As filed with the Securities and Exchange Commission on May 2, 2019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

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

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Equity Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

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: February 28, 2019

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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. Report to Shareholders.

Following is a copy of the semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Equity Funds

Investor Class Shares
Trust Class Shares
Advisor Class Shares
Institutional Class Shares

Dividend Growth Fund

Emerging Markets Equity Fund

Equity Income Fund

Focus Fund

Genesis Fund

Global Equity Fund

Global Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

Class A Shares
Class C Shares
Class R3 Shares
Class R6 Shares

International Select Fund

International Small Cap Fund

Intrinsic Value Fund

Large Cap Value Fund

Mid Cap Growth Fund

Mid Cap Intrinsic Value Fund

Multi-Cap Opportunities Fund

Real Estate Fund

Small Cap Growth Fund

Sustainable Equity Fund

Value Fund

Semi-Annual Report

February 28, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website www.nb.com/fundliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
Dividend Growth Fund					2
Emerging Markets Equity Fund					4
Equity Income Fund					6
Focus Fund					8
Genesis Fund					10
Global Equity Fund					12
Global Real Estate Fund					14
Greater China Equity Fund					17
Guardian Fund					20
International Equity Fund					23
International Select Fund					25
International Small Cap Fund					27
Intrinsic Value Fund					29
Large Cap Value Fund					31
Mid Cap Growth Fund					33
Mid Cap Intrinsic Value Fund					35
Multi-Cap Opportunities Fund					37
Real Estate Fund					39
Small Cap Growth Fund					41
Sustainable Equity Fund					43
Value Fund					45
FUND EXPENSE INFORMATION					54
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					58
Emerging Markets Equity Fund					60
Positions by Industry					63
Equity Income Fund					66

Focus Fund					71
Genesis Fund					74
Global Equity Fund					77
Positions by Industry					79
Global Real Estate Fund					81
Positions by Sector					83
Greater China Equity Fund					85
Guardian Fund					87
International Equity Fund					93
Positions by Industry					95
International Select Fund					97
Positions by Industry					99
International Small Cap Fund					101
Positions by Industry					103
Intrinsic Value Fund					105
Large Cap Value Fund					108
Mid Cap Growth Fund					110
Mid Cap Intrinsic Value Fund					113
Multi-Cap Opportunities Fund					115
Real Estate Fund					117
Small Cap Growth Fund					119
Sustainable Equity Fund					121
Value Fund					123
FINANCIAL STATEMENTS					125
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA
Dividend Growth Fund					193
Emerging Markets Equity Fund					195
Equity Income Fund					197
Focus Fund					199
Genesis Fund					201
Global Equity Fund					205
Global Real Estate Fund					205
Greater China Equity Fund					207
Guardian Fund					209

International Equity Fund					213
International Select Fund					215
International Small Cap Fund					217
Intrinsic Value Fund					219
Large Cap Value Fund					221
Mid Cap Growth Fund					225
Mid Cap Intrinsic Value Fund					229
Multi-Cap Opportunities Fund					231
Real Estate Fund					233
Small Cap Growth Fund					235
Sustainable Equity Fund					239
Value Fund					243
Directory					250
Proxy Voting Policies and Procedures					251
Quarterly Portfolio Schedule					251
Board Consideration of the Management Agreements					252

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ^_©2019 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

International trade disputes and other geopolitical conflicts joined suggestions of a slowing global economy in casting a pall over the markets for most of this six month reporting period.

Within the fourth quarter of 2018, retail data disappointed; corporate capital expenditures slowed, proving that tax cuts would not bolster business investment as U.S. government leaders had promised; corporate leaders struggled to decipher the tumultuous shifts in trade policy; and new home sales and real estate values suffered as mortgage rates rose.

Signs of economic slowdowns in important global economies like China and the EU and a more than $30 drop in oil prices added to concerns, further dampening investor sentiment already anxious about the potential for a recession in the U.S.

As 2019 began, a break in trade tensions and positive news from the U.S. Federal Reserve Board allowed markets in January to recover some of their deep losses from the fourth quarter. Consumer spending and employment trends appeared positive against the headwind of a government shutdown. Fourth quarter earnings data arrived in January and February, and showed profit growth had slowed by nearly half from earlier in 2018, but remained positive, with profit growth within S&P 500^® Index companies estimated at 12.7% on a quarterly year-over-year basis.

Even with January's improvements, volatility continued, and both the U.S. (as measured by the S&P 500) and the international developed markets (as measured by the MSCI EAFE^® Index) closed the reporting period down. Emerging markets (as measured by the MSCI Emerging Markets Index) posted small gains after deep losses in early 2018, as risk appetite improved somewhat.

As we look toward the remainder of the year, from an economic standpoint, we foresee a soft landing in the U.S. We anticipate U.S. GDP growth to slow from around 3.5% in mid-2018, but absent a macro shock, we believe it should remain positive, in the 2.0% to 2.5% range for 2019. We anticipate the rising trend in U.S. wages will continue, helping consumers but squeezing earnings, but believe that the inflationary effect will be offset by lower commodity prices.

We foresee global opportunity as well. As fiscal stimulus efforts in China take hold, we watch for China to join the emerging recovery we see in Japan, Europe and emerging markets in keeping global economic data positive, confirming our view that many economies are in the middle of their growth cycles relative to the late-cycle position of the U.S.

Looking at the global markets, we believe volatility will continue as long as both trade policy and international relations remain volatile. Volatile markets underpinned by generally positive fundamental data can create buy and sell opportunities for research-intensive active strategies like ours, allowing managers to fine-tune portfolio positioning for potentially attractive long-term results at favorable valuations—while remaining cognizant of company-specific, industry-specific and macro/policy threats.

Thank you for your confidence in Neuberger Berman. We look forward to continuing to serve your investment needs.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN MUTUAL FUNDS

Dividend Growth Fund Commentary

Neuberger Berman Dividend Growth Fund Institutional Class generated a –4.20% total return for the six months ended February 28, 2019, underperforming its benchmark, the S&P 500^® Index (the Index), which posted a –3.04% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund seeks to provide current income in line with its benchmark, while seeking capital appreciation driven by dividend per share growth. We believe this approach identifies companies with strong business models generating cash to grow their businesses while providing rising dividend distributions to shareholders. Overall, we focus on companies that appear to us to have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies.

By late September 2018, the market (as measured by the Index) set a new all-time high as the expansion officially became the longest in U.S. history, driven by "growth" stocks with limited, and, in many cases, no dividend programs. However, in the fourth quarter, equities tumbled as investors grappled with an uptick in volatility tied to fears surrounding plateauing global growth, and geopolitical headwinds.

From a portfolio construction standpoint, top equity sectors at the end of the period included Information Technology (~21%), Financials (~14%), and Health Care (~12%). This reporting period, the bulk of the Fund's total return was generated from stocks across Real Estate, Utilities, and Financials—while exposure to Energy, Health Care, and Information Technology weighed on absolute results.

While the broader Financials sector experienced a pronounced drawdown, stock selection across our holdings generated better returns relative to the Index's sector constituents. On the capital markets front, Virtu Financial proved to be among our top overall performers. This company operates one of the largest automated market-making platforms and tends to benefit from increased volatility, capitalizing on wider spreads. During the reporting period, shares of the electronic market-maker surged by double-digits as the company reported strong earnings growth, coupled with an uptick in trading volume. Based on our analysis, we believe this off-benchmark security provides a unique hedge in times of uncertainty relative to other financial service names.

On the other end of the spectrum, the Fund's overweight to Energy relative to the Index weighed on absolute and relative performance versus the Index as the commodity sector experienced profit taking in the midst of geopolitical tensions between the world's two largest economies. Within this space, Devon Energy negatively impacted returns as this upstream holding declined by double-digits despite management raising its full year light-oil guidance. We remain encouraged by reports of improving well productivity from the Delaware Basin and STACK plays (i.e., Anadarko Basin area of Oklahoma). From a capital allocation perspective, management remains aligned with shareholders through stock buybacks and dividend increases, making this, in our view, an ideal holding given our investment mandate.

Directionally, we remain constructive on the health of the U.S. economy. In our view, valuations across equities remain reasonable as we believe the fourth quarter correction created opportunities for long term investors. When evaluating investment candidates, we continue to favor stable businesses with clear capital allocation plans whereby we anticipate dividend growth potential. In addition, we believe the year ahead could represent an inflection point driven by divergence across central banks. Through this lens, equities could face headwinds, making a compelling case for dividend-paying stocks as a defensive ballast. Today, we believe the Fund remains positioned to navigate potential cross-currents given our focus on high-quality, cash-generative companies.

In closing, we thank you for investing in our Fund.

Sincerely,

DAVID A. KIEFER AND WILLIAM D. HUNTER
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Dividend Growth Fund

TICKER SYMBOLS

Institutional Class				NDGIX
Class A				NDGAX
Class C				NDGCX
Class R6				NRDGX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	3.3	%
Consumer Discretionary	8.1
Consumer Staples	9.8
Energy	9.5
Financials	14.4
Health Care	12.5
Industrials	8.0
Information Technology	21.1
Materials	5.6
Real Estate	4.0
Utilities	2.2
Short-Term Investments	1.5
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			Life of Fund
At NAV
Institutional Class	12/15/2015		–4.20	%		–1.88	%		10.88	%
Class A	12/15/2015		–4.27	%		–2.17	%		10.52	%
Class C	12/15/2015		–4.69	%		–2.94	%		9.66	%
Class R6	12/15/2015		–4.08	%		–1.75	%		10.97	%
With Sales Charge
Class A			–9.78	%		–7.78	%		8.50	%
Class C			–5.60	%		–3.86	%		9.66	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		12.77	%

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.24%, 1.68%, 2.35% and 1.17% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.70%, 1.06%, 1.81% and 0.60% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1.00%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Emerging Markets Equity Fund Commentary

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of 0.27% for the six months ended February 28, 2019, trailing its benchmark, the MSCI Emerging Markets Index (Net) (the Index), which reported a total return of 0.33% for the same time period. (Performance for all share classes is provided in the table immediately following this letter.)

Emerging markets (EM) equities trailed other major equity segments for the majority of this period, on investor concerns about reverberations of U.S.-China trade relations, evidence of a slowing global economy, and increases in both oil prices and U.S. interest rates. As the new year began, however, a January 2019 rally—driven by increased risk appetite on a break in the trade war and supportive statements from the U.S. Federal Reserve Board—brought EM equities into positive territory, with a performance advantage over both the S&P 500^® Index and MSCI EAFE^® Index for the full reporting period.

Within the Index, the Utilities, Financials, and Energy sectors outperformed the most. Health Care underperformed the most, followed by Information Technology and Materials. By country, Turkey, Brazil, and Indonesia strongly outperformed—rebounding from losses in the period before, while Pakistan, Greece, and Mexico posted the largest losses.

The Fund benefited from strong stock selection, particularly within the Consumer Staples and Discretionary sectors. By country, stock selection and an underweight to the lagging Taiwan market, and stock selection in the strong Brazilian and Russian markets were beneficial. Stock selection lagged within Communications Services and Industrials. By country, Indian, Chinese, and South African names underperformed.

Key individual contributors included B3, Energisa, and Itau Unibanco, three Brazilian names that all benefited from the renewed optimism in the Brazilian economic outlook with the business-friendly party winning the national election.

Individual detractors included Baidu, the dominant Chinese internet search engine, which dropped with news of a local small business activity slowdown, which negatively impacted advertising spend; Sino Biopharmaceutical, a leading China pharma name, which fell with its local peers after news agencies reported that the Chinese government is considering cutting generic drug pricing; and Dewan Housing Finance Corporation, an Indian affordable housing lender, which sold off in sympathy with the local finance sub-sector due to an unrelated infrastructure lender's funding liquidity issues.

Just as political jockeying drove the past year's news-driven market gyrations, we expect volatility to continue in the months ahead. From a fundamental perspective, however, the EM earnings growth forecast* remains advantaged relative to developed markets peers. As the year progresses, we will continue to seek individual companies where we believe fundamental growth can be sustained regardless of stock market direction.

Sincerely,

CONRAD SALDANHA
PORTFOLIO MANAGER

* Source: Bank of America—Merrill Lynch as of March 1st, 2019.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Emerging Markets Equity Fund

TICKER SYMBOLS

Institutional Class				NEMIX
Class A				NEMAX
Class C				NEMCX
Class R3				NEMRX
Class R6				NREMX

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		0.27	%		–12.06	%		4.32	%		10.34	%		8.21	%
Class A	10/08/2008		0.16	%		–12.28	%		4.07	%		10.07	%		7.95	%
Class C	10/08/2008		–0.16	%		–12.89	%		3.30	%		9.26	%		7.14	%
Class R3¹⁰	06/21/2010		–0.06	%		–12.62	%		3.63	%		9.70	%		7.61	%
Class R6²²	03/15/2013		0.34	%		–11.95	%		4.40	%		10.39	%		8.26	%
With Sales Charge
Class A			–5.62	%		–17.32	%		2.84	%		9.42	%		7.33	%
Class C			–1.16	%		–13.76	%		3.30	%		9.26	%		7.14	%
Index
MSCI Emerging Markets Index (Net)^1,15			0.33	%		–9.89	%		4.13	%		10.32	%		7.08	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.29%, 1.66%, 2.38%, 1.92% and 1.17% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.26%, 1.51%, 2.26% and 1.16% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Equity Income Fund Commentary

Neuberger Berman Equity Income Fund Institutional Class generated a –0.77% total return for the six months ended February 28, 2019, outperforming its benchmark, the S&P 500^® Index (the Index), which posted a –3.04% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund seeks a total return between stocks and bonds with lower volatility relative to the Index. This portfolio is diversified among dividend-paying stocks and convertible securities, selected through extensive analysis of cash flow prospects, which we believe have the ability to sustain and grow dividends.

By late September 2018, the market (as measured by the Index) set a new all-time high as the expansion officially became the longest in U.S. history driven by "growth" stocks with limited, and, in many cases, no dividend programs. However, in the fourth quarter equities tumbled as investors grappled with an uptick in volatility tied to fears surrounding plateauing global growth, and geopolitical headwinds.

From a portfolio construction standpoint, top equity sectors at the end of the period included Utilities (~17%), Financials (~11%), and Health Care (~10%). This reporting period, the bulk of the Fund's total return was generated from stocks across Utilities, Consumer Discretionary, and Communication Services—while exposure to Information Technology, Financials, and Energy weighed on absolute results.

The Fund generated the bulk of its absolute and relative returns versus the Index from its allocation to Utilities. Stock selection across our carefully selected electric/gas names generated significant gains driven by names tied to infrastructure modernization. This space benefitted from a year-end rally as investors favored defensive sectors amid turbulent market conditions. From a portfolio construction standpoint, Utilities often act to dampen portfolio volatility, serving as defensive ballast, and therefore NextEra Energy was among our top performers. The common thread across our holdings is exposure to earnings per share and dividend growth above the sector average—fueled in part by renewable energy initiatives.

On the commodity front, West Texas Intermediate oil prices experienced intense headwinds, posting their worst calendar year decline since 2015. Lower energy prices were driven by increased output coupled with fears of a global economic slowdown. In aggregate, our oil/gas holdings outperformed the broader Energy sector; however, Canada's Suncor Energy weighed on our results. Sticking with Energy, we opportunistically established new positions across businesses we believe are well positioned to capitalize from natural gas transportation as the U.S. emerges as a net exporter in 2019. Given this backdrop, we believe our diversified holdings could experience a relief rally tied to improving fundamentals while also providing a potential hedge to inflationary pressures.

Elsewhere, the Fund increased its exposure to convertible bonds. Through February 2019, our ~11.5% average allocation helped dampen volatility. In retrospect, 2018 was a banner year for new issuance as U.S. companies sold over $30 billion of convertible securities. This was the fastest pace of new issuance in nearly a decade as rising yields across the high yield market led issuers to consider convertible bonds. We believe this trend is likely to continue, and believe we have identified attractive risk-reward opportunities in this eclectic asset class.

The Fund's use of written options contributed positively to performance during the period.

Directionally, we remain constructive on the health of the U.S. economy. In our view, valuations across equities remain reasonable as we believe the fourth quarter correction created opportunities for long term investors. When evaluating investment candidates, we continue to favor stable businesses with clear capital allocation plans whereby we anticipate dividend growth potential. In addition, we believe the year ahead could represent an inflection point driven by divergence across central banks. Through this lens, equities could face headwinds, making a compelling case for dividend paying stocks as a defensive ballast. Today, we believe the Fund remains positioned to navigate potential cross-currents given our focus on high-quality, cash-generative companies.

In closing, we thank you for investing in our Fund.

Sincerely,

RICHARD LEVINE AND SANDY POMEROY
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Equity Income Fund

TICKER SYMBOLS

Institutional Class				NBHIX
Class A				NBHAX
Class C				NBHCX
Class R3				NBHRX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	4.3	%
Consumer Discretionary	6.5
Consumer Staples	3.3
Energy	9.0
Financials	10.9
Health Care	9.8
Industrials	5.8
Information Technology	8.7
Materials	3.7
Real Estate	9.2
Utilities	17.0
Convertible Bonds	9.3
Short-Term Investments	2.5
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date*	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		–0.77	%		4.41	%		7.33	%		12.58	%		7.55	%
Class A¹³	06/09/2008		–0.97	%		4.03	%		6.94	%		12.17	%		7.19	%
Class C¹³	06/09/2008		–1.29	%		3.33	%		6.16	%		11.36	%		6.52	%
Class R3¹³	06/21/2010		–1.12	%		3.77	%		6.64	%		11.94	%		7.05	%
With Sales Charge
Class A¹³			–6.64	%		–1.93	%		5.69	%		11.50	%		6.68	%
Class C¹³			–2.23	%		2.36	%		6.16	%		11.36	%		6.52	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		10.67	%		16.67	%		8.21	%

*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through June 9, 2008. The performance data for Class R3 also includes the performance of the Fund's Institutional Class from June 9, 2008 through June 21, 2010. See endnote 13 for information about the effects of the different fees paid by each class.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.69%, 1.05%, 1.80% and 1.33% for Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Focus Fund Commentary

Neuberger Berman Focus Fund Investor Class generated a –4.40% total return for the six months ended February 28, 2019, underperforming its benchmark, the S&P 500^® Index (the Index), which provided a –3.04% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the Fund's reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.

Both stock selection and sector allocation detracted from performance during the reporting period. In terms of stock selection, holdings in the Consumer Discretionary, Industrials and Energy sectors were among the largest detractors from relative returns versus the Index over the period. In the Consumer Discretionary sector, the Fund's position in LKQ Corp., an alternative provider of collision auto parts, as well as recycled and remanufactured mechanical parts, was the largest headwind for relative results. Within the Industrials sector, shares of credit monitoring company Equifax, Inc. fell sharply and we eliminated our position. Within the Energy sector, several holdings in the Oil, Gas & Consumable Fuels industry performed poorly. In terms of sector allocation, a lack of exposure to Real Estate, along with overweights to Consumer Discretionary and Energy versus the Index, were the largest detractors from relative performance.

On the upside, holdings in the Information Technology (IT), Communication Services and Utilities sectors added the most value. Within IT, the Fund's position in Motorola Solutions, Inc., a data communications and telecommunications equipment provider, was the most beneficial for returns. In Communication Services, our position in wireless communications company T-Mobile US, Inc. was rewarded. Within the Utilities sector, shares of DTE Energy Co. rallied and aided the Fund's performance. From a sector allocation perspective, an underweight to IT versus the Index was the only meaningful contributor to results.

The Fund's use of written options contributed positively to performance during the period.

The markets have recovered most of the declines experienced at the end of 2018, as the Fed pivoted in December 2018 to put on hold any additional interest rate hikes. The stock market took this as good news and, coupled with earnings reports coming in mostly in-line to better-than-expected, the market has rallied sharply thus far in 2019. In recent years, markets have experienced relatively low volatility which, in our view, is coming to an end. This potential increased volatility gives us optimism going forward that our ability to add value from in-depth fundamental research will be realized. In particular, we will continue to build the portfolio from the bottom up and seek to identify individual stocks that meet our stringent investment criteria.

Sincerely,

TIMOTHY CREEDON AND DAVID LEVINE
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Focus Fund

TICKER SYMBOLS

Investor Class				NBSSX
Trust Class				NBFCX
Advisor Class				NBFAX
Institutional Class				NFALX
Class A				NFAAX
Class C				NFACX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	15.5	%
Consumer Staples	12.2
Energy	5.3
Financials	5.8
Health Care	15.6
Industrials	14.1
Information Technology	8.3
Materials	15.3
Communication Services	2.4
Utilities	3.3
Short-Term Investments	2.2
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁸

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		–4.40	%		1.85	%		7.50	%		14.57	%		10.36	%
Trust Class³	08/30/1993		–4.49	%		1.68	%		7.30	%		14.35	%		10.34	%
Advisor Class⁴	09/03/1996		–4.54	%		1.53	%		7.14	%		14.16	%		10.28	%
Institutional Class⁵	06/21/2010		–4.31	%		2.01	%		7.68	%		14.76	%		10.39	%
Class A¹⁹	06/21/2010		–4.45	%		1.69	%		7.30	%		14.40	%		10.34	%
Class C¹⁹	06/21/2010		–4.85	%		0.89	%		6.49	%		13.66	%		10.23	%
With Sales Charge
Class A¹⁹			–9.95	%		–4.15	%		6.03	%		13.73	%		10.24	%
Class C¹⁹			–5.72	%		–0.04	%		6.49	%		13.66	%		10.23	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		10.67	%		16.67	%		10.18	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.92%, 1.10%, 1.26%, 0.76%, 1.13%, and 1.88% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for Institutional Class includes the class' repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Genesis Fund Commentary

Neuberger Berman Genesis Fund Investor Class generated a –5.50% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000^® Index (the Index), which provided a –8.86% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the Fund's reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict. All told, the S&P 500^® Index returned –3.04% during the reporting period. Small-cap stocks produced even weaker results.

The Fund outperformed the Index during the reporting period. Stock selection contributed to relative results versus the Index, whereas sector allocation modestly detracted from performance. As we would expect, the Fund outperformed during periods of market weakness and modestly lagged the market when it rallied. In terms of stock selection, holdings in the Financials, Industrials and Consumer Discretionary sectors were the most additive to relative results. In Financials, our regional banks outperformed, as did electronic trading company MarketAxess. In Industrials, strength from a number of long-held commercial services and supplies companies, including Nordson Corp. and RBC Bearings, added the most value. In Consumer Discretionary, the Fund benefited from solid returns from a number of holdings, as well as our avoidance of several weak performers. On the downside, in terms of stock selection, the Information Technology sector was the only detractor from relative results. A lack of exposure to lower quality software companies, along with weak results from two portfolio holdings, were a drag on relative results.

From a sector allocation perspective, an overweight to Exploration & Production companies in the Energy sector was a drag on results. The lack of exposure to bond proxies, namely real estate investment trusts (REITs) and Utilities, also negatively impacted our relative returns, as these areas did better than the Index as a whole. However, we do not typically own REITs and Utilities as they do not meet our investment criteria. On the upside, a lack of exposure to low quality biotechnology and pharmaceutical companies was additive to relative performance, as they posted very poor results.

As anticipated, central bankers around the world responded to slowing global economic growth by either implementing aggressive stimulus policies (China), or by pausing previously scheduled tightening actions (U.S. and Europe). The equity markets rebounded quickly in reaction to these adjustments, particularly in the U.S. The U.S. and China appear to be working towards resolving trade frictions which are thought to be a significant factor in the global slowdown. We would anticipate some sort of deal to be reached, although radically differing economic, political and philosophical beliefs suggest the relationship is likely to remain strained for the foreseeable future, particularly as it relates to thorny intellectual property issues. While markets have exhibited violent swings between risk on and risk off leadership, there is evidence that investors are gradually favoring higher quality business models with superior financial profiles and strong balance sheets such as those we seek for the Genesis Fund.

Sincerely,

JUDITH M. VALE AND ROBERT W. D'ALELIO
PORTFOLIO CO-MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Genesis Fund

TICKER SYMBOLS

Investor Class				NBGNX
Trust Class				NBGEX
Advisor Class				NBGAX
Institutional Class				NBGIX
Class R6				NRGSX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	3.3	%
Consumer Discretionary	10.5
Consumer Staples	5.2
Energy	3.6
Financials	16.9
Health Care	13.4
Industrials	17.3
Information Technology	21.8
Materials	6.1
Real Estate	0.7
Short-Term Investments	1.2
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	09/27/1988		–5.50	%		7.87	%		8.37	%		15.33	%		12.14	%
Trust Class³	08/26/1993		–5.54	%		7.78	%		8.28	%		15.23	%		12.11	%
Advisor Class⁴	04/02/1997		–5.66	%		7.51	%		7.98	%		14.93	%		11.89	%
Institutional Class⁵	07/01/1999		–5.42	%		8.06	%		8.55	%		15.53	%		12.29	%
Class R6²³	03/15/2013		–5.38	%		8.15	%		8.63	%		15.49	%		12.19	%
Index
Russell 2000^® Index^1,15			–8.86	%		5.58	%		7.36	%		16.60	%		9.67	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.02%, 1.10%, 1.35%, 0.85% and 0.75% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Global Equity Fund Commentary

Neuberger Berman Global Equity Fund Institutional Class generated a total return of –5.86% for the six months ended February 28, 2019, trailing the –2.92% total return of its benchmark, the MSCI All Country World Index (Net) (the Index) for the same time period. (Performance for all share classes is provided in the table immediately following this letter.)

This was a difficult period for global equity markets as trade tensions and related threats to global growth continued to distress investor sentiment. As the new year began, although pressures on investor sentiment continued, a weaker U.S. dollar allowed international and emerging markets to rebound from a dismal fourth quarter, while dovish statements from the U.S. Federal Reserve Board served the same purpose domestically. Emerging markets equities closed the period nominally positive, while developed markets (as measured by the Index) and U.S. equities (as measured by the S&P 500^® Index) saw declines.

Within the Index, Utilities, Real Estate, and Consumer Staples sectors outperformed, posting positive results as investors favored defensive sectors, and on supportive interest rate news. The Energy, Consumer Discretionary, and Information Technology sectors saw the largest losses. By country, Turkey, Brazil, and Indonesia outperformed significantly, while Pakistan, Greece, and Mexico declined the most.

Within the Fund, stock selection in Financials and Materials benefited relative performance most versus the Index. By country, holdings within Japan and Belgium, and a zero allocation to the weak Taiwan market were beneficial.

Top individual contributors to performance included AIA, Alimentation Couche-Tard and Aon. Hong Kong-based insurer AIA reported earnings ahead of expectations and continues to see strong growth in premiums in Hong Kong and China, while also delivering profit margin expansion. Alimentation Couche-Tard, the Canadian gas station and convenience store operator, beat earnings expectations and enjoyed continued success in both acquisitions and improving organic growth. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock.

Stock selection within Communications Services, Health Care, and Energy accounted for most of the Fund's underperformance relative to the Index. By country, holdings within the U.S. and the Netherlands, and a zero weight to rallying Brazil detracted.

Individual disappointments included U.S. names Amazon, Activision Blizzard and Apple. Amazon, the e-commerce giant, announced weaker earnings guidance in late 2018, just as sentiment turned negative toward Internet-related companies. Activision, the online game developer, missed revenue expectations and failed to provide a clear 2019 outlook. Apple, the consumer electronics leader, fell on fears of a slowdown in iPhone revenue, which was confirmed in a pre-announcement in January 2019.

Looking ahead, our Fund is well diversified by country and sector and remains focused on companies we believe to be quality, well-managed businesses. We avoid companies with excessive leverage or highly cyclical businesses, which we believe is important as the global economic cycle lengthens and higher interest rates in selected geographies like the U.S. persist. We remain underweight in the U.S. market, favoring multinationals domiciled in the Netherlands and Switzerland.

Current decisions are part of an overall positioning designed to make the most of an environment of continued political and trade policy uncertainty, modest growth and higher interest rates over time. We will continue to focus our efforts on uncovering the best opportunities within the coming market, with an eye toward mitigating risk.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Global Equity Fund

TICKER SYMBOLS

Institutional Class				NGQIX
Class A				NGQAX
Class C				NGQCX

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	06/30/2011		–5.86	%		–1.28	%		5.82	%		6.22	%
Class A	06/30/2011		–6.04	%		–1.53	%		5.48	%		5.87	%
Class C	06/30/2011		–6.33	%		–2.32	%		4.68	%		5.07	%
With Sales Charge
Class A			–11.45	%		–7.24	%		4.24	%		5.05	%
Class C			–7.21	%		–3.24	%		4.68	%		5.07	%
Index
MSCI All Country World Index (Net)^1,15			–2.92	%		–0.84	%		6.28	%		7.52	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 6.49%, 6.71% and 7.62% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Global Real Estate Fund Commentary

Neuberger Berman Global Real Estate Fund Institutional Class generated a 3.59% total return for the six months ended February 28, 2019, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index (Net) (the Index), which generated a 2.25% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The global stock market experienced periods of heightened volatility and generated weak results during the reporting period. After largely treading water in September 2018, the market fell sharply during two out of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations, hopes for the avoidance of a "hard Brexit" persisted and the U.S. and China appeared to be making some progress in their trade negotiations. Comparatively, global real estate investment trusts (REITs) generated positive results during the period.

The Fund outperformed the Index during the reporting period. Stock selection, overall, was the largest contributor to the Fund's relative results versus the Index. In particular, holdings in the Diversified REITs, Residential REITs and Retail REITs sectors were the most additive for returns. In terms of individual holdings, American Tower Corp., CK Asset Holdings Limited, Goodman Group, Sun Hung Kai Properties Limited and Essex Property Trust, Inc. were the largest contributors to performance. Sector detractors from relative performance included the Fund's holdings in Industrial & Office REITs and Hotel & Lodging REITs. Several individual holdings were also negative for results, including Gecina SA, Zayo Group Holdings, Inc., Interxion Holding N.V., ICADE SA and Weyerhaeuser Company (the first three holdings were sold during the reporting period).

The Fund's positioning versus the Index from a regional/country perspective modestly detracted from relative results. In particular, an underweight to Hong Kong and an overweight to Spain relative to the Index were the largest detractors from performance. On the upside, an overweight to Australia and an underweight to Switzerland were the most additive for results.

Looking ahead, we anticipate continued but modest economic growth for the U.S. for 2019. We believe many economic indicators, including high consumer confidence, strong non-residential fixed investment, and modest inflation, point to good tenant demand for real estate. However, headwinds, including slowing global growth, turmoil in Washington and ongoing U.S.-China trade tension threaten to derail the long-lasting U.S. recovery. As the Fed tries to balance these factors, it has signaled a more flexible stance for policy changes and rates. Resolution of some of these headwinds could be a catalyst for the capital markets. On balance, we believe solid real estate fundamentals, strong private market demand for real estate and a more dovish Fed will be supportive of the U.S. listed real estate market.

Overseas, in the UK and Europe, equity markets are facing pressure from a number of areas, namely Brexit, political unrest in France, unstable Italian politics, trade disruption and slower growth. In order to position for these challenging times, we continue to focus on businesses where we see a structural growth angle and a strong rental growth profile. With regard to the UK and Brexit, we remain on the sidelines while we wait for clarity and what Brexit will mean for the broader UK property market. We are starting to see good value but political uncertainty remains the great unknown and has trumped valuation so far. Within Asia-Pacific, we believe Japan remains an attractive opportunity given signs of deflation finally ending, robust tenant demand and wide valuation discounts to net asset values. In Hong Kong, real estate fundamentals are starting to stabilize following a sharp price correction and slowing U.S. rate hikes. In addition, demand from capital inflows from China remains highly supportive. Singapore's residential market has cooled significantly in volume terms following government intervention in mid-2018 and stock valuations have returned to a reasonably attractive level. Australia has a steady outlook, as solid prospects in the office and logistic sectors are offset by the uncertainties hanging over the residential and retail sectors.

Sincerely,

STEVE SHIGEKAWA, BRIAN C. JONES, GILLIAN TILTMAN AND ANTON KWANG
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Global Real Estate Fund

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			Life of Fund
At NAV
Institutional Class	12/30/2014		3.59	%		11.97	%		5.29	%
Class A	12/30/2014		3.40	%		11.58	%		4.89	%
Class C	12/30/2014		3.02	%		10.79	%		4.13	%
With Sales Charge
Class A			–2.53	%		5.16	%		3.41	%
Class C			2.02	%		9.79	%		4.13	%
Index
FTSE EPRA/NAREIT Developed Index (Net)^1,15			2.25	%		11.98	%		3.98	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 11.12%, 11.57% and 12.21% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Greater China Equity Fund Commentary²⁵

Neuberger Berman Greater China Equity Fund Institutional Class generated a –0.29% total return for the six months ended February 28, 2019, and underperformed its benchmark, the MSCI China Index (Net) (the Index), which generated a 1.13% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

For the six months ended February, the Fund's main contributors to return relative to the Index included Consumer Staples (positive stock selection, primarily within Food Products and Beverages), Communication Services (a significant underweight versus the Index and positive stock selection among Diversified Telecommunication Services and Interactive Media & Services) and Industrials (an overweight and positive stock selection, primarily to environmental and clean energy related companies). Detractors from performance relative to the Index included Health Care (an overweight and negative stock selection within Pharmaceuticals), Financials (stock selection, primarily among Insurance and Banks) and Materials (an overweight to Construction Materials).

The Fund continues to focus on companies that we believe have sustainable top and bottom line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2019, the Fund's largest sector overweight relative to the Index was Consumer Discretionary, and the largest sector underweight was Communication Services. The Fund also held overweight positions in Consumer Staples and Industrials, and underweight positions in Utilities and Energy. The Fund's top 10 positions comprised more than 52% of total portfolio assets at the end of February.

Over the past six months, the China equity markets experienced extreme volatility, as indicated by both the Index, which is mostly a proxy for offshore listed Chinese equities, as well as the domestic China A-shares market. In September, the State Council announced supportive policies to boost consumption, lower tariffs and provide incentives for foreign investments. In addition, the announcement of two index inclusion events for A-shares helped investor sentiment, specifically FTSE will include A-shares starting from June 2019 and MSCI will increase its A-shares weighting and expand its universe to mid-caps and ChiNext stocks as of May, August and November 2019. Markets declined sharply in October despite a round of reserve requirement ratio (RRR) cuts as equity markets globally suffered from a sell-off over further interest rate hikes and increasing Treasury yields after hawkish Federal Open Market Committee minutes were released. Profit warnings and worse than expected third quarter 2018 corporate results also suggested that the China-U.S. trade war may have started to tangibly impact company earnings, and sentiment remained cautious ahead of the G20 meeting between Presidents Xi and Trump.

The China equity markets exhibited mixed results in November amidst increased volatility as a stronger U.S. dollar, decline in commodity futures prices and disappointing China macroeconomic data weighed on sentiment, but later in the month, both domestic and offshore markets climbed higher as investors increased positions ahead of the G20 meeting and the U.S. Federal Reserve Board Chairman Powell delivered dovish comments. After a lack of meaningful concessions between President Xi and President Trump at the G20 meeting and a worsening of China-U.S. relations after Huawei's CFO was detained in Canada for allegedly violating U.S. trade sanctions, the markets continued their sell-offs. Discouraging November macroeconomic data, lack of further supportive policies from President Xi's speech at the 40^th Anniversary of Reform and Opening Up and concerns over the slowing global economic growth resulted in broad based weakness through December.

In January, the China equity markets set off on a strong rally due to easing trade tensions, the People's Bank of China's announcement of a cut in RRR and plans to set up central bank bills swaps aimed at improving the liquidity of banks' perpetual bonds. Although February demonstrated continued softening of macroeconomic data, investors became optimistic on a potential trade agreement, expectations of additional policy support and the dovish shift in the U.S. Federal Reserve Board's policy. A significant increase in retail participation and leverage onshore, coupled with inflows ahead of the MSCI inclusion decision, led the domestic China A-shares market to surge and outperform global indices.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Greater China Equity Fund

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	13.1	%
Consumer Discretionary	30.8
Consumer Staples	7.9
Energy	2.9
Financials	21.9
Health Care	6.2
Industrials	9.1
Materials	4.3
Real Estate	3.3
Utilities	0.4
Short-Term Investments	0.1
Total	100.0	%

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	24.5	%
Hong Kong	58.8
United States	16.7
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS²⁵

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	07/17/2013		–0.29	%		–13.19	%		13.29	%		13.46	%
Class A	07/17/2013		–0.54	%		–13.54	%		12.97	%		13.14	%
Class C	07/17/2013		–0.89	%		–14.20	%		12.04	%		12.22	%
With Sales Charge
Class A			–6.26	%		–18.53	%		11.63	%		11.95	%
Class C			–1.51	%		–14.74	%		12.04	%		12.22	%
Index
MSCI China Index (Net)^1,15			1.13	%		–11.47	%		8.53	%		9.32	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.58%, 2.01% and 2.80% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51%, 1.87% and 2.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Guardian Fund Commentary

Neuberger Berman Guardian Fund Investor Class generated a –7.46% total return for the six months ended February 28, 2019, underperforming the –3.04% total return of its benchmark, the S&P 500^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict.

The Fund's investments typically fall into three buckets: Growth, Total Return and Opportunistic. Growth companies are those companies that are growing their revenues and, as they do so, generate free cash flow that is reinvested in the business at what we identify as attractive risk-adjusted returns. Total Return investments demonstrate sustainable and/or growing streams of income that are underpinned by asset value and which may result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, and return of capital). Finally, Opportunistic investments are those with identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, or other market dislocations that we believe have the potential to unlock intrinsic value.¹It also includes companies with "hidden assets," i.e., valuable business lines, properties or prospects not yet recognized by the markets.

Stock selection, overall, was the largest detractor from the Fund's relative performance versus the Index during the reporting period. In particular, holdings in the Consumer Staples, Industrials and Communication Services sectors were the largest headwinds for results. Conversely, stock selection in the Information Technology, Financials and Energy sectors were the most beneficial for relative returns.

Sector allocation, overall, was also negative for performance during the period. This was primarily driven by an underweight to Health Care and lack of exposure to the Real Estate sector. Conversely, an overweight to Industrials and an underweight to Energy were the largest contributors to relative results.

The Fund's use of purchased and written options detracted from performance during the period.

We remain constructive—albeit increasingly selective—on our outlook for U.S. equities. This perspective is driven by steady U.S. economic growth, continued increases in capital expenditures, repatriation of foreign earnings and a more pro-business environment in the U.S. The labor market saw not only very low unemployment rates and strong hiring, but also increasing labor participation rates as more potential employees were encouraged to rejoin the labor force. Household spending and, more importantly, disposable personal income continued to grow. We believe that when combining expected earnings and dividends within today's interest rate environment (at the low end of historical standards), prospects for reasonably attractive risk-adjusted returns remain intact. After all, expectations of inflation remain low, helping to contain long term interest rates and the competition for equities from the bond market. While the U.S. economy is anticipated to slow this year, to us it is still the envy of the world. We believe we are in the midst of a deceleration from "above trend" growth to "trend growth." In our view, overall U.S. macroeconomic data, while decelerating, has remained positive—ranging from manufacturing output, to capacity utilization, to healthy home and auto sales. Global economic expectations have already been adjusted downward. Given the vicissitudes of an increasingly global economy, we will also remain flexible in our decisions and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

¹ Intrinsic value reflects the portfolio management team's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Guardian Fund

TICKER SYMBOLS

Investor Class				NGUAX
Trust Class				NBGTX
Advisor Class				NBGUX
Institutional Class				NGDLX
Class A				NGDAX
Class C				NGDCX
Class R3				NGDRX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	10.1	%
Consumer Discretionary	21.2
Consumer Staples	4.3
Energy	2.2
Financials	10.6
Health Care	9.6
Industrials	15.0
Information Technology	16.5
Materials	2.4
Utilities	3.0
Options Purchased	0.1
Short-Term Investments	5.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,11

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		–7.46	%		1.43	%		8.15	%		14.90	%		11.00	%
Trust Class³	08/03/1993		–7.55	%		1.23	%		7.96	%		14.70	%		10.95	%
Advisor Class⁴	09/03/1996		–7.69	%		0.87	%		7.65	%		14.32	%		10.80	%
Institutional Class⁵	05/27/2009		–7.32	%		1.63	%		8.34	%		15.11	%		11.03	%
Class A¹⁹	05/27/2009		–7.53	%		1.20	%		7.94	%		14.69	%		10.97	%
Class C¹⁹	05/27/2009		–7.83	%		0.46	%		7.13	%		13.86	%		10.86	%
Class R3¹⁶	05/27/2009		–7.69	%		0.92	%		7.63	%		14.40	%		10.93	%
With Sales Charge
Class A¹⁹			–12.85	%		–4.64	%		6.67	%		14.01	%		10.88	%
Class C¹⁹			–8.66	%		–0.45	%		7.13	%		13.86	%		10.86	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		10.67	%		16.67	%		11.12	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.89%, 1.06%, 1.40%, 0.71%, 1.09%, 1.83% and 1.37% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

International Equity Fund Commentary

Neuberger Berman International Equity Fund Institutional Class generated a total return of –5.42% for the six months ended February 28, 2019, underperforming its benchmark, the MSCI EAFE^® Index (the Index), which generated a total return of –3.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equity markets declined this period as trade tensions and related threats to global growth continued to roil global markets. As the new year began, although pressures on investor sentiment continued, a weaker U.S. dollar allowed markets to rebound from a dismal fourth quarter. Emerging markets equities closed this period nominally positive, while developed markets (as measured by the Index) and U.S. equities (as measured by the S&P 500^® Index) declined.

Within the Index, Utilities and Real Estate outperformed, posting positive results on helpful interest rate news. The Information Technology (IT) and Consumer Discretionary sectors saw the largest losses. By country, Hong Kong outperformed significantly, followed by Italy and Switzerland. Ireland, Belgium, and Portugal declined the most.

Stock selection drove the Fund's relative outperformance versus the Index in the Health Care, IT, Consumer Discretionary, and Communications Services sectors. By country, stock selection and an underweight to Japan versus the Index, and stock selection in Belgium benefited relative results.

Top individual performers included Aon, Alimentation Couche-Tard and AIA. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock. Alimentation Couche-Tard, the Canadian gas station and convenience store operator, announced solid results helped by strong revenue growth from acquisitions and good cost control. AIA, the Hong Kong based insurance company, reported earnings ahead of expectations. It continues to see strong growth in premiums in both Hong Kong and China, while also delivering margin expansion.

Stock selection within Energy and Industrials, and an underweight versus the Index to Utilities, which tends not to meet our growth requirements, accounted for most of the portfolio's underperformance. By country, holdings within Switzerland and Hong Kong detracted most, even as overweight positions in these strong markets was a relative benefit.

Samsonite, the Hong Kong listed global luggage manufacturer, was the largest individual detractor, selling off after questions about accounting and corporate governance practices led to the CEO's resignation. We added to the position, believing the issues were immaterial for the longer term. AerCap, the Irish headquartered aircraft-leasing firm, sold off on broader airline industry concerns and potentially slower global growth. Core Laboratories, the Netherlands-headquartered oil services company, sold off following the sharp fall in oil prices on both supply and demand.

Looking ahead, our strategy remains well diversified by country and sector. We remain focused on what we believe to be quality, well managed businesses, avoiding companies with excessive leverage or highly cyclical businesses and those with large exposure to vulnerable economies such as Italy, Turkey, and Argentina.

In down markets, it's common for correlations to increase and for markets to move in tandem. It is the job of active managers to determine whether a decline in individual securities is deserved or whether it offers potential opportunity. Fourth quarter 2018's broad market selloff was a case in point: major equity indices fell in tandem, but in our view, these issues are likely to impact some areas of the market more than others. We have taken the opportunity to add exposure to names where we have the greatest conviction—at much lower prices in many cases—and we believe we have positioned the Fund for an environment of political and trade policy uncertainty, modest growth and higher interest rates over time. We believe the resulting Fund should reward our investors over time.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

International Equity Fund

TICKER SYMBOLS

Investor Class				NIQVX
Trust Class				NIQTX
Institutional Class				NBIIX
Class A				NIQAX
Class C				NIQCX
Class R6				NRIQX

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		–5.61	%		–7.16	%		2.94	%		10.51	%		4.70	%
Trust Class¹²	01/28/2013		–5.65	%		–7.20	%		2.88	%		10.47	%		4.68	%
Institutional Class	06/17/2005		–5.42	%		–6.83	%		3.11	%		10.63	%		4.78	%
Class A¹²	01/28/2013		–5.60	%		–7.23	%		2.72	%		10.38	%		4.61	%
Class C¹²	01/28/2013		–6.04	%		–7.94	%		1.95	%		9.87	%		4.26	%
Class R6²²	09/03/2013		–5.48	%		–6.82	%		3.18	%		10.67	%		4.82	%
With Sales Charge
Class A			–11.02	%		–12.58	%		1.51	%		9.73	%		4.16	%
Class C			–6.98	%		–8.86	%		1.95	%		9.87	%		4.26	%
Index
MSCI EAFE^® Index (Net)^1,15			–3.58	%		–6.04	%		2.07	%		9.56	%		4.58	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.20%, 1.24%, 1.00%, 1.36%, 2.12% and 0.90% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.86%, 1.22%, 1.97% and 0.76% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

International Select Fund Commentary

Neuberger Berman International Select Fund Trust Class generated a total return of –5.22% for the six months ended February 28, 2019, underperforming its benchmark, the MSCI EAFE^® Index (the Index), which generated a total return of –3.58% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Stock selection drove the Fund's relative outperformance versus the Index in the Health Care, Consumer Discretionary, and IT sectors. By country, stock selection and an underweight to Japan versus the Index, and stock selection in Belgium and Germany benefited relative results.

Top individual performers included Aon, AIA and Roche. Aon, the UK-headquartered, U.S.-listed global insurance firm, saw good organic growth and margin expansion and continues to buy back stock. AIA, the Hong Kong based insurance company, reported earnings ahead of expectations. It continues to see strong growth in premiums in both Hong Kong and China, while also delivering margin expansion. Roche, the Swiss pharmaceutical giant, held up well in the difficult market environment. While the risk from biosimilars remains, we believe its pipeline looks solid, and newly launched products are performing well.

Stock selection within Energy and Materials, and a lack of exposure to Utilities, which tends not to meet our growth requirements, accounted for most of the Fund's underperformance. By country, holdings within the Netherlands, Switzerland and UK detracted the most.

Core Laboratories, the Netherlands-headquartered oil services company, was the largest individual detractor. It declined following the sharp fall in oil prices on both supply and demand concerns. Samsonite, the Hong Kong listed global luggage manufacturer, sold off after questions about accounting and corporate governance practices led to the CEO's resignation. We added to the position, believing the issues were immaterial for the longer term. AerCap, the Irish headquartered aircraft-leasing firm, sold off on broader airline industry concerns and potentially slower global growth.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

International Select Fund

TICKER SYMBOLS

Trust Class				NILTX
Institutional Class				NILIX
Class A				NBNAX
Class C				NBNCX
Class R3				NBNRX
Class R6				NRILX

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		–5.22	%		–6.66	%		2.50	%		9.20	%		3.10	%
Institutional Class⁶	10/06/2006		–5.10	%		–6.33	%		2.86	%		9.57	%		3.45	%
Class A¹⁴	12/20/2007		–5.24	%		–6.69	%		2.49	%		9.20	%		3.10	%
Class C¹⁴	12/20/2007		–5.60	%		–7.35	%		1.72	%		8.38	%		2.41	%
Class R3¹⁴	05/27/2009		–5.40	%		–6.93	%		2.23	%		8.91	%		2.88	%
Class R6²⁴	04/17/2017		–5.00	%		–6.23	%		2.67	%		9.29	%		3.17	%
With Sales Charge
Class A¹⁴			–10.72	%		–12.07	%		1.29	%		8.55	%		2.61	%
Class C¹⁴			–6.53	%		–8.27	%		1.72	%		8.38	%		2.41	%
Index
MSCI EAFE^® Index (Net)^1,15			–3.58	%		–6.04	%		2.07	%		9.56	%		2.95	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.39%, 0.94%, 1.32%, 2.07%, 1.56% and 0.85% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.16%, 0.81%, 1.17%, 1.92%, 1.42% and 0.71% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

International Small Cap Fund Commentary

Neuberger Berman International Small Cap Fund Institutional Class reported a total return of –13.23% for the six months ended February 28, 2019, trailing the –7.92% total return of the MSCI EAFE^® Small Cap Index (Net) (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International equity markets declined this period as trade tensions and related threats to global growth continued to roil global markets. International small cap stocks trailed their larger cap peers, missing much of the rebound the MSCI EAFE^® Index (Net) enjoyed (–3.58% for the period), as a weaker U.S. dollar and supportive interest rate news benefited larger, more globally focused international names over their smaller, more domestically oriented counterparts.

The Utilities and Real Estate sectors led the Index this period, posting positive results on supportive interest rate news. All other sectors showed losses, with Energy and Information Technology declining the most. By country, New Zealand, Singapore, and Israel posted gains. Denmark declined the most, followed by Switzerland and France.

The Fund outperformed the Index within Materials, and on an underweight to Financials versus the Index. Stocks from within Denmark, China, and Norway also benefited relative results.

Top individual contributors included Xiabuxiabu, a Chinese chain restaurant operator, which we initially bought after we saw the stock severely correct. It rebounded as investors believed the company was strategically positioned to gain market share in the Chinese Hot-Pot restaurant segment. Lectra, the France-based provider of computer aided design and manufacturing equipment, reported solid full year results, and Carel, the Italian producer of electronic components for HVAC and refrigeration applications, continued to benefit from its solid customer base and technology leadership in the space.

Stock selection, primarily within the Industrials, Consumer Discretionary, and Consumer Staples sectors contributed to the Fund's shortfall in relative performance. By country, UK- and German-listed names detracted, as did our overweight to Switzerland versus the Index.

Individual detractors included Ariake, Restore and WashTec. Ariake, the Japanese producer of natural seasonings and flavorings, disappointed after announcing the sale of its U.S. manufacturing units, and the company's management justified the decision by a focus on better opportunities in China and Asia. The stock is under review. Restore, a UK leader in records management, office relocation, and shredding services, declined after the company completed a large consolidation deal in the UK, and had ongoing pressure on profit margins. While the stock is under review, we believe the company is well positioned to benefit from organic growth and to improve its margins. WashTec, the German manufacturer of custom-designed cleaning machinery for transport equipment, sold off due to concerns around the extent of the economic slowdown in Germany and across the broader continent.

We have observed global growth slowing this period, which we believe is partially responsible for the worldwide market selloff. We have also seen extreme price movements from quarter to quarter as exemplified by the Index's Energy sector rising 6% during the third quarter 2018, then falling 31% in the fourth quarter. In our opinion, this demonstrates that fundamentals are not driving markets, which can be a poor backdrop for a strategy such as ours that remains focused on what we believe to be quality and well managed businesses, and is diversified across sectors and geographies.

We continue to be opportunistic in adding exposure to names where we have the greatest conviction—at lower prices in many cases—and we have attempted to position the portfolio to navigate an environment of political and trade policy uncertainty, modest growth and higher interest rates over time. We are comfortable with the quality and focus of the current portfolio and believe it should be well positioned to deliver results over time.

Sincerely,

BENJAMIN SEGAL AND DAVID BUNAN
CO-PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

International Small Cap Fund

TICKER SYMBOLS

Institutional Class				NIOIX
Class A				NIOAX
Class C				NIOCX
Class R6				NIORX

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			Life of Fund
At NAV
Institutional Class	12/08/2016		–13.23	%		–14.42	%		8.76	%
Class A	12/08/2016		–13.30	%		–14.75	%		8.35	%
Class C	12/08/2016		–13.72	%		–15.44	%		7.54	%
Class R6	12/08/2016		–13.10	%		–14.36	%		8.86	%
With Sales Charge
Class A			–18.30	%		–19.64	%		5.51	%
Class C			–14.57	%		–16.27	%		7.54	%
Index
MSCI EAFE^® Small Cap Index (Net)^1,15			–7.92	%		–10.53	%		9.43	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 7.03%, 7.57%, 8.16% and 6.95% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.06%, 1.42%, 2.17% and 0.96% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Intrinsic Value Fund Commentary

Neuberger Berman Intrinsic Value Fund Institutional Class generated a –2.16% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000^® Value Index (the Index), which returned –8.59% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

A powerful correction roiled equity markets in the fourth quarter of 2018. Investors feared that growth at home had peaked and international economies were slowing even sooner than anticipated. Concerns mounted that the U.S. Federal Reserve Board (Fed) and White House were out of touch with the risks that their interest rate and trade policies posed to a fragile global economy. Small caps, viewed as proxies for the domestic economy, were hard hit. Global equity markets had a robust start to 2019 and during the first two months, stocks have rebounded sharply from December's lows. The bounce back has been broad-based. Investor appetite for risk appears to have increased, as evidenced by the outperformance of cyclicals over defensives with Industrials and Technology sectors posting the biggest gains in January and February. As such, our large contingent of tech and manufacturing names outperformed in early 2019, while stock selection in the Technology sector added to relative returns versus the Index over the full reporting period.

Merger and acquisition activity in the portfolio has been strong. Seven of our portfolio companies agreed to merge or be acquired during the period. When reviewing both companies and sectors that helped, it's reassuring to see that our long-term contrarian approach towards the Technology and Health Care sectors rather than Financial Services contributed to our outperformance. Among the top five performers, four were the subject of shareholder activism. The Intrinsic Value team led the charge at three of these (Ciena, ARRIS (which was sold during the period) and Fluidigm). Ciena is a good example where management executed extremely well while also publicly sharing long-term financial objectives and clarifying how they intend to manage their balance sheet and cash flows. Prior to our involvement, the company only gave quarterly guidance and was unwilling to discuss how it would allocate capital. It was our largest position and best contributor to absolute and relative returns for the period.

In what is a familiar pattern, company earnings disappointments combined with financial leverage resulted in underperformance. Despite strong performance from our Health Care names overall, several of our holdings in this area experienced stock specific issues. Amneal Pharmaceuticals traded down due to increased competition in its base business and lower value from its generic pipeline. Shares of Acadia Healthcare fell sharply after reports that the sale process had stalled and the CEO was subsequently replaced. The stock has underperformed for the past two years largely due to challenges in the company's UK business.

The team continues to have a competitive skill set in uncovering out-of-favor investments that in our opinion hold long-term promise. To this end we added six companies to the Fund during the reporting period and eliminated the same number. Of the sales, four were the result of acquisitions. At period end, the Fund's weighted average discount to intrinsic value¹ stood at 33% versus 26% at the start.

Despite many positive market indicators, we believe geopolitical risks remain which could negatively impact returns. The outcome of U.S./China trade talks is still uncertain, Brexit is not yet completed and political gridlock at home continues. Looking ahead, we anticipate turbulent interactions between sentiment and statistics. We believe data points that suggest economic weakness could result in the systematic selling of equities. Conversely, progress on trade and greater accommodation by the Fed could soften some of the negative psychology, resulting in sharp upward reversals.

We thank you for your investment in our Fund and look forward to reporting our future results.

Sincerely,

BENJAMIN H. NAHUM, JAMES F. MCAREE AND AMIT SOLOMON
PORTFOLIO CO-MANAGERS

¹ As of 8/31/2018, the Fund's discount to the team's calculated intrinsic value estimate was 26 percent. Intrinsic value reflects the team's analysis and estimates. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic values. This estimate of intrinsic value represents what we believe a company in the portfolio could be worth if it is acquired, if its profitability normalizes to its long-term average level, if its valuation moves in line with publicly traded peers' valuations, or if other investors recognize its potential for earnings growth. Intrinsic value is not a guarantee of performance of the Fund.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Intrinsic Value Fund

TICKER SYMBOLS

Institutional Class				NINLX
Class A				NINAX
Class C				NINCX
Class R6				NRINX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	8.0	%
Consumer Staples	2.1
Energy	3.2
Financial Services	6.7
Health Care	16.5
Materials & Processing	4.6
Producer Durables	20.2
Technology	32.5
Utilities	3.8
Convertible Bonds	0.7
Short-Term Investments	1.7
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date*	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		–2.16	%		10.94	%		7.95	%		17.18	%		11.27	%
Class A¹⁸	05/10/2010		–2.33	%		10.56	%		7.56	%		16.80	%		11.11	%
Class C¹⁸	05/10/2010		–2.67	%		9.75	%		6.77	%		16.05	%		10.78	%
Class R6^18,22	01/18/2019		–2.10	%		11.01	%		7.97	%		17.18	%		11.28	%
With Sales Charge
Class A¹⁸			–7.92	%		4.18	%		6.29	%		16.11	%		10.81	%
Class C¹⁸			–3.52	%		8.79	%		6.77	%		16.05	%		10.78	%
Index
Russell 2000^® Value Index^1,15			–8.59	%		4.42	%		6.48	%		15.43	%		8.63	%
Russell 2000^® Index^1,15			–8.86	%		5.58	%		7.36	%		16.60	%		7.99	%

*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. The performance data for Class R6 also includes the performance of the Fund's Institutional Class from May 10, 2010 through January 18, 2019. Performance prior to May 10, 2010 is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund"); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"), which had similar investment goals, strategies, and portfolio management team. See endnote 18 for more information.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.03%, 1.42% and 2.14% for Institutional Class, Class A and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.92% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.01%, 1.37% and 2.12% for Institutional Class, Class A and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.91% for Class R6 after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Large Cap Value Fund Commentary

Neuberger Berman Large Cap Value Fund Investor Class generated a 2.22% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned –1.62% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the reporting period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.

The Fund outperformed the Index during the reporting period, driven by strong stock selection and sector allocation. In terms of stock selection, holdings in the Materials, Financials and Energy sectors added the most relative value versus the Index. Within the Materials sector, the Fund's Metals & Mining positions contributed the most to performance, led by strong results from Newmont Mining Corp. In the Financials sector, selection in the Capital Markets industry was the most beneficial for relative returns. Looking at the Energy sector, positions in the Oil, Gas & Consumable Fuels industry added to results. From a sector allocation perspective, overweights to Utilities and Consumer Staples versus the Index, along with an underweight to Financials, were the largest contributors to relative performance.

On the downside, stock selection in the Consumer Discretionary, Communication Services and Health Care sectors were the largest detractors from relative returns over the period. In the Consumer Discretionary sector, the Fund's position in retailer Nordstrom, Inc. was not rewarded as its shares fell sharply. We eliminated our position in the stock. Within the Communication Services sector, CenturyLink, Inc. generated extremely poor results and we exited our position. Finally, a few holdings in the Health Care Providers & Services industry were headwinds for performance. In terms of sector allocation, an underweight to Information Technology versus the Index was the only meaningful detractor from relative results.

Looking ahead, we remain cautious on the growth trajectory for the U.S. economy given the lagging effect of Fed rate hikes, as well as other macro related leading indicators that appear to be slowing. While we do not believe a recession is imminent, the pace of the U.S. economic expansion could moderate in 2019. Meanwhile, we believe the recent increase in market volatility will continue going forward. In such an environment, we anticipate an uptick in price dislocations that could turn into rewarding investment opportunities. We remain disciplined value managers, looking for opportunities to buy stocks that we believe are below their normalized valuations to generate results for our shareholders. In addition, we firmly believe that equities remain the most appropriate asset class over the long term given their potential to generate capital appreciation.

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Large Cap Value Fund

TICKER SYMBOLS

Investor Class				NPRTX
Trust Class				NBPTX
Advisor Class				NBPBX
Institutional Class				NBPIX
Class A				NPNAX
Class C				NPNCX
Class R3				NPNRX
Class R6				NRLCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	6.8	%
Consumer Discretionary	3.6
Consumer Staples	9.6
Energy	8.3
Financials	13.8
Health Care	14.3
Industrials	4.5
Information Technology	0.7
Materials	7.1
Real Estate	5.5
Utilities	11.7
Short-Term Investments	14.1
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		2.22	%		9.59	%		8.59	%		15.92	%		12.46	%
Trust Class³	08/30/1993		2.12	%		9.37	%		8.40	%		15.71	%		12.37	%
Advisor Class⁴	08/16/1996		2.02	%		9.19	%		8.22	%		15.53	%		12.23	%
Institutional Class⁵	06/07/2006		2.30	%		9.75	%		8.77	%		16.11	%		12.51	%
Class A¹⁹	06/21/2010		2.08	%		9.32	%		8.35	%		15.69	%		12.41	%
Class C¹⁹	06/21/2010		1.74	%		8.54	%		7.57	%		14.95	%		12.24	%
Class R3¹⁶	06/21/2010		1.94	%		9.03	%		8.05	%		15.42	%		12.35	%
Class R6²³	01/18/2019		2.22	%		9.56	%		8.59	%		15.92	%		12.46	%
With Sales Charge
Class A¹⁹			–3.80	%		3.05	%		7.08	%		15.01	%		12.26	%
Class C¹⁹			0.84	%		7.58	%		7.57	%		14.95	%		12.24	%
Index
Russell 1000^® Value Index^1,15			–1.62	%		3.16	%		8.09	%		15.39	%		N/A

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.88%, 1.06%, 1.21%, 0.71%, 1.09%, 1.83% and 1.37% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.61% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratio was 1.36% for Class R3 shares after expense reimbursements and/or fee waivers and/or restatement. The total annual operating expense ratio for Institutional Class includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund Commentary

Neuberger Berman Mid Cap Growth Fund Investor Class generated a –3.63% total return for the six months ended February 28, 2019, trailing its benchmark, the Russell Midcap^® Growth Index (the Index), which returned –1.27% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing six months ushered in a more volatile phase for the market as we finally experienced a period of meaningful and sustained dislocation, which was then surprisingly matched by a rapid and robust recovery, as many of the trigger points behind the fourth quarter's corrective angst, such as the U.S. Federal Reserve Board's hawkish stance and the Administration's escalating global tariffs gamesmanship, either reversed course or dissipated somewhat as we ushered in 2019. Regardless of the prevailing top-down sentiment, corporate top- and bottom-line results remained broadly positive, which continues to be the main driver of this expansionary phase and at the heart of this current cycle's resiliency.

During the period, the Fund was materially overweight Health Care versus the Index, modestly overweight Industrials and underweight the Information Technology (IT), Materials, Consumer Discretionary, Consumer Staples and Real Estate sectors. Our allocation decisions generally reflect our belief that the catalysts and underlying fundamentals that we identify in Health Care and IT are compelling, our persistent wariness around retail and consumer spending and the fact that neither GDP-dependent growth commodities nor income-yielding real estate investment trusts are an ideal fit with our earnings-centric philosophy. In fact, despite our relative underweight to IT, it remains our largest allocation.

Looking back at our performance for the period, despite a good start to 2019, the Fund wasn't able to completely overcome the broad effect of volatility-induced weakness in the fourth quarter of 2018, which served to amplify any nascent market concerns around less than perfect results or guidance, and the reaction to a handful of unexpected stock-specific issues, such as the CFO of Square resigning to pursue another opportunity or Tivity's surprising move to acquire Nutrisytem. (Tivity was sold during the period.)

Overall, for the period, Okta, Inc. was the top contributor to relative performance, while Take-Two Interactive Software was the leading detractor. Okta, which provides identity management and authentication software solutions, continued to capitalize on increasing demand for effective enterprise-grade security solutions to meet the rising sophistication and frequency of threats, and delivered strong results and market share gains, while Take-Two, a developer and marketer of video gaming content, lagged as the market adopted a more skeptical "wait-and-see" approach to both the rollout of, and the long-term "add-on purchase" revenue potential for, their long awaited and much-hyped Red Dead Redemption 2 title. We remain holders of Okta and Take-Two.

Looking ahead, we're cautiously optimistic that corporate fundamentals will broadly remain positive and we believe that, given the dearth of sustainable recessionary warning signals, 2019 can be a constructive environment for small- and mid-cap growth stocks, even if the pace of economic growth eases over the balance of the year. With that in mind, as we enter the later stages of this current expansionary phase, we're confident that active management, a higher qualitative bottom-up approach and an emphasis on balancing risk/reward have the potential to be key differentiators in navigating what should prove to be both an unpredictable and more discriminating market.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Mid Cap Growth Fund

TICKER SYMBOLS

Investor Class				NMANX
Trust Class				NBMTX
Advisor Class				NBMBX
Institutional Class				NBMLX
Class A				NMGAX
Class C				NMGCX
Class R3				NMGRX
Class R6				NRMGX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	3.9	%
Consumer Discretionary	13.9
Consumer Staples	1.5
Energy	0.8
Financials	5.4
Health Care	19.3
Industrials	18.2
Information Technology	32.2
Materials	1.7
Utilities	1.0
Short-Term Investments	2.1
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		–3.63	%		7.29	%		9.02	%		16.17	%		11.79	%
Trust Class³	08/30/1993		–3.63	%		7.23	%		8.96	%		16.09	%		11.71	%
Advisor Class⁴	09/03/1996		–3.78	%		6.96	%		8.66	%		15.74	%		11.50	%
Institutional Class⁵	04/19/2007		–3.51	%		7.49	%		9.22	%		16.44	%		11.88	%
Class A¹⁹	05/27/2009		–3.71	%		7.09	%		8.81	%		16.01	%		11.76	%
Class C¹⁹	05/27/2009		–4.04	%		6.30	%		7.99	%		15.16	%		11.55	%
Class R3¹⁶	05/27/2009		–3.84	%		6.76	%		8.53	%		15.72	%		11.69	%
Class R6²³	03/15/2013		–3.45	%		7.62	%		9.31	%		16.36	%		11.84	%
With Sales Charge
Class A¹⁹			–9.22	%		0.93	%		7.53	%		15.32	%		11.59	%
Class C¹⁹			–4.90	%		5.35	%		7.99	%		15.16	%		11.55	%
Index
Russell Midcap^® Growth Index^1,15			–1.27	%		9.85	%		10.18	%		18.52	%		N/A
Russell Midcap^® Index^1,15			–2.84	%		5.63	%		8.56	%		17.81	%		13.12	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.91%, 0.96%, 1.22%, 0.71%, 1.08%, 1.86%, 1.37% and 0.61% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The total annual operating expense ratio for each of Class C and Class R3 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund Commentary

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a –4.96% total return for the six-month period ended February 28, 2019, underperforming the Russell Midcap^® Value Index (the Index) which returned –3.98% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the final quarter of 2018, a powerful market correction led to a sharp decline in equities. Investor focus shifted from the positive backdrop of solid economic and earnings growth, low unemployment and relatively low interest rates to a negative focus on U.S. Federal Reserve Board (Fed) tightening, the impact of tariffs, declining oil prices, a flattening yield curve, widening credit spreads and leveraged corporate balance sheets. Stocks rebounded sharply from December lows, and all major U.S. equity indices produced double digit returns for the first two months of 2019. Several things have helped fuel the recovery in stocks. Fed policymakers have reversed their outlook for interest rate increases this year, crude oil prices rebounded and there is optimism surrounding the outcome of U.S./China trade talks.

