As filed with the Securities and Exchange Commission on April 27, 2022

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

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: August 31

Date of reporting period: February 28, 2022

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 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

(a)	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 Real Estate Fund

Greater China Equity Fund

Guardian Fund

International Equity Fund

International Select Fund

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

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

U.S. Equity Impact Fund

Semi-Annual Report

February 28, 2022

Contents

THE FUNDS

President's Letter					1
PORTFOLIO COMMENTARY
Dividend Growth Fund					2
Emerging Markets Equity Fund					5
Equity Income Fund					8
Focus Fund					11
Genesis Fund					13
Global Real Estate Fund					15
Greater China Equity Fund					18
Guardian Fund					21
International Equity Fund					23
International Select Fund					26
International Small Cap Fund					29
Intrinsic Value Fund					32
Large Cap Value Fund					35
Mid Cap Growth Fund					37
Mid Cap Intrinsic Value Fund					39
Multi-Cap Opportunities Fund					42
Real Estate Fund					44
Small Cap Growth Fund					46
Sustainable Equity Fund					48
U.S. Equity Impact Fund					51
FUND EXPENSE INFORMATION					60
LEGEND					64
SCHEDULE OF INVESTMENTS
Dividend Growth Fund					65
Positions by Country					66
Emerging Markets Equity Fund					68

Positions by Industry					72
Equity Income Fund					75
Positions by Country					76
Focus Fund					80
Positions by Country					82
Genesis Fund					85
Global Real Estate Fund					88
Positions by Sector					89
Greater China Equity Fund					90
Guardian Fund					92
International Equity Fund					97
Positions by Industry					99
International Select Fund					101
Positions by Industry					102
International Small Cap Fund					104
Positions by Industry					106
Intrinsic Value Fund					108
Large Cap Value Fund					111
Mid Cap Growth Fund					113
Mid Cap Intrinsic Value Fund					116
Multi-Cap Opportunities Fund					118
Real Estate Fund					120
Small Cap Growth Fund					122
Sustainable Equity Fund					125
Positions by Country					126
U.S. Equity Impact Fund					127
FINANCIAL STATEMENTS					129
FINANCIAL HIGHLIGHTS (ALL CLASSES)
Dividend Growth Fund					189
Emerging Markets Equity Fund					191
Equity Income Fund					193
Focus Fund					195
Genesis Fund					199
Global Real Estate Fund					201
Greater China Equity Fund					203

Guardian Fund					205
International Equity Fund					209
International Select Fund					213
International Small Cap Fund					215
Intrinsic Value Fund					217
Large Cap Value Fund					219
Mid Cap Growth Fund					223
Mid Cap Intrinsic Value Fund					227
Multi-Cap Opportunities Fund					231
Real Estate Fund					233
Small Cap Growth Fund					237
Sustainable Equity Fund					241
U.S. Equity Impact Fund					245
Directory					252
Proxy Voting Policies and Procedures					253
Quarterly Portfolio Schedule					253
Board Consideration of the Management Agreements					254

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. ^_©2022 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

Equity markets worldwide declined during the six-month period ended February 28, 2022 (the reporting period) with investor anxiety increasing as 2022 began. Returns in 2021 were generally strong, bolstered by the global economy's emergence from pandemic and trade disruptions. But headline risks dominated January and February including Omicron, the highly contagious but thankfully milder COVID-19 variant, plus inflation, interest rates, and then war. Fears erased earlier reporting period gains, increasing volatility, and driving style and sector gyrations. In 2021, resurgent consumer demand converged with supply-chain disruptions to drive prices higher. Policymakers believed the effect would be transitory, ending as pandemic-related interruptions lessened once vaccinations increased. But supply-chain issues persisted, pushing February's inflation rate to 7.9% (as measured by the change in the Consumer Price Index for all Urban Consumers over the last 12 months, not seasonally adjusted)—before much of the impact on materials and energy prices from Russia's brutal invasion of Ukraine would be felt.

Sustained inflation creates a vicious cycle: consumers pressured by rising costs seek higher wages, which adds to business costs, reinforcing higher prices for goods and services. The U.S. Federal Reserve Board (Fed) and other central banks began to address this last year, but by January, investors worried banks would move too quickly (including expectations that the Fed would raise rates several times this year), rapidly increasing borrowing costs, and damaging economic growth.

The war in Ukraine, beyