
4,935
19,558
Sonova Holding AG *
77,900
11,883
Sulzer AG
69,831
10,605
Tecan Group AG
67,598
8,062
 
 
137,944
United Kingdom (16.1%)
Amlin PLC
1,952,682
15,383
Aon PLC
153,100
13,770
Bunzl PLC
648,806
18,183
Diploma PLC
997,840
10,939
Mitie Group PLC
3,099,342
17,419
Prudential PLC
634,980
14,747
Reed Elsevier PLC
1,129,356
18,003
RPS Group PLC
2,791,781
13,613
SABMiller PLC
207,330
11,506
St. James's Place PLC
858,800
11,264
Synergy Health PLC
636,479
13,528
TalkTalk Telecom Group PLC
2,884,750
15,512
Travis Perkins PLC
380,783
10,742
 
 
184,609
United States (2.1%)
Nielsen NV
315,000
15,202
Taminco Corp. *
411,650
8,772
 
 
23,974
 
Total Common Stocks
(Cost $911,419)
 
1,108,256
 
 
 
Short-Term Investments (3.2%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $35,847)
35,846,514
35,847
 
Total Investments## (100.0%)
(Cost $947,266)
1,144,103
 
Cash, receivables and other assets, less liabilities (0.0%)
499
 
Total Net Assets (100.0%)
 
$ 1,144,602


See Notes to Schedule of Investments
 

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY
INTERNATIONAL EQUITY FUND (UNAUDITED)
 
 
Industry
Investments at
Value†
 (000's omitted)
 
Percentage of
 Net Assets
Chemicals
$
103,127
 
9.0%
Machinery
 
77,546
 
6.8%
Trading Companies & Distributors
 
73,428
 
6.4%
Insurance
 
67,700
 
5.9%
Food & Staples Retailing
 
59,509
 
5.2%
Banks
 
53,966
 
4.7%
Pharmaceuticals
 
47,722
 
4.2%
Commercial Services & Supplies
 
47,096
 
4.1%
Media
 
46,751
 
4.1%
Automobiles
 
33,765
 
2.9%
Capital Markets
 
33,631
 
2.9%
Semiconductors & Semiconductor Equipment
 
33,021
 
2.9%
Professional Services
 
32,450
 
2.8%
Software
 
31,847
 
2.8%
Diversified Telecommunication Services
 
29,391
 
2.6%
Health Care Equipment & Supplies
 
29,126
 
2.5%
Energy Equipment & Services
 
23,615
 
2.1%
Household Products
 
23,471
 
2.0%
Oil, Gas & Consumable Fuels
 
22,650
 
2.0%
Food Products
 
22,229
 
1.9%
Life Sciences Tools & Services
 
22,037
 
1.9%
Hotels, Restaurants & Leisure
 
20,628
 
1.8%
Electronic Equipment, Instruments & Components
 
19,772
 
1.7%
Industrial Conglomerates
 
19,027
 
1.7%
Beverages
 
18,953
 
1.7%
Aerospace & Defense
 
14,670
 
1.3%
Communications Equipment
 
14,614
 
1.3%
Auto Components
 
14,014
 
1.2%
Diversified Financial Services
 
13,592
 
1.2%
Health Care Providers & Services
 
13,528
 
1.2%
Wireless Telecommunication Services
 
13,420
 
1.2%
Thrifts & Mortgage Finance
 
11,719
 
1.0%
Personal Products
 
9,274
 
0.8%
Specialty Retail
 
6,586
 
0.6%
Real Estate Management & Development
 
4,381
 
0.4%
Short-Term Investments and Other Assets-Net
 
36,346
 
3.2%
 
$
1,144,602
 
100.0%
 
MAY 31, 2014


Schedule of Investments International Select Funda
(Unaudited)
 

 
 
Number of
Shares
Value†
($000's)z
 
Common Stocks (98.4%)
 
Australia (1.1%)
Brambles Ltd.
328,435
2,941
 
Austria (1.2%)
Andritz AG
54,050
3,219
 
Belgium (0.9%)
Colruyt SA
44,455
2,491
 
Canada (6.6%)
Agrium, Inc.
28,000
2,517
Alimentation Couche-Tard, Inc. Class B
118,700
3,223
Bank of Nova Scotia
55,486
3,563
Cenovus Energy, Inc.
91,829
2,733
ShawCor Ltd.
61,000
3,093
Suncor Energy, Inc.
69,200
2,663
17,792
China (1.1%)
PICC Property & Casualty Co. Ltd., H Shares
1,989,400
2,925
 
Denmark (1.2%)
Jyske Bank A/S *
58,140
3,219
 
France (11.3%)
Arkema SA
28,715
2,936
BNP Paribas SA
43,700
3,060
Pernod-Ricard SA
14,625
1,793
Publicis Groupe SA
47,361
4,085
Rexel SA *
191,508
4,576
Sanofi
45,485
4,864
Schneider Electric SA
47,174
4,442
Sodexo
46,175
4,963
 
30,719
Germany (11.3%)
Bayer AG
24,470
3,539
Brenntag AG
22,125
4,134
Continental AG
17,015
4,023
Deutsche Boerse AG
58,402
4,458
Henkel AG & Co. KGaA
35,185
4,064
Linde AG
18,910
3,950
SAP AG ADR
37,085
2,837
Volkswagen AG, Preference Shares
14,319
3,806
30,811
Israel (3.5%)
Bezeq Israeli Telecommunication Corp. Ltd.
2,264,230
4,064
Check Point Software Technologies Ltd. *
85,700
5,526
9,590
Italy (0.9%)
Azimut Holding SpA
86,145
2,358
 
Japan (15.5%)
FANUC Corp.
26,400
4,492
KANSAI PAINT Co. Ltd.
340,800
5,356
KEYENCE Corp.
14,000
5,438
LAWSON, Inc.
38,700
2,779
MIRACA HOLDINGS, Inc.
61,000
2,867
Sanrio Co. Ltd.
57,600
1,552
SANTEN PHARMACEUTICAL Co. Ltd.
59,300
3,192
SMC Corp.
21,400
5,592
SOFTBANK Corp.
53,600
3,867
SUGI HOLDINGS Co. Ltd.
47,800
2,252
TOYOTA MOTOR Corp.
85,700
4,850
42,237
Korea (2.1%)
Samsung Electronics Co. Ltd.
3,986
5,638
 
Netherlands (4.2%)
Akzo Nobel NV
54,210
4,063
ASML Holding NV
48,985
4,204
Koninklijke Ahold NV
173,965
3,161
11,428
Norway (1.3%)
DNB ASA
189,073
3,552
 
Singapore (1.7%)
Jardine Matheson Holdings Ltd.
45,791
2,816
United Overseas Bank Ltd.
106,800
1,922
4,738
Sweden (3.3%)
Elekta AB, B Shares
108,885
1,408
Nordea Bank AB
232,360
3,427
Telefonaktiebolaget LM Ericsson, B Shares
334,240
4,188
9,023
Switzerland (16.1%)
Givaudan SA *
3,956
6,485
Julius Baer Group Ltd. *
57,350
2,482
Novartis AG
56,531
5,069
Partners Group Holding AG
10,135
2,689
Roche Holding AG
23,456
6,902
SGS SA
2,382
5,972
Sika AG
1,423
5,639
Sonova Holding AG *
18,540
2,828
Sulzer AG
20,766
3,154
UBS AG *
129,980
2,610
43,830
United Kingdom (13.7%)
Amlin PLC
576,529
4,542
Aon PLC
47,000
4,227
Bunzl PLC
187,969
5,268
Howden Joinery Group PLC
484,245
2,592
Prudential PLC
150,620
3,498
Reed Elsevier PLC
315,439
5,028
SABMiller PLC
57,470
3,190
St. James's Place PLC
205,165
2,691
TalkTalk Telecom Group PLC
688,465
3,702
Travis Perkins PLC
90,974
2,566
37,304
United States (1.4%)
Nielsen NV
75,800
3,658
 
 
Total Common Stocks
(Cost $212,399)
 
267,473
 
Short-Term Investments (3.4%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $9,339)
9,338,815
9,339
 
Total Investments## (101.8%)
(Cost $221,738)
276,812
 
Liabilities, less cash, receivables and other assets [(1.8%)]
(5,005)
 
Total Net Assets (100.0%)
 
$ 271,807


See Notes to Schedule of Investments
 
 
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY
INTERNATIONAL SELECT FUND (UNAUDITED)
 
 
Industry
 
Investments at
Value†
 (000's omitted)
 
Percentage of
 Net Assets
Chemicals
$
30,946
 
11.4%
Pharmaceuticals
 
23,566
 
8.7%
Banks
 
18,743
 
6.9%
Insurance
 
17,883
 
6.6%
Trading Companies & Distributors
 
16,544
 
6.1%
Machinery
 
16,457
 
6.1%
Food & Staples Retailing
 
13,906
 
5.1%
Capital Markets
 
10,139
 
3.7%
Semiconductors & Semiconductor Equipment
 
9,842
 
3.6%
Professional Services
 
9,630
 
3.5%
Media
 
9,113
 
3.4%
Automobiles
 
8,656
 
3.2%
Software
 
8,363
 
3.1%
Diversified Telecommunication Services
 
7,766
 
2.9%
Electronic Equipment, Instruments & Components
 
5,438
 
2.0%
Oil, Gas & Consumable Fuels
 
5,396
 
2.0%
Beverages
 
4,983
 
1.8%
Hotels, Restaurants & Leisure
 
4,963
 
1.8%
Diversified Financial Services
 
4,458
 
1.6%
Electrical Equipment
 
4,442
 
1.6%
Health Care Equipment & Supplies
 
4,236
 
1.6%
Communications Equipment
 
4,188
 
1.5%
Specialty Retail
 
4,144
 
1.5%
Household Products
 
4,064
 
1.5%
Auto Components
 
4,023
 
1.5%
Wireless Telecommunication Services
 
3,867
 
1.4%
Energy Equipment & Services
 
3,093
 
1.1%
Commercial Services & Supplies
 
2,941
 
1.1%
Health Care Providers & Services
 
2,867
 
1.1%
Industrial Conglomerates
 
2,816
 
1.0%
Short-Term Investments and Other Assets-Net
 
4,334
 
1.6%
 
$
271,807
 
100.0%


MAY 31, 2014


Schedule of Investments Intrinsic Value Fund
(Unaudited)
 
 
 
 
Number of
Shares
Value†
($000's)z
   
Common Stocks (95.9%)
  
 
Aerospace & Defense (6.3%)
  
Aerovironment, Inc. *
  
28,359
911
KEYW Holding Corp. *
  
82,900
879
Spirit Aerosystems Holdings, Inc. Class A *
  
173,490
5,630
Teledyne Technologies, Inc. *
  
41,852
3,966
Textron, Inc.
 
138,439
5,429
 
    
16,815
Auto Components (1.4%)
      
Dana Holding Corp.
 
143,200
3,170
Remy International, Inc.
 
27,006
643
 
    
3,813
Banks (9.9%)
      
BankUnited, Inc.
 
93,504
3,043
City National Corp.
 
34,700
2,467
Comerica, Inc.
 
67,274
3,227
First Niagara Financial Group, Inc.
 
366,800
3,158
Huntington Bancshares, Inc.
 
471,030
4,367
TCF Financial Corp.
 
253,000
4,020
Texas Capital Bancshares, Inc. *
  
56,900
2,913
Umpqua Holdings Corp.
 
209,800
3,476
 
    
26,671
Building Products (0.5%)
      
Owens Corning, Inc.
 
32,000
1,312
     
Chemicals (3.2%)
      
Chemtura Corp. *
  
199,700
4,988
Cytec Industries, Inc.
 
35,900
3,567
 
    
8,555
Commercial Services & Supplies (3.1%)
      
Clean Harbors, Inc. *
  
63,414
3,875
Covanta Holding Corp.
 
230,000
4,391
 
    
8,266
Communications Equipment (7.2%)
      
Arris Group, Inc. *
  
220,469
7,300
Aviat Networks, Inc. *
  
230,699
244
Brocade Communications Systems, Inc. *
  
264,959
2,416
Ceragon Networks Ltd. *
  
162,088
376
Ciena Corp. *
  
182,183
3,534
Infinera Corp. *
  
353,800
3,220
Sierra Wireless, Inc. *
  
125,974
2,366
 
    
19,456
Construction & Engineering (1.5%)
      
KBR, Inc.
 
169,900
4,127
     
Containers & Packaging (5.4%)
      
Avery Dennison Corp.
 
108,836
5,518
Crown Holdings, Inc. *
  
120,800
5,901
Sealed Air Corp.
 
96,008
3,162
 
    
14,581
Electrical Equipment (0.7%)
      
Regal-Beloit Corp.
 
26,500
2,023
     
Electronic Equipment, Instruments & Components (4.4%)
      
Dolby Laboratories, Inc. Class A *
  
61,700
2,563
II-VI, Inc. *
  
140,730
1,894
Itron, Inc. *
  
53,133
2,043
Jabil Circuit, Inc.
 
77,700
1,463
Maxwell Technologies, Inc. *
  
39,409
684
Mercury Systems, Inc. *
  
144,960
1,699
OSI Systems, Inc. *
  
24,200
1,378
 
    
11,724
Energy Equipment & Services (2.8%)
      
ION Geophysical Corp. *
  
476,117
1,986
McDermott International, Inc. *
  
198,100
1,438
TETRA Technologies, Inc. *
  
350,492
4,041
 
    
7,465
Health Care Equipment & Supplies (0.9%)
      
Accuray, Inc. *
  
125,470
1,106
Symmetry Medical, Inc. *
  
140,010
1,235
 
    
2,341
Health Care Providers & Services (0.8%)
      
Chemed Corp.
 
23,525
2,072
     
Health Care Technology (1.4%)
      
Allscripts Healthcare Solutions, Inc. *
  
249,700
3,681
     
Hotels, Restaurants & Leisure (0.6%)
      
Wendy's Co.
 
209,700
1,720
     
Independent Power and Renewable Electricity Producers (4.0%)
      
Dynegy, Inc. *
  
130,300
4,391
NRG Energy, Inc.
 
82,665
2,946
Ormat Technologies, Inc.
 
115,756
3,447
 
    
10,784
Internet Software & Services (2.0%)
      
Bankrate, Inc. *
  
120,400
1,824
Digital River, Inc. *
  
228,263
3,593
 
    
5,417
IT Services (5.5%)
      
Convergys Corp.
 
96,900
2,114
CoreLogic, Inc. *
  
183,425
5,233
DST Systems, Inc.
 
28,619
2,609
MoneyGram International, Inc. *
  
165,800
2,185
VeriFone Systems, Inc. *
  
76,090
2,497
 
    
14,638
Life Sciences Tools & Services (3.6%)
      
Affymetrix, Inc. *
  
288,400
2,382
Cambrex Corp. *
  
64,638
1,389
Charles River Laboratories International, Inc. *
  
107,771
5,775
 
    
9,546
Machinery (4.5%)
      
ESCO Technologies, Inc.
 
38,160
1,283
ITT Corp.
 
62,800
2,743
Manitowoc Co., Inc.
 
103,400
2,797
Meritor, Inc. *
  
203,050
2,804
Twin Disc, Inc.
 
77,600
2,518
 
    
12,145
Marine (0.6%)
      
Danaos Corp. *
  
285,191
1,697
     
Metals & Mining (0.5%)
      
Cliffs Natural Resources, Inc.
 
90,900
1,425
     
Personal Products (0.5%)
      
Elizabeth Arden, Inc. *
  
45,820
1,243
     
Professional Services (0.7%)
      
FTI Consulting, Inc. *
  
57,906
1,869
     
Road & Rail (1.7%)
      
Ryder System, Inc.
 
51,304
4,453
     
Semiconductors & Semiconductor Equipment (7.7%)
      
Alliance Semiconductor Corp. *
  
82,370
60
Ceva, Inc. *
  
72,900
1,141
FormFactor, Inc. *
  
269,900
1,959
Freescale Semiconductor Ltd. *
  
154,390
3,426
Mellanox Technologies Ltd. *
  
62,650
1,979
Rambus, Inc. *
  
381,872
4,621
Spansion, Inc. Class A *
  
178,040
3,392
Ultratech, Inc. *
  
123,294
3,129
Veeco Instruments, Inc. *
  
28,400
946
 
    
20,653
Software (10.4%)
      
Cadence Design Systems, Inc. *
  
158,907
2,652
Comverse, Inc. *
  
110,635
2,738
Covisint Corp. *
  
120,799
611
Gigamon, Inc. *
  
78,300
1,332
Nuance Communications, Inc. *
  
125,500
2,031
Rovi Corp. *
  
284,030
6,865
SeaChange International, Inc. *
  
267,067
2,558
TIBCO Software, Inc. *
  
125,500
2,700
Verint Systems, Inc. *
  
140,161
6,494
 
    
27,981
Specialty Retail (2.5%)
      
Express, Inc. *
  
103,900
1,310
New York & Co., Inc. *
  
154,100
610
Office Depot, Inc. *
  
679,267
3,478
Select Comfort Corp. *
  
75,200
1,394
 
    
6,792
Technology Hardware, Storage & Peripherals (0.2%)
      
Quantum Corp. *
  
473,800
540
     
Textiles, Apparel & Luxury Goods (0.3%)
      
Crocs, Inc. *
  
47,600
711
     
Wireless Telecommunication Services (1.1%)
      
Telephone & Data Systems, Inc.
 
52,900
1,466
United States Cellular Corp.
 
34,200
1,469
   
2,935
Total Common Stocks
(Cost $191,555)
    
257,451
     
Short-Term Investments (4.6%)
      
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $12,237)
  
12,237,294
12,237
     
Total Investments## (100.5%)
(Cost $203,792)
    
269,688
 
Liabilities, less cash, receivables and other assets [(0.5%)]
    
(1,384)
     
Total Net Assets (100.0%)
    
$ 268,304

See Notes to Schedule of Investments
 
MAY 31, 2014
 
 
Schedule of Investments Large Cap Disciplined Growth Fund
(Unaudited)
 
   
Number of
Shares
Value†
($000's)z
Common Stocks (96.0%)
 
Aerospace & Defense (2.5%)
Precision Castparts Corp.
 
24,589
6,220
 
Airlines (1.4%)
Delta Air Lines, Inc.
 
87,111
3,477
 
Auto Components (0.8%)
Delphi Automotive PLC
 
28,216
1,949
 
Automobiles (1.0%)
General Motors Co.
 
75,911
2,625
 
Banks (3.2%)
CIT Group, Inc.
 
74,643
3,320
Comerica, Inc.
101,857
4,886
 
 
 
8,206
Beverages (1.0%)
PepsiCo, Inc.
 
28,377
2,507
 
Biotechnology (2.1%)
BioMarin Pharmaceutical, Inc. *
 
40,369
2,340
Celgene Corp. *
19,359
2,962
 
 
 
5,302
Chemicals (6.7%)
LyondellBasell Industries NV Class A
 
29,702
2,957
Monsanto Co.
 
39,072
4,761
PPG Industries, Inc.
 
20,853
4,204
Sherwin-Williams Co.
24,395
4,992
 
 
 
16,914
Diversified Telecommunication Services (2.3%)
Verizon Communications, Inc.
 
114,006
5,696
 
Electric Utilities (1.9%)
NextEra Energy, Inc.
 
49,759
4,844
 
Electrical Equipment (1.0%)
Eaton Corp. PLC
 
33,854
2,495
 
Energy Equipment & Services (1.0%)
Halliburton Co.
 
38,107
2,463
 
Food & Staples Retailing (5.8%)
Costco Wholesale Corp.
 
33,107
3,841
CVS Caremark Corp.
 
57,474
4,501
Wal-Mart Stores, Inc.
 
56,541
4,341
Whole Foods Market, Inc.
48,507
1,855
 
 
 
14,538
Food Products (2.6%)
Kraft Foods Group, Inc.
 
53,225
3,165
Unilever NV
77,458
3,362
 
 
 
6,527
Health Care Equipment & Supplies (1.3%)
Abbott Laboratories
 
80,302
3,213
 
Health Care Providers & Services (1.0%)
Laboratory Corporation of America Holdings *
 
24,419
2,505
 
Hotels, Restaurants & Leisure (1.5%)
Starbucks Corp.
 
51,181
3,748
 
Household Products (1.4%)
Procter & Gamble Co.
 
44,901
3,628
 
Industrial Conglomerates (1.9%)
Danaher Corp.
 
60,499
4,745
 
Internet Software & Services (5.6%)
Google, Inc. Class A *
 
10,929
6,247
Google, Inc. Class C *
 
9,754
5,472
Yelp, Inc. *
35,009
2,316
 
 
 
14,035
IT Services (3.7%)
Alliance Data Systems Corp. *
 
21,879
5,602
FleetCor Technologies, Inc. *
29,609
3,743
 
 
 
9,345
Media (3.1%)
Comcast Corp. Class A
 
101,554
5,301
Twenty-First Century Fox, Inc. Class A
74,752
2,647
 
 
 
7,948
Multi-Utilities (2.1%)
Dominion Resources, Inc.
 
77,006
5,310
 
Oil, Gas & Consumable Fuels (5.2%)
Kinder Morgan, Inc.
 
110,969
3,705
Noble Energy, Inc.
 
36,819
2,653
Range Resources Corp.
72,208
6,712
 
 
 
13,070
Pharmaceuticals (7.6%)
Bristol-Myers Squibb Co.
 
102,827
5,115
Johnson & Johnson
 
62,385
6,330
Perrigo Co. PLC
 
19,080
2,637
Pfizer, Inc.
 
84,696
2,509
Teva Pharmaceutical Industries Ltd. ADR
49,695
2,509
 
 
 
19,100
Professional Services (1.4%)
Nielsen NV
 
71,182
3,435
 
Real Estate Investment Trusts (1.6%)
Crown Castle International Corp.
 
51,480
3,950
 
Road & Rail (2.8%)
Union Pacific Corp.
 
35,106
6,996
 
Semiconductors & Semiconductor Equipment (1.0%)
ASML Holding NV
 
29,839
2,563
 
Software (9.2%)
Check Point Software Technologies Ltd. *
 
49,561
3,196
Intuit, Inc.
 
34,226
2,714
Microsoft Corp.
 
150,983
6,181
Oracle Corp.
 
177,781
7,470
VMware, Inc. Class A *
38,899
3,754
 
 
 
23,315
Specialty Retail (3.4%)
Home Depot, Inc.
 
71,020
5,698
O'Reilly Automotive, Inc. *
20,053
2,967
 
 
 
8,665
Technology Hardware, Storage & Peripherals (5.9%)
Apple, Inc.
 
23,329
14,767
 
Textiles, Apparel & Luxury Goods (3.0%)
Michael Kors Holdings Ltd. *
 
28,143
2,656
Ralph Lauren Corp.
32,190
4,941
 
7,597
Total Common Stocks
(Cost $197,468)
 
 
241,698
 
 
 
Short-Term Investments (4.0%)
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $10,130)
 
10,130,229
10,130
 
Total Investments## (100.0%)
(Cost $207,598)
251,828
 
Cash, receivables and other assets, less liabilities (0.0%)
43
 
Total Net Assets (100.0%)
 
$ 251,871
 
 
See Notes to Schedule of Investments

MAY 31, 2014

Schedule of Investments Large Cap Value Fund
(Unaudited)
 
 
 
Number of
Shares
  
Value†
($000's)z
  
     
Common Stocks (91.7%)
      
       
Aerospace & Defense (0.7%)
      
Northrop Grumman Corp.
 
97,303
    
11,827
  
 
Airlines (5.3%)
            
American Airlines Group, Inc. *
  
1,188,480
    
47,729
  
Delta Air Lines, Inc.
 
230,400
    
9,195
  
United Continental Holdings, Inc. *
  
770,968
    
34,208
  
 
        
91,132
  
Auto Components (0.5%)
            
BorgWarner, Inc.
 
140,861
    
8,859
  
             
Banks (12.0%)
            
Citigroup, Inc.
 
578,492
    
27,519
  
Comerica, Inc.
 
582,034
    
27,920
  
JPMorgan Chase & Co.
 
901,248
    
50,082
  
M&T Bank Corp.
 
104,554
    
12,690
  
PNC Financial Services Group, Inc.
 
337,585
    
28,786
  
Regions Financial Corp.
 
959,684
    
9,779
  
Sumitomo Mitsui Financial Group, Inc. ADR
 
2,471,164
    
20,189
  
Wells Fargo & Co.
 
540,566
    
27,450
  
 
        
204,415
  
Capital Markets (7.2%)
            
Bank of New York Mellon Corp.
 
1,718,295
    
59,384
  
Goldman Sachs Group, Inc.
 
206,282
    
32,966
  
Invesco Ltd.
 
712,557
    
26,151
  
Morgan Stanley
 
127,799
    
3,944
  
 
        
122,445
  
Chemicals (5.4%)
            
Dow Chemical Co.
 
560,091
    
29,192
  
LyondellBasell Industries NV Class A
 
358,103
    
35,656
  
Monsanto Co.
 
146,585
    
17,861
  
Mosaic Co.
 
172,143
    
8,606
  
 
        
91,315
  
Communications Equipment (3.7%)
            
Cisco Systems, Inc.
 
2,580,202
    
63,525
  
             
Construction & Engineering (0.4%)
            
Fluor Corp.
 
98,990
    
7,432
  
             
Containers & Packaging (0.4%)
            
Crown Holdings, Inc. *
  
131,416
    
6,420
  
             
Diversified Financial Services (2.1%)
            
CME Group, Inc.
 
486,661
    
35,040
  
             
Electric Utilities (0.4%)
            
NextEra Energy, Inc.
 
66,375
    
6,462
  
             
Electrical Equipment (2.0%)
            
Eaton Corp. PLC
 
464,996
    
34,265
  
             
Electronic Equipment, Instruments & Components (0.8%)
            
Corning, Inc.
 
645,263
    
13,744
  
             
Energy Equipment & Services (2.5%)
            
Halliburton Co.
 
199,791
    
12,915
  
McDermott International, Inc. *
  
2,866,966
    
20,814
  
Rowan Cos. PLC Class A
 
185,283
    
5,736
  
Schlumberger Ltd.
 
33,898
    
3,527
  
 
        
42,992
  
Food Products (2.5%)
            
Archer-Daniels-Midland Co.
 
285,236
    
12,819
  
Kraft Foods Group, Inc.
 
178,086
    
10,589
  
WhiteWave Foods Co. Class A *
  
634,526
    
19,981
  
 
        
43,389
  
Health Care Equipment & Supplies (3.1%)
            
Boston Scientific Corp. *
  
1,591,407
    
20,418
  
Covidien PLC
 
363,589
    
26,582
  
Hologic, Inc. *
  
211,837
    
5,177
  
 
        
52,177
  
Health Care Providers & Services (2.7%)
            
Aetna, Inc.
 
190,420
    
14,767
  
UnitedHealth Group, Inc.
 
399,769
    
31,834
  
 
        
46,601
  
Hotels, Restaurants & Leisure (2.4%)
            
Carnival Corp.
 
1,041,701
    
41,699
  
             
Household Products (0.9%)
            
Procter & Gamble Co.
 
185,983
    
15,025
  
             
Independent Power and Renewable Electricity Producers (0.9%)
            
Calpine Corp. *
  
676,831
    
15,784
  
             
Industrial Conglomerates (0.0%)
            
General Electric Co.
 
20,779
    
557
  
             
Insurance (3.5%)
            
Lincoln National Corp.
 
978,851
    
46,945
  
MetLife, Inc.
 
259,471
    
13,215
  
 
        
60,160
  
Machinery (8.6%)
            
Caterpillar, Inc.
 
158,739
    
16,228
  
Cummins, Inc.
 
225,792
    
34,530
  
Joy Global, Inc.
 
562,145
    
32,127
  
Kubota Corp. ADR
 
315,945
    
21,611
  
Pall Corp.
 
167,433
    
14,188
  
Terex Corp.
 
726,860
    
27,955
  
 
        
146,639
  
Metals & Mining (3.9%)
            
Carpenter Technology Corp.
 
299,709
    
18,729
  
Newmont Mining Corp.
 
912,465
    
20,886
  
Nucor Corp.
 
213,624
    
10,816
  
United States Steel Corp.
 
708,463
    
16,323
  
 
        
66,754
  
Multi-Utilities (0.4%)
            
Dominion Resources, Inc.
 
97,952
    
6,755
  
             
Multiline Retail (1.8%)
            
JC Penney Co., Inc. *
  
957,816
    
8,611
  
Target Corp.
 
388,467
    
22,049
  
 
        
30,660
  
Oil, Gas & Consumable Fuels (5.1%)
            
Antero Resources Corp. *
  
375,380
    
23,086
  
Apache Corp.
 
47,319
    
4,411
  
Arch Coal, Inc.
 
2,375,848
    
8,458
  
Devon Energy Corp.
 
60,848
    
4,497
  
Noble Energy, Inc.
 
119,359
    
8,602
  
Occidental Petroleum Corp.
 
217,782
    
21,711
  
Range Resources Corp.
 
175,271
    
16,291
  
 
        
87,056
  
Pharmaceuticals (5.6%)
            
Eli Lilly & Co.
 
335,612
    
20,090
  
Johnson & Johnson
 
338,113
    
34,305
  
Merck & Co., Inc.
 
498,589
    
28,848
  
Teva Pharmaceutical Industries Ltd. ADR
 
259,316
    
13,093
  
 
        
96,336
  
Semiconductors & Semiconductor Equipment (2.7%)
            
Altera Corp.
 
362,759
    
12,018
  
Intel Corp.
 
1,270,097
    
34,699
  
 
        
46,717
  
Software (1.5%)
            
Microsoft Corp.
 
622,369
    
25,480
  
             
Technology Hardware, Storage & Peripherals (2.7%)
            
EMC Corp.
 
668,795
    
17,763
  
SanDisk Corp.
 
300,057
    
28,995
  
       
46,758
  
 
Total Common Stocks
(Cost $1,350,967)
        
1,568,420
  
             
Exchange Traded Funds (1.8%)
            
ProShares UltraPro Short S&P 500 *
  
280,650
    
14,232
  
ProShares UltraShort S&P500 *
  
611,481
    
16,235
  
 
            
Total Exchange Traded Funds
(Cost $33,716)
        
30,467
  
             
Short-Term Investments (6.3%)
            
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $108,151)
  
108,151,412
    
108,151
  
           
Total Investments## (99.8%)
(Cost $1,492,834)
        
1,707,038
  
 
Cash, receivables and other assets, less liabilities (0.2%)
        
2,729
  
 
Total Net Assets (100.0%)
      
$
1,709,767
  

 
See Notes to Schedule of Investments

MAY 31, 2014


Schedule of Investments Mid Cap Growth Fund
(Unaudited)

Number of
Shares
Value†
($000's)z
Common Stocks (96.6%)
 
Aerospace & Defense (1.2%)
BE Aerospace, Inc. *
 
120,000
11,610
 
Airlines (1.1%)
Alaska Air Group, Inc.
 
110,000
10,831
 
Auto Components (0.8%)
BorgWarner, Inc.
 
127,500
8,018
 
Banks (0.9%)
SVB Financial Group *
 
80,000
8,436
 
Biotechnology (4.8%)
Alexion Pharmaceuticals, Inc. *
 
100,000
16,632
Alkermes PLC *
 
100,000
4,581
BioMarin Pharmaceutical, Inc. *
 
185,000
10,723
Cubist Pharmaceuticals, Inc. *
 
125,000
8,325
NPS Pharmaceuticals, Inc. *
199,855
6,221
 
 
 
46,482
Building Products (1.0%)
Fortune Brands Home & Security, Inc.
 
244,000
9,755
 
Capital Markets (2.4%)
Affiliated Managers Group, Inc. *
 
81,000
15,277
Raymond James Financial, Inc.
173,000
8,373
 
 
 
23,650
Chemicals (0.8%)
PolyOne Corp.
 
200,000
8,026
 
Commercial Services & Supplies (1.5%)
Stericycle, Inc. *
 
130,000
14,868
 
Communications Equipment (2.6%)
Arris Group, Inc. *
 
230,000
7,615
Aruba Networks, Inc. *
 
275,000
5,092
F5 Networks, Inc. *
 
65,000
7,056
Palo Alto Networks, Inc. *
77,500
5,805
 
 
 
25,568
Consumer Finance (0.8%)
Portfolio Recovery Associates, Inc. *
 
135,000
7,532
 
Containers & Packaging (1.2%)
Packaging Corp. of America
 
163,000
11,273
 
Distributors (1.1%)
LKQ Corp. *
 
375,000
10,403
 
Diversified Financial Services (1.2%)
Intercontinental Exchange Group, Inc.
 
60,000
11,784
 
Electrical Equipment (1.6%)
AMETEK, Inc.
 
294,000
15,606
 
Electronic Equipment, Instruments & Components (3.6%)
Amphenol Corp. Class A
 
100,000
9,580
CDW Corp.
 
266,500
7,838
Trimble Navigation Ltd. *
 
304,000
10,965
Zebra Technologies Corp. Class A *
95,000
7,059
 
 
 
35,442
Energy Equipment & Services (1.3%)
Dril-Quip, Inc. *
 
60,000
6,133
Oceaneering International, Inc.
86,500
6,233
 
 
 
12,366
Food & Staples Retailing (0.9%)
PriceSmart, Inc.
 
100,000
9,165
Food Products (1.0%)
WhiteWave Foods Co. Class A *
 
325,000
10,234
Health Care Equipment & Supplies (1.7%)
Cooper Cos., Inc.
 
35,000
4,516
West Pharmaceutical Services, Inc.
 
82,500
3,472
Wright Medical Group, Inc. *
295,000
8,968
 
 
 
16,956
Health Care Providers & Services (4.8%)
Acadia Healthcare Co., Inc. *
 
232,500
9,914
Envision Healthcare Holdings, Inc. *
 
247,500
8,534
HealthSouth Corp.
 
200,000
7,024
Omnicare, Inc.
 
120,000
7,626
Universal Health Services, Inc. Class B
 
85,000
7,613
WellCare Health Plans, Inc. *
85,000
6,583
 
 
 
47,294
Health Care Technology (1.5%)
Cerner Corp. *
 
268,500
14,512
 
Hotels, Restaurants & Leisure (3.1%)
Buffalo Wild Wings, Inc. *
 
65,500
9,465
MGM Resorts International *
 
425,000
10,944
Starwood Hotels & Resorts Worldwide, Inc.
125,000
9,981
 
 
 
30,390
Household Products (0.8%)
Church & Dwight Co., Inc.
 
113,500
7,858
 
Industrial Conglomerates (1.3%)
Roper Industries, Inc.
 
90,500
12,822
 
Internet & Catalog Retail (0.5%)
HomeAway, Inc. *
 
170,000
5,236
 
Internet Software & Services (1.4%)
Akamai Technologies, Inc. *
 
85,000
4,619
Demandware, Inc. *
 
85,000
5,175
Pandora Media, Inc. *
175,000
4,293
 
 
 
14,087
IT Services (3.2%)
Alliance Data Systems Corp. *
 
70,000
17,923
Fiserv, Inc. *
 
75,000
4,508
FleetCor Technologies, Inc. *
70,000
8,849
 
 
 
31,280
Leisure Products (0.9%)
Polaris Industries, Inc.
 
70,000
9,024
 
Life Sciences Tools & Services (1.5%)
Illumina, Inc. *
 
90,000
14,242
 
Machinery (2.0%)
Pall Corp.
 
119,000
10,084
Pentair Ltd.
120,000
8,957
 
 
 
19,041
Media (0.8%)
AMC Networks, Inc. Class A *
 
125,000
7,735
 
Multiline Retail (1.3%)
Dollar Tree, Inc. *
 
172,000
9,121
Tuesday Morning Corp. *
220,000
3,555
 
 
 
12,676
Oil, Gas & Consumable Fuels (3.8%)
Antero Resources Corp. *
 
135,000
8,302
Cabot Oil & Gas Corp.
 
290,000
10,510
Concho Resources, Inc. *
 
90,000
11,862
Oasis Petroleum, Inc. *
125,000
6,188
 
 
 
36,862
Pharmaceuticals (2.9%)
Akorn, Inc. *
 
335,000
9,370
Auxilium Pharmaceuticals, Inc. *
 
252,500
5,651
Horizon Pharma, Inc. *
 
300,000
4,257
Mylan, Inc. *
180,000
8,971
 
 
 
28,249
Professional Services (2.8%)
Advisory Board Co. *
 
120,000
5,807
On Assignment, Inc. *
 
137,500
4,847
Towers Watson & Co. Class A
 
50,000
5,625
Verisk Analytics, Inc. Class A *
191,000
11,305
 
 
 
27,584
Real Estate Management & Development (0.9%)
Jones Lang LaSalle, Inc.
 
74,500
9,036
 
Road & Rail (2.7%)
Hertz Global Holdings, Inc. *
 
300,000
8,856
J.B. Hunt Transport Services, Inc.
 
145,000
11,261
Old Dominion Freight Line, Inc. *
100,000
6,396
 
 
 
26,513
Semiconductors & Semiconductor Equipment (4.9%)
Avago Technologies Ltd.
 
275,000
19,434
Microchip Technology, Inc.
 
200,000
9,520
Monolithic Power Systems, Inc. *
 
175,000
6,876
NXP Semiconductors NV *
195,000
12,109
 
 
 
47,939
Software (6.6%)
Activision Blizzard, Inc.
 
392,500
8,156
Aspen Technology, Inc. *
 
250,500
10,769
Autodesk, Inc. *
 
100,000
5,237
Electronic Arts, Inc. *
 
212,000
7,447
Informatica Corp. *
 
240,000
8,782
ServiceNow, Inc. *
 
100,000
5,231
Splunk, Inc. *
 
110,000
4,605
Synchronoss Technologies, Inc. *
 
125,000
3,969
Ultimate Software Group, Inc. *
 
42,500
5,403
Workday, Inc. Class A *
65,000
5,094
 
 
 
64,693
Specialty Retail (7.4%)
Advance Auto Parts, Inc.
 
72,500
9,002
Cabela's, Inc. *
 
112,500
6,888
Dick's Sporting Goods, Inc.
 
140,000
6,223
O'Reilly Automotive, Inc. *
 
89,500
13,242
Ross Stores, Inc.
 
129,000
8,830
Signet Jewelers Ltd.
 
50,000
5,304
Tractor Supply Co.
 
193,000
12,549
Williams-Sonoma, Inc.
149,500
10,005
 
 
 
72,043
Technology Hardware, Storage & Peripherals (0.5%)
SanDisk Corp.
 
50,000
4,832
 
Textiles, Apparel & Luxury Goods (5.7%)
Carter's, Inc.
 
55,000
3,967
Hanesbrands, Inc.
 
148,500
12,597
Kate Spade & Co. *
 
310,500
11,306
Michael Kors Holdings Ltd. *
 
79,500
7,503
PVH Corp.
 
73,500
9,675
Under Armour, Inc. Class A *
200,000
10,158
 
 
 
55,206
Trading Companies & Distributors (1.8%)
Fastenal Co.
 
120,000
5,850
United Rentals, Inc. *
114,000
11,520
 
 
 
17,370
Wireless Telecommunication Services (2.0%)
SBA Communications Corp. Class A *
 
190,000
19,285
 
 
 
 
Total Common Stocks
(Cost $684,200)
 
 
943,814
 
 
 
 
Short-Term Investments (3.6%)
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $34,566)
 
34,565,767
34,566
 
Total Investments## (100.2%)
(Cost $718,766)
978,380
 
Liabilities, less cash, receivables and other assets [(0.2%)]
(1,708)
 
Total Net Assets (100.0%)
 
$ 976,672

 
See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Mid Cap Intrinsic Value Fund
(Unaudited)
 

 
Number of
Shares
Value†
($000's)z
Common Stocks (97.0%)
 
Aerospace & Defense (6.8%)
General Dynamics Corp.
 
19,850
2,345
Spirit Aerosystems Holdings, Inc. Class A *
 
46,400
1,505
Textron, Inc.
38,300
1,502
 
 
 
5,352
Auto Components (2.9%)
Lear Corp.
 
15,700
1,383
TRW Automotive Holdings Corp. *
10,100
857
 
 
 
2,240
Banks (7.4%)
BankUnited, Inc.
 
37,800
1,230
BB&T Corp.
 
25,800
978
Comerica, Inc.
 
26,200
1,257
Huntington Bancshares, Inc.
 
118,700
1,100
M&T Bank Corp.
10,200
1,238
 
 
 
5,803
Capital Markets (1.7%)
State Street Corp.
 
20,800
1,358
 
Chemicals (2.6%)
Ashland, Inc.
 
19,800
2,039
 
Commercial Services & Supplies (8.2%)
ADT Corp.
 
81,200
2,614
Covanta Holding Corp.
 
85,800
1,638
Republic Services, Inc.
 
25,900
917
Tyco International Ltd.
28,800
1,257
 
 
 
6,426
Construction & Engineering (1.5%)
KBR, Inc.
 
49,200
1,195
 
Containers & Packaging (0.3%)
Avery Dennison Corp.
 
5,100
259
 
Electric Utilities (3.3%)
Edison International
 
28,700
1,583
Pinnacle West Capital Corp.
18,700
1,036
 
 
 
2,619
Electrical Equipment (1.0%)
Regal-Beloit Corp.
 
10,500
801
 
Electronic Equipment, Instruments & Components (2.9%)
Dolby Laboratories, Inc. Class A *
 
18,500
768
Flextronics International Ltd. *
144,100
1,466
 
 
 
2,234
Energy Equipment & Services (2.0%)
Cameron International Corp. *
 
24,000
1,535
 
Food & Staples Retailing (3.2%)
CVS Caremark Corp.
 
22,400
1,754
Safeway, Inc.
21,100
725
 
 
 
2,479
Health Care Equipment & Supplies (2.9%)
Covidien PLC
 
11,100
812
Zimmer Holdings, Inc.
14,300
1,492
 
 
 
2,304
Health Care Providers & Services (2.5%)
Cardinal Health, Inc.
 
11,300
798
Omnicare, Inc.
17,700
1,125
 
 
 
1,923
Hotels, Restaurants & Leisure (2.0%)
Darden Restaurants, Inc.
 
31,900
1,599
 
Independent Power and Renewable Electricity Producers (2.3%)
AES Corp.
 
127,800
1,802
 
IT Services (6.1%)
Amdocs Ltd.
 
39,300
1,891
Teradata Corp. *
 
36,300
1,524
Western Union Co.
82,100
1,328
 
 
 
4,743
Machinery (2.1%)
Valmont Industries, Inc.
 
10,800
1,673
 
Multi-Utilities (1.8%)
CenterPoint Energy, Inc.
 
59,400
1,433
 
Multiline Retail (1.7%)
Kohl's Corp.
 
25,000
1,361
 
Oil, Gas & Consumable Fuels (4.3%)
Devon Energy Corp.
 
29,000
2,143
Energy Transfer Partners L.P.
 
8,325
469
Southwestern Energy Co. *
16,400
746
 
 
 
3,358
Personal Products (1.5%)
Elizabeth Arden, Inc. *
 
41,900
1,137
 
Real Estate Investment Trusts (5.9%)
Corrections Corporation of America
 
61,804
2,011
Starwood Property Trust, Inc.
 
73,800
1,800
Starwood Waypoint Residential Trust *
28,260
771
 
 
 
4,582
Road & Rail (2.2%)
Hertz Global Holdings, Inc. *
 
57,300
1,691
 
Semiconductors & Semiconductor Equipment (2.5%)
Skyworks Solutions, Inc.
 
44,500
1,927
 
Software (6.8%)
Cadence Design Systems, Inc. *
 
56,100
936
Check Point Software Technologies Ltd. *
 
21,500
1,387
Nuance Communications, Inc. *
 
110,600
1,790
Symantec Corp.
55,400
1,218
 
 
 
5,331
Specialty Retail (7.7%)
Bed Bath & Beyond, Inc. *
 
17,100
1,040
Best Buy Co., Inc.
 
58,500
1,618
Express, Inc. *
 
79,200
999
Office Depot, Inc. *
 
318,000
1,628
Select Comfort Corp. *
40,600
753
 
 
 
6,038
Thrifts & Mortgage Finance (0.9%)
People's United Financial, Inc.
 
51,300
737
 
 
 
 
Total Common Stocks
(Cost $60,539)
 
 
75,979
 
Short-Term Investments (3.0%)
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $2,356)
 
 
2,355,813
 
2,356
 
Total Investments## (100.0%)
(Cost $62,895)
 
78,335
 
Liabilities, less cash, receivables and other assets [(0.0%)]
(13)
 
Total Net Assets (100.0%)
 
$ 78,322

 
See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Multi-Cap Opportunities Fund
(Unaudited)
 

Number of
Shares
Value†
($000's)z
Common Stocks (97.7%)
 
 
Aerospace & Defense (4.8%)
Boeing Co.
655,000
88,589
Raytheon Co.
370,000
36,101
 
124,690
Banks (5.5%)
JPMorgan Chase & Co.
1,615,000
89,745
Wells Fargo & Co.
1,010,000
51,288
 
141,033
Chemicals (1.4%)
Methanex Corp.
25,000
1,428
Scotts Miracle-Gro Co. Class A
575,000
34,471
 
35,899
Commercial Services & Supplies (1.0%)
Covanta Holding Corp.
1,350,000
25,772
 
Containers & Packaging (2.1%)
Sealed Air Corp.
1,675,000
55,158
 
Diversified Financial Services (5.8%)
Berkshire Hathaway, Inc. Class B *
680,000
87,271
Intercontinental Exchange Group, Inc.
320,000
62,848
 
150,119
Electrical Equipment (2.6%)
ABB Ltd. ADR *
1,935,000
45,937
Rockwell Automation, Inc.
185,000
22,400
 
68,337
Energy Equipment & Services (3.2%)
Schlumberger Ltd.
805,000
83,752
 
Food Products (5.4%)
ConAgra Foods, Inc.
1,670,000
53,941
Kraft Foods Group, Inc.
680,000
40,433
Mondelez International, Inc. Class A
1,180,000
44,391
 
138,765
Gas Utilities (1.8%)
National Fuel Gas Co.
615,000
46,125
 
Health Care Equipment & Supplies (1.7%)
Hill-Rom Holdings, Inc.
1,120,000
44,453
 
Health Care Providers & Services (10.4%)
Aetna, Inc.
925,000
71,734
Cardinal Health, Inc.
1,160,000
81,931
HCA Holdings, Inc. *
1,565,000
82,929
Henry Schein, Inc. *
275,000
32,904
 
269,498
Hotels, Restaurants & Leisure (5.1%)
Hyatt Hotels Corp. Class A *
1,180,000
72,169
SeaWorld Entertainment, Inc.
1,925,000
58,751
 
130,920
Household Products (2.1%)
Procter & Gamble Co.
675,000
54,533
 
Industrial Conglomerates (2.9%)
3M Co.
520,000
74,126
 
Internet Software & Services (3.0%)
eBay, Inc. *
1,550,000
78,631
 
Leisure Products (2.1%)
Mattel, Inc.
1,425,000
55,333
 
Machinery (2.1%)
Stanley Black & Decker, Inc.
630,000
55,062
 
Media (4.6%)
Omnicom Group, Inc.
1,070,000
76,131
Twenty-First Century Fox, Inc. Class A
1,230,000
43,554
 
119,685
Metals & Mining (2.9%)
Carpenter Technology Corp.
1,190,000
74,363
 
Oil, Gas & Consumable Fuels (5.8%)
Cenovus Energy, Inc.
2,320,000
69,113
Range Resources Corp.
880,000
81,796
 
150,909
Pharmaceuticals (2.9%)
Pfizer, Inc.
2,530,000
74,964
 
Professional Services (2.3%)
Nielsen NV
1,220,000
58,877
 
Road & Rail (5.6%)
CSX Corp.
2,295,000
67,473
Hertz Global Holdings, Inc. *
2,600,000
76,752
 
144,225
Software (4.9%)
Activision Blizzard, Inc.
2,815,000
58,495
Microsoft Corp.
1,670,000
68,370
 
126,865
Specialty Retail (2.1%)
Bed Bath & Beyond, Inc. *
875,000
53,244
 
Technology Hardware, Storage & Peripherals (1.9%)
Apple, Inc.
76,500
48,424
 
Textiles, Apparel & Luxury Goods (1.7%)
Hanesbrands, Inc.
530,000
44,960
 
 
Total Common Stocks
(Cost $2,045,789)
 
2,528,722
 
Short-Term Investments (2.1%)
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $53,906)
53,905,845
53,906
 
Total Investments## (99.8%)
(Cost $2,099,695)
2,582,628
 
Cash, receivables and other assets, less liabilities (0.2%)
4,603
 
Total Net Assets (100.0%)
 
$ 2,587,231


See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Real Estate Fund
(Unaudited)
 
 
 
Number of
Shares
Value†
($000's)z
  
   
Common Stocks (99.1%)
    
   
Apartments (12.8%)
    
AvalonBay Communities, Inc.
 
326,792
46,352
  
Camden Property Trust
 
264,198
18,557
  
Equity Residential
 
803,000
49,626
  
Post Properties, Inc.
 
302,400
15,468
  
 
    
130,003
  
Diversified (8.4%)
        
American Homes 4 Rent Class A
 
1,325,400
23,354
  
American Residential Properties, Inc. ñ*
  
595,350
10,895
  
American Residential Properties, Inc. *
  
252,200
4,615
  
QTS Realty Trust, Inc. Class A
 
360,104
10,479
  
Vornado Realty Trust
 
341,223
36,538
  
 
    
85,881
  
Freestanding (1.0%)
        
National Retail Properties, Inc.
 
284,100
9,938
  
       
Health Care (8.6%)
        
HCP, Inc.
 
438,800
18,320
  
Health Care REIT, Inc.
 
278,240
17,593
  
OMEGA Healthcare Investors, Inc.
 
227,900
8,407
  
Ventas, Inc.
 
648,330
43,309
  
 
    
87,629
  
Home Financing (1.9%)
        
Altisource Residential Corp.
 
681,551
19,008
  
       
Hotels, Restaurants & Leisure (1.0%)
        
Starwood Hotels & Resorts Worldwide, Inc.
 
126,900
10,133
  
       
Household Durables (1.4%)
        
TRI Pointe Homes, Inc. *
  
952,380
14,524
  
       
Industrial (6.0%)
        
EastGroup Properties, Inc.
 
244,300
15,552
  
Prologis, Inc.
 
830,238
34,463
  
Terreno Realty Corp.
 
572,400
11,105
  
 
    
61,120
  
Infrastructure (6.5%)
        
American Tower Corp.
 
739,400
66,272
  
       
Lodging/Resorts (6.2%)
        
Host Hotels & Resorts, Inc.
 
1,512,843
33,388
  
LaSalle Hotel Properties
 
570,100
18,808
  
Sunstone Hotel Investors, Inc.
 
722,300
10,611
  
 
    
62,807
  
Office (10.3%)
        
Alexandria Real Estate Equities, Inc.
 
134,600
10,242
  
Boston Properties, Inc.
 
423,084
51,058
  
Douglas Emmett, Inc.
 
786,625
22,332
  
SL Green Realty Corp.
 
198,015
21,680
  
 
    
105,312
  
Real Estate Management & Development (4.1%)
        
Brookfield Asset Management, Inc. Class A
 
507,277
21,833
  
Forest City Enterprises, Inc. Class A *
  
1,037,079
19,736
  
 
    
41,569
  
Regional Malls (15.2%)
        
CBL & Associates Properties, Inc.
 
1,023,197
19,257
  
General Growth Properties, Inc.
 
1,101,432
26,247
  
Simon Property Group, Inc.
 
619,748
103,163
  
Washington Prime Group, Inc. *
  
309,874
6,163
  
 
    
154,830
  
Self Storage (3.6%)
        
Public Storage
 
213,900
36,872
  
       
Shopping Centers (7.2%)
        
DDR Corp.
 
1,202,150
20,809
  
Federal Realty Investment Trust
 
181,900
21,741
  
Regency Centers Corp.
 
341,757
18,250
  
Urstadt Biddle Properties, Inc. Class A
 
590,769
12,241
  
 
    
73,041
  
Timber (4.9%)
        
Plum Creek Timber Co., Inc
 
337,200
15,207
  
Weyerhaeuser Co.
 
1,123,098
35,288
  
   
50,495
  
Total Common Stocks
(Cost $882,180)
    
1,009,434
  
       
Short-Term Investments (1.2%)
        
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $12,751)
  
12,751,348
12,751
  
       
Total Investments## (100.3%)
(Cost $894,931)
    
1,022,185
  
       
Liabilities, less cash, receivables and other assets [(0.3%)]
    
(3,542
)
       
Total Net Assets (100.0%)
    
$ 1,018,643
  

See Notes to Schedule of Investments

MAY 31, 2014


Schedule of Investments Select Equities Fund
(Unaudited)

 
Number of
Shares
    
Value†
($000's)z
  
       
Common Stocks (92.5%)
        
       
Aerospace & Defense (3.7%)
        
Boeing Co.
   
26,703
      
3,612
  
               
Auto Components (7.5%)
                
BorgWarner, Inc.
   
47,884
      
3,011
  
Delphi Automotive PLC
   
62,742
      
4,333
  
 
            
7,344
  
Automobiles (3.0%)
                
General Motors Co.
   
84,081
      
2,908
  
               
Capital Markets (8.6%)
                
BlackRock, Inc.
   
11,283
      
3,440
  
Invesco Ltd.
   
134,024
      
4,919
  
 
            
8,359
  
Health Care Providers & Services (3.2%)
                
Express Scripts Holding Co. *
    
43,854
      
3,134
  
               
Independent Power and Renewable Electricity Producers (5.3%)
                
Calpine Corp. *
    
222,814
      
5,196
  
               
Internet & Catalog Retail (3.7%)
                
Amazon.com, Inc. *
    
11,413
      
3,567
  
               
Internet Software & Services (2.9%)
                
eBay, Inc. *
    
55,461
      
2,814
  
               
IT Services (3.6%)
                
Visa, Inc. Class A
   
16,442
      
3,532
  
               
Media (4.5%)
                
Tribune Co. *
    
56,128
      
4,445
  
               
Oil, Gas & Consumable Fuels (13.9%)
                
Antero Resources Corp. *
    
49,421
      
3,039
  
Enbridge Energy Management LLC *
    
110,604
      
3,299
  
Pioneer Natural Resources Co.
   
14,641
      
3,077
  
Range Resources Corp.
   
45,312
      
4,212
  
 
            
13,627
  
Professional Services (13.7%)
                
IHS, Inc. Class A *
    
42,564
      
5,359
  
Nielsen NV
   
106,414
      
5,136
  
Verisk Analytics, Inc. Class A *
    
49,567
      
2,934
  
 
            
13,429
  
Real Estate Investment Trusts (6.3%)
                
American Tower Corp.
   
68,158
      
6,109
  
               
Road & Rail (5.5%)
                
J.B. Hunt Transport Services, Inc.
   
41,563
      
3,228
  
Kansas City Southern
   
20,217
      
2,174
  
 
            
5,402
  
Software (4.3%)
                
Intuit, Inc.
   
52,946
      
4,198
  
               
Trading Companies & Distributors (2.8%)
                
United Rentals, Inc. *
    
26,934
      
2,722
  
 
                
Total Common Stocks
(Cost $75,678)
            
90,398
  
               
Short-Term Investments (7.7%)
                
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $7,554)
    
7,554,302
      
7,554
  
               
Total Investments## (100.2%)
(Cost $83,232)
            
97,952
  
               
Liabilities, less cash, receivables and other assets [(0.2%)]
            
(154
)
               
Total Net Assets (100.0%)
          
$
97,798
  

See Notes to Schedule of Investments

MAY 31, 2014


Schedule of Investments Small Cap Growth Fund
(Unaudited)
 
 
 
Number of
Shares
    
Value†
($000's)z
  
 
        
Common Stocks (97.9%)
        
       
Aerospace & Defense (4.0%)
        
Curtiss-Wright Corp.
   
15,900
      
1,059
  
HEICO Corp.
   
23,137
      
1,205
  
Kratos Defense & Security Solutions, Inc. *
    
140,600
      
1,197
  
 
            
3,461
  
Auto Components (3.9%)
                
Dorman Products, Inc. *
    
20,400
      
1,084
  
Gentherm, Inc. *
    
30,300
      
1,246
  
Motorcar Parts of America, Inc. *
    
43,100
      
1,027
  
 
            
3,357
  
Banks (3.3%)
                
First Financial Holdings, Inc.
   
14,800
      
871
  
First NBC Bank Holding Co. *
    
34,400
      
1,166
  
Home BancShares, Inc.
   
28,000
      
855
  
 
            
2,892
  
Biotechnology (1.5%)
                
Dynavax Technologies Corp. *
    
254,600
      
367
  
Novavax, Inc. *
    
102,700
      
484
  
Rigel Pharmaceuticals, Inc. *
    
141,500
      
465
  
 
            
1,316
  
Capital Markets (2.2%)
                
Evercore Partners, Inc. Class A
   
15,800
      
869
  
Marcus & Millichap, Inc. *
    
51,100
      
1,040
  
 
            
1,909
  
Chemicals (1.9%)
                
PolyOne Corp.
   
41,900
      
1,681
  
               
Communications Equipment (1.4%)
                
Arris Group, Inc. *
    
35,400
      
1,172
  
               
Containers & Packaging (1.9%)
                
Graphic Packaging Holding Co. *
    
148,500
      
1,632
  
               
Diversified Consumer Services (1.2%)
                
Bright Horizons Family Solutions, Inc. *
    
27,400
      
1,068
  
               
Electrical Equipment (1.0%)
                
Acuity Brands, Inc.
   
6,800
      
853
  
               
Electronic Equipment, Instruments & Components (2.2%)
                
Belden, Inc.
   
11,700
      
842
  
Measurement Specialties, Inc. *
    
16,800
      
1,068
  
 
            
1,910
  
Food & Staples Retailing (0.8%)
                
PriceSmart, Inc.
   
7,900
      
724
  
               
Food Products (2.6%)
                
Hain Celestial Group, Inc. *
    
12,800
      
1,161
  
Inventure Foods, Inc. *
    
86,700
      
1,067
  
 
            
2,228
  
Health Care Equipment & Supplies (5.1%)
                
Novadaq Technologies, Inc. *
    
74,100
      
1,080
  
Spectranetics Corp. *
    
42,700
      
915
  
Tornier NV *
    
59,400
      
1,278
  
Wright Medical Group, Inc. *
    
37,900
      
1,152
  
 
            
4,425
  
Health Care Providers & Services (4.0%)
                
Acadia Healthcare Co., Inc. *
    
29,295
      
1,249
  
Air Methods Corp. *
    
24,500
      
1,181
  
LifePoint Hospitals, Inc. *
    
17,000
      
1,041
  
 
            
3,471
  
Hotels, Restaurants & Leisure (2.1%)
                
Brinker International, Inc.
   
18,100
      
899
  
Orient-Express Hotels Ltd. Class A *
    
67,100
      
882
  
 
            
1,781
  
Internet & Catalog Retail (0.9%)
                
HomeAway, Inc. *
    
24,400
      
751
  
               
Internet Software & Services (5.6%)
                
Constant Contact, Inc. *
    
40,700
      
1,202
  
Cornerstone OnDemand, Inc. *
    
33,400
      
1,343
  
CoStar Group, Inc. *
    
6,800
      
1,078
  
Demandware, Inc. *
    
20,100
      
1,224
  
 
            
4,847
  
IT Services (3.0%)
                
iGATE Corp. *
    
37,100
      
1,294
  
WEX, Inc. *
    
14,000
      
1,348
  
 
            
2,642
  
Life Sciences Tools & Services (1.1%)
                
Techne Corp.
   
11,300
      
992
  
               
Media (1.4%)
                
Rentrak Corp. *
    
22,800
      
1,178
  
               
Multiline Retail (1.6%)
                
Tuesday Morning Corp. *
    
87,100
      
1,408
  
               
Oil, Gas & Consumable Fuels (6.6%)
                
Carrizo Oil & Gas, Inc. *
    
24,100
      
1,385
  
Kodiak Oil & Gas Corp. *
    
92,200
      
1,174
  
Sanchez Energy Corp. *
    
46,700
      
1,608
  
Synergy Resources Corp. *
    
129,100
      
1,515
  
 
            
5,682
  
Paper & Forest Products (1.0%)
                
KapStone Paper and Packaging Corp. *
    
29,900
      
869
  
               
Pharmaceuticals (8.1%)
                
Akorn, Inc. *
    
52,200
      
1,460
  
Auxilium Pharmaceuticals, Inc. *
    
40,200
      
900
  
Depomed, Inc. *
    
133,500
      
1,593
  
Flamel Technologies SA ADR *
    
65,500
      
732
  
Horizon Pharma, Inc. *
    
79,100
      
1,122
  
Pacira Pharmaceuticals, Inc. *
    
15,500
      
1,203
  
 
            
7,010
  
Professional Services (3.0%)
                
Korn/Ferry International *
    
35,700
      
1,084
  
On Assignment, Inc. *
    
43,300
      
1,526
  
 
            
2,610
  
Road & Rail (3.5%)
                
Old Dominion Freight Line, Inc. *
    
21,671
      
1,386
  
Saia, Inc. *
    
37,500
      
1,634
  
 
            
3,020
  
Semiconductors & Semiconductor Equipment (6.5%)
                
Cavium, Inc. *
    
37,500
      
1,837
  
International Rectifier Corp. *
    
45,100
      
1,209
  
Microsemi Corp. *
    
43,800
      
1,066
  
Monolithic Power Systems, Inc. *
    
37,900
      
1,489
  
 
            
5,601
  
Software (7.1%)
                
Aspen Technology, Inc. *
    
38,600
      
1,659
  
NetScout Systems, Inc. *
    
32,600
      
1,267
  
PTC, Inc. *
    
36,300
      
1,336
  
Ultimate Software Group, Inc. *
    
14,700
      
1,869
  
 
            
6,131
  
Specialty Retail (1.6%)
                
Lithia Motors, Inc. Class A
   
17,500
      
1,372
  
               
Textiles, Apparel & Luxury Goods (4.1%)
                
G-III Apparel Group Ltd. *
    
11,700
      
858
  
Kate Spade & Co. *
    
49,100
      
1,788
  
Oxford Industries, Inc.
   
14,000
      
895
  
 
            
3,541
  
Trading Companies & Distributors (3.7%)
                
Air Lease Corp.
   
40,100
      
1,655
  
Watsco, Inc.
   
15,000
      
1,509
  
           
3,164
  
Total Common Stocks
(Cost $81,210)
            
84,698
  
               
Short-Term Investments (1.9%)
                
State Street Institutional Liquid Reserves Fund Institutional Class
(Cost $1,682)
    
1,681,545
      
1,682
  
               
Total Investments## (99.8%)
(Cost $82,892)
            
86,380
  
               
Cash, receivables and other assets, less liabilities (0.2%)
            
151
  
               
Total Net Assets (100.0%)
          
$
86,531
  

See Notes to Schedule of Investments

MAY 31, 2014


Schedule of Investments Socially Responsive Fund
(Unaudited)
 

 
Number of
Shares
Value†
($000's)z
 
Common Stocks (97.2%)
 
Airlines (1.9%)
Ryanair Holdings PLC ADR *
 
788,614
44,841
 
Auto Components (1.5%)
BorgWarner, Inc.
 
560,683
35,261
 
Banks (3.0%)
U.S. Bancorp
 
1,738,791
73,360
 
Capital Markets (1.9%)
Lazard Ltd. Class A
 
925,599
46,743
 
Commercial Services & Supplies (1.2%)
Herman Miller, Inc.
 
899,678
28,133
 
Consumer Finance (4.8%)
American Express Co.
 
1,263,048
115,569
 
Diversified Financial Services (3.0%)
Intercontinental Exchange Group, Inc.
 
369,442
72,558
 
Diversified Telecommunication Services (1.4%)
tw telecom, Inc. *
 
1,011,548
33,169
 
Energy Equipment & Services (2.7%)
Schlumberger Ltd.
 
619,880
64,492
 
Food & Staples Retailing (2.5%)
Costco Wholesale Corp.
 
514,735
59,720
 
Food Products (6.2%)
J.M. Smucker Co.
 
599,420
61,501
Unilever NV
1,996,572
86,671
 
 
148,172
Health Care Equipment & Supplies (8.0%)
Abbott Laboratories
 
1,324,342
52,987
Becton, Dickinson & Co.
 
590,118
69,457
Covidien PLC
962,486
70,367
 
 
192,811
Household Durables (5.0%)
Newell Rubbermaid, Inc.
 
4,085,114
119,612
 
Household Products (2.3%)
Procter & Gamble Co.
 
696,849
56,298
 
Industrial Conglomerates (7.9%)
3M Co.
 
592,970
84,528
Danaher Corp.
1,336,862
104,850
 
 
189,378
Industrial Gases (1.9%)
Praxair, Inc.
 
352,975
46,677
 
Insurance (3.1%)
Progressive Corp.
 
2,973,576
74,429
 
Internet Software & Services (2.9%)
eBay, Inc. *
 
1,377,285
69,870
 
IT Services (1.3%)
MasterCard, Inc. Class A
 
419,289
32,055
 
Media (1.2%)
Scripps Networks Interactive, Inc. Class A
 
376,225
28,766
 
Metals & Mining (1.9%)
Nucor Corp.
 
889,937
45,057
 
Oil, Gas & Consumable Fuels (4.1%)
Cimarex Energy Co.
 
181,882
23,487
Noble Energy, Inc.
1,051,591
75,788
 
 
99,275
Pharmaceuticals (5.0%)
Roche Holding AG
 
235,230
69,216
Sanofi ADR
949,580
50,613
 
 
119,829
Professional Services (3.0%)
Robert Half International, Inc.
 
1,596,699
72,794
 
Road & Rail (2.1%)
J.B. Hunt Transport Services, Inc.
 
634,771
49,296
 
Semiconductors & Semiconductor Equipment (7.5%)
Microchip Technology, Inc.
 
1,307,600
62,242
Texas Instruments, Inc.
2,507,446
117,800
 
 
180,042
Software (3.3%)
Intuit, Inc.
 
1,013,459
80,357
 
Specialty Chemicals (0.9%)
Novozymes A/S B Shares
 
442,723
21,701
 
Specialty Retail (4.3%)
O'Reilly Automotive, Inc. *
 
231,721
34,283
TJX Cos., Inc.
1,279,689
69,679
 
 
103,962
Trading Companies & Distributors (1.4%)
W.W. Grainger, Inc.
 
132,521
34,239
 
 
 
Total Common Stocks
(Cost $1,753,831)
 
 
2,338,466
 
Short-Term Investments (3.2%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $76,707)
 
76,707,492
76,707
 
 
Principal
Amount ($)
Value†
($000's)z
Certificates of Deposit (0.0%)
Carver Federal Savings Bank Self Help Credit Union, 0.02%, due 6/24/14
 
100,000
100
Self Help Credit Union, 0.25%, due 7/18/14
 
250,000
250
Self Help Credit Union, 0.25%, due 8/16/14
250,000
250
 
 
 
Total Certificates of Deposit#
(Cost $600)
 
 
600
 
Total Investments## (100.4%)
(Cost $1,831,138)
2,415,773
 
Liabilities, less cash, receivables and other assets [(0.4%)]
(8,433)
 
Total Net Assets (100.0%)
 
$ 2,407,340

 
See Notes to Schedule of Investments
 
MAY 31, 2014


Schedule of Investments Value Fund
(Unaudited)

Number of
Shares
Value†
($000's)z
Common Stocks (90.7%)
 
Aerospace & Defense (0.7%)
Northrop Grumman Corp.
1,012
123
 
Airlines (5.2%)
American Airlines Group, Inc. *
12,307
494
Delta Air Lines, Inc.
2,265
91
United Continental Holdings, Inc. *
7,962
353
938
Auto Components (0.5%)
BorgWarner, Inc.
1,416
89
 
Banks (11.8%)
Citigroup, Inc.
5,931
282
Comerica, Inc.
6,090
292
JPMorgan Chase & Co.
9,319
518
M&T Bank Corp.
1,055
128
PNC Financial Services Group, Inc.
3,453
295
Regions Financial Corp.
9,940
101
Sumitomo Mitsui Financial Group, Inc. ADR
25,536
209
Wells Fargo & Co.
5,576
283
2,108
Capital Markets (7.1%)
Bank of New York Mellon Corp.
18,040
623
Goldman Sachs Group, Inc.
2,115
338
Invesco Ltd.
7,321
269
Morgan Stanley
1,341
41
1,271
Chemicals (5.3%)
Dow Chemical Co.
5,801
302
LyondellBasell Industries NV Class A
3,699
368
Monsanto Co.
1,517
185
Mosaic Co.
1,696
85
940
Communications Equipment (3.7%)
Cisco Systems, Inc.
26,680
657
 
Construction & Engineering (0.4%)
Fluor Corp.
1,024
77
 
Containers & Packaging (0.4%)
Crown Holdings, Inc. *
1,326
65
 
Diversified Financial Services (2.0%)
CME Group, Inc.
5,025
362
 
Electric Utilities (0.4%)
NextEra Energy, Inc.
678
66
 
Electrical Equipment (1.9%)
Eaton Corp. PLC
4,689
346
 
Electronic Equipment, Instruments & Components (0.8%)
Corning, Inc.
6,584
140
 
Energy Equipment & Services (2.4%)
Halliburton Co.
2,052
133
McDermott International, Inc. *
28,593
208
Rowan Cos. PLC Class A
1,791
55
Schlumberger Ltd.
332
34
430
Food Products (2.5%)
Archer-Daniels-Midland Co.
2,931
131
Kraft Foods Group, Inc.
1,847
110
WhiteWave Foods Co. Class A *
6,506
205
446
Health Care Equipment & Supplies (3.0%)
Boston Scientific Corp. *
16,350
210
Covidien PLC
3,750
274
Hologic, Inc. *
2,224
54
538
Health Care Providers & Services (2.7%)
Aetna, Inc.
1,969
153
UnitedHealth Group, Inc.
4,139
329
482
Hotels, Restaurants & Leisure (2.4%)
Carnival Corp.
10,758
431
 
Household Products (0.9%)
Procter & Gamble Co.
1,904
154
 
Independent Power and Renewable Electricity Producers (0.9%)
Calpine Corp. *
6,826
159
 
Industrial Conglomerates (0.0%)
General Electric Co.
216
6
 
Insurance (3.5%)
Lincoln National Corp.
10,241
491
MetLife, Inc.
2,680
137
628
Machinery (8.9%)
Caterpillar, Inc.
1,644
168
Cummins, Inc.
2,315
354
Joy Global, Inc.
5,804
332
Kubota Corp. ADR
3,315
227
Pall Corp.
2,719
230
Terex Corp.
7,345
282
1,593
Metals & Mining (3.8%)
Carpenter Technology Corp.
2,916
182
Newmont Mining Corp.
9,446
216
Nucor Corp.
2,206
112
United States Steel Corp.
7,338
169
679
Multi-Utilities (0.4%)
Dominion Resources, Inc.
985
68
 
Multiline Retail (1.8%)
JC Penney Co., Inc. *
9,908
89
Target Corp.
4,078
232
321
Oil, Gas & Consumable Fuels (4.9%)
Antero Resources Corp. *
3,799
234
Apache Corp.
477
45
Arch Coal, Inc.
24,937
89
Devon Energy Corp.
598
44
Noble Energy, Inc.
1,226
88
Occidental Petroleum Corp.
2,259
225
Range Resources Corp.
1,725
160
885
Pharmaceuticals (5.6%)
Eli Lilly & Co.
3,466
208
Johnson & Johnson
3,483
353
Merck & Co., Inc.
5,217
302
Teva Pharmaceutical Industries Ltd. ADR
2,616
132
995
Semiconductors & Semiconductor Equipment (2.7%)
Altera Corp.
3,516
116
Intel Corp.
13,165
360
476
Software (1.4%)
Microsoft Corp.
6,370
261
 
Technology Hardware, Storage & Peripherals (2.7%)
EMC Corp.
6,973
185
SanDisk Corp.
3,103
300
 
485
Total Common Stocks
(Cost $14,962)
16,219
 
Exchange Traded Funds (1.6%)
ProShares UltraPro Short S&P 500 *
(Cost $320)
5,646
286
 
Short-Term Investments (7.5%)
State Street Institutional Treasury Money Market Fund Institutional Class
(Cost $1,329)
1,328,965
1,329
 
Total Investments## (99.8%)
(Cost $16,611)
17,834
 
Cash, receivables and other assets, less liabilities (0.2%)
42
 
Total Net Assets (100.0%)
 
$ 17,876


See Notes to Schedule of Investments
 
May 31, 2014 (Unaudited)
Notes to Schedule of Investments
 
†
In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman Emerging Markets Equity Fund (“Emerging Markets Equity”), Neuberger Berman Equity Income Fund (“Equity Income”), Neuberger Berman Focus Fund (“Focus”), Neuberger Berman Genesis Fund (“Genesis”), Neuberger Berman Global Equity Fund (“Global Equity”), Neuberger Berman Global Thematic Opportunities Fund (“Global Thematic Opportunities”), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund (“Guardian”), Neuberger Berman International Equity Fund (“International Equity”), Neuberger Berman International Select Fund (“International Select”) (formerly, Neuberger Berman International Large Cap Fund), Neuberger Berman Intrinsic Value Fund (“Intrinsic Value”), Neuberger Berman Large Cap Disciplined Growth Fund (“Large Cap Disciplined Growth”), Neuberger Berman Large Cap Value Fund (“Large Cap Value”), Neuberger Berman Mid Cap Growth Fund (“Mid Cap Growth”), Neuberger Berman Mid Cap Intrinsic Value Fund (“Mid Cap Intrinsic Value”), Neuberger Berman Multi-Cap Opportunities Fund (“Multi-Cap Opportunities”), Neuberger Berman Real Estate Fund (“Real Estate”), Neuberger Berman Select Equities Fund (“Select Equities”), Neuberger Berman Small Cap Growth Fund (“Small Cap Growth”), Neuberger Berman Socially Responsive Fund (“Socially Responsive”) and Neuberger Berman Value Fund (“Value”), (each individually a “Fund,” and collectively, the “Funds”) are carried at the value that Neuberger Berman Management LLC (“Management”) believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds’ investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.
 
 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
 
 
·
Level 1 – quoted prices in active markets for identical investments
 
·
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
 
·
Level 3 – unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
 
 
 
 
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
 
 
The value of the Funds’ investments in equity securities, exchange traded funds, convertible preferred stocks and written option contracts, for which market quotations are readily available, is generally determined by Management by obtaining valuations from an independent pricing service based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price (“NOCP”) provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the “inside” bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations.
 
 
The value of the Funds’ investments in convertible bonds is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs).
 
 
Other Level 2 inputs used by an independent pricing service to value convertible bonds generally include underlying stock data, dealer quotes, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, and sensitivity analysis, when available.
 
 

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
 
 
 
The value of participatory notes is determined by Management by obtaining valuations from an independent pricing service based on the underlying equity security and applicable exchange rate.
 
 
 
 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
 
 
Certificates of deposit are valued at amortized cost.
 
 
Investments in investment companies are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs).
 
 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, the applicable Fund seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Neuberger Berman Equity Funds’ Board of Trustees (the “Board”) has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, trading in futures or American Depositary Receipts (“ADRs”) and whether the issuer of the security being fair valued has other securities outstanding.
 
 
The value of the Funds’ investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are translated from the local currency into U.S. dollars using the exchange rates as of the end of regular trading on the New York Stock Exchange (“NYSE”) on business days, usually 4:00 p.m., Eastern time. The Board has approved the use of Interactive Data Pricing and Reference Data, Inc. (“Interactive”) to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, Interactive will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the close of the NYSE, the Board has determined on the basis of available data that prices adjusted in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
 
 
 
 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
 
 
The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of May 31, 2014:

Asset Valuation Inputs
(000’s omitted)
 
Level 1
 
Level 2
 
Level 3
Total
Emerging Markets Equity
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
 
 
 
 
Qatar
$-
$8,303
$-
$8,303
Russia
13,567
17,054
-
30,621
Thailand
-
7,853
-
7,853
Other Common Stocksß
516,764
-
-
516,764
Total Common Stocks
530,331
33,210
-
563,541
Short-Term Investments
-
14,586
-
14,586
Total Investments
530,331
47,796
-
578,127
Equity Income
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
2,314,233
-
-
2,314,233
Convertible Bonds
-
74,761
-
74,761
Short-Term Investments
-
20,780
-
20,780
Total Investments
2,314,233
95,541
-
2,409,774
Focus
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
790,384
-
-
790,384
 
 

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
 
Short-Term Investments
-
31,409
-
31,409
Total Investments
790,384
31,409
-
821,793
Genesis
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
$13,663,860
$-
$-
$13,663,860
Short-Term Investments
-
453,664
-
453,664
Total Investments
13,663,860
453,664
-
14,117,524
Global Equity
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
 
 
 
 
Israel
592
467
-
1,059
Other Common Stocksß
36,404
-
-
36,404
Total Common Stocks
36,996
467
-
37,463
Short-Term Investments
-
1,561
-
1,561
Total Investments
36,996
2,028
-
39,024
Global Thematic Opportunities
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
80,670
-
-
80,670
Short-Term Investments
-
3,208
-
3,208
Total Investments
80,670
3,208
-
83,878
Greater China Equity
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
39,157
-
-
39,157
Participatory Notes§
14,035
-
-
14,035
Short-Term Investments
-
294
-
294
Total Investments
53,192
294
-
53,486
Guardian
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
1,448,950
-
-
1,448,950
Short-Term Investments
-
15,910
-
15,910
Total Investments
1,448,950
15,910
-
1,464,860
International Equity
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
 
 
 
 
Denmark
-
13,865
-
13,865
Israel
20,234
13,879
-
34,113
Other Common Stocksß
1,060,278
-
-
1,060,278
Total Common Stocks
1,080,512
27,744
-
1,108,256
Short-Term Investments
-
35,847
-
35,847
Total Investments
1,080,512
63,591
-
1,144,103
International Select
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
 
 
 
 
Denmark
-
3,219
-
3,219
Israel
5,526
4,064
-
9,590
Other Common Stocksß
254,664
-
-
254,664
Total Common Stocks
260,190
7,283
-
267,473
Short-Term Investments
-
9,339
-
9,339
Total Investments
260,190
16,622
-
276,812
Intrinsic Value
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
257,451
-
-
257,451
Short-Term Investments
-
12,237
-
12,237
Total Investments
257,451
12,237
-
269,688
Large Cap Disciplined Growth
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
241,698
-
-
241,698
Short-Term Investments
-
10,130
-
10,130
Total Investments
241,698
10,130
-
251,828
Large Cap Value
 
 
 
 
Investments:
 
 
 
 
 

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
Common Stocks§
$1,568,420
$-
$-
$1,568,420
Exchange Traded Funds
30,467
-
-
30,467
Short-Term Investments
-
108,151
-
108,151
Total Investments
1,598,887
108,151
-
1,707,038
Mid Cap Growth
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
943,814
-
-
943,814
Short-Term Investments
-
34,566
-
34,566
Total Investments
943,814
34,566
-
978,380
Mid Cap Intrinsic Value
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
75,979
-
-
75,979
Short-Term Investments
-
2,356
-
2,356
Total Investments
75,979
2,356
-
78,335
Multi-Cap Opportunities
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
2,528,722
-
-
2,528,722
Short-Term Investments
-
53,906
-
53,906
Total Investments
2,528,722
53,906
-
2,582,628
Real Estate
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
1,009,434
-
-
1,009,434
Short-Term Investments
-
12,751
-
12,751
Total Investments
1,009,434
12,751
-
1,022,185
Select Equities
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
90,398
-
-
90,398
Short-Term Investments
-
7,554
-
7,554
Total Investments
90,398
7,554
-
97,952
Small Cap Growth
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
84,698
-
-
84,698
Short-Term Investments
-
1,682
-
1,682
Total Investments
84,698
1,682
-
86,380
Socially Responsive
 
 
 
 
Investments:
 
 
 
 
Common Stocks
 
 
 
 
Specialty Chemicals
-
21,701
-
21,701
Other Common Stocks§ß
2,316,765
-
-
2,316,765
Total Common Stocks
2,316,765
21,701
-
2,338,466
Short-Term Investments
-
76,707
-
76,707
Certificates of Deposit
-
600
-
600
Total Investments
2,316,765
99,008
-
2,415,773
Value
 
 
 
 
Investments:
 
 
 
 
Common Stocks§
16,219
-
-
16,219
Exchange Traded Funds
286
-
-
286
Short-Term Investments
-
1,329
-
1,329
Total Investments
16,505
1,329
-
17,834
 
§
The Schedule of Investments (and Summary Schedule of Investments by Industry for the global/international funds) provide information on the industry for the portfolio.
 
 
ß
Represents a geographic location and/or industry where all securities were Level 1 securities. Please refer to the Schedule of Investments for additional information.
 
 
As of the period ending May 31, 2014, certain securities were transferred from one level to another based on beginning of period market values as of August 31, 2013. Approximately $11,966,000, $11,431,000, $3,389,000 and $17,479,000 were transferred from Level 1 to Level 2 for Emerging Markets Equity, International Equity, International Select and Socially Responsive, respectively. Interactive provided adjusted prices for these securities as of May 31, 2014, as stated in the description of the valuation methods of foreign equity securities in footnote † above. In addition, approximately $161,923,000, $117,283,000,
 

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
 
 
$1,978,000, $8,096,000, $24,623,000, $187,659,000, $43,975,000 and $10,157,000 was transferred from Level 2 to Level 1 for Emerging Markets Equity, Equity Income, Global Equity, Global Thematic Opportunities, Greater China Equity, International Equity, International Select and Real Estate, respectively, due to active market activity on recognized exchanges as of May 31, 2014. These securities had been categorized as Level 2 as of August 31, 2013, due to foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date.
 
Liability Valuation Inputs

The following is a summary, categorized by Level, of inputs used to value the Fund’s derivatives as of May 31, 2014:
(000’s omitted)
 
Level 1
 
 
Level 2
 
Level 3
 
Total
 
Equity Income
 
 
 
 
 
 
 
 
 
 
Option Contracts
 
$(1,656)
 
$-
 
$-
 
$(1,656)
 
 
#
At cost, which approximates market value.
 
 
##
At May 31, 2014, selected fund information on a U.S. federal income tax basis was as follows:
 
 
(000’s omitted)
 
 
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Emerging Markets Equity
$528,846
$77,477
$28,196
$49,281
Equity Income
2,117,029
326,671
33,926
292,745
Focus
668,552
158,357
5,116
153,241
Genesis
7,898,039
6,288,369
68,884
6,219,485
Global Equity
34,555
4,840
371
4,469
Global Thematic Opportunities
71,593
14,092
1,807
12,285
Greater China Equity
53,771
2,668
2,953
(285)
Guardian
1,076,201
391,163
2,504
388,659
International Equity
950,993
204,720
11,610
193,110
International Select
221,821
57,617
2,626
54,991
Intrinsic Value
205,182
71,631
7,125
64,506
Large Cap Disciplined Growth
208,377
46,063
2,612
43,451
Large Cap Value
1,493,933
231,416
18,311
213,105
Mid Cap Growth
718,920
269,077
9,617
259,460
Mid Cap Intrinsic Value
62,858
16,676
1,199
15,477
Multi-Cap Opportunities
2,101,118
489,377
7,867
481,510
Real Estate
897,027
132,305
7,147
125,158
Select Equities
83,238
15,052
338
14,714
Small Cap Growth
83,259
5,605
2,484
3,121
Socially Responsive
1,830,538
588,064
2,829
585,235
Value
16,641
1,413
220
1,193
 
*
Security did not produce income during the last twelve months.
 