For the period, individual stocks we held that had disappointing earnings and/or financial reports were severely punished by the market, sometimes declining much more than our analysts projected and fundamentals warranted, in our opinion. In December, Perrigo, which is undergoing a restructuring led by a new CEO, announced that the Irish tax authority filed a $1.9 billion tax assessment against the company relating to Perrigo's purchase of Elan in 2013 and its sale of the MS drug, Tysabri. While the company will appeal this decision, given the uncertainty and the amount of time it will take to resolve, the stock lost over 25% of its value in one trading day. Perrigo was sold during the period. AerCap, one of our larger positions, came under unrelenting selling pressure in December, despite what seemed to be very solid fundamentals. At year end, this leading aircraft leasing company sold for approximately 60% of its tangible book value.

In an effort to enhance performance and shareholder governance in our portfolio companies, we sometimes engage with an issuer's board of directors to discuss ways to enhance shareholder value. Recently we did so with two of our holdings in the Technology sector, Ciena and ARRIS International. Ciena was our best performer for the period as earnings exceeded expectations, and ARRIS International, also a top performer, agreed to be purchased by CommScope at a significant premium to our purchase price. We view this engagement as a core fundamental of our investment process and will continue to act as advocates in companies where we believe our actions can benefit shareholders.

Company specific events had a positive impact on the portfolio. Since our last communication, six of the Fund's portfolio companies were acquired, disposed of significant assets, or made large acquisitions. Notable events include: Esterline Technologies agreed to be acquired by TransDigm; Johnson Controls agreed to sell its Power Solutions business; and Alexion Pharmaceuticals agreed to acquire Syntimmune.

We used the market dislocation during the fourth quarter of 2018 to improve the risk/reward profile of the Fund by increasing the position size of some existing holdings, selling stocks where the investment thesis has changed, and investing in new companies that have dropped to our purchase targets. We introduced seven new positions during the period, six of them in the fourth quarter. On the sell side, we eliminated eight positions.

While we believe there are many positive market indicators, risks and uncertainty remain. The outcome of U.S./China trade talks is still undetermined, Brexit is not yet completed and political gridlock at home continues, to name a few. While volatility has declined from late last year's high point, we believe an increased level of volatility is likely to continue this year.

Sincerely,

MICHAEL C. GREENE
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Mid Cap Intrinsic Value Fund

TICKER SYMBOLS

Investor Class				NBRVX
Trust Class				NBREX
Institutional Class				NBRTX
Class A				NBRAX
Class C				NBRCX
Class R3				NBRRX

SECTOR ALLOCATION

(as a % of Total Investments*)
Consumer Discretionary	13.9	%
Consumer Staples	5.6
Energy	7.6
Financial Services	20.0
Health Care	6.4
Materials & Processing	7.0
Producer Durables	15.0
Technology	13.1
Utilities	2.6
Short-Term Investments	8.8
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		–4.96	%		0.24	%		7.19	%		17.17	%		9.20	%
Trust Class³	06/10/1999		–5.02	%		0.16	%		7.01	%		17.03	%		9.10	%
Institutional Class⁵	03/08/2010		–4.83	%		0.58	%		7.45	%		17.46	%		9.33	%
Class A¹⁹	06/21/2010		–5.02	%		0.22	%		7.07	%		17.07	%		9.15	%
Class C¹⁹	06/21/2010		–5.37	%		–0.54	%		6.26	%		16.32	%		8.80	%
Class R3¹⁶	06/21/2010		–5.08	%		–0.04	%		6.80	%		16.82	%		9.04	%
With Sales Charge
Class A¹⁹			–10.48	%		–5.55	%		5.81	%		16.38	%		8.83	%
Class C¹⁹			–6.25	%		–1.46	%		6.26	%		16.32	%		8.80	%
Index
Russell Midcap^® Value Index^1,15			–3.98	%		2.63	%		7.44	%		17.31	%		9.13	%
Russell Midcap^® Index^1,15			–2.84	%		5.63	%		8.56	%		17.81	%		9.02	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.21%, 1.38%, 1.02%, 1.40%, 2.15% and 1.65% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 0.85%, 1.22%, 1.97% and 1.46% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund Commentary

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a –1.56% total return for the six months ended February 28, 2019 outperforming the –3.04% total return for its benchmark, the S&P 500^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

During the reporting period for the Index, the Consumer Staples, Health Care, Industrials, Real Estate and Utilities sectors outperformed, while the Communication Services, Consumer Discretionary, Energy, Financials, Information Technology (IT) and Materials sectors underperformed. Increased uncertainty surrounding global trade negotiations, monetary policy, and the corresponding potential effects on the pace of global growth drove a decline in investor sentiment during the fourth quarter of 2018. These declines were largely offset in early 2019 as investors refocused on strong underlying company fundamentals and continued growth in the U.S. economy. We believe the backdrop for U.S. equities remains attractive. Disciplined active managers may be able to selectively identify attractive opportunities and help navigate an evolving U.S. equity landscape.

Within the portfolio, superior stock selection drove outperformance relative to the Index. This was primarily a result of strong selection within Consumer Discretionary, IT, and Materials. Stock selection within Communication Services and Energy detracted from relative performance. The Fund's overweight position to Industrials versus the Index, and underweight positions to Consumer Discretionary and Energy benefitted performance relative to the Index. Having no exposure to Real Estate and Utilities detracted from relative performance. The Fund finished the period with an overweight, relative to the Index, in the Financials, Industrials, and Materials sectors. The Fund completed the period with an underweight, relative to the Index, in the Consumer Discretionary, Consumer Staples, Energy, Health Care, IT, Real Estate, Communication Services, and Utilities sectors.

Portfolio construction is an important component of our investment process and consists of three distinct investment categories: Special Situations, Opportunistic and Classic. Special Situations have unique attributes (e.g., restructuring, spin-offs, post-bankruptcy equities) that require specific valuation methodologies and customized investment research. Opportunistic investments are companies that have become inexpensive for a tangible reason that we believe is temporary. Classic investments are those companies with long histories of shareholder friendly policies, high quality management teams and exceptional operating performance. We believe maintaining a balance of these three categories helps to mitigate risk within the portfolio. We continue to find investment opportunities across each investment category with attractive risk/return profiles.

We believe the current environment is attractive for free cash flow oriented investing. Many company balance sheets are healthy and free cash flow generation remains strong. As a result, we believe management teams have a significant opportunity to create value for shareholders by allocating capital effectively. Dividend increases, share repurchase programs, cash accumulation, debt retirement, organic growth initiatives, selective and highly accretive acquisitions—all can accrue to the benefit of equity holders. When company specific drivers are in focus, high conviction active managers have the potential to add value for their clients through stock selection. We believe deep fundamental analysis centered on free cash flow and capital structure efficiency may be an important driver of performance going forward.

As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients' assets through the disciplined application of our investment philosophy and process.

Sincerely,

RICHARD S. NACKENSON
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Multi-Cap Opportunities Fund

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	8.2	%
Consumer Discretionary	5.6
Consumer Staples	5.7
Energy	1.9
Financials	24.5
Health Care	9.5
Industrials	17.9
Information Technology	18.8
Materials	5.9
Short-Term Investments	2.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date*	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		–1.56	%		4.58	%		9.94	%		16.74	%		8.98	%
Class A¹⁷	12/21/2009		–1.75	%		4.15	%		9.53	%		16.35	%		8.69	%
Class C¹⁷	12/21/2009		–2.11	%		3.38	%		8.72	%		15.55	%		8.08	%
With Sales Charge
Class A¹⁷			–7.41	%		–1.85	%		8.23	%		15.66	%		8.16	%
Class C¹⁷			–3.00	%		2.44	%		8.72	%		15.55	%		8.08	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		10.67	%		16.67	%		8.21	%

*Prior to December 14, 2009, the Fund had different investment goals, strategies, and portfolio management team. The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through December 21, 2009. See endnote 17 for information about the effects of the different fees paid by each class.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.72%, 1.10% and 1.83% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Real Estate Fund Commentary

Neuberger Berman Real Estate Fund Trust Class generated a 3.35% total return for the six months ended February 28, 2019, outperforming its benchmark, the FTSE NAREIT All Equity REITs Index (the Index), which generated a 2.80% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two out of the next three months and nearly experienced a bear market (a decline of 20% or more from a recent high). This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade conflict. All told, the S&P 500^® Index returned –3.04% for the six-month period. Comparatively, real estate investment trusts (REITs) posted superior results during the period. This was partially due to declining interest rates in the U.S.

The Fund generated a positive return and outperformed the Index on a relative basis during the reporting period. Stock selection, overall, was the largest contributor to relative performance during the period. Contributing the most to results were our holdings in the Regional Malls, Infrastructure REITs, Apartments and Office sectors. In terms of individual holdings, American Tower Corp., Essex Property Trust, Inc., Equity Residential, SBA Communications Corp. and Welltower, Inc. were the largest contributors to performance. On the downside, holdings within the Specialty, Free Standing, Data Centers and Single Family Homes sectors were the largest detractors from returns. Several individual holdings were also negative for results, including Zayo Group Holdings, Inc. (sold during the period), Weyerhaeuser Company, CyrusOne, Inc., Sunstone Hotel Investors, Inc. (sold during the period) and Digital Realty Trust, Inc.

Sector positioning, overall, also contributed to the Fund's relative performance. In particular, underweights to Lodging/Resorts and Timber REITs, along with an overweight to Manufactured Homes, were the most beneficial for performance. Conversely, overweights to Data Centers, Single Family Homes and Regional Malls were the largest headwinds for returns.

Looking ahead, we anticipate continued but modest economic growth for the U.S. for 2019. We believe many economic indicators, including high consumer confidence, strong non-residential fixed investment, and modest inflation, point to good tenant demand for real estate. However, headwinds including slowing global growth, turmoil in Washington, and ongoing U.S.-China trade tension threaten to derail the long-lasting U.S. recovery. As the Fed tries to balance these factors, it has signaled a more flexible stance for policy changes and rates. Resolution of some of these headwinds could be a catalyst for the capital markets. On balance, we anticipate solid real estate fundamentals, strong private market demand for real estate and a more dovish Fed, which would be supportive of the U.S. listed real estate market.

Sincerely,

STEVE SHIGEKAWA AND BRIAN C. JONES
PORTFOLIO CO-MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Real Estate Fund

TICKER SYMBOLS

Trust Class				NBRFX
Institutional Class				NBRIX
Class A				NREAX
Class C				NRECX
Class R3				NRERX
Class R6				NRREX

SECTOR ALLOCATION

(as a % of Total Investments*)
Apartments	14.5	%
Data Centers	11.4
Diversified	1.6
Free Standing	3.8
Health Care	8.1
Industrial	9.3
Infrastructure	16.0
Lodging/Resorts	3.0
Manufactured Homes	5.4
Office	7.6
Regional Malls	5.2
Self Storage	4.2
Shopping Centers	3.0
Single Family Homes	3.5
Timber	2.4
Short-Term Investments	1.0
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS^7,21

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		3.35	%		16.06	%		8.14	%		17.82	%		10.76	%
Institutional Class⁶	06/04/2008		3.44	%		16.32	%		8.34	%		18.03	%		10.90	%
Class A¹⁴	06/21/2010		3.26	%		15.83	%		7.94	%		17.64	%		10.66	%
Class C¹⁴	06/21/2010		2.84	%		15.00	%		7.14	%		16.88	%		10.24	%
Class R3¹⁴	06/21/2010		3.21	%		15.60	%		7.70	%		17.39	%		10.52	%
Class R6²⁴	03/15/2013		3.49	%		16.41	%		8.42	%		18.02	%		10.87	%
With Sales Charge
Class A¹⁴			–2.65	%		9.19	%		6.67	%		16.95	%		10.27	%
Class C¹⁴			1.87	%		14.00	%		7.14	%		16.88	%		10.24	%
Index
FTSE NAREIT All Equity REITs Index^1,15			2.80	%		19.61	%		9.12	%		18.75	%		10.01	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.42%, 1.07%, 1.43%, 2.19%, 1.69% and 0.97% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 0.86%, 1.22%, 1.97%, 1.47% and 0.76% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Small Cap Growth Fund Commentary

Neuberger Berman Small Cap Growth Fund Investor Class generated a 2.38% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 2000^® Growth Index (the Index), which returned –9.14% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The trailing six months ushered in a more volatile phase for the markets as we finally experienced a period of meaningful and sustained dislocation, which was then surprisingly matched by a rapid and robust recovery, as many of the trigger points behind the fourth quarter's corrective angst, such as the U.S. Federal Reserve Board's hawkish stance and the Administration's escalating global tariffs gamesmanship, either reversed course or dissipated somewhat as we ushered in 2019. Regardless of the prevailing top-down sentiment, corporate top- and bottom-line results remained broadly positive, which continues to be the main driver of this expansionary phase and at the heart of this current cycle's resiliency.

During the period, the Fund was materially overweight Health Care, modestly overweight Information Technology (IT) and underweight Real Estate, Materials, Communication Services, Financials and Energy versus the Index. Our allocation decisions generally reflect what we see as compelling growth catalysts and underlying fundamentals in Health Care and IT, especially relative to other segments of the market that are either more interest rate- and commodity price-sensitive or GDP growth-dependent.

Looking back at performance for the period, the following strategies proved beneficial during both the year-ending downturn and 2019's strong early rebound: our active approach to harvesting profits, in order to maintain an appropriate risk/reward profile; our late September decisions to reposition in favor of more positive secular trends, such as IT security, and towards companies potentially offering more fundamentally-driven resiliency; and our choice to reduce development-stage biotechnology exposure in favor of pivoting towards therapeutic companies with commercialized science capable of delivering strengthening revenue growth.

The Fund's positive return and strong relative outperformance throughout the period was powered by the positive realization of catalysts and compelling fundamentals within Health Care, IT, Industrials and Consumer Discretionary. Drilling down to our holdings, Fluidigm, which develops, manufactures and markets innovative technologies, instruments and consumables for life sciences research, continued to exceed revenue expectations and was the leading contributor to both absolute and relative performance, while Aerie Pharmaceuticals, which is focused on the development and commercialization of therapies for glaucoma and other eye-related conditions, struggled with market apathy towards the rollout of their recently approved Glaucoma drug and ended up the leading detractor during the period. We remain positive on Aerie, as it's not atypical for the market to underestimate a new treatment's efficacy and the potential size of the market. While the market has taken a wait-and-see approach, we believe Aerie has demonstrated the strong prescription growth and positive doctor and patient feedback necessary to foster consistent top-line growth and draw investors back to the company, especially with FDA approval of their second Glaucoma drug potentially imminent.

Looking ahead, we are cautiously optimistic that corporate fundamentals will broadly remain positive and that, given the dearth of sustainable recessionary warning signals, 2019 can be a constructive environment for small- and mid-cap growth stocks, even if the pace of economic growth eases over the balance of the year. With that in mind, as we enter the later stages of this current expansionary phase, we're confident that active management, a higher qualitative bottom-up approach and an emphasis on balancing risk/reward have the potential to be key differentiators in navigating what should prove to be both an unpredictable and more discriminating market.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Small Cap Growth Fund

TICKER SYMBOLS

Investor Class				NBMIX
Trust Class				NBMOX
Advisor Class				NBMVX
Institutional Class				NBSMX
Class A				NSNAX
Class C				NSNCX
Class R3				NSNRX
Class R6				NSRSX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	2.3	%
Consumer Discretionary	13.7
Consumer Staples	2.1
Financials	4.4
Health Care	30.2
Industrials	15.9
Information Technology	18.5
Materials	1.2
Short-Term Investments	11.7
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		2.38	%		24.14	%		10.71	%		17.65	%		9.90	%
Trust Class³	11/03/1998		2.33	%		23.98	%		10.53	%		17.41	%		9.75	%
Advisor Class⁴	05/03/2002		2.24	%		23.78	%		10.38	%		17.22	%		9.65	%
Institutional Class⁵	04/01/2008		2.51	%		24.48	%		11.04	%		17.97	%		10.07	%
Class A¹⁹	05/27/2009		2.33	%		24.05	%		10.64	%		17.54	%		9.85	%
Class C¹⁹	05/27/2009		1.95	%		23.12	%		9.82	%		16.69	%		9.46	%
Class R3¹⁶	05/27/2009		2.22	%		23.76	%		10.38	%		17.26	%		9.72	%
Class R6²³	09/07/2018		2.56	%		24.32	%		10.75	%		17.67	%		9.91	%
With Sales Charge
Class A¹⁹			–3.55	%		16.92	%		9.34	%		16.85	%		9.53	%
Class C¹⁹			1.13	%		22.13	%		9.82	%		16.69	%		9.46	%
Index
Russell 2000^® Growth Index^1,15			–9.14	%		6.70	%		8.16	%		17.69	%		8.22	%
Russell 2000^® Index^1,15			–8.86	%		5.58	%		7.36	%		16.60	%		9.06	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 1.76%, 1.87%, 2.04%, 1.51%, 1.89%, 2.63% and 2.18% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 1.37% for Class R6 (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios were 1.31%, 1.41%, 1.61%, 0.91%, 1.27%, 2.02% and 1.52% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2019 is 0.81% for Class R6 after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Sustainable Equity Fund* Commentary

Neuberger Berman Sustainable Equity Fund Investor Class reported a total return of –4.64% for the six months ended February 28, 2019, trailing the –3.04% total return of the S&P 500^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

While the overall economic fundamentals of the U.S. economy appear healthy, fears of a material economic slowdown, driven primarily by trade and geopolitical tensions, caused equity market losses for the majority of this period. As the new calendar year began, equities rallied on a break in trade tensions and favorable interest rate news.

A reactive, headline-driven market creates both opportunities and challenges in managing a long-term focused portfolio, as valuations—given macro fears and a quest for growth within changing perceptions—do not always reflect company fundamentals.

Stock selection within the Energy, Industrials, and Real Estate sectors was a headwind this period, responsible for our shortfall in relative performance.

The top detractors to total return included EQT, the gas exploration and delivery company, impacted by concerns related to oversupply in U.S. natural gas; Schlumberger, the energy services company, who underperformed as slower global growth concerns pressured commodity prices; and Weyerhaeuser, who declined along with its sector on concerns about lower new housing starts. We continue to see the potential for long-term outperformance in each name.

The Fund enjoyed positive stock selection within the Consumer Discretionary, Financials, and Communication Services sectors.

Danaher, Progressive, and Roche contributed the most to total return. Danaher's stock benefited from the company's announcement that it will acquire GE's healthcare assets. Insurer Progressive advanced, driven by strong operating results and continued industry leadership. For Roche, a leader in personalized medicine with a deep pipeline targeting unmet needs, strong sales of new products supported the company's ability to grow through biosimilar competition.

New purchases included Manpower Group, Cigna and Stanley Black & Decker, all of which are driving sustainability through their business models—from diverse employment, to lowering healthcare costs, to innovation in battery technology. Given market volatility, we were able to establish positions at what we consider attractive valuations. Additionally, Equitrans Midstream is a spin-off from existing portfolio holding EQT. J.B. Hunt and Fastenal were sold on valuations.

Despite healthy fundamentals, we believe a tight labor market, higher interest rates, and trade protectionism could dampen economic growth in 2019. Further, we anticipate corporate profit growth could moderate given the lapse of the tax cut benefit, a stronger dollar, and the impact of tariffs.

Geopolitically, the Chinese economic slowdown, continued uncertainty around Brexit, and any disruptions to global trade resulting from the current U.S. administration's trade policies, could be sources of market volatility.

Given this outlook and our long-term focus, we continue to emphasize what we believe to be best-in-class businesses that are exposed to secular growth trends (energy efficiency, aging demographics, water quality, etc.) that should enable them to grow and increase market share within a slower-growth backdrop. We believe the fundamentals of the businesses we own can translate such top-line growth into stronger, advantaged bottom-line growth—supported by competitive advantages, attractive return on capital profiles, and demonstrated leadership in environmental, social and governance (ESG) practices. In our opinion, our portfolio holdings also have the balance sheet strength and free cash flow generation required to help weather global economic turmoil, should it occur.

We look forward to continuing to serve your investment needs.

Sincerely,

INGRID S. DYOTT AND SAJJAD S. LADIWALA
CO-PORTFOLIO MANAGERS

* As previously announced, effective May 1, 2018, the name of Neuberger Berman Socially Responsive Fund changed to Neuberger Berman Sustainable Equity Fund.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Sustainable Equity Fund

TICKER SYMBOLS

Investor Class				NBSRX
Trust Class				NBSTX
Institutional Class				NBSLX
Class A				NRAAX
Class C				NRACX
Class R3				NRARX
Class R6				NRSRX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	7.9	%
Consumer Discretionary	14.4
Consumer Staples	6.5
Energy	5.2
Financials	15.4
Health Care	21.1
Industrials	11.0
Information Technology	11.5
Materials	4.3
Real Estate	1.9
Short-Term Investments	0.8
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		–4.64	%		2.46	%		8.44	%		15.20	%		9.18	%
Trust Class³	03/03/1997		–4.70	%		2.29	%		8.26	%		15.01	%		9.01	%
Institutional Class⁵	11/28/2007		–4.54	%		2.64	%		8.64	%		15.41	%		9.27	%
Class A¹⁹	05/27/2009		–4.73	%		2.28	%		8.24	%		14.99	%		9.10	%
Class C¹⁹	05/27/2009		–5.05	%		1.53	%		7.44	%		14.16	%		8.79	%
Class R3¹⁶	05/27/2009		–4.82	%		2.03	%		7.98	%		14.72	%		9.00	%
Class R6²³	03/15/2013		–4.49	%		2.73	%		8.72	%		15.38	%		9.25	%
With Sales Charge
Class A¹⁹			–10.22	%		–3.60	%		6.97	%		14.32	%		8.85	%
Class C¹⁹			–5.92	%		0.60	%		7.44	%		14.16	%		8.79	%
Index
S&P 500^® Index^1,15			–3.04	%		4.68	%		10.67	%		16.67	%		9.51	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 0.86%, 1.02%, 0.67%, 1.04%, 1.78%, 1.28% and 0.57% for Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement for Class R6 shares). The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Value Fund Commentary

Neuberger Berman Value Fund Institutional Class generated a 3.09% total return for the six months ended February 28, 2019, outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned –1.62% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The U.S. stock market experienced periods of heightened volatility and generated weak results during the reporting period. After treading water in September 2018, the market fell sharply during two of the next three months. This downturn was triggered by a number of factors, including concerns over U.S. Federal Reserve Board (Fed) rate hikes, ongoing trade conflicts and moderating global growth. The market then rallied sharply during the last two months of the period. Investor sentiment improved as the Fed indicated that it would pause from raising rates, corporate profits generally exceeded expectations and the U.S. and China appeared to be making some progress in their trade negotiations.

On the downside, stock selection in the Consumer Discretionary, Communication Services and Health Care sectors was the largest detractor from relative returns over the period. In the Consumer Discretionary sector, the Fund's position in retailer Nordstrom, Inc. was not rewarded as its shares fell sharply. We eliminated our position in the stock. Within the Communication Services sector, CenturyLink, Inc. generated extremely poor results and we exited our position. Finally, a few holdings in the Health Care Providers & Services industry were headwinds for performance. In terms of sector allocation, an underweight to Information Technology versus the Index was the only meaningful detractor from relative results.

Looking ahead, we remain cautious on the growth trajectory for the U.S. economy given the lagging effect of Fed rate hikes, as well as other macro related leading indicators that appear to be slowing. While we do not believe a recession is imminent, the pace of the U.S. economic expansion could moderate in 2019. Meanwhile, we believe the recent increase in market volatility will continue going forward. In such an environment, we anticipate an uptick in price dislocations that could turn into rewarding investment opportunities. We remain disciplined value managers, looking for opportunities to buy stocks that we believe are below their normalized valuations to generate results for our clients. In addition, we firmly believe that equities remain the most appropriate asset class over the long term given their potential to generate capital appreciation.

Sincerely,

ELI M. SALZMANN
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Value Fund

TICKER SYMBOLS

Institutional Class				NLRLX
Class A				NVAAX
Class C				NVACX

SECTOR ALLOCATION

(as a % of Total Investments*)
Communication Services	6.9	%
Consumer Discretionary	3.6
Consumer Staples	9.7
Energy	8.5
Financials	13.0
Health Care	14.4
Industrials	4.5
Information Technology	0.7
Materials	7.2
Real Estate	5.5
Utilities	11.6
Short-Term Investments	14.4
Total	100.0	%

* Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2019
	Inception Date*	Period Ended 02/28/2019			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class²⁰	04/19/2010		3.09	%		10.25	%		8.72	%		14.63	%		8.43	%
Class A²⁰	03/02/2011		2.86	%		9.78	%		8.29	%		14.28	%		8.16	%
Class C²⁰	03/02/2011		2.52	%		9.01	%		7.50	%		13.60	%		7.64	%
With Sales Charge
Class A²⁰			–3.05	%		3.47	%		7.01	%		13.60	%		7.64	%
Class C²⁰			1.57	%		8.01	%		7.50	%		13.60	%		7.64	%
Index
Russell 1000^® Value Index^1,15			–1.62	%		3.16	%		8.09	%		15.39	%		6.32	%

*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through April 19, 2010. The performance data for Class A and Class C also includes the performance of the Fund's Institutional Class from April 19, 2010 through March 2, 2011. See endnote 20 for information about the effects of the different fees paid by each class.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2018 were 2.67%, 3.13% and 3.83% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.12% and 1.87% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2019 can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Glossary of Indices" on page 51 for a description of indices. Please note that individuals cannot invest directly in any index. The indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC ("NBIA" or "Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

2 This date reflects when Management first became the investment manager to the Fund.

3 The performance information for the Trust Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has lower expenses and typically higher returns than the Trust Class.

4 The performance information for the Advisor Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has lower expenses and typically higher returns than the Advisor Class.

5 The performance information for the Institutional Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has higher expenses and typically lower returns than the Institutional Class.

6 The performance information for the Institutional Class prior to the class's inception date is that of the Fund's Trust Class. The performance information for the Trust Class has not been adjusted to take into account differences in class specific operating expenses. The Trust Class has higher expenses and typically lower returns than the Institutional Class.

7 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

8 The Fund had a policy of investing mainly in large-cap stocks prior to September 1998 and investing 90% of its assets in no more than six economic sectors prior to December 17, 2007. As of April 2, 2001, the Fund changed its investment policy to become "non-diversified" under the Investment Company Act of 1940 ("1940 Act"). Performance prior to these changes might have been different if current policies had been in effect. However, by operation of law under the 1940 Act, the Fund subsequently became, and currently operates as, a diversified fund. Please see the notes to the financial statements for information on a non-diversified fund becoming a diversified fund by operation of law.

9 Neuberger Berman Global Real Estate Fund and Neuberger Berman International Small Cap Fund are relatively small. Each of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund were relatively small prior to September 2010, June 2008, August 2013, January 2010 and April 2013, respectively. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund and could have an impact on performance.

10 The performance information for Class R3 prior to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account

Endnotes (cont'd)

differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.

11 The Fund had a policy of investing mainly in large-cap stocks prior to December 2002. Its performance prior to that date might have been different if current policies had been in effect.

12 The performance information for Class A, Class C, Investor Class, and Trust Class prior to the classes' inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class A, Class C, Investor Class, and Trust Class.

13 The performance information for Institutional Class, Class A, Class C and Class R3 prior to June 9, 2008 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on June 9, 2008. During the period from November 2, 2006 through June 9, 2008, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A, Class C and Class R3. The performance information for Class R3 from June 9, 2008 to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.

14 The performance information for Class A, Class C and Class R3 prior to the classes' respective inception dates is that of the Fund's Trust Class. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class has lower expenses and typically higher returns than Class A, Class C and Class R3.

15 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

16 The performance information for Class R3 prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class R3.

17 Prior to December 14, 2009, the Fund had different investment goals, strategies and portfolio management team. The performance information for Institutional Class, Class A and Class C prior to December 21, 2009 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on December 21, 2009. During the period from November 2, 2006 through December 21, 2009, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). Management had previously capped Trust Class expenses; absent this arrangement, the returns would have been lower. The Trust Class had lower capped expenses and typically higher returns than Class A and Class C. The Trust Class had equivalent capped expenses and typically similar returns to the Institutional Class.

18 The performance information for Institutional Class, Class A and Class C prior to the classes' inception date is that of the Fund's predecessor, the DJG Small Cap Value Fund L.P., an unregistered limited partnership ("DJG Fund");

Endnotes (cont'd)

DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account ("DJG Account"). The performance from July 8, 1997 (the commencement of operations) to September 11, 2008 is that of DJG Account, and the performance from September 12, 2008 to May 10, 2010 is that of DJG Fund. On May 10, 2010, the DJG Fund transferred its assets to the Fund in exchange for the Fund's Institutional Class shares. The investment policies, objectives, guidelines and restrictions of the Fund are in all material respects equivalent to those of DJG Fund and DJG Account (the "Predecessors"). As a mutual fund registered under the 1940 Act, the Fund is subject to certain restrictions under the 1940 Act and the Internal Revenue Code ("Code") to which the Predecessors were not subject. Had the Predecessors been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, their investment performance may have been adversely affected. The performance information reflects the actual expenses of the Predecessors, which were generally lower than those of the Fund. The performance for Class R6 from May 10, 2010 to January 18, 2019 includes the performance of the Fund's Institutional Class, and prior to May 10, 2010 includes the performance of the Predecessors, as noted above.

19 The performance information for Class A and Class C prior to the classes' inception date is that of the Fund's Investor Class. The performance information for the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A and Class C.

20 The performance information for Institutional Class, Class A and Class C prior to April 19, 2010 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on April 19, 2010. During the period from November 2, 2006 through April 19, 2010, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for Class A and Class C from April 19, 2010 to the classes' inception date is that of the Fund's Institutional Class. During the period from April 19, 2010 through March 2, 2011, the Institutional Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class and the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A and Class C. The Institutional Class has lower expenses and typically higher returns than Class A and Class C.

21 As of June 19, 2012, the Fund changed its investment policy to become "non-diversified" under the 1940 Act. A non-diversified fund is able to invest larger percentages of its assets in the securities of a single issuer, which could increase the fund's risk of loss. Performance prior to this change might have been different if current policies had been in effect.

22 The performance information for Class R6 prior to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses. The Institutional Class has higher expenses and typically lower returns than Class R6.

23 The performance information for Class R6 prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has higher expenses and typically lower returns than Class R6.

24 The performance information for Class R6 prior to the class's inception date is that of the Fund's Trust Class. The performance information for the Trust Class has not been adjusted to take into account differences in class specific operating expenses. The Trust Class has higher expenses and typically lower returns than Class R6.

Endnotes (cont'd)

25 On April 28, 2017, NBIA retained Green Court Capital Management Limited ("Green Court") as the subadviser to Neuberger Berman Greater China Equity Fund, replacing Neuberger Berman Asia Limited. The nature and level of the services provided under the sub-advisory agreement are the same as under the previous sub-advisory agreement, and there was no change in the fees incurred by the Fund. Neuberger Berman Group LLC ("NBG LLC") retains an ongoing passive minority ownership stake in Green Court. Other than NBG LLC, all equity in Green Court is owned by its professionals.

For more complete information on any of the Neuberger Berman Equity Funds, call us at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices

FTSE EPRA/NAREIT Developed Index (Net):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of listed real estate companies and real estate investment trusts (REITs) in developed markets. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
FTSE NAREIT All Equity REITs Index:				The index is a free-float adjusted, market capitalization-weighted index that tracks the performance of all equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the NYSE Arca or the NASDAQ National Market List. Equity REITs include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
MSCI All Country World Index (Net):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
MSCI China Index (Net):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of Chinese securities readily accessible to nondomestic investors. The index includes equity securities issued by companies incorporated in the People's Republic of China ("PRC"), and listed in the form of China B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or China H shares on the Hong Kong Stock Exchange (in HK$) and other foreign exchanges. It also includes Red-Chips and P-Chips, which are not incorporated in the PRC and are listed on the Hong Kong Stock Exchange. Red-Chips include companies that are directly or indirectly controlled by organizations or enterprises that are owned by the state, provinces, or municipalities of the PRC. P-Chips include non-state-owned Chinese companies incorporated outside the mainland and traded in Hong Kong. U.S.-listed China stocks are also included in the index. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Glossary of Indices (cont'd)

MSCI EAFE^® Index (Net) (Europe, Australasia, Far East):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
MSCI Emerging Markets Index (Net):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 5% of their free float-adjusted market capitalization. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
MSCI EAFE^® Small Cap Index (Net):				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the small cap segment of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
Russell 1000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap segment of the U.S. equity market. It includes approximately 1,000 of the largest securities in the Russell 3000^® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 1000^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
Russell 2000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.
Russell 2000^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.

Glossary of Indices (cont'd)

Russell 2000^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June.
Russell Midcap^® Growth Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.
Russell Midcap^® Value Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.
S&P 500^® Index:				The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended February 28, 2019 and held for the entire period. The table illustrates the Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as sales charges (loads) (if applicable). Therefore, the information under the heading "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Example (Unaudited)

Neuberger Berman Equity Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽¹⁾9/1/18 - 2/28/19		Expense Ratio			Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽²⁾9/1/18 - 2/28/19		Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	958.00	$	3.35		0.69	%	$	1,000.00	$	1,021.37	$	3.46		0.69	%
Class A	$	1,000.00	$	957.30	$	5.10		1.05	%	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Class C	$	1,000.00	$	953.10	$	8.72		1.80	%	$	1,000.00	$	1,015.87	$	9.00		1.80	%
Class R6	$	1,000.00	$	959.20	$	2.96		0.61	%	$	1,000.00	$	1,021.77	$	3.06		0.61	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	1,002.70	$	6.21		1.25	%	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Class A	$	1,000.00	$	1,001.60	$	7.44		1.50	%	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Class C	$	1,000.00	$	998.40	$	11.15		2.25	%	$	1,000.00	$	1,013.64	$	11.23		2.25	%
Class R3	$	1,000.00	$	999.40	$	9.47		1.91	%	$	1,000.00	$	1,015.32	$	9.54		1.91	%
Class R6	$	1,000.00	$	1,003.40	$	5.81		1.17	%	$	1,000.00	$	1,018.99	$	5.86		1.17	%
Equity Income Fund
Institutional Class	$	1,000.00	$	992.30	$	3.46		0.70	%	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class A	$	1,000.00	$	990.30	$	5.23		1.06	%	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Class C	$	1,000.00	$	987.10	$	8.92		1.81	%	$	1,000.00	$	1,015.82	$	9.05		1.81	%
Class R3	$	1,000.00	$	988.80	$	6.61		1.34	%	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Focus Fund
Investor Class	$	1,000.00	$	956.00	$	4.46		0.92	%	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Trust Class	$	1,000.00	$	955.10	$	5.33		1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Advisor Class	$	1,000.00	$	954.60	$	6.11		1.26	%	$	1,000.00	$	1,018.55	$	6.31		1.26	%
Institutional Class	$	1,000.00	$	956.90	$	3.64		0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class A	$	1,000.00	$	955.50	$	5.38		1.11	%	$	1,000.00	$	1,019.29	$	5.56		1.11	%
Class C	$	1,000.00	$	951.50	$	9.00		1.86	%	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	945.00	$	4.92		1.02	%	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Trust Class	$	1,000.00	$	944.60	$	5.30		1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Advisor Class	$	1,000.00	$	943.40	$	6.51		1.35	%	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Institutional Class	$	1,000.00	$	945.80	$	4.10		0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class R6	$	1,000.00	$	946.20	$	3.62		0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Global Equity Fund
Institutional Class	$	1,000.00	$	941.40	$	3.66		0.76	%	$	1,000.00	$	1,021.03	$	3.81		0.76	%
Class A	$	1,000.00	$	939.60	$	5.39		1.12	%	$	1,000.00	$	1,019.24	$	5.61		1.12	%
Class C	$	1,000.00	$	936.70	$	8.98		1.87	%	$	1,000.00	$	1,015.52	$	9.35		1.87	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	1,035.90	$	5.05		1.00	%	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Class A	$	1,000.00	$	1,034.00	$	6.86		1.36	%	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class C	$	1,000.00	$	1,030.20	$	10.62		2.11	%	$	1,000.00	$	1,014.33	$	10.54		2.11	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	997.10	$	7.53		1.52	%	$	1,000.00	$	1,017.26	$	7.60		1.52	%
Class A	$	1,000.00	$	994.60	$	9.35		1.89	%	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class C	$	1,000.00	$	991.10	$	13.03		2.64	%	$	1,000.00	$	1,011.70	$	13.17		2.64	%
Guardian Fund
Investor Class	$	1,000.00	$	925.40	$	4.25		0.89	%	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Trust Class	$	1,000.00	$	924.50	$	5.06		1.06	%	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Advisor Class	$	1,000.00	$	923.10	$	6.48		1.36	%	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Institutional Class	$	1,000.00	$	926.80	$	3.39		0.71	%	$	1,000.00	$	1,021.27	$	3.56		0.71	%
Class A	$	1,000.00	$	924.70	$	5.15		1.08	%	$	1,000.00	$	1,019.44	$	5.41		1.08	%
Class C	$	1,000.00	$	921.70	$	8.72		1.83	%	$	1,000.00	$	1,015.72	$	9.15		1.83	%
Class R3	$	1,000.00	$	923.10	$	6.48		1.36	%	$	1,000.00	$	1,018.05	$	6.80		1.36	%

Expense Example (Unaudited) (cont'd)

	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽¹⁾9/1/18 - 2/28/19			Expense Ratio			Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽²⁾9/1/18 - 2/28/19		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	943.90	$	5.59			1.16	%	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Trust Class	$	1,000.00	$	943.50	$	5.78			1.20	%	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class	$	1,000.00	$	945.80	$	4.10			0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class A	$	1,000.00	$	944.00	$	5.83			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Class C	$	1,000.00	$	939.60	$	9.43			1.96	%	$	1,000.00	$	1,015.08	$	9.79		1.96	%
Class R6	$	1,000.00	$	945.20	$	3.71			0.77	%	$	1,000.00	$	1,020.98	$	3.86		0.77	%
International Select Fund
Trust Class	$	1,000.00	$	947.80	$	5.55			1.15	%	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class	$	1,000.00	$	949.00	$	3.87			0.80	%	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class A	$	1,000.00	$	947.60	$	5.60			1.16	%	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Class C	$	1,000.00	$	944.00	$	9.21			1.91	%	$	1,000.00	$	1,015.32	$	9.54		1.91	%
Class R3	$	1,000.00	$	946.00	$	6.80			1.41	%	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class R6	$	1,000.00	$	950.00	$	3.48			0.72	%	$	1,000.00	$	1,021.22	$	3.61		0.72	%
International Small Cap Fund
Institutional Class	$	1,000.00	$	867.70	$	4.86			1.05	%	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Class A	$	1,000.00	$	867.00	$	6.53			1.41	%	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class C	$	1,000.00	$	862.80	$	9.98			2.16	%	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Class R6	$	1,000.00	$	869.00	$	4.50			0.97	%	$	1,000.00	$	1,019.98	$	4.86		0.97	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	978.40	$	4.95			1.01	%	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Class A	$	1,000.00	$	976.70	$	6.71			1.37	%	$	1,000.00	$	1,018.00	$	6.85		1.37	%
Class C	$	1,000.00	$	973.30	$	10.37			2.12	%	$	1,000.00	$	1,014.28	$	10.59		2.12	%
Class R6	$	1,000.00	$	1,119.50	$	1.12	⁽³⁾		0.92	%	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,022.20	$	4.31			0.86	%	$	1,000.00	$	1,020.53	$	4.31		0.86	%
Trust Class	$	1,000.00	$	1,021.20	$	5.26			1.05	%	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Advisor Class	$	1,000.00	$	1,020.20	$	5.96			1.19	%	$	1,000.00	$	1,018.89	$	5.96		1.19	%
Institutional Class	$	1,000.00	$	1,023.00	$	3.51			0.70	%	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class A	$	1,000.00	$	1,020.80	$	5.36			1.07	%	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C	$	1,000.00	$	1,017.40	$	9.05			1.81	%	$	1,000.00	$	1,015.82	$	9.05		1.81	%
Class R3	$	1,000.00	$	1,019.40	$	6.81			1.36	%	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class R6	$	1,000.00	$	1,042.60	$	0.71	⁽³⁾		0.60	%	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	963.70	$	4.38			0.90	%	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Trust Class	$	1,000.00	$	963.70	$	4.63			0.95	%	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Advisor Class	$	1,000.00	$	962.20	$	5.89			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Institutional Class	$	1,000.00	$	964.90	$	3.41			0.70	%	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class A	$	1,000.00	$	962.90	$	5.21			1.07	%	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C	$	1,000.00	$	959.60	$	8.84			1.82	%	$	1,000.00	$	1,015.77	$	9.10		1.82	%
Class R3	$	1,000.00	$	961.60	$	6.57			1.35	%	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Class R6	$	1,000.00	$	965.50	$	3.02			0.62	%	$	1,000.00	$	1,021.72	$	3.11		0.62	%
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	950.40	$	5.75			1.19	%	$	1,000.00	$	1,018.89	$	5.96		1.19	%
Trust Class	$	1,000.00	$	949.80	$	6.04			1.25	%	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class	$	1,000.00	$	951.70	$	4.11			0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class A	$	1,000.00	$	949.80	$	5.85			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Class C	$	1,000.00	$	946.30	$	9.46			1.96	%	$	1,000.00	$	1,015.08	$	9.79		1.96	%
Class R3	$	1,000.00	$	949.20	$	7.06			1.46	%	$	1,000.00	$	1,017.55	$	7.30		1.46	%

Expense Example (Unaudited) (cont'd)

	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽¹⁾9/1/18 - 2/28/19			Expense Ratio			Beginning Account Value 9/1/18		Ending Account Value 2/28/19		Expenses Paid During the Period⁽²⁾9/1/18 - 2/28/19		Expense Ratio
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	984.40	$	3.59			0.73	%	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class A	$	1,000.00	$	982.50	$	5.41			1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class C	$	1,000.00	$	978.90	$	9.03			1.84	%	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Real Estate Fund
Trust Class	$	1,000.00	$	1,033.50	$	5.24			1.04	%	$	1,000.00	$	1,019.64	$	5.21		1.04	%
Institutional Class	$	1,000.00	$	1,034.40	$	4.29			0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class A	$	1,000.00	$	1,032.60	$	6.10			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Class C	$	1,000.00	$	1,028.40	$	9.86			1.96	%	$	1,000.00	$	1,015.08	$	9.79		1.96	%
Class R3	$	1,000.00	$	1,032.10	$	7.36			1.46	%	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Class R6	$	1,000.00	$	1,034.90	$	3.88			0.77	%	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	1,023.80	$	5.97			1.19	%	$	1,000.00	$	1,018.89	$	5.96		1.19	%
Trust Class	$	1,000.00	$	1,023.30	$	6.52			1.30	%	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Advisor Class	$	1,000.00	$	1,022.40	$	7.27			1.45	%	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class	$	1,000.00	$	1,025.10	$	4.52			0.90	%	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class A	$	1,000.00	$	1,023.30	$	6.32			1.26	%	$	1,000.00	$	1,018.55	$	6.31		1.26	%
Class C	$	1,000.00	$	1,019.50	$	10.06			2.01	%	$	1,000.00	$	1,014.83	$	10.04		2.01	%
Class R3	$	1,000.00	$	1,022.20	$	7.57			1.51	%	$	1,000.00	$	1,017.31	$	7.55		1.51	%
Class R6	$	1,000.00	$	1,043.90	$	3.92	⁽⁴⁾		0.80	%	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Sustainable Equity Fund
Investor Class	$	1,000.00	$	953.60	$	4.21			0.87	%	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Trust Class	$	1,000.00	$	953.00	$	4.94			1.02	%	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Institutional Class	$	1,000.00	$	954.60	$	3.25			0.67	%	$	1,000.00	$	1,021.47	$	3.36		0.67	%
Class A	$	1,000.00	$	952.70	$	5.04			1.04	%	$	1,000.00	$	1,019.64	$	5.21		1.04	%
Class C	$	1,000.00	$	949.50	$	8.65			1.79	%	$	1,000.00	$	1,015.92	$	8.95		1.79	%
Class R3	$	1,000.00	$	951.80	$	6.24			1.29	%	$	1,000.00	$	1,018.40	$	6.46		1.29	%
Class R6	$	1,000.00	$	955.10	$	2.86			0.59	%	$	1,000.00	$	1,021.87	$	2.96		0.59	%
Value Fund
Institutional Class	$	1,000.00	$	1,030.90	$	3.58			0.71	%	$	1,000.00	$	1,021.27	$	3.56		0.71	%
Class A	$	1,000.00	$	1,028.60	$	5.48			1.09	%	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class C	$	1,000.00	$	1,025.20	$	9.19			1.83	%	$	1,000.00	$	1,015.72	$	9.15		1.83	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 181/365 (to reflect the one-half year period shown).

(3) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 42/365 (to reflect the period shown of January 18, 2019 (Commencement of Operations) to February 28, 2019).

(4) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 175/365 (to reflect the period shown of September 7, 2018 (Commencement of Operations) to February 28, 2019).

Schedule of Investments Dividend Growth Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 96.7%
Aerospace & Defense 3.9%
General Dynamics Corp.		5,900	$	1,004
Raytheon Co.		5,800		1,082
				2,086
Auto Components 2.2%
Aptiv PLC		14,500		1,205
Banks 4.0%
Comerica, Inc.		12,300		1,071
JPMorgan Chase & Co.		10,700		1,117
				2,188
Beverages 1.4%
Coca-Cola Co.		16,300		739
Biotechnology 2.3%
Gilead Sciences, Inc.		19,100		1,242
Capital Markets 3.7%
Morgan Stanley		23,900		1,003
Virtu Financial, Inc. Class A		39,500		993
				1,996
Communications Equipment 2.3%
Cisco Systems, Inc.		23,500		1,217
Diversified Consumer Services 1.7%
Service Corp. International		21,800		901
Diversified Financial Services 2.3%
Voya Financial, Inc.		24,200		1,224
Electronic Equipment, Instruments & Components 2.5%
Corning, Inc.		38,200		1,330
Equity Real Estate Investment Trusts 3.9%
American Tower Corp.		5,650		995
Equinix, Inc.		2,680		1,135
				2,130
Food & Staples Retailing 4.4%
Walgreens Boots Alliance, Inc.		17,300		1,231
Walmart, Inc.		11,300		1,119
				2,350
Food Products 1.8%
Mondelez International, Inc. Class A		20,750		979

	Number of Shares		Value (000's)
Health Care Equipment & Supplies 1.6%
STERIS PLC		7,200	$	871
Hotels, Restaurants & Leisure 4.1%
Carnival Corp.		19,600		1,132
MGM Resorts International		40,000		1,070
				2,202
Industrial Conglomerates 2.0%
Honeywell International, Inc.		7,000		1,078
Insurance 4.1%
Aon PLC		6,600		1,132
Hartford Financial Services Group, Inc.		22,100		1,091
				2,223
IT Services 6.1%
Automatic Data Processing, Inc.		8,200		1,255
InterXion Holding NV*		13,700		897
Leidos Holdings, Inc.		18,100		1,169
				3,321
Media 3.2%
CBS Corp. Class B		16,400		823
Interpublic Group of Cos., Inc.		40,100		924
				1,747
Metals & Mining 5.5%
Cobalt 27 Capital Corp.*		183,000		598
First Quantum Minerals Ltd.		115,200		1,321
Wheaton Precious Metals Corp.		47,400		1,031
				2,950
Multi-Utilities 2.1%
Sempra Energy		9,500		1,144
Oil, Gas & Consumable Fuels 9.3%
Devon Energy Corp.		40,100		1,183
EOG Resources, Inc.		10,300		968
Kinder Morgan, Inc.		57,500		1,102
Occidental Petroleum Corp.		9,900		655
Suncor Energy, Inc.		32,900		1,134
				5,042

	Number of Shares		Value (000's)
Pharmaceuticals 8.3%
AstraZeneca PLC ADR		29,500	$	1,226
Bristol-Myers Squibb Co.		22,500		1,162
Novartis AG ADR		12,700		1,159
Pfizer, Inc.		21,700		941
				4,488
Road & Rail 2.0%
CSX Corp.		14,800		1,076
Semiconductors & Semiconductor Equipment 4.4%
ASML Holding NV		3,700		677
Maxim Integrated Products, Inc.		16,600		904
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		20,600		804
				2,385
Software 3.6%
Microsoft Corp.		11,700		1,311
Oracle Corp.		11,800		615
				1,926
Technology Hardware, Storage & Peripherals 1.9%
Apple, Inc.		5,975		1,035
Tobacco 2.1%
Philip Morris International, Inc.		13,200		1,148
Total Common Stocks (Cost $47,160)				52,223
Short-Term Investments 1.5%
Investment Companies 1.5%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(a) (Cost $803)		803,236		803
Total Investments 98.2% (Cost $47,963)				53,026
Other Assets Less Liabilities 1.8%				951
Net Assets 100.0%			$	53,977

See Notes to Financial Statements

Schedule of Investments Dividend Growth Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	52,223	$	—	$	—	$	52,223
Short-Term Investments		—		803		—		803
Total Investments	$	52,223	$	803	$	—	$	53,026

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 92.5%
Australia 1.3%
Rio Tinto PLC		328,941	$	18,918
Brazil 7.4%
Atacadao Distribuicao Comercio e Industria Ltda		2,782,800		14,462
B3 SA—Brasil Bolsa Balcao		2,568,105		22,419
BK Brasil Operacao e Assessoria a Restaurantes SA		2,001,685		11,815
Energisa SA		2,206,134		23,670
Itau Unibanco Holding SA, Preference Shares		2,245,400		21,060
Localiza Rent a Car SA		671,100		6,173
Pagseguro Digital Ltd. Class A*^(a)		301,100		8,470
				108,069
China 29.8%
3SBio, Inc.^(b)		5,597,500		9,256
A-Living Services Co. Ltd., H Shares*^(b)		4,215,000		6,605
Alibaba Group Holding Ltd. ADR*		203,452		37,238
Baidu, Inc. ADR*		120,900		19,651
Changyou.com Ltd. ADR		96,266		1,964
China Everbright International Ltd.		14,091,900		13,787
China Mobile Ltd.		3,229,000		33,978
CNOOC Ltd.		9,889,600		17,058
Greentown Service Group Co. Ltd.^(b)		1,266,000		1,155
Huatai Securities Co. Ltd., H Shares^(b)		10,005,400		20,266
Industrial & Commercial Bank of China Ltd., H Shares		38,355,400		29,513

	Number of Shares		Value (000's)
Kweichow Moutai Co. Ltd. Class A		67,291	$	7,598
Lens Technology Co. Ltd. Class A		3,863,110		4,911
Momo, Inc. ADR*		360,409		11,955
Ping An Insurance Group Co. of China Ltd., H Shares		4,695,000		49,434
Sinopharm Group Co. Ltd., H Shares		2,271,200		10,098
Sunny Optical Technology Group Co. Ltd.		2,382,400		28,225
Tencent Holdings Ltd.		1,689,700		72,283
Vipshop Holdings Ltd. ADR*		1,434,862		10,302
Weibo Corp. ADR*^(a)		188,662		13,631
Zhejiang Huace Film & TV Co. Ltd., Class A		9,730,817		11,832
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		2,262,300		12,695
ZTO Express Cayman, Inc. ADR		677,375		13,466
				436,901
Colombia 0.2%
Bancolombia SA ADR		56,686		2,740
Czech Republic 0.8%
Komercni Banka A/S		280,565		11,779
Hong Kong 2.2%
ASM Pacific Technology Ltd.		1,222,000		12,944
China Gas Holdings Ltd.		720,800		2,369
Haier Electronics Group Co. Ltd.*		2,731,200		8,142
Sino Biopharmaceutical Ltd.		9,392,200		8,148
				31,603

	Number of Shares		Value (000's)
India 7.7%
CreditAccess Grameen Ltd.*		1,066,345	$	6,266
Cummins India Ltd.		953,608		9,362
Dabur India Ltd.		1,008,503		6,234
Dewan Housing Finance Corp. Ltd.		1,726,224		3,109
HDFC Bank Ltd.		634,586		18,530
Housing Development Finance Corp. Ltd.		778,852		20,168
ICICI Bank Ltd.		3,086,762		15,235
JM Financial Ltd.		2,037,607		2,232
Mahindra & Mahindra Ltd.		631,438		5,731
National Stock Exchange^(c)(d)(i)		1,063,830		14,060
Power Grid Corp. of India Ltd.		4,397,939		11,269
SH Kelkar & Co. Ltd.^(b)		646,385		1,320
				113,516
Indonesia 2.1%
PT Astra International Tbk		23,326,100		11,856
PT Bank Negara Indonesia Persero Tbk		7,997,000		5,003
PT Bank Rakyat Indonesia Persero Tbk		35,110,400		9,609
PT Matahari Department Store Tbk		9,258,200		3,784
				30,252
Kazakhstan 0.1%
KAZ Minerals PLC		160,449		1,411
Korea 12.5%
Com2uS Corp.		82,664		8,952
Coway Co. Ltd.		254,100		21,373
DB Insurance Co. Ltd.		193,346		12,463
Hyundai Motor Co.		37,899		4,263
LG Chem Ltd.		37,874		13,150
NAVER Corp.		37,080		4,385
Orion Corp.^(e)		151,713		15,040
Samsung Electronics Co. Ltd.		1,559,860		62,550

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
SFA Engineering Corp.		116,671	$	4,315
SK Hynix, Inc.		343,402		21,373
SK Telecom Co. Ltd.		65,016		15,059
				182,923
Malaysia 0.5%
Inari Amertron Bhd		20,578,825		7,945
Mexico 2.6%
Fomento Economico Mexicano SAB de CV		1,751,228		15,881
Grupo Financiero Banorte SAB de CV, O Shares		2,263,209		12,322
Infraestructura Energetica Nova SAB de CV		2,518,778		9,681
				37,884
Peru 1.2%
Credicorp Ltd.		73,758		17,930
Philippines 1.7%
Ayala Corp.		255,700		4,573
GT Capital Holdings, Inc.		374,286		6,911
Metropolitan Bank & Trust Co.		9,030,933		13,271
				24,755
Poland 2.0%
Dino Polska SA*^(b)		501,460		14,180
Powszechny Zaklad Ubezpieczen SA		1,353,279		14,592
				28,772

	Number of Shares		Value (000's)
Russia 5.2%
Detsky Mir PJSC^(b)(c)		3,154,260	$	4,254
LUKOIL PJSC ADR		80,039		6,687
LUKOIL PJSC ADR		262,580		21,847
Sberbank of Russia PJSC^(c)		3,223,383		10,160
X5 Retail Group NV GDR^(b)		508,595		12,867
Yandex NV Class A*		571,428		19,657
				75,472
South Africa 6.0%
Barloworld Ltd.		602,155		5,388
Bid Corp. Ltd.		582,839		12,186
FirstRand Ltd.		2,960,947		13,509
JSE Ltd.		662,695		7,595
Multichoice Group Ltd.*		124,325		926
Naspers Ltd., N Shares		143,289		30,962
Sasol Ltd.		557,669		17,010
				87,576
Taiwan, Province of China 6.3%
Accton Technology Corp.		2,529,600		8,857
Elite Advanced Laser Corp.		2,244,268		5,301
Elite Material Co. Ltd.		2,723,100		8,376
eMemory Technology, Inc.		671,400		6,035
FLEXium Interconnect, Inc.		61,000		177
Parade Technologies Ltd.		747,000		13,173
Taiwan Semiconductor Manufacturing Co. Ltd.		6,506,839		49,931
				91,850

	Number of Shares		Value (000's)
Thailand 2.1%
Bangkok Bank PCL		1,367,300	$	9,285
CP ALL PCL^(c)		8,983,500		22,165
				31,450
Turkey 0.8%
Mavi Giyim Sanayi Ve Ticaret A/S Class B^(b)		460,345		3,579
Sok Marketler Ticaret A/S*		4,262,528		8,512
				12,091
Total Common Stocks (Cost $1,241,725)				1,353,837
Short-Term Investments 9.1%
Investment Companies 9.1%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(f)(g)		116,210,163		116,210
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(f)(h)		17,221,464		17,221
Total Short-Term Investments (Cost $133,431)				133,431
Total Investments 101.6% (Cost $1,375,156)				1,487,268
Liabilities Less Other Assets (1.6)%				(22,858	)
Net Assets 100.0%			$	1,464,410

* Non-income producing security.

(a) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $16,656,000 for the Fund (see Note A of the Notes to Financial Statements).

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $73,482,000, which represents 5.0% of net assets of the Fund.

(c) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $50,639,000, which represents 3.5% of net assets of the Fund.

(d) Value determined using significant unobservable inputs.

(e) All or a portion of this security was purchased on a delayed delivery basis.

(f) Represents 7-day effective yield as of February 28, 2019.

(g) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $116,210,000.

(h) Represents investment of cash collateral received from securities lending.

(i) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.

At February 28, 2019, this security amounted to approximately $14,060,000, which represents 1.0% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 2/28/2019		Fair Value Percentage of Net Assets as of 2/28/2019
National Stock Exchange	4/13/2018	$	15,536		1.1	%	$	14,060		1.0	%
Total		$	15,536		1.1	%	$	14,060		1.0	%

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	176,437		12.0	%
Interactive Media & Services		141,562		9.7	%
Semiconductors & Semiconductor Equipment		108,757		7.4	%
Food & Staples Retailing		84,372		5.8	%
Internet & Direct Marketing Retail		78,502		5.4	%
Insurance		76,489		5.2	%
Capital Markets		66,572		4.5	%
Technology Hardware, Storage & Peripherals		62,550		4.3	%
Electronic Equipment, Instruments & Components		53,949		3.7	%
Wireless Telecommunication Services		49,037		3.3	%
Oil, Gas & Consumable Fuels		45,592		3.1	%
Electric Utilities		34,939		2.4	%
Chemicals		31,480		2.2	%
Household Durables		29,515		2.0	%
Diversified Financial Services		24,993		1.7	%
Beverages		23,479		1.6	%
Thrifts & Mortgage Finance		23,277		1.6	%
Entertainment		22,748		1.6	%
Automobiles		21,850		1.5	%
Commercial Services & Supplies		21,547		1.5	%
Metals & Mining		20,329		1.4	%
Food Products		15,040		1.0	%
Air Freight & Logistics		13,466		0.9	%
Electrical Equipment		12,695		0.9	%
Gas Utilities		12,050		0.8	%
Hotels, Restaurants & Leisure		11,815		0.8	%
Health Care Providers & Services		10,098		0.7	%
Machinery		9,362		0.6	%
Biotechnology		9,256		0.6	%
Communications Equipment		8,857		0.6	%
IT Services		8,470		0.6	%
Pharmaceuticals		8,148		0.6	%
Consumer Finance		6,266		0.4	%
Personal Products		6,234		0.4	%
Road & Rail		6,173		0.4	%
Trading Companies & Distributors		5,388		0.4	%
Specialty Retail		4,254		0.3	%
Multiline Retail		3,784		0.3	%
Textiles, Apparel & Luxury Goods		3,579		0.2	%
Media		926		0.1	%
Short-Term Investments and Other Liabilities—Net		110,573		7.5	%
	$	1,464,410		100.0	%

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
India	$	99,456	$	—	$	14,060	$	113,516
Russia		61,058		14,414		—		75,472
Taiwan, Province of China		—		91,850		—		91,850
Thailand		9,285		22,165		—		31,450
Other Common Stocks^(a)		1,041,549		—		—		1,041,549
Total Common Stocks		1,211,348		128,429		14,060		1,353,837
Short-Term Investments		—		133,431		—		133,431
Total Investments	$	1,211,348	$	261,860	$	14,060	$	1,487,268

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

(b)The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 9/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 2/28/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019
Investments in Securities: (000's omitted)
Common Stocks
India	$	14,099	$	—	$	—	$	(39	)	$	—	$	—	$	—	$	—	$	14,060	$	(39	)
Total	$	14,099	$	—	$	—	$	(39	)	$	—	$	—	$	—	$	—	$	14,060	$	(39	)

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont'd)

The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2019:

Asset
class

Fair value
at 2/28/2019

Valuation
approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(c)

Common
Stocks

14,059,510

Market
Approach

Transaction
Price

13.22

Increase

(c) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 87.3%
Aerospace & Defense 2.0%
Lockheed Martin Corp.		93,000	$	28,775
Banks 5.8%
Comerica, Inc.		260,250		22,670
JPMorgan Chase & Co.^(a)		374,000		39,031
Umpqua Holdings Corp.		1,229,000		22,343
				84,044
Beverages 0.5%
Coca-Cola Co.		161,500		7,322
Biotechnology 1.8%
Gilead Sciences, Inc.		415,000		26,983
Capital Markets 2.0%
Virtu Financial, Inc. Class A		1,135,000		28,534
Chemicals 1.7%
Nutrien Ltd.		446,000		24,280
Communications Equipment 2.3%
Cisco Systems, Inc.^(a)		657,000		34,013
Construction & Engineering 1.2%
Ferrovial SA		733,000		16,892
Diversified Telecommunication Services 2.5%
Verizon Communications, Inc.		640,000		36,429
Electric Utilities 6.9%
Evergy, Inc.		592,000		33,099
Exelon Corp.		402,000		19,533
NextEra Energy, Inc.		259,300		48,676
				101,308
Energy Equipment & Services 1.5%
Helmerich & Payne, Inc.		395,163		21,418
Equity Real Estate Investment Trusts 8.6%
Alexandria Real Estate Equities, Inc.		202,000		27,450
Crown Castle International Corp.		239,200		28,405
Equinix, Inc.^(a)		27,800		11,773
Equity Lifestyle Properties, Inc.		175,000		19,012

	Number of Shares		Value (000's)
National Retail Properties, Inc.		200,000	$	10,420
Outfront Media, Inc.		550,000		12,342
STORE Capital Corp.		473,500		15,375
				124,777
Food & Staples Retailing 1.9%
Walmart, Inc.		280,000		27,717
Food Products 0.9%
Flowers Foods, Inc.		660,000		13,510
Hotels, Restaurants & Leisure 1.6%
Carnival Corp.		400,000		23,104
Industrial Conglomerates 0.9%
Siemens AG		120,000		13,121
Insurance 1.6%
Assurant, Inc.		75,000		7,724
Hartford Financial Services Group, Inc.		305,000		15,055
				22,779
IT Services 2.2%
Paychex, Inc.		424,400		32,687
Media 1.8%
Interpublic Group of Cos., Inc.		1,139,500		26,243
Metals & Mining 2.0%
Rio Tinto PLC ADR		502,400		29,240
Mortgage Real Estate Investment 1.5%
Blackstone Mortgage Trust, Inc. Class A		648,900		22,374
Multi-Utilities 10.0%
Ameren Corp.		295,000		21,016
Dominion Energy, Inc.		275,400		20,404
DTE Energy Co.		266,000		32,867
NiSource, Inc.		1,250,000		33,725
Sempra Energy		195,000		23,486
WEC Energy Group, Inc.		190,900		14,562
				146,060
Oil, Gas & Consumable Fuels 7.5%
Equitrans Midstream Corp.		667,400		11,773
ONEOK, Inc.		314,700		20,223

	Number of Shares		Value (000's)
Pembina Pipeline Corp.		710,000	$	25,984
Suncor Energy, Inc.		883,500		30,445
Williams Cos., Inc.		785,000		20,952
				109,377
Pharmaceuticals 7.9%
AstraZeneca PLC ADR		772,300		32,112
Bristol-Myers Squibb Co.		428,700		22,147
Johnson & Johnson		229,100		31,304
Pfizer, Inc.		691,000		29,955
				115,518
Road & Rail 0.6%
Union Pacific Corp.		52,000		8,720
Semiconductors & Semiconductor Equipment 2.2%
Maxim Integrated Products, Inc.		137,900		7,506
QUALCOMM, Inc.		218,000		11,639
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		343,000		13,394
				32,539
Software 1.9%
Microsoft Corp.^(a)		241,400		27,044
Specialty Retail 4.9%
Foot Locker, Inc.		622,000		37,022
Home Depot, Inc.		102,000		18,884
Williams-Sonoma, Inc.		264,000		15,354
				71,260
Trading Companies & Distributors 0.5%
Watsco, Inc.		50,000		7,194
Transportation Infrastructure 0.6%
Sydney Airport		1,771,137		9,046
Total Common Stocks (Cost $1,011,905)				1,272,308
Preferred Stocks 0.0%^(b)
Oil, Gas & Consumable Fuel 0.0%^(b)
El Paso Energy Capital Trust I, 4.75% (Cost $324)		8,000		402

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

	Principal Amount		Value (000's)
Convertible Bonds 10.0%
Banks 0.1%
Hope Bancorp, Inc., 2.00%, due 5/15/2038^(c)	$	940,000	$	845
Biotechnology 0.3%
BioMarin Pharmaceutical, Inc., 0.60%, due 8/1/2024		4,565,000		4,762
Communications Equipment 0.2%
Finisar Corp., 0.50%, due 12/15/2036		2,685,000		2,621
Entertainment 0.1%
Live Nation Entertainment, Inc., 2.50%, due 3/15/2023^(c)		860,000		961
Equity Real Estate Investment Trusts 0.8%
Extra Space Storage LP, 3.13%, due 10/1/2035^(c)		8,090,000		8,994
IH Merger Sub LLC, 3.50%, due 1/15/2022		2,600,000		2,898
				11,892
Health Care Equipment & Supplies 0.2%
CONMED Corp., 2.63%, due 2/1/2024^(c)		2,755,000		2,908
Independent Power and Renewable Electricity Producers 1.1%
NextEra Energy Partners L.P., 1.50%, due 9/15/2020^(c)		16,535,000		16,090
Interactive Media & Services 1.0%
LinkedIn Corp., 0.50%, due 11/1/2019		8,600,000		8,600

	Principal Amount		Value (000's)
Zillow Group, Inc., 1.50%, due 7/1/2023	$	6,850,000	$	6,486
				15,086
Internet & Direct Marketing Retail 0.2%
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/2047^(c)		3,615,000		3,557
Machinery 0.2%
Fortive Corp., 0.88%, due 2/15/2022^(c)(d)		2,300,000		2,391
Media 1.2%
GCI Liberty, Inc., 1.75%, due 9/30/2046^(c)		913,000		998
Liberty Media Corp., 2.13%, due 3/31/2048^(c)		16,500,000		16,180
				17,178
Metals & Mining 0.9%
Endeavour Mining Corp., 3.00%, due 2/15/2023^(c)		13,765,000		12,819
Oil, Gas & Consumable Fuel 0.6%
Golar LNG Ltd., 2.75%, due 2/15/2022		8,950,000		8,541
Semiconductors & Semiconductor Equipment 0.1%
Rambus, Inc., 1.38%, due 2/1/2023		1,378,000		1,267
Software 2.8%
DocuSign, Inc., 0.50%, due 9/15/2023^(c)		925,000		985
Envestnet, Inc., 1.75%, due 6/1/2023^(c)		10,930,000		12,090

	Principal Amount		Value (000's)
Guidewire Software, Inc., 1.25%, due 3/15/2025	$	9,000,000	$	9,525
PROS Holdings, Inc., 2.00%, due 6/1/2047		4,265,000		4,508
Splunk, Inc., 0.50%, due 9/15/2023^(c)		4,620,000		5,157
Verint Systems, Inc., 1.50%, due 6/1/2021		8,700,000		9,012
				41,277
Technology Hardware, Storage & Peripherals 0.2%
Electronics For Imaging, Inc., 2.25%, due 11/15/2023^(c)		2,765,000		2,822
Total Convertible Bonds (Cost $142,132)				145,017
	Number of Shares
Short-Term Investments 2.5%
Investment Companies 2.5%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(e)(f) (Cost $36,549)		36,548,522		36,549
Total Investments 99.8% (Cost $1,190,910)				1,454,276
Other Assets Less Liabilities 0.2%^(g)				2,187
Net Assets 100.0%			$	1,456,463

(a) All or a portion of the security is pledged as collateral for options written.

(b) Represents less than 0.05% of net assets.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At February 28, 2019, these securities amounted to approximately $86,797,000, which represents 6.0% of net assets of the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.

(d) Illiquid security.

(e) Represents 7-day effective yield as of February 28, 2019.

(f) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $36,549,000.

(g) Includes the impact of the Fund's open positions in derivatives at February 28, 2019.

Derivative Instruments

Written option contracts ("options written")

At February 28, 2019, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Communications Equipment
Cisco Systems, Inc.		300	$	(1,553,100	)	$	50	6/21/2019	$	(102,000	)
Cisco Systems, Inc.		300		(1,553,100	)		55	7/19/2019		(35,700	)
										(137,700	)
Electric Utilities
NextEra Energy, Inc.		250		(4,693,000	)		200	9/20/2019		(83,750	)
Equity Real Estate Investment Trusts
Alexandria Real Estate Equities, Inc.		200		(2,717,800	)		140	7/19/2019		(71,000	)
Alexandria Real Estate Equities, Inc.		200		(2,717,800	)		145	7/19/2019		(38,000	)
Crown Castle International Corp.		200		(2,375,000	)		130	7/19/2019		(25,000	)
Crown Castle International Corp.		200		(2,375,000	)		140	10/18/2019		(17,000	)
										(151,000	)
Food & Staples Retailing
Walmart, Inc.		250		(2,474,750	)		115	9/20/2019		(19,250	)
IT Services
Paychex, Inc.		250		(1,925,500	)		77.5	9/20/2019		(86,250	)
Paychex, Inc.		250		(1,925,500	)		82.5	9/20/2019		(36,250	)
										(122,500	)
Metals & Mining
Rio Tinto PLC		250		(1,455,000	)		62.5	7/19/2019		(33,750	)
Rio Tinto PLC		250		(1,455,000	)		65	10/18/2019		(36,875	)
										(70,625	)

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Multi-Utilities
Ameren Corp.		300	$	(2,137,200	)	$	70	3/15/2019	$	(44,250	)
WEC Energy Group, Inc.		200		(1,525,600	)		80	10/18/2019		(36,500	)
										(80,750	)
Oil, Gas & Consumable Fuels
ONEOK, Inc.		300		(1,927,800	)		72.5	7/19/2019		(18,000	)
Road & Rail
Union Pacific Corp.		100		(1,677,000	)		185	6/21/2019		(18,450	)
Specialty Retail
Foot Locker, Inc.		300		(1,785,600	)		70	8/16/2019		(92,250	)
Foot Locker, Inc.		300		(1,785,600	)		75	8/16/2019		(61,500	)
										(153,750	)
Total calls									$	(855,775	)
Puts
Beverages
Coca-Cola Co.		250	$	(1,133,500	)	$	41	8/16/2019	$	(15,000	)
Machinery
Caterpillar, Inc.		200		(2,746,800	)		100	6/21/2019		(10,900	)
Total puts									$	(25,900	)
Total options written (premium received $673,030)									$	(881,675	)

For the six months ended February 28, 2019, the Fund had an average market value of $(786,808) in options written. At February 28, 2019, the Fund had securities pledged in the amount of $26,258,505 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,272,308	$	—	$	—	$	1,272,308
Preferred Stocks^(a)		402		—		—		402
Convertible Bonds^(a)		—		145,017		—		145,017
Short-Term Investments		—		36,549		—		36,549
Total Investments	$	1,272,710	$	181,566	$	—	$	1,454,276

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2019:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(882	)	$	—	$	—	$	(882	)
Total	$	(882	)	$	—	$	—	$	(882	)

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Focus Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 97.4%
Aerospace & Defense 0.8%
Raytheon Co.		29,000	$	5,409
Auto Components 1.2%
Aptiv PLC		100,000		8,311
Banks 7.3%
Comerica, Inc.		307,500		26,786
JPMorgan Chase & Co.		229,000		23,899
				50,685
Biotechnology 4.4%
Alexion Pharmaceuticals, Inc.*		60,000		8,120
Gilead Sciences, Inc.		340,000		22,107
				30,227
Building Products 1.4%
Johnson Controls International PLC		271,000		9,558
Capital Markets 4.8%
Intercontinental Exchange, Inc.		303,000		23,377
Morgan Stanley		232,000		9,739
				33,116
Chemicals 2.4%
Air Products & Chemicals, Inc.		42,000		7,609
Ashland Global Holdings, Inc.		118,000		9,131
				16,740
Commercial Services 0.4%
LegalZoom.com, Inc.*^(a)(b)(e)		286,288		2,820
Communications Equipment 4.9%
Motorola Solutions, Inc.		235,000		33,633
Distributors 3.1%
LKQ Corp.*		770,000		21,329
Entertainment 2.6%
Activision Blizzard, Inc.		426,000		17,952
Food & Staples Retailing 1.3%
Walmart, Inc.		93,000		9,206
Food Products 3.9%
Mondelez International, Inc. Class A		580,000		27,353

	Number of Shares		Value (000's)
Health Care Equipment & Supplies 3.0%
Zimmer Biomet Holdings, Inc.		167,000	$	20,728
Health Care Providers & Services 3.4%
Cigna Corp.		134,000		23,375
Hotels, Restaurants & Leisure 2.2%
Carnival Corp.		269,000		15,537
Household Durables 0.9%
Lennar Corp. Class A		125,000		5,998
Insurance 3.5%
American Equity Investment Life Holding Co.		26,900		851
Athene Holding Ltd. Class A*		428,000		19,068
Hartford Financial Services Group, Inc.		86,000		4,245
				24,164
Interactive Media & Services 5.6%
Alphabet, Inc. Class A*		17,100		19,264
Alphabet, Inc. Class C*		17,600		19,711
				38,975
Internet & Direct Marketing Retail 4.0%
Amazon.com, Inc.*		17,000		27,877
IT Services 3.6%
Black Knight, Inc.*		186,000		9,718
Worldpay, Inc. Class A*		162,000		15,520
				25,238
Machinery 2.0%
Gates Industrial Corp. PLC*		850,000		13,685
Media 2.8%
Altice USA, Inc. Class A		250,000		5,452
Charter Communications, Inc. Class A*		41,500		14,314
				19,766
Multi-Utilities 3.3%
DTE Energy Co.		183,000		22,611
Oil, Gas & Consumable Fuels 5.8%
Cabot Oil & Gas Corp.		610,000		15,018

	Number of Shares		Value (000's)
Concho Resources, Inc.		81,000	$	8,910
Phillips 66		83,000		7,998
WPX Energy, Inc.*		654,000		8,070
				39,996
Pharmaceuticals 3.4%
Pfizer, Inc.		543,000		23,539
Road & Rail 4.2%
CSX Corp.		398,000		28,923
Semiconductors & Semiconductor Equipment 3.0%
Analog Devices, Inc.		193,000		20,643
Software 2.5%
Autodesk, Inc.*		107,000		17,442
Technology Hardware, Storage & Peripherals 1.3%
Western Digital Corp.		185,000		9,305
Wireless Telecommunication Services 4.4%
T-Mobile US, Inc.*		421,000		30,400
Total Common Stocks (Cost $559,731)				674,541
Preferred Stocks 0.4%
Food Products 0.4%
Sweetgreen, Inc. Ser. D^(a)(b)(e) (Cost $3,000)*		250,000		3,000
Short-Term Investments 2.2%
Investment Companies 2.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(c) (Cost $15,348)		15,348,175		15,348
Total Investments 100.0% (Cost $578,079)				692,889
Liabilities Less Other Assets (0.0)%^(d)				(125	)
Net Assets 100.0%			$	692,764

See Notes to Financial Statements

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $5,820,000, which represents 0.8% of net assets of the Fund.

(b) Value determined using significant unobservable inputs.

(d) Represents less than 0.05% of net assets.

(e) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.

At February 28, 2019, these securities amounted to approximately $5,820,000 which represents 0.8% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 2/28/2019		Fair Value Percentage of Net Assets as of 2/28/2019
LegalZoom.com, Inc.	8/21/2018	$	3,000		0.4	%	$	2,820		0.4	%
Sweetgreen, Inc. (Ser. D Preferred Shares)	11/29/2018		3,000		0.4	%		3,000		0.4	%
Total		$	6,000		0.8	%	$	5,820		0.8	%

Derivative Instruments

Written option contracts ("options written")

At February 28, 2019, the Fund did not have any outstanding options written. For the six months ended February 28, 2019, the Fund had an average market value of $(357,528) in options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Commercial Services	$	—	$	—	$	2,820	$	2,820
Other Common Stocks^(a)		671,721		—		—		671,721
Total Common Stocks		671,721		—		2,820		674,541
Preferred Stocks^(a)		—		—		3,000		3,000
Short-Term Investments		—		15,348		—		15,348
Total Investments	$	671,721	$	15,348	$	5,820	$	692,889

See Notes to Financial Statements

Schedule of Investments Focus Fund^ (Unaudited) (cont'd)

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

(b) The following is reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 9/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 2/28/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019
Investments in Securities: (000's omitted)
Common Stocks
Commercial Services	$	3,000	$	—	$	—	$	(180	)	$	—	$	—	$	—	$	—	$	2,820	$	(180	)
Preferred Stocks
Food Products		—		—		—		—			3,000								3,000		—
Total	$	3,000	$	—	$	—	$	(180	)	$	3,000	$	—	$	—	$	—	$	5,820	$	(180	)

The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2019.

Asset
class

Fair value
at 2/28/2019

Valuation
approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(c)

Common
Stocks

2,819,507

Market
Approach

Adjusted
Transaction
Price

9.85

Increase

Preferred
Stocks

3,000,000

Market
Approach

Transaction
Price

12.00

Increase

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Genesis Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 99.0%
Aerospace & Defense 0.4%
Astronics Corp.*		968,762	$	34,845
Air Freight & Logistics 0.6%
Forward Air Corp.		893,005		57,733
Airlines 0.6%
Allegiant Travel Co.		453,478		59,904
Auto Components 2.1%
Fox Factory Holding Corp.*^(a)		2,137,453		135,472
LCI Industries		905,013		73,740
				209,212
Automobiles 0.3%
Thor Industries, Inc.		379,543		24,507
Banks 12.0%
Bank of Hawaii Corp.		1,797,914		147,842
Bank OZK		2,330,145		76,429
BOK Financial Corp.		1,021,644		92,398
Columbia Banking System, Inc.		2,302,400		87,215
Community Bank System, Inc.		1,444,545		93,592
Cullen/Frost Bankers, Inc.		1,300,974		134,885
CVB Financial Corp.		5,230,532		119,204
First Financial Bankshares, Inc.		2,122,301		137,631
First Hawaiian, Inc.		3,593,379		96,878
Glacier Bancorp, Inc.		1,659,502		72,719
Lakeland Financial Corp.		770,144		37,213
LegacyTexas Financial Group, Inc.		1,840,664		76,811
PacWest Bancorp		687,221		28,190
				1,201,007
Beverages 0.5%
MGP Ingredients, Inc.		628,907		51,476
Biotechnology 1.1%
Abcam PLC		2,025,226		34,517

	Number of Shares		Value (000's)
Emergent BioSolutions, Inc.*		1,269,790	$	74,092
				108,609
Building Products 1.8%
AAON, Inc.		2,393,178		95,392
AO Smith Corp.		1,232,533		64,006
Patrick Industries, Inc.*		421,726		19,066
				178,464
Capital Markets 3.4%
Artisan Partners Asset Management, Inc. Class A		1,205,906		31,715
BrightSphere Investment Group PLC		3,435,876		48,618
FactSet Research Systems, Inc.		288,281		67,795
Houlihan Lokey, Inc.		1,118,743		51,440
MarketAxess Holdings, Inc.		588,420		143,504
				343,072
Chemicals 3.0%
Chase Corp.		453,248		43,761
Ingevity Corp.*		488,555		56,291
NewMarket Corp.		123,117		54,049
Quaker Chemical Corp.		474,627		99,192
Sensient Technologies Corp.		776,099		50,214
				303,507
Commercial Services & Supplies 3.4%
Healthcare Services Group, Inc.		1,131,246		43,191
MSA Safety, Inc.		856,276		88,530
Rollins, Inc.		3,932,389		155,958
UniFirst Corp.		322,574		46,393
				334,072
Communications Equipment 1.1%
NetScout Systems, Inc.*^(a)		4,159,468		113,845
Construction & Engineering 0.8%
Valmont Industries, Inc.		613,016		83,732
Construction Materials 1.1%
Eagle Materials, Inc.		1,438,367		109,949

	Number of Shares		Value (000's)
Containers & Packaging 1.2%
AptarGroup, Inc.		1,196,163	$	121,686
Distributors 2.3%
Pool Corp.		1,459,804		232,897
Diversified Consumer Services 1.3%
Bright Horizons Family Solutions, Inc.*		1,031,554		127,913
Electrical Equipment 0.6%
AZZ, Inc.		1,271,133		58,497
Electronic Equipment, Instruments & Components 6.9%
Cognex Corp.		2,153,037		114,972
Littelfuse, Inc.		771,216		148,914
nLight, Inc.*		1,039,828		22,242
Novanta, Inc.*		1,315,319		107,501
Rogers Corp.*^(a)		1,157,239		179,661
Zebra Technologies Corp. Class A*		581,960		116,689
				689,979
Energy Equipment & Services 1.7%
Apergy Corp.*		1,083,531		45,486
Cactus, Inc. Class A*		1,267,010		45,942
Computer Modelling Group Ltd.		3,424,659		15,664
Pason Systems, Inc.		3,959,517		60,567
				167,659
Food Products 2.4%
Calavo Growers, Inc.		817,619		69,604
J & J Snack Foods Corp.		421,787		65,495
Lancaster Colony Corp.		682,057		106,926
				242,025
Health Care Equipment & Supplies 6.8%
Atrion Corp.^(a)		96,552		75,926
Cantel Medical Corp.		1,179,046		86,683
Haemonetics Corp.*		1,145,322		99,494
Heska Corp.*^(a)		401,226		32,816
IDEXX Laboratories, Inc.*		757,739		159,906
Neogen Corp.*		614,781		38,092
West Pharmaceutical Services, Inc.		1,800,949		188,649
				681,566

See Notes to Financial Statements

Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Health Care Providers & Services 2.8%
Chemed Corp.		461,379	$	152,024
Covetrus, Inc.*		163,765		5,860
Henry Schein, Inc.*		923,010		54,734
U.S. Physical Therapy, Inc.		616,505		67,964
				280,582
Hotels, Restaurants & Leisure 1.0%
Cheesecake Factory, Inc.		221,692		10,486
Texas Roadhouse, Inc.		1,325,555		83,921
				94,407
Household Durables 0.2%
Installed Building Products, Inc.*		528,080		23,035
Household Products 2.3%
Church & Dwight Co., Inc.		2,068,871		136,131
WD-40 Co.		517,739		92,660
				228,791
Industrial Conglomerates 0.4%
Raven Industries, Inc.		1,003,973		40,079
Insurance 1.4%
AMERISAFE, Inc.		737,289		46,530
RLI Corp.		1,326,785		93,565
				140,095
IT Services 1.2%
Jack Henry & Associates, Inc.		923,522		122,487
Life Sciences Tools & Services 2.7%
Bio-Techne Corp.		981,818		190,374
ICON PLC*		547,227		76,601
				266,975
Machinery 5.7%
Graco, Inc.		1,409,070		66,170
Lindsay Corp.		479,242		44,315
Middleby Corp.*		723,830		88,734
Nordson Corp.		673,256		91,401
RBC Bearings, Inc.*		1,045,605		146,542
Toro Co.		1,978,258		135,669
				572,831

	Number of Shares		Value (000's)
Media 3.3%
Cable One, Inc.		71,797	$	68,135
Gray Television, Inc.*		3,288,739		72,056
Nexstar Media Group, Inc. Class A		1,913,589		187,015
				327,206
Multiline Retail 0.4%
Ollie's Bargain Outlet Holdings, Inc.*		430,560		37,984
Oil, Gas & Consumable Fuels 2.0%
Centennial Resource Development, Inc. Class A*		8,086,955		73,349
Matador Resources Co.*		3,481,140		64,749
WPX Energy, Inc.*		4,958,570		61,189
				199,287
Paper & Forest Products 0.8%
Stella-Jones, Inc.		2,398,500		75,553
Professional Services 1.6%
Exponent, Inc.^(a)		2,739,202		155,121
Real Estate Management & Development 0.7%
FirstService Corp.		807,540		70,127
Semiconductors & Semiconductor Equipment 3.2%
Cabot Microelectronics Corp.		779,732		88,188
MKS Instruments, Inc.		1,009,716		83,675
Power Integrations, Inc.^(a)		2,078,178		151,831
				323,694
Software 9.3%
Altair Engineering, Inc. Class A*		1,293,580		45,870
Aspen Technology, Inc.*		2,251,700		226,769
Fair Isaac Corp.*		759,175		188,139
Manhattan Associates, Inc.*		3,159,771		172,997
Qualys, Inc.*		1,682,851		140,737
Tyler Technologies, Inc.*		771,785		158,054
				932,566

	Number of Shares		Value (000's)
Specialty Retail 3.0%
Asbury Automotive Group, Inc.*		614,333	$	44,103
Floor & Decor Holdings, Inc. Class A*		1,362,990		50,676
Lithia Motors, Inc. Class A		772,899		69,770
Monro, Inc.		976,101		74,486
Tractor Supply Co.		648,503		61,835
				300,870
Trading Companies & Distributors 1.6%
Applied Industrial Technologies, Inc.		391,307		22,751
Richelieu Hardware Ltd.^(b)		1,534,618		27,498
SiteOne Landscape Supply, Inc.*		663,097		35,615
Watsco, Inc.		523,996		75,398
				161,262
Total Common Stocks (Cost $5,493,989)				9,889,108
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(c)		5,495,868		5,496
State Street Institutional Treasury Plus Money Market Fund Premier Class, 2.33%^(c)		111,035,793		111,036
Total Short-Term Investments (Cost $116,532)				116,532
Total Investments 100.1% (Cost $5,610,521)				10,005,640
Liabilities Less Other Assets (0.1)%				(13,461	)
Net Assets 100.0%			$	9,992,179

See Notes to Financial Statements

Schedule of Investments Genesis Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Affiliated company (see Note F of Notes to Financial Statements).

(b) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $27,498,000, which represents 0.3% of net assets of the Fund.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Trading Companies & Distributors	$	133,764	$	27,498	$	—	$	161,262
Other Common Stocks^(a)		9,727,846		—		—		9,727,846
Total Common Stocks		9,861,610		27,498		—		9,889,108
Short-Term Investments		—		116,532		—		116,532
Total Investments	$	9,861,610	$	144,030	$	—	$	10,005,640

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Global Equity Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 99.5%
Australia 0.7%
Insurance Australia Group Ltd.		5,860	$	30
Belgium 1.1%
KBC Group NV		665		49
Canada 5.1%
Alimentation Couche-Tard, Inc. Class B		1,148		65
Kinaxis, Inc.*		1,069		67
Suncor Energy, Inc.		890		31
Waste Connections, Inc.		917		76
				239
China 2.6%
Alibaba Group Holding Ltd. ADR*		495		91
Baidu, Inc. ADR*		194		31
				122
France 1.0%
Air Liquide SA		289		36
Valeo SA		372		12
				48
Germany 4.1%
Continental AG		225		37
Gerresheimer AG		471		36
Henkel AG & Co. KGaA, Preference Shares		228		23
Infineon Technologies AG		3,286		72
SAP SE ADR		219		23
				191
Hong Kong 4.1%
AIA Group Ltd.		7,600		76
Haier Electronics Group Co. Ltd.*		13,350		40
Techtronic Industries Co. Ltd.		11,500		77
				193
Ireland 0.7%
CRH PLC		1,020		32
Israel 1.5%
Check Point Software Technologies Ltd.*		551		67
Japan 7.0%
Bridgestone Corp.		930		37
Daikin Industries Ltd.		450		49
Hoya Corp.		400		24
Ichigo, Inc.		9,100		31

	Number of Shares		Value (000's)
Kao Corp.		600	$	45
Kose Corp.		425		69
Sanwa Holdings Corp.		3,050		35
Toyota Motor Corp.		650		39
				329
Mexico 0.5%
Infraestructura Energetica Nova SAB de CV		5,928		23
Netherlands 6.5%
AerCap Holdings NV*		1,393		63
ASML Holding NV		672		123
Heineken NV		415		42
Intertrust NV^(a)		1,503		28
NXP Semiconductors NV		541		50
				306
Norway 0.9%
Sbanken ASA^(a)		4,667		44
Singapore 1.1%
DBS Group Holdings Ltd.		2,700		50
Sweden 0.4%
Assa Abloy AB Class B		913		19
Switzerland 8.5%
Cie Financiere Richemont SA		553		42
Ferguson PLC		847		59
Givaudan SA		19		48
Julius Baer Group Ltd.*		1,125		49
Lonza Group AG*		131		37
Roche Holding AG		206		57
SGS SA		15		38
Sonova Holding AG		359		67
				397
United Kingdom 7.1%
Aon PLC		352		60
Bunzl PLC		1,269		40
Compass Group PLC		2,424		53
Fevertree Drinks PLC		1,058		38
Prudential PLC		1,998		42
RELX PLC		2,363		54
St. James's Place PLC		3,389		44
				331
United States 46.6%
Activision Blizzard, Inc.		1,160		49

	Number of Shares		Value (000's)
Alexion Pharmaceuticals, Inc.*		280	$	38
Alphabet, Inc. Class A*		39		44
Alphabet, Inc. Class C*		39		44
Amazon.com, Inc.*		88		144
Apple, Inc.		444		77
Biogen, Inc.*		164		54
BlackRock, Inc.		135		60
Cabot Oil & Gas Corp.		2,335		57
CDW Corp.		1,019		96
Centene Corp.*		1,060		64
Cognex Corp.		572		30
Comerica, Inc.		536		47
Core Laboratories NV		312		20
Covetrus, Inc.*		330		12
CVS Health Corp.		686		40
EOG Resources, Inc.		603		57
Estee Lauder Cos., Inc. Class A		463		73
Expedia Group, Inc.		148		18
Exxon Mobil Corp.		768		61
Fidelity National Information Services, Inc.		710		77
First Republic Bank		241		25
Gilead Sciences, Inc.		360		23
Graco, Inc.		1,295		61
Halliburton Co.		710		22
Henry Schein, Inc.*		825		49
Intercontinental Exchange, Inc.		960		74
JPMorgan Chase & Co.		675		70
Medtronic PLC		751		68
RPM International, Inc.		895		52
Samsonite International SA*^(a)		18,895		57
Sealed Air Corp.		1,185		52
Sensata Technologies Holding PLC*		1,964		100
Service Corp. International		667		27
SVB Financial Group*		163		40
T-Mobile US, Inc.*		935		67
VF Corp.		555		48
Visa, Inc. Class A		575		85
Western Digital Corp.		790		40
Worldpay, Inc. Class A*		592		57
				2,179
Total Common Stocks (Cost $3,793)				4,649

See Notes to Financial Statements

Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 0.8%
Investment Companies 0.8%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(b) (Cost $40)		39,805	$	40
Total Investments 100.3% (Cost $3,833)				4,689
Liabilities Less Other Assets (0.3)%				(16	)
Net Assets 100.0%			$	4,673

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $129,000, which represents 2.8% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2019.

See Notes to Financial Statements

Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Banks	$	325		7.0	%
Internet & Direct Marketing Retail		253		5.4	%
Semiconductors & Semiconductor Equipment		245		5.2	%
Capital Markets		227		4.9	%
IT Services		219		4.7	%
Insurance		208		4.5	%
Oil, Gas & Consumable Fuels		206		4.4	%
Personal Products		187		4.0	%
Health Care Providers & Services		165		3.5	%
Trading Companies & Distributors		162		3.5	%
Health Care Equipment & Supplies		159		3.4	%
Software		157		3.4	%
Textiles, Apparel & Luxury Goods		147		3.1	%
Chemicals		136		2.9	%
Electronic Equipment, Instruments & Components		126		2.8	%
Professional Services		120		2.6	%
Interactive Media & Services		119		2.5	%
Technology Hardware, Storage & Peripherals		117		2.5	%
Household Durables		117		2.5	%
Biotechnology		115		2.5	%
Building Products		103		2.2	%
Electrical Equipment		100		2.1	%
Auto Components		86		1.8	%
Beverages		80		1.7	%
Commercial Services & Supplies		76		1.6	%
Life Sciences Tools & Services		73		1.6	%
Wireless Telecommunication Services		67		1.4	%
Food & Staples Retailing		65		1.4	%
Machinery		61		1.3	%
Pharmaceuticals		57		1.2	%
Hotels, Restaurants & Leisure		53		1.1	%
Containers & Packaging		52		1.1	%
Entertainment		49		1.0	%
Energy Equipment & Services		42		0.9	%
Automobiles		39		0.8	%
Construction Materials		32		0.7	%
Real Estate Management & Development		31		0.7	%
Diversified Consumer Services		27		0.6	%
Gas Utilities		23		0.5	%
Household Products		23		0.5	%
Short-Term Investments and Other Liabilities—Net		24		0.5	%
	$	4,673		100.0	%

See Notes to Financial Statements

Schedule of Investments Global Equity Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	4,649	$	—	$	—	$	4,649
Short-Term Investments		—		40		—		40
Total Investments	$	4,649	$	40	$	—	$	4,689

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 98.9%
Australia 5.5%
Dexus		7,028	$	60
Goodman Group		12,070		110
GPT Group		9,152		38
				208
Belgium 2.1%
Shurgard Self Storage SA*		2,551		79
Canada 3.6%
Allied Properties Real Estate Investment Trust		1,161		42
Brookfield Asset Management, Inc. Class A		706		32
Canadian Apartment Properties REIT		1,637		63
				137
France 1.9%
ICADE		822		70
Germany 5.3%
ADLER Real Estate AG		3,035		43
ADO Properties SA^(a)		979		56
Deutsche Wohnen SE		2,118		99
				198
Hong Kong 6.7%
CK Asset Holdings Ltd.		14,316		119
Sun Hung Kai Properties Ltd.		8,153		135
				254
Japan 11.6%
Advance Residence Investment Corp.		18		50
Japan Real Estate Investment Corp.		10		58
Mitsubishi Estate Co. Ltd.		3,902		67
Mitsui Fudosan Co. Ltd.		5,130		121
Nippon Accommodations Fund, Inc.		17		85
Sumitomo Realty & Development Co. Ltd.		1,502		56
				437

	Number of Shares		Value (000's)
Singapore 2.6%
Ascendas Real Estate Investment Trust		17,945	$	37
City Developments Ltd.		8,956		59
				96
Spain 1.3%
Merlin Properties Socimi SA		3,890		50
Sweden 1.4%
Hufvudstaden AB, A Shares		3,344		54
United Kingdom 5.5%
Safestore Holdings PLC		9,019		73
SEGRO PLC		9,753		86
UNITE Group PLC		3,960		48
				207
United States 51.4%
Alexandria Real Estate Equities, Inc.		463		63
American Homes 4 Rent Class A		3,560		78
American Tower Corp.		864		152
Apartment Investment & Management Co. Class A		1,415		69
Crown Castle International Corp.		763		91
CyrusOne, Inc.		783		39
Digital Realty Trust, Inc.		558		63
Douglas Emmett, Inc.		1,596		62
Equinix, Inc.		289		122
Equity Lifestyle Properties, Inc.		979		106
Equity Residential		1,622		120
Essex Property Trust, Inc.		391		109
Extra Space Storage, Inc.		405		39
Four Corners Property Trust, Inc.		1,133		31
HCP, Inc.		1,701		52
Healthcare Trust of America, Inc. Class A		1,419		40
Highwoods Properties, Inc.		747		35

	Number of Shares		Value (000's)
Hyatt Hotels Corp. Class A		460	$	33
Liberty Property Trust		1,049		50
Macerich Co.		660		29
National Retail Properties, Inc.		978		51
Pebblebrook Hotel Trust		845		27
Prologis, Inc.		1,448		101
Public Storage		209		44
Regency Centers Corp.		965		63
SBA Communications Corp.*		398		72
Simon Property Group, Inc.		445		81
Welltower, Inc.		982		73
Weyerhaeuser Co.		1,800		45
				1,940
Total Common Stocks (Cost $3,461)				3,730
Short-Term Investments 1.5%
Investment Companies 1.5%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(b)(Cost $56)		56,346		56
Total Investments 100.4% (Cost $3,517)				3,786
Liabilities Less Other Assets (0.4)%				(15	)
Net Assets 100.0%			$	3,771

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $56,000, which represents 1.5% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2019.

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)

POSITIONS BY SECTOR

Sector	Investments at Value (000's omitted)		Percentage of Net Assets
Specialty REITs	$	833		22.1	%
Real Estate Holding & Development		821		21.8	%
Residential REITs		729		19.3	%
Industrial & Office REITs		707		18.7	%
Diversified REITs		270		7.2	%
Retail REITs		262		6.9	%
Hotel & Lodging REITs		108		2.9	%
Short-Term Investments and Other Liabilities—Net		41		1.1	%
	$	3,771		100.0	%

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	3,730	$	—	$	—	$	3,730
Short-Term Investments		—		56		—		56
Total Investments	$	3,730	$	56	$	—	$	3,786

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Greater China Equity Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 94.7%
Air Freight & Logistics 4.0%
ZTO Express Cayman, Inc. ADR		104,327	$	2,074
Auto Components 0.8%
Minth Group Ltd.		112,000		444
Automobiles 5.7%
BAIC Motor Corp.Ltd., H Shares^(a)		259,000		164
Brilliance China Automotive Holdings Ltd.		1,096,000		1,074
Guangzhou Automobile Group Co. Ltd., H Shares		1,438,000		1,768
				3,006
Banks 10.4%
China Construction Bank Corp., H Shares		4,454,000		3,960
Industrial & Commercial Bank of China Ltd., H Shares		1,948,000		1,499
				5,459
Beverages 3.1%
China Resources Beer Holdings Co. Ltd.		168,000		626
Kweichow Moutai Co. Ltd. Class A		9,000		1,016
				1,642
Commercial Services & Supplies 2.8%
China Everbright International Ltd.		1,496,370		1,464
Construction Materials 4.1%
Anhui Conch Cement Co. Ltd. Class A		280,000		1,485
China National Building Material Co. Ltd., H Shares		824,000		656
				2,141

	Number of Shares		Value (000's)
Diversified Telecommunication Services 1.6%
China Tower Corp. Ltd., H Shares*^(a)		3,562,000	$	844
Food Products 4.3%
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		564,000		2,281
Health Care Providers & Services 2.2%
Huadong Medicine Co. Ltd. Class A		242,277		1,149
Household Durables 10.0%
Gree Electric Appliances, Inc. of Zhuhai Class A		418,000		2,801
Midea Group Co. Ltd. Class A		183,620		1,312
Qingdao Haier Co. Ltd. Class A		450,000		1,109
				5,222
Independent Power and Renewable Electricity Producers 0.4%
China Everbright Greentech Ltd.^(a)		245,469		193
Insurance 10.4%
China Pacific Insurance Group Co. Ltd., H Shares		245,200		923
China Taiping Insurance Holdings Co. Ltd.		612,800		1,897
PICC Property & Casualty Co. Ltd., H Shares		907,496		1,087
Ping An Insurance Group Co. of China Ltd., H Shares		145,000		1,527
				5,434
Interactive Media & Services 10.8%
SINA Corp.*		16,400		1,105
Tencent Holdings Ltd.		106,100		4,539
				5,644

	Number of Shares		Value (000's)
Internet & Direct Marketing Retail 9.7%
Alibaba Group Holding Ltd. ADR*		27,800	$	5,088
Oil, Gas & Consumable Fuel 2.7%
China Petroleum & Chemical Corp., H Shares		1,648,000		1,423
Pharmaceuticals 3.7%
China Medical System Holdings Ltd.		720,000		758
CSPC Pharmaceutical Group Ltd.		686,000		1,171
				1,929
Real Estate Management & Development 3.2%
China Jinmao Holdings Group Ltd.		852,000		413
CIFI Holdings Group Co. Ltd.		1,050,000		685
Longfor Group Holdings Ltd.		187,000		555
				1,653
Textiles, Apparel & Luxury Goods 2.9%
Shenzhou International Group Holdings Ltd.		123,300		1,539
Transportation Infrastructure 1.9%
Guangzhou Baiyun International Airport Co. Ltd. Class A		528,388		974
Total Common Stocks (Cost $50,682)				49,603
Short-Term Investments 0.1%
Investment Companies 0.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(b)(Cost $43)		42,923		43
Total Investments 94.8% (Cost $50,725)				49,646
Other Assets Less Liabilities 5.2%				2,700
Net Assets 100.0%			$	52,346

See Notes to Financial Statements

Schedule of Investments Greater China Equity Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $1,201,000, which represents 2.3% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	49,603	$	—	$	—	$	49,603
Short-Term Investments		—		43		—		43
Total Investments	$	49,603	$	43	$	—	$	49,646

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 92.8%
Aerospace & Defense 3.2%
General Dynamics Corp.		101,500	$	17,277
Raytheon Co.		107,300		20,011
				37,288
Airlines 1.9%
Delta Air Lines, Inc.^(a)		438,540		21,743
Banks 1.5%
JPMorgan Chase & Co.		164,135		17,129
Biotechnology 2.8%
Gilead Sciences, Inc.		289,465		18,821
Moderna, Inc.*^(b)		158,890		3,591
Moderna, Inc.*^(c)(k)		487,839		10,430
				32,842
Capital Markets 7.9%
BlackRock, Inc.		60,895		26,990
Brookfield Asset Management, Inc. Class A^(b)		611,685		27,630
CME Group, Inc.		122,460		22,276
S&P Global, Inc.		78,240		15,677
				92,573
Chemicals 2.4%
Ashland Global Holdings, Inc.		357,330		27,650
Commercial Services 1.8%
LegalZoom.com, Inc.*^(c)(d)(k)		2,176,736		21,437
Diversified Financial Services 0.0%^(e)
FGL Holdings*		25,136		209
Electric Utilities 1.3%
NextEra Energy, Inc.		80,000		15,018
Electrical Equipment 0.4%
Eaton Corp. PLC		57,900		4,619
Electronic Equipment, Instruments & Components 2.5%
CDW Corp.		318,210		29,877
Entertainment 3.6%
Activision Blizzard, Inc.^(f)		396,800		16,721
Spotify Technology SA*		182,000		25,506
				42,227

	Number of Shares		Value (000's)
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		90,000	$	19,687
Food Products 2.6%
Conagra Brands, Inc.^(a)		900,000		21,033
Hain Celestial Group, Inc.*		476,990		9,382
				30,415
Health Care Equipment & Supplies 3.8%
Baxter International, Inc.		129,445		9,673
DENTSPLY SIRONA, Inc.		277,265		11,579
Medtronic PLC		256,400		23,204
				44,456
Health Care Providers & Services 3.0%
CVS Health Corp.		321,440		18,589
UnitedHealth Group, Inc.		67,760		16,413
				35,002
Hotels, Restaurants & Leisure 2.4%
McDonald's Corp.		155,000		28,495
Industrial Conglomerates 1.0%
3M Co.		58,215		12,073
Interactive Media & Services 6.5%
Alphabet, Inc. Class A*		41,700		46,977
Facebook, Inc. Class A*		183,000		29,545
				76,522
Internet & Direct Marketing Retail 8.4%
Alibaba Group Holding Ltd. ADR*		34,840		6,377
Amazon.com, Inc.*^(f)		21,860		35,847
Booking Holdings, Inc.*		16,570		28,120
eBay, Inc.		527,890		19,611
Expedia Group, Inc.		73,265		9,034
				98,989
IT Services 4.3%
PayPal Holdings, Inc.*		82,550		8,096
Visa, Inc. Class A^(a)		283,885		42,049
				50,145

	Number of Shares		Value (000's)
Machinery 0.5%
Gates Industrial Corp. PLC*		377,660	$	6,080
Multi-Utilities 1.7%
Brookfield Infrastructure Partners LP		493,035		19,731
Oil, Gas & Consumable Fuel 2.2%
Enbridge, Inc.		644,860		23,853
Venture Global LNG, Inc.*^(c)(d)(k)		329		2,303
				26,156
Professional Services 5.5%
Equifax, Inc.		205,840		22,542
IHS Markit Ltd.*		632,955		33,654
Verisk Analytics, Inc.*^(f)		66,115		8,359
				64,555
Road & Rail 0.5%
CSX Corp.^(a)		85,935		6,245
Software 6.7%
Microsoft Corp.		484,000		54,223
salesforce.com, inc.*		147,640		24,161
				78,384
Specialty Retail 5.5%
Home Depot, Inc.		135,000		24,994
Hudson Ltd. Class A*		602,315		8,975
Lowe's Cos., Inc.		215,000		22,594
Tractor Supply Co.^(a)		80,000		7,628
				64,191
Technology Hardware, Storage & Peripherals 3.0%
Apple, Inc.		205,000		35,496
Textiles, Apparel & Luxury Goods 2.3%
PVH Corp.^(a)		240,000		27,561
Trading Companies & Distributors 1.9%
HD Supply Holdings, Inc.*		530,000		22,795
Total Common Stocks (Cost $865,653)				1,089,590
Preferred Stocks 0.6%
Food Products 0.6%
Sweetgreen, Inc. Ser. D^(c)(d)(k) (Cost $7,520)		626,667		7,520

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)

	Number of Units		Value (000's)
Master Limited Partnerships 1.3%
Capital Markets 1.3%
Blackstone Group LP (Cost $15,801)		443,865	$	14,821
Total Options Purchased^(g) 0.0%^(e)(Cost $267)				157
	Number of Shares
Short-Term Investments 5.0%
Investment Companies 5.0%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(f)(h)		46,282,757		46,283

	Number of Shares		Value (000's)
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(h)(i)		12,310,545	$	12,311
Total Short-Term Investments (Cost $58,594)				58,594
Total Investments 99.7% (Cost $947,835)				1,170,682
Other Assets Less Liabilities^(j) 0.3%				3,204
Net Assets 100.0%			$	1,173,886

* Non-income producing security.

(a) All or a portion of the security is pledged as collateral for options written.

(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $12,130,000 for the Fund (see Note A of the Notes to Financial Statements).

(c) Security fair valued as of February 28, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2019 amounted to approximately $41,690,000, which represents 3.6% of net assets of the Fund.

(d) Value determined using significant unobservable inputs.

(e) Represents less than 0.05% of net assets.

(f) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $101,323,000.

(g) See "Purchased option contracts" under Derivative Instruments.

(h) Represents 7-day effective yield as of February 28, 2019.

(i) Represents investment of cash collateral received from securities lending.

(j) Includes the impact of the Fund's open positions in derivatives at February 28, 2019.

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)

(k) These securities have been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.

At February 28, 2019, these securities amounted to approximately $41,690,000, which represents 3.6% of net assets of the Fund.

(000's omitted) Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 2/28/2019		Fair Value Percentage of Net Assets as of 2/28/2019
LegalZoom.com, Inc.	8/21/2018	$	22,812		1.9	%	$	21,437		1.8	%
Moderna, Inc.	8/31/2018		9,430		0.8	%		10,430		1.0	%
Sweetgreen, Inc. (Ser. D Preferred Shares)	11/29/2018		7,520		0.6	%		7,520		0.6	%
Venture Global LNG, Inc.	11/20/2018		2,303		0.2	%		2,303		0.2	%
Total		$	42,065		3.5	%	$	41,690		3.6	%

Derivative Instruments

Purchased option contracts ("options purchased")

At February 28, 2019, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Entertainment
Activision Blizzard, Inc.		700	$	2,949,800	$	47.5	8/16/2019	$	156,800
Total options purchased (cost $267,050)								$	156,800

Written option contracts ("options written")

At February 28, 2019, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Capital Markets
CME Group, Inc.		245	$	(4,456,795	)	$	190	6/21/2019	$	(104,125	)
Electrical Equipment
Eaton Corp. PLC		525		(4,187,925	)		72.5	4/18/2019		(399,000	)
Health Care Providers & Services
CVS Health Corp.		425		(2,457,775	)		72.5	5/17/2019		(5,313	)
IT Services
PayPal Holdings, Inc.		354		(3,471,678	)		95	6/21/2019		(274,350	)
Total calls									$	(782,788	)
Puts
Capital Markets
CME Group, Inc.		245	$	(4,456,795	)	$	170	6/21/2019	$	(89,425	)
Entertainment
Activision Blizzard, Inc.		1,050		(4,424,700	)		40	8/16/2019		(333,375	)

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
IT Services
Visa, Inc.		522	$	(7,731,864	)	$	125	3/15/2019	$	(2,871	)
Internet & Direct Marketing Retail
ebay, Inc.		1,402		(5,208,430	)		30	7/19/2019		(67,296	)
Total puts									$	(492,967	)
Total options written (premium received $1,325,244)									$	(1,275,755	)

For the six months ended February 28, 2019, the Fund had an average market value of $509,947 in options purchased and $(1,536,217) in options written. At February 28, 2019, the Fund had securities pledged in the amount of $31,863,722 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks
Biotechnology	$	22,412	$	10,430	$	—	$	32,842
Commercial Services		—		—		21,437		21,437
Oil, Gas & Consumable Fuel		23,853		—		2,303		26,156
Other Common Stocks^(a)		1,009,155		—		—		1,009,155
Total Common Stocks		1,055,420		10,430		23,740		1,089,590
Preferred Stocks^(a)		—		—		7,520		7,520
Master Limited Partnerships^(a)		14,821		—		—		14,821
Options Purchased^(b)		157		—		—		157
Short-Term Investments		—		58,594		—		58,594
Total Investments	$	1,070,398	$	69,024	$	31,260	$	1,170,682

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)

(c) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 9/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 2/28/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019
Investments in Securities: (000's omitted)
Common Stocks
Commercial Services	$	22,812	$	—	$	—	$	—		$	—	$	(1,375	)	$	—	$	—	$	21,437	$	—
Oil, Gas & Consumable Fuel		—		—		—		—			2,303		—			—		—		2,303		—
Preferred Stocks
Food Products		—		—		—					7,520		—			—		—		7,520		—
Health Care		10,698		—		—		(1,268	)		—		(9,430	)		—		—		—		—
Total	$	33,510	$	—	$	—	$	(1,268	)	$	9,823	$	(10,805	)	$	—	$	—	$	31,260	$	—

The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2019.

Asset
class

Fair value
at 2/28/2019

Valuation
approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
increase
in input^(a)

Common
Stocks

21,437,585

Market
Approach

Adjusted
Transaction Price

9.85

Increase

Common
Stocks

2,303,000

Market
Approach

Transaction Price

7,000.00

Increase

Preferred
Stocks

7,520,004

Market
Approach

Transaction Price

12.00

Increase

(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

See Notes to Financial Statements

Schedule of Investments Guardian Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2019:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3^(a)		Total
Options Written
Liabilities	$	(1,276	)	$	—	$	—	$	(1,276	)
Total	$	(1,276	)	$	—	$	—	$	(1,276	)

(a) The following is reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 9/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 2/28/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019
Other Financial Instruments: (000's omitted)
Options Written^(b)
Food Products	$	—	$	—	$	56	$	(56	)	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	56	$	(56	)	$	—	$	—	$	—	$	—	$	—	$	—

(b) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2019.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments International Equity Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 97.6%
Australia 0.9%
Insurance Australia Group Ltd.		2,864,753	$	14,936
Austria 1.5%
BAWAG Group AG^(a)		574,127		25,273
Belgium 1.6%
KBC Group NV		352,325		26,097
Canada 3.9%
Alimentation Couche-Tard, Inc. Class B		405,982		22,882
Kinaxis, Inc.*		379,693		23,870
Suncor Energy, Inc.		548,373		18,902
				65,654
China 2.7%
Alibaba Group Holding Ltd. ADR*		186,269		34,093
Baidu, Inc. ADR*		71,386		11,603
				45,696
Finland 0.7%
Huhtamaki OYJ^(b)		316,860		11,472
France 6.2%
Air Liquide SA		153,995		19,206
Arkema SA		114,920		11,587
Pernod-Ricard SA		166,370		28,651
SPIE SA^(b)		769,803		12,232
TOTAL SA		433,721		24,662
Valeo SA		263,149		8,306
				104,644
Germany 9.7%
Brenntag AG		338,305		16,777
Continental AG		99,935		16,369
CTS Eventim AG & Co. KGaA		526,190		23,641
Deutsche Boerse AG		62,267		7,869
Gerresheimer AG		280,041		21,501
Henkel AG & Co. KGaA, Preference Shares		80,262		8,019
Infineon Technologies AG		1,172,293		25,742
SAP SE ADR		178,162		19,086
Scout24 AG^(a)		299,494		15,773
Stabilus SA		145,770		8,423
				163,200

	Number of Shares		Value (000's)
Hong Kong 3.9%
AIA Group Ltd.		1,555,600	$	15,556
HKBN Ltd.		10,461,800		16,286
Techtronic Industries Co. Ltd.		4,937,300		32,990
				64,832
Ireland 2.4%
CRH PLC		547,259		17,290
Kerry Group PLC Class A		230,680		23,746
				41,036
Israel 1.5%
Check Point Software Technologies Ltd.*		203,946		24,943
Japan 14.5%
Bridgestone Corp.		651,500		25,677
Daikin Industries Ltd.		279,100		30,272
Hoya Corp.		158,200		9,658
Ichigo, Inc.^(b)		6,524,600		22,009
Kao Corp.		211,500		15,984
Keyence Corp.		53,500		31,165
Kose Corp.		162,400		26,254
Sanwa Holdings Corp.		1,406,800		16,294
Shionogi & Co. Ltd.		442,000		28,218
SMC Corp.		56,400		19,607
Toyota Motor Corp.		299,400		17,988
				243,126
Luxembourg 1.1%
Befesa SA*^(a)		387,637		17,637
Mexico 0.7%
Infraestructura Energetica Nova SAB de CV		2,830,650		10,880
Netherlands 8.0%
AerCap Holdings NV*		578,764		26,125
ASML Holding NV		252,870		46,343
Heineken NV		294,309		29,660
Intertrust NV^(a)		737,820		13,940
NXP Semiconductors NV		193,476		17,668
				133,736
Norway 1.1%
Sbanken ASA^(a)		1,894,295		17,755

	Number of Shares		Value (000's)
Portugal 1.1%
Galp Energia SGPS SA		1,128,715	$	18,526
Singapore 1.2%
DBS Group Holdings Ltd.		1,138,100		20,910
Sweden 0.4%
Assa Abloy AB Class B		320,930		6,638
Switzerland 14.4%
Cie Financiere Richemont SA		211,779		16,220
Ferguson PLC		302,212		20,928
Givaudan SA		6,689		16,735
Julius Baer Group Ltd.*		442,624		19,332
Lonza Group AG*		46,590		12,954
Novartis AG		177,662		16,206
Partners Group Holding AG		29,988		21,694
Roche Holding AG		79,835		22,181
SGS SA		6,828		17,411
SIG Combibloc Services AG*		1,462,126		15,382
Sonova Holding AG		126,430		23,644
Tecan Group AG		106,548		24,170
UBS Group AG*		1,116,709		14,210
				241,067
United Kingdom 16.6%
Aon PLC		150,046		25,737
Biffa PLC^(a)		3,383,371		8,069
Bunzl PLC		988,573		31,115
Clinigen Group PLC		1,854,748		23,530
Compass Group PLC		1,367,993		30,210
DCC PLC		170,490		14,755
Fevertree Drinks PLC		362,121		12,863
London Stock Exchange Group PLC		340,229		20,338
Prudential PLC		1,091,047		23,009
Reckitt Benckiser Group PLC		98,370		7,524
RELX PLC		1,379,958		31,646
Rentokil Initial PLC		2,934,701		13,663
Spectris PLC		399,404		13,980
St. James's Place PLC		1,747,134		22,534
				278,973

See Notes to Financial Statements

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
United States 3.5%
Core Laboratories NV		115,046	$	7,456
Samsonite International SA*^(a)		8,083,348		24,251
Sensata Technologies Holding PLC*		536,043		27,193
				58,900
Total Common Stocks (Cost $1,545,211)				1,635,931
Short-Term Investments 3.7%
Investment Companies 3.7%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(c)		37,507,275		37,507

	Number of Shares		Value (000's)
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(c)(d)		24,604,677	$	24,605
Total Short-Term Investments (Cost $62,112)				62,112
Total Investments 101.3% (Cost $1,607,323)				1,698,043
Liabilities Less Other Assets (1.3)%				(21,336	)
Net Assets 100.0%			$	1,676,707

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $122,698,000, which represents 7.3% of net assets of the Fund.

(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $23,352,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	105,977		6.3	%
Trading Companies & Distributors		94,945		5.7	%
Banks		90,035		5.4	%
Semiconductors & Semiconductor Equipment		89,753		5.4	%
Life Sciences Tools & Services		82,155		4.9	%
Insurance		79,238		4.7	%
Beverages		71,174		4.2	%
Software		67,899		4.0	%
Pharmaceuticals		66,605		4.0	%
Professional Services		62,997		3.8	%
Oil, Gas & Consumable Fuels		62,090		3.7	%
Building Products		53,204		3.2	%
Commercial Services & Supplies		51,601		3.1	%
Auto Components		50,352		3.0	%
Chemicals		47,528		2.8	%
Electronic Equipment, Instruments & Components		45,145		2.7	%
Personal Products		42,238		2.5	%
Textiles, Apparel & Luxury Goods		40,471		2.4	%
Internet & Direct Marketing Retail		34,093		2.0	%
Health Care Equipment & Supplies		33,302		2.0	%
Household Durables		32,990		2.0	%
Hotels, Restaurants & Leisure		30,210		1.8	%
Machinery		28,030		1.7	%
Interactive Media & Services		27,376		1.6	%
Electrical Equipment		27,193		1.6	%
Containers & Packaging		26,854		1.6	%
Food Products		23,746		1.4	%
Entertainment		23,641		1.4	%
Food & Staples Retailing		22,882		1.4	%
Real Estate Management & Development		22,009		1.3	%
Automobiles		17,988		1.1	%
Construction Materials		17,290		1.0	%
Diversified Telecommunication Services		16,286		1.0	%
Household Products		15,543		0.9	%
Industrial Conglomerates		14,755		0.9	%
Gas Utilities		10,880		0.7	%
Energy Equipment & Services		7,456		0.4	%
Short-Term Investments and Other Liabilities—Net		40,776		2.4	%
	$	1,676,707		100.0	%

See Notes to Financial Statements

Schedule of Investments International Equity Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,635,931	$	—	$	—	$	1,635,931
Short-Term Investments		—		62,112		—		62,112
Total Investments	$	1,635,931	$	62,112	$	—	$	1,698,043

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Schedule of Investments International Select Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 86.5%
Australia 0.6%
Insurance Australia Group Ltd.		219,260	$	1,143
Austria 1.5%
BAWAG Group AG^(a)		61,415		2,703
Belgium 1.4%
KBC Group NV		32,780		2,428
Canada 2.4%
Alimentation Couche-Tard, Inc. Class B		37,939		2,139
Suncor Energy, Inc.		62,932		2,169
				4,308
China 2.6%
Alibaba Group Holding Ltd. ADR*		19,876		3,638
Baidu, Inc. ADR*		6,666		1,083
				4,721
France 7.5%
Air Liquide SA		10,073		1,256
Arkema SA		10,811		1,090
L'Oreal SA		6,240		1,575
Pernod-Ricard		15,726		2,708 SA
Schneider Electric SE		20,968		1,632
SPIE SA^(b)		71,299		1,133
TOTAL SA		56,480		3,211
Valeo SA		24,513		774
				13,379
Germany 8.5%
Brenntag AG		31,646		1,570
Continental AG		10,185		1,668
CTS Eventim AG & Co. KGaA		49,592		2,228
Deutsche Boerse AG		8,701		1,100
Gerresheimer AG		26,435		2,030
Henkel AG & Co. KGaA, Preference Shares		7,850		784
Infineon Technologies AG		110,098		2,418
SAP SE ADR		16,740		1,793
Scout24 AG^(a)		29,002		1,527
				15,118

	Number of Shares		Value (000's)
Hong Kong 3.5%
AIA Group Ltd.		257,900	$	2,579
Techtronic Industries Co. Ltd.		542,100		3,622
				6,201
Ireland 2.2%
CRH PLC		51,063		1,613
Kerry Group PLC Class A		22,050		2,270
				3,883
Israel 1.8%
Check Point Software Technologies Ltd.*		26,743		3,271
Japan 12.8%
Bridgestone Corp.		53,200		2,097
Daikin Industries Ltd.		25,900		2,809
Hoya Corp.		15,000		916
Kao Corp.		31,800		2,403
Keyence Corp.		5,200		3,029
Kose Corp.		15,100		2,441
Omron Corp.		18,800		811
Sanwa Holdings Corp.		129,700		1,502
Shionogi & Co. Ltd.		41,500		2,649
SMC Corp.		6,600		2,295
Toyota Motor Corp.		29,300		1,760
				22,712
Netherlands 6.5%
AerCap Holdings NV*		55,954		2,526
ASML Holding NV		25,031		4,587
Heineken NV		27,383		2,760
NXP Semiconductors NV		18,198		1,662
				11,535
Portugal 0.8%
Galp Energia SGPS SA		84,493		1,387
Singapore 1.4%
DBS Group Holdings Ltd.		131,300		2,412
Sweden 1.3%
Assa Abloy AB Class B		31,538		652
Swedbank AB, A Shares		89,842		1,651
				2,303

	Number of Shares		Value (000's)
Switzerland 13.5%
Cie Financiere Richemont SA		20,113	$	1,540
Ferguson PLC		28,538		1,976
Givaudan SA		645		1,614
Julius Baer Group Ltd.*		41,583		1,816
Lonza Group AG*		4,504		1,252
Novartis AG		28,423		2,593
Partners Group Holding AG		2,832		2,049
Roche Holding AG		11,791		3,276
SGS SA		792		2,020
SIG Combibloc Services AG*		140,704		1,480
Sonova Holding AG		14,033		2,624
UBS Group AG*		131,118		1,669
				23,909
United Kingdom 14.7%
Aon PLC		13,958		2,394
Bunzl PLC		108,327		3,410
Compass Group PLC		128,120		2,829
DCC PLC		17,375		1,504
Fevertree Drinks PLC		34,651		1,231
London Stock Exchange Group PLC		31,491		1,882
Prudential PLC		102,735		2,167
Reckitt Benckiser Group PLC		26,541		2,030
RELX PLC		151,215		3,468
Rentokil Initial PLC		273,044		1,271
Spectris PLC		37,982		1,329
St. James's Place PLC		200,671		2,588
				26,103
United States 3.5%
Core Laboratories NV		13,526		877
Samsonite International SA*^(a)		763,241		2,290
Sensata Technologies Holding PLC*		58,832		2,984
				6,151
Total Common Stocks (Cost $147,818)				153,667

See Notes to Financial Statements

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 5.3%
Investment Companies 5.3%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(c)		8,325,828	$	8,326
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(c)(d)		1,159,892		1,160
Total Short-Term Investments (Cost $9,486)				9,486
Total Investments 91.8% (Cost $157,304)				163,153
Other Assets Less Liabilities 8.2%				14,496
Net Assets 100.0%			$	177,649

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $6,520,000, which represents 3.7% of net assets of the Fund.

(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $1,111,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Capital Markets	$	11,104		6.3	%
Trading Companies & Distributors		9,482		5.3	%
Banks		9,194		5.2	%
Semiconductors & Semiconductor Equipment		8,667		4.9	%
Pharmaceuticals		8,518		4.8	%
Insurance		8,283		4.7	%
Oil, Gas & Consumable Fuels		6,767		3.8	%
Beverages		6,699		3.8	%
Personal Products		6,419		3.6	%
Professional Services		5,488		3.1	%
Electronic Equipment, Instruments & Components		5,169		2.9	%
Software		5,064		2.9	%
Building Products		4,963		2.8	%
Electrical Equipment		4,616		2.6	%
Auto Components		4,539		2.5	%
Chemicals		3,960		2.2	%
Textiles, Apparel & Luxury Goods		3,830		2.2	%
Internet & Direct Marketing Retail		3,638		2.0	%
Household Durables		3,622		2.0	%
Health Care Equipment & Supplies		3,540		2.0	%
Life Sciences Tools & Services		3,282		1.8	%
Hotels, Restaurants & Leisure		2,829		1.6	%
Household Products		2,814		1.5	%
Interactive Media & Services		2,610		1.5	%
Commercial Services & Supplies		2,404		1.4	%
Machinery		2,295		1.3	%
Food Products		2,270		1.3	%
Entertainment		2,228		1.3	%
Food & Staples Retailing		2,139		1.2	%
Automobiles		1,760		1.0	%
Construction Materials		1,613		0.9	%
Industrial Conglomerates		1,504		0.8	%
Containers & Packaging		1,480		0.8	%
Energy Equipment & Services		877		0.5	%
Short-Term Investments and Other Assets—Net		23,982		13.5	%
	$	177,649		100.0	%

See Notes to Financial Statements

Schedule of Investments International Select Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	153,667	$	—	$	—	$	153,667
Short-Term Investments		—		9,486		—		9,486
Total Investments	$	153,667	$	9,486	$	—	$	163,153

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

100

Schedule of Investments International Small Cap Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 96.3%
Australia 1.4%
ARB Corp. Ltd.		3,582	$	43
Steadfast Group Ltd.		17,775		39
				82
Austria 1.0%
Schoeller-Bleckmann Oilfield Equipment AG		740		58
Belgium 1.1%
Shurgard Self Storage SA*		2,060		64
Canada 4.0%
Colliers International Group, Inc.		1,255		86
Computer Modelling Group Ltd.		11,201		51
Kinaxis, Inc.*		1,478		93
				230
China 0.9%
Xiabuxiabu Catering Management China Holdings Co. Ltd.*^(a)		29,500		53
Denmark 3.0%
Schouw & Co. A/S		1,108		89
SimCorp A/S		912		82
				171
Finland 1.6%
Kemira OYJ		6,780		91
France 3.1%
Lectra		1,950		51
Pharmagest Inter@ctive		197		12
Sopra Steria Group		365		43
Virbac SA*		555		73
				179
Germany 4.7%
Dermapharm Holding SE*		1,129		36
Jenoptik AG		1,840		67
Stabilus SA		799		46
STRATEC SE		684		48
Washtec AG		1,195		73
				270
Ireland 1.6%
Applegreen PLC		14,294		94

	Number of Shares		Value (000's)
Italy 3.7%
Anima Holding SpA^(a)		10,391	$	45
Carel Industries SpA*^(a)		8,296		96
Cerved Group SpA		7,818		72
				213
Japan 21.7%
Aeon Delight Co. Ltd.		2,250		84
Amano Corp.		3,200		68
Ariake Japan Co. Ltd.		1,200		63
Azbil Corp.		3,700		82
Ichigo, Inc.		16,100		54
Konishi Co. Ltd.		4,400		64
Nagaileben Co. Ltd.		2,000		43
Nakanishi, Inc.		2,300		41
Nihon Parkerizing Co. Ltd.		6,700		88
Nohmi Bosai Ltd.		4,600		79
Okamoto Industries, Inc.		1,300		68
Prestige International, Inc.		9,200		107
Relo Group, Inc.		3,900		102
SHO-BOND Holdings Co. Ltd.		1,400		100
Shoei Co. Ltd.^(b)		2,300		84
Software Service, Inc.		500		46
Sun Frontier Fudousan Co. Ltd.		7,000		80
				1,253
Jersey 1.0%
Sanne Group PLC		8,723		60
Korea 0.8%
Dentium Co. Ltd.*		800		44
Luxembourg 1.4%
Befesa SA*^(a)		1,736		79
Netherlands 2.7%
Corbion NV		2,790		85
Intertrust NV^(a)		3,640		69
				154
Norway 3.0%
Borregaard ASA		9,260		88
Sbanken ASA^(a)		8,894		83
				171
Singapore 1.7%
Haw Par Corp. Ltd.		10,400		101
Spain 1.4%
Applus Services SA		6,895		84

	Number of Shares		Value (000's)
Sweden 6.5%
Cloetta AB, B Shares		28,245	$	72
Dustin Group AB^(a)		9,850		93
KNOW IT AB		815		16
Sweco AB, B Shares		4,003		95
Thule Group AB^(a)		4,420		98
				374
Switzerland 12.5%
Ascom Holding AG		3,167		40
Belimo Holding AG		21		99
Bossard Holding AG Class A		485		78
Inficon Holding AG*		84		43
Interroll Holding AG		51		91
Kardex AG*		534		71
Komax Holding AG		300		75
Medartis Holding AG*^(a)		1,031		63
Tecan Group AG		470		107
VZ Holding AG		217		57
				724
United Kingdom 17.5%
Amigo Holdings PLC^(a)(b)		18,411		57
Biffa PLC^(a)		29,805		71
Big Yellow Group PLC		5,535		72
Charter Court Financial Services Group PLC^(a)		8,200		34
Clinigen Group PLC		8,545		108
Dechra Pharmaceuticals PLC		2,589		85
Diploma PLC		3,775		68
Essentra PLC		14,242		71
Games Workshop Group PLC		1,315		54
GB Group PLC		7,000		45
Genus PLC		1,959		57
Gocompare.Com Group PLC		61,643		54
Ideagen PLC		3,151		5
Johnson Service Group PLC		51,245		87
Learning Technologies Group PLC		49,730		46
Restore PLC^(b)		15,770		60
Sensyne Health Ltd.*^(b)		15,331		38
				1,012
Total Common Stocks (Cost $5,921)				5,561

See Notes to Financial Statements

101

Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 8.2%
Investment Companies 8.2%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(c)		245,026	$	245
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(c)(d)		227,282		227
Total Short-Term Investments (Cost $472)				472
Total Investments 104.5% (Cost $6,393)				6,033
Liabilities Less Other Assets (4.5)%				(261	)
Net Assets 100.0%			$	5,772

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2019 amounted to approximately $841,000, which represents 14.6% of net assets of the Fund.