 
‡‡
At May 31, 2014, Equity Income had outstanding call and put options written as follows:
 
 
Name of Issuer
 
Contracts
Exercise
Price
 
Expiration Date
Market Value
of Optionsµ
Chevron Corp., Call
500
135
December 2014
$(39,000)
Deere & Co., Put
500
80
December 2014
(63,000)
Deere & Co., Put
500
75
January 2015
(44,000)
Deere & Co., Put
500
77.5
January 2015
(62,000)
E.I. du Pont de Nemours & Co., Call
500
72.5
October 2014
(56,000)
E.I. du Pont de Nemours & Co., Call
500
75
January 2015
(59,000)
Equity Residential, Call
34
65
October 2014
(2,000)
Exxon Mobil Corp., Call
500
110
January 2015
(49,000)
General Dynamics Corp., Call
300
120
August 2014
(78,000)
General Dynamics Corp., Call
500
125
November 2014
(127,000)
 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
Home Depot, Inc., Put
498
67.5
January 2015
(55,000)
Johnson & Johnson, Call
400
105
October 2014
(66,000)
Kimberly-Clark Corp., Call
500
120
January 2015
(76,000)
KK&R & Co. LP, Put
82
18
December 2014
(3,000)
Microsoft Corp., Call
500
45
January 2015
(49,000)
Norfolk Southern Corp., Call
500
110
December 2014
(82,000)
Norfolk Southern Corp., Call
500
110
January 2015
(100,000)
Novartis AG ADR, Call
500
95
October 2014
(45,000)
Novartis AG ADR, Call
58
100
January 2015
(4,000)
Occidental Petroleum Corp., Call
500
110
November 2014
(62,000)
Rio Tinto PLC, Put
500
45
October 2014
(75,000)
Rio Tinto PLC, Put
500
40
January 2015
(52,000)
Rio Tinto PLC, Put
500
42.5
January 2015
(78,000)
Simon Property Group, Inc., Call
259
195
January 2015
(22,000)
Southern Copper Corp., Put
500
25
December 2014
(38,000)
Southern Copper Corp., Put
500
26
January 2015
(55,000)
Spectra Energy Corp., Call
500
44
January 2015
(32,000)
Wells Fargo & Co., Call
500
49
July 2014
(111,000)
Wells Fargo & Co., Call
395
55
October 2014
(17,000)
Wells Fargo & Co., Call
500
55
January 2015
(41,000)
Wisconsin Energy Corp., Call
463
50
October 2014
(14,000)
 
 
 
Total
(1,656,000)
 
µ
Rounded to the nearest thousand.
 
@
All or a portion of this security is pledged in connection with outstanding call options written.
 
 
 
At May 31, 2014, Equity Income had deposited $25,276,230 in a segregated account to cover requirements on put options written.
 
ñ
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At May 31, 2014, these securities amounted to approximately $16,982,000 or 0.7% of net assets for Equity Income, approximately $2,599,000 or 4.5% of net assets for Greater China Equity, and approximately $10,895,000 or 1.1% of net assets for Real Estate.
 
a
Effective June 2, 2014. Formerly, Neuberger Berman International Large Cap Fund through June 1, 2014.
 
b
These securities have been deemed by the investment manager to be illiquid. Restricted security subject to restrictions on resale. Securities were purchased under Rule 144A of the 1933 Act or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors.
 
 
At May 31, 2014, these securities amounted to approximately $16,884,000 or 0.1% of net assets for Genesis.

 
 
 
(000’s omitted)
 
 
 
Restricted Security
 
 
Acquisition
Date
 
 
Acquisition
Cost
Acquisition Cost
Percentage of
Net Assets as of
Acquisition Date
 
 
Value as of
May 31, 2014
Fair Value
Percentage of
Net Assets as of
May 31, 2014
Genesis
Stella-Jones, Inc.
11/20/2012
$10,579
0.1%
$16,884
0.1%
 
z
A zero balance, if any, may reflect actual amounts rounding to less than $1,000.
 
 
¢
All or a portion of this security was purchased on a when-issued basis. At May 31, 2014, this security amounted to $2,168,000 for International Equity.
 
 
ØØ
All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments.
 
 
‡
Security had an event of default.
 
CAD = Canadian Dollar
 
 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
^^
Value of the security was determined using methods the Board has approved on the belief they reflect fair value.
 
^
Affiliated issuer.

Investments in Affiliates(1):
 
Balance of Shares Held August 31, 2013
Gross Purchases and Additions
Gross Sales and Reductions
Balance of Shares Held May 31, 2014
Value May 31, 2014
Distributions from Investments in Affiliated Issuers
Net Realized Gain (Loss) from Investments in Affiliated Issuers
Genesis
 
 
 
 
 
 
 
Abaxis, Inc. (2)
1,125,200
-
47,400
1,077,800
$44,534,696
$107,780
$ 534,527
Altisource Asset Management Corp.
143,317
-
-
143,317
140,903,542
-*
-
Altisource Portfolio Solutions SA
1,631,270
42,700
38,700
1,635,270
180,223,107
-*
1,466,442
AmSurg Corp. (2)
1,682,828
59,100
439,378
1,302,550
58,979,464
-*
9,696,860
Applied Industrial Technologies, Inc.
2,493,344
129,100
110,600
2,511,844
119,614,011
1,854,170
512,859
AptarGroup, Inc.
4,538,700
-
358,600
4,180,100
278,352,859
3,423,004
18,153,165
Badger Meter, Inc.
793,501
-
33,300
760,201
37,652,756
419,959
343,368
Balchem Corp.
1,501,935
124,300
61,100
1,565,135
86,301,544
416,503
989,667
Bally Technologies, Inc.
2,447,392
496,100
103,900
2,839,592
167,535,928
-*
2,515,080
Bank of Hawaii Corp.
2,609,212
-
107,800
2,501,412
139,478,733
3,453,136
1,049,592
Boston Beer Co., Inc. (2)
702,719
-
166,300
536,419
115,013,598
-*
32,313,979
Brookline Bancorp, Inc. (2)
3,866,590
-
3,866,590
-
-
314,390
(6,526,432)
CARBO Ceramics, Inc.
1,565,657
-
142,000
1,423,657
195,852,493
1,379,391
9,549,148
CLARCOR, Inc.
4,212,822
-
338,300
3,874,522
226,775,773
2,053,186
10,470,693
Compass Minerals International, Inc.
3,193,700
-
341,827
2,851,873
265,195,670
5,184,034
19,643,205
Computer Modelling Group Ltd.
3,101,000
-
130,800
2,970,200
83,191,441
1,575,707
1,285,311
Exponent, Inc.
1,202,035
-
49,600
1,152,435
81,511,728
655,694
1,476,795
FEI Co. (2)
2,096,342
-
128,800
1,967,542
164,191,380
729,915
4,008,596
First Financial Bankshares, Inc.
1,908,468
70,100
83,400
1,895,168
112,724,593
1,519,077
1,515,420
Forward Air Corp.
1,658,000
101,500
71,200
1,688,300
75,737,138
579,866
792,604
Haemonetics Corp.
4,787,500
-
270,200
4,517,300
153,859,238
-*
2,719,865
Harris Teeter Supermarkets, Inc. (2)
3,369,203
-
3,369,203
-
-
505,380
62,066,131
Healthcare Services Group, Inc.
5,114,481
-
215,600
4,898,881
145,790,699
2,577,643
3,120,102
Hibbett Sports, Inc.
1,719,469
51,800
72,500
1,698,769
89,338,262
-*
2,269,341
Hittite Microwave Corp.
2,312,765
48,900
99,600
2,262,065
133,009,422
347,575
(313,253)
Home Loan Servicing Solutions Ltd.
5,181,100
719,800
248,900
5,652,000
126,039,600
7,795,168
(29,969)
ICON PLC
4,363,500
77,900
146,200
4,295,200
181,558,104
-*
1,167,010
Innophos Holdings, Inc.
1,816,700
-
140,400
1,676,300
88,005,750
2,087,680
(329,748)
J & J Snack Foods Corp.
1,088,746
-
46,100
1,042,646
97,664,651
862,997
2,909,730
Lindsay Corp.
932,550
19,200
40,100
911,650
76,842,979
605,118
(560,615)
Manhattan Associates, Inc.
1,302,807
4,149,221
84,100
5,367,928
174,242,943
-*
1,257,509
Meridian Bioscience, Inc.
3,208,597
17,400
135,600
3,090,397
63,075,003
1,869,812
108,447
Monotype Imaging Holdings, Inc.
2,093,103
750,642
91,900
2,751,845
70,860,009
509,328
249,736
MWI Veterinary Supply, Inc.
1,083,429
75,000
48,900
1,109,529
154,790,391
-*
3,260,659
Natural Gas Services Group, Inc.
778,600
-
32,600
746,000
22,409,840
-*
357,277
NETGEAR, Inc.
2,673,900
479,100
101,000
3,052,000
100,319,240
-*
(499,241)
 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
 
Nexstar Broadcasting Group, Inc.
1,940,269
827,152
20,500
2,746,921
127,621,950
1,104,699
(239,463)
Pason Systems, Inc.
4,283,657
545,400
157,600
4,671,457
127,255,627
1,795,642
1,080,213
Pool Corp.
3,117,923
283,500
213,825
3,187,598
184,020,033
1,977,276
3,275,660
Power Integrations, Inc.
1,974,600
221,600
138,700
2,057,500
103,471,675
572,416
2,236,108
Raven Industries, Inc.
3,369,152
-
142,100
3,227,052
101,168,080
1,196,587
2,104,384
RLI Corp.
1,420,407
1,355,507
139,500
2,636,414
117,584,064
5,678,445
3,045,785
Safety Insurance Group, Inc.
1,039,049
-
45,200
993,849
51,262,731
1,831,288
211,548
Sensient Technologies Corp.
3,672,617
476,628
92,900
4,056,345
222,287,706
2,750,989
1,196,579
Solera Holdings, Inc. (2)
3,699,553
-
906,600
2,792,953
182,240,183
2,212,739
37,103,044
Thermon Group Holdings, Inc. (2)
2,068,131
-
728,874
1,339,257
31,539,502
-*
(47,708)
Tyler Technologies, Inc.
1,315,832
481,800
19,700
1,777,932
138,909,827
-*
320,234
United Stationers, Inc.
3,755,341
-
849,000
2,906,341
115,759,562
1,402,859
7,147,123
Viewpoint Financial Group, Inc. (2)
1,633,560
375,998
32,000
1,977,558
49,142,316
702,681
136,616
West Pharmaceutical Services, Inc.
1,971,229
2,227,429
144,200
4,054,458
170,652,137
1,229,997
2,487,403
Westamerica Bancorporation
1,894,243
-
80,000
1,814,243
88,843,480
2,125,541
182,824
Zebra Technologies Corp.
2,637,824
-
103,200
2,534,624
188,322,563
-*
3,294,918
Total
 
 
 
 
$6,251,658,021
$65,407,672
$251,079,128
 
(1)
Affiliated issuers, as defined in the Investment Company Act of 1940, as amended.
 
(2)
At May 31, 2014, the issuers of these securities were no longer affiliated with Genesis.
 
*
Security did not produce income during the last twelve months.

 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.
Item 2. Controls and Procedures.
 
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”)), as of a date within 90 days of the filing date of this document, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR and Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
 
 
(b)
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
 
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Equity Funds
By:
/s/ Robert Conti
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Robert Conti
Chief Executive Officer and President
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date:  July 24, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
/s/ Robert Conti
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Robert Conti
Chief Executive Officer and President
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date:  July 24, 2014


By:
/s/ John M. McGovern
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date:  July 24, 2014