(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $215,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

102

Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Chemicals	$	555		9.6	%
Commercial Services & Supplies		488		8.5	%
Electronic Equipment, Instruments & Components		435		7.5	%
Real Estate Management & Development		386		6.7	%
Machinery		356		6.2	%
Software		322		5.6	%
Pharmaceuticals		295		5.1	%
Health Care Equipment & Supplies		239		4.1	%
Food Products		224		3.9	%
Life Sciences Tools & Services		215		3.7	%
Construction & Engineering		195		3.4	%
Capital Markets		162		2.8	%
Professional Services		153		2.7	%
Leisure Products		152		2.6	%
Internet & Direct Marketing Retail		147		2.6	%
Trading Companies & Distributors		146		2.5	%
Health Care Technology		136		2.4	%
Auto Components		127		2.2	%
Energy Equipment & Services		109		1.9	%
Building Products		99		1.7	%
Specialty Retail		94		1.6	%
Banks		83		1.4	%
Diversified Financial Services		72		1.2	%
Equity Real Estate Investment Trusts		72		1.2	%
IT Services		59		1.0	%
Consumer Finance		57		1.0	%
Biotechnology		57		1.0	%
Hotels, Restaurants & Leisure		53		0.9	%
Insurance		39		0.7	%
Thrifts & Mortgage Finance		34		0.6	%
Short-Term Investments and Other Liabilities—Net		211		3.7	%
	$	5,772		100.0	%

See Notes to Financial Statements

103

Schedule of Investments International Small Cap Fund^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	5,561	$	—	$	—	$	5,561
Short-Term Investments		—		472		—		472
Total Investments	$	5,561	$	472	$	—	$	6,033

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 9/1/2018		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance, as of 2/28/2019		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2019
Investments in Securities: (000's omitted)
Common Stocks^(c)
Ireland	$	89	$	—	$	—	$	—	$	—	$	—	$	—	$	(89	)	$	—	$	—
Total	$	89	$	—	$	—	$	—	$	—	$	—	$	—	$	(89	)	$	—	$	—

(c) At the beginning of the period, these investments were valued using methods the Fund's Board of Trustees has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at February 28, 2019.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

104

Schedule of Investments Intrinsic Value Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 96.0%
Aerospace & Defense 5.1%
KEYW Holding Corp.*		864,606	$	6,398
Mercury Systems, Inc.*		124,347		7,899
Spirit AeroSystems Holdings, Inc. Class A		130,290		12,873
Teledyne Technologies, Inc.*		28,052		6,621
				33,791
Banks 4.8%
BankUnited, Inc.		170,004		6,203
Comerica, Inc.		66,774		5,817
Huntington Bancshares, Inc.		413,130		5,953
TCF Financial Corp.		391,400		8,963
Texas Capital Bancshares, Inc.*		78,500		4,791
				31,727
Capital Markets 0.0%^(a)
Alimco Financial Corp.*		6,537		52
Commercial Services & Supplies 3.6%
Clean Harbors, Inc.*		154,514		10,507
Covanta Holding Corp.		411,900		6,994
Stericycle, Inc.*		140,900		6,281
				23,782
Communications Equipment 6.3%
Ciena Corp.*		594,800		25,374
Infinera Corp.*		1,090,200		5,571
Ribbon Communications, Inc.*		611,399		3,149
Viavi Solutions, Inc.*		590,099		7,748
				41,842
Construction & Engineering 2.2%
KBR, Inc.		521,100		10,297
Valmont Industries, Inc.		29,300		4,002
				14,299
Containers & Packaging 4.9%
Avery Dennison Corp.		129,836		14,027
Crown Holdings, Inc.*		333,726		18,118
				32,145

	Number of Shares		Value (000's)
Electrical Equipment 0.2%
Babcock & Wilcox Enterprises, Inc.*		2,034,740	$	1,304
Electronic Equipment, Instruments & Components 3.4%
II-VI, Inc.*		91,130		3,871
Itron, Inc.*		178,131		9,443
Maxwell Technologies, Inc.*		506,000		2,388
OSI Systems, Inc.*		80,200		6,966
				22,668
Energy Equipment & Services 3.2%
Dril-Quip, Inc.*		83,900		3,575
Forum Energy Technologies, Inc.*		519,400		3,028
ION Geophysical Corp.*		124,331		1,636
McDermott International, Inc.*		376,271		3,191
Oil States International, Inc.*		182,700		3,131
Patterson-UTI Energy, Inc.		239,200		3,172
Superior Energy Services, Inc.*		365,600		1,711
TETRA Technologies, Inc.*		664,392		1,588
				21,032
Equity Real Estate Investment Trusts 0.4%
Uniti Group, Inc.		274,800		2,649
Food Products 2.1%
Hain Celestial Group, Inc.*		261,000		5,134
TreeHouse Foods, Inc.*		142,100		8,608
				13,742
Health Care Equipment & Supplies 2.0%
Accuray, Inc.*		1,279,139		6,166
AtriCure, Inc.*		215,100		6,870
				13,036
Health Care Providers & Services 3.4%
Acadia		302,800		7,961
Healthcare Co., Inc.*
Molina Healthcare, Inc.*		58,361		7,857

	Number of Shares		Value (000's)
Patterson Cos., Inc.		292,100	$	6,587
				22,405
Health Care Technology 1.4%
Allscripts Healthcare Solutions, Inc.*		857,600		9,194
Hotels, Restaurants & Leisure 0.9%
SeaWorld Entertainment, Inc.*		225,200		6,146
Household Durables 1.0%
Tempur Sealy International, Inc.*		113,200		6,589
Independent Power and Renewable Electricity Producers 2.9%
Atlantic Power Corp.*		1,966,535		5,290
Ormat Technologies, Inc.		127,741		7,132
Vistra Energy Corp.		274,561		7,149
				19,571
IT Services 3.4%
Conduent, Inc.*		575,000		8,407
CoreLogic, Inc.*		250,325		9,179
Unisys Corp.*		356,700		4,819
				22,405
Life Sciences Tools & Services 7.6%
Charles River Laboratories International, Inc.*		134,071		19,061
Fluidigm Corp.*		1,460,000		16,148
Luminex Corp.		250,600		6,385
NanoString Technologies, Inc.*		338,000		8,609
				50,203
Machinery 4.5%
Actuant Corp.		260,775		6,376
Class A
Harsco Corp.*		181,300		4,057
ITT, Inc.		115,700		6,683
Lydall, Inc.*		136,400		3,840
Twin Disc, Inc.*		119,209		2,109
Welbilt, Inc.*		403,000		6,436
				29,501

See Notes to Financial Statements

105

Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Marine 0.1%
Danaos Corp.*		397,359	$	437
Media 1.5%
Criteo SA ADR*		197,100		5,349
MSG Networks, Inc. Class A*		183,953		4,441
				9,790
Metals & Mining 1.2%
Cleveland-Cliffs, Inc.		710,700		7,882
Pharmaceuticals 2.0%
Amneal Pharmaceuticals, Inc.*		485,210		6,565
Intersect ENT, Inc.*		91,288		3,103
Mallinckrodt PLC*		136,200		3,399
				13,067
Road & Rail 3.1%
Avis Budget Group, Inc.*		217,500		7,791
Hertz Global Holdings, Inc.*		357,000		6,819
Ryder System, Inc.		100,004		6,216
				20,826
Semiconductors & Semiconductor Equipment 9.3%
CEVA, Inc.*		126,000		3,505
Cypress Semiconductor Corp.		660,735		10,195
Entegris, Inc.		112,900		3,989
Impinj, Inc.*		132,300		2,214
MACOM Technology Solutions Holdings, Inc.*		446,418		8,522
Mellanox Technologies Ltd.*		175,000		18,802
Rambus, Inc.*		761,144		7,817
Veeco Instruments, Inc.*		535,300		6,113
				61,157
Software 11.5%
Cloudera, Inc.*		703,400		10,249
FireEye, Inc.*		662,200		11,098
Nuance Communications, Inc.*		897,900		15,058

	Number of Shares		Value (000's)
OneSpan, Inc.*		275,100	$	5,860
Seachange International, Inc.*		580,967		842
TiVo Corp.		628,630		6,305
Varonis Systems, Inc.*		20,400		1,162
Verint Systems, Inc.*		470,261		25,041
				75,615
Specialty Retail 3.1%
Chico's FAS, Inc.		528,800		3,088
Children's Place, Inc.		21,900		2,093
Express, Inc.*		422,800		2,199
Office Depot, Inc.		1,806,667		6,269
Party City Holdco, Inc.*		570,090		5,935
RTW RetailWinds, Inc.*		235,700		716
				20,300
Technology Hardware, Storage & Peripherals 0.9%
Diebold Nixdorf, Inc.*		578,400		5,316
Quantum Corp.*		185,075		442
				5,758
Total Common Stocks (Cost $488,888)				632,915
Convertible Preferred Stocks 0.8%
Independent Power and Renewable Electricity Producers 0.8%
Vistra Energy Corp., 7.00%, due 7/1/2019 (Cost $4,926)		51,300		5,123
	Principal Amount
Convertible Bonds 0.7%
Electronic Equipment, Instruments & Components 0.7%
Maxwell Technologies, Inc., 5.50%, due 9/15/2022^(b)(c)(Cost $4,500)	$	4,500,000		4,836

	Number of Shares		Value (000's)
Short-Term Investments 1.7%
Investment Companies 1.7%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(d)(Cost $11,106)		11,105,909	$	11,106
Total Investments 99.2% (Cost $509,420)				653,980
Other Assets Less Liabilities 0.8%				5,140
Net Assets 100.0%			$	659,120

See Notes to Financial Statements

106

Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Illiquid security.

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At February 28, 2019, these securities amounted to approximately $4,836,000, which represents 0.7% of net assets of the Fund.

(d) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	632,915	$	—	$	—	$	632,915
Convertible Preferred Stocks^(a)		5,123		—		—		5,123
Convertible Bonds^(a)		—		4,836		—		4,836
Short-Term Investments		—		11,106		—		11,106
Total Investments	$	638,038	$	15,942	$	—	$	653,980

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

107

Schedule of Investments Large Cap Value Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 87.0%
Aerospace & Defense 0.9%
United Technologies Corp.		111,733	$	14,043
Banks 6.1%
JPMorgan Chase & Co.		673,177		70,253
M&T Bank Corp.		74,295		12,857
PNC Financial Services Group, Inc.		19,573		2,467
Wells Fargo & Co.		177,717		8,866
				94,443
Capital Markets 1.4%
CME Group, Inc.		122,710		22,322
Chemicals 0.0%^(a)
Mosaic Co.		9,365		293
Communications Equipment 0.5%
Cisco Systems, Inc.		158,385		8,200
Diversified Financial Services 0.9%
Berkshire Hathaway, Inc. Class B*		67,154		13,518
Diversified Telecommunication Services 5.3%
AT&T, Inc.		1,119,586		34,842
Verizon Communications, Inc.		842,102		47,932
				82,774
Electric Utilities 8.3%
American Electric Power Co., Inc.		349,078		28,328
Evergy, Inc.		305,800		17,097
Exelon Corp.		754,243		36,649
FirstEnergy Corp.		776,938		31,660
NextEra Energy, Inc.		80,368		15,087
				128,821
Electrical Equipment 1.1%
Emerson Electric Co.		240,784		16,409
Equity Real Estate Investment Trusts 5.6%
Equity Residential		399,408		29,432
Prologis, Inc.		324,910		22,763
Public Storage		102,603		21,700
Simon Property Group, Inc.		69,336		12,561
				86,456

	Number of Shares		Value (000's)
Food & Staples Retailing 2.9%
Walgreens Boots Alliance, Inc.		83,927	$	5,975
Walmart, Inc.		394,554		39,057
				45,032
Food Products 3.1%
Mondelez International, Inc. Class A		1,025,307		48,354
Health Care Equipment & Supplies 1.6%
Abbott Laboratories		315,374		24,479
Health Care Providers & Services 5.8%
Centene Corp.*		375,207		22,846
Cigna Corp.		104,717		18,267
CVS Health Corp.		104,394		6,037
HCA Healthcare, Inc.		310,759		43,208
				90,358
Household Durables 1.8%
Lennar Corp. Class A		139,940		6,714
PulteGroup, Inc.		369,853		9,986
Toll Brothers, Inc.		334,885		11,922
				28,622
Household Products 3.7%
Church & Dwight Co., Inc.		98,494		6,481
Procter & Gamble Co.		520,161		51,262
				57,743
Industrial Conglomerates 1.6%
General Electric Co.		1,504,611		15,633
Honeywell International, Inc.		58,411		8,999
				24,632
Insurance 5.6%
American Equity Investment Life Holding Co.		114,971		3,639
Aon PLC		110,914		19,025
Assurant, Inc.		117,188		12,069
Athene Holding Ltd. Class A*		369,763		16,473
Chubb Ltd.		185,727		24,869
Hartford Financial Services Group, Inc.		233,782		11,539
				87,614

	Number of Shares		Value (000's)
Machinery 1.0%
Caterpillar, Inc.		55,307	$	7,596
Deere & Co.		41,192		6,757
Wabtec Corp.^(b)		8,081		592
				14,945
Media 0.6%
Comcast Corp. Class A		259,869		10,049
Metals & Mining 7.2%
Barrick Gold Corp.		813,058		10,277
BHP Group Ltd. ADR^(c)		711,393		37,632
Newmont Mining Corp.		1,736,280		59,242
Rio Tinto PLC ADR		57,338		3,337
Southern Copper Corp.		44,249		1,576
				112,064
Multi-Utilities 3.6%
Dominion Energy, Inc.		104,793		7,764
DTE Energy Co.		263,431		32,550
Sempra Energy		125,831		15,155
				55,469
Oil, Gas & Consumable Fuels 8.4%
Cabot Oil & Gas Corp.		885,020		21,789
EOG Resources, Inc.		344,843		32,415
Exxon Mobil Corp.		870,746		68,815
Kinder Morgan, Inc.		16,188		310
Valero Energy Corp.		90,553		7,386
				130,715
Pharmaceuticals 7.0%
Johnson & Johnson		302,038		41,270
Merck & Co., Inc.		366,958		29,830
Pfizer, Inc.		884,536		38,345
				109,445
Software 0.2%
Cadence Design Systems, Inc.*		62,889		3,600
Specialty Retail 1.3%
Tiffany & Co.		206,593		19,635

See Notes to Financial Statements

108

Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Textiles, Apparel & Luxury Goods 0.5%
lululemon Athletica, Inc.*		54,919	$	8,261
Wireless Telecommunication Services 1.0%
T-Mobile US, Inc.*		204,050		14,734
Total Common Stocks (Cost $1,194,039)				1,353,030
Short-Term Investments 14.2%
Investment Companies 14.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(d)(e)		181,713,323		181,713

	Number of Shares		Value (000's)
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(d)(f)		39,478,316	$	39,478
Total Short-Term Investments (Cost $221,191)				221,191
Total Investments 101.2% (Cost $1,415,230)				1,574,221
Liabilities Less Other Assets (1.2)%				(19,205	)
Net Assets 100.0%			$	1,555,016

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) All or a portion of this security was purchased on a delayed delivery basis.

(c) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $37,629,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents 7-day effective yield as of February 28, 2019.

(e) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $181,713,000.

(f) Represents investment of cash collateral received from securities lending.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,353,030	$	—	$	—	$	1,353,030
Short-Term Investments		—		221,191		—		221,191
Total Investments	$	1,353,030	$	221,191	$	—	$	1,574,221

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

109

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 98.1%
Aerospace & Defense 2.2%
Harris Corp.		112,500	$	18,555
HEICO Corp.		120,000		11,247
				29,802
Auto Components 1.1%
Aptiv PLC		175,000		14,544
Banks 1.8%
East West Bancorp, Inc.		175,000		9,557
SVB Financial Group*		62,500		15,447
				25,004
Biotechnology 5.1%
Array BioPharma, Inc.*		250,000		5,735
BioMarin Pharmaceutical, Inc.*		160,000		14,922
Exact Sciences Corp.*		100,000		9,100
Exelixis, Inc.*		375,000		8,396
Incyte Corp.*		220,000		18,971
Neurocrine Biosciences, Inc.*		50,000		3,862
Sarepta Therapeutics, Inc.*		40,000		5,770
Seattle Genetics, Inc.*		50,000		3,714
				70,470
Building Products 0.6%
Resideo Technologies, Inc.*		300,000		7,710
Capital Markets 2.6%
Cboe Global Markets, Inc.		125,000		11,989
MarketAxess Holdings, Inc.		35,000		8,536
Raymond James Financial, Inc.		180,000		14,864
				35,389
Commercial Services & Supplies 2.9%
Cintas Corp.		100,000		20,660
Waste Connections, Inc.		225,000		18,765
				39,425
Communications Equipment 1.8%
Motorola Solutions, Inc.		175,000		25,046

	Number of Shares		Value (000's)
Construction & Engineering 0.8%
MasTec, Inc.*		250,000	$	10,795
Consumer Finance 1.0%
Green Dot Corp. Class A*		145,000		9,360
SLM Corp.		400,000		4,420
				13,780
Containers & Packaging 1.7%
Ball Corp.		200,000		10,956
Packaging Corp. of America		125,000		11,949
				22,905
Diversified Consumer Services 2.5%
Bright Horizons Family Solutions, Inc.*		162,000		20,088
Service Corp. International		330,000		13,642
				33,730
Electrical Equipment 1.3%
AMETEK, Inc.		225,000		17,905
Electronic Equipment, Instruments & Components 6.0%
Amphenol Corp. Class A		209,500		19,687
CDW Corp.		282,500		26,524
Keysight Technologies, Inc.*		220,000		18,570
Trimble, Inc.*		450,000		18,004
				82,785
Entertainment 1.7%
Take-Two Interactive Software, Inc.*		160,000		13,962
World Wrestling Entertainment, Inc. Class A		120,000		10,044
				24,006
Food Products 0.7%
Lamb Weston Holdings, Inc.		130,000		9,010
Health Care Equipment & Supplies 6.5%
ABIOMED, Inc.*		32,500		10,871
AxoGen, Inc.*		175,000		3,231
Edwards Lifesciences Corp.*		80,000		13,543
Hill-Rom Holdings, Inc.		135,000		14,317
IDEXX Laboratories, Inc.*		30,000		6,331

	Number of Shares		Value (000's)
Insulet Corp.*		150,000	$	14,086
Masimo Corp.*		50,000		6,564
Merit Medical Systems, Inc.*		100,000		5,573
Nevro Corp.*		70,000		3,225
Penumbra, Inc.*		85,000		11,362
				89,103
Health Care Providers & Services 2.3%
Centene Corp.*		100,000		6,089
Encompass Health Corp.		150,000		9,471
WellCare Health Plans, Inc.*		65,000		16,483
				32,043
Health Care Technology 1.9%
Teladoc Health, Inc.*		100,000		6,436
Veeva Systems, Inc. Class A*		170,000		20,045
				26,481
Hotels, Restaurants & Leisure 4.2%
Eldorado Resorts, Inc.*		275,000		13,258
Norwegian Cruise Line Holdings Ltd.*		300,000		16,659
Planet Fitness, Inc. Class A*		75,000		4,409
Red Rock Resorts, Inc. Class A		375,000		10,545
Vail Resorts, Inc.		65,000		13,545
				58,416
Household Products 0.8%
Church & Dwight Co., Inc.		175,000		11,515
Independent Power and Renewable Electricity Producers 1.0%
Vistra Energy Corp.		525,000		13,671
Industrial Conglomerates 1.6%
Roper Technologies, Inc.		68,000		22,008
Interactive Media & Services 1.2%
IAC/InterActive Corp*		77,500		16,511
IT Services 7.7%
Fiserv, Inc.*		115,000		9,739
Global Payments, Inc.		190,000		24,772
Okta, Inc.*		185,000		15,703
Square, Inc. Class A*		265,000		21,529

See Notes to Financial Statements

110

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Total System Services, Inc.		173,000	$	16,331
Twilio, Inc. Class A*		142,500		17,341
				105,415
Life Sciences Tools & Services 2.7%
Bio-Rad Laboratories, Inc. Class A*		72,500		19,640
PRA Health Sciences, Inc.*		161,000		17,224
				36,864
Machinery 4.7%
Altra Industrial Motion Corp.		200,000		6,362
Fortive Corp.		190,035		15,501
IDEX Corp.		130,000		18,733
Stanley Black & Decker, Inc.		100,000		13,243
Xylem, Inc.		140,000		10,577
				64,416
Media 0.9%
Altice USA, Inc. Class A		600,000		13,086
Oil, Gas & Consumable Fuels 0.8%
Concho Resources, Inc.		75,000		8,250
WPX Energy, Inc.*		250,000		3,085
				11,335
Pharmaceuticals 0.7%
Aerie Pharmaceuticals, Inc.*		220,000		10,267
Professional Services 2.0%
CoStar Group, Inc.*		60,000		27,452
Road & Rail 1.6%
J.B. Hunt Transport Services, Inc.		87,500		9,421
Old Dominion Freight Line, Inc.		80,000		12,062
				21,483
Semiconductors & Semiconductor Equipment 4.4%
Advanced Micro Devices, Inc.*		550,000		12,942
KLA-Tencor Corp.		65,000		7,507

	Number of Shares		Value (000's)
Monolithic Power Systems, Inc.		135,000	$	18,105
Xilinx, Inc.		175,000		21,927
				60,481
Software 12.4%
Autodesk, Inc.*		125,000		20,376
Nutanix, Inc. Class A*		317,500		15,904
Palo Alto Networks, Inc.*		62,500		15,392
Proofpoint, Inc.*		125,000		14,761
RingCentral, Inc. Class A*		212,500		22,374
ServiceNow, Inc.*		120,000		28,733
Splunk, Inc.*		160,000		21,741
Ultimate Software Group, Inc.*		55,000		18,233
Workday, Inc. Class A*		65,000		12,865
				170,379
Specialty Retail 6.2%
Burlington Stores, Inc.*		123,000		20,878
Five Below, Inc.*		150,000		18,053
O'Reilly Automotive, Inc.*		41,000		15,250
Ross Stores, Inc.		200,000		18,966
Ulta Beauty, Inc.*		37,500		11,718
				84,865
Trading Companies & Distributors 0.7%
United Rentals, Inc.*		75,000		10,094
Total Common Stocks (Cost $981,201)				1,348,191
Short-Term Investments 2.1%
Investment Companies 2.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(a) (Cost $29,047)		29,047,174		29,047
Total Investments 100.2% (Cost $1,010,248)				1,377,238
Liabilities Less Other Assets (0.2)%				(2,135	)
Net Assets 100.0%			$	1,375,103

See Notes to Financial Statements

111

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,348,191	$	—	$	—	$	1,348,191
Short-Term Investments		—		29,047		—		29,047
Total Investments	$	1,348,191	$	29,047	$	—	$	1,377,238

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

112

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 91.2%
Aerospace & Defense 7.0%
Esterline Technologies Corp.*		11,300	$	1,376
General Dynamics Corp.		24,250		4,128
Hexcel Corp.		36,900		2,662
Spirit AeroSystems Holdings, Inc. Class A		21,300		2,104
				10,270
Airlines 1.9%
American Airlines Group, Inc.		40,300		1,436
JetBlue Airways Corp.*		84,200		1,406
				2,842
Auto Components 1.1%
Aptiv PLC		19,300		1,604
Banks 8.5%
BankUnited, Inc.		83,900		3,061
BB&T Corp.		47,000		2,396
Comerica, Inc.		49,600		4,321
KeyCorp		155,800		2,751
				12,529
Beverages 2.0%
Molson Coors Brewing Co. Class B		47,400		2,923
Biotechnology 2.2%
Alexion Pharmaceuticals, Inc.*		24,200		3,275
Building Products 2.5%
Johnson Controls International PLC		106,108		3,742
Capital Markets 2.1%
State Street Corp.		42,500		3,054
Chemicals 3.5%
Ashland Global Holdings, Inc.		29,500		2,283
Chemours Co.		73,600		2,799
				5,082
Commercial Services & Supplies 2.4%
Covanta Holding Corp.		209,500		3,557
Communications Equipment 3.4%
ARRIS International PLC*		65,100		2,062
Ciena Corp.*		69,100		2,948
				5,010

	Number of Shares		Value (000's)
Construction & Engineering 1.7%
Valmont Industries, Inc.		18,300	$	2,500
Electric Utilities 1.6%
Edison International		38,000		2,276
Electronic Equipment, Instruments & Components 1.6%
Itron, Inc.*		43,100		2,285
Entertainment 1.5%
Lions Gate Entertainment Corp. Class A		33,400		516
Lions Gate Entertainment Corp. Class B		114,800		1,686
				2,202
Equity Real Estate Investment Trusts 0.9%
CoreCivic, Inc.		65,100		1,379
Food Products 3.6%
Hain Celestial Group, Inc.*		117,900		2,319
TreeHouse Foods, Inc.*		48,300		2,926
				5,245
Health Care Equipment & Supplies 2.6%
Zimmer Biomet Holdings, Inc.		30,500		3,786
Health Care Providers & Services 0.5%
Molina Healthcare, Inc.*		5,600		754
Hotels, Restaurants & Leisure 7.2%
International Game Technology PLC		176,000		3,036
MGM Resorts International		104,800		2,804
Wyndham Destinations, Inc.		91,300		4,111
Wyndham Hotels & Resorts, Inc.		11,000		578
				10,529
Household Durables 1.9%
Whirlpool Corp.		19,800		2,802
Independent Power and Renewable Electricity Producers 1.0%
AES Corp.		85,800		1,478
IT Services 2.2%
Amdocs Ltd.		22,200		1,233
Conduent, Inc.*		138,500		2,025
				3,258

	Number of Shares		Value (000's)
Media 0.9%
MSG Networks, Inc. Class A*		57,600	$	1,390
Mortgage Real Estate Investment 2.7%
Starwood Property Trust, Inc.		174,400		3,912
Oil, Gas & Consumable Fuels 7.6%
Cabot Oil & Gas Corp.		123,200		3,033
Devon Energy Corp.		81,300		2,399
ONEOK, Inc.		43,600		2,802
Williams Cos., Inc.		106,700		2,848
				11,082
Pharmaceuticals 1.1%
Teva Pharmaceutical Industries Ltd. ADR*		93,300		1,570
Semiconductors & Semiconductor Equipment 3.1%
Entegris, Inc.		24,400		862
ON Semiconductor Corp.*		94,600		2,032
Skyworks Solutions, Inc.		19,900		1,625
				4,519
Software 4.2%
Nuance Communications, Inc.*		199,800		3,351
Teradata Corp.*		58,300		2,820
				6,171
Specialty Retail 4.1%
Best Buy Co., Inc.		24,700		1,701
Chico's FAS, Inc.		248,100		1,449
Party City Holdco, Inc.*		274,000		2,852
				6,002
Technology Hardware, Storage & Peripherals 1.6%
Western Digital Corp.		46,736		2,351
Trading Companies & Distributors 3.0%
AerCap Holdings NV*		97,300		4,392
Total Common Stocks (Cost $122,515)				133,771

See Notes to Financial Statements

113

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 8.8%
Investment Companies 8.8%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(a) (Cost $12,957)		12,956,583	$	12,957
Total Investments 100.0% (Cost $135,472)				146,728
Other Assets Less Liabilities 0.0%^(b)				62
Net Assets 100.0%			$	146,790

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2019.

(b) Represents less than 0.05% of net assets.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	133,771	$	—	$	—	$	133,771
Short-Term Investments		—		12,957		—		12,957
Total Investments	$	133,771	$	12,957	$	—	$	146,728

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

114

Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 98.2%
Aerospace & Defense 5.9%
Boeing Co.		134,000	$	58,955
Raytheon Co.		185,000		34,502
				93,457
Banks 4.7%
JPMorgan Chase & Co.		705,000		73,574
Capital Markets 11.1%
Brookfield Asset Management, Inc. Class A		1,270,000		57,366
Charles Schwab Corp.		1,000,000		46,010
Goldman Sachs Group, Inc.		155,000		30,489
Intercontinental Exchange, Inc.		530,000		40,889
				174,754
Chemicals 3.3%
Methanex Corp.		350,000		19,740
Sherwin-Williams Co.		76,000		32,923
				52,663
Communications Equipment 8.4%
Cisco Systems, Inc.		1,210,000		62,642
Motorola Solutions, Inc.		485,000		69,413
				132,055
Containers & Packaging 2.6%
Ball Corp.		750,000		41,085
Diversified Financial Services 5.2%
Berkshire Hathaway, Inc. Class B*		405,000		81,527
Electrical Equipment 2.0%
Rockwell Automation, Inc.		175,000		31,248
Entertainment 1.6%
Activision Blizzard, Inc.		595,000		25,073
Food & Staples Retailing 4.3%
US Foods Holding Corp.*		1,940,000		68,366
Food Products 1.4%
Mondelez International, Inc. Class A		465,000		21,929

	Number of Shares		Value (000's)
Health Care Equipment & Supplies 1.3%
Hill-Rom Holdings, Inc.		200,000	$	21,210
Health Care Providers & Services 5.9%
CVS Health Corp.		410,000		23,710
HCA Healthcare, Inc.		500,000		69,520
				93,230
Hotels, Restaurants & Leisure 2.1%
McDonald's Corp.		185,000		34,010
Industrial Conglomerates 2.3%
3M Co.		175,000		36,293
Insurance 3.6%
Chubb Ltd.		425,000		56,908
Interactive Media & Services 4.7%
Alphabet, Inc. Class C*		66,000		73,915
IT Services 2.1%
PayPal Holdings, Inc.*		335,000		32,853
Machinery 3.6%
Stanley Black & Decker, Inc.		430,000		56,945
Media 2.0%
Comcast Corp. Class A		810,000		31,323
Oil, Gas & Consumable Fuel 1.9%
EOG Resources, Inc.		326,000		30,644
Pharmaceuticals 2.3%
Pfizer, Inc.		830,000		35,981
Road & Rail 4.1%
CSX Corp.		895,000		65,040
Semiconductors & Semiconductor Equipment 2.2%
Analog Devices, Inc.		330,000		35,297
Software 2.7%
Microsoft Corp.		380,000		42,571
Specialty Retail 1.3%
Lowe's Cos., Inc.		190,000		19,967
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc.		315,000		54,542

	Number of Shares		Value (000's)
Textiles, Apparel & Luxury Goods 2.1%
NIKE, Inc. Class B		395,000	$	33,863
Total Common Stocks (Cost $940,917)				1,550,323
Short-Term Investments 2.0%
Investment Companies 2.0%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(a) (Cost $31,424)		31,424,296		31,424
Total Investments 100.2% (Cost $972,341)				1,581,747
Liabilities Less Other Assets (0.2)%				(3,369	)
Net Assets 100.0%			$	1,578,378

See Notes to Financial Statements

115

Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,550,323	$	—	$	—	$	1,550,323
Short-Term Investments		—		31,424		—		31,424
Total Investments	$	1,550,323	$	31,424	$	—	$	1,581,747

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

116

Schedule of Investments Real Estate Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 98.0%
Apartments 14.3%
Apartment Investment & Management Co. Class A		298,773	$	14,619
Equity Residential		336,600		24,804
Essex Property Trust, Inc.		81,267		22,742
				62,165
Data Centers 10.2%
CyrusOne, Inc.		174,529		8,699
Digital Realty Trust, Inc.		110,567		12,507
Equinix, Inc.		55,037		23,308
				44,514
Free Standing 3.8%
Four Corners Property Trust, Inc.		236,381		6,474
National Retail Properties, Inc.		190,269		9,913
				16,387
Health Care 8.0%
HCP, Inc.		360,847		11,103
Healthcare Trust of America, Inc. Class A		330,554		9,417
Welltower, Inc.		190,994		14,193
				34,713
Hotels, Restaurants & Leisure 1.5%
Hyatt Hotels Corp. Class A		91,852		6,684
Industrial 9.2%
Liberty Property Trust		229,774		10,875
Prologis, Inc.		325,605		22,812
Rexford Industrial Realty, Inc.		188,596		6,465
				40,152
Infrastructure 15.8%
American Tower Corp.		196,551		34,622
Crown Castle International Corp.		158,618		18,836
SBA Communications Corp.*		84,523		15,262
				68,720

	Number of Shares		Value (000's)
IT Services 1.1%
InterXion Holding NV*		70,479	$	4,616
Lodging/Resorts 1.4%
Pebblebrook Hotel Trust		194,667		6,231
Manufactured Homes 5.4%
Equity LifeStyle Properties, Inc.		127,123		13,811
Sun Communities, Inc.		84,477		9,594
				23,405
Office 7.6%
Alexandria Real Estate Equities, Inc.		96,688		13,139
Douglas Emmett, Inc.		314,243		12,130
Highwoods Properties, Inc.		164,041		7,596
				32,865
Real Estate Management & Development 1.5%
Brookfield Asset Management, Inc. Class A		147,234		6,651
Regional Malls 5.2%
Macerich Co.		99,993		4,360
Simon Property Group, Inc.		99,481		18,022
				22,382
Self Storage 4.2%
Extra Space Storage, Inc.		87,950		8,438
Public Storage		45,396		9,601
				18,039
Shopping Centers 2.9%
Kimco Realty Corp.		260,421		4,581
Regency Centers Corp.		125,012		8,157
				12,738
Single Family Homes 3.5%
American Homes 4 Rent Class A		693,720		15,151
Timber 2.4%
Weyerhaeuser Co.		410,974		10,229
Total Common Stocks (Cost $385,024)				425,642

	Number of Shares		Value (000's)
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(a) (Cost $4,594)		4,593,869	$	4,594
Total Investments 99.1% (Cost $389,618)				430,236
Other Assets Less Liabilities 0.9%				3,950
Net Assets 100.0%			$	434,186

See Notes to Financial Statements

117

Schedule of Investments Real Estate Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	425,642	$	—	$	—	$	425,642
Short-Term Investments		—		4,594		—		4,594
Total Investments	$	425,642	$	4,594	$	—	$	430,236

(a) The Schedule of Investments provides information on the sector categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

118

Schedule of Investments Small Cap Growth Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 92.4%
Aerospace & Defense 2.7%
Axon Enterprise, Inc.*		16,500	$	888
Cubic Corp.		15,000		926
Teledyne Technologies, Inc.*		5,000		1,180
				2,994
Airlines 0.8%
Spirit Airlines, Inc.*		16,500		928
Auto Components 0.7%
Dorman Products, Inc.*		10,000		809
Banks 2.8%
Pinnacle Financial Partners, Inc.		12,500		734
Seacoast Banking Corp. of Florida*		48,500		1,407
TCF Financial Corp.		40,000		916
				3,057
Beverages 1.0%
MGP Ingredients, Inc.^(a)		14,000		1,146
Biotechnology 19.7%
ACADIA Pharmaceuticals, Inc.*		20,000		530
Agios Pharmaceuticals, Inc.*		10,000		649
Alder Biopharmaceuticals, Inc.*		82,000		1,051
Amarin Corp. PLC ADR*^(a)		59,000		1,208
Amicus Therapeutics, Inc.*^(a)		226,000		2,734
Arena Pharmaceuticals, Inc.*		13,500		674
Argenx SE ADR*		8,500		1,133
Array BioPharma, Inc.*		20,000		459
Audentes Therapeutics, Inc.*		9,000		275
Biohaven Pharmaceutical Holding Co. Ltd.*		20,000		880
Blueprint Medicines Corp.*		15,000		1,233

	Number of Shares		Value (000's)
CareDx, Inc.*		65,000	$	2,023
Clovis Oncology, Inc.*		8,000		242
Fate Therapeutics, Inc.*		60,000		942
FibroGen, Inc.*		7,100		410
Genomic Health, Inc.*		7,000		532
Global Blood Therapeutics, Inc.*		44,000		2,310
ImmunoGen, Inc.*		15,000		71
Immunomedics, Inc.*^(a)		50,000		788
Mirati Therapeutics, Inc.*^(a)		15,000		1,092
MorphoSys AG ADR*		20,000		515
REGENXBIO, Inc.*		7,000		362
Repligen Corp.*		25,000		1,488
Stemline Therapeutics, Inc.*		30,000		329
				21,930
Building Products 3.0%
AAON, Inc.		26,000		1,036
Resideo Technologies, Inc.*		40,000		1,028
Trex Co, Inc.*		16,500		1,237
				3,301
Chemicals 1.2%
Ingevity Corp.*		12,000		1,383
Commercial Services & Supplies 2.4%
Casella Waste Systems, Inc. Class A*		43,000		1,517
MSA Safety, Inc.		11,000		1,137
				2,654
Construction & Engineering 0.9%
MasTec, Inc.*		22,000		950
Consumer Finance 0.7%
Green Dot Corp. Class A*		12,500		807
Diversified Consumer Services 3.6%
Bright Horizons Family Solutions, Inc.*		8,000		992
Chegg, Inc.*		46,000		1,823
Grand Canyon Education, Inc.*		10,500		1,215
				4,030

	Number of Shares		Value (000's)
Entertainment 2.4%
Glu Mobile, Inc.*		120,000	$	1,078
Marcus Corp.		21,000		890
World Wrestling Entertainment, Inc. Class A		8,500		711
				2,679
Health Care Equipment & Supplies 2.4%
Nevro Corp.*		10,000		461
Oxford Immunotec Global PLC*		80,000		1,335
Wright Medical Group NV*		28,000		877
				2,673
Health Care Providers & Services 2.8%
R1 RCM, Inc.*		310,000		3,066
Health Care Technology 1.7%
Inspire Medical Systems, Inc.*		31,000		1,922
Hotels, Restaurants & Leisure 4.2%
Eldorado Resorts, Inc.*		29,000		1,398
Hilton Grand Vacations, Inc.*		24,000		763
Planet Fitness, Inc. Class A*		21,000		1,235
Red Rock Resorts, Inc. Class A		43,000		1,209
				4,605
Household Durables 0.7%
Skyline Champion Corp.		40,000		794
Insurance 1.1%
Primerica, Inc.		10,000		1,250
Internet & Direct Marketing Retail 1.8%
Etsy, Inc.*		28,000		1,996
IT Services 1.0%
MongoDB, Inc.*^(a)		10,500		1,066
Life Sciences Tools & Services 3.0%
Fluidigm Corp.*		297,902		3,295
Machinery 2.3%
Altra Industrial Motion Corp.		17,000		541
Proto Labs, Inc.*		3,000		339
Rexnord Corp.*		34,000		907
Woodward, Inc.		8,000		770
				2,557
Marine 0.7%
Kirby Corp.*		10,000		742

See Notes to Financial Statements

119

Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Multiline Retail 1.4%
Ollie's Bargain Outlet Holdings, Inc.*		17,500	$	1,544
Pharmaceuticals 2.0%
Aerie Pharmaceuticals, Inc.*		47,000		2,194
Professional Services 2.0%
Exponent, Inc.		22,000		1,246
Insperity, Inc.		8,000		1,010
				2,256
Road & Rail 1.2%
Genesee & Wyoming, Inc. Class A*		16,000		1,312
Semiconductors & Semiconductor Equipment 2.5%
Mellanox Technologies Ltd.*		5,000		537
Monolithic Power Systems, Inc.		6,000		805
Semtech Corp.*		25,000		1,376
				2,718
Software 14.8%
Alteryx, Inc. Class A*^(a)		21,000		1,602

	Number of Shares		Value (000's)
Coupa Software, Inc.*		16,500	$	1,554
Descartes Systems Group, Inc.*		43,500		1,502
Everbridge, Inc.*		21,200		1,499
HubSpot, Inc.*		10,000		1,684
New Relic, Inc.*		14,500		1,533
Q2 Holdings, Inc.*		21,000		1,445
RingCentral, Inc. Class A*		6,000		632
SailPoint Technologies Holding, Inc.*		43,500		1,342
Trade Desk, Inc. Class A*		9,100		1,798
Zendesk, Inc.*		6,500		514
Zscaler, Inc.*		27,000		1,341
				16,446
Specialty Retail 1.9%
Five Below, Inc.*		8,500		1,023
Monro, Inc.		14,500		1,107
				2,130
Technology Hardware, Storage & Peripherals 1.1%
Pure Storage, Inc. Class A*		61,000		1,249
Tobacco 1.2%
Turning Point Brands, Inc.		33,000		1,349

	Number of Shares		Value (000's)
Trading Companies & Distributors 0.7%
Air Lease Corp.		22,000	$	822
Total Common Stocks (Cost $84,860)				102,654
Short-Term Investments 12.3%
Investment Companies 12.3%
State Street Institutional U.S. Government Money Market Fund Premier Class, 2.35%^(b)		8,340,702		8,341
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(b)(c)		5,289,259		5,289
Total Short-Term Investments (Cost $13,630)				13,630
Total Investments 104.7% (Cost $98,490)				116,284
Liabilities Less Other Assets (4.7)%				(5,213	)
Net Assets 100.0%			$	111,071

* Non-income producing security.

(a) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $5,036,000 for the Fund (see Note A of the Notes to Financial Statements).

(b) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	102,654	$	—	$	—	$	102,654
Short-Term Investments		—		13,630		—		13,630
Total Investments	$	102,654	$	13,630	$	—	$	116,284

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

120

Schedule of Investments Sustainable Equity Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 99.0%
Airlines 1.5%
Ryanair Holdings PLC ADR*		394,118	$	29,378
Auto Components 3.2%
Aptiv PLC		766,772		63,726
Banks 5.6%
JPMorgan Chase & Co.		562,455		58,698
U.S. Bancorp		1,021,149		52,783
				111,481
Capital Markets 3.4%
Intercontinental Exchange, Inc.		876,862		67,650
Chemicals 2.2%
Sherwin-Williams Co.		101,955		44,167
Consumer Finance 2.1%
American Express Co.		380,197		40,962
Energy Equipment & Services 1.7%
Schlumberger Ltd.		757,581		33,379
Equity Real Estate Investment Trusts 1.9%
Weyerhaeuser Co.		1,492,274		37,143
Food & Staples Retailing 3.5%
Kroger Co.		2,360,065		69,221
Health Care Equipment & Supplies 11.2%
Becton, Dickinson & Co.		295,435		73,502
Danaher Corp.		729,233		92,627
Medtronic PLC		617,207		55,857
				221,986
Health Care Providers & Services 7.2%
AmerisourceBergen Corp.		747,151		62,238
Cigna Corp.		278,426		48,568
Premier, Inc. Class A*		885,294		32,384
				143,190
Hotels, Restaurants & Leisure 2.4%
Compass Group PLC		2,128,017		46,995
Industrial Conglomerates 3.2%
3M Co.		309,570		64,202
Insurance 4.3%
Progressive Corp.		1,164,805		84,914
Interactive Media & Services 3.1%
Alphabet, Inc. Class A*		55,412		62,424

	Number of Shares		Value (000's)
Internet & Direct Marketing Retail 3.1%
eBay, Inc.		1,655,994	$	61,520
IT Services 5.4%
Cognizant Technology Solutions Corp. Class A		929,911		66,005
MasterCard, Inc. Class A		185,955		41,797
				107,802
Machinery 2.7%
Stanley Black & Decker, Inc.		399,719		52,935
Media 4.7%
Comcast Corp. Class A		2,441,897		94,428
Oil, Gas & Consumable Fuels 3.5%
Cimarex Energy Co.		148,339		10,667
EQT Corp.		816,984		14,804
Equitrans Midstream Corp.		653,587		11,529
Noble Energy, Inc.		1,482,044		32,827
				69,827
Personal Products 3.0%
Unilever NV		1,097,477		59,242
Pharmaceuticals 2.7%
Roche Holding AG		193,570		53,782
Professional Services 1.6%
ManpowerGroup, Inc.		373,326		31,453
Semiconductors & Semiconductor Equipment 3.8%
Texas Instruments, Inc.		712,218		75,338
Software 2.3%
Intuit, Inc.		185,544		45,853
Specialty Chemicals 2.1%
Novozymes A/S B Shares		904,110		41,047
Specialty Retail 4.0%
Advance Auto Parts, Inc.		495,580		80,175
Textiles, Apparel & Luxury Goods 1.6%
Gildan Activewear, Inc.		906,454		32,333
Trading Companies & Distributors 2.0%
W.W. Grainger, Inc.		132,144		40,274
Total Common Stocks (Cost $1,405,255)				1,966,827

	Principal Amount		Value (000's)
Short-Term Investments 0.8%
Certificates of Deposit 0.0%^(a)
Carver Federal Savings Bank, 0.25%, due 3/23/2019	$	100,000	$	100
Self Help Federal Credit Union, 0.25%, due 3/24/2019		250,000		250
Self Help Credit Union, 0.25%, due 5/16/2019		250,000		250
				600
	Number of Shares
Investment Companies 0.8%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(b)		15,250,657		15,251
Total Short-Term Investments (Cost $15,851)				15,851
Total Investments 99.8% (Cost $1,421,106)				1,982,678
Other Assets Less Liabilities 0.2%				4,106
Net Assets 100.0%			$	1,986,784

See Notes to Financial Statements

121

Schedule of Investments Sustainable Equity Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Represents 7-day effective yield as of February 28, 2019.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,966,827	$	—	$	—	$	1,966,827
Short-Term Investments		—		15,851		—		15,851
Total Investments	$	1,966,827	$	15,851	$	—	$	1,982,678

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

122

Schedule of Investments Value Fund^ (Unaudited) February 28, 2019

	Number of Shares		Value (000's)
Common Stocks 86.2%
Aerospace & Defense 0.9%
United Technologies Corp.		1,578	$	198
Banks 6.1%
JPMorgan Chase & Co.		9,401		981
M&T Bank Corp.		1,046		181
PNC Financial Services Group, Inc.		233		29
Wells Fargo & Co.		2,485		124
				1,315
Capital Markets 1.4%
CME Group, Inc.		1,714		312
Communications Equipment 0.5%
Cisco Systems, Inc.		2,213		115
Diversified Telecommunication Services 5.3%
AT&T, Inc.		15,814		492
Verizon Communications, Inc.		11,756		669
				1,161
Electric Utilities 8.1%
American Electric Power Co., Inc.		4,874		396
Evergy, Inc.		3,579		200
Exelon Corp.		10,509		511
FirstEnergy Corp.		10,808		440
NextEra Energy, Inc.		1,120		210
				1,757
Electrical Equipment 1.1%
Emerson Electric Co.		3,364		229
Equity Real Estate Investment Trusts 5.6%
Equity Residential		5,587		412
Prologis, Inc.		4,547		318
Public Storage		1,430		302
Simon Property Group, Inc.		976		177
				1,209
Food & Staples Retailing 2.9%
Walgreens Boots Alliance, Inc.		1,166		83
Walmart, Inc.		5,515		546
				629

	Number of Shares		Value (000's)
Food Products 3.1%
Mondelez International, Inc. Class A		14,303	$	675
Health Care Equipment & Supplies 1.6%
Abbott Laboratories		4,402		342
Health Care Providers & Services 5.8%
Centene Corp.*		5,300		323
Cigna Corp.		1,468		256
CVS Health Corp.		1,446		83
HCA Healthcare, Inc.		4,335		603
				1,265
Household Durables 1.9%
Lennar Corp. Class A		1,961		94
PulteGroup, Inc.		5,224		141
Toll Brothers, Inc.		4,692		167
				402
Household Products 3.8%
Church & Dwight Co., Inc.		1,361		90
Procter & Gamble Co.		7,462		735
				825
Industrial Conglomerates 1.6%
General Electric Co.		20,978		218
Honeywell International, Inc.		811		125
				343
Insurance 5.6%
American Equity Investment Life Holding Co.		1,611		51
Aon PLC		1,552		266
Assurant, Inc.		1,639		169
Athene Holding Ltd. Class A*		5,151		229
Chubb Ltd.		2,589		347
Hartford Financial Services Group, Inc.		3,254		161
				1,223
Machinery 1.0%
Caterpillar, Inc.		779		107
Deere & Co.		575		95
Wabtec Corp.^(a)		112		8
				210

	Number of Shares		Value (000's)
Media 0.6%
Comcast Corp. Class A		3,646	$	141
Metals & Mining 7.2%
Barrick Gold Corp.		11,449		145
BHP Group Ltd. ADR^(b)		10,047		532
Newmont Mining Corp.		24,215		826
Rio Tinto PLC ADR		840		49
Southern Copper Corp.		625		22
				1,574
Multi-Utilities 3.6%
Dominion Energy, Inc.		1,476		109
DTE Energy Co.		3,679		455
Sempra Energy		1,759		212
				776
Oil, Gas & Consumable Fuels 8.5%
Cabot Oil & Gas Corp.		12,372		305
Chevron Corp.		250		30
EOG Resources, Inc.		4,813		452
Exxon Mobil Corp.		12,155		961
Valero Energy Corp.		1,254		102
				1,850
Pharmaceuticals 7.0%
Johnson & Johnson		4,216		576
Merck & Co., Inc.		5,126		417
Pfizer, Inc.		12,365		536
				1,529
Software 0.2%
Cadence Design Systems, Inc.*		760		43
Specialty Retail 1.3%
Tiffany & Co.		2,861		272
Textiles, Apparel & Luxury Goods 0.5%
lululemon Athletica, Inc.*		774		116
Wireless Telecommunication Services 1.0%
T-Mobile US, Inc.*		2,859		206
Total Common Stocks (Cost $17,331)				18,717

See Notes to Financial Statements

123

Schedule of Investments Value Fund^ (Unaudited) (cont'd)

	Number of Shares		Value (000's)
Short-Term Investments 14.4%
Investment Companies 14.4%
State Street Institutional Treasury Money Market Fund Premier Class, 2.33%^(c)(d)		2,578,722	$	2,579
State Street Navigator Securities Lending Government Money Market Portfolio, 2.43%^(c)(e)		557,498		557
Total Short-Term Investments (Cost $3,136)				3,136
Total Investments 100.6% (Cost $20,467)				21,853
Liabilities Less Other Assets (0.6)%				(131	)
Net Assets 100.0%			$	21,722

* Non-income producing security.

(a) All or a portion of this security was purchased on a delayed delivery basis.

(b) The security or a portion of this security is on loan at February 28, 2019. Total value of all such securities at February 28, 2019 amounted to approximately $531,000 for the Fund (see Note A of the Notes to Financial Statements).

(d) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of approximately $2,579,000.

(e) Represents investment of cash collateral received from securities lending.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2019:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	18,717	$	—	$	—	$	18,717
Short-Term Investments		—		3,136		—		3,136
Total Investments	$	18,717	$	3,136	$	—	$	21,853

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", either reflects a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

124

Statements of Assets and Liabilities (Unaudited)

Neuberger Berman Equity Funds
(000's omitted except per share amounts)

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND			GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019			February 28, 2019		February 28, 2019
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	53,026	$	1,487,268	$	1,454,276	$	692,889	$	9,160,968	$	4,689	$	3,786	$	49,646		$	1,170,682	$	1,698,043
Affiliated issuers^(b)		—		—		—		—		844,672		—		—		—			—		—
		53,026		1,487,268		1,454,276		692,889		10,005,640		4,689		3,786		49,646			1,170,682		1,698,043
Cash		—		—		—		—		1,253		—		—		—			—		—
Foreign currency^(c)		—		11		—		—		—		—		2		2,619			—		1
Dividends and interest receivable		115		4,172		5,107		662		7,947		8		9		—			2,097		4,545
Receivable for securities sold		808		212		—		—		15,532		11		—		440			16,943		—
Receivable for Fund shares sold		129		1,544		330		19		65,890		—		—		—			29		614
Receivable from Management—net (Note B)		14		—		—		—		—		27		24		9			—		—
Receivable for securities lending income (Note A)		—		2		—		—		—		—		—		—			17		6
Prepaid expenses and other assets		33		92		39		59		216		15		27		17			117		106
Total Assets		54,125		1,493,301		1,459,752		693,629		10,096,478		4,750		3,848		52,731			1,189,885		1,703,315
Liabilities
Payable to investment manager—net (Note B)		20		1,049		546		276		5,004		2		2		44			451		906
Option contracts written, at value^(d) (Note A)		—		—		882		—		—		—		—		—			1,276		—
Payable for securities purchased		—		8,793		—		—		3,213		—		—		251			1,108		—
Payable for Fund shares redeemed		56		1,241		1,295		249		93,926		—		—		1			335		812
Payable to administrator—net (Note B)		—		205		383		147		1,297		—		—		—			237		105
Payable to trustees		3		2		2		2		—		3		3		3			2		2
Payable for loaned securities collateral (Note A)		—		17,221		—		—		—		—		—		—			12,311		24,605
Accrued expenses and other payables		69		380		181		191		859		72		72		86			279		178
Total Liabilities		148		28,891		3,289		865		104,299		77		77		385			15,999		26,608
Net Assets	$	53,977	$	1,464,410	$	1,456,463	$	692,764	$	9,992,179	$	4,673	$	3,771	$	52,346		$	1,173,886	$	1,676,707
Net Assets consist of:
Paid-in capital	$	49,995	$	1,425,859	$	1,171,626	$	580,110	$	5,320,519	$	3,791	$	3,534	$	65,047		$	945,593	$	1,595,961
Total distributable earnings/(losses)		3,982		38,551		284,837		112,654		4,671,660		882		237		(12,701	)		228,293		80,746
Net Assets	$	53,977	$	1,464,410	$	1,456,463	$	692,764	$	9,992,179	$	4,673	$	3,771	$	52,346		$	1,173,886	$	1,676,707
Net Assets
Investor Class	$	—	$	—	$	—	$	627,832	$	1,631,892	$	—	$	—	$	—		$	1,043,657	$	96,008
Trust Class		—		—		—		49,888		1,324,914		—		—		—			47,188		32,931
Advisor Class		—		—		—		1,682		165,836		—		—		—			154		—
Institutional Class		49,299		1,240,477		1,120,557		8,938		2,804,952		4,255		3,141		45,254			76,823		1,403,289
Class A		1,649		44,614		116,086		3,051		—		314		317		6,907			3,876		54,591
Class C		3,003		10,613		218,207		1,373		—		104		313		185			1,952		10,802
Class R3		—		1,032		1,613		—		—		—		—		—			236		—
Class R6		26		167,674		—		—		4,064,585		—		—		—			—		79,086

See Notes to Financial Statements

125

126

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL EQUITY FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND		INTERNATIONAL EQUITY FUND
	February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		24,911		29,654		—		—		—		64,145		7,813
Trust Class		—		—		—		1,980		24,063		—		—		—		2,900		2,680
Advisor Class		—		—		—		67		3,020		—		—		—		9		—
Institutional Class		3,918		64,902		88,417		354		51,067		564		286		4,840		4,720		114,220
Class A		131		2,325		9,197		121		—		41		29		743		238		4,443
Class C		239		552		17,416		55		—		14		29		21		121		881
Class R3		—		54		128		—		—		—		—		—		15		—
Class R6		2		8,774		—		—		74,074		—		—		—		—		6,433
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	25.20	$	55.03	$	—	$	—	$	—	$	16.27	$	12.29
Trust Class		—		—		—		25.19		55.06		—		—		—		16.27		12.29
Advisor Class		—		—		—		25.20		54.92		—		—		—		16.23		—
Institutional Class		12.58		19.11		12.67		25.22		54.93		7.54		10.97		9.35		16.28		12.29
Class R3		—		19.24		12.59		—		—		—		—		—		16.24		—
Class R6		12.59		19.11		—		—		54.87		—		—		—		—		12.29
Net Asset Value and redemption price per share
Class A	$	12.61	$	19.19	$	12.62	$	25.18	$	—	$	7.60	$	10.96	$	9.29	$	16.27	$	12.29
Offering Price per share
Class A‡	$	13.38	$	20.36	$	13.39	$	26.72	$	—	$	8.06	$	11.63	$	9.86	$	17.26	$	13.04
Net Asset Value and offering price per share
Class C^	$	12.55	$	19.22	$	12.53	$	25.00	$	—	$	7.58	$	10.93	$	8.79	$	16.18	$	12.26
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	16,656	$	—	$	—	$	—	$	—	$	—	$	—	$	12,130	$	23,352
*Cost of Investments:
(a) Unaffiliated issuers	$	47,963	$	1,375,156	$	1,190,910	$	578,079	$	5,100,815	$	3,833	$	3,517	$	50,725	$	947,835	$	1,607,323
(b) Affiliated issuers		—		—		—		—		509,706		—		—		—		—		—
Total cost of investments	$	47,963	$	1,375,156	$	1,190,910	$	578,079	$	5,610,521	$	3,833	$	3,517	$	50,725	$	947,835	$	1,607,323
(c) Total cost of foreign currency	$	—	$	11	$	—	$	—	$	—	$	—	$	2	$	2,595	$	—	$	1
(d) Premium received from option contracts written	$	—	$	—	$	673	$	—	$	—	$	—	$	—	$	—	$	1,325	$	—

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

127

128

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Equity Funds
(000's omitted except per share amounts)

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND		LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	February 28, 2019		February 28, 2019			February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	163,153	$	6,033		$	653,980	$	1,574,221	$	1,377,238	$	146,728	$	1,581,747	$	430,236	$	116,284	$	1,982,678
Affiliated issuers^(b)		—		—			—		—		—		—		—		—		—		—
		163,153		6,033			653,980		1,574,221		1,377,238		146,728		1,581,747		430,236		116,284		1,982,678
Cash		—		—			—		—		—		—		—		—		—		—
Foreign currency^(c)		—		1			—		—		—		—		—		—		—		1
Dividends and interest receivable		843		7			279		3,997		399		101		2,483		1,192		31		4,716
Receivable for securities sold		—		—			3,315		17,626		5,416		—		2,452		3,625		2,441		—
Receivable for Fund shares sold		15,051		—			6,657		1,552		960		94		313		144		191		2,046
Receivable from Management—net (Note B)		—		22			—		—		—		—		—		—		21		—
Receivable for securities lending income (Note A)		—		1			—		14		1		—		—		—		1		—
Prepaid expenses and other assets		49		34			45		104		90		34		74		47		54		100
Total Assets		179,096		6,098			664,276		1,597,514		1,384,104		146,957		1,587,069		435,244		119,023		1,989,541
Liabilities
Payable to investment manager—net (Note B)		68		4			387		574		517		55		644		271		66		729
Option contracts written, at value^(d) (Note A)		—		—			—		—		—		—		—		—		—		—
Payable for securities purchased		—		25			3,964		617		6,403		—		5,234		—		2,524		—
Payable for Fund shares redeemed		128		—			613		1,205		1,660		35		2,477		654		23		1,356
Payable to administrator—net (Note B)		—		—			86		343		226		25		227		24		—		391
Payable to trustees		3		3			2		2		2		3		2		3		3		2
Payable for loaned securities collateral (Note A)		1,160		227			—		39,478		—		—		—		—		5,289		—
Accrued expenses and other payables		88		67			104		279		193		49		107		106		47		279
Total Liabilities		1,447		326			5,156		42,498		9,001		167		8,691		1,058		7,952		2,757
Net Assets	$	177,649	$	5,772		$	659,120	$	1,555,016	$	1,375,103	$	146,790	$	1,578,378	$	434,186	$	111,071	$	1,986,784
Net Assets consist of:
Paid-in capital	$	173,271	$	6,581		$	507,721	$	1,388,169	$	1,005,242	$	135,815	$	887,450	$	391,730	$	89,334	$	1,346,603
Total distributable earnings/(losses)		4,378		(809	)		151,399		166,847		369,861		10,975		690,928		42,456		21,737		640,181
Net Assets	$	177,649	$	5,772		$	659,120	$	1,555,016	$	1,375,103	$	146,790	$	1,578,378	$	434,186	$	111,071	$	1,986,784
Net Assets
Investor Class	$	—	$	—		$	—	$	1,161,745	$	488,683	$	64,170	$	—	$	—	$	66,267	$	474,743
Trust Class		7,471		—			—		73,829		72,564		9,218		—		119,115		4,227		194,929
Advisor Class		—		—			—		116,189		13,740		—		—		—		2,612		—
Institutional Class		136,067		5,244			616,018		186,203		272,880		49,039		1,487,833		172,545		24,597		863,052
Class A		3,105		180			21,810		11,276		32,704		20,008		48,341		55,371		7,862		97,348
Class C		1,910		127			21,264		5,359		10,451		2,085		42,204		11,206		3,623		54,188
Class R3		2,943		—			—		389		54,739		2,270		—		18,042		1,860		30,930
Class R6		26,153		221			28		26		429,342		—		—		57,907		23		271,594

See Notes to Financial Statements

129

130

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)

	INTERNATIONAL SELECT FUND		INTERNATIONAL SMALL CAP FUND		INTRINSIC VALUE FUND		LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP INTRINSIC VALUE FUND		MULTI-CAP OPPORTUNITIES FUND		REAL ESTATE FUND		SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019		February 28, 2019
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		—		39,491		33,314		3,042		—		—		1,781		13,064
Trust Class		618		—		—		2,506		4,951		437		—		9,132		114		5,355
Advisor Class		—		—		—		3,941		941		—		—		—		70		—
Institutional Class		11,291		476		38,709		6,336		18,552		2,330		83,458		13,181		658		23,806
Class A		259		16		1,373		383		2,235		948		2,705		4,245		211		2,676
Class C		161		12		1,344		181		722		99		2,360		858		98		1,493
Class R3		247		—		—		13		3,756		107		—		1,386		50		849
Class R6		2,170		20		2		1		29,151		—		—		4,424		1		7,496
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	—	$	29.42	$	14.67	$	21.10	$	—	$	—	$	37.22	$	36.34
Trust Class		12.09		—		—		29.46		14.66		21.10		—		13.04		37.15		36.40
Advisor Class		—		—		—		29.48		14.60		—		—		—		37.07		—
Institutional Class		12.05		11.03		15.91		29.39		14.71		21.05		17.83		13.09		37.38		36.25
Class R3		11.90		—		—		29.52		14.57		21.14		—		13.02		37.06		36.45
Class R6		12.05		11.04		15.92		29.39		14.73		—		—		13.09		37.40		36.23
Net Asset Value and redemption price per share
Class A	$	12.00	$	11.01	$	15.88	$	29.46	$	14.63	$	21.10	$	17.87	$	13.04	$	37.19	$	36.38
Offering Price per share
Class A‡	$	12.73	$	11.68	$	16.85	$	31.26	$	15.52	$	22.39	$	18.96	$	13.84	$	39.46	$	38.60
Net Asset Value and offering price per share
Class C^	$	11.83	$	10.87	$	15.82	$	29.59	$	14.47	$	21.15	$	17.88	$	13.06	$	36.80	$	36.30
†Securities on loan, at value:
Unaffiliated issuers	$	1,111	$	215	$	—	$	37,629	$	—	$	—	$	—	$	—	$	5,036	$	—
*Cost of Investments:
(a) Unaffiliated issuers	$	157,304	$	6,393	$	509,420	$	1,415,230	$	1,010,248	$	135,472	$	972,341	$	389,618	$	98,490	$	1,421,106
(b) Affiliated issuers		—		—		—		—		—		—		—		—		—		—
Total cost of investments	$	157,304	$	6,393	$	509,420	$	1,415,230	$	1,010,248	$	135,472	$	972,341	$	389,618	$	98,490	$	1,421,106
(c) Total cost of foreign currency	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1
(d) Premium received from option contracts written	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

131

132

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Equity Funds
(000's omitted except per share amounts)

	VALUE FUND
	February 28, 2019
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	21,853
Affiliated issuers^(b)		—
		21,853
Cash		—
Foreign currency^(c)		—
Dividends and interest receivable		56
Receivable for securities sold		206
Receivable for Fund shares sold		199
Receivable from Management—net (Note B)		16
Receivable for securities lending income (Note A)		—
Prepaid expenses and other assets		40
Total Assets		22,370
Liabilities
Payable to investment manager—net (Note B)		9
Option contracts written, at value^(d) (Note A)		—
Payable for securities purchased		9
Payable for Fund shares redeemed		—
Payable to administrator—net (Note B)		—
Payable to trustees		3
Payable for loaned securities collateral (Note A)		557
Accrued expenses and other payables		70
Total Liabilities		648
Net Assets	$	21,722
Net Assets consist of:
Paid-in capital	$	20,419
Total distributable earnings/(losses)		1,303
Net Assets	$	21,722
Net Assets
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		12,591
Class A		5,771
Class C		3,360
Class R3		—
Class R6		—

See Notes to Financial Statements

133

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)

	VALUE FUND
	February 28, 2019
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		713
Class A		327
Class C		197
Class R3		—
Class R6		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—
Trust Class		—
Advisor Class		—
Institutional Class		17.66
Class R3		—
Class R6		—
Net Asset Value and redemption price per share
Class A	$	17.63
Offering Price per share
Class A‡	$	18.71
Net Asset Value and offering price per share
Class C^	$	17.09
†Securities on loan, at value:
Unaffiliated issuers	$	531
*Cost of Investments:
(a) Unaffiliated issuers	$	20,467
(b) Affiliated issuers		—
Total cost of investments	$	20,467
(c) Total cost of foreign currency	$	—
(d) Premium received from option contracts written	$	—

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

134

Statements of Operations (Unaudited)

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND		GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019		For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	579		$	11,329		$	20,809		$	4,739	$	54,360		$	26		$	35		$	266		$	8,596		$	9,781
Dividend income—affiliated issuers (Note F)		—			—			—			—		2,969			—			—			—			—			—
Interest and other income—unaffiliated issuers		25			908			2,482			141		1,044			1			1			1			343			348
Income from securities loaned—net		—			28			—			7		—			—			—			—			65			118
Foreign taxes withheld		(2	)		(1,481	)		(379	)		—		(342	)		(1	)		(1	)		(11	)		(151	)		(832	)
Total income	$	602		$	10,784		$	22,912		$	4,887	$	58,031		$	26		$	35		$	256		$	8,853		$	9,415
Expenses:
Investment management fees (Note B)		133			6,216			3,620			1,812		32,899			13			12			364			2,989			6,964
Administration fees (Note B):
Investor Class		—			—			—			809		2,153			—			—			—			1,377			123
Trust Class		—			—			—			102		2,688			—			—			—			98			70
Advisor Class		—			—			—			4		339			—			—			—			—			—
Institutional Class		36			823			817			6		2,123			3			2			44			56			1,134
Class A		2			58			207			4		—			—			—			9			6			75
Class C		4			13			289			2		—			—			—			—			2			15
Class R3		—			1			2			—		—			—			—			—			—			—
Class R6		—			53			—			—		1,307			—			—			—			—			24
Distribution fees (Note B):
Trust Class		—			—			—			26		—			—			—			—			25			—
Advisor Class		—			—			—			2		212			—			—			—			—			—
Class A		2			56			199			4		—			—			1			9			6			72
Class C		15			50			1,110			7		—			1			1			1			8			59
Class R3		—			3			5			—		—			—			—			—			1			—
Shareholder servicing agent fees:
Investor Class		—			—			—			191		527			—			—			—			371			51
Trust Class		—			—			—			1		7			—			—			—			1			1
Advisor Class		—			—			—			—		6			—			—			—			—			—
Institutional Class		—			103			4			—		22			—			—			1			—			6
Class A		1			8			6			—		—			—			—			5			1			2
Class C		—			—			3			—		—			—			—			—			—			1
Class R3		—			—			—			—		—			—			—			—			—			—
Class R6		—			3			—			—		4			—			—			—			—			3
Audit fees		27			30			33			30		33			28			28			28			31			31
Custodian and accounting fees		33			588			97			51		531			43			33			50			77			236
Insurance expense		1			22			25			12		166			—			—			2			19			31
Legal fees		34			34			35			34		37			34			33			40			44			38
Registration and filing fees		31			99			56			49		141			24			22			26			58			129
Repayment to Management of expenses previously assumed by Management (Note B)		—			8			—			—		—			—			—			—			—			—
Shareholder reports		2			59			73			23		386			1			1			4			38			69
Trustees' fees and expenses		23			24			24			23		31			23			23			23			24			24
Interest expense		—			—			1			2		1			—			—			7	(Note E)		—			4
Miscellaneous		2			73			51			22		312			3			3			5			41			65
Total expenses		346			8,324			6,657			3,216		43,925			173			159			618			5,273			9,227

See Notes to Financial Statements

135

136

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND			INTERNATIONAL EQUITY FUND
	For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019
Expenses reimbursed by Management (Note B)		(142	)		(61	)		—			—			(187	)		(155	)		(142	)		(100	)		—			(764	)
Investment management fees waived (Note B)		—			—			—			—			—			—			—			—			—			(504	)
Total net expenses		204			8,263			6,657			3,216			43,738			18			17			518			5,273			7,959
Net investment income/(loss)	$	398		$	2,521		$	16,255		$	1,671		$	14,293		$	8		$	18		$	(262	)	$	3,580		$	1,456
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		(1,464	)		(36,628	)*		18,682			(3,005	)		544,080			62			4			(2,420	)		21,350			(7,729	)
Transactions in investment securities of affiliated issuers		—			—			—			—			9,477			—			—			—			—			—
Redemption in-kind		—			—			—			—			—			—			—			—			—			—
Settlement of foreign currency transactions		—			(575	)		(13	)		(15	)		(23	)		—			(1	)		17			(3	)		(193	)
Expiration or closing of option contracts written		—			—			1,256			176			—			—			—			—			234			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(1,691	)		40,935	**		(57,663	)		(34,261	)		(1,208,753	)		(399	)		82			(1,949	)		(127,285	)		(126,160	)
Investment securities of affiliated issuers		—			—			—			—			(13,677	)		—			—			—			—			—
Foreign currency translations		—			14			(5	)		—			1			—			—			19			3			(82	)
Option contracts written		—			—			608			—			—			—			—			—			(477	)		—
Net gain/(loss) on investments		(3,155	)		3,746			(37,135	)		(37,105	)		(668,895	)		(337	)		85			(4,333	)		(106,178	)		(134,164	)
Net increase/(decrease) in net assets resulting from operations	$	(2,757	)	$	6,267		$	(20,880	)	$	(35,434	)	$	(654,602	)	$	(329	)	$	103		$	(4,595	)	$	(102,598	)	$	(132,708	)

* Net of foreign capital gains tax $5,326.

** Change in accrued foreign capital gains tax amounted to $139,255.

See Notes to Financial Statements

137

138

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTERNATIONAL SELECT FUND			INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND		LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND			REAL ESTATE FUND			SMALL CAP GROWTH FUND		SUSTAINABLE EQUITY FUND
	For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019		For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019		For the Six Months Ended February 28, 2019
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	738		$	32		$	2,339	$	18,008		$	3,533		$	918		$	12,301		$	5,472		$	80	$	18,956
Dividend income—affiliated issuers (Note F)		—			—			—		—			—			—			—			—			—		—
Interest and other income—unaffiliated issuers		49			3			206		822			523			75			152			56			53		343
Income from securities loaned—net		10			3			—		17			9			—			—			—			7		—
Foreign taxes withheld		(64	)		(5	)		—		(21	)		(11	)		(1	)		(97	)		(7	)		—		(277	)
Total income	$	733		$	33		$	2,545	$	18,826		$	4,054		$	992		$	12,356		$	5,521		$	140	$	19,022
Expenses:
Investment management fees (Note B)		426			25			2,549		3,523			3,285			303			4,494			1,718			389		4,993
Administration fees (Note B):
Investor Class		—			—			—		1,453			604			52			—			—			77		744
Trust Class		14			—			—		134			143			18			—			245			8		402
Advisor Class		—			—			—		233			27			—			—			—			5		—
Institutional Class		98			4			443		89			226			36			1,183			126			12		648
Class A		4			—			25		7			51			12			85			72			7		144
Class C		3			—			27		4			13			3			54			15			4		73
Class R3		4			—			—		—			33			3			—			22			2		41
Class R6		3			—			—		—			132			—			—			18			—		94
Distribution fees (Note B):
Trust Class		4			—			—		34			—			5			—			61			2		100
Advisor Class		—			—			—		145			17			—			—			—			3		—
Class A		4			—			24		7			49			11			82			69			6		138
Class C		10			1			104		15			51			10			206			60			15		279
Class R3		7			—			—		1			64			5			—			42			4		79
Shareholder servicing agent fees:
Investor Class		—			—			—		330			204			16			—			—			41		278
Trust Class		4			—			—		1			1			—			—			14			—		3
Advisor Class		—			—			—		1			1			—			—			—			—		—
Institutional Class		1			—			4		—			5			1			16			2			—		8
Class A		—			1			2		—			2			1			5			3			1		8
Class C		—			—			1		—			1			—			1			1			—		2
Class R3		—			—			—		—			2			—			—			2			—		2
Class R6		—			—			—		—			5			—			—			1			—		5
Audit fees		31			24			14		30			14			14			14			30			14		14
Custodian and accounting fees		64			40			50		86			85			36			94			46			40		134
Insurance expense		3			—			13		22			21			2			30			7			1		36
Legal fees		33			32			34		37			35			33			33			34			58		38
Registration and filing fees		53			32			42		66			76			53			42			58			63		94
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—		—			1			—			—			—			—		—
Shareholder reports		6			1			67		39			60			7			45			27			7		83
Trustees' fees and expenses		23			23			23		24			24			23			24			23			23		25
Interest expense		1			—			16		—			—			—			36			3			—		2
Miscellaneous		10			3			22		46			39			5			55			15			5		68
Total expenses		806			186			3,460		6,327			5,271			649			6,499			2,714			787		8,535

See Notes to Financial Statements

139

140

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	INTERNATIONAL SELECT FUND			INTERNATIONAL SMALL CAP FUND			INTRINSIC VALUE FUND			LARGE CAP VALUE FUND		MID CAP GROWTH FUND			MID CAP INTRINSIC VALUE FUND			MULTI-CAP OPPORTUNITIES FUND			REAL ESTATE FUND			SMALL CAP GROWTH FUND			SUSTAINABLE EQUITY FUND
	For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019		For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019			For the Six Months Ended February 28, 2019
Expenses reimbursed by Management (Note B)		(148	)		(154	)		(133	)		—		—			(51	)		—			(569	)		(243	)		—
Investment management fees waived (Note B)		—			—			—			—		—			(10	)		—			—			—			—
Total net expenses		658			32			3,327			6,327		5,271			588			6,499			2,145			544			8,535
Net investment income/(loss)	$	75		$	1		$	(782	)	$	12,499	$	(1,217	)	$	404		$	5,857		$	3,376		$	(404	)	$	10,487
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		(1,308	)		(431	)		27,498			11,567		21,382			1,705			123,736			4,215			4,486			108,315
Transactions in investment securities of affiliated issuers		—			—			—			—		—			—			—			—			—			—
Redemption in-kind		—			—			—			—		—			—			—			—			—			6,522
Settlement of foreign currency transactions		(15	)		—			—			—		—			—			—			(3	)		—			(10	)
Expiration or closing of option contracts written		—			—			—			—		—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(7,181	)		(481	)		(55,322	)		10,502		(79,478	)		(8,107	)		(184,695	)		5,547			(1,399	)		(249,167	)
Investment securities of affiliated issuers		—			—			—			—		—			—			—			—			—			—
Foreign currency translations		(20	)		—			—			—		—			—			—			—			—			(32	)
Option contracts written		—			—			—			—		—			—			—			—			—			—
Net gain/(loss) on investments		(8,524	)		(912	)		(27,824	)		22,069		(58,096	)		(6,402	)		(60,959	)		9,759			3,087			(134,372	)
Net increase/(decrease) in net assets resulting from operations	$	(8,449	)	$	(911	)	$	(28,606	)	$	34,568	$	(59,313	)	$	(5,998	)	$	(55,102	)	$	13,135		$	2,683		$	(123,885	)

See Notes to Financial Statements

141

142

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	VALUE FUND
	For the Six Months Ended February 28, 2019
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	197
Dividend income—affiliated issuers (Note F)		—
Interest and other income—unaffiliated issuers		14
Income from securities loaned—net		—
Foreign taxes withheld		—
Total income	$	211
Expenses:
Investment management fees (Note B)		43
Administration fees (Note B):
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		7
Class A		4
Class C		4
Class R3		—
Class R6		—
Distribution fees (Note B):
Trust Class		—
Advisor Class		—
Class A		3
Class C		16
Class R3		—
Shareholder servicing agent fees:
Investor Class		—
Trust Class		—
Advisor Class		—
Institutional Class		—
Class A		1
Class C		—
Class R3		—
Class R6		—
Audit fees		28
Custodian and accounting fees		30
Insurance expense		—
Legal fees		34
Registration and filing fees		26
Repayment to Management of expenses previously assumed by Management (Note B)		—
Shareholder reports		2
Trustees' fees and expenses		23
Interest expense		1	(Note E)
Miscellaneous		2
Total expenses		224

See Notes to Financial Statements

143

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	VALUE FUND
	For the Six Months Ended February 28, 2019
Expenses reimbursed by Management (Note B)		(145	)
Investment management fees waived (Note B)		—
Total net expenses		79
Net investment income/(loss)	$	132
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		(46	)
Transactions in investment securities of affiliated issuers		—
Redemption in-kind		—
Settlement of foreign currency transactions		—
Expiration or closing of option contracts written		—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		259
Investment securities of affiliated issuers		—
Foreign currency translations		—
Option contracts written		—
Net gain/(loss) on investments		213
Net increase/(decrease) in net assets resulting from operations	$	345

See Notes to Financial Statements

144

Statements of Changes in Net Assets

Neuberger Berman Equity Funds
(000's omitted)

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL EQUITY FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	398		$	742		$	2,521		$	11,458		$	16,255		$	38,077		$	1,671		$	3,117		$	14,293		$	26,015		$	8		$	35
Net realized gain/(loss) on investments (Note A)		(1,464	)		2,730			(37,203	)		17,698			19,925			83,988			(2,844	)		59,547			553,534			1,471,513			62			341
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(1,691	)		1,307			40,949			(107,491	)		(57,060	)		43,315			(34,261	)		29,330			(1,222,429	)		1,112,922			(399	)		311
Net increase/(decrease) in net assets resulting from operations		(2,757	)		4,779			6,267			(78,335	)		(20,880	)		165,380			(35,434	)		91,994			(654,602	)		2,610,450			(329	)		687
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			—			—			—			—			(47,553	)		(52,413	)		(163,651	)		(228,148	)		—			—
Trust Class		—			—			—			—			—			—			(3,793	)		(8,081	)		(133,145	)		(187,683	)		—			—
Advisor Class		—			—			—			—			—			—			(130	)		(1,095	)		(16,627	)		(25,755	)		—			—
Institutional Class		(2,645	)		(1,042	)		(10,212	)		(5,443	)		(60,051	)		(81,637	)		(594	)		(710	)		(289,491	)		(451,315	)		(280	)		(25	)
Class A		(83	)		(42	)		(222	)		(229	)		(9,085	)		(11,944	)		(237	)		(403	)		—			—			(22	)		(1	)
Class C		(140	)		(46	)		—			(22	)		(11,086	)		(15,405	)		(111	)		(635	)		—			—			(6	)		—
Class R3		—			—			—			(5	)		(98	)		(100	)		—			—			—			—			—			—
Class R6		(1	)		—			(1,646	)		(1,139	)		—			—			—			—			(401,114	)		(462,929	)		—			—
Total distributions to shareholders		(2,869	)		(1,130	)		(12,080	)		(6,838	)		(80,320	)		(109,086	)		(52,418	)		(63,337	)		(1,004,028	)		(1,355,830	)		(308	)		(26	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			1,626			3,861			42,073			127,479			—			—
Trust Class		—			—			—			—			—			—			261			2,281			49,044			130,291			—			—
Advisor Class		—			—			—			—			—			—			106			340			10,376			30,289			—			—
Institutional Class		7,340			21,342			360,489			782,707			129,092			151,932			1,553			2,598			245,234			506,405			98			36
Class A		63			1,090			11,541			42,405			13,788			25,357			191			821			—			—			39			682
Class C		61			124			1,540			6,015			6,518			9,342			83			75			—			—			—			31
Class R3		—			—			228			606			239			1,027			—			—			—			—			—			—
Class R6		—			—			26,125			83,104			—			—			—			—			256,560			874,418			—			—

See Notes to Financial Statements

145

146

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL EQUITY FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			—			43,189			47,309			158,366			220,105			—			—
Trust Class		—			—			—			—			—			—			3,772			8,037			132,025			186,190			—			—
Advisor Class		—			—			—			—			—			—			130			1,093			15,820			24,454			—			—
Institutional Class		2,645			1,042			4,226			2,159			51,775			69,404			548			586			260,982			413,091			280			25
Class A		81			41			141			162			7,871			10,549			205			342			—			—			18			1
Class C		140			46			—			9			8,451			11,703			106			609			—			—			2			—
Class R3		—			—			—			3			69			51			—			—			—			—			—			—
Class R6		—			—			1,646			1,139			—			—			—			—			398,405			462,309			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(28,248	)		(58,503	)		(206,955	)		(423,896	)		—			—
Trust Class		—			—			—			—			—			—			(5,253	)		(14,814	)		(191,429	)		(508,027	)		—			—
Advisor Class		—			—			—			—			—			—			(643	)		(1,836	)		(29,685	)		(81,711	)		—			—
Institutional Class		(8,958	)		(4,765	)		(268,732	)		(231,337	)		(161,394	)		(298,102	)		(809	)		(2,759	)		(464,878	)		(1,703,085	)		(307	)		(111	)
Class A		(105	)		(1,134	)		(14,460	)		(58,033	)		(77,977	)		(56,187	)		(378	)		(830	)		—			—			(120	)		(633	)
Class C		(208	)		(196	)		(1,764	)		(1,857	)		(28,165	)		(65,530	)		(284	)		(476	)		—			—			(10	)		(26	)
Class R3		—			—			(606	)		(603	)		(760	)		(736	)		—			—			—			—			—			—
Class R6		—			—			(26,419	)		(42,487	)		—			—			—			—			(330,062	)		(1,027,844	)		—			—
Net increase/(decrease) from Fund share transactions		1,059			17,590			93,955			583,992			(50,493	)		(141,190	)		16,155			(11,266	)		345,876			(769,532	)		—			5
Net Increase/(Decrease) in Net Assets		(4,567	)		21,239			88,142			498,819			(151,693	)		(84,896	)		(71,697	)		17,391			(1,312,754	)		485,088			(637	)		666
Net Assets:
Beginning of period		58,544			37,305			1,376,268			877,449			1,608,156			1,693,052			764,461			747,070			11,304,933			10,819,845			5,310			4,644
End of period	$	53,977		$	58,544		$	1,464,410		$	1,376,268		$	1,456,463		$	1,608,156		$	692,764		$	764,461		$	9,992,179		$	11,304,933		$	4,673		$	5,310

See Notes to Financial Statements

147

148

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	18		$	41		$	(262	)	$	(66	)	$	3,580		$	7,794		$	1,456		$	19,623		$	75		$	2,107		$	1		$	37
Net realized gain/(loss) on investments (Note A)		3			84			(2,403	)		33,504			21,581			101,373			(7,922	)		116,356			(1,323	)		48,215			(431	)		85
Change in net unrealized appreciation/(depreciation) of investments (Note A)		82			6			(1,930	)		(23,420	)		(127,759	)		140,229			(126,242	)		(45,513	)		(7,201	)		(36,156	)		(481	)		(120	)
Net increase/(decrease) in net assets resulting from operations		103			131			(4,595	)		10,018			(102,598	)		249,396			(132,708	)		90,466			(8,449	)		14,166			(911	)		2
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			—			—			(97,976	)		(72,319	)		(936	)		(286	)		—			—			—			—
Trust Class		—			—			—			—			(4,378	)		(5,879	)		(329	)		(74	)		(113	)		(65	)		—			—
Advisor Class		—			—			—			—			(26	)		(12	)		—			—			—			—			—			—
Institutional Class		(53	)		(64	)		(22,190	)		(12,035	)		(7,149	)		(4,992	)		(20,276	)		(14,148	)		(2,535	)		(2,374	)		(102	)		(66	)
Class A		(6	)		(7	)		(2,407	)		(2,323	)		(467	)		(551	)		(543	)		(69	)		(51	)		(41	)		(3	)		(20	)
Class C		(5	)		(5	)		(66	)		(29	)		(141	)		(137	)		(34	)		—			(22	)		(2	)		(2	)		(8	)
Class R3		—			—			—			—			(27	)		(33	)		—			—			(36	)		(28	)		—			—
Class R6		—			—			—			—			—			—			(1,072	)		(2,084	)		(169	)		(116	)		(5	)		(18	)
Total distributions to shareholders		(64	)		(76	)		(24,663	)		(14,387	)		(110,164	)		(83,923	)		(23,190	)		(16,661	)		(2,926	)		(2,626	)		(112	)		(112	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			5,800			11,911			918			5,762			—			—			—			—
Trust Class		—			—			—			—			1,271			3,580			1,077			6,248			123			149			—			—
Advisor Class		—			—			—			—			126			23			—			—			—			—			—			—
Institutional Class		853			47			—			5,552			10,506			16,287			235,395			651,839			13,142			17,951			41			5,506
Class A		8			27			—			4,771			1,093			1,039			6,102			25,730			160			1,347			3			66
Class C		—			31			—			14			386			172			604			4,054			162			159			—			28
Class R3		—			—			—			—			64			41			—			—			319			953			—			—
Class R6		—			—			—			—			—			—			17,689			87,406			17,650			190			—			—

See Notes to Financial Statements

149

150

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	GLOBAL REAL ESTATE FUND						GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			92,683			68,235			893			273			—			—			—			—
Trust Class		—			—			—			—			4,325			5,813			310			70			74			62			—			—
Advisor Class		—			—			—			—			25			12			—			—			—			—			—			—
Institutional Class		53			64			21,068			11,338			7,064			4,838			14,015			11,700			2,481			2,312			102			67
Class A		3			3			2,279			2,261			442			523			157			30			38			36			1			9
Class C		3			3			56			25			130			127			25			—			11			1			—			—
Class R3		—			—			—			—			17			23			—			—			28			23			—			—
Class R6		—			—			—			—			—			—			1,072			2,084			169			115			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			(53,048	)		(94,582	)		(5,302	)		(14,869	)		—			—			—			—
Trust Class		—			—			—			—			(6,328	)		(15,794	)		(6,473	)		(13,234	)		(160	)		(791	)		—			—
Advisor Class		—			—			—			—			(145	)		(9	)		—			—			—			—			—			—
Institutional Class		(62	)		(39	)		(28,338	)		(43,135	)		(9,623	)		(19,040	)		(483,940	)		(393,626	)		(12,269	)		(102,410	)		(160	)		(71	)
Class A		(10	)		(210	)		(2,825	)		(18,374	)		(2,159	)		(2,155	)		(14,137	)		(33,923	)		(726	)		(2,627	)		(5	)		(177	)
Class C		—			—			(51	)		(77	)		(107	)		(305	)		(3,087	)		(3,521	)		(462	)		(360	)		(7	)		—
Class R3		—			—			—			—			(206	)		(161	)		—			—			(682	)		(2,748	)		—			—
Class R6		—			—			—			—			—			—			(8,494	)		(158,868	)		(510	)		(1,000	)		—			—
Net increase/(decrease) from Fund share transactions		848			(74	)		(7,811	)		(37,625	)		52,316			(19,422	)		(243,176	)		177,155			19,548			(86,638	)		(25	)		5,428
Net Increase/(Decrease) in Net Assets		887			(19	)		(37,069	)		(41,994	)		(160,446	)		146,051			(399,074	)		250,960			8,173			(75,098	)		(1,048	)		5,318
Net Assets:
Beginning of period		2,884			2,903			89,415			131,409			1,334,332			1,188,281			2,075,781			1,824,821			169,476			244,574			6,820			1,502
End of period	$	3,771		$	2,884		$	52,346		$	89,415		$	1,173,886		$	1,334,332		$	1,676,707		$	2,075,781		$	177,649		$	169,476		$	5,772		$	6,820

See Notes to Financial Statements

151

152

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	(782	)	$	(3,268	)	$	12,499		$	20,674		$	(1,217	)	$	(2,052	)	$	404		$	639		$	5,857		$	11,256		$	3,376		$	7,613
Net realized gain/(loss) on investments (Note A)		27,498			92,774			11,567			171,588			21,382			141,296			1,705			8,362			123,736			179,589			4,212			26,044
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(55,322	)		71,486			10,502			(15,860	)		(79,478	)		173,664			(8,107	)		3,283			(184,695	)		154,176			5,547			(12,168	)
Net increase/(decrease) in net assets resulting from operations		(28,606	)		160,992			34,568			176,402			(59,313	)		312,908			(5,998	)		12,284			(55,102	)		345,021			13,135			21,489
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			(135,000	)		(93,531	)		(44,035	)		(39,598	)		(2,762	)		(2,645	)		—			—			—			—
Trust Class		—			—			(7,863	)		(6,005	)		(6,739	)		(5,336	)		(668	)		(859	)		—			—			(6,539	)		(9,106	)
Advisor Class		—			—			(13,649	)		(11,211	)		(1,304	)		(1,205	)		—			—			—			—			—			—
Institutional Class		(66,824	)		(43,660	)		(13,795	)		(7,533	)		(30,078	)		(28,019	)		(3,918	)		(2,609	)		(147,622	)		(188,278	)		(9,292	)		(11,703	)
Class A		(2,298	)		(908	)		(546	)		(230	)		(3,791	)		(3,926	)		(528	)		(720	)		(6,424	)		(5,812	)		(2,913	)		(4,640	)
Class C		(2,355	)		(1,255	)		(266	)		(180	)		(980	)		(859	)		(137	)		(188	)		(3,583	)		(4,128	)		(598	)		(898	)
Class R3		—			—			(41	)		(17	)		(1,260	)		(1,127	)		(155	)		(115	)		—			—			(848	)		(1,057	)
Class R6		—			—			—			—			(37,921	)		(24,371	)		—			—			—			—			(2,954	)		(3,179	)
Total distributions to shareholders		(71,477	)		(45,823	)		(171,160	)		(118,707	)		(126,108	)		(104,441	)		(8,168	)		(7,136	)		(157,629	)		(198,218	)		(23,144	)		(30,583	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			36,868			8,101			10,739			12,268			27,292			998			—			—			—			—
Trust Class		—			—			9,820			4,087			8,895			23,437			183			398			—			—			6,092			14,986
Advisor Class		—			—			5,069			5,499			2,213			5,456			—			—			—			—			—			—
Institutional Class		98,239			177,678			100,399			37,581			38,419			77,662			11,522			27,310			106,727			153,353			20,226			60,254
Class A		13,432			11,603			8,470			1,809			4,541			12,576			14,058			3,941			9,928			36,164			6,205			15,061
Class C		1,164			3,472			3,755			423			427			1,428			248			329			3,101			6,748			139			241
Class R3		—			—			106			172			36,733			4,513			253			1,160			—			—			3,879			4,732
Class R6		25			—			25			—			69,196			144,101			—			—			—			—			5,935			29,533

See Notes to Financial Statements

153

154

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	INTRINSIC VALUE FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			130,095			90,111			41,799			37,431			2,646			2,513			—			—			—			—
Trust Class		—			—			7,710			5,920			6,736			5,323			657			847			—			—			6,500			9,054
Advisor Class		—			—			13,624			11,200			819			787			—			—			—			—			—			—
Institutional Class		57,901			39,433			12,692			6,871			29,536			27,748			3,906			2,588			137,938			178,195			8,354			10,556
Class A		2,242			876			366			200			3,663			3,767			405			587			5,674			5,235			2,796			4,447
Class C		2,090			1,115			148			127			945			831			122			164			3,274			3,762			534			793
Class R3		—			—			34			12			1,164			1,015			134			92			—			—			803			988
Class R6		—			—			—			—			36,543			24,101			—			—			—			—			2,954			3,178
Payments for shares redeemed:
Investor Class		—			—			(54,705	)		(132,889	)		(27,021	)		(42,932	)		(1,629	)		(5,671	)		—			—			—			—
Trust Class		—			—			(5,771	)		(19,162	)		(10,485	)		(13,534	)		(644	)		(2,306	)		—			—			(24,094	)		(44,221	)
Advisor Class		—			—			(16,249	)		(40,447	)		(2,745	)		(5,383	)		—			—			—			—			—			—
Institutional Class		(125,105	)		(490,716	)		(17,521	)		(30,147	)		(97,017	)		(126,889	)		(11,536	)		(8,770	)		(424,791	)		(431,903	)		(29,806	)		(82,169	)
Class A		(10,081	)		(13,148	)		(1,520	)		(1,907	)		(20,507	)		(26,324	)		(3,745	)		(3,437	)		(33,525	)		(24,170	)		(11,167	)		(41,552	)
Class C		(3,239	)		(5,400	)		(434	)		(938	)		(973	)		(1,861	)		(382	)		(757	)		(4,366	)		(9,355	)		(2,513	)		(5,979	)
Class R3		—			—			(56	)		(58	)		(3,501	)		(5,362	)		(151	)		(502	)		—			—			(4,348	)		(6,518	)
Class R6		—			—			—			—			(57,195	)		(52,519	)		—			—			—			—			(6,575	)		(20,531	)
Net increase/(decrease) from Fund share transactions		36,668			(275,087	)		232,925			(53,435	)		72,924			107,640			43,339			19,484			(196,040	)		(81,971	)		(14,086	)		(47,147	)
Net Increase/(Decrease) in Net Assets		(63,415	)		(159,918	)		96,333			4,260			(112,497	)		316,107			29,173			24,632			(408,771	)		64,832			(24,095	)		(56,241	)
Net Assets:
Beginning of period		722,535			882,453			1,458,683			1,454,423			1,487,600			1,171,493			117,617			92,985			1,987,149			1,922,317			458,281			514,522
End of period	$	659,120		$	722,535		$	1,555,016		$	1,458,683		$	1,375,103		$	1,487,600		$	146,790		$	117,617		$	1,578,378		$	1,987,149		$	434,186		$	458,281

See Notes to Financial Statements

155

156

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds
(000's omitted)

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						VALUE FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	(404	)	$	(808	)	$	10,487		$	14,867		$	132		$	190
Net realized gain/(loss) on investments (Note A)		4,486			18,089			114,827			226,047			(46	)		1,801
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(1,399	)		10,573			(249,199	)		164,375			259			(264	)
Net increase/(decrease) in net assets resulting from operations		2,683			27,854			(123,885	)		405,289			345			1,727
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(10,344	)		(749	)		(47,002	)		(44,085	)		—			—
Trust Class		(673	)		(49	)		(16,512	)		(13,644	)		—			—
Advisor Class		(382	)		(37	)		—			—			—			—
Institutional Class		(2,842	)		(180	)		(76,097	)		(52,580	)		(1,033	)		(965	)
Class A		(822	)		(48	)		(9,516	)		(6,950	)		(168	)		(231	)
Class C		(539	)		(42	)		(4,557	)		(3,146	)		(223	)		(294	)
Class R3		(274	)		(24	)		(2,534	)		(2,203	)		—			—
Class R6		(4	)		—			(23,974	)		(22,818	)		—			—
Total distributions to shareholders		(15,880	)		(1,129	)		(180,192	)		(145,426	)		(1,424	)		(1,490	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		3,116			4,272			15,171			56,624			—			—
Trust Class		78			100			11,484			30,425			—			—
Advisor Class		745			833			—			—			—			—
Institutional Class		10,492			2,713			117,093			223,902			12,094			1,073
Class A		4,297			3,414			8,683			28,735			4,107			175
Class C		885			851			2,330			6,581			57			72
Class R3		724			1,595			3,709			16,496			—			—
Class R6		27			—			46,333			113,355			—			—

See Notes to Financial Statements

157

158

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)
(000's omitted)

	SMALL CAP GROWTH FUND						SUSTAINABLE EQUITY FUND						VALUE FUND
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Proceeds from reinvestment of dividends and distributions:
Investor Class		10,178			736			45,674			43,405			—			—
Trust Class		642			47			16,406			13,567			—			—
Advisor Class		382			37			—			—			—			—
Institutional Class		2,797			177			68,421			48,046			1,032			965
Class A		804			47			8,676			6,304			166			231
Class C		508			41			4,059			2,762			221			294
Class R3		248			17			2,370			2,076			—			—
Class R6		—			—			23,974			22,818			—			—
Payments for shares redeemed:
Investor Class		(4,017	)		(6,627	)		(182,712	)		(231,636	)		—			—
Trust Class		(318	)		(797	)		(35,496	)		(73,283	)		—			—
Advisor Class		(693	)		(663	)		—			—			—			—
Institutional Class		(3,138	)		(2,711	)		(149,501	)		(270,163	)		(6,823	)		(5,765	)
Class A		(2,096	)		(2,793	)		(29,570	)		(39,847	)		(807	)		(823	)
Class C		(414	)		(543	)		(6,611	)		(9,878	)		(28	)		(676	)
Class R3		(1,066	)		(934	)		(7,185	)		(27,732	)		—			—
Class R6		—			—			(79,409	)		(208,482	)		—			—
Net increase/(decrease) from Fund share transactions		24,181			(188	)		(116,101	)		(245,925	)		10,019			(4,454	)
Net Increase/(Decrease) in Net Assets		10,984			26,537			(420,178	)		13,938			8,940			(4,217	)
Net Assets:
Beginning of period		100,087			73,550			2,406,962			2,393,024			12,782			16,999
End of period	$	111,071		$	100,087		$	1,986,784		$	2,406,962		$	21,722		$	12,782

See Notes to Financial Statements

159

160

Notes to Financial Statements Equity Funds (Unaudited)

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Neuberger Berman Dividend Growth Fund ("Dividend Growth"), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), 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"), Neuberger Berman International Small Cap Fund ("International Small Cap"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), 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 Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Sustainable Equity Fund ("Sustainable Equity") and Neuberger Berman Value Fund ("Value") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except Greater China Equity and Real Estate) is diversified. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund (Global Real Estate and Multi-Cap Opportunities became diversified in December 2017 and December 2012, respectively). Nine Funds offer Investor Class shares, eleven offer Trust Class shares, six offer Advisor Class shares, twenty-one offer Institutional Class shares, twenty offer Class A shares, twenty offer Class C shares, ten offer Class R3 shares and twelve offer Class R6 shares. International Small Cap had no operations until December 8, 2016, other than matters relating to its organization and registration of shares under the 1933 Act. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

A balance indicated with a "—", either reflects a zero balance or a balance that rounds to less than $1,000.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Neuberger Berman Investment Advisers LLC ("NBIA" or "Management") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2 Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

161

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, preferred stocks, master limited partnerships, exchange-traded funds ("ETFs"), exchange-traded options purchased and written and convertible preferred stocks, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

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 underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information that may include trade execution data and sensitivity analysis and adjustments (generally Level 2 inputs), when available.

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Certificates of deposit are valued at amortized cost (Level 2 inputs).

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs).

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. 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, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts 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 normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of ICE Data Pricing and Reference Data LLC ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign

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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, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). The Board has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time as of which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time as of which a Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than 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.

3 Foreign currency translations: The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities for Equity Income, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statement of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the six months ended February 28, 2019 were $81,038, $1,749, $322,510, $279, $4,355, $615,756, $120, $6,162, $18,849 and $91, for Equity Income, Focus, Genesis, Guardian, Intrinsic Value, Large Cap Value, Mid Cap Growth, Multi-Cap Opportunities, Small Cap Growth and Value, respectively.

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2019, the Funds did not have any unrecognized tax positions.

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At February 28, 2019, selected Fund information for all long security positions and derivative instruments (if any) for U.S. federal income tax purposes was as follows:

(000's omitted)	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Dividend Growth	$	48,062	$	6,332	$	1,368	$	4,964
Emerging Markets Equity		1,377,041		171,626		61,399		110,227
Equity Income		1,190,543		270,792		7,268		263,524
Focus		578,865		133,036		19,012		114,024
Genesis		5,624,776		4,647,696		266,832		4,380,864
Global Equity		3,840		992		143		849
Global Real Estate		3,553		296		63		233
Greater China Equity		51,561		2,199		4,114		(1,915	)
Guardian		947,267		269,689		46,225		223,464
International Equity		1,608,496		169,550		80,003		89,547
International Select		157,308		14,028		8,183		5,845
International Small Cap		6,411		215		593		(378	)
Intrinsic Value		515,151		189,136		50,307		138,829
Large Cap Value		1,419,723		164,890		10,392		154,498
Mid Cap Growth		1,010,054		387,492		20,308		367,184
Mid Cap Intrinsic Value		135,355		17,127		5,754		11,373
Multi-Cap Opportunities		971,958		616,718		6,929		609,789
Real Estate		390,965		44,384		5,113		39,271
Small Cap Growth		98,996		18,965		1,677		17,288
Sustainable Equity		1,421,421		654,522		93,265		561,257
Value		20,721		1,199		67		1,132

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended August 31, 2018, the Funds recorded the following permanent reclassifications primarily related to one or more of the following: deemed distributions on shareholder redemptions, prior period adjustments and redemptions in kind reversal. For the year ended August 31, 2018, the Funds recorded the following permanent reclassifications:

	Paid-in Capital		Total Distributable Earnings/(Losses)
Dividend Growth	$	189,275	$	(189,275	)
Emerging Markets Equity		—		—
Equity Income		12,984,372		(12,984,372	)
Focus		4,606,442		(4,606,442	)
Genesis		475,154,590		(475,154,590	)
Global Equity		20,717		(20,717	)
Global Real Estate		1,726		(1,726	)

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	Paid-in Capital		Total Distributable Earnings/(Losses)
Greater China Equity	$	3,594,554	$	(3,594,554	)
Guardian		5,919,430		(5,919,430	)
International Equity		37,206,314		(37,206,314	)
International Select		21,992,369		(21,992,369	)
International Small Cap		—		—
Intrinsic Value		20,359,455		(20,359,455	)
Large Cap Value		14,557,892		(14,557,892	)
Mid Cap Growth		11,952,539		(11,952,539	)
Mid Cap Intrinsic Value		528,075		(528,075	)
Multi-Cap Opportunities		14,775,843		(14,775,843	)
Real Estate		3,936,792		(3,936,792	)
Small Cap Growth		1,110,712		(1,110,712	)
Sustainable Equity		62,498,276		(62,498,276	)
Value		453,593		(453,593	)

The tax character of distributions paid during the years ended August 31, 2018 and August 31, 2017 was as follows:

	Distributions Paid From:
	Ordinary Income					Long-Term Capital Gain					Return of Capital					Total
	2018		2017			2018		2017			2018		2017			2018		2017
Dividend Growth	$	505,410	$	424,723		$	624,343	$	—		$	—	$	—		$	1,129,753	$	424,723
Emerging Markets Equity		6,837,681		2,329,876			—		—			—		—			6,837,681		2,329,876
Equity Income		45,816,093		39,266,540			63,269,560		55,209,628			—		—			109,085,653		94,476,168
Focus		33,895,157		4,063,802			29,442,423		62,918,885			—		—			63,337,580		66,982,687
Genesis		63,910,574		43,971,041			1,291,918,972		727,986,249			—		—			1,355,829,546		771,957,290
Global Equity		26,186		20,547			—		29,438			—		—			26,186		49,985
Global Real Estate		51,623		93,198			24,773		—			—		—			76,396		93,198
Greater China Equity		8,294,757		359,921			6,092,283		—			—		—			14,387,040		359,921
Guardian		21,564,458		9,321,117			62,358,000		125,688,817			—		—			83,922,458		135,009,934
International Equity		16,661,495		17,982,686			—		—			—		—			16,661,495		17,982,686
International Select		2,625,735		3,276,565			—		—			—		—			2,625,735		3,276,565
International Small Cap		112,414		—	^(a)		—		—	^(a)		—		—	^(a)		112,414		—	^(a)
Intrinsic Value		5,894,092		2,063,474			39,928,465		7,721,689			—		—			45,822,557		9,785,163
Large Cap Value		58,656,776		35,514,012			60,050,227		22,223,369			—		—			118,707,003		57,737,381
Mid Cap Growth		10,423,416		2,131,672			94,016,995		45,259,954			—		—			104,440,411		47,391,626
Mid Cap Intrinsic Value		1,057,152		558,393			6,079,356		—			—		—			7,136,508		558,393
Multi-Cap Opportunities		10,555,931		15,250,634			187,661,598		48,714,824			—		—			198,217,529		63,965,458
Real Estate		7,230,660		17,350,353			23,352,045		61,552,296			—		—			30,582,705		78,902,649
Small Cap Growth		—		—			1,129,421		—			—		—			1,129,421		—
Sustainable Equity		31,075,924		18,388,890			114,350,242		96,903,943			—		—			145,426,166		115,292,833
Value		1,066,913		128,375			423,175		—			—		—			1,490,088		128,375

(a) Period from December 8, 2016 (Commencement of operations) to August 31, 2017.

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As of August 31, 2018, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)		Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Dividend Growth	$	877,894	$	1,990,913	$	6,738,906	$	—		$	—		$	9,607,713
Emerging Markets Equity		8,368,162		—		68,598,350		(32,577,911	)		(24,392	)		44,364,209
Equity Income		3,293,463		62,864,823		319,878,855		—			—			386,037,141
Focus		18,915,201		33,500,388		148,183,737		—			(93,052	)		200,506,274
Genesis		12,252,532		716,337,104		5,601,700,263		—			—			6,330,289,899
Global Equity		69,946		202,361		1,247,158		—			—			1,519,465
Global Real Estate		20,521		30,668		148,661		—			(1,956	)		197,894
Greater China Equity		11,363,724		13,298,695		64,166		(8,149,349	)		(19,491	)		16,557,745
Guardian		21,328,032		69,648,913		350,230,942		—			(152,856	)		441,055,031
International Equity		15,226,127		4,706,282		216,712,502		—			(772	)		236,644,139
International Select		1,079,915		1,682,043		13,009,540		—			(18,197	)		15,753,301
International Small Cap		15,144		96,500		103,194		—			—			214,838
Intrinsic Value		10,369,130		47,017,073		194,182,125		—			(87,292	)		251,481,036
Large Cap Value		42,752,899		117,218,073		143,468,307		—			—			303,439,279
Mid Cap Growth		20,884,520		88,701,385		445,696,405		—			—			555,282,310
Mid Cap Intrinsic Value		2,732,619		2,895,998		19,512,200		—			—			25,140,817
Multi-Cap Opportunities		7,855,793		101,834,530		793,968,140		—			—			903,658,463
Real Estate		—		18,055,280		34,409,454		—			—			52,464,734
Small Cap Growth		10,737,456		5,142,866		19,053,596		—			—			34,933,918
Sustainable Equity		4,836,081		128,948,292		810,473,210		—			—			944,257,583
Value		418,346		901,545		1,062,000		—			—			2,381,891

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales and straddles, unsettled short sales, capital loss carryforwards, unamortized organization expenses, partnership basis adjustments, non-real estate investment trust ("REIT") income adjustments, convertible bond adjustments, non-REIT non-taxable adjustments, loss limitation due to ownership change and tax adjustments related to REITs, PFICs, partnerships and other investments.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at August 31, 2018, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Long-Term			Short-Term
Emerging Markets Equity	$	11,086,286		$	21,491,625
Greater China Equity		1,175,932	*		6,973,417	*

* Future utilization is limited under current tax regulation.

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During the year ended August 31, 2018, Emerging Markets Equity, Global Equity, Greater China Equity, International Equity and International Select utilized capital loss carryforwards of $18,748,333, $77,199, $1,506,051, $74,012,423 and $23,982,792, respectively.

6 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Emerging Markets Equity accrues capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At February 28, 2019, Emerging Markets Equity had realized capital gains taxes of $5,326 which is reflected in the Statements of Operations.

7 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments.

Distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) and are recorded on the ex-date. However, Equity Income, Global Real Estate and Real Estate generally distribute net investment income, if any, at the end of each calendar quarter.

It is the policy of each of Equity Income, Global Real Estate, Intrinsic Value, Mid Cap Growth, Mid Cap Intrinsic Value, Real Estate and Sustainable Equity to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At February 28, 2019, these Funds estimated these amounts for the period January 1, 2019 to February 28, 2019 within the financial statements because the 2019 information is not available from the REITs until after each Fund's fiscal year-end. All estimates are based upon REIT information sources available to these Funds together with actual IRS Forms 1099-DIV received to date. For the year ended August 31, 2018, the character of distributions, if any, paid to shareholders of these Funds disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted on the books of these Funds to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

8 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.

9 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization,

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expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

10 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including ETFs, within the limitations prescribed by the 1940 Act or pursuant to an exemptive order from the SEC that permits the Funds to invest in both affiliated and unaffiliated investment companies, including ETFs, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

11 Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2019, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2019. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Options: For the six months ended February 28, 2019, Equity Income, Focus and Guardian, used options written and Guardian used options purchased. Equity Income used options written to generate incremental returns. Focus used options written to enhance total return; written calls were used for hedging purposes and to manage the risk profile of the Fund, and written puts were used to enhance returns and to gain exposure to certain securities. Guardian used options written to enhance total return, to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions. Guardian used options purchased to gain exposure more efficiently than through a direct purchase of the underlying security, to gain exposure to securities, markets, sectors or geographical areas and to manage or adjust the risk profile of the Fund or the risk of individual positions.

Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the asset is eliminated. For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a fund realizes a gain or loss and the liability is eliminated.

When a fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. When writing a covered call option, a fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the

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current market price of the security. If a call or put option that a fund has written expires unexercised, a fund will realize a gain in the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

At February 28, 2019, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives
(000's omitted)

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk		Total
Guardian
Options purchased	Investments in securities, at value	$	157	$	157
Total Value—Assets		$	157	$	157

Liability Derivatives
(000's omitted)

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Equity Income
Options written	Option contracts written, at value	$	(882	)	$	(882	)
Total Value—Liabilities		$	(882	)	$	(882	)
Guardian
Options written	Option contracts written, at value	$	(1,276	)	$	(1,276	)
Total Value—Liabilities		$	(1,276	)	$	(1,276	)

The impact of the use of derivative instruments on the Statements of Operations during the six months ended February 28, 2019, was as follows:

Realized Gain/(Loss)
(000's omitted)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Equity Income
Options written	Net realized gain/(loss) on: expiration or closing of option contracts written	$	1,256		$	1,256
Total Realized Gain/(Loss)		$	1,256		$	1,256
Focus
Options written	Net realized gain/(loss) on: expiration or closing of option contracts written	$	176		$	176
Total Realized Gain/(Loss)		$	176		$	176
Guardian
Options purchased	Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers	$	(1,552	)	$	(1,552	)
Options written	Net realized gain/(loss) on: expiration or closing of option contracts written		234			234
Total Realized Gain/(Loss)		$	(1,318	)	$	(1,318	)

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Change in Appreciation/(Depreciation)
(000's omitted)

Derivative Type	Statements of Operations Location	Equity Risk			Total
Equity Income
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written	$	608		$	608
Total Change in Appreciation/(Depreciation)		$	608		$	608
Guardian
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers	$	54		$	54
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written		(477	)		(477	)
Total Change in Appreciation/(Depreciation)		$	(423	)	$	(423	)

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815. Management has concluded that the Funds, except Equity Income, Focus and Guardian did not hold any derivative instruments during the six months ended February 28, 2019 that require additional disclosures pursuant to ASC 815.

12 Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statements of Operations under the caption "Income from securities loaned—net" and are net of expenses retained by State Street as compensation for its services as lending agent. For the six months ended February 28, 2019, the Funds listed below received income under the securities lending arrangement as follows:

(000's omitted)
Emerging Markets Equity	$	28
Focus		7
Guardian		65
International Equity		118
International Select		10
International Small Cap		3
Large Cap Value		17
Mid Cap Growth		9
Small Cap Growth		7
Value		—

The initial cash collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Thereafter, the value of the cash collateral is monitored on a daily basis, and cash collateral is moved daily between a counterparty and a Fund until the close of the transaction. A Fund may only receive collateral in the form of cash (U.S. dollars). Cash collateral is generally invested in a money market Fund registered under the 1940 Act that is managed by an affiliate of State Street. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to the Fund.

170

As of February 28, 2019, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

(000's omitted)	Value of Securities Loaned
Emerging Markets Equity	$	16,656
Guardian		12,130
International Equity		23,352
International Select		1,111
International Small Cap		215
Large Cap Value		37,629
Small Cap Growth		5,036
Value		531

As of February 28, 2019, the Funds listed below had outstanding loans of securities to certain approved brokers for which each received collateral as follows:

	Remaining Contractual Maturity of the Agreements
(000's omitted)	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Securities Lending Transactions^(a)
Common Stocks
Emerging Markets Equity	$	17,221	$	—	$	—	$	—	$	17,221
Guardian		12,311		—		—		—		12,311
International Equity		24,605		—		—		—		24,605
International Select		1,160		—		—		—		1,160
International Small Cap		227		—		—		—		227
Large Cap Value		39,478		—		—		—		39,478
Small Cap Growth		5,289		—		—		—		5,289
Value		557		—		—		—		557

(a) Amounts represent the payable for loaned securities collateral received.

The Funds are required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Emerging Markets Equity, Guardian, International Equity, International Select, International Small Cap, Large Cap Value, Small Cap Growth and Value held one or more of these investments at February 28, 2019. The Funds' security lending assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present securities lending assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of February 28, 2019.

171

Description (000's omitted)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Emerging Markets Equity
Securities Lending	$	16,656	$	—	$	16,656
Total	$	16,656	$	—	$	16,656
Guardian
Securities Lending	$	12,130	$	—	$	12,130
Total	$	12,130	$	—	$	12,130
International Equity
Securities Lending	$	23,352	$	—	$	23,352
Total	$	23,352	$	—	$	23,352
International Select
Securities Lending	$	1,111	$	—	$	1,111
Total	$	1,111	$	—	$	1,111
International Small Cap
Securities Lending	$	215	$	—	$	215
Total	$	215	$	—	$	215
Large Cap Value
Securities Lending	$	37,629	$	—	$	37,629
Total	$	37,629	$	—	$	37,629
Small Cap Growth
Securities Lending	$	5,036	$	—	$	5,036
Total	$	5,036	$	—	$	5,036
Value
Securities Lending	$	531	$	—	$	531
Total	$	531	$	—	$	531

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset		Collateral Received^(a)			Net Amount^(b)
Emerging Markets Equity
State Street Bank and Trust Company	$	16,656	$	—	$	(16,656	)	$	—
Total	$	16,656	$	—	$	(16,656	)	$	—
Guardian
State Street Bank and Trust Company	$	12,130	$	—	$	(12,130	)	$	—
Total	$	12,130	$	—	$	(12,130	)	$	—
International Equity
State Street Bank and Trust Company	$	23,352	$	—	$	(23,352	)	$	—
Total	$	23,352	$	—	$	(23,352	)	$	—
International Select
State Street Bank and Trust Company	$	1,111	$	—	$	(1,111	)	$	—
Total	$	1,111	$	—	$	(1,111	)	$	—
International Small Cap
State Street Bank and Trust Company	$	215	$	—	$	(215	)	$	—
Total	$	215	$	—	$	(215	)	$	—

172

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset		Collateral Received^(a)			Net Amount^(b)
Large Cap Value
State Street Bank and Trust Company	$	37,629	$	—	$	(37,629	)	$	—
Total	$	37,629	$	—	$	(37,629	)	$	—
Small Cap Growth
State Street Bank and Trust Company	$	5,036	$	—	$	(5,036	)	$	—
Total	$	5,036	$	—	$	(5,036	)	$	—
Value
State Street Bank and Trust Company	$	531	$	—	$	(531	)	$	—
Total	$	531	$	—	$	(531	)	$	—

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above.

(b) Net Amount represents amounts subject to loss at February 28, 2019, in the event of a counterparty failure.

13 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

14 In-kind subscription: Under certain circumstances, and when considered to be in the best interest of a Fund, a Fund may accept portfolio securities rather than cash as payment for the purchase of Fund shares (in-kind subscription). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities, less any applicable foreign security taxes, on the date of contribution. In-kind subscriptions result in no gain or loss and no tax consequences for a Fund. During the year ended August 31, 2018, Genesis accepted $117,648,065 of in-kind subscriptions.

15 In-kind redemptions: In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the year ended August 31, 2018, Genesis, International Equity, International Select and Sustainable Equity realized net gains of $266,798,836, $37,148,378, $22,204,328 and $39,512,498, respectively, on $475,404,196, $122,988,128, $70,976,192 and $103,913,811, respectively, of in-kind redemptions. During the six months ended February 28, 2019, Sustainable Equity realized net gains of $6,522,092 on $18,000,005 of in-kind redemptions.

16 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

173

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions With Affiliates:

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:

Investment Management Fee as a Percentage of Average Daily Net Assets:

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Next $500 million			Next $1.5 billion			Thereafter
For Genesis^(a), Intrinsic Value, and Small Cap Growth:
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
For Emerging Markets Equity:
		1.00	%		0.975	%		0.95	%		0.925	%		0.90	%		0.875	%		0.875	%		0.875	%		0.85	%
For Global Real Estate and Real Estate:
		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
For International Equity^(b):
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.70	%		0.70	%
For International Small Cap:
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.725	%		0.70	%
For Equity Income, Focus, Guardian, International Select, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value^(b), Sustainable Equity and Value:
		0.55	%		0.525	%		0.50	%		0.475	%		0.45	%		0.425	%		0.425	%		0.425	%		0.40	%
For Multi-Cap Opportunities:
		0.60	%		0.575	%		0.55	%		0.525	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%
For Global Equity:
		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
For Greater China Equity:
		1.10	%		1.10	%		1.10	%		1.10	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
For Dividend Growth:
		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%

(a) Effective April 25, 2017, the investment management fee is 0.60% of average daily net assets in excess of $14 billion for Genesis.

(b) Effective November 15, 2018, Management has voluntarily agreed to waive its management fee in the amount of 0.07% of the average daily net assets of International Equity (0.04% effective November 1, 2017, 0.15% effective June 1, 2017). Effective November 15, 2018, Management has voluntarily agreed to waive its management fee in the amount of 0.03% of the average daily net assets of Mid Cap Intrinsic Value. Effective November 1, 2017, Management removed the voluntary waiver of its management fee of Mid Cap Intrinsic Value. Prior to that, Management had voluntarily agreed to waive its management fee in the amount of 0.19% of the average daily net assets of Mid Cap Intrinsic Value effective December 19, 2016. Management may, at its sole discretion, modify or terminate the voluntary waiver without notice to International Equity and Mid Cap Intrinsic Value, respectively. For the six months ended February 28, 2019, such waived fees amounted to $504,090 and $9,581 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.

174

Accordingly, for the six months ended February 28, 2019, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets, as follows:

	Effective Rate				Effective Rate
Dividend Growth		0.50	%	International Small Cap		0.85	%
Emerging Markets Equity		0.95	%	Intrinsic Value		0.81	%
Equity Income		0.49	%	Large Cap Value		0.49	%
Focus		0.53	%	Mid Cap Growth		0.50	%
Genesis		0.66	%	Mid Cap Intrinsic Value		0.55	%^(b)
Greater China Equity		1.10	%	Multi-Cap Opportunities		0.53	%
Guardian		0.50	%	Small Cap Growth		0.85	%
International Equity		0.78	%^(a)	Sustainable Equity		0.47	%
International Select		0.55	%	Value		0.55	%

(a) 0.72% annual effective net rate of the Fund's average daily net assets.

(b) 0.53% annual effective net rate of the Fund's average daily net assets.

Each Fund retains Management as its administrator under an Administration Agreement. Prior to July 1, 2017, each Fund paid Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement in addition to an annual fee for certain class level services (specifically, 0.20% for each of Investor Class, Class A, Class C and Class R3; 0.34% for each of Trust Class and Advisor Class; 0.09% for Institutional Class and 0.02% for Class R6, each as a percentage of its average daily net assets). Effective July 1, 2017, the administration fee is only assessed at the Class level and each share class of a Fund, as applicable, pays Management an annual administration fee equal to the following: 0.26% for each of Investor Class, Class A, Class C and Class R3; 0.40% for each of Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.08% for Class R6 (prior to December 6, 2018), each as a percentage of its average daily net assets. This did not result in an increase in the administration fee for any share class. Effective December 6, 2018, the administration fee for Class R6 changed to 0.05% as a percentage of its average daily net assets. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the Sub-Administration Agreement.

Management has contractually agreed to waive fees and/or reimburse certain expenses of the Investor Class of each of International Equity, Mid Cap Intrinsic Value and Small Cap Growth and the Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations.

175

					Expenses Reimbursed in Year Ended August 31,
					2016			2017		2018		2019
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019			2020		2021		2022
Dividend Growth Institutional Class		0.69	%	8/31/22	$	215,047	^(b)	$	258,355	$	245,104	$	128,911
Dividend Growth Class A		1.05	%	8/31/22		9,994	^(b)		8,372		11,408		4,952
Dividend Growth Class C		1.80	%	8/31/22		9,444	^(b)		20,432		17,402		8,133
Dividend Growth Class R6		0.59	%^(c)	8/31/22		15,585	^(b)		484		158		75
Emerging Markets Equity Institutional Class		1.25	%	8/31/22		528,129			460,088		231,794		25,799
Emerging Markets Equity Class A		1.50	%	8/31/22		54,600			91,792		92,255		29,930
Emerging Markets Equity Class C		2.25	%	8/31/22		13,399			11,097		12,202		4,992
Emerging Markets Equity Class R3		1.91	%	8/31/22		1,403			1,161		24		87
Emerging Markets Equity Class R6		1.15	%^(c)	8/31/22		119,612			88,158		7,769		—
Equity Income Institutional Class		0.80	%	8/31/22		—			—		—		—
Equity Income Class A		1.16	%	8/31/22		—			—		—		—
Equity Income Class C		1.91	%	8/31/22		—			—		—		—
Equity Income Class R3		1.41	%	8/31/22		—			—		—		—
Focus Trust Class		1.50	%	8/31/22		—			—		—		—
Focus Advisor Class		1.50	%	8/31/22		—			—		—		—
Focus Institutional Class		0.75	%	8/31/22		755			209		—		59
Focus Class A		1.11	%	8/31/22		1,451			580		312		177
Focus Class C		1.86	%	8/31/22		893			336		137		92
Genesis Trust Class		1.50	%	8/31/22		—			—		—		—
Genesis Advisor Class		1.50	%	8/31/22		—			—		—		—
Genesis Institutional Class		0.85	%	8/31/22		—			—		—		—
Genesis Class R6		0.75	%^(d)	8/31/22		—			—		872,606		186,988
Global Equity Institutional Class		0.75	%^(e)	8/31/22		240,098			239,590		259,479		138,518
Global Equity Class A		1.11	%^(e)	8/31/22		38,361			24,676		30,042		12,605
Global Equity Class C		1.86	%^(e)	8/31/22		16,073			8,112		6,624		3,605
Global Real Estate Institutional Class		1.00	%	8/31/22		197,159			202,973		220,996		112,243
Global Real Estate Class A		1.36	%	8/31/22		64,529			38,044		30,605		14,808
Global Real Estate Class C		2.11	%	8/31/22		25,169			25,661		28,315		14,553
Greater China Equity Institutional Class		1.50	%	8/31/22		229,329			164,058		79,507		83,394
Greater China Equity Class A		1.86	%	8/31/22		7,590			9,343		28,600		16,020
Greater China Equity Class C		2.61	%	8/31/22		320			321		536		402
Guardian Trust Class		1.50	%	8/31/22		—			—		—		—
Guardian Advisor Class		1.50	%	8/31/22		—			—		—		—
Guardian Institutional Class		0.75	%	8/31/22		—			—		—		—
Guardian Class A		1.11	%	8/31/22		—			—		—		—
Guardian Class C		1.86	%	8/31/22		—			—		—		—
Guardian Class R3		1.36	%	8/31/22		148			88		20		40

176

					Expenses Reimbursed in Year Ended August 31,
					2016		2017			2018		2019
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019		2020			2021		2022
International Equity Investor Class		1.40	%	8/31/22	$	—	$	—		$	—	$	—
International Equity Trust Class		2.00	%	8/31/22		—		—			—		—
International Equity Institutional Class		0.85	%	8/31/22		—		—			1,186,829		692,593
International Equity Class A		1.21	%	8/31/22		10,042		—			59,940		27,986
International Equity Class C		1.96	%	8/31/22		2,521		—			12,453		5,858
International Equity Class R6		0.75	%^(c)	8/31/22		—		—			146,965		37,318
International Select Trust Class		1.15	%^(f)	8/31/22		12,258		12,594			18,565		10,070
International Select Institutional Class		0.80	%^(f)	8/31/22		91,989		141,368			244,239		121,317
International Select Class A		1.16	%^(f)	8/31/22		1,276		3,083			6,671		3,337
International Select Class C		1.91	%^(f)	8/31/22		1,955		2,278			3,656		1,920
International Select Class R3		1.41	%^(f)	8/31/22		2,218		3,513			6,179		2,879
International Select Class R6		0.70	%^(f)	8/31/22		—		1,906	^(g)		13,555		8,684
International Small Cap Institutional Class		1.05	%	8/31/22		—		159,342	^(h)		257,330		139,857
International Small Cap Class A		1.41	%	8/31/22		—		65,158	^(h)		16,926		4,942
International Small Cap Class C		2.16	%	8/31/22		—		25,270	^(h)		8,534		3,398
International Small Cap Class R6		0.95	%^(c)	8/31/22		—		50,711	^(h)		15,753		5,860
Intrinsic Value Institutional Class		1.00	%	8/31/22		357,588		205,715			93,339		121,668
Intrinsic Value Class A		1.36	%	8/31/22		58,200		21,955			8,931		6,206
Intrinsic Value Class C		2.11	%	8/31/22		22,495		9,376			4,695		4,737
Intrinsic Value Class R6		0.90	%	8/31/22		—		—			—		11	⁽ⁱ⁾
Large Cap Value Trust Class		1.50	%	8/31/22		—		—			—		—
Large Cap Value Advisor Class		1.50	%	8/31/22		—		—			—		—
Large Cap Value Institutional Class		0.70	%	8/31/22		—		—			—		—
Large Cap Value Class A		1.11	%	8/31/22		—		—			—		—
Large Cap Value Class C		1.86	%	8/31/22		—		—			—		—
Large Cap Value Class R3		1.36	%	8/31/22		126		70			3		1
Large Cap Value Class R6		0.60	%	8/31/22		—		—			—		10	⁽ⁱ⁾
Mid Cap Growth Trust Class		1.50	%	8/31/22		—		—			—		—
Mid Cap Growth Advisor Class		1.50	%	8/31/22		—		—			—		—
Mid Cap Growth Institutional Class		0.75	%	8/31/22		—		—			—		—
Mid Cap Growth Class A		1.11	%	8/31/22		—		—			—		—
Mid Cap Growth Class C		1.86	%	8/31/22		—		—			—		—
Mid Cap Growth Class R3		1.36	%	8/31/22		—		—			—		—
Mid Cap Growth Class R6		0.65	%^(c)	8/31/22		—		—			—		—
Mid Cap Intrinsic Value Investor Class		1.50	%	8/31/22		—		—			—		—
Mid Cap Intrinsic Value Trust Class		1.25	%	8/31/22		8,167		—			9,030		4,722
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/22		24,711		5,015			61,130		35,955

177

					Expenses Reimbursed in Year Ended August 31,
					2016		2017		2018		2019
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2019		2020		2021		2022
Mid Cap Intrinsic Value Class A		1.21	%	8/31/22	$	17,891	$	4,690	$	13,941	$	6,690
Mid Cap Intrinsic Value Class C		1.96	%	8/31/22		4,388		1,218		3,434		1,616
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/22		1,736		629		3,348		1,864
Multi-Cap Opportunities Institutional Class		1.00	%	8/31/22		—		—		—		—
Multi-Cap Opportunities Class A		1.36	%	8/31/22		—		—		—		—
Multi-Cap Opportunities Class C		2.11	%	8/31/22		—		—		—		—
Real Estate Trust Class		1.50	%^(j)	8/31/22		—		—		—		—
Real Estate Institutional Class		0.85	%	8/31/22		588,136		418,961		355,600		178,844
Real Estate Class A		1.21	%	8/31/22		261,138		193,727		145,323		60,241
Real Estate Class C		1.96	%	8/31/22		62,906		47,102		33,477		13,497
Real Estate Class R3		1.46	%	8/31/22		50,219		46,018		39,632		19,816
Real Estate Class R6		0.75	%^(c)	8/31/22		70,754		85,221		110,981		57,816
Small Cap Growth Investor Class		1.30	%^(j)	8/31/22		243,435		221,840		248,687		118,976
Small Cap Growth Trust Class		1.40	%^(j)	8/31/22		24,155		19,320		17,589		8,167
Small Cap Growth Advisor Class		1.60	%^(j)	8/31/22		10,968		8,126		8,542		4,380
Small Cap Growth Institutional Class		0.90	%	8/31/22		94,448		61,816		81,452		46,224
Small Cap Growth Class A		1.26	%	8/31/22		26,066		20,750		25,896		14,958
Small Cap Growth Class C		2.01	%	8/31/22		13,463		11,214		14,080		8,758
Small Cap Growth Class R3		1.51	%	8/31/22		8,774		6,935		9,492		5,044
Small Cap Growth Class R6		0.80	%	8/31/22		—		—		—		105	^(k)
Sustainable Equity Trust Class		1.50	%	8/31/22		—		—		—		—
Sustainable Equity Institutional Class		0.75	%	8/31/22		—		—		—		—
Sustainable Equity Class A		1.11	%	8/31/22		—		—		—		—
Sustainable Equity Class C		1.86	%	8/31/22		—		—		—		—
Sustainable Equity Class R3		1.36	%	8/31/22		—		—		—		—
Sustainable Equity Class R6		0.65	%^(c)	8/31/22		—		—		—		—
Value Institutional Class		0.75	%^(j)	8/31/22		172,294		165,002		169,458		86,581
Value Class A		1.11	%^(j)	8/31/22		87,821		66,962		50,138		25,069
Value Class C		1.86	%^(j)	8/31/22		9,526		41,187		65,116		29,898

(a) Expense limitation per annum of the respective class's average daily net assets.

(b) Period from December 15, 2015 (Commencement of Operations) to August 31, 2016.

(c) Prior to December 6, 2018, the contractual expense limitation was 0.62%, 1.18%, 0.78%, 0.98%, 0.68%, 0.78% and 0.68% for Class R6 for Dividend Growth, Emerging Markets Equity, International Equity, International Small Cap, Mid Cap Growth, Real Estate and Sustainable Equity, respectively.

(d) Prior to October 16, 2017, the contractual expense limitation was 0.78%.

178

(e) Prior to December 8, 2016, the contractual expense limitation was 1.15% for Institutional Class, 1.51% for Class A and 2.26% for Class C.

(f) Prior to December 6, 2018, the contractual expense limitation was 0.73% for Class R6. Prior to December 8, 2016, the contractual expense limitation was 1.25% for Trust Class, 0.90% for Institutional Class, 1.30% for Class A, 2.00% for Class C, and 1.51% for Class R3 and 0.83% for Class R6.

(g) Period from April 17, 2017 (Commencement of Operations) to August 31, 2017.

(h) Period from December 8, 2016 (Commencement of Operations) to August 31, 2017.

(i) Period from January 18, 2019 (Commencement of Operations) to February 28, 2019.

(j) In addition, Management has voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses, so that their Operating Expenses, per annum of their respective average daily net assets, are limited to the percentages indicated below:

Class	Voluntary Expense Limitation			Expenses Voluntarily Waived in Six Months Ended February 28, 2019 Not Subject to Repayment^(l)
Real Estate Trust Class		1.04	%	$	238,884
	Effective November 15, 2018
Small Cap Growth Investor Class*		1.18	%		32,865
	Effective September 7, 2018
Small Cap Growth Trust Class**		1.29	%		2,084
Small Cap Growth Advisor Class***		1.44	%		1,793
	Effective March 14, 2019
Value Institutional Class****		0.70	%		2,590
	Effective January 1, 2019
Value Class A*****		1.07	%		400
	Effective January 1, 2019
Value Class C******		1.81	%		691

* 1.20% from September 7, 2018 to November 14, 2018; 1.21% prior to September 7, 2018.

** 1.37% prior to September 7, 2018.

*** 1.51% prior to September 7, 2018.

**** 0.69% from January 1, 2019 to March 13, 2019; 0.70% from March 21, 2018 to December 31, 2018; 0.69% from January 2, 2018 to March 20, 2018; 0.70% from December 30, 2015 to January 1, 2018; 0.71% from September 18, 2015 to December 29, 2015; 0.70% from June 22, 2015 to September 17, 2015.

***** 1.09% from September 12, 2018 to December 31, 2018; 1.08% from March 21, 2018 to September 11, 2018; 1.05% from September 12, 2017 to March 20, 2018; 1.07% from March 15, 2017 to September 11, 2017; 1.08% from June 15, 2016 to March 14, 2017; 1.09% from December 30, 2015 to June 14, 2016; 1.10% from September 18, 2015 to December 29, 2015; 1.07% from June 22, 2015 to September 17, 2015.

****** 1.82% from March 21, 2018 to December 31, 2018; 1.80% from January 2, 2018 to March 20, 2018; 1.79% from September 12, 2017 to January 1, 2018; 1.82% from June 15, 2016 to September 11, 2017; 1.83% from September 18, 2015 to June 14, 2016; 1.82% from March 13, 2015 to September 17, 2015.

(k) Period from September 7, 2018 (Commencement of Operations) to February 28, 2019.

(l) Voluntary reimbursements are not subject to recovery by Management and are terminable by Management upon notice to Real Estate, Small Cap Growth and Value.

179

Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the six months ended February 28, 2019, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Emerging Market Equity Class R6	$	8,130
Mid Cap Growth Class R3		945

As previously announced, on April 28, 2017, NBIA retained Green Court Capital Management Limited as the subadviser to Greater China Equity, replacing Neuberger Berman Asia Limited. The nature and level of the services provided under the new Sub-Advisory Agreement are the same as under the previous Sub-Advisory Agreement, and there will be no change in the fees incurred by the Fund.

Each Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below, and bears the advertising and promotion expenses.

However, the Distributor receives fees from the Trust Class of each of Focus, Guardian, International Select, Large Cap Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Sustainable Equity, and from the Advisor Class, Class A, Class C and Class R3 of each Fund that offers those classes under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor receives from each of these respective classes a fee at the annual rate of 0.10% of such Trust Class's, 0.25% of such Advisor Class's, 0.25% of such Class A's, 1.00% of such Class C's and 0.50% of such Class R3's average daily net assets. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the six months ended February 28, 2019, Neuberger Berman, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

Underwriter

Broker-Dealer

Net Initial Sales
Charge

CDSC

Net Initial Sales
Charge

CDSC

Dividend Growth Class A

—

Dividend Growth Class C

—

180

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Emerging Markets Equity Class A	$	7,032	$	—	$	—	$	—
Emerging Markets Equity Class C		—		2,780		—		—
Equity Income Class A		6,440		—		—		—
Equity Income Class C		—		1,687		—		—
Focus Class A		—		—		—		—
Focus Class C		—		—		—		—
Genesis Class A		—		—		—		—
Genesis Class C		—		—		—		—
Global Equity Class A		—		—		—		—
Global Equity Class C		—		—		—		—
Global Real Estate Class A		—		—		—		—
Global Real Estate Class C		—		—		—		—
Greater China Equity Class A		—		—		—		—
Greater China Equity Class C		—		13		—		—
Guardian Class A		1,806		—		—		—
Guardian Class C		—		—		—		—
International Equity Class A		1,982		—		—		—
International Equity Class C		—		4,264		—		—
International Select Class A		1		—		—		—
International Select Class C		—		863		—		—
International Small Cap Class A		—		—		—		—
International Small Cap Class C		—		—		—		—
Intrinsic Value Class A		2,442		—		—		—
Intrinsic Value Class C		—		605		—		—
Large Cap Value Class A		6,968		—		—		—
Large Cap Value Class C		—		140		—		—
Mid Cap Growth Class A		1,923		—		—		—
Mid Cap Growth Class C		—		506		—		—
Mid Cap Intrinsic Value Class A		627		—		—		—
Mid Cap Intrinsic Value Class C		—		165		—		—
Multi-Cap Opportunities Class A		9,867		—		—		—
Multi-Cap Opportunities Class C		—		1,754		—		—
Real Estate Class A		660		—		—		—
Real Estate Class C		—		714		—		—
Small Cap Growth Class A		2,867		—		—		—
Small Cap Growth Class C		—		228		—		—
Sustainable Equity Class A		11,108		—		—		—
Sustainable Equity Class C		—		4,540		—		—
Value Class A		222		—		—		—
Value Class C		—		—		—		—

181

Note C—Securities Transactions:

During the six months ended February 28, 2019, there were purchase and sale transactions of long-term securities (excluding option contracts) as follows:

(000's omitted)	Purchases		Sales		(000's omitted)	Purchases		Sales
Dividend Growth	$	14,668	$	15,093	International Small Cap	$	1,088	$	1,203
Emerging Markets Equity		273,969		191,290	Intrinsic Value		66,650		118,074
Equity Income		296,922		399,347	Large Cap Value		516,732		618,781
Focus		117,919		156,100	Mid Cap Growth		310,906		353,505
Genesis		673,545		1,305,863	Mid Cap Intrinsic Value		53,117		20,772
Global Equity		387		690	Multi-Cap Opportunities		330,310		683,618
Global Real Estate		1,552		775	Real Estate		100,722		133,838
Greater China Equity		8,645		40,792	Small Cap Growth		93,546		93,075
Guardian		187,706		257,999	Sustainable Equity		161,026		392,448
International Equity		198,315		472,050	Value		15,885		9,953
International Select		16,089		21,001

During the six months ended February 28, 2019, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the six months ended February 28, 2019 and the year ended August 31, 2018 was as follows:

	For the Six Months Ended February 28, 2019										For the Year Ended August 31, 2018
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Dividend Growth
Institutional Class		613		232		(764	)		81			1,594		79		(351	)		1,322
Class A		5		7		(8	)		4			80		3		(83	)		—
Class C		5		12		(17	)		—			9		3		(14	)		(2	)
Class R6		—		—		—			—			—		—		—			—
Emerging Markets Equity^(a)
Institutional Class		19,881		243		(14,941	)		5,183			37,031		103		(11,160	)		25,974
Class A		631		8		(788	)		(149	)		1,992		8		(2,796	)		(796	)
Class C		85		—		(97	)		(12	)		281		—		(89	)		192
Class R3		12		—		(33	)		(21	)		29		—		(29	)		—
Class R6		1,424		95		(1,416	)		103			3,929		55		(2,000	)		1,984

182

	For the Six Months Ended February 28, 2019										For the Year Ended August 31, 2018
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Equity Income
Institutional Class		10,491		4,338		(13,063	)		1,766			11,451		5,290		(22,423	)		(5,682	)
Class A		1,111		662		(6,405	)		(4,632	)		1,919		806		(4,251	)		(1,526	)
Class C		540		719		(2,273	)		(1,014	)		713		900		(4,985	)		(3,372	)
Class R3		19		6		(62	)		(37	)		79		4		(55	)		28
Focus^(c)
Investor Class		65		1,894		(1,123	)		836			140		1,793		(2,136	)		(203	)
Trust Class		10		165		(207	)		(32	)		82		305		(533	)		(146	)
Advisor Class		4		6		(25	)		(15	)		11		41		(64	)		(12	)
Institutional Class		62		24		(32	)		54			95		22		(101	)		16
Class A		8		9		(16	)		1			29		13		(29	)		13
Class C		3		5		(12	)		(4	)		3		23		(16	)		10
Genesis^(b)
Investor Class		770		3,261		(3,778	)		253			2,128		3,861		(6,999	)		(1,010	)
Trust Class		870		2,716		(3,438	)		148			2,164		3,263		(8,346	)		(2,919	)
Advisor Class		193		326		(535	)		(16	)		505		428		(1,364	)		(431	)
Institutional Class		4,519		5,386		(8,716	)		1,189			8,421		7,259		(27,980	)		(12,300	)
Class R6		4,708		8,231		(5,894	)		7,045			14,262		8,129		(16,751	)		5,640
Global Equity^(a)
Institutional Class		13		41		(43	)		11			5		3		(14	)		(6	)
Class A		5		3		(16	)		(8	)		82		—		(74	)		8
Class C		—		—		(1	)		(1	)		4		—		(3	)		1
Global Real Estate
Institutional Class		78		5		(6	)		77			5		6		(4	)		7
Class A		1		—		(1	)		—			3		—		(20	)		(17	)
Class C		—		1		—			1			3		—		—			3
Greater China Equity
Institutional Class		—		2,620		(3,117	)		(497	)		343		732		(2,643	)		(1,568	)
Class A		—		285		(231	)		54			296		146		(1,120	)		(678	)
Class C		—		7		(4	)		3			1		2		(5	)		(2	)
Guardian^(c)
Investor Class		342		6,183		(3,187	)		3,338			662		3,906		(5,244	)		(676	)
Trust Class		74		288		(364	)		(2	)		197		333		(870	)		(340	)
Advisor Class		7		1		(9	)		(1	)		1		1		—			2
Institutional Class		636		471		(608	)		499			903		277		(1,054	)		126
Class A		61		29		(136	)		(46	)		56		30		(118	)		(32	)
Class C		25		9		(6	)		28			9		7		(17	)		(1	)
Class R3		4		1		(12	)		(7	)		3		1		(9	)		(5	)

183

	For the Six Months Ended February 28, 2019										For the Year Ended August 31, 2018
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
International Equity^(c)
Investor Class		76		81		(450	)		(293	)		429		21		(1,121	)		(671	)
Trust Class		90		28		(547	)		(429	)		471		5		(999	)		(523	)
Institutional Class		20,168		1,269		(41,667	)		(20,230	)		48,906		889		(29,829	)		19,966
Class A		519		14		(1,202	)		(669	)		1,947		2		(2,560	)		(611	)
Class C		50		2		(263	)		(211	)		305		—		(265	)		40
Class R6		1,423		97		(714	)		806			6,784		158		(11,940	)		(4,998	)
International Select
Trust Class		11		7		(14	)		4			11		5		(62	)		(46	)
Institutional Class		1,126		227		(1,051	)		302			1,370		180		(7,831	)		(6,281	)
Class A		13		4		(62	)		(45	)		102		3		(197	)		(92	)
Class C		14		1		(41	)		(26	)		12		—		(27	)		(15	)
Class R3		28		2		(57	)		(27	)		74		2		(210	)		(134	)
Class R6		1,477		15		(45	)		1,447			14		9		(74	)		(51	)
International Small Cap
Institutional Class		3		10		(14	)		(1	)		414		5		(6	)		413
Class A		—		—		—			—			5		1		(14	)		(8	)
Class C		—		—		—			—			2		—		—			2
Class R6		—		—		—			—			—		—		—			—
Intrinsic Value^(a)
Institutional Class		6,602		4,347		(8,809	)		2,140			10,567		2,425		(28,642	)		(15,650	)
Class A		811		168		(683	)		296			683		54		(781	)		(44	)
Class C		78		157		(214	)		21			202		68		(316	)		(46	)
Class R6^(d)		2		—		—			2			—		—		—			—
Large Cap Value^(b)
Investor Class		1,266		4,724		(1,794	)		4,196			257		2,893		(4,192	)		(1,042	)
Trust Class		338		279		(190	)		427			127		190		(609	)		(292	)
Advisor Class		163		494		(524	)		133			173		359		(1,279	)		(747	)
Institutional Class		3,464		462		(585	)		3,341			1,178		221		(956	)		443
Class A		299		13		(53	)		259			58		6		(59	)		5
Class C		132		5		(15	)		122			13		4		(29	)		(12	)
Class R3		4		1		(2	)		3			5		1		(2	)		4
Class R6^(d)		1		—		—			1			—		—		—			—

184

	For the Six Months Ended February 28, 2019										For the Year Ended August 31, 2018
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Mid Cap Growth^(b)
Investor Class		807		3,344		(1,925	)		2,226			786		2,564		(2,772	)		578
Trust Class		554		539		(715	)		378			1,520		365		(868	)		1,017
Advisor Class		159		66		(196	)		29			357		54		(346	)		65
Institutional Class		2,608		2,357		(7,206	)		(2,241	)		5,005		1,900		(8,119	)		(1,214	)
Class A		302		294		(1,433	)		(837	)		807		258		(1,718	)		(653	)
Class C		29		76		(70	)		35			90		57		(120	)		27
Class R3		2,982		94		(241	)		2,835			293		70		(345	)		18
Class R6		4,874		2,912		(4,097	)		3,689			9,212		1,651		(3,366	)		7,497
Mid Cap Intrinsic Value^(a)
Investor Class		1,314		143		(76	)		1,381			43		111		(244	)		(90	)
Trust Class		9		35		(30	)		14			17		37		(99	)		(45	)
Institutional Class		540		211		(593	)		158			1,167		115		(376	)		906
Class A		679		22		(170	)		531			168		26		(146	)		48
Class C		13		7		(18	)		2			13		7		(32	)		(12	)
Class R3		11		7		(7	)		11			51		4		(22	)		33
Multi-Cap Opportunities^(a)
Institutional Class		6,089		8,557		(23,985	)		(9,339	)		8,019		9,663		(22,825	)		(5,143	)
Class A		550		351		(1,958	)		(1,057	)		1,898		283		(1,279	)		902
Class C		178		202		(244	)		136			351		203		(486	)		68
Real Estate
Trust Class		493		538		(1,918	)		(887	)		1,148		689		(3,405	)		(1,568	)
Institutional Class		1,612		689		(2,390	)		(89	)		4,745		802		(6,386	)		(839	)
Class A		492		232		(889	)		(165	)		1,168		338		(3,275	)		(1,769	)
Class C		11		45		(207	)		(151	)		18		60		(467	)		(389	)
Class R3		310		67		(340	)		37			369		75		(504	)		(60	)
Class R6		467		243		(516	)		194			2,267		242		(1,612	)		897
Small Cap Growth^(c)
Investor Class		86		339		(115	)		310			112		21		(177	)		(44	)
Trust Class		2		21		(8	)		15			3		1		(22	)		(18	)
Advisor Class		20		12		(19	)		13			21		1		(17	)		5
Institutional Class		291		92		(90	)		293			70		5		(70	)		5
Class A		122		27		(56	)		93			88		1		(71	)		18
Class C		26		17		(13	)		30			22		1		(15	)		8
Class R3		20		8		(27	)		1			40		1		(23	)		18
Class R6^(e)		1		—		—			1			—		—		—			—

185

	For the Six Months Ended February 28, 2019										For the Year Ended August 31, 2018
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Sustainable Equity^(b)
Investor Class		400		1,372		(4,937	)		(3,165	)		1,442		1,148		(5,866	)		(3,276	)
Trust Class		305		492		(952	)		(155	)		773		358		(1,864	)		(733	)
Institutional Class		3,220		2,061		(4,191	)		1,090			5,701		1,273		(6,864	)		110
Class A		234		260		(837	)		(343	)		731		167		(1,018	)		(120	)
Class C		64		122		(186	)		—			168		73		(253	)		(12	)
Class R3		101		71		(191	)		(19	)		416		55		(701	)		(230	)
Class R6		1,242		723		(2,145	)		(180	)		2,887		605		(5,439	)		(1,947	)
Value
Institutional Class		679		63		(415	)		327			59		55		(324	)		(210	)
Class A		237		10		(46	)		201			9		13		(46	)		(24	)
Class C		4		14		(2	)		16			4		17		(39	)		(18	)

(a) After the close of business on December 7, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

(b) After the close of business on December 8, 2017, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here for the year ended August 31, 2018 has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

(c) After the close of business on February 23, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The capital share activity presented here for the year ended August 31. 2018 has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

(d) Period from January 18, 2019 (Commencement of Operations) to February 28, 2019.

(e) Period from September 7, 2018 (Commencement of Operations) to February 28, 2019.

Note E—Line of Credit:

At February 28, 2019, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable, and interest charged on any borrowing made by such Fund and other costs incurred by

186

such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at February 28, 2019.

During the period from September 1, 2018 through February 28, 2019, the following Funds had borrowings under the Credit Facility:

Fund	Number of Days Borrowed		Greatest Amount Borrowed		Average Interest Rate			Interest Paid⁽¹⁾
Greater China Equity		3	$	15,700,000		3.48	%	$	4,016
Value		3		3,400,000		3.50	%		856

(1) Interest paid is reflected in the Statements of Operations under the caption "Interest expense."

Note F—Investments in Affiliates^(a):

	Balance of Shares Held August 31, 2018		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held February 28, 2019		Value February 28, 2019		Distributions from Investments in Affiliated Issuers			Net Realized Gain/(Loss) from Investments in Affiliated Issuers			Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Genesis
Atrion Corp.		96,017		535		—		96,552	$	75,925,596	$	260,690		$	—		$	12,680,275
Exponent, Inc.		2,752,322		78,115		91,235		2,739,202		155,121,009		706,201			4,091,364			7,878,227
Fox Factory Holding Corp.		1,568,008		606,190		36,745		2,137,453		135,471,771		—	*		1,064,224			(4,623,316	)
Heska Corp.		432,416		—		31,190		401,226		32,816,275		—	*		467,383			(10,946,036	)
NetScout Systems, Inc		4,073,838		720,365		634,735		4,159,468		113,844,639		—	*		(6,188,573	)		15,408,664
Power Integrations, Inc.		2,093,383		86,030		101,235		2,078,178		151,831,685		685,182			1,825,573			(2,361,514	)
Rogers Corp.		1,238,614		—		81,375		1,157,239		179,661,355		—	*		3,229,759			14,900,892
Sub-total for affiliates held as of 2/28/19^(b)									$	844,672,330	$	1,652,073		$	4,489,730		$	32,937,192
AZZ, Inc.		1,366,653		—		95,520		1,271,133	$	58,497,541	$	449,590		$	(1,361,956	)	$	(9,342,235	)
Calavo Growers, Inc.		881,159		—		63,540		817,619		69,603,905		867,234			1,894,309			(20,131,996	)

187

	Balance of Shares Held August 31, 2018		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held February 28, 2019		Value February 28, 2019		Distributions from Investments in Affiliated Issuers			Net Realized Gain/(Loss) from Investments in Affiliated Issuers		Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Manhattan Associates, Inc		3,405,346		—		245,575		3,159,771	$	172,997,462	$	—	*	$	4,454,803	$	(17,139,449	)
Sub-total for securities no longer affiliated as of 2/28/19^(c)									$	301,098,908	$	1,316,824		$	4,987,156	$	(46,613,680	)
Total									$	1,145,771,238	$	2,968,897		$	9,476,886	$	(13,676,488	)

(a) Affiliated issuers, as defined in the 1940 Act.

(b) At February 28, 2019, these securities amounted to approximately 8.5% of net assets of Genesis.

* Non-income producing security.

Other: At February 28, 2019, Neuberger Berman Global Allocation Fund, which is also managed by Management, held 0.07%, 0.01% and 1.35%, of the outstanding shares of Emerging Markets Equity, Genesis and International Select, respectively.

In addition, at February 28, 2019, affiliated investors owned 0.05%, 2.61%, 0.00%, 0.24%, 65.29%, 74.81%, 0.08%, 0.00%, 0.00%, 18.71%, 0.00%, 0.00%, 0.00%, 0.02% and 0.31% of the outstanding shares of Dividend Growth, Emerging Markets Equity, Focus, Genesis, Global Equity, Global Real Estate, Greater China Equity, International Equity, International Select, International Small Cap, Intrinsic Value, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value and Value, respectively.

Note G—Stock Splits:

In 2018, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Emerging Markets Equity, Global Equity, Intrinsic Value, Mid Cap Intrinsic Value and Multi-Cap Opportunities (collectively, the "2018 Stock Split Funds"). The Stock Split occurred after the close of the business on December 7, 2018. The Stock Split was carried out in accordance with a stock split ratio calculated to result in net asset values per share that better aligned the share class prices of each of the 2018 Stock Split Funds.

188

After the close of business on December 7, 2018, the following classes of 2018 Stock Split Funds underwent a stock split or reverse stock split as follows:

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Emerging Markets Equity Class A

: 0.9925

Global Equity Class A

: 0.9873

Intrinsic Value Class A

: 0.9671

Emerging Markets Equity Class C

: 0.9490

Global Equity Class C

: 0.9346

Intrinsic Value Class C

: 0.9007

Emerging Markets Equity Class R3

: 0.9679

Emerging Markets Equity Class R6

: 1.0009

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Mid Cap Intrinsic Value Investor Class

: 0.9982

Multi-Cap Opportunities Fund Class A

: 0.9915

Mid Cap Intrinsic Value Trust Class

: 0.8078

Multi-Cap Opportunities Fund Class C

: 0.9455

Mid Cap Intrinsic Value Class A

: 0.8071

Mid Cap Intrinsic Value Class C

: 0.7826

Mid Cap Intrinsic Value Class R3

: 0.8036

In 2017, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Focus, Genesis, Guardian, International Equity, Large Cap Value, Mid Cap Growth, Small Cap Growth and Sustainable Equity (collectively, the "2017 Stock Split Funds"). The Stock Split for certain classes of Genesis, Large Cap Value, Mid Cap Growth and Sustainable Equity occurred after the close of the business on December 8, 2017. The Stock Split for certain classes of the remaining 2017 Stock Split Funds occurred after the close of the business on February 23, 2018. The Stock Split was carried out in accordance with a stock split ratio calculated to result in net asset values per share that better aligned the share class prices of each of the 2017 Stock Split Funds.

After the close of business on December 8, 2017, the following classes of 2017 Stock Split Funds underwent a stock split or reverse stock split as follows:

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Genesis
Investor Class

: 0.5760

Large Cap Value
Trust Class

: 0.6374

Mid Cap Growth
Investor Class

: 0.9724

Sustainable Equity
Investor Class

: 0.9982

Genesis
Trust Class

: 1.0537

Large Cap Value
Advisor Class

: 0.4658

Mid Cap Growth
Trust Class

: 1.7186

Sustainable Equity
Trust Class

: 0.5700

Genesis
Advisor Class

: 0.3915

Large Cap Value
Institutional Class

: 1.0080

Mid Cap Growth
Advisor Class

: 1.7406

Sustainable Equity
Class A

: 0.5631

Genesis
Class R6

: 1.0003

Large Cap Value
Class A

: 0.6359

Mid Cap Growth
Class A

: 1.7093

Sustainable Equity
Class C

: 0.5445

Large Cap Value
Class C

: 0.4379

Mid Cap Growth
Class C

: 1.6694

Sustainable Equity
Class R3

: 0.5555

Large Cap Value
Class R3

: 0.4729

Mid Cap Growth
Class R3

: 1.7357

Sustainable Equity
Class R6

: 1.0008

Mid Cap Growth
Class R6

: 1.0040

189

After the close of business on February 23, 2018, the following classes of Stock Split Funds 2017 underwent a stock split or reverse stock split as follows:

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Fund Class

Stock Split
Ratio
(Old to New)

Focus
Trust Class

: 0.5483

Guardian
Trust Class

: 0.5975

International Equity
Investor Class

: 1.8904

Small Cap Growth
Trust Class

: 1.0831

Focus
Advisor Class

: 0.1720

Guardian
Advisor Class

: 0.7858

International Equity
Trust Class

: 2.1151

Small Cap Growth
Advisor Class

: 0.6866

Focus
Institutional Class

: 1.0011

Guardian
Institutional Class

: 1.0017

International Equity
Class A

: 2.0998

Small Cap Growth
Institutional Class

: 1.0298

Focus
Class A

: 0.5403

Guardian
Class A

: 0.5870

International Equity
Class C

: 2.0430

Small Cap Growth
Class A

: 1.0951

Focus
Class C

: 0.1542

Guardian
Class C

: 0.7496

International Equity
Class R6

: 1.0085

Small Cap Growth
Class C

: 0.6571

Guardian
Class R3

: 0.7801

Small Cap Growth
Class R3

: 0.6886

Note H—Recent Accounting Pronouncements:

As of November 5, 2018, pursuant to the SEC Release #33-10532 "Disclosure Update and Simplification", funds are no longer required to disclose whether the distributions from earnings are either from net investment income or net realized capital gains. The presentation for the year ended August 31, 2018 has been adjusted for this change in the Statements of Changes in Net Assets. At August 31, 2018, the distributions from net investment income, net realized gain from investments, undistributed net investment income (loss) and distributions in excess of net investment income were as follows:

(000's omitted)
Net Investment Income	Investor Class			Trust Class			Advisor Class			Institutional Class			Class A			Class C			Class R3			Class R6
Dividend Growth	$	—		$	—		$	—		$	(472	)	$	(16	)	$	(3	)	$	—		$	—
Emerging Markets Equity		—			—			—			(5,443	)		(229	)		(22	)		(5	)		(1,139	)
Equity Income		—			—			—			(35,754	)		(4,945	)		(5,075	)		(42	)		—
Focus		(1,883	)		(122	)		—			(37	)		(6	)		—			—			—
Genesis		(3,296	)		(1,254	)		(9	)		(12,519	)		—			—			—			(15,711	)
Global Equity		—			—			—			(25	)		(1	)		—			—			—
Global Real Estate		—			—			—			(43	)		(5	)		(2	)		—			—
Greater China Equity		—			—			—			(1,237	)		(224	)		(1	)		—			—
Guardian		(6,476	)		(394	)		—			(554	)		(36	)		(1	)		(1	)		—
International Equity		(286	)		(74	)		—			(14,148	)		(69	)		—			—			(2,084	)
International Select		—			(65	)		—			(2,374	)		(41	)		(2	)		(28	)		(116	)
International Small Cap		—			—			—			(26	)		(7	)		(3	)		—			(7	)
Intrinsic Value		—			—			—			—			—			—			—			—
Large Cap Value		(13,975	)		(801	)		(1,341	)		(1,235	)		(30	)		(12	)		(2	)		—
Mid Cap Growth		—			—			—			—			—			—			—			—
Mid Cap Intrinsic Value		(190	)		(48	)		—			(270	)		(39	)		—			(4	)		—
Multi-Cap Opportunities		—			—			—			(10,422	)		(134	)		—			—			—

190

(000's omitted)
Net Investment Income	Investor Class			Trust Class			Advisor Class			Institutional Class			Class A			Class C			Class R3			Class R6
Real Estate	$	—		$	(2,098	)	$	—		$	(3,032	)	$	(929	)	$	(84	)	$	(191	)	$	(897	)
Small Cap Growth		—			—			—			—			—			—			—			—
Sustainable Equity		(5,780	)		(1,428	)		—			(8,301	)		(730	)		(101	)		(138	)		(3,821	)
Value		—			—			—			(212	)		(36	)		(30	)		—			—
(000's omitted)
Net Realized Gain on Investments	Investor Class			Trust Class			Advisor Class			Institutional Class			Class A			Class C			Class R3			Class R6
Dividend Growth	$	—		$	—		$	—		$	(570	)	$	(26	)	$	(43	)	$	—		$	—
Emerging Markets Equity		—			—			—			—			—			—			—			—
Equity Income		—			—			—			(45,883	)		(6,999	)		(10,330	)		(58	)		—
Focus		(50,530	)		(7,959	)		(1,095	)		(673	)		(397	)		(635	)		—			—
Genesis		(224,852	)		(186,429	)		(25,746	)		(438,796	)		—			—			—			(447,218	)
Global Equity		—			—			—			—			—			—			—			—
Global Real Estate		—			—			—			(21	)		(2	)		(3	)		—			—
Greater China Equity		—			—			—			(10,798	)		(2,099	)		(28	)		—			—
Guardian		(65,843	)		(5,485	)		(12	)		(4,438	)		(515	)		(136	)		(32	)		—
International Equity		—			—			—			—			—			—			—			—
International Select		—			—			—			—			—			—			—			—
International Small Cap		—			—			—			(40	)		(13	)		(5	)		—			(11	)
Intrinsic Value		—			—			—			(43,660	)		(908	)		(1,255	)		—			—
Large Cap Value		(79,556	)		(5,204	)		(9,870	)		(6,298	)		(200	)		(168	)		(15	)		—
Mid Cap Growth		(39,598	)		(5,336	)		(1,205	)		(28,019	)		(3,926	)		(859	)		(1,127	)		(24,371	)
Mid Cap Intrinsic Value		(2,455	)		(811	)		—			(2,339	)		(681	)		(188	)		(111	)		—
Multi-Cap Opportunities		—			—			—			(177,856	)		(5,678	)		(4,128	)		—			—
Real Estate		—			(7,008	)		—			(8,671	)		(3,711	)		(814	)		(866	)		(2,282	)
Small Cap Growth		(749	)		(49	)		(37	)		(180	)		(48	)		(42	)		(24	)		—
Sustainable Equity		(38,305	)		(12,216	)		—			(44,279	)		(6,220	)		(3,045	)		(2,065	)		(18,997	)
Value		—			—			—			(753	)		(195	)		(264	)		—			—
(000's omitted)

	Undistributed Net Investment Income/(Loss) at 8/31/18		Distributions in Excess of Net Investment Income at 8/31/18
Dividend Growth	$	529	$	—
Emerging Markets Equity		8,343		—
Equity Income		2,651		—
Focus		2,414		—
Genesis		12,253		—
Global Equity		31		—
Global Real Estate		—		(16	)
Greater China Equity		—		(107	)
Guardian		2,223		—

191

	Undistributed Net Investment Income/(Loss) at 8/31/18			Distributions in Excess of Net Investment Income at 8/31/18
International Equity	$	15,225		$	—
International Select		1,062			—
International Small Cap		—			(3	)
Intrinsic Value		(87	)		—
Large Cap Value		17,710			—
Mid Cap Growth		—			—
Mid Cap Intrinsic Value		376			—
Multi-Cap Opportunities		7,856			—
Real Estate		—			—
Small Cap Growth		—			—
Sustainable Equity		4,837			—
Value		120			—

In August 2018, FASB issued Accounting Standards Update No. 2018-13, "Fair Value Measurement (Topic 820: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

Note I—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

192

Financial Highlights

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Dividend Growth Fund
Institutional Class
2/28/2019 (Unaudited)	$	13.93	$	0.10	$	(0.76	)	$	(0.66	)	$	(0.13	)	$	(0.56	)	$	(0.69	)	$	—	$	12.58		(4.20	)%*	$	49.3		1.23	%**		0.69	%**		1.57	%**		28	%*
8/31/2018	$	12.93	$	0.21	$	1.12		$	1.33		$	(0.15	)	$	(0.18	)	$	(0.33	)	$	—	$	13.93		10.44	%	$	53.4		1.23	%		0.69	%		1.54	%		43	%
8/31/2017	$	11.11	$	0.22	$	1.82		$	2.04		$	(0.22	)	$	—		$	(0.22	)	$	—	$	12.93		18.54	%	$	32.5		1.69	%		0.69	%		1.78	%		44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.18	$	0.93		$	1.11		$	—		$	—		$	—		$	—	$	11.11		11.10	%*	$	20.3		2.61	%**^‡		0.69	%**^‡		2.44	%**^‡		23	%*
Class A
2/28/2019 (Unaudited)	$	13.93	$	0.08	$	(0.74	)	$	(0.66	)	$	(0.10	)	$	(0.56	)	$	(0.66	)	$	—	$	12.61		(4.27	)%*	$	1.6		1.67	%**		1.05	%**		1.21	%**		28	%*
8/31/2018	$	12.94	$	0.15	$	1.13		$	1.28		$	(0.11	)	$	(0.18	)	$	(0.29	)	$	—	$	13.93		9.98	%	$	1.8		1.67	%		1.05	%		1.14	%		43	%
8/31/2017	$	11.09	$	0.18	$	1.81		$	1.99		$	(0.14	)	$	—		$	(0.14	)	$	—	$	12.94		18.10	%	$	1.6		2.14	%		1.05	%		1.48	%		44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.16	$	0.93		$	1.09		$	—		$	—		$	—		$	—	$	11.09		10.90	%*	$	0.2		3.36	%**^‡		1.05	%**^‡		2.14	%**^‡		23	%*
Class C
2/28/2019 (Unaudited)	$	13.85	$	0.03	$	(0.74	)	$	(0.71	)	$	(0.03	)	$	(0.56	)	$	(0.59	)	$	—	$	12.55		(4.69	)%*	$	3.0		2.34	%**		1.80	%**		0.45	%**		28	%*
8/31/2018	$	12.87	$	0.05	$	1.12		$	1.17		$	(0.01	)	$	(0.18	)	$	(0.19	)	$	—	$	13.85		9.17	%	$	3.3		2.34	%		1.80	%		0.40	%		43	%
8/31/2017	$	11.00	$	0.07	$	1.85		$	1.92		$	(0.05	)	$	—		$	(0.05	)	$	—	$	12.87		17.47	%	$	3.1		2.81	%		1.80	%		0.61	%		44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.08	$	0.92		$	1.00		$	—		$	—		$	—		$	—	$	11.00		10.00	%*	$	0.0		4.11	%**^‡		1.80	%**^‡		1.17	%**^‡		23	%*
Class R6
2/28/2019 (Unaudited)	$	13.93	$	0.10	$	(0.74	)	$	(0.64	)	$	(0.14	)	$	(0.56	)	$	(0.70	)	$	—	$	12.59		(4.08	)%*	$	0.0		1.19	%**		0.61	%**		1.66	%**		28	%*
8/31/2018	$	12.93	$	0.21	$	1.13		$	1.34		$	(0.16	)	$	(0.18	)	$	(0.34	)	$	—	$	13.93		10.51	%	$	0.0		1.19	%		0.62	%		1.58	%		43	%
8/31/2017	$	11.11	$	0.23	$	1.81		$	2.04		$	(0.22	)	$	—		$	(0.22	)	$	—	$	12.93		18.60	%	$	0.0		1.65	%		0.62	%		1.91	%		44	%
Period from 12/15/2015^{^} to 8/31/2016	$	10.00	$	0.15	$	0.96		$	1.11		$	—		$	—		$	—		$	—	$	11.11		11.10	%*	$	0.1		2.75	%**^‡		0.62	%**^‡		2.06	%**^‡		23	%*

See Notes to Financial Highlights

193

194

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund
Institutional Class
2/28/2019 (Unaudited)	$	19.25	$	0.04		$	0.00		$	0.04		$	(0.18	)	$	—	$	(0.18	)	$	—	$	19.11		0.27	%*	$	1,240.5		1.26	%**		1.25	%**		0.39	%**		15	%*
8/31/2018	$	19.87	$	0.20		$	(0.68	)	$	(0.48	)	$	(0.14	)	$	—	$	(0.14	)	$	—	$	19.25		(2.49	)%	$	1,149.4		1.28	%		1.25	%		0.98	%		23	%
8/31/2017	$	16.01	$	0.17		$	3.77		$	3.94		$	(0.08	)	$	—	$	(0.08	)	$	—	$	19.87		24.76	%	$	670.6		1.36	%		1.25	%		0.95	%		25	%
8/31/2016	$	13.94	$	0.11		$	2.06		$	2.17		$	(0.10	)	$	—	$	(0.10	)	$	—	$	16.01		15.64	%	$	318.9		1.43	%		1.25	%		0.74	%		43	%
8/31/2015	$	17.89	$	0.12		$	(3.90	)	$	(3.78	)	$	(0.17	)	$	—	$	(0.17	)	$	—	$	13.94		(21.22	)%	$	307.5		1.43	%		1.25	%		0.73	%		36	%
8/31/2014	$	15.34	$	0.16		$	2.48		$	2.64		$	(0.09	)	$	—	$	(0.09	)	$	0.00	$	17.89		17.24	%^c	$	514.8		1.45	%		1.25	%		0.96	%		36	%
Class A
2/28/2019 (Unaudited)^j	$	19.26	$	0.01		$	0.01		$	0.02		$	(0.09	)	$	—	$	(0.09	)	$	—	$	19.19		0.16	%*	$	44.6		1.64	%**		1.50	%**		0.11	%**		15	%*
8/31/2018^j	$	19.90	$	0.10		$	(0.64	)	$	(0.54	)	$	(0.10	)	$	—	$	(0.10	)	$	—	$	19.26		(2.78	)%	$	47.6		1.65	%		1.50	%		0.49	%		23	%
8/31/2017^j	$	16.04	$	0.13		$	3.78		$	3.91		$	(0.05	)	$	—	$	(0.05	)	$	—	$	19.90		24.51	%	$	65.1		1.73	%		1.50	%		0.74	%		25	%
8/31/2016^j	$	13.98	$	0.09		$	2.03		$	2.12		$	(0.06	)	$	—	$	(0.06	)	$	—	$	16.04		15.31	%	$	23.5		1.82	%		1.50	%		0.60	%		43	%
8/31/2015^j	$	17.94	$	0.08		$	(3.91	)	$	(3.83	)	$	(0.13	)	$	—	$	(0.13	)	$	—	$	13.98		(21.42	)%	$	13.4		1.79	%		1.50	%		0.49	%		36	%
8/31/2014^j	$	15.39	$	0.15		$	2.46		$	2.61		$	(0.06	)	$	—	$	(0.06	)	$	0.00	$	17.94		16.99	%^c	$	19.9		1.82	%		1.50	%		0.88	%		36	%
Class C
2/28/2019 (Unaudited)^j	$	19.25	$	(0.06	)	$	0.03		$	(0.03	)	$	—		$	—	$	—		$	—	$	19.22		(0.16	)%*	$	10.6		2.35	%**		2.25	%**		(0.61	)%**		15	%*
8/31/2018^j	$	20.00	$	(0.02	)	$	(0.68	)	$	(0.70	)	$	(0.05	)	$	—	$	(0.05	)	$	—	$	19.25		(3.51	)%	$	10.9		2.37	%		2.25	%		(0.08	)%		23	%
8/31/2017^j	$	16.18	$	(0.03	)	$	3.85		$	3.82		$	—		$	—	$	—		$	—	$	20.00		23.57	%	$	7.4		2.45	%		2.25	%		(0.18	)%		25	%
8/31/2016^j	$	14.14	$	(0.04	)	$	2.08		$	2.04		$	—		$	—	$	—		$	—	$	16.18		14.46	%	$	5.2		2.51	%		2.25	%		(0.30	)%		43	%
8/31/2015^j	$	18.19	$	(0.03	)	$	(3.98	)	$	(4.01	)	$	(0.04	)	$	—	$	(0.04	)	$	—	$	14.14		(22.02	)%	$	6.2		2.53	%		2.25	%		(0.20	)%		36	%
8/31/2014^j	$	15.67	$	0.00		$	2.52		$	2.52		$	—		$	—	$	—		$	0.00	$	18.19		16.07	%^c	$	7.0		2.56	%		2.25	%		0.01	%		36	%
Class R3
2/28/2019 (Unaudited)^j	$	19.26	$	(0.02	)	$	0.01		$	(0.01	)	$	(0.01	)	$	—	$	(0.01	)	$	—	$	19.24		(0.06	)%*	$	1.0		1.93	%**		1.91	%**		(0.27	)%**		15	%*
8/31/2018^j	$	19.95	$	0.03		$	(0.65	)	$	(0.62	)	$	(0.07	)	$	—	$	(0.07	)	$	—	$	19.26		(3.16	)%	$	1.4		1.91	%		1.91	%		0.14	%		23	%
8/31/2017^j	$	16.11	$	0.01		$	3.84		$	3.85		$	(0.01	)	$	—	$	(0.01	)	$	—	$	19.95		23.94	%	$	1.5		2.01	%		1.91	%		0.08	%		25	%
8/31/2016^j	$	14.05	$	0.02		$	2.07		$	2.09		$	(0.03	)	$	—	$	(0.03	)	$	—	$	16.11		14.88	%	$	1.2		2.06	%		1.91	%		0.16	%		43	%
8/31/2015^j	$	18.05	$	0.02		$	(3.93	)	$	(3.91	)	$	(0.09	)	$	—	$	(0.09	)	$	—	$	14.05		(21.70	)%	$	0.8		2.09	%		1.91	%		0.14	%		36	%
8/31/2014^j	$	15.52	$	0.07		$	2.47		$	2.54		$	(0.01	)	$	—	$	(0.01	)	$	0.00	$	18.05		16.42	%^c	$	0.6		2.13	%		1.91	%		0.45	%		36	%

See Notes to Financial Highlights

195

196

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Equity Fund (cont'd)
Class R6
2/28/2019 (Unaudited)^j	$	19.25	$	0.04	$	0.01		$	0.05		$	(0.19	)	$	—		$	(0.19	)	$	—	$	19.11		0.34	%*	$	167.7		1.17	%**		1.17	%**^§		0.47	%**		15	%*
8/31/2018^j	$	19.87	$	0.19	$	(0.67	)	$	(0.48	)	$	(0.14	)	$	—		$	(0.14	)	$	—	$	19.25		(2.46	)%	$	166.9		1.19	%		1.18	%		0.91	%		23	%
8/31/2017^j	$	16.01	$	0.15	$	3.80		$	3.95		$	(0.09	)	$	—		$	(0.09	)	$	—	$	19.87		24.90	%	$	132.9		1.26	%		1.18	%		0.86	%		25	%
8/31/2016^j	$	13.95	$	0.12	$	2.05		$	2.17		$	(0.11	)	$	—		$	(0.11	)	$	—	$	16.01		15.64	%	$	107.4		1.32	%		1.18	%		0.83	%		43	%
8/31/2015^j	$	17.89	$	0.14	$	(3.90	)	$	(3.76	)	$	(0.18	)	$	—		$	(0.18	)	$	—	$	13.95		(21.14	)%	$	88.1		1.34	%		1.18	%		0.88	%		36	%
8/31/2014^j	$	15.34	$	0.18	$	2.46		$	2.64		$	(0.09	)	$	—		$	(0.09	)	$	0.00	$	17.89		17.35	%^c	$	83.8		1.37	%		1.18	%		1.08	%		36	%
Equity Income Fund
Institutional Class
2/28/2019 (Unaudited)	$	13.53	$	0.15	$	(0.30	)	$	(0.15	)	$	(0.16	)	$	(0.55	)	$	(0.71	)	$	—	$	12.67		(0.77	)%*	$	1,120.6		0.70	%**		0.70	%**		2.42	%**		21	%*
8/31/2018	$	13.09	$	0.33	$	1.01		$	1.34		$	(0.40	)	$	(0.50	)	$	(0.90	)	$	—	$	13.53		10.58	%	$	1,172.8		0.69	%		0.69	%		2.52	%		41	%
8/31/2017	$	12.45	$	0.38	$	1.01		$	1.39		$	(0.33	)	$	(0.42	)	$	(0.75	)	$	0.00	$	13.09		11.56	%^ki	$	1,208.7		0.69	%		0.69	%^f		2.99	%^f		53	%
8/31/2016	$	11.74	$	0.37	$	1.08		$	1.45		$	(0.32	)	$	(0.42	)	$	(0.74	)	$	—	$	12.45		13.03	%	$	1,076.5		0.69	%		0.69	%		3.18	%		49	%
8/31/2015	$	13.19	$	0.34	$	(0.92	)	$	(0.58	)	$	(0.30	)	$	(0.57	)	$	(0.87	)	$	—	$	11.74		(4.60	)%	$	1,443.7		0.68	%		0.68	%		2.66	%		48	%
8/31/2014	$	11.76	$	0.33	$	1.94		$	2.27		$	(0.33	)	$	(0.51	)	$	(0.84	)	$	0.00	$	13.19		20.11	%^c	$	1,578.5		0.68	%		0.68	%		2.66	%		41	%
Class A
2/28/2019 (Unaudited)	$	13.48	$	0.12	$	(0.30	)	$	(0.18	)	$	(0.13	)	$	(0.55	)	$	(0.68	)	$	—	$	12.62		(0.97	)%*	$	116.1		1.06	%**		1.06	%**		1.99	%**		21	%*
8/31/2018	$	13.04	$	0.29	$	1.00		$	1.29		$	(0.35	)	$	(0.50	)	$	(0.85	)	$	—	$	13.48		10.21	%	$	186.5		1.05	%		1.05	%		2.16	%		41	%
8/31/2017	$	12.40	$	0.32	$	1.02		$	1.34		$	(0.28	)	$	(0.42	)	$	(0.70	)	$	0.00	$	13.04		11.17	%^ki	$	200.3		1.05	%		1.05	%^f		2.56	%^f		53	%
8/31/2016	$	11.69	$	0.33	$	1.08		$	1.41		$	(0.28	)	$	(0.42	)	$	(0.70	)	$	—	$	12.40		12.64	%	$	243.1		1.07	%		1.07	%		2.81	%		49	%
8/31/2015	$	13.14	$	0.29	$	(0.93	)	$	(0.64	)	$	(0.24	)	$	(0.57	)	$	(0.81	)	$	—	$	11.69		(5.02	)%	$	289.5		1.05	%		1.05	%		2.26	%		48	%
8/31/2014	$	11.71	$	0.27	$	1.95		$	2.22		$	(0.28	)	$	(0.51	)	$	(0.79	)	$	0.00	$	13.14		19.72	%^c	$	462.6		1.05	%		1.05	%		2.21	%		41	%
Class C
2/28/2019 (Unaudited)	$	13.38	$	0.08	$	(0.30	)	$	(0.22	)	$	(0.08	)	$	(0.55	)	$	(0.63	)	$	—	$	12.53		(1.29	)%*	$	218.2		1.81	%**		1.81	%**		1.30	%**		21	%*
8/31/2018	$	12.95	$	0.18	$	1.00		$	1.18		$	(0.25	)	$	(0.50	)	$	(0.75	)	$	—	$	13.38		9.36	%	$	246.7		1.80	%		1.80	%		1.40	%		41	%
8/31/2017	$	12.32	$	0.23	$	1.01		$	1.24		$	(0.19	)	$	(0.42	)	$	(0.61	)	$	0.00	$	12.95		10.34	%^ki	$	282.3		1.80	%		1.80	%^f		1.82	%^f		53	%
8/31/2016	$	11.62	$	0.24	$	1.07		$	1.31		$	(0.19	)	$	(0.42	)	$	(0.61	)	$	—	$	12.32		11.77	%	$	334.1		1.81	%		1.81	%		2.07	%		49	%
8/31/2015	$	13.06	$	0.20	$	(0.92	)	$	(0.72	)	$	(0.15	)	$	(0.57	)	$	(0.72	)	$	—	$	11.62		(5.65	)%	$	390.0		1.79	%		1.79	%		1.55	%		48	%
8/31/2014	$	11.65	$	0.19	$	1.92		$	2.11		$	(0.19	)	$	(0.51	)	$	(0.70	)	$	0.00	$	13.06		18.77	%^c	$	450.1		1.79	%		1.79	%		1.54	%		41	%

See Notes to Financial Highlights

197

198

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Income Fund (cont'd)
Class R3
2/28/2019 (Unaudited)	$	13.45	$	0.11		$	(0.31	)	$	(0.20	)	$	(0.11	)	$	(0.55	)	$	(0.66	)	$	—	$	12.59		(1.12	)%*	$	1.6		1.34	%**		1.34	%**		1.73	%**		21	%*
8/31/2018	$	13.01	$	0.25		$	1.01		$	1.26		$	(0.32	)	$	(0.50	)	$	(0.82	)	$	—	$	13.45		9.93	%	$	2.2		1.33	%		1.33	%		1.87	%		41	%
8/31/2017	$	12.37	$	0.28		$	1.02		$	1.30		$	(0.24	)	$	(0.42	)	$	(0.66	)	$	0.00	$	13.01		10.88	%^ki	$	1.8		1.34	%		1.34	%^f		2.27	%^f		53	%
8/31/2016	$	11.67	$	0.30		$	1.07		$	1.37		$	(0.25	)	$	(0.42	)	$	(0.67	)	$	—	$	12.37		12.26	%	$	2.7		1.33	%		1.33	%		2.53	%		49	%
8/31/2015	$	13.12	$	0.26		$	(0.92	)	$	(0.66	)	$	(0.22	)	$	(0.57	)	$	(0.79	)	$	—	$	11.67		(5.22	)%	$	3.8		1.31	%		1.31	%		2.05	%		48	%
8/31/2014	$	11.69	$	0.25		$	1.93		$	2.18		$	(0.24	)	$	(0.51	)	$	(0.75	)	$	0.00	$	13.12		19.42	%^c	$	3.4		1.34	%		1.34	%^§		2.04	%		41	%
Focus Fund
Investor Class
2/28/2019 (Unaudited)	$	28.69	$	0.06		$	(1.53	)	$	(1.47	)	$	(0.10	)	$	(1.92	)	$	(2.02	)	$	—	$	25.20		(4.40	)%*	$	627.8		0.92	%**		0.92	%**		0.50	%**		17	%*
8/31/2018	$	27.50	$	0.12		$	3.28		$	3.40		$	(0.08	)	$	(2.13	)	$	(2.21	)	$	—	$	28.69		13.05	%	$	690.7		0.91	%		0.91	%		0.43	%		59	%
8/31/2017	$	25.81	$	0.07		$	3.93		$	4.00		$	(0.09	)	$	(2.22	)	$	(2.31	)	$	0.00	$	27.50		16.81	%^ki	$	667.7		0.92	%		0.91	%^f		0.28	%^f		72	%
8/31/2016	$	25.45	$	0.16		$	1.48		$	1.64		$	(0.18	)	$	(1.10	)	$	(1.28	)	$	—	$	25.81		6.68	%	$	626.8		0.94	%		0.94	%		0.63	%		89	%
8/31/2015	$	29.77	$	0.21		$	(0.15	)	$	0.06		$	(0.16	)	$	(4.22	)	$	(4.38	)	$	—	$	25.45		0.49	%	$	639.8		0.91	%		0.91	%		0.77	%		52	%
8/31/2014	$	26.90	$	0.18		$	5.57		$	5.75		$	(0.20	)	$	(2.68	)	$	(2.88	)	$	0.00	$	29.77		22.65	%^c	$	699.4		0.91	%		0.91	%		0.64	%		84	%
Trust Class
2/28/2019 (Unaudited)	$	28.66	$	0.04		$	(1.53	)	$	(1.49	)	$	(0.06	)	$	(1.92	)	$	(1.98	)	$	—	$	25.19		(4.49	)%*	$	49.9		1.10	%**		1.10	%**		0.32	%**		17	%*
8/31/2018^h	$	29.18	$	0.07		$	3.35		$	3.42		$	(0.06	)	$	(3.88	)	$	(3.94	)	$	—	$	28.66		12.88	%	$	57.7		1.10	%		1.10	%		0.25	%		59	%
8/31/2017^h	$	29.14	$	0.04		$	4.19		$	4.23		$	(0.14	)	$	(4.05	)	$	(4.19	)	$	0.00	$	29.18		16.61	%^ki	$	63.0		1.10	%		1.09	%^f		0.10	%^f		72	%
8/31/2016^h	$	29.62	$	0.12		$	1.70		$	1.82		$	(0.29	)	$	(2.01	)	$	(2.30	)	$	—	$	29.14		6.50	%	$	70.4		1.11	%		1.11	%		0.47	%		89	%
8/31/2015^h	$	37.64	$	0.18		$	(0.23	)	$	(0.05	)	$	(0.27	)	$	(7.70	)	$	(7.97	)	$	—	$	29.62		0.26	%	$	92.7		1.10	%		1.10	%		0.57	%		52	%
8/31/2014^h	$	35.56	$	0.16		$	7.19		$	7.35		$	(0.38	)	$	(4.89	)	$	(5.27	)	$	0.00	$	37.64		22.40	%^c	$	125.7		1.11	%		1.11	%		0.47	%		84	%
Advisor Class
2/28/2019 (Unaudited)	$	28.62	$	0.02		$	(1.52	)	$	(1.50	)	$	—		$	(1.92	)	$	(1.92	)	$	—	$	25.20		(4.54	)%*	$	1.7		1.26	%**		1.26	%**		0.14	%**		17	%*
8/31/2018^h	$	37.33	$	0.03		$	3.63		$	3.66		$	—		$	(12.37	)	$	(12.37	)	$	—	$	28.62		12.62	%	$	2.3		1.26	%		1.26	%		0.09	%		59	%
8/31/2017^h	$	45.35	$	(0.00	)	$	5.52		$	5.52		$	(0.64	)	$	(12.90	)	$	(13.54	)	$	0.00	$	37.33		16.51	%^ki	$	3.5		1.26	%		1.23	%^f		(0.04	)%^f		72	%
8/31/2016^h	$	50.00	$	0.17		$	2.62		$	2.79		$	(1.05	)	$	(6.39	)	$	(7.44	)	$	—	$	45.35		6.33	%	$	3.9		1.26	%		1.26	%		0.33	%		89	%
8/31/2015^h	$	75.76	$	0.23		$	(0.52	)	$	(0.29	)	$	(0.93	)	$	(24.54	)	$	(25.47	)	$	—	$	50.00		0.15	%	$	6.1		1.27	%		1.27	%		0.39	%		52	%
8/31/2014^h	$	77.15	$	0.23		$	14.94		$	15.17		$	(0.98	)	$	(15.58	)	$	(16.56	)	$	0.00	$	75.76		22.21	%^c	$	7.1		1.27	%		1.27	%		0.28	%		84	%

See Notes to Financial Highlights

199

200

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Focus Fund (cont'd)
Institutional Class
2/28/2019 (Unaudited)	$	28.72	$	0.09		$	(1.54	)	$	(1.45	)	$	(0.13	)	$	(1.92	)	$	(2.05	)	$	—	$	25.22		(4.31	)%*	$	8.9		0.75	%**		0.75	%**		0.67	%**		17	%*
8/31/2018^h	$	27.53	$	0.16		$	3.27		$	3.43		$	(0.12	)	$	(2.12	)	$	(2.24	)	$	—	$	28.72		13.20	%	$	8.6		0.75	%		0.75	%^§		0.60	%		59	%
8/31/2017^h	$	25.83	$	0.11		$	3.95		$	4.06		$	(0.14	)	$	(2.22	)	$	(2.36	)	$	0.00	$	27.53		17.04	%^k	$	7.8		0.76	%		0.75	%		0.44	%		72	%
8/31/2016^h	$	25.47	$	0.22		$	1.46		$	1.68		$	(0.22	)	$	(1.10	)	$	(1.32	)	$	—	$	25.83		6.86	%	$	6.8		0.76	%		0.75	%		0.89	%		89	%
8/31/2015^h	$	29.80	$	0.26		$	(0.16	)	$	0.10		$	(0.21	)	$	(4.22	)	$	(4.43	)	$	—	$	25.47		0.65	%	$	28.7		0.76	%		0.75	%		0.96	%		52	%
8/31/2014^h	$	26.92	$	0.21		$	5.60		$	5.81		$	(0.25	)	$	(2.68	)	$	(2.93	)	$	0.00	$	29.80		22.86	%^c	$	9.4		0.76	%		0.75	%		0.72	%		84	%
Class A
2/28/2019 (Unaudited)	$	28.65	$	0.04		$	(1.52	)	$	(1.48	)	$	(0.07	)	$	(1.92	)	$	(1.99	)	$	—	$	25.18		(4.45	)%*	$	3.1		1.12	%**		1.11	%**		0.31	%**		17	%*
8/31/2018^h	$	29.24	$	0.07		$	3.34		$	3.41		$	(0.06	)	$	(3.94	)	$	(4.00	)	$	—	$	28.65		12.80	%	$	3.4		1.12	%		1.11	%		0.23	%		59	%
8/31/2017^h	$	29.28	$	0.02		$	4.22		$	4.24		$	(0.17	)	$	(4.11	)	$	(4.28	)	$	0.00	$	29.24		16.58	%^k	$	3.1		1.13	%		1.11	%		0.07	%		72	%
8/31/2016^h	$	29.80	$	0.13		$	1.70		$	1.83		$	(0.31	)	$	(2.04	)	$	(2.35	)	$	—	$	29.28		6.52	%	$	3.2		1.15	%		1.11	%		0.48	%		89	%
8/31/2015^h	$	37.94	$	0.19		$	(0.24	)	$	(0.05	)	$	(0.28	)	$	(7.81	)	$	(8.09	)	$	—	$	29.80		0.24	%	$	4.4		1.14	%		1.11	%		0.58	%		52	%
8/31/2014^h	$	35.87	$	0.17		$	7.23		$	7.40		$	(0.37	)	$	(4.96	)	$	(5.33	)	$	0.00	$	37.94		22.40	%^c	$	3.9		1.13	%		1.11	%		0.47	%		84	%
Class C
2/28/2019 (Unaudited)	$	28.50	$	(0.06	)	$	(1.52	)	$	(1.58	)	$	—		$	(1.92	)	$	(1.92	)	$	—	$	25.00		(4.85	)%*	$	1.4		1.88	%**		1.86	%**		(0.44	)%**		17	%*
8/31/2018^h	$	38.78	$	(0.16	)	$	3.68		$	3.52		$	—		$	(13.80	)	$	(13.80	)	$	—	$	28.50		11.92	%	$	1.7		1.87	%		1.86	%		(0.52	)%		59	%
8/31/2017^h	$	48.05	$	(0.25	)	$	5.77		$	5.52		$	(0.39	)	$	(14.40	)	$	(14.79	)	$	0.00	$	38.78		15.76	%^k	$	1.9		1.88	%		1.86	%		(0.67	)%		72	%
8/31/2016^h	$	53.44	$	(0.13	)	$	2.84		$	2.71		$	(0.97	)	$	(7.13	)	$	(8.10	)	$	—	$	48.05		5.75	%	$	2.2		1.90	%		1.86	%		(0.27	)%		89	%
8/31/2015^h	$	82.36	$	(0.13	)	$	(0.64	)	$	(0.77	)	$	(0.78	)	$	(27.37	)	$	(28.15	)	$	—	$	53.44		(0.50	)%	$	2.9		1.89	%		1.86	%		(0.18	)%		52	%
8/31/2014^h	$	84.50	$	(0.19	)	$	16.34		$	16.15		$	(0.91	)	$	(17.38	)	$	(18.29	)	$	0.00	$	82.36		21.52	%^c	$	1.5		1.91	%		1.86	%		(0.27	)%		84	%
Genesis Fund
Investor Class
2/28/2019 (Unaudited)	$	65.27	$	0.04		$	(4.41	)	$	(4.37	)	$	(0.03	)	$	(5.84	)	$	(5.87	)	$	—	$	55.03		(5.50	)%*	$	1,631.9		1.02	%**		1.02	%**		0.15	%**		7	%*
8/31/2018^j	$	58.73	$	0.07		$	14.47		$	14.54		$	(0.11	)	$	(7.89	)	$	(8.00	)	$	—	$	65.27		26.73	%	$	1,919.1		1.02	%		1.02	%		0.11	%		13	%
8/31/2017^j	$	59.25	$	0.12		$	5.73		$	5.85		$	(0.26	)	$	(6.11	)	$	(6.37	)	$	—	$	58.73		10.19	%ⁱ	$	1,786.0		1.02	%		1.01	%^f		0.21	%^f		20	%
8/31/2016^j	$	63.04	$	0.16		$	5.95		$	6.11		$	(0.26	)	$	(9.64	)	$	(9.90	)	$	—	$	59.25		11.43	%	$	1,752.8		1.03	%		1.03	%		0.28	%		16	%
8/31/2015^j	$	70.99	$	0.19		$	0.62		$	0.81		$	(0.24	)	$	(8.52	)	$	(8.76	)	$	—	$	63.04		1.52	%	$	2,023.6		1.01	%		1.01	%		0.29	%		13	%
8/31/2014^j	$	69.76	$	0.14		$	9.32		$	9.46		$	(0.42	)	$	(7.81	)	$	(8.23	)	$	0.00	$	70.99		13.65	%^c	$	2,437.6		1.01	%		1.01	%		0.20	%		14	%

See Notes to Financial Highlights

201

202

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Genesis Fund (cont'd)
Trust Class
2/28/2019 (Unaudited)	$	65.30	$	0.02		$	(4.41	)	$	(4.39	)	$	(0.01	)	$	(5.84	)	$	(5.85	)	$	—	$	55.06		(5.54	)%*	$	1,324.9		1.10	%**		1.10	%**		0.07	%**		7	%*
8/31/2018^g	$	58.73	$	0.02		$	14.49		$	14.51		$	(0.05	)	$	(7.89	)	$	(7.94	)	$	—	$	65.30		26.64	%	$	1,561.6		1.10	%		1.10	%		0.03	%		13	%
8/31/2017^g	$	56.48	$	0.08		$	5.54		$	5.62		$	(0.03	)	$	(3.34	)	$	(3.37	)	$	—	$	58.73		10.11	%ⁱ	$	1,576.2		1.09	%		1.08	%^f		0.13	%^f		20	%
8/31/2016^g	$	56.00	$	0.11		$	5.67		$	5.78		$	(0.03	)	$	(5.27	)	$	(5.30	)	$	—	$	56.48		11.35	%	$	1,761.0		1.10	%		1.10	%		0.21	%		16	%
8/31/2015^g	$	59.99	$	0.11		$	0.60		$	0.71		$	(0.04	)	$	(4.66	)	$	(4.70	)	$	—	$	56.00		1.41	%	$	2,003.4		1.10	%		1.10	%		0.19	%		13	%
8/31/2014^g	$	56.78	$	0.07		$	7.59		$	7.66		$	(0.18	)	$	(4.27	)	$	(4.45	)	$	0.00	$	59.99		13.55	%^c	$	2,935.3		1.10	%		1.10	%		0.11	%		14	%
Advisor Class
2/28/2019 (Unaudited)	$	65.23	$	(0.05	)	$	(4.42	)	$	(4.47	)	$	—		$	(5.84	)	$	(5.84	)	$	—	$	54.92		(5.66	)%*	$	165.8		1.35	%**		1.35	%**		(0.19	)%**		7	%*
8/31/2018^g	$	58.77	$	(0.14	)	$	14.49		$	14.35		$	—		$	(7.89	)	$	(7.89	)	$	—	$	65.23		26.31	%	$	198.1		1.35	%		1.35	%		(0.23	)%		13	%
8/31/2017^g	$	62.10	$	(0.08	)	$	5.93		$	5.85		$	(0.19	)	$	(8.99	)	$	(9.18	)	$	—	$	58.77		9.81	%ⁱ	$	203.8		1.36	%		1.35	%^f		(0.13	)%^f		20	%
8/31/2016^g	$	70.12	$	(0.05	)	$	6.28		$	6.23		$	(0.07	)	$	(14.18	)	$	(14.25	)	$	—	$	62.10		11.06	%	$	264.9		1.38	%		1.38	%		(0.07	)%		16	%
8/31/2015^g	$	82.20	$	(0.08	)	$	0.64		$	0.56		$	(0.10	)	$	(12.54	)	$	(12.64	)	$	—	$	70.12		1.11	%	$	451.3		1.39	%		1.39	%		(0.09	)%		13	%
8/31/2014^g	$	82.91	$	(0.13	)	$	11.04		$	10.91		$	(0.13	)	$	(11.49	)	$	(11.62	)	$	0.00	$	82.20		13.24	%^c	$	598.9		1.37	%		1.37	%		(0.16	)%		14	%
Institutional Class
2/28/2019 (Unaudited)	$	65.24	$	0.09		$	(4.42	)	$	(4.33	)	$	(0.14	)	$	(5.84	)	$	(5.98	)	$	—	$	54.93		(5.42	)%*	$	2,805.0		0.85	%**		0.85	%**		0.32	%**		7	%*
8/31/2018	$	58.71	$	0.17		$	14.47		$	14.64		$	(0.22	)	$	(7.89	)	$	(8.11	)	$	—	$	65.24		26.96	%	$	3,253.8		0.85	%		0.85	%		0.28	%		13	%
8/31/2017	$	56.64	$	0.22		$	5.56		$	5.78		$	(0.19	)	$	(3.52	)	$	(3.71	)	$	—	$	58.71		10.40	%ⁱ	$	3,650.3		0.85	%		0.84	%^f§		0.38	%^f		20	%
8/31/2016	$	56.48	$	0.25		$	5.67		$	5.92		$	(0.21	)	$	(5.55	)	$	(5.76	)	$	—	$	56.64		11.62	%	$	3,483.9		0.85	%		0.85	%^§		0.47	%		16	%
8/31/2015	$	60.72	$	0.26		$	0.60		$	0.86		$	(0.19	)	$	(4.91	)	$	(5.10	)	$	—	$	56.48		1.68	%	$	3,685.0		0.85	%		0.85	%		0.45	%		13	%
8/31/2014	$	57.62	$	0.22		$	7.70		$	7.92		$	(0.32	)	$	(4.50	)	$	(4.82	)	$	0.00	$	60.72		13.82	%^c	$	5,061.4		0.85	%		0.85	%^§		0.36	%		14	%
Class R6
2/28/2019 (Unaudited)	$	65.23	$	0.12		$	(4.44	)	$	(4.32	)	$	(0.20	)	$	(5.84	)	$	(6.04	)	$	—	$	54.87		(5.38	)%*	$	4,064.6		0.76	%**		0.75	%**		0.42	%**		7	%*
8/31/2018^g	$	58.70	$	0.23		$	14.46		$	14.69		$	(0.27	)	$	(7.89	)	$	(8.16	)	$	—	$	65.23		27.07	%	$	4,372.3		0.78	%		0.75	%		0.38	%		13	%
8/31/2017^g	$	56.63	$	0.26		$	5.56		$	5.82		$	(0.23	)	$	(3.52	)	$	(3.75	)	$	—	$	58.70		10.47	%ⁱ	$	3,603.6		0.77	%		0.77	%^f§		0.45	%^f		20	%
8/31/2016^g	$	56.48	$	0.29		$	5.67		$	5.96		$	(0.26	)	$	(5.55	)	$	(5.81	)	$	—	$	56.63		11.69	%	$	3,381.6		0.78	%		0.78	%^§		0.54	%		16	%
8/31/2015^g	$	60.73	$	0.30		$	0.60		$	0.90		$	(0.24	)	$	(4.91	)	$	(5.15	)	$	—	$	56.48		1.75	%	$	2,798.0		0.78	%		0.78	%		0.52	%		13	%
8/31/2014^g	$	57.61	$	0.28		$	7.70		$	7.98		$	(0.36	)	$	(4.50	)	$	(4.86	)	$	0.00	$	60.73		13.92	%^c	$	2,690.7		0.78	%		0.78	%^§		0.45	%		14	%

See Notes to Financial Highlights

203

204

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Equity Fund
Institutional Class
2/28/2019 (Unaudited)	$	8.61	$	0.01		$	(0.57	)	$	(0.56	)	$	(0.07	)	$	(0.44	)	$	(0.51	)	$	—	$	7.54		(5.86	)%*	$	4.3		7.33	%**		0.76	%**		0.37	%**		8	%*
8/31/2018	$	7.56	$	0.06		$	1.04		$	1.10		$	(0.05	)	$	(0.00	)	$	(0.05	)	$	—	$	8.61		14.53	%	$	4.8		6.48	%		0.75	%		0.74	%		33	%
8/31/2017	$	6.65	$	0.05		$	0.94		$	0.99		$	(0.03	)	$	(0.05	)	$	(0.08	)	$	—	$	7.56		15.13	%	$	4.2		7.05	%		0.85	%		0.65	%		16	%
8/31/2016	$	6.30	$	0.04		$	0.32		$	0.36		$	(0.01	)	$	—		$	(0.01	)	$	—	$	6.65		5.76	%	$	3.6		8.67	%		1.15	%		0.64	%		41	%
8/31/2015	$	11.22	$	0.03		$	(0.38	)	$	(0.35	)	$	(0.73	)	$	(3.84	)	$	(4.57	)	$	—	$	6.30		(3.16	)%	$	3.2		4.76	%		1.15	%		0.35	%		18	%
8/31/2014	$	9.49	$	0.06		$	1.80		$	1.86		$	(0.04	)	$	(0.09	)	$	(0.13	)	$	—	$	11.22		19.67	%	$	38.9		1.72	%		1.15	%		0.54	%		39	%
Class A
2/28/2019 (Unaudited)^j	$	8.62	$	0.00		$	(0.57	)	$	(0.57	)	$	(0.01	)	$	(0.44	)	$	(0.45	)	$	—	$	7.60		(6.04	)%*	$	0.3		7.78	%**		1.12	%**		0.01	%**		8	%*
8/31/2018^j	$	7.58	$	0.03		$	1.04		$	1.07		$	(0.03	)	$	(0.00	)	$	(0.03	)	$	—	$	8.62		14.17	%	$	0.4		6.70	%		1.11	%		0.41	%		33	%
8/31/2017^j	$	6.65	$	0.01		$	0.97		$	0.98		$	—		$	(0.05	)	$	(0.05	)	$	—	$	7.58		14.85	%	$	0.3		7.74	%		1.25	%		0.19	%		16	%
8/31/2016^j	$	6.31	$	0.02		$	0.32		$	0.34		$	(0.00	)	$	(0.00	)	$	(0.00	)	$	—	$	6.65		5.46	%	$	0.5		9.12	%		1.51	%		0.31	%		41	%
8/31/2015^j	$	11.28	$	0.01		$	(0.38	)	$	(0.37	)	$	(0.71	)	$	(3.89	)	$	(4.60	)	$	—	$	6.31		(3.47	)%	$	0.4		5.24	%		1.51	%		0.09	%		18	%
8/31/2014^j	$	9.55	$	0.03		$	1.79		$	1.82		$	—		$	(0.09	)	$	(0.09	)	$	—	$	11.28		19.18	%	$	0.4		2.18	%		1.51	%		0.28	%		39	%
Class C
2/28/2019 (Unaudited)^j	$	8.61	$	(0.03	)	$	(0.56	)	$	(0.59	)	$	—		$	(0.44	)	$	(0.44	)	$	—	$	7.58		(6.33	)%*	$	0.1		8.47	%**		1.87	%**		(0.74	)%**		8	%*
8/31/2018^j	$	7.61	$	(0.04	)	$	1.04		$	1.00		$	—		$	(0.00	)	$	—		$	—	$	8.61		13.22	%	$	0.1		7.61	%		1.86	%		(0.40	)%		33	%
8/31/2017^j	$	6.73	$	(0.03	)	$	0.96		$	0.93		$	—		$	(0.05	)	$	(0.05	)	$	—	$	7.61		13.89	%	$	0.1		8.34	%		1.98	%		(0.47	)%		16	%
8/31/2016^j	$	6.43	$	(0.03	)	$	0.33		$	0.30		$	(0.00	)	$	(0.00	)	$	(0.00	)	$	—	$	6.73		4.66	%	$	0.2		9.80	%		2.26	%		(0.45	)%		41	%
8/31/2015^j	$	11.65	$	(0.05	)	$	(0.40	)	$	(0.45	)	$	(0.66	)	$	(4.11	)	$	(4.77	)	$	—	$	6.43		(4.21	)%	$	0.2		6.00	%		2.26	%		(0.68	)%		18	%
8/31/2014^j	$	9.93	$	(0.06	)	$	1.88		$	1.82		$	—		$	(0.10	)	$	(0.10	)	$	—	$	11.65		18.39	%	$	0.2		2.96	%		2.26	%		(0.54	)%		39	%
Global Real Estate Fund
Institutional Class
2/28/2019 (Unaudited)	$	10.85	$	0.07		$	0.30		$	0.37		$	(0.15	)	$	(0.10	)	$	(0.25	)	$	—	$	10.97		3.59	%*	$	3.1		10.78	%**		1.00	%**		1.42	%**		27	%*
8/31/2018	$	10.64	$	0.17		$	0.35		$	0.52		$	(0.21	)	$	(0.10	)	$	(0.31	)	$	—	$	10.85		4.98	%	$	2.3		11.12	%		1.01	%		1.62	%		48	%
8/31/2017	$	10.62	$	0.17		$	0.22		$	0.39		$	(0.33	)	$	(0.04	)	$	(0.37	)	$	—	$	10.64		4.01	%	$	2.2		10.97	%		1.01	%		1.67	%		61	%
8/31/2016	$	9.32	$	0.17		$	1.35		$	1.52		$	(0.22	)	$	(0.00	)	$	(0.22	)	$	—	$	10.62		16.49	%	$	2.1		10.93	%		1.00	%		1.68	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.08		$	(0.67	)	$	(0.59	)	$	(0.09	)	$	—		$	(0.09	)	$	—	$	9.32		(5.92	)%*	$	1.9		13.21	%**^‡		1.00	%**^‡		1.22	%**^‡		16	%*

See Notes to Financial Highlights

205

206

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Real Estate Fund (cont'd)
Class A
2/28/2019 (Unaudited)	$	10.84	$	0.05		$	0.30		$	0.35		$	(0.13	)	$	(0.10	)	$	(0.23	)	$	—	$	10.96		3.40	%*	$	0.3		11.31	%**		1.36	%**		0.98	%**		27	%*
8/31/2018	$	10.64	$	0.13		$	0.34		$	0.47		$	(0.17	)	$	(0.10	)	$	(0.27	)	$	—	$	10.84		4.47	%	$	0.3		11.57	%		1.37	%		1.23	%		48	%
8/31/2017	$	10.61	$	0.14		$	0.22		$	0.36		$	(0.29	)	$	(0.04	)	$	(0.33	)	$	—	$	10.64		3.71	%	$	0.5		11.23	%		1.37	%		1.41	%		61	%
8/31/2016	$	9.31	$	0.13		$	1.35		$	1.48		$	(0.18	)	$	(0.00	)	$	(0.18	)	$	—	$	10.61		16.09	%	$	0.7		11.31	%		1.36	%		1.32	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.06		$	(0.67	)	$	(0.61	)	$	(0.08	)	$	—		$	(0.08	)	$	—	$	9.31		(6.19	)%*	$	0.6		13.62	%**^‡		1.36	%**^‡		0.94	%**^‡		16	%*
Class C
2/28/2019 (Unaudited)	$	10.81	$	0.01		$	0.30		$	0.31		$	(0.09	)	$	(0.10	)	$	(0.19	)	$	—	$	10.93		3.02	%*	$	0.3		11.94	%**		2.11	%**		0.23	%**		27	%*
8/31/2018	$	10.62	$	0.06		$	0.34		$	0.40		$	(0.11	)	$	(0.10	)	$	(0.21	)	$	—	$	10.81		3.81	%	$	0.3		12.21	%		2.12	%		0.53	%		48	%
8/31/2017	$	10.59	$	0.06		$	0.23		$	0.29		$	(0.22	)	$	(0.04	)	$	(0.26	)	$	—	$	10.62		2.96	%	$	0.3		12.10	%		2.12	%		0.56	%		61	%
8/31/2016	$	9.30	$	0.06		$	1.34		$	1.40		$	(0.11	)	$	(0.00	)	$	(0.11	)	$	—	$	10.59		15.15	%	$	0.3		12.04	%		2.11	%		0.56	%		44	%
Period from 12/30/2014^{^} to 8/31/2015	$	10.00	$	0.01		$	(0.67	)	$	(0.66	)	$	(0.04	)	$	—		$	(0.04	)	$	—	$	9.30		(6.64	)%*	$	0.2		15.16	%**^‡		2.11	%**^‡		0.11	%**^‡		16	%*
Greater China Equity Fund
Institutional Class
2/28/2019 (Unaudited)	$	14.80	$	(0.04	)	$	(0.76	)	$	(0.80	)	$	—		$	(4.65	)	$	(4.65	)	$	—	$	9.35		(0.29	)%*	$	45.3		1.81	%**		1.52	%^{^^}**		(0.75	)%**		13	%*
8/31/2018	$	15.85	$	0.00		$	0.77		$	0.77		$	(0.18	)	$	(1.64	)	$	(1.82	)	$	—	$	14.80		4.37	%	$	79.0		1.58	%		1.51	%		0.03	%		60	%
8/31/2017	$	11.50	$	0.09		$	4.31		$	4.40		$	(0.05	)	$	—		$	(0.05	)	$	—	$	15.85		38.46	%	$	109.4		1.69	%		1.51	%^{^^}		0.72	%		116	%
8/31/2016	$	11.64	$	0.05		$	1.32		$	1.37		$	(0.10	)	$	(1.41	)	$	(1.51	)	$	—	$	11.50		12.09	%	$	93.3		1.76	%		1.51	%^{^^}		0.44	%		120	%
8/31/2015	$	12.17	$	0.10		$	0.17		$	0.27		$	(0.09	)	$	(0.71	)	$	(0.80	)	$	—	$	11.64		2.15	%	$	103.4		1.61	%		1.50	%^{^^}		0.75	%		176	%
8/31/2014	$	10.16	$	0.10		$	2.06		$	2.16		$	—		$	(0.15	)	$	(0.15	)	$	—	$	12.17		21.37	%	$	72.1		1.83	%		1.50	%		0.90	%		171	%
Class A
2/28/2019 (Unaudited)	$	14.77	$	(0.06	)	$	(0.77	)	$	(0.83	)	$	—		$	(4.65	)	$	(4.65	)	$	—	$	9.29		(0.54	)%*	$	6.9		2.33	%**		1.89	%^{^^}**		(1.09	)%**		13	%*
8/31/2018	$	15.86	$	(0.08	)	$	0.80		$	0.72		$	(0.17	)	$	(1.64	)	$	(1.81	)	$	—	$	14.77		4.02	%	$	10.2		2.01	%		1.87	%		(0.47	)%		60	%
8/31/2017	$	11.50	$	0.19		$	4.17		$	4.36		$	(0.00	)	$	—		$	(0.00	)	$	—	$	15.86		37.95	%	$	21.7		2.07	%		1.86	%^{^^}		1.38	%		116	%
8/31/2016	$	11.56	$	(0.01	)	$	1.39		$	1.38		$	(0.03	)	$	(1.41	)	$	(1.44	)	$	—	$	11.50		12.19	%	$	2.1		2.19	%		1.87	%^{^^}		(0.08	)%		120	%
8/31/2015	$	12.14	$	0.05		$	0.17		$	0.22		$	(0.09	)	$	(0.71	)	$	(0.80	)	$	—	$	11.56		1.68	%	$	4.0		2.00	%		1.86	%^{^^}		0.34	%		176	%
8/31/2014	$	10.16	$	0.13		$	2.00		$	2.13		$	—		$	(0.15	)	$	(0.15	)	$	—	$	12.14		21.07	%	$	1.7		2.30	%		1.86	%		1.19	%		171	%

See Notes to Financial Highlights

207

208

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater China Equity Fund (cont'd)
Class C
2/28/2019 (Unaudited)	$	14.31	$	(0.10	)	$	(0.77	)	$	(0.87	)	$	—		$	(4.65	)	$	(4.65	)	$	—	$	8.79		(0.89	)%*	$	0.2		3.09	%**		2.64	%^{^^}**		(1.92	)%**		13	%*
8/31/2018	$	15.43	$	(0.16	)	$	0.75		$	0.59		$	(0.07	)	$	(1.64	)	$	(1.71	)	$	—	$	14.31		3.26	%	$	0.3		2.80	%		2.62	%		(0.99	)%		60	%
8/31/2017	$	11.27	$	(0.14	)	$	4.30		$	4.16		$	—		$	—		$	—		$	—	$	15.43		36.91	%	$	0.3		2.80	%		2.62	%^{^^}		(1.18	)%		116	%
8/31/2016	$	11.45	$	(0.07	)	$	1.30		$	1.23		$	—		$	(1.41	)	$	(1.41	)	$	—	$	11.27		10.93	%	$	0.1		2.86	%		2.62	%^{^^}		(0.65	)%		120	%
8/31/2015	$	12.03	$	(0.07	)	$	0.20		$	0.13		$	—		$	(0.71	)	$	(0.71	)	$	—	$	11.45		0.93	%	$	0.2		2.80	%		2.61	%^{^^}		(0.52	)%		176	%
8/31/2014	$	10.15	$	(0.02	)	$	2.05		$	2.03		$	—		$	(0.15	)	$	(0.15	)	$	—	$	12.03		20.09	%	$	0.1		2.85	%		2.61	%		(0.20	)%		171	%
Guardian Fund
Investor Class
2/28/2019 (Unaudited)	$	19.52	$	0.05		$	(1.66	)	$	(1.61	)	$	(0.11	)	$	(1.53	)	$	(1.64	)	$	—	$	16.27		(7.46	)%*	$	1,043.7		0.89	%**		0.89	%**		0.60	%**		16	%*
8/31/2018	$	17.12	$	0.11		$	3.49		$	3.60		$	(0.11	)	$	(1.09	)	$	(1.20	)	$	—	$	19.52		21.86	%	$	1,187.2		0.88	%		0.88	%		0.62	%		41	%
8/31/2017	$	16.45	$	0.12		$	2.51		$	2.63		$	(0.11	)	$	(1.85	)	$	(1.96	)	$	—	$	17.12		17.60	%ⁱ	$	1,052.4		0.90	%		0.89	%^f		0.77	%^f		37	%
8/31/2016	$	17.13	$	0.09		$	1.21		$	1.30		$	(0.12	)	$	(1.86	)	$	(1.98	)	$	—	$	16.45		8.45	%	$	993.3		0.93	%		0.93	%		0.58	%		99	%
8/31/2015	$	20.43	$	0.12		$	(0.64	)	$	(0.52	)	$	(0.15	)	$	(2.63	)	$	(2.78	)	$	—	$	17.13		(3.03	)%	$	1,034.9		0.87	%		0.87	%		0.65	%		31	%
8/31/2014	$	18.58	$	0.16		$	3.70		$	3.86		$	(0.10	)	$	(1.91	)	$	(2.01	)	$	0.00	$	20.43		21.87	%^c	$	1,165.1		0.88	%		0.88	%		0.83	%		37	%
Trust Class
2/28/2019 (Unaudited)	$	19.51	$	0.04		$	(1.67	)	$	(1.63	)	$	(0.08	)	$	(1.53	)	$	(1.61	)	$	—	$	16.27		(7.55	)%*	$	47.2		1.06	%**		1.06	%**		0.42	%**		16	%*
8/31/2018^h	$	17.82	$	0.08		$	3.57		$	3.65		$	(0.13	)	$	(1.83	)	$	(1.96	)	$	—	$	19.51		21.76	%	$	56.6		1.06	%		1.06	%		0.44	%		41	%
8/31/2017^h	$	18.34	$	0.10		$	2.64		$	2.74		$	(0.16	)	$	(3.10	)	$	(3.26	)	$	—	$	17.82		17.37	%ⁱ	$	57.8		1.07	%		1.04	%^f		0.60	%^f		37	%
8/31/2016^h	$	20.17	$	0.07		$	1.36		$	1.43		$	(0.15	)	$	(3.11	)	$	(3.26	)	$	—	$	18.34		8.31	%	$	70.6		1.08	%		1.08	%		0.41	%		99	%
8/31/2015^h	$	25.44	$	0.10		$	(0.75	)	$	(0.65	)	$	(0.22	)	$	(4.40	)	$	(4.62	)	$	—	$	20.17		(3.22	)%	$	103.8		1.06	%		1.06	%		0.46	%		31	%
8/31/2014^h	$	23.93	$	0.15		$	4.71		$	4.86		$	(0.15	)	$	(3.20	)	$	(3.35	)	$	0.00	$	25.44		21.61	%^c	$	136.6		1.06	%		1.06	%		0.64	%		37	%
Advisor Class
2/28/2019 (Unaudited)	$	19.46	$	0.01		$	(1.66	)	$	(1.65	)	$	(0.05	)	$	(1.53	)	$	(1.58	)	$	—	$	16.23		(7.69	)%*	$	0.2		1.36	%**		1.36	%**		0.13	%**		16	%*
8/31/2018^h	$	17.36	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.39	)	$	(1.44	)	$	—	$	19.46		21.34	%	$	0.2		1.40	%		1.40	%		0.12	%		41	%
8/31/2017^h	$	17.14	$	0.09		$	2.54		$	2.63		$	(0.06	)	$	(2.35	)	$	(2.41	)	$	—	$	17.36		17.26	%ⁱ	$	0.1		1.38	%		1.18	%^f		0.51	%^f		37	%
8/31/2016^h	$	18.24	$	0.04		$	1.25		$	1.29		$	(0.02	)	$	(2.37	)	$	(2.39	)	$	—	$	17.14		8.03	%	$	0.2		1.31	%		1.31	%^§		0.20	%		99	%
8/31/2015^h	$	22.33	$	0.00		$	(0.68	)	$	(0.68	)	$	(0.06	)	$	(3.35	)	$	(3.41	)	$	—	$	18.24		(3.66	)%	$	0.3		1.54	%		1.50	%		0.03	%		31	%
8/31/2014^h	$	20.71	$	0.05		$	4.12		$	4.17		$	(0.12	)	$	(2.43	)	$	(2.55	)	$	0.00	$	22.33		21.27	%^c	$	0.4		1.28	%		1.28	%		0.25	%		37	%

See Notes to Financial Highlights

209

210

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Guardian Fund (cont'd)
Institutional Class
2/28/2019 (Unaudited)	$	19.55	$	0.07		$	(1.66	)	$	(1.59	)	$	(0.15	)	$	(1.53	)	$	(1.68	)	$	—	$	16.28		(7.32	)%*	$	76.8		0.71	%**		0.71	%**		0.79	%**		16	%*
8/31/2018^h	$	17.13	$	0.14		$	3.51		$	3.65		$	(0.14	)	$	(1.09	)	$	(1.23	)	$	—	$	19.55		22.15	%	$	82.5		0.71	%		0.71	%		0.80	%		41	%
8/31/2017^h	$	16.47	$	0.15		$	2.50		$	2.65		$	(0.14	)	$	(1.85	)	$	(1.99	)	$	—	$	17.13		17.72	%ⁱ	$	70.2		0.72	%		0.71	%^f		0.94	%^f		37	%
8/31/2016^h	$	17.14	$	0.12		$	1.22		$	1.34		$	(0.15	)	$	(1.86	)	$	(2.01	)	$	—	$	16.47		8.68	%	$	59.0		0.72	%		0.72	%		0.73	%		99	%
8/31/2015^h	$	20.44	$	0.16		$	(0.65	)	$	(0.49	)	$	(0.18	)	$	(2.63	)	$	(2.81	)	$	—	$	17.14		(2.84	)%	$	94.1		0.71	%		0.71	%		0.82	%		31	%
8/31/2014^h	$	18.59	$	0.20		$	3.70		$	3.90		$	(0.14	)	$	(1.91	)	$	(2.05	)	$	0.00	$	20.44		22.03	%^c	$	129.4		0.71	%		0.71	%		1.01	%		37	%
Class A
2/28/2019 (Unaudited)	$	19.50	$	0.03		$	(1.65	)	$	(1.62	)	$	(0.08	)	$	(1.53	)	$	(1.61	)	$	—	$	16.27		(7.53	)%*	$	3.9		1.08	%**		1.08	%**		0.37	%**		16	%*
8/31/2018^h	$	17.85	$	0.07		$	3.57		$	3.64		$	(0.13	)	$	(1.86	)	$	(1.99	)	$	—	$	19.50		21.67	%	$	5.5		1.09	%		1.09	%		0.41	%		41	%
8/31/2017^h	$	18.43	$	0.10		$	2.64		$	2.74		$	(0.17	)	$	(3.15	)	$	(3.32	)	$	—	$	17.85		17.28	%ⁱ	$	5.6		1.10	%		1.09	%^f		0.56	%^f		37	%
8/31/2016^h	$	20.31	$	0.05		$	1.39		$	1.44		$	(0.15	)	$	(3.17	)	$	(3.32	)	$	—	$	18.43		8.32	%	$	6.6		1.07	%		1.07	%		0.27	%		99	%
8/31/2015^h	$	25.69	$	0.11		$	(0.77	)	$	(0.66	)	$	(0.24	)	$	(4.48	)	$	(4.72	)	$	—	$	20.31		(3.23	)%	$	79.3		1.07	%		1.07	%		0.46	%		31	%
8/31/2014^h	$	24.21	$	0.15		$	4.75		$	4.90		$	(0.17	)	$	(3.25	)	$	(3.42	)	$	0.00	$	25.69		21.62	%^c	$	73.8		1.09	%		1.09	%^§		0.64	%		37	%
Class C
2/28/2019 (Unaudited)	$	19.40	$	(0.03	)	$	(1.64	)	$	(1.67	)	$	(0.02	)	$	(1.53	)	$	(1.55	)	$	—	$	16.18		(7.83	)%*	$	2.0		1.83	%**		1.83	%**		(0.31	)%**		16	%*
8/31/2018^h	$	17.42	$	(0.06	)	$	3.51		$	3.45		$	(0.01	)	$	(1.46	)	$	(1.47	)	$	—	$	19.40		20.74	%	$	1.8		1.83	%		1.83	%		(0.32	)%		41	%
8/31/2017^h	$	17.38	$	(0.03	)	$	2.58		$	2.55		$	(0.04	)	$	(2.47	)	$	(2.51	)	$	—	$	17.42		16.53	%ⁱ	$	1.6		1.84	%		1.84	%^f		(0.20	)%^f		37	%
8/31/2016^h	$	18.64	$	(0.05	)	$	1.27		$	1.22		$	—		$	(2.48	)	$	(2.48	)	$	—	$	17.38		7.47	%	$	2.4		1.85	%		1.85	%		(0.34	)%		99	%
8/31/2015^h	$	22.92	$	(0.06	)	$	(0.71	)	$	(0.77	)	$	—		$	(3.51	)	$	(3.51	)	$	—	$	18.64		(4.01	)%	$	2.4		1.83	%		1.83	%		(0.30	)%		31	%
8/31/2014^h	$	21.29	$	(0.04	)	$	4.22		$	4.18		$	(0.00	)	$	(2.55	)	$	(2.55	)	$	0.00	$	22.92		20.71	%^c	$	2.9		1.86	%		1.86	%^§		(0.15	)%		37	%
Class R3
2/28/2019 (Unaudited)	$	19.46	$	0.01		$	(1.65	)	$	(1.64	)	$	(0.05	)	$	(1.53	)	$	(1.58	)	$	—	$	16.24		(7.69	)%*	$	0.2		1.39	%**		1.36	%**		0.07	%**		16	%*
8/31/2018^h	$	17.37	$	0.02		$	3.52		$	3.54		$	(0.05	)	$	(1.40	)	$	(1.45	)	$	—	$	19.46		21.33	%	$	0.4		1.37	%		1.36	%		0.13	%		41	%
8/31/2017^h	$	17.20	$	0.05		$	2.55		$	2.60		$	(0.06	)	$	(2.37	)	$	(2.43	)	$	—	$	17.37		17.02	%ⁱ	$	0.5		1.38	%		1.36	%^f		0.28	%^f		37	%
8/31/2016^h	$	18.34	$	0.03		$	1.27		$	1.30		$	(0.05	)	$	(2.39	)	$	(2.44	)	$	—	$	17.20		8.00	%	$	0.6		1.39	%		1.36	%		0.15	%		99	%
8/31/2015^h	$	22.48	$	0.02		$	(0.69	)	$	(0.67	)	$	(0.10	)	$	(3.37	)	$	(3.47	)	$	—	$	18.34		(3.53	)%	$	0.5		1.37	%		1.36	%		0.15	%		31	%
8/31/2014^h	$	20.83	$	0.08		$	4.11		$	4.19		$	(0.09	)	$	(2.45	)	$	(2.54	)	$	0.00	$	22.48		21.29	%^c	$	0.7		1.38	%		1.36	%		0.37	%		37	%

See Notes to Financial Highlights

211

212

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Investor Class
2/28/2019 (Unaudited)	$	13.16	$	(0.01	)	$	(0.74	)	$	(0.75	)	$	(0.09	)	$	(0.03	)	$	(0.12	)	$	—	$	12.29		(5.61	)%*	$	96.0		1.22	%**		1.16	%**		(0.11	)%**		11	%*
8/31/2018^h	$	12.58	$	0.10		$	0.51		$	0.61		$	(0.03	)	$	—		$	(0.03	)	$	—	$	13.16		4.88	%	$	106.7		1.20	%		1.14	%		0.74	%		32	%
8/31/2017^h	$	10.90	$	0.15		$	1.58		$	1.73		$	(0.05	)	$	—		$	(0.05	)	$	—	$	12.58		15.97	%ⁱ	$	110.4		1.23	%		0.73	%^f		1.34	%^f		27	%
8/31/2016^h	$	10.46	$	0.13		$	0.36		$	0.49		$	(0.05	)	$	—		$	(0.05	)	$	—	$	10.90		4.60	%	$	104.0		1.26	%		1.08	%		1.20	%		30	%
8/31/2015^h	$	10.95	$	0.10		$	(0.51	)	$	(0.41	)	$	(0.08	)	$	—		$	(0.08	)	$	—	$	10.46		(3.71	)%	$	117.7		1.25	%		1.02	%		0.93	%		25	%
8/31/2014^h	$	9.85	$	0.14		$	1.05		$	1.19		$	(0.09	)	$	—		$	(0.09	)	$	0.00	$	10.95		12.14	%^c	$	124.4		1.26	%		1.07	%		1.29	%		34	%
Trust Class
2/28/2019 (Unaudited)	$	13.16	$	(0.01	)	$	(0.75	)	$	(0.76	)	$	(0.08	)	$	(0.03	)	$	(0.11	)	$	—	$	12.29		(5.65	)%*	$	32.9		1.25	%**		1.20	%**		(0.14	)%**		11	%*
8/31/2018^h	$	12.57	$	0.09		$	0.52		$	0.61		$	(0.02	)	$	—		$	(0.02	)	$	—	$	13.16		4.84	%	$	40.9		1.24	%		1.18	%		0.71	%		32	%
8/31/2017^h	$	10.88	$	0.15		$	1.58		$	1.73		$	(0.04	)	$	—		$	(0.04	)	$	—	$	12.57		15.92	%ⁱ	$	45.7		1.27	%		0.74	%^f		1.29	%^f		27	%
8/31/2016^h	$	10.43	$	0.12		$	0.35		$	0.47		$	(0.02	)	$	—		$	(0.02	)	$	—	$	10.88		4.59	%	$	48.4		1.30	%		1.12	%		1.15	%		30	%
8/31/2015^h	$	10.88	$	0.09		$	(0.50	)	$	(0.41	)	$	(0.04	)	$	—		$	(0.04	)	$	—	$	10.43		(3.82	)%	$	55.3		1.36	%		1.13	%		0.81	%		25	%
8/31/2014^h	$	9.79	$	0.13		$	1.04		$	1.17		$	(0.08	)	$	—		$	(0.08	)	$	0.00	$	10.88		12.02	%^c	$	67.7		1.36	%		1.16	%		1.23	%		34	%
Institutional Class
2/28/2019 (Unaudited)	$	13.18	$	0.01		$	(0.74	)	$	(0.73	)	$	(0.13	)	$	(0.03	)	$	(0.16	)	$	—	$	12.29		(5.42	)%*	$	1,403.3		1.00	%**		0.85	%**		0.20	%**		11	%*
8/31/2018	$	12.66	$	0.14		$	0.51		$	0.65		$	(0.13	)	$	—		$	(0.13	)	$	—	$	13.18		5.12	%	$	1,772.4		0.99	%		0.85	%		1.03	%		32	%
8/31/2017	$	11.09	$	0.14		$	1.58		$	1.72		$	(0.15	)	$	—		$	(0.15	)	$	—	$	12.66		15.82	%ⁱ	$	1,449.0		1.02	%		0.85	%^f§		1.19	%^f		27	%
8/31/2016	$	10.72	$	0.16		$	0.35		$	0.51		$	(0.14	)	$	—		$	(0.14	)	$	—	$	11.09		4.78	%	$	1,184.3		1.03	%		0.85	%^§		1.46	%		30	%
8/31/2015	$	11.32	$	0.13		$	(0.53	)	$	(0.40	)	$	(0.20	)	$	—		$	(0.20	)	$	—	$	10.72		(3.51	)%	$	886.5		1.07	%		0.85	%^§		1.11	%		25	%
8/31/2014	$	10.26	$	0.17		$	1.09		$	1.26		$	(0.20	)	$	—		$	(0.20	)	$	0.00	$	11.32		12.38	%^c	$	887.3		1.07	%		0.85	%		1.49	%		34	%
Class A
2/28/2019 (Unaudited)	$	13.15	$	(0.01	)	$	(0.74	)	$	(0.75	)	$	(0.08	)	$	(0.03	)	$	(0.11	)	$	—	$	12.29		(5.60	)%*	$	54.6		1.37	%**		1.21	%**		(0.16	)%**		11	%*
8/31/2018^h	$	12.56	$	0.08		$	0.52		$	0.60		$	(0.01	)	$	—		$	(0.01	)	$	—	$	13.15		4.77	%	$	67.2		1.35	%		1.21	%		0.63	%		32	%
8/31/2017^h	$	10.91	$	0.07		$	1.60		$	1.67		$	(0.02	)	$	—		$	(0.02	)	$	—	$	12.56		15.32	%	$	71.9		1.39	%		1.21	%^§		0.65	%^f		27	%
8/31/2016^h	$	10.48	$	0.11		$	0.35		$	0.46		$	(0.03	)	$	—		$	(0.03	)	$	—	$	10.91		4.48	%	$	104.9		1.40	%		1.21	%		1.05	%		30	%
8/31/2015^h	$	10.96	$	0.12		$	(0.55	)	$	(0.43	)	$	(0.05	)	$	—		$	(0.05	)	$	—	$	10.48		(3.90	)%	$	91.0		1.43	%		1.21	%^§		1.09	%		25	%
8/31/2014^h	$	9.85	$	0.13		$	1.05		$	1.18		$	(0.07	)	$	—		$	(0.07	)	$	0.00	$	10.96		11.98	%^c	$	26.2		1.45	%		1.21	%		1.23	%		34	%

See Notes to Financial Highlights

213

214

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund (cont'd)
Class C
2/28/2019 (Unaudited)	$	13.09	$	(0.05	)	$	(0.75	)	$	(0.80	)	$	(0.00	)	$	(0.03	)	$	(0.03	)	$	—	$	12.26		(6.04	)%*	$	10.8		2.12	%**		1.96	%**		(0.90	)%**		11	%*
8/31/2018^h	$	12.58	$	(0.01	)	$	0.52		$	0.51		$	—		$	—		$	—		$	—	$	13.09		4.05	%	$	14.3		2.11	%		1.96	%		(0.06	)%		32	%
8/31/2017^h	$	10.99	$	0.00		$	1.59		$	1.59		$	—		$	—		$	—		$	—	$	12.58		14.48	%	$	13.2		2.14	%		1.96	%^§		0.04	%^f		27	%
8/31/2016^h	$	10.60	$	0.04		$	0.35		$	0.39		$	—		$	—		$	—		$	—	$	10.99		3.70	%	$	14.7		2.16	%		1.96	%		0.37	%		30	%
8/31/2015^h	$	11.12	$	0.00		$	(0.51	)	$	(0.51	)	$	(0.01	)	$	—		$	(0.01	)	$	—	$	10.60		(4.61	)%	$	11.2		2.18	%		1.96	%		0.02	%		25	%
8/31/2014^h	$	10.03	$	0.06		$	1.06		$	1.12		$	(0.03	)	$	—		$	(0.03	)	$	0.00	$	11.12		11.16	%^c	$	6.1		2.21	%		1.96	%		0.59	%		34	%
Class R6
2/28/2019 (Unaudited)	$	13.20	$	0.02		$	(0.76	)	$	(0.74	)	$	(0.14	)	$	(0.03	)	$	(0.17	)	$	—	$	12.29		(5.48	)%*	$	79.1		0.93	%**		0.77	%**		0.26	%**		11	%*
8/31/2018^h	$	12.67	$	0.15		$	0.52		$	0.67		$	(0.14	)	$	—		$	(0.14	)	$	—	$	13.20		5.26	%	$	74.3		0.92	%		0.78	%		1.15	%		32	%
8/31/2017^h	$	11.11	$	0.15		$	1.57		$	1.72		$	(0.16	)	$	—		$	(0.16	)	$	—	$	12.67		15.85	%	$	134.6		0.94	%		0.77	%		1.31	%^f		27	%
8/31/2016^h	$	10.72	$	0.16		$	0.38		$	0.54		$	(0.15	)	$	—		$	(0.15	)	$	—	$	11.11		5.02	%	$	46.7		0.96	%		0.78	%		1.49	%		30	%
8/31/2015^h	$	11.32	$	0.14		$	(0.53	)	$	(0.39	)	$	(0.21	)	$	—		$	(0.21	)	$	—	$	10.72		(3.49	)%	$	32.7		0.99	%		0.77	%^§		1.24	%		25	%
Period from 9/3/2013^{^} to 8/31/2014^h	$	10.17	$	0.08		$	1.18		$	1.26		$	(0.11	)	$	—		$	(0.11	)	$	0.00	$	11.32		12.46	%*^c	$	21.9		1.12	%**		0.79	%**		0.73	%**		34	%^d
International Select Fund
Trust Class
2/28/2019 (Unaudited)	$	12.97	$	(0.01	)	$	(0.69	)	$	(0.70	)	$	(0.05	)	$	(0.13	)	$	(0.18	)	$	—	$	12.09		(5.22	)%*	$	7.5		1.43	%**		1.15	%**		(0.21	)%**		10	%*
8/31/2018	$	12.43	$	0.10		$	0.54		$	0.64		$	(0.10	)	$	—		$	(0.10	)	$	—	$	12.97		5.17	%	$	8.0		1.38	%		1.16	%		0.74	%		44	%
8/31/2017	$	10.88	$	0.10		$	1.57		$	1.67		$	(0.12	)	$	—		$	(0.12	)	$	—	$	12.43		15.57	%	$	8.2		1.34	%		1.18	%		0.90	%		27	%
8/31/2016	$	10.59	$	0.11		$	0.27		$	0.38		$	(0.09	)	$	—		$	(0.09	)	$	—	$	10.88		3.65	%	$	7.8		1.39	%		1.25	%		1.06	%		22	%
8/31/2015	$	11.21	$	0.09		$	(0.59	)	$	(0.50	)	$	(0.12	)	$	—		$	(0.12	)	$	—	$	10.59		(4.47	)%	$	10.2		1.33	%		1.25	%		0.76	%		24	%
8/31/2014	$	10.14	$	0.13		$	1.04		$	1.17		$	(0.10	)	$	—		$	(0.10	)	$	0.00	$	11.21		11.56	%^c	$	13.0		1.33	%		1.25	%		1.19	%		27	%
Institutional Class
2/28/2019 (Unaudited)	$	12.96	$	0.01		$	(0.69	)	$	(0.68	)	$	(0.10	)	$	(0.13	)	$	(0.23	)	$	—	$	12.05		(5.10	)%*	$	136.1		0.99	%**		0.80	%**		0.14	%**		10	%*
8/31/2018	$	12.42	$	0.13		$	0.55		$	0.68		$	(0.14	)	$	—		$	(0.14	)	$	—	$	12.96		5.52	%	$	142.4		0.93	%		0.81	%		0.99	%		44	%
8/31/2017	$	10.86	$	0.14		$	1.58		$	1.72		$	(0.16	)	$	—		$	(0.16	)	$	—	$	12.42		16.13	%	$	214.4		0.90	%		0.83	%		1.27	%		27	%
8/31/2016	$	10.58	$	0.16		$	0.25		$	0.41		$	(0.13	)	$	—		$	(0.13	)	$	—	$	10.86		3.94	%	$	211.7		0.94	%		0.90	%		1.51	%		22	%
8/31/2015	$	11.21	$	0.13		$	(0.60	)	$	(0.47	)	$	(0.16	)	$	—		$	(0.16	)	$	—	$	10.58		(4.18	)%	$	216.4		0.93	%		0.90	%		1.16	%		24	%
8/31/2014	$	10.14	$	0.18		$	1.03		$	1.21		$	(0.14	)	$	—		$	(0.14	)	$	0.00	$	11.21		11.98	%^c	$	211.6		0.93	%		0.90	%		1.58	%		27	%

See Notes to Financial Highlights

215

216

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Select Fund (cont'd)
Class A
2/28/2019 (Unaudited)	$	12.87	$	(0.01	)	$	(0.68	)	$	(0.69	)	$	(0.05	)	$	(0.13	)	$	(0.18	)	$	—	$	12.00		(5.24	)%*	$	3.1		1.36	%**		1.16	%**		(0.20	)%**		10	%*
8/31/2018	$	12.34	$	0.08		$	0.55		$	0.63		$	(0.10	)	$	—		$	(0.10	)	$	—	$	12.87		5.12	%	$	3.9		1.31	%		1.17	%		0.63	%		44	%
8/31/2017	$	10.80	$	0.10		$	1.56		$	1.66		$	(0.12	)	$	—		$	(0.12	)	$	—	$	12.34		15.60	%	$	4.9		1.27	%		1.19	%		0.87	%		27	%
8/31/2016	$	10.51	$	0.13		$	0.26		$	0.39		$	(0.10	)	$	—		$	(0.10	)	$	—	$	10.80		3.69	%	$	4.6		1.33	%		1.24	%		1.25	%		22	%
8/31/2015	$	11.14	$	0.08		$	(0.59	)	$	(0.51	)	$	(0.12	)	$	—		$	(0.12	)	$	—	$	10.51		(4.62	)%	$	3.8		1.31	%		1.24	%		0.71	%		24	%
8/31/2014	$	10.07	$	0.14		$	1.03		$	1.17		$	(0.10	)	$	—		$	(0.10	)	$	0.00	$	11.14		11.69	%^c	$	9.3		1.30	%		1.24	%		1.25	%		27	%
Class C
2/28/2019 (Unaudited)	$	12.68	$	(0.05	)	$	(0.67	)	$	(0.72	)	$	—		$	(0.13	)	$	(0.13	)	$	—	$	11.83		(5.60	)%*	$	1.9		2.11	%**		1.91	%**		(0.95	)%**		10	%*
8/31/2018	$	12.16	$	(0.00	)	$	0.53		$	0.53		$	(0.01	)	$	—		$	(0.01	)	$	—	$	12.68		4.37	%	$	2.4		2.06	%		1.92	%		(0.02	)%		44	%
8/31/2017	$	10.64	$	0.02		$	1.54		$	1.56		$	(0.04	)	$	—		$	(0.04	)	$	—	$	12.16		14.70	%	$	2.5		2.02	%		1.94	%		0.16	%		27	%
8/31/2016	$	10.36	$	0.04		$	0.26		$	0.30		$	(0.02	)	$	—		$	(0.02	)	$	—	$	10.64		2.89	%	$	3.2		2.06	%		2.00	%		0.39	%		22	%
8/31/2015	$	10.97	$	0.01		$	(0.58	)	$	(0.57	)	$	(0.04	)	$	—		$	(0.04	)	$	—	$	10.36		(5.23	)%	$	3.7		2.04	%		2.00	%		0.06	%		24	%
8/31/2014	$	9.93	$	0.05		$	1.02		$	1.07		$	(0.03	)	$	—		$	(0.03	)	$	0.00	$	10.97		10.79	%^c	$	4.6		2.05	%		2.00	%		0.42	%		27	%
Class R3
2/28/2019 (Unaudited)	$	12.75	$	(0.03	)	$	(0.67	)	$	(0.70	)	$	(0.02	)	$	(0.13	)	$	(0.15	)	$	—	$	11.90		(5.40	)%*	$	2.9		1.61	%**		1.41	%**		(0.46	)%**		10	%*
8/31/2018	$	12.22	$	0.05		$	0.55		$	0.60		$	(0.07	)	$	—		$	(0.07	)	$	—	$	12.75		4.92	%	$	3.5		1.56	%		1.42	%		0.36	%		44	%
8/31/2017	$	10.71	$	0.08		$	1.53		$	1.61		$	(0.10	)	$	—		$	(0.10	)	$	—	$	12.22		15.26	%	$	5.0		1.52	%		1.44	%		0.70	%		27	%
8/31/2016	$	10.43	$	0.10		$	0.25		$	0.35		$	(0.07	)	$	—		$	(0.07	)	$	—	$	10.71		3.33	%	$	3.8		1.57	%		1.51	%		0.95	%		22	%
8/31/2015	$	11.05	$	0.06		$	(0.58	)	$	(0.52	)	$	(0.10	)	$	—		$	(0.10	)	$	—	$	10.43		(4.71	)%	$	3.4		1.55	%		1.51	%		0.56	%		24	%
8/31/2014	$	10.01	$	0.11		$	1.02		$	1.13		$	(0.09	)	$	—		$	(0.09	)	$	0.00	$	11.05		11.35	%^c	$	2.2		1.55	%		1.51	%		1.03	%		27	%
Class R6
2/28/2019 (Unaudited)	$	12.96	$	0.01		$	(0.68	)	$	(0.67	)	$	(0.11	)	$	(0.13	)	$	(0.24	)	$	—	$	12.05		(5.00	)%*	$	26.2		0.91	%**		0.72	%**		0.21	%**		10	%*
8/31/2018	$	12.42	$	0.15		$	0.54		$	0.69		$	(0.15	)	$	—		$	(0.15	)	$	—	$	12.96		5.59	%	$	9.4		0.87	%		0.74	%		1.15	%		44	%
Period from 4/17/2017^{^} to 8/31/2017	$	11.12	$	0.08		$	1.22		$	1.30		$	—		$	—		$	—		$	—	$	12.42		11.69	%*	$	9.6		0.79	%**		0.73	%**		1.70	%**		27	%^d
International Small Cap Fund
Institutional Class
2/28/2019 (Unaudited)	$	12.98	$	0.00		$	(1.74	)	$	(1.74	)	$	(0.03	)	$	(0.18	)	$	(0.21	)	$	—	$	11.03		(13.23	)%*	$	5.2		6.26	%**		1.05	%**		0.06	%**		19	%*
8/31/2018	$	12.74	$	0.11		$	1.02		$	1.13		$	(0.35	)	$	(0.54	)	$	(0.89	)	$	—	$	12.98		9.06	%	$	6.2		7.02	%		1.05	%		0.83	%		48	%
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.08		$	2.66		$	2.74		$	—		$	—		$	—		$	—	$	12.74		27.40	%*	$	0.8		29.10	%^‡**		1.05	%^‡**		0.93	%^‡**		43	%*

See Notes to Financial Highlights

217

218

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
International Small Cap Fund (cont'd)
Class A
2/28/2019 (Unaudited)	$	12.93	$	(0.02	)	$	(1.72	)	$	(1.74	)	$	—		$	(0.18	)	$	(0.18	)	$	—	$	11.01		(13.30	)%*	$	0.2		6.87	%**		1.41	%**		(0.30	)%**		19	%*
8/31/2018	$	12.70	$	0.02		$	1.05		$	1.07		$	(0.30	)	$	(0.54	)	$	(0.84	)	$	—	$	12.93		8.60	%	$	0.2		7.56	%		1.41	%		0.16	%		48	%
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.11		$	2.59		$	2.70		$	—		$	—		$	—		$	—	$	12.70		27.00	%*	$	0.3		29.48	%^‡**		1.41	%^‡**		1.21	%^‡**		43	%*
Class C
2/28/2019 (Unaudited)	$	12.83	$	(0.06	)	$	(1.72	)	$	(1.78	)	$	—		$	(0.18	)	$	(0.18	)	$	—	$	10.87		(13.72	)%*	$	0.1		7.40	%**		2.16	%**		(1.05	)%**		19	%*
8/31/2018	$	12.63	$	(0.07	)	$	1.05		$	0.98		$	(0.24	)	$	(0.54	)	$	(0.78	)	$	—	$	12.83		7.89	%	$	0.2		8.15	%		2.16	%		(0.53	)%		48	%
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	(0.02	)	$	2.65		$	2.63		$	—		$	—		$	—		$	—	$	12.63		26.30	%*	$	0.1		30.21	%^‡**		2.16	%^‡**		(0.19	)%^‡**		43	%*
Class R6
2/28/2019 (Unaudited)	$	12.98	$	0.01		$	(1.73	)	$	(1.72	)	$	(0.04	)	$	(0.18	)	$	(0.22	)	$	—	$	11.04		(13.10	)%*	$	0.2		6.19	%**		0.97	%**		0.14	%**		19	%*
8/31/2018	$	12.74	$	0.08		$	1.06		$	1.14		$	(0.36	)	$	(0.54	)	$	(0.90	)	$	—	$	12.98		9.12	%	$	0.3		6.97	%		0.98	%		0.64	%		48	%
Period from 12/8/2016^{^} to 8/31/2017	$	10.00	$	0.08		$	2.66		$	2.74		$	—		$	—		$	—		$	—	$	12.74		27.40	%*	$	0.3		29.02	%^‡**		0.98	%^‡**		0.99	%^‡**		43	%*
Intrinsic Value Fund
Institutional Class
2/28/2019 (Unaudited)	$	18.54	$	(0.02	)	$	(0.74	)	$	(0.76	)	$	—		$	(1.87	)	$	(1.87	)	$	—	$	15.91		(2.16	)%*	$	616.0		1.05	%**		1.01	%**		(0.20	)%**		10	%*
8/31/2018	$	16.12	$	(0.06	)	$	3.33		$	3.27		$	—		$	(0.85	)	$	(0.85	)	$	—	$	18.54		21.01	%	$	678.0		1.02	%		1.00	%		(0.35	)%		25	%
8/31/2017	$	14.02	$	(0.05	)	$	2.36		$	2.31		$	—		$	(0.21	)	$	(0.21	)	$	—	$	16.12		16.59	%	$	841.9		1.03	%		1.00	%		(0.35	)%		26	%
8/31/2016	$	14.34	$	(0.05	)	$	0.43		$	0.38		$	—		$	(0.70	)	$	(0.70	)	$	—	$	14.02		2.96	%	$	611.3		1.08	%		1.00	%		(0.38	)%		17	%
8/31/2015	$	14.98	$	(0.06	)	$	0.21		$	0.15		$	—		$	(0.79	)	$	(0.79	)	$	—	$	14.34		1.36	%	$	420.3		1.10	%		1.00	%		(0.41	)%		22	%
8/31/2014	$	12.81	$	(0.06	)	$	2.80		$	2.74		$	(0.03	)	$	(0.54	)	$	(0.57	)	$	0.00	$	14.98		21.74	%^c	$	252.0		1.13	%		1.00	%		(0.40	)%		24	%
Class A
2/28/2019 (Unaudited)^j	$	18.54	$	(0.04	)	$	(0.75	)	$	(0.79	)	$	—		$	(1.87	)	$	(1.87	)	$	—	$	15.88		(2.33	)%*	$	21.8		1.43	%**		1.37	%**		(0.54	)%**		10	%*
8/31/2018^j	$	16.20	$	(0.12	)	$	3.34		$	3.22		$	—		$	(0.88	)	$	(0.88	)	$	—	$	18.54		20.58	%	$	20.0		1.41	%		1.36	%		(0.73	)%		25	%
8/31/2017^j	$	14.15	$	(0.11	)	$	2.38		$	2.27		$	—		$	(0.22	)	$	(0.22	)	$	—	$	16.20		16.20	%	$	18.2		1.43	%		1.36	%		(0.68	)%		26	%
8/31/2016^j	$	14.54	$	(0.10	)	$	0.43		$	0.33		$	—		$	(0.72	)	$	(0.72	)	$	—	$	14.15		2.58	%	$	44.5		1.48	%		1.36	%		(0.72	)%		17	%
8/31/2015^j	$	15.26	$	(0.11	)	$	0.21		$	0.10		$	—		$	(0.82	)	$	(0.82	)	$	—	$	14.54		0.96	%	$	44.3		1.50	%		1.36	%		(0.77	)%		22	%
8/31/2014^j	$	13.08	$	(0.11	)	$	2.85		$	2.74		$	(0.00	)	$	(0.56	)	$	(0.56	)	$	0.00	$	15.26		21.31	%^c	$	13.5		1.51	%		1.36	%		(0.77	)%		24	%

See Notes to Financial Highlights

219

220

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Intrinsic Value Fund (cont'd)
Class C
2/28/2019 (Unaudited)^j	$	18.54	$	(0.10	)	$	(0.75	)	$	(0.85	)	$	—		$	(1.87	)	$	(1.87	)	$	—	$	15.82		(2.67	)%*	$	21.3		2.16	%**		2.12	%**		(1.31	)%**		10	%*
8/31/2018^j	$	16.39	$	(0.26	)	$	3.35		$	3.09		$	—		$	(0.94	)	$	(0.94	)	$	—	$	18.54		19.65	%	$	24.5		2.13	%		2.11	%		(1.47	)%		25	%
8/31/2017^j	$	14.42	$	(0.22	)	$	2.42		$	2.20		$	—		$	(0.23	)	$	(0.23	)	$	—	$	16.39		15.36	%	$	22.4		2.15	%		2.11	%		(1.45	)%		26	%
8/31/2016^j	$	14.97	$	(0.20	)	$	0.43		$	0.23		$	—		$	(0.78	)	$	(0.78	)	$	—	$	14.42		1.85	%	$	25.2		2.20	%		2.11	%		(1.47	)%		17	%
8/31/2015^j	$	15.86	$	(0.23	)	$	0.22		$	(0.01	)	$	—		$	(0.88	)	$	(0.88	)	$	—	$	14.97		0.19	%	$	25.8		2.22	%		2.11	%		(1.52	)%		22	%
8/31/2014^j	$	13.71	$	(0.24	)	$	2.99		$	2.75		$	—		$	(0.60	)	$	(0.60	)	$	0.00	$	15.86		20.40	%^c	$	12.7		2.26	%		2.11	%		(1.51	)%		24	%
Class R6
Period from 1/18/2019^{^} to 2/28/2019 (Unaudited)	$	14.22	$	(0.01	)	$	1.71		$	1.70		$	—		$	—		$	—		$	—	$	15.92		11.95	%*	$	0.0		1.29	%**		0.92	%**		(0.69	)%**		10	%^d*
Large Cap Value Fund
Investor Class
2/28/2019 (Unaudited)	$	32.87	$	0.27		$	0.19		$	0.46		$	(0.52	)	$	(3.39	)	$	(3.91	)	$	—	$	29.42		2.22	%*	$	1,161.7		0.86	%**		0.86	%**		1.77	%**		38	%*
8/31/2018	$	31.61	$	0.46		$	3.47		$	3.93		$	(0.40	)	$	(2.27	)	$	(2.67	)	$	—	$	32.87		12.90	%	$	1,160.3		0.87	%		0.87	%		1.46	%		153	%
8/31/2017	$	28.25	$	0.40		$	4.03		$	4.43		$	(0.20	)	$	(0.87	)	$	(1.07	)	$	—	$	31.61		15.88	%ⁱ	$	1,148.5		0.87	%		0.86	%^f		1.31	%^f		74	%
8/31/2016	$	27.46	$	0.31		$	2.85		$	3.16		$	(0.31	)	$	(2.06	)	$	(2.37	)	$	—	$	28.25		13.16	%	$	1,069.8		0.90	%		0.90	%		1.20	%		126	%
8/31/2015	$	33.92	$	0.33		$	(2.51	)	$	(2.18	)	$	(0.29	)	$	(3.99	)	$	(4.28	)	$	—	$	27.46		(7.19	)%	$	1,045.6		0.86	%		0.86	%		1.08	%		153	%
8/31/2014	$	32.40	$	0.34		$	6.62		$	6.96		$	(0.42	)	$	(5.02	)	$	(5.44	)	$	0.00	$	33.92		23.57	%^c	$	1,238.3		0.85	%		0.85	%		1.04	%		104	%
Trust Class
2/28/2019 (Unaudited)	$	32.88	$	0.24		$	0.20		$	0.44		$	(0.47	)	$	(3.39	)	$	(3.86	)	$	—	$	29.46		2.12	%*	$	73.8		1.05	%**		1.05	%**		1.59	%**		38	%*
8/31/2018^g	$	31.63	$	0.40		$	3.47		$	3.87		$	(0.35	)	$	(2.27	)	$	(2.62	)	$	—	$	32.88		12.68	%	$	68.4		1.05	%		1.05	%		1.26	%		153	%
8/31/2017^g	$	28.84	$	0.36		$	4.10		$	4.46		$	(0.30	)	$	(1.37	)	$	(1.67	)	$	—	$	31.63		15.77	%ⁱ	$	75.0		1.05	%		1.01	%^f		1.16	%^f		74	%
8/31/2016^g	$	29.40	$	0.28		$	2.83		$	3.11		$	(0.44	)	$	(3.23	)	$	(3.67	)	$	—	$	28.84		12.97	%	$	77.6		1.07	%		1.07	%		1.03	%		126	%
8/31/2015^g	$	38.50	$	0.30		$	(2.73	)	$	(2.43	)	$	(0.41	)	$	(6.26	)	$	(6.67	)	$	—	$	29.40		(7.40	)%	$	108.2		1.05	%		1.05	%		0.88	%		153	%
8/31/2014^g	$	38.91	$	0.31		$	7.74		$	8.05		$	(0.58	)	$	(7.88	)	$	(8.46	)	$	0.00	$	38.50		23.36	%^c	$	141.1		1.05	%		1.05	%		0.83	%		104	%
Advisor Class
2/28/2019 (Unaudited)	$	32.88	$	0.22		$	0.19		$	0.41		$	(0.42	)	$	(3.39	)	$	(3.81	)	$	—	$	29.48		2.02	%*	$	116.2		1.19	%**		1.19	%**		1.42	%**		38	%*
8/31/2018^g	$	31.62	$	0.35		$	3.49		$	3.84		$	(0.31	)	$	(2.27	)	$	(2.58	)	$	—	$	32.88		12.56	%	$	125.2		1.20	%		1.20	%		1.11	%		153	%
8/31/2017^g	$	29.45	$	0.30		$	4.15		$	4.45		$	(0.41	)	$	(1.87	)	$	(2.28	)	$	—	$	31.62		15.51	%ⁱ	$	144.1		1.20	%		1.19	%^f		0.98	%^f		74	%
8/31/2016^g	$	31.41	$	0.24		$	2.83		$	3.07		$	(0.61	)	$	(4.42	)	$	(5.03	)	$	—	$	29.45		12.81	%	$	145.9		1.22	%		1.22	%		0.88	%		126	%
8/31/2015^g	$	43.19	$	0.26		$	(2.94	)	$	(2.68	)	$	(0.54	)	$	(8.56	)	$	(9.10	)	$	—	$	31.41		(7.55	)%	$	162.3		1.20	%		1.20	%		0.73	%		153	%
8/31/2014^g	$	45.58	$	0.30		$	8.85		$	9.15		$	(0.76	)	$	(10.78	)	$	(11.54	)	$	0.00	$	43.19		23.17	%^c	$	216.1		1.20	%		1.20	%		0.69	%		104	%

See Notes to Financial Highlights

221

222

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Large Cap Value Fund (cont'd)
Institutional Class
2/28/2019 (Unaudited)	$	32.87	$	0.30	$	0.19		$	0.49		$	(0.58	)	$	(3.39	)	$	(3.97	)	$	—	$	29.39		2.30	%*	$	186.2		0.70	%**		0.70	%**		2.02	%**		38	%*
8/31/2018^g	$	31.60	$	0.52	$	3.47		$	3.99		$	(0.45	)	$	(2.27	)	$	(2.72	)	$	—	$	32.87		13.11	%	$	98.5		0.70	%		0.70	%^§		1.64	%		153	%
8/31/2017^g	$	28.25	$	0.45	$	4.02		$	4.47		$	(0.26	)	$	(0.86	)	$	(1.12	)	$	—	$	31.60		16.04	%ⁱ	$	80.6		0.70	%		0.69	%^f§		1.50	%^f		74	%
8/31/2016^g	$	27.42	$	0.35	$	2.85		$	3.20		$	(0.33	)	$	(2.04	)	$	(2.37	)	$	—	$	28.25		13.38	%	$	56.2		0.71	%		0.70	%		1.38	%		126	%
8/31/2015^g	$	33.84	$	0.37	$	(2.49	)	$	(2.12	)	$	(0.34	)	$	(3.96	)	$	(4.30	)	$	—	$	27.42		(7.03	)%	$	86.4		0.70	%		0.70	%^§		1.19	%		153	%
8/31/2014^g	$	32.30	$	0.38	$	6.60		$	6.98		$	(0.46	)	$	(4.98	)	$	(5.44	)	$	0.00	$	33.84		23.74	%^c	$	143.5		0.70	%		0.70	%^§		1.18	%		104	%
Class A
2/28/2019 (Unaudited)	$	32.88	$	0.26	$	0.16		$	0.42		$	(0.45	)	$	(3.39	)	$	(3.84	)	$	—	$	29.46		2.08	%*	$	11.3		1.07	%**		1.07	%**		1.72	%**		38	%*
8/31/2018^g	$	31.62	$	0.39	$	3.48		$	3.87		$	(0.34	)	$	(2.27	)	$	(2.61	)	$	—	$	32.88		12.68	%	$	4.1		1.08	%		1.08	%		1.24	%		153	%
8/31/2017^g	$	28.87	$	0.34	$	4.09		$	4.43		$	(0.31	)	$	(1.37	)	$	(1.68	)	$	—	$	31.62		15.65	%ⁱ	$	3.8		1.07	%		1.07	%^f		1.11	%^f		74	%
8/31/2016^g	$	29.47	$	0.27	$	2.83		$	3.10		$	(0.46	)	$	(3.24	)	$	(3.70	)	$	—	$	28.87		12.94	%	$	3.2		1.09	%		1.09	%		1.02	%		126	%
8/31/2015^g	$	38.61	$	0.32	$	(2.77	)	$	(2.45	)	$	(0.42	)	$	(6.27	)	$	(6.69	)	$	—	$	29.47		(7.44	)%	$	2.9		1.09	%		1.09	%		0.96	%		153	%
8/31/2014^g	$	39.05	$	0.30	$	7.77		$	8.07		$	(0.61	)	$	(7.90	)	$	(8.51	)	$	0.00	$	38.61		23.31	%^c	$	2.7		1.08	%		1.08	%^§		0.78	%		104	%
Class C
2/28/2019 (Unaudited)	$	32.87	$	0.15	$	0.18		$	0.33		$	(0.22	)	$	(3.39	)	$	(3.61	)	$	—	$	29.59		1.74	%*	$	5.4		1.81	%**		1.81	%**		0.98	%**		38	%*
8/31/2018^g	$	31.67	$	0.15	$	3.48		$	3.63		$	(0.16	)	$	(2.27	)	$	(2.43	)	$	—	$	32.87		11.83	%	$	1.9		1.82	%		1.82	%		0.48	%		153	%
8/31/2017^g	$	29.66	$	0.11	$	4.18		$	4.29		$	(0.29	)	$	(1.99	)	$	(2.28	)	$	—	$	31.67		14.84	%ⁱ	$	2.3		1.81	%		1.81	%^f		0.36	%^f		74	%
8/31/2016^g	$	31.83	$	0.07	$	2.83		$	2.90		$	(0.37	)	$	(4.70	)	$	(5.07	)	$	—	$	29.66		12.09	%	$	2.1		1.83	%		1.83	%		0.26	%		126	%
8/31/2015^g	$	44.30	$	0.04	$	(3.01	)	$	(2.97	)	$	(0.39	)	$	(9.11	)	$	(9.50	)	$	—	$	31.83		(8.11	)%	$	2.7		1.82	%		1.82	%^§		0.11	%		153	%
8/31/2014^g	$	47.34	$	0.00	$	9.16		$	9.16		$	(0.74	)	$	(11.46	)	$	(12.20	)	$	0.00	$	44.30		22.37	%^c	$	3.0		1.86	%		1.86	%^§		0.03	%		104	%
Class R3
2/28/2019 (Unaudited)	$	32.89	$	0.20	$	0.19		$	0.39		$	(0.37	)	$	(3.39	)	$	(3.76	)	$	—	$	29.52		1.94	%*	$	0.4		1.36	%**		1.36	%**		1.28	%**		38	%*
8/31/2018^g	$	31.63	$	0.32	$	3.47		$	3.79		$	(0.26	)	$	(2.27	)	$	(2.53	)	$	—	$	32.89		12.39	%	$	0.3		1.37	%		1.36	%		1.00	%		153	%
8/31/2017^g	$	29.46	$	0.28	$	4.12		$	4.40		$	(0.39	)	$	(1.84	)	$	(2.23	)	$	—	$	31.63		15.27	%ⁱ	$	0.2		1.43	%		1.36	%^f		0.90	%^f		74	%
8/31/2016^g	$	31.34	$	0.21	$	2.81		$	3.02		$	(0.55	)	$	(4.35	)	$	(4.90	)	$	—	$	29.46		12.58	%	$	0.1		1.54	%		1.36	%		0.75	%		126	%
8/31/2015^g	$	42.97	$	0.19	$	(2.92	)	$	(2.73	)	$	(0.46	)	$	(8.44	)	$	(8.90	)	$	—	$	31.34		(7.64	)%	$	0.1		1.51	%		1.36	%		0.53	%		153	%
8/31/2014^g	$	45.27	$	0.23	$	8.80		$	9.03		$	(0.72	)	$	(10.61	)	$	(11.33	)	$	0.00	$	42.97		22.94	%^c	$	0.1		1.43	%		1.36	%		0.53	%		104	%
Class R6
Period from 1/18/2019^{^} to 2/28/2019 (Unaudited)	$	28.19	$	0.07	$	1.13		$	1.20		$	—		$	—		$	—		$	—	$	29.39		4.26	%*	$	0.0		0.94	%**		0.60	%**		2.04	%**		38	%^d*

See Notes to Financial Highlights

223

224

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund
Investor Class
2/28/2019 (Unaudited)	$	16.99	$	(0.02	)	$	(0.85	)	$	(0.87	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.67		(3.63	)%*	$	488.7		0.90	%**		0.90	%**		(0.29	)%**		24	%*
8/31/2018^g	$	14.61	$	(0.04	)	$	3.74		$	3.70		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.99		26.75	%	$	528.1		0.90	%		0.90	%		(0.25	)%		50	%
8/31/2017^g	$	13.25	$	(0.04	)	$	2.04		$	2.00		$	—	$	(0.64	)	$	(0.64	)	$	—	$	14.61		15.80	%ⁱ	$	445.9		0.93	%		0.91	%^f		(0.28	)%^f		47	%
8/31/2016^g	$	14.70	$	(0.04	)	$	(0.27	)	$	(0.31	)	$	—	$	(1.15	)	$	(1.15	)	$	0.01	$	13.25		(1.70	)%^e	$	415.1		0.95	%		0.95	%		(0.34	)%		63	%
8/31/2015^g	$	15.07	$	(0.07	)	$	1.51		$	1.44		$	—	$	(1.81	)	$	(1.81	)	$	—	$	14.70		10.74	%	$	437.5		0.92	%		0.92	%		(0.50	)%		50	%
8/31/2014^g	$	13.73	$	(0.07	)	$	2.41		$	2.34		$	—	$	(1.00	)	$	(1.00	)	$	0.00	$	15.07		17.54	%^c	$	415.6		0.93	%		0.93	%		(0.47	)%		63	%
Trust Class
2/28/2019 (Unaudited)	$	16.98	$	(0.02	)	$	(0.85	)	$	(0.87	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.66		(3.63	)%*	$	72.6		0.95	%**		0.95	%**		(0.34	)%**		24	%*
8/31/2018^g	$	14.62	$	(0.05	)	$	3.73		$	3.68		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.98		26.65	%	$	77.6		0.95	%		0.95	%		(0.30	)%		50	%
8/31/2017^g	$	12.98	$	(0.04	)	$	2.04		$	2.00		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.75	%ⁱ	$	52.0		0.97	%		0.97	%^f		(0.34	)%^f		47	%
8/31/2016^g	$	13.91	$	(0.05	)	$	(0.25	)	$	(0.30	)	$	—	$	(0.65	)	$	(0.65	)	$	0.02	$	12.98		(1.77	)%^e	$	66.7		0.98	%		0.98	%		(0.37	)%		63	%
8/31/2015^g	$	13.58	$	(0.08	)	$	1.43		$	1.35		$	—	$	(1.02	)	$	(1.02	)	$	—	$	13.91		10.73	%	$	91.7		0.99	%		0.99	%		(0.58	)%		50	%
8/31/2014^g	$	12.07	$	(0.07	)	$	2.13		$	2.06		$	—	$	(0.55	)	$	(0.55	)	$	0.00	$	13.58		17.40	%^c	$	69.6		1.00	%		1.00	%		(0.54	)%		63	%
Advisor Class
2/28/2019 (Unaudited)	$	16.94	$	(0.04	)	$	(0.85	)	$	(0.89	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.60		(3.78	)%*	$	13.7		1.21	%**		1.21	%**		(0.60	)%**		24	%*
8/31/2018^g	$	14.62	$	(0.09	)	$	3.73		$	3.64		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.94		26.32	%	$	15.4		1.21	%		1.21	%		(0.56	)%		50	%
8/31/2017^g	$	13.01	$	(0.08	)	$	2.05		$	1.97		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.47	%ⁱ	$	12.4		1.23	%		1.23	%^f		(0.60	)%^f		47	%
8/31/2016^g	$	13.97	$	(0.08	)	$	(0.25	)	$	(0.33	)	$	—	$	(0.64	)	$	(0.64	)	$	0.01	$	13.01		(2.04	)%^e	$	11.5		1.24	%		1.24	%		(0.63	)%		63	%
8/31/2015^g	$	13.66	$	(0.12	)	$	1.44		$	1.32		$	—	$	(1.01	)	$	(1.01	)	$	—	$	13.97		10.39	%	$	10.7		1.25	%		1.25	%		(0.84	)%		50	%
8/31/2014^g	$	12.14	$	(0.10	)	$	2.15		$	2.05		$	—	$	(0.53	)	$	(0.53	)	$	0.00	$	13.66		17.16	%^c	$	10.3		1.26	%		1.26	%		(0.81	)%		63	%
Institutional Class
2/28/2019 (Unaudited)	$	17.01	$	(0.01	)	$	(0.84	)	$	(0.85	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.71		(3.51	)%*	$	272.9		0.70	%**		0.70	%**		(0.08	)%**		24	%*
8/31/2018	$	14.61	$	(0.01	)	$	3.73		$	3.72		$	—	$	(1.32	)	$	(1.32	)	$	—	$	17.01		26.93	%	$	353.7		0.70	%		0.70	%		(0.05	)%		50	%
8/31/2017	$	13.20	$	(0.01	)	$	2.04		$	2.03		$	—	$	(0.62	)	$	(0.62	)	$	—	$	14.61		16.03	%ⁱ	$	321.5		0.72	%		0.72	%^f		(0.09	)%^f		47	%
8/31/2016	$	14.59	$	(0.02	)	$	(0.27	)	$	(0.29	)	$	—	$	(1.12	)	$	(1.12	)	$	0.02	$	13.20		(1.52	)%^e	$	307.6		0.75	%		0.75	%^§		(0.14	)%		63	%
8/31/2015	$	14.89	$	(0.05	)	$	1.51		$	1.46		$	—	$	(1.76	)	$	(1.76	)	$	—	$	14.59		10.98	%	$	423.3		0.75	%		0.75	%^§		(0.34	)%		50	%
8/31/2014	$	13.56	$	(0.04	)	$	2.37		$	2.33		$	—	$	(1.00	)	$	(1.00	)	$	0.00	$	14.89		17.74	%^c	$	382.5		0.75	%		0.75	%		(0.29	)%		63	%

See Notes to Financial Highlights

225

226

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Growth Fund (cont'd)
Class A
2/28/2019 (Unaudited)	$	16.96	$	(0.03	)	$	(0.85	)	$	(0.88	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.63		(3.71	)%*	$	32.7		1.07	%**		1.07	%**		(0.44	)%**		24	%*
8/31/2018^g	$	14.62	$	(0.07	)	$	3.73		$	3.66		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.96		26.48	%	$	52.1		1.07	%		1.07	%		(0.42	)%		50	%
8/31/2017^g	$	13.00	$	(0.06	)	$	2.04		$	1.98		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.62		15.58	%ⁱ	$	54.4		1.11	%		1.11	%^f§		(0.49	)%^f		47	%
8/31/2016^g	$	13.95	$	(0.06	)	$	(0.25	)	$	(0.31	)	$	—	$	(0.66	)	$	(0.66	)	$	0.02	$	13.00		(1.91	)%^e	$	76.9		1.11	%		1.11	%^§		(0.51	)%		63	%
8/31/2015^g	$	13.64	$	(0.09	)	$	1.43		$	1.34		$	—	$	(1.03	)	$	(1.03	)	$	—	$	13.95		10.55	%	$	102.3		1.11	%		1.11	%^§		(0.69	)%		50	%
8/31/2014^g	$	12.13	$	(0.09	)	$	2.15		$	2.06		$	—	$	(0.55	)	$	(0.55	)	$	—	$	13.64		17.33	%^c	$	100.7		1.13	%		1.11	%		(0.65	)%		63	%
Class C
2/28/2019 (Unaudited)	$	16.85	$	(0.09	)	$	(0.84	)	$	(0.93	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.47		(4.04	)%*	$	10.5		1.82	%**		1.82	%**		(1.21	)%**		24	%*
8/31/2018^g	$	14.64	$	(0.19	)	$	3.72		$	3.53		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.85		25.49	%	$	11.6		1.85	%		1.85	%^§		(1.20	)%		50	%
8/31/2017^g	$	13.13	$	(0.17	)	$	2.05		$	1.88		$	—	$	(0.37	)	$	(0.37	)	$	—	$	14.64		14.69	%	$	9.7		1.86	%		1.86	%^§		(1.24	)%		47	%
8/31/2016^g	$	14.20	$	(0.16	)	$	(0.25	)	$	(0.41	)	$	—	$	(0.67	)	$	(0.67	)	$	0.01	$	13.13		(2.62	)%^e	$	10.9		1.88	%		1.86	%		(1.24	)%		63	%
8/31/2015^g	$	13.99	$	(0.20	)	$	1.47		$	1.27		$	—	$	(1.06	)	$	(1.06	)	$	—	$	14.20		9.72	%	$	8.4		1.88	%		1.86	%		(1.45	)%		50	%
8/31/2014^g	$	12.47	$	(0.18	)	$	2.20		$	2.02		$	—	$	(0.50	)	$	(0.50	)	$	0.00	$	13.99		16.46	%^c	$	6.0		1.91	%		1.86	%		(1.40	)%		63	%
Class R3
2/28/2019 (Unaudited)	$	16.92	$	(0.06	)	$	(0.84	)	$	(0.90	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.57		(3.84	)%*	$	54.7		1.35	%**		1.35	%**^§		(0.81	)%**		24	%*
8/31/2018^g	$	14.63	$	(0.11	)	$	3.72		$	3.61		$	—	$	(1.32	)	$	(1.32	)	$	—	$	16.92		26.11	%	$	15.6		1.36	%		1.36	%^§		(0.71	)%		50	%
8/31/2017^g	$	13.04	$	(0.10	)	$	2.05		$	1.95		$	—	$	(0.36	)	$	(0.36	)	$	—	$	14.63		15.30	%	$	13.2		1.36	%		1.36	%		(0.73	)%		47	%
8/31/2016^g	$	14.00	$	(0.09	)	$	(0.24	)	$	(0.33	)	$	—	$	(0.64	)	$	(0.64	)	$	0.01	$	13.04		(2.12	)%^e	$	13.7		1.38	%		1.36	%		(0.74	)%		63	%
8/31/2015^g	$	13.71	$	(0.13	)	$	1.44		$	1.31		$	—	$	(1.02	)	$	(1.02	)	$	—	$	14.00		10.29	%	$	12.7		1.37	%		1.36	%		(0.95	)%		50	%
8/31/2014^g	$	12.19	$	(0.12	)	$	2.16		$	2.04		$	—	$	(0.52	)	$	(0.52	)	$	0.00	$	13.71		17.02	%^c	$	8.3		1.38	%		1.36	%		(0.90	)%		63	%
Class R6
2/28/2019 (Unaudited)	$	17.02	$	(0.00	)	$	(0.84	)	$	(0.84	)	$	—	$	(1.45	)	$	(1.45	)	$	—	$	14.73		(3.45	)%*	$	429.3		0.62	%**		0.62	%**		(0.01	)%**		24	%*
8/31/2018^g	$	14.61	$	0.00		$	3.73		$	3.73		$	—	$	(1.32	)	$	(1.32	)	$	—	$	17.02		26.99	%	$	433.5		0.63	%		0.63	%		0.02	%		50	%
8/31/2017^g	$	13.19	$	(0.00	)	$	2.04		$	2.04		$	—	$	(0.62	)	$	(0.62	)	$	—	$	14.61		16.13	%ⁱ	$	262.4		0.65	%		0.65	%^f		(0.02	)%^f		47	%
8/31/2016^g	$	14.56	$	(0.00	)	$	(0.26	)	$	(0.26	)	$	—	$	(1.12	)	$	(1.12	)	$	0.01	$	13.19		(1.44	)%^e	$	193.7		0.66	%		0.66	%		(0.02	)%		63	%
8/31/2015^g	$	14.85	$	(0.04	)	$	1.50		$	1.46		$	—	$	(1.75	)	$	(1.75	)	$	—	$	14.56		11.04	%	$	88.6		0.67	%		0.67	%^§		(0.26	)%		50	%
8/31/2014^g	$	13.52	$	(0.03	)	$	2.37		$	2.34		$	—	$	(1.01	)	$	(1.01	)	$	0.00	$	14.85		17.89	%^d	$	22.5		0.68	%		0.68	%		(0.21	)%		63	%

See Notes to Financial Highlights

227

228

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@		Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund
Investor Class
2/28/2019 (Unaudited)^j	$	24.16	$	0.06	$	(1.48	)	$	(1.42	)	$	(0.14	)	$	(1.50	)	$	(1.64	)	$	—	$	21.10		(4.96	)%*	$	64.2		1.20	%**		1.19	%**		0.59	%**		20	%*
8/31/2018^j	$	23.02	$	0.12	$	2.57		$	2.69		$	(0.11	)	$	(1.44	)	$	(1.55	)	$	—	$	24.16		12.20	%	$	40.2		1.21	%		1.17	%		0.49	%		36	%
8/31/2017^j	$	19.75	$	0.23	$	3.16		$	3.39		$	(0.12	)	$	—		$	(0.12	)	$	—	$	23.02		17.19	%ⁱ	$	40.3		1.25	%		1.01	%^f		1.06	%^f		31	%
8/31/2016^j	$	21.03	$	0.16	$	0.79		$	0.95		$	(0.10	)	$	(2.13	)	$	(2.23	)	$	—	$	19.75		5.85	%	$	37.9		1.30	%		1.15	%		0.86	%		29	%
8/31/2015^j	$	23.60	$	0.08	$	(0.36	)	$	(0.28	)	$	(0.21	)	$	(2.08	)	$	(2.29	)	$	—	$	21.03		(1.09	)%	$	42.1		1.24	%		1.05	%		0.37	%		50	%
8/31/2014^j	$	20.33	$	0.26	$	4.21		$	4.47		$	(0.33	)	$	(0.87	)	$	(1.20	)	$	0.00	$	23.60		22.84	%^c	$	43.4		1.31	%		0.98	%		1.21	%		34	%
Trust Class
2/28/2019 (Unaudited)^j	$	24.16	$	0.06	$	(1.49	)	$	(1.43	)	$	(0.13	)	$	(1.50	)	$	(1.63	)	$	—	$	21.10		(5.02	)%*	$	9.2		1.37	%**		1.25	%**		0.58	%**		20	%*
8/31/2018^j	$	23.35	$	0.10	$	2.61		$	2.71		$	(0.12	)	$	(1.78	)	$	(1.90	)	$	—	$	24.16		12.17	%	$	10.2		1.37	%		1.25	%		0.42	%		36	%
8/31/2017^j	$	20.10	$	0.19	$	3.19		$	3.38		$	(0.13	)	$	—		$	(0.13	)	$	—	$	23.35		16.85	%ⁱ	$	10.9		1.43	%		1.25	%^f§		0.82	%^f		31	%
8/31/2016^j	$	21.92	$	0.15	$	0.79		$	0.94		$	(0.12	)	$	(2.64	)	$	(2.76	)	$	—	$	20.10		5.80	%	$	10.3		1.48	%		1.25	%		0.77	%		29	%
8/31/2015^j	$	25.06	$	0.04	$	(0.40	)	$	(0.36	)	$	(0.21	)	$	(2.57	)	$	(2.78	)	$	—	$	21.92		(1.31	)%	$	11.9		1.48	%		1.25	%		0.17	%		50	%
8/31/2014^j	$	21.80	$	0.22	$	4.47		$	4.69		$	(0.35	)	$	(1.08	)	$	(1.43	)	$	0.00	$	25.06		22.47	%^c	$	14.4		1.57	%		1.25	%^§		0.97	%		34	%
Institutional Class
2/28/2019 (Unaudited)	$	24.17	$	0.10	$	(1.51	)	$	(1.41	)	$	(0.21	)	$	(1.50	)	$	(1.71	)	$	—	$	21.05		(4.83	)%*	$	49.0		1.02	%**		0.85	%**		0.97	%**		20	%*
8/31/2018	$	23.00	$	0.19	$	2.59		$	2.78		$	(0.17	)	$	(1.44	)	$	(1.61	)	$	—	$	24.17		12.60	%	$	52.5		1.02	%		0.85	%		0.81	%		36	%
8/31/2017	$	19.75	$	0.26	$	3.16		$	3.42		$	(0.17	)	$	—		$	(0.17	)	$	—	$	23.00		17.40	%ⁱ	$	29.1		1.05	%		0.85	%^f		1.19	%^f		31	%
8/31/2016	$	21.02	$	0.22	$	0.79		$	1.01		$	(0.15	)	$	(2.13	)	$	(2.28	)	$	—	$	19.75		6.18	%	$	22.7		1.09	%		0.85	%		1.18	%		29	%
8/31/2015	$	23.59	$	0.13	$	(0.37	)	$	(0.24	)	$	(0.25	)	$	(2.08	)	$	(2.33	)	$	—	$	21.02		(0.90	)%	$	34.0		1.07	%		0.85	%		0.59	%		50	%
8/31/2014	$	20.33	$	0.33	$	4.17		$	4.50		$	(0.37	)	$	(0.87	)	$	(1.24	)	$	0.00	$	23.59		22.99	%^c	$	18.0		1.17	%		0.85	%^§		1.48	%		34	%
Class A
2/28/2019 (Unaudited)^j	$	24.17	$	0.06	$	(1.50	)	$	(1.44	)	$	(0.13	)	$	(1.50	)	$	(1.63	)	$	—	$	21.10		(5.02	)%*	$	20.0		1.38	%**		1.21	%**		0.54	%**		20	%*
8/31/2018^j	$	23.34	$	0.11	$	2.60		$	2.71		$	(0.10	)	$	(1.78	)	$	(1.88	)	$	—	$	24.17		12.23	%	$	10.1		1.39	%		1.21	%		0.46	%		36	%
8/31/2017^j	$	20.08	$	0.20	$	3.20		$	3.40		$	(0.14	)	$	—		$	(0.14	)	$	—	$	23.34		16.95	%ⁱ	$	8.6		1.43	%		1.21	%^f		0.89	%^f		31	%
8/31/2016^j	$	21.93	$	0.16	$	0.77		$	0.93		$	(0.14	)	$	(2.64	)	$	(2.78	)	$	—	$	20.08		5.76	%	$	13.3		1.49	%		1.21	%		0.81	%		29	%
8/31/2015^j	$	25.08	$	0.05	$	(0.40	)	$	(0.35	)	$	(0.22	)	$	(2.58	)	$	(2.80	)	$	—	$	21.93		(1.25	)%	$	14.8		1.47	%		1.21	%		0.20	%		50	%
8/31/2014^j	$	21.81	$	0.22	$	4.50		$	4.72		$	(0.37	)	$	(1.08	)	$	(1.45	)	$	0.00	$	25.08		22.60	%^c	$	5.2		1.53	%		1.21	%^§		0.96	%		34	%

See Notes to Financial Highlights

229

230

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Mid Cap Intrinsic Value Fund (cont'd)
Class C
2/28/2019 (Unaudited)^j	$	24.18	$	(0.02	)	$	(1.49	)	$	(1.51	)	$	(0.02	)	$	(1.50	)	$	(1.52	)	$	—	$	21.15		(5.37	)%*	$	2.1		2.14	%**		1.96	%**		(0.15	)%**		20	%*
8/31/2018^j	$	23.47	$	(0.06	)	$	2.61		$	2.55		$	(0.00	)	$	(1.84	)	$	(1.84	)	$	—	$	24.18		11.37	%	$	2.4		2.14	%		1.96	%		(0.29	)%		36	%
8/31/2017^j	$	20.29	$	0.04		$	3.22		$	3.26		$	(0.08	)	$	—		$	(0.08	)	$	—	$	23.47		16.09	%ⁱ	$	2.5		2.18	%		1.96	%^f		0.15	%^f		31	%
8/31/2016^j	$	22.30	$	0.01		$	0.78		$	0.79		$	(0.08	)	$	(2.72	)	$	(2.80	)	$	—	$	20.29		5.01	%	$	3.7		2.23	%		1.96	%		0.05	%		29	%
8/31/2015^j	$	25.56	$	(0.12	)	$	(0.40	)	$	(0.52	)	$	(0.08	)	$	(2.66	)	$	(2.74	)	$	—	$	22.30		(2.02	)%	$	3.5		2.20	%		1.96	%		(0.53	)%		50	%
8/31/2014^j	$	22.28	$	0.07		$	4.57		$	4.64		$	(0.25	)	$	(1.11	)	$	(1.36	)	$	0.00	$	25.56		21.64	%^c	$	1.9		2.28	%		1.96	%^§		0.24	%		34	%
Class R3
2/28/2019 (Unaudited)^j	$	24.17	$	0.04		$	(1.49	)	$	(1.45	)	$	(0.08	)	$	(1.50	)	$	(1.58	)	$	—	$	21.14		(5.08	)%*	$	2.3		1.65	%**		1.46	%**		0.36	%**		20	%*
8/31/2018^j	$	23.37	$	0.05		$	2.60		$	2.65		$	(0.06	)	$	(1.79	)	$	(1.85	)	$	—	$	24.17		11.92	%	$	2.3		1.65	%		1.46	%		0.21	%		36	%
8/31/2017^j	$	20.15	$	0.13		$	3.20		$	3.33		$	(0.11	)	$	—		$	(0.11	)	$	—	$	23.37		16.62	%	$	1.5		1.69	%		1.46	%		0.63	%		31	%
8/31/2016^j	$	22.03	$	0.11		$	0.77		$	0.88		$	(0.11	)	$	(2.65	)	$	(2.76	)	$	—	$	20.15		5.54	%	$	1.4		1.75	%		1.46	%		0.56	%		29	%
8/31/2015^j	$	25.17	$	0.00		$	(0.40	)	$	(0.40	)	$	(0.15	)	$	(2.59	)	$	(2.74	)	$	—	$	22.03		(1.49	)%	$	1.2		1.73	%		1.46	%		0.03	%		50	%
8/31/2014^j	$	21.89	$	0.19		$	4.49		$	4.68		$	(0.32	)	$	(1.08	)	$	(1.40	)	$	0.00	$	25.17		22.23	%^c	$	0.4		1.80	%		1.46	%		0.80	%		34	%
Multi-Cap Opportunities Fund
Institutional Class
2/28/2019 (Unaudited)	$	20.12	$	0.07		$	(0.57	)	$	(0.50	)	$	(0.14	)	$	(1.65	)	$	(1.79	)	$	—	$	17.83		(1.56	)%*	$	1,487.8		0.73	%**		0.73	%**		0.74	%**		19	%*
8/31/2018	$	18.67	$	0.12		$	3.28		$	3.40		$	(0.11	)	$	(1.84	)	$	(1.95	)	$	—	$	20.12		19.15	%	$	1,866.7		0.72	%		0.72	%		0.61	%		23	%
8/31/2017	$	16.08	$	0.12		$	3.06		$	3.18		$	(0.14	)	$	(0.45	)	$	(0.59	)	$	—	$	18.67		20.27	%ⁱ	$	1,828.2		0.75	%		0.75	%^f		0.68	%^f		23	%
8/31/2016	$	15.31	$	0.15		$	1.18		$	1.33		$	(0.15	)	$	(0.41	)	$	(0.56	)	$	—	$	16.08		8.94	%	$	1,757.2		0.76	%		0.76	%		0.99	%		18	%
8/31/2015	$	16.27	$	0.13		$	(0.43	)	$	(0.30	)	$	(0.15	)	$	(0.51	)	$	(0.66	)	$	—	$	15.31		(1.80	)%	$	2,191.4		0.73	%		0.73	%		0.84	%		27	%
8/31/2014	$	13.56	$	0.16		$	2.88		$	3.04		$	(0.11	)	$	(0.22	)	$	(0.33	)	$	0.00	$	16.27		22.65	%^c	$	2,566.4		0.74	%		0.74	%		1.06	%		17	%
Class A
2/28/2019 (Unaudited)^j	$	20.12	$	0.03		$	(0.56	)	$	(0.53	)	$	(0.07	)	$	(1.65	)	$	(1.72	)	$	—	$	17.87		(1.75	)%*	$	48.3		1.10	%**		1.10	%**		0.35	%**		19	%*
8/31/2018^j	$	18.69	$	0.05		$	3.28		$	3.33		$	(0.04	)	$	(1.86	)	$	(1.90	)	$	—	$	20.12		18.72	%	$	75.7		1.09	%		1.09	%		0.25	%		23	%
8/31/2017^j	$	16.09	$	0.06		$	3.06		$	3.12		$	(0.07	)	$	(0.45	)	$	(0.52	)	$	—	$	18.69		19.85	%ⁱ	$	53.5		1.10	%		1.10	%^f		0.32	%^f		23	%
8/31/2016^j	$	15.31	$	0.09		$	1.18		$	1.27		$	(0.08	)	$	(0.41	)	$	(0.49	)	$	—	$	16.09		8.53	%	$	73.0		1.11	%		1.11	%		0.62	%		18	%
8/31/2015^j	$	16.27	$	0.07		$	(0.43	)	$	(0.36	)	$	(0.08	)	$	(0.52	)	$	(0.60	)	$	—	$	15.31		(2.16	)%	$	102.8		1.10	%		1.10	%		0.47	%		27	%
8/31/2014^j	$	13.60	$	0.11		$	2.87		$	2.98		$	(0.09	)	$	(0.22	)	$	(0.31	)	$	0.00	$	16.27		22.17	%^c	$	143.1		1.10	%		1.10	%		0.71	%		17	%

See Notes to Financial Highlights

231

232

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Multi-Cap Opportunities Fund (cont'd)
Class C
2/28/2019 (Unaudited)^j	$	20.13	$	(0.03	)	$	(0.57	)	$	(0.60	)	$	—		$	(1.65	)	$	(1.65	)	$	—	$	17.88		(2.11	)%*	$	42.2		1.84	%**		1.84	%**		(0.36	)%**		19	%*
8/31/2018^j	$	18.87	$	(0.10	)	$	3.30		$	3.20		$	—		$	(1.94	)	$	(1.94	)	$	—	$	20.13		17.83	%	$	44.7		1.83	%		1.83	%		(0.49	)%		23	%
8/31/2017^j	$	16.31	$	(0.07	)	$	3.11		$	3.04		$	(0.00	)	$	(0.48	)	$	(0.48	)	$	—	$	18.87		18.95	%ⁱ	$	40.7		1.84	%		1.84	%^f		(0.40	)%^f		23	%
8/31/2016^j	$	15.58	$	(0.02	)	$	1.19		$	1.17		$	(0.01	)	$	(0.43	)	$	(0.44	)	$	—	$	16.31		7.73	%	$	39.6		1.85	%		1.85	%		(0.11	)%		18	%
8/31/2015^j	$	16.62	$	(0.04	)	$	(0.44	)	$	(0.48	)	$	(0.02	)	$	(0.54	)	$	(0.56	)	$	—	$	15.58		(2.84	)%	$	46.1		1.84	%		1.84	%		(0.27	)%		27	%
8/31/2014^j	$	13.96	$	(0.00	)	$	2.95		$	2.95		$	(0.06	)	$	(0.23	)	$	(0.29	)	$	0.00	$	16.62		21.30	%^c	$	50.5		1.85	%		1.85	%		(0.01	)%		17	%
Real Estate Fund
Trust Class
2/28/2019 (Unaudited)	$	13.34	$	0.10		$	0.29		$	0.39		$	(0.12	)	$	(0.57	)	$	(0.69	)	$	—	$	13.04		3.35	%*	$	119.1		1.43	%**		1.04	%**		1.53	%**		23	%*
8/31/2018	$	13.52	$	0.20		$	0.45		$	0.65		$	(0.19	)	$	(0.64	)	$	(0.83	)	$	—	$	13.34		5.01	%	$	133.7		1.42	%		1.04	%		1.58	%		47	%
8/31/2017	$	15.12	$	0.20		$	0.07		$	0.27		$	(0.19	)	$	(1.68	)	$	(1.87	)	$	—	$	13.52		2.89	%	$	156.6		1.42	%		1.04	%		1.46	%		45	%
8/31/2016	$	13.60	$	0.19		$	2.60		$	2.79		$	(0.20	)	$	(1.07	)	$	(1.27	)	$	—	$	15.12		21.59	%	$	212.4		1.41	%		1.04	%		1.34	%		49	%
8/31/2015	$	14.70	$	0.18		$	(0.37	)	$	(0.19	)	$	(0.18	)	$	(0.73	)	$	(0.91	)	$	—	$	13.60		(1.54	)%	$	250.8		1.39	%		1.04	%		1.24	%		33	%
8/31/2014	$	12.96	$	0.16		$	2.56		$	2.72		$	(0.17	)	$	(0.81	)	$	(0.98	)	$	0.00	$	14.70		22.36	%^c	$	314.3		1.41	%		1.04	%		1.19	%		36	%
Institutional Class
2/28/2019 (Unaudited)	$	13.39	$	0.11		$	0.29		$	0.40		$	(0.13	)	$	(0.57	)	$	(0.70	)	$	—	$	13.09		3.44	%*	$	172.5		1.07	%**		0.85	%**		1.72	%**		23	%*
8/31/2018	$	13.56	$	0.23		$	0.46		$	0.69		$	(0.22	)	$	(0.64	)	$	(0.86	)	$	—	$	13.39		5.28	%	$	177.7		1.06	%		0.85	%		1.81	%		47	%
8/31/2017	$	15.17	$	0.22		$	0.06		$	0.28		$	(0.21	)	$	(1.68	)	$	(1.89	)	$	—	$	13.56		3.01	%	$	191.3		1.05	%		0.85	%		1.64	%		45	%
8/31/2016	$	13.64	$	0.22		$	2.61		$	2.83		$	(0.23	)	$	(1.07	)	$	(1.30	)	$	—	$	15.17		21.84	%	$	259.1		1.05	%		0.85	%		1.53	%		49	%
8/31/2015	$	14.74	$	0.21		$	(0.37	)	$	(0.16	)	$	(0.21	)	$	(0.73	)	$	(0.94	)	$	—	$	13.64		(1.34	)%	$	336.5		1.03	%		0.85	%		1.42	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.57		$	2.75		$	(0.19	)	$	(0.81	)	$	(1.00	)	$	0.00	$	14.74		22.63	%^c	$	463.5		1.05	%		0.85	%		1.35	%		36	%
Class A
2/28/2019 (Unaudited)	$	13.34	$	0.08		$	0.30		$	0.38		$	(0.11	)	$	(0.57	)	$	(0.68	)	$	—	$	13.04		3.26	%*	$	55.4		1.43	%**		1.21	%**		1.35	%**		23	%*
8/31/2018	$	13.51	$	0.17		$	0.47		$	0.64		$	(0.17	)	$	(0.64	)	$	(0.81	)	$	—	$	13.34		4.90	%	$	58.8		1.42	%		1.21	%		1.31	%		47	%
8/31/2017	$	15.12	$	0.18		$	0.05		$	0.23		$	(0.16	)	$	(1.68	)	$	(1.84	)	$	—	$	13.51		2.63	%	$	83.5		1.42	%		1.21	%		1.32	%		45	%
8/31/2016	$	13.60	$	0.17		$	2.60		$	2.77		$	(0.18	)	$	(1.07	)	$	(1.25	)	$	—	$	15.12		21.37	%	$	118.8		1.42	%		1.21	%		1.16	%		49	%
8/31/2015	$	14.69	$	0.15		$	(0.35	)	$	(0.20	)	$	(0.16	)	$	(0.73	)	$	(0.89	)	$	—	$	13.60		(1.65	)%	$	137.0		1.41	%		1.21	%		1.04	%		33	%
8/31/2014	$	12.95	$	0.14		$	2.55		$	2.69		$	(0.14	)	$	(0.81	)	$	(0.95	)	$	0.00	$	14.69		22.17	%^c	$	171.9		1.43	%		1.21	%		1.02	%		36	%

See Notes to Financial Highlights

233

234

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Real Estate Fund (cont'd)
Class C
2/28/2019 (Unaudited)	$	13.36	$	0.04		$	0.29		$	0.33		$	(0.06	)	$	(0.57	)	$	(0.63	)	$	—	$	13.06		2.84	%*	$	11.2		2.19	%**		1.96	%**		0.60	%**		23	%*
8/31/2018	$	13.52	$	0.08		$	0.47		$	0.55		$	(0.07	)	$	(0.64	)	$	(0.71	)	$	—	$	13.36		4.14	%	$	13.5		2.18	%		1.96	%		0.59	%		47	%
8/31/2017	$	15.12	$	0.08		$	0.05		$	0.13		$	(0.05	)	$	(1.68	)	$	(1.73	)	$	—	$	13.52		1.89	%	$	18.9		2.17	%		1.96	%		0.57	%		45	%
8/31/2016	$	13.60	$	0.06		$	2.60		$	2.66		$	(0.07	)	$	(1.07	)	$	(1.14	)	$	—	$	15.12		20.45	%	$	29.3		2.17	%		1.96	%		0.39	%		49	%
8/31/2015	$	14.68	$	0.04		$	(0.35	)	$	(0.31	)	$	(0.04	)	$	(0.73	)	$	(0.77	)	$	—	$	13.60		(2.38	)%	$	29.9		2.17	%		1.96	%		0.30	%		33	%
8/31/2014	$	12.94	$	0.04		$	2.55		$	2.59		$	(0.04	)	$	(0.81	)	$	(0.85	)	$	0.00	$	14.68		21.24	%^c	$	40.4		2.20	%		1.96	%		0.26	%		36	%
Class R3
2/28/2019 (Unaudited)	$	13.31	$	0.07		$	0.30		$	0.37		$	(0.09	)	$	(0.57	)	$	(0.66	)	$	—	$	13.02		3.21	%*	$	18.0		1.70	%**		1.46	%**		1.12	%**		23	%*
8/31/2018	$	13.49	$	0.16		$	0.44		$	0.60		$	(0.14	)	$	(0.64	)	$	(0.78	)	$	—	$	13.31		4.58	%	$	18.0		1.69	%		1.46	%		1.21	%		47	%
8/31/2017	$	15.09	$	0.13		$	0.08		$	0.21		$	(0.13	)	$	(1.68	)	$	(1.81	)	$	—	$	13.49		2.45	%	$	19.0		1.68	%		1.46	%		1.01	%		45	%
8/31/2016	$	13.58	$	0.12		$	2.60		$	2.72		$	(0.14	)	$	(1.07	)	$	(1.21	)	$	—	$	15.09		21.03	%	$	25.0		1.68	%		1.46	%		0.87	%		49	%
8/31/2015	$	14.68	$	0.12		$	(0.37	)	$	(0.25	)	$	(0.12	)	$	(0.73	)	$	(0.85	)	$	—	$	13.58		(1.94	)%	$	22.4		1.66	%		1.46	%		0.81	%		33	%
8/31/2014	$	12.94	$	0.10		$	2.56		$	2.66		$	(0.11	)	$	(0.81	)	$	(0.92	)	$	0.00	$	14.68		21.89	%^c	$	23.5		1.67	%		1.46	%		0.71	%		36	%
Class R6
2/28/2019 (Unaudited)	$	13.39	$	0.11		$	0.30		$	0.41		$	(0.14	)	$	(0.57	)	$	(0.71	)	$	—	$	13.09		3.49	%*	$	57.9		0.98	%**		0.77	%**		1.81	%**		23	%*
8/31/2018	$	13.56	$	0.23		$	0.47		$	0.70		$	(0.23	)	$	(0.64	)	$	(0.87	)	$	—	$	13.39		5.35	%	$	56.6		0.99	%		0.78	%		1.82	%		47	%
8/31/2017	$	15.16	$	0.22		$	0.08		$	0.30		$	(0.22	)	$	(1.68	)	$	(1.90	)	$	—	$	13.56		3.16	%	$	45.2		0.98	%		0.78	%		1.62	%		45	%
8/31/2016	$	13.64	$	0.21		$	2.62		$	2.83		$	(0.24	)	$	(1.07	)	$	(1.31	)	$	—	$	15.16		21.85	%	$	45.0		0.98	%		0.78	%		1.48	%		49	%
8/31/2015	$	14.74	$	0.21		$	(0.36	)	$	(0.15	)	$	(0.22	)	$	(0.73	)	$	(0.95	)	$	—	$	13.64		(1.26	)%	$	29.9		0.97	%		0.78	%		1.40	%		33	%
8/31/2014	$	12.99	$	0.18		$	2.59		$	2.77		$	(0.21	)	$	(0.81	)	$	(1.02	)	$	0.00	$	14.74		22.72	%^c	$	26.3		0.98	%		0.78	%		1.33	%		36	%
Small Cap Growth Fund
Investor Class
2/28/2019 (Unaudited)	$	44.96	$	(0.17	)	$	(0.45	)	$	(0.62	)	$	—		$	(7.12	)	$	(7.12	)	$	—	$	37.22		2.38	%*	$	66.3		1.70	%**		1.19	%**		(0.89	)%**		103	%*
8/31/2018	$	32.90	$	(0.37	)	$	12.94		$	12.57		$	—		$	(0.51	)	$	(0.51	)	$	—	$	44.96		38.67	%	$	66.1		1.75	%		1.21	%		(0.97	)%		217	%
8/31/2017	$	26.97	$	(0.26	)	$	6.19		$	5.93		$	—		$	(0.00	)	$	(0.00	)	$	—	$	32.90		21.99	%ⁱ	$	49.8		1.78	%		1.20	%^f		(0.86	)%^f		215	%
8/31/2016	$	29.50	$	(0.21	)	$	(0.77	)	$	(0.98	)	$	—		$	(1.55	)	$	(1.55	)	$	—	$	26.97		(3.16	)%	$	44.0		1.87	%		1.21	%		(0.83	)%		164	%
8/31/2015	$	27.44	$	(0.28	)	$	2.34		$	2.06		$	—		$	(0.00	)	$	(0.00	)	$	—	$	29.50		7.51	%	$	49.3		1.67	%		1.21	%		(0.96	)%		336	%
8/31/2014	$	24.16	$	(0.23	)	$	3.51		$	3.28		$	—		$	(0.00	)	$	(0.00	)	$	0.00	$	27.44		13.58	%^c	$	50.7		1.67	%		1.21	%		(0.85	)%		284	%

See Notes to Financial Highlights

235

236

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Trust Class
2/28/2019 (Unaudited)	$	44.91	$	(0.19	)	$	(0.45	)	$	(0.64	)	$	—	$	(7.12	)	$	(7.12	)	$	—	$	37.15		2.33	%*	$	4.2		1.82	%**		1.30	%**		(0.99	)%**		103	%*
8/31/2018^h	$	32.88	$	(0.43	)	$	12.93		$	12.50		$	—	$	(0.47	)	$	(0.47	)	$	—	$	44.91		38.45	%	$	4.4		1.86	%		1.37	%		(1.13	)%		217	%
8/31/2017^h	$	27.01	$	(0.30	)	$	6.17		$	5.87		$	—	$	(0.00	)	$	(0.00	)	$	—	$	32.88		21.74	%	$	3.9		1.88	%		1.37	%		(1.04	)%		215	%
8/31/2016^h	$	29.44	$	(0.25	)	$	(0.75	)	$	(1.00	)	$	—	$	(1.43	)	$	(1.43	)	$	—	$	27.01		(3.27	)%	$	4.4		1.93	%		1.37	%		(0.99	)%		164	%
8/31/2015^h	$	27.44	$	(0.34	)	$	2.34		$	2.00		$	—	$	(0.00	)	$	(0.00	)	$	—	$	29.44		7.30	%	$	5.3		1.86	%		1.40	%		(1.15	)%		336	%
8/31/2014^h	$	24.21	$	(0.28	)	$	3.51		$	3.23		$	—	$	(0.00	)	$	(0.00	)	$	0.00	$	27.44		13.35	%^c	$	5.5		1.95	%		1.40	%		(1.02	)%		284	%
Advisor Class
2/28/2019 (Unaudited)	$	44.87	$	(0.21	)	$	(0.47	)	$	(0.68	)	$	—	$	(7.12	)	$	(7.12	)	$	—	$	37.07		2.24	%*	$	2.6		1.99	%**		1.45	%**		(1.14	)%**		103	%*
8/31/2018^h	$	33.15	$	(0.48	)	$	12.94		$	12.46		$	—	$	(0.74	)	$	(0.74	)	$	—	$	44.87		38.26	%	$	2.5		2.03	%		1.51	%		(1.27	)%		217	%
8/31/2017^h	$	27.27	$	(0.35	)	$	6.23		$	5.88		$	—	$	(0.00	)	$	(0.00	)	$	—	$	33.15		21.58	%ⁱ	$	1.7		2.05	%		1.51	%^f		(1.18	)%^f		215	%
8/31/2016^h	$	30.63	$	(0.29	)	$	(0.81	)	$	(1.10	)	$	—	$	(2.26	)	$	(2.26	)	$	—	$	27.27		(3.40	)%	$	2.1		2.08	%		1.51	%		(1.13	)%		164	%
8/31/2015^h	$	28.59	$	(0.38	)	$	2.42		$	2.04		$	—	$	(0.00	)	$	(0.00	)	$	—	$	30.63		7.13	%	$	2.7		2.00	%		1.51	%		(1.26	)%		336	%
8/31/2014^h	$	25.24	$	(0.32	)	$	3.67		$	3.35		$	—	$	(0.00	)	$	(0.00	)	$	0.00	$	28.59		13.27	%^c	$	3.5		1.96	%		1.51	%		(1.15	)%		284	%
Institutional Class
2/28/2019 (Unaudited)	$	45.06	$	(0.11	)	$	(0.45	)	$	(0.56	)	$	—	$	(7.12	)	$	(7.12	)	$	—	$	37.38		2.51	%*	$	24.6		1.47	%**		0.90	%**		(0.59	)%**		103	%*
8/31/2018^h	$	32.85	$	(0.25	)	$	12.95		$	12.70		$	—	$	(0.49	)	$	(0.49	)	$	—	$	45.06		39.12	%	$	16.4		1.50	%		0.90	%		(0.66	)%		217	%
8/31/2017^h	$	26.86	$	(0.17	)	$	6.16		$	5.99		$	—	$	(0.00	)	$	(0.00	)	$	—	$	32.85		22.31	%	$	11.8		1.50	%		0.90	%		(0.57	)%		215	%
8/31/2016^h	$	29.24	$	(0.14	)	$	(0.73	)	$	(0.87	)	$	—	$	(1.51	)	$	(1.51	)	$	—	$	26.86		(2.82	)%	$	9.4		1.55	%		0.90	%		(0.53	)%		164	%
8/31/2015^h	$	27.11	$	(0.19	)	$	2.32		$	2.13		$	—	$	(0.00	)	$	(0.00	)	$	—	$	29.24		7.84	%	$	20.7		1.44	%		0.90	%		(0.65	)%		336	%
8/31/2014^h	$	23.80	$	(0.15	)	$	3.46		$	3.31		$	—	$	(0.00	)	$	(0.00	)	$	0.00	$	27.11		13.91	%^c	$	19.0		1.48	%		0.90	%		(0.54	)%		284	%
Class A
2/28/2019 (Unaudited)	$	44.95	$	(0.18	)	$	(0.46	)	$	(0.64	)	$	—	$	(7.12	)	$	(7.12	)	$	—	$	37.19		2.33	%*	$	7.9		1.85	%**		1.26	%**		(0.95	)%**		103	%*
8/31/2018^h	$	32.87	$	(0.39	)	$	12.93		$	12.54		$	—	$	(0.46	)	$	(0.46	)	$	—	$	44.95		38.60	%	$	5.3		1.88	%		1.26	%		(1.02	)%		217	%
8/31/2017^h	$	26.97	$	(0.27	)	$	6.17		$	5.90		$	—	$	(0.00	)	$	(0.00	)	$	—	$	32.87		21.88	%	$	3.3		1.90	%		1.26	%		(0.93	)%		215	%
8/31/2016^h	$	29.36	$	(0.23	)	$	(0.74	)	$	(0.97	)	$	—	$	(1.42	)	$	(1.42	)	$	—	$	26.97		(3.18	)%	$	3.5		1.95	%		1.26	%		(0.88	)%		164	%
8/31/2015^h	$	27.32	$	(0.30	)	$	2.34		$	2.04		$	—	$	(0.00	)	$	(0.00	)	$	—	$	29.36		7.45	%	$	5.1		1.83	%		1.26	%		(1.01	)%		336	%
8/31/2014^h	$	24.07	$	(0.26	)	$	3.51		$	3.25		$	—	$	(0.00	)	$	(0.00	)	$	0.00	$	27.32		13.51	%^c	$	4.4		1.81	%		1.26	%		(0.96	)%		284	%

See Notes to Financial Highlights

237

238

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Small Cap Growth Fund (cont'd)
Class C
2/28/2019 (Unaudited)	$	44.72	$	(0.32	)	$	(0.48	)	$	(0.80	)	$	—		$	(7.12	)	$	(7.12	)	$	—	$	36.80		1.95	%*	$	3.6		2.58	%**		2.01	%**		(1.71	)%**		103	%*
8/31/2018^h	$	33.24	$	(0.67	)	$	12.92		$	12.25		$	—		$	(0.77	)	$	(0.77	)	$	—	$	44.72		37.56	%	$	3.1		2.62	%		2.01	%		(1.77	)%		217	%
8/31/2017^h	$	27.47	$	(0.50	)	$	6.27		$	5.77		$	—		$	(0.00	)	$	(0.00	)	$	—	$	33.24		21.00	%	$	2.0		2.63	%		2.01	%		(1.68	)%		215	%
8/31/2016^h	$	31.11	$	(0.43	)	$	(0.85	)	$	(1.28	)	$	—		$	(2.36	)	$	(2.36	)	$	—	$	27.47		(3.92	)%	$	1.8		2.68	%		2.01	%		(1.63	)%		164	%
8/31/2015^h	$	29.16	$	(0.55	)	$	2.50		$	1.95		$	—		$	(0.00	)	$	(0.00	)	$	—	$	31.11		6.68	%	$	2.3		2.58	%		2.01	%		(1.76	)%		336	%
8/31/2014^h	$	25.89	$	(0.49	)	$	3.76		$	3.27		$	—		$	(0.00	)	$	(0.00	)	$	0.00	$	29.16		12.64	%^c	$	1.8		2.57	%		2.01	%		(1.68	)%		284	%
Class R3
2/28/2019 (Unaudited)	$	44.87	$	(0.23	)	$	(0.46	)	$	(0.69	)	$	—		$	(7.12	)	$	(7.12	)	$	—	$	37.06		2.22	%*	$	1.9		2.11	%**		1.51	%**		(1.21	)%**		103	%*
8/31/2018^h	$	33.14	$	(0.48	)	$	12.95		$	12.47		$	—		$	(0.74	)	$	(0.74	)	$	—	$	44.87		38.29	%	$	2.2		2.17	%		1.51	%		(1.27	)%		217	%
8/31/2017^h	$	27.26	$	(0.35	)	$	6.23		$	5.88		$	—		$	(0.00	)	$	(0.00	)	$	—	$	33.14		21.58	%	$	1.0		2.19	%		1.51	%		(1.17	)%		215	%
8/31/2016^h	$	30.63	$	(0.29	)	$	(0.83	)	$	(1.12	)	$	—		$	(2.25	)	$	(2.25	)	$	—	$	27.26		(3.44	)%	$	1.1		2.24	%		1.51	%		(1.12	)%		164	%
8/31/2015^h	$	28.56	$	(0.39	)	$	2.46		$	2.07		$	—		$	(0.00	)	$	(0.00	)	$	—	$	30.63		7.22	%	$	1.0		2.15	%		1.51	%		(1.25	)%		336	%
8/31/2014^h	$	25.22	$	(0.32	)	$	3.66		$	3.34		$	—		$	(0.00	)	$	(0.00	)	$	0.00	$	28.56		13.24	%^c	$	0.5		2.16	%		1.51	%		(1.15	)%		284	%
Class R6
Period from 9/7/2018^{^} to 2/28/2019 (Unaudited)	$	44.27	$	(0.09	)	$	0.34		$	0.25		$	—		$	(7.12	)	$	(7.12	)	$	—	$	37.40		4.39	%*	$	0.0		1.81	%**		0.80	%**		(0.49	)%**		103	%^d*
Sustainable Equity Fund
Investor Class
2/28/2019 (Unaudited)	$	41.86	$	0.17		$	(2.41	)	$	(2.24	)	$	(0.16	)	$	(3.12	)	$	(3.28	)	$	—	$	36.34		(4.64	)%*	$	474.7		0.87	%**		0.87	%**		0.89	%**		8	%*
8/31/2018^g	$	37.56	$	0.23		$	6.41		$	6.64		$	(0.31	)	$	(2.03	)	$	(2.34	)	$	—	$	41.86		18.36	%	$	679.3		0.85	%		0.85	%		0.59	%		12	%
8/31/2017^g	$	34.56	$	0.24		$	4.31		$	4.55		$	(0.23	)	$	(1.32	)	$	(1.55	)	$	—	$	37.56		13.54	%ⁱ	$	732.6		0.85	%		0.84	%^f		0.66	%^f		26	%
8/31/2016^g	$	33.29	$	0.24		$	3.10		$	3.34		$	(0.22	)	$	(1.85	)	$	(2.07	)	$	—	$	34.56		10.49	%	$	739.0		0.86	%		0.86	%		0.74	%		25	%
8/31/2015^g	$	37.01	$	0.27		$	(0.12	)	$	0.15		$	(0.26	)	$	(3.61	)	$	(3.87	)	$	—	$	33.29		0.29	%	$	758.0		0.85	%		0.85	%		0.76	%		28	%
8/31/2014^g	$	32.72	$	0.31		$	6.49		$	6.80		$	(0.30	)	$	(2.21	)	$	(2.51	)	$	0.00	$	37.01		21.54	%^c	$	821.1		0.86	%		0.86	%		0.87	%		36	%
Trust Class
2/28/2019 (Unaudited)	$	41.88	$	0.15		$	(2.41	)	$	(2.26	)	$	(0.10	)	$	(3.12	)	$	(3.22	)	$	—	$	36.40		(4.70	)%*	$	194.9		1.02	%**		1.02	%**		0.78	%**		8	%*
8/31/2018^g	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	(2.27	)	$	—	$	41.88		18.13	%	$	230.8		1.02	%		1.02	%		0.42	%		12	%
8/31/2017^g	$	35.74	$	0.18		$	4.38		$	4.56		$	(0.40	)	$	(2.32	)	$	(2.72	)	$	—	$	37.58		13.41	%ⁱ	$	234.6		1.02	%		1.01	%^f		0.51	%^f		26	%
8/31/2016^g	$	35.91	$	0.19		$	3.25		$	3.44		$	(0.37	)	$	(3.24	)	$	(3.61	)	$	—	$	35.74		10.29	%	$	270.6		1.03	%		1.03	%		0.58	%		25	%
8/31/2015^g	$	42.53	$	0.23		$	(0.11	)	$	0.12		$	(0.42	)	$	(6.32	)	$	(6.74	)	$	—	$	35.91		0.12	%	$	318.3		1.03	%		1.03	%		0.58	%		28	%
8/31/2014^g	$	38.95	$	0.28		$	7.62		$	7.90		$	(0.44	)	$	(3.88	)	$	(4.32	)	$	0.00	$	42.53		21.32	%^c	$	418.4		1.03	%		1.03	%		0.70	%		36	%

See Notes to Financial Highlights

239

240

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Sustainable Equity Fund (cont'd)
Institutional Class
2/28/2019 (Unaudited)	$	41.84	$	0.21		$	(2.42	)	$	(2.21	)	$	(0.26	)	$	(3.12	)	$	(3.38	)	$	—	$	36.25		(4.54	)%*	$	863.1		0.67	%**		0.67	%**		1.15	%**		8	%*
8/31/2018	$	37.55	$	0.30		$	6.41		$	6.71		$	(0.39	)	$	(2.03	)	$	(2.42	)	$	—	$	41.84		18.56	%	$	950.5		0.67	%		0.67	%		0.76	%		12	%
8/31/2017	$	34.55	$	0.30		$	4.32		$	4.62		$	(0.30	)	$	(1.32	)	$	(1.62	)	$	—	$	37.55		13.78	%ⁱ	$	848.8		0.66	%		0.66	%^f		0.84	%^f		26	%
8/31/2016	$	33.28	$	0.30		$	3.11		$	3.41		$	(0.29	)	$	(1.85	)	$	(2.14	)	$	—	$	34.55		10.70	%	$	745.5		0.67	%		0.67	%		0.93	%		25	%
8/31/2015	$	37.00	$	0.33		$	(0.12	)	$	0.21		$	(0.33	)	$	(3.60	)	$	(3.93	)	$	—	$	33.28		0.46	%	$	714.8		0.67	%		0.67	%		0.94	%		28	%
8/31/2014	$	32.70	$	0.37		$	6.49		$	6.86		$	(0.35	)	$	(2.21	)	$	(2.56	)	$	0.00	$	37.00		21.76	%^c	$	706.5		0.68	%		0.68	%		1.06	%		36	%
Class A
2/28/2019 (Unaudited)	$	41.88	$	0.13		$	(2.41	)	$	(2.28	)	$	(0.10	)	$	(3.12	)	$	(3.22	)	$	—	$	36.38		(4.73	)%*	$	97.3		1.04	%**		1.04	%**		0.72	%**		8	%*
8/31/2018^g	$	37.58	$	0.16		$	6.41		$	6.57		$	(0.24	)	$	(2.03	)	$	(2.27	)	$	—	$	41.88		18.14	%	$	126.4		1.04	%		1.04	%		0.40	%		12	%
8/31/2017^g	$	35.78	$	0.18		$	4.37		$	4.55		$	(0.41	)	$	(2.34	)	$	(2.75	)	$	—	$	37.58		13.36	%ⁱ	$	118.0		1.03	%		1.03	%^f		0.48	%^f		26	%
8/31/2016^g	$	36.02	$	0.19		$	3.25		$	3.44		$	(0.39	)	$	(3.29	)	$	(3.68	)	$	—	$	35.78		10.27	%	$	131.6		1.05	%		1.05	%		0.56	%		25	%
8/31/2015^g	$	42.73	$	0.23		$	(0.11	)	$	0.12		$	(0.44	)	$	(6.39	)	$	(6.83	)	$	—	$	36.02		0.11	%	$	140.9		1.05	%		1.05	%		0.57	%		28	%
8/31/2014^g	$	39.16	$	0.28		$	7.64		$	7.92		$	(0.43	)	$	(3.92	)	$	(4.35	)	$	0.00	$	42.73		21.28	%^c	$	134.0		1.05	%		1.05	%		0.68	%		36	%
Class C
2/28/2019 (Unaudited)	$	41.81	$	0.00		$	(2.39	)	$	(2.39	)	$	—		$	(3.12	)	$	(3.12	)	$	—	$	36.30		(5.05	)%*	$	54.2		1.79	%**		1.79	%**		0.02	%**		8	%*
8/31/2018^g	$	37.63	$	(0.14	)	$	6.42		$	6.28		$	(0.07	)	$	(2.03	)	$	(2.10	)	$	—	$	41.81		17.26	%	$	62.4		1.78	%		1.78	%		(0.35	)%		12	%
8/31/2017^g	$	35.92	$	(0.09	)	$	4.39		$	4.30		$	(0.17	)	$	(2.42	)	$	(2.59	)	$	—	$	37.63		12.53	%ⁱ	$	56.6		1.78	%		1.78	%^f		(0.27	)%^f		26	%
8/31/2016^g	$	36.25	$	(0.07	)	$	3.27		$	3.20		$	(0.13	)	$	(3.40	)	$	(3.53	)	$	—	$	35.92		9.44	%	$	53.5		1.79	%		1.79	%		(0.19	)%		25	%
8/31/2015^g	$	43.29	$	(0.08	)	$	(0.09	)	$	(0.17	)	$	(0.26	)	$	(6.61	)	$	(6.87	)	$	—	$	36.25		(0.67	)%	$	52.2		1.79	%		1.79	%		(0.18	)%		28	%
8/31/2014^g	$	39.72	$	(0.02	)	$	7.75		$	7.73		$	(0.11	)	$	(4.05	)	$	(4.16	)	$	0.00	$	43.29		20.42	%^c	$	44.5		1.80	%		1.80	%		(0.05	)%		36	%
Class R3
2/28/2019 (Unaudited)	$	41.90	$	0.10		$	(2.40	)	$	(2.30	)	$	(0.03	)	$	(3.12	)	$	(3.15	)	$	—	$	36.45		(4.82	)%*	$	30.9		1.29	%**		1.29	%**		0.52	%**		8	%*
8/31/2018^g	$	37.59	$	0.06		$	6.42		$	6.48		$	(0.14	)	$	(2.03	)	$	(2.17	)	$	—	$	41.90		17.85	%	$	36.4		1.28	%		1.28	%		0.15	%		12	%
8/31/2017^g	$	35.86	$	0.07		$	4.37		$	4.44		$	(0.34	)	$	(2.37	)	$	(2.71	)	$	—	$	37.59		13.04	%ⁱ	$	41.3		1.28	%		1.28	%^f		0.21	%^f		26	%
8/31/2016^g	$	36.13	$	0.11		$	3.26		$	3.37		$	(0.31	)	$	(3.33	)	$	(3.64	)	$	—	$	35.86		10.01	%	$	33.3		1.29	%		1.29	%		0.30	%		25	%
8/31/2015^g	$	42.93	$	0.13		$	(0.09	)	$	0.04		$	(0.36	)	$	(6.48	)	$	(6.84	)	$	—	$	36.13		(0.12	)%	$	30.4		1.29	%		1.29	%		0.31	%		28	%
8/31/2014^g	$	39.35	$	0.18		$	7.69		$	7.87		$	(0.31	)	$	(3.98	)	$	(4.29	)	$	0.00	$	42.93		21.02	%^c	$	32.2		1.29	%		1.29	%		0.45	%		36	%

See Notes to Financial Highlights

241

242

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Voluntary Contribution from Management		Net Asset Value, End of Period		Total Return^ab			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Sustainable Equity Fund (cont'd)
Class R6
2/28/2019 (Unaudited)	$	41.83	$	0.23		$	(2.42	)	$	(2.19	)	$	(0.29	)	$	(3.12	)	$	(3.41	)	$	—	$	36.23		(4.49	)%*	$	271.6		0.59	%**		0.59	%**		1.21	%**		8	%*
8/31/2018^g	$	37.54	$	0.32		$	6.41		$	6.73		$	(0.41	)	$	(2.03	)	$	(2.44	)	$	—	$	41.83		18.65	%	$	321.1		0.60	%		0.60	%		0.83	%		12	%
8/31/2017^g	$	34.54	$	0.33		$	4.31		$	4.64		$	(0.32	)	$	(1.32	)	$	(1.64	)	$	—	$	37.54		13.84	%ⁱ	$	361.3		0.59	%		0.59	%^f		0.91	%^f		26	%
8/31/2016^g	$	33.27	$	0.32		$	3.11		$	3.43		$	(0.31	)	$	(1.85	)	$	(2.16	)	$	—	$	34.54		10.78	%	$	373.4		0.60	%		0.60	%		0.96	%		25	%
8/31/2015^g	$	37.00	$	0.36		$	(0.14	)	$	0.22		$	(0.35	)	$	(3.60	)	$	(3.95	)	$	—	$	33.27		0.51	%	$	222.4		0.60	%		0.60	%		1.02	%		28	%
8/31/2014^g	$	32.68	$	0.39		$	6.51		$	6.90		$	(0.37	)	$	(2.21	)	$	(2.58	)	$	0.00	$	37.00		21.88	%^c	$	279.6		0.60	%		0.60	%		1.11	%		36	%
Value Fund
Institutional Class
2/28/2019 (Unaudited)	$	18.62	$	0.17		$	0.30		$	0.47		$	(0.22	)	$	(1.21	)	$	(1.43	)	$	—	$	17.66		3.09	%*	$	12.6		2.57	%**		0.71	%^{^^}**		1.99	%**		70	%*
8/31/2018	$	18.14	$	0.29		$	1.97		$	2.26		$	(0.39	)	$	(1.39	)	$	(1.78	)	$	—	$	18.62		12.98	%	$	7.2		2.67	%		0.70	%		1.59	%		151	%
8/31/2017	$	15.72	$	0.25		$	2.29		$	2.54		$	(0.12	)	$	—		$	(0.12	)	$	—	$	18.14		16.18	%	$	10.8		2.20	%		0.71	%		1.47	%		115	%
8/31/2016	$	14.35	$	0.20		$	1.61		$	1.81		$	(0.23	)	$	(0.21	)	$	(0.44	)	$	—	$	15.72		13.23	%	$	9.1		2.68	%		0.72	%^{^^}		1.40	%		118	%
8/31/2015	$	16.51	$	0.19		$	(1.35	)	$	(1.16	)	$	(0.15	)	$	(0.85	)	$	(1.00	)	$	—	$	14.35		(7.42	)%	$	13.1		1.82	%		0.70	%		1.24	%		166	%
8/31/2014	$	13.52	$	0.17		$	2.92		$	3.09		$	(0.10	)	$	—		$	(0.10	)	$	—	$	16.51		22.98	%	$	12.6		2.41	%		0.70	%		1.12	%		129	%
Class A
2/28/2019 (Unaudited)	$	18.56	$	0.15		$	0.29		$	0.44		$	(0.16	)	$	(1.21	)	$	(1.37	)	$	—	$	17.63		2.86	%*	$	5.8		2.96	%**		1.09	%^{^^}**		1.74	%**		70	%*
8/31/2018	$	18.02	$	0.23		$	1.95		$	2.18		$	(0.25	)	$	(1.39	)	$	(1.64	)	$	—	$	18.56		12.56	%	$	2.3		3.13	%		1.07	%		1.26	%		151	%
8/31/2017	$	15.62	$	0.18		$	2.29		$	2.47		$	(0.07	)	$	—		$	(0.07	)	$	—	$	18.02		15.83	%	$	2.7		2.60	%		1.08	%		1.08	%		115	%
8/31/2016	$	14.25	$	0.14		$	1.60		$	1.74		$	(0.16	)	$	(0.21	)	$	(0.37	)	$	—	$	15.62		12.70	%	$	3.8		3.08	%		1.10	%^{^^}		1.02	%		118	%
8/31/2015	$	16.40	$	0.13		$	(1.33	)	$	(1.20	)	$	(0.10	)	$	(0.85	)	$	(0.95	)	$	—	$	14.25		(7.71	)%	$	7.3		2.21	%		1.08	%		0.84	%		166	%
8/31/2014	$	13.44	$	0.11		$	2.90		$	3.01		$	(0.05	)	$	—		$	(0.05	)	$	—	$	16.40		22.43	%	$	8.0		2.80	%		1.10	%		0.74	%		129	%
Class C
2/28/2019 (Unaudited)	$	17.96	$	0.07		$	0.30		$	0.37		$	(0.03	)	$	(1.21	)	$	(1.24	)	$	—	$	17.09		2.52	%*	$	3.4		3.75	%**		1.83	%^{^^}**		0.82	%**		70	%*
8/31/2018	$	17.52	$	0.09		$	1.90		$	1.99		$	(0.16	)	$	(1.39	)	$	(1.55	)	$	—	$	17.96		11.72	%	$	3.3		3.82	%		1.81	%		0.53	%		151	%
8/31/2017	$	15.33	$	0.06		$	2.22		$	2.28		$	(0.09	)	$	—		$	(0.09	)	$	—	$	17.52		14.92	%	$	3.5		3.31	%		1.83	%		0.37	%		115	%
8/31/2016	$	14.02	$	0.04		$	1.57		$	1.61		$	(0.09	)	$	(0.21	)	$	(0.30	)	$	—	$	15.33		11.92	%	$	0.5		3.87	%		1.84	%^{^^}		0.29	%		118	%
8/31/2015	$	16.18	$	0.01		$	(1.32	)	$	(1.31	)	$	(0.00	)	$	(0.85	)	$	(0.85	)	$	—	$	14.02		(8.44	)%	$	0.5		2.98	%		1.83	%		0.07	%		166	%
8/31/2014	$	13.31	$	(0.01	)	$	2.88		$	2.87		$	—		$	—		$	—		$	—	$	16.18		21.56	%	$	0.6		3.57	%		1.86	%		(0.05	)%		129	%

See Notes to Financial Highlights

243

244

Notes to Financial Highlights (Unaudited)

@ Calculated based on the average number of shares outstanding during each fiscal period.

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee and/or if certain Funds did not receive certain refunds, plus interest from State Street for custodian out-of-pocket expenses previously paid ("Custodian Out-of Pocket Expenses Refunded") during the year ended August 31, 2017.

^ The date investment operations commenced.

* Not annualized.

** Annualized.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Six Months Ended February 28,			Year Ended August 31,
	2019			2018			2017			2016			2015			2014
Emerging Markets Equity Class R6		1.16	%		—			—			—			—			—
Equity Income Class R3		—			—			—			—			—			1.32	%
Focus Institutional Class		—			0.75	%		—			—			—			—
Genesis Institutional Class		—			—			0.84	%		0.85	%		—			0.85	%
Genesis Class R6		—			—			0.77	%		0.78	%		—			0.78	%
Guardian Advisor Class		—			—			—			1.26	%		—			—
Guardian Class A		—			—			—			—			—			1.08	%
Guardian Class C		—			—			—			—			—			1.84	%
International Equity Institutional Class		—			—			0.84	%		0.85	%		0.83	%		—
International Equity Class A		—			—			1.20	%		—			1.20	%		—
International Equity Class C		—			—			1.96	%		—			—			—
International Equity Class R6		—			—			—			—			0.76	%		—
Large Cap Value Institutional Class		—			0.70	%		0.69	%		—			0.70	%		0.70	%
Large Cap Value Class A		—			—			—			—			—			1.08	%
Large Cap Value Class C		—			—			—			—			1.82	%		1.82	%
Mid Cap Growth Institutional Class		—			—			—			0.73	%		0.73	%		—
Mid Cap Growth Class A		—			—			1.09	%		1.10	%		1.10	%		—
Mid Cap Growth Class C		—			1.82	%		1.86	%		—			—			—
Mid Cap Growth Class R3		1.34	%		1.34	%		—			—			—			—
Mid Cap Growth Class R6		—			—			—			—			0.67	%		—
Mid Cap Intrinsic Value Trust Class		—			—			1.24	%		—			—			1.23	%
Mid Cap Intrinsic Value Institutional Class		—			—			—			—			—			0.82	%
Mid Cap Intrinsic Value Class A		—			—			—			—			—			1.21	%
Mid Cap Intrinsic Value Class C		—			—			—			—			—			1.94	%

^^ Represents the annualized ratio of net expenses to average daily net assets after utilization of the Line of Credit by Greater China Equity (2015, 2016, 2017 and 2019) and Value (2016 and 2019) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Funds are required to calculate

245

Notes to Financial Highlights (Unaudited) (cont'd)

an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had Greater China Equity and Value not utilized the Line of Credit, or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:

	Six Months Ended February 28,			Year Ended August 31,
	2019			2018		2017			2016			2015
Greater China Equity Institutional Class		1.51	%		—		1.50	%		1.51	%		1.50	%
Greater China Equity Class A		1.87	%		—		1.86	%		1.87	%		1.86	%
Greater China Equity Class C		2.62	%		—		2.61	%		2.62	%		2.61	%
Value Institutional Class		0.70	%		—		—			0.71	%		—
Value Class A		1.08	%		—		—			1.10	%		—
Value Class C		1.82	%		—		—			1.84	%		—

a Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when redeemed, may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

b Except for the Fund classes listed below, the class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the six months ended February 28, 2019. Had the Fund classes listed below not received class action proceeds in 2019, total return based on per share NAV for the six months ended February 28, 2019 would have been:

Large Cap Value Investor Class	2.18	%
Large Cap Value Trust Class	2.08	%
Large Cap Value Advisor Class	1.99	%
Large Cap Value Class R3	1.90	%

Except for the Fund classes listed below, the class action proceeds received in 2018, 2017, 2016, 2015 and/or 2014, if any, had no impact on the Funds' total returns for the years ended August 31, 2018, 2017, 2016, 2015 and/or 2014. Had the Fund classes listed below not received class action proceeds in 2018, 2017, 2016, 2015 and/or 2014, total return based on per share NAV for the years ended August 31, 2018, 2017, 2016, 2015 and/or 2014 would have been:

	Year Ended August 31,
	2018		2017		2016		2015			2014
Genesis Investor Class		—		—		—		—			13.62	%
Genesis Trust Class		—		—		—		—			13.51	%
Genesis Advisor Class		—		—		—		—			13.21	%
Genesis Institutional Class		—		—		—		—			13.78	%
Genesis Class R6		—		—		—		—			13.90	%
Large Cap Value Investor Class		—		—		—		(7.26	)%		—
Large Cap Value Trust Class		—		—		—		(7.45	)%		—
Large Cap Value Advisor Class		—		—		—		—			—
Large Cap Value Institutional Class		—		—		—		(7.09	)%		—

246

Notes to Financial Highlights (Unaudited) (cont'd)

	Year Ended August 31,
	2018		2017			2016			2015			2014
Large Cap Value Class A		—		—			—			(7.49	)%		—
Large Cap Value Class R3		—		—			—			(7.71	)%		—
Mid Cap Intrinsic Value Investor Class		—		—			—			—			22.79	%
Mid Cap Intrinsic Value Trust Class		—		—			—			—			22.41	%
Mid Cap Intrinsic Value Institutional Class		—		—			—			—			—
Mid Cap Intrinsic Value Class A		—		16.89	%		—			—			—
Mid Cap Intrinsic Value Class R3		—		—			—			—			22.17	%
Small Cap Growth Investor Class		—		21.91	%		(3.27	)%		7.07	%		—
Small Cap Growth Trust Class		—		21.68	%		(3.40	)%		6.86	%		—
Small Cap Growth Advisor Class		—		21.47	%		(3.50	)%		6.72	%		—
Small Cap Growth Institutional Class		—		22.23	%		(2.99	)%		7.41	%		—
Small Cap Growth Class A		—		21.81	%		(3.31	)%		7.05	%		—
Small Cap Growth Class C		—		20.94	%		(4.02	)%		6.37	%		—
Small Cap Growth Class R3		—		21.47	%		(3.54	)%		6.81	%		—

c The voluntary contributions received in 2014 had no impact on the Funds' total returns for the year ended August 31, 2014.

d Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2014 for International Equity, for the year ended August 31, 2017 for International Select and for the six months ended February 28, 2019 for Intrinsic Value, Large Cap Value and Small Cap Growth.

e Had Mid Cap Growth not received the voluntary contribution in 2016, the total return based on per share NAV for the year ended August 31, 2016, would have been:

Mid Cap Growth Investor Class	(1.78	)%
Mid Cap Growth Trust Class	(1.90	)%
Mid Cap Growth Advisor Class	(2.13	)%
Mid Cap Growth Institutional Class	(1.66	)%
Mid Cap Growth Class A	(2.04	)%
Mid Cap Growth Class C	(2.66	)%
Mid Cap Growth Class R3	(2.21	)%
Mid Cap Growth Class R6	(1.51	)%

f Custodian Out-of-Pocket Expenses Refunded, is non-recurring, and is included in these ratios. Had the Funds not received the refund, the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Equity Income Institutional Class		0.69	%		2.99	%
Equity Income Class A		1.05	%		2.56	%

247

Notes to Financial Highlights (Unaudited) (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Equity Income Class C		1.80	%		1.82	%
Equity Income Class R3		1.34	%		2.27	%
Focus Investor Class		0.92	%		0.27	%
Focus Trust Class		1.10	%		0.09	%
Focus Advisor Class		1.26	%		(0.08	)%
Genesis Investor Class		1.02	%		0.21	%
Genesis Trust Class		1.09	%		0.12	%
Genesis Advisor Class		1.36	%		(0.14	)%
Genesis Institutional Class		0.85	%		0.38	%
Genesis Class R6		0.77	%		0.45	%
Guardian Investor Class		0.90	%		0.75	%
Guardian Trust Class		1.07	%		0.57	%
Guardian Advisor Class		1.38	%		0.25	%
Guardian Institutional Class		0.72	%		0.94	%
Guardian Class A		1.10	%		0.55	%
Guardian Class C		1.84	%		(0.20	)%
Guardian Class R3		1.36	%		0.28	%
International Equity Investor Class		1.05	%		0.97	%
International Equity Trust Class		1.09	%		0.91	%
International Equity Institutional Class		0.85	%		1.19	%
International Equity Class A		—			0.65	%
International Equity Class C		—			0.04	%
International Equity Class R6		—			1.31	%
Large Cap Value Investor Class		0.87	%		1.30	%
Large Cap Value Trust Class		1.05	%		1.11	%
Large Cap Value Advisor Class		1.20	%		0.97	%
Large Cap Value Institutional Class		0.70	%		1.49	%
Large Cap Value Class A		1.07	%		1.11	%
Large Cap Value Class C		1.81	%		0.36	%
Large Cap Value Class R3		1.36	%		0.90	%
Mid Cap Growth Investor Class		0.93	%		(0.30	)%
Mid Cap Growth Trust Class		0.97	%		(0.34	)%
Mid Cap Growth Advisor Class		1.23	%		(0.60	)%
Mid Cap Growth Institutional Class		0.72	%		(0.09	)%
Mid Cap Growth Class A		1.11	%		(0.49	)%
Mid Cap Growth Class R6		0.65	%		(0.02	)%
Mid Cap Intrinsic Value Investor Class		1.07	%		1.00	%

248

Notes to Financial Highlights (Unaudited) (cont'd)

	Ratio of Net Expenses to Average Net Assets Year Ended August 31, 2017			Ratio of Net Investment Income/(Loss) to Average Net Assets Year Ended August 31, 2017
Mid Cap Intrinsic Value Trust Class		1.25	%		0.82	%
Mid Cap Intrinsic Value Institutional Class		0.85	%		1.19	%
Mid Cap Intrinsic Value Class A		1.21	%		0.89	%
Mid Cap Intrinsic Value Class C		1.96	%		0.15	%
Multi-Cap Opportunities Institutional Class		0.75	%		0.68	%
Multi-Cap Opportunities Class A		1.10	%		0.32	%
Multi-Cap Opportunities Class C		1.84	%		(0.40	)%
Small Cap Growth Investor Class		1.21	%		(0.87	)%
Small Cap Growth Advisor Class		1.51	%		(1.18	)%
Sustainable Equity Investor Class		0.85	%		0.66	%
Sustainable Equity Trust Class		1.02	%		0.49	%
Sustainable Equity Institutional Class		0.66	%		0.84	%
Sustainable Equity Class A		1.03	%		0.48	%
Sustainable Equity Class C		1.78	%		(0.27	)%
Sustainable Equity Class R3		1.28	%		0.21	%
Sustainable Equity Class R6		0.59	%		0.91	%

g After the close of business on December 8, 2017, the Funds' applicable classes underwent a stock split or reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

h After the close of business on February 23, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

i Except for the Fund classes listed below, total return would have been the same for the year ended August 31, 2017, if the Funds had not received the Custodian Out-of-Pocket Expenses Refunded. Had the Funds not received the refund, the total return would have been:

	Year Ended August 31, 2017
Guardian Advisor Class		17.00	%
International Equity Investor Class		15.58	%
International Equity Trust Class		15.53	%
Mid Cap Intrinsic Value Investor Class		17.14	%

j After the close of business on December 7, 2018, the Funds' applicable classes underwent a stock split or reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note G of the Notes to Financial Statements.

k The voluntary contributions received in 2017 had no impact on the Funds' total returns for the year ended August 31, 2017.

249

(a)(1)	A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Municipal Fund Inc.’s Form N-CSR, Investment Company Act file number 811-21168 (filed January 7, 2019).

(a)(2)	The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3)	Not applicable to the Registrant.

(a)(4)	Not applicable to the Registrant.

(b)	The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.

By:	/s/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

Date: May 1, 2019


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/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

Date: May 1, 2019



By:	/s/ John M. McGovern
	John M. McGovern
	Treasurer and Principal Financial
	and Accounting Officer

Date: May 1, 2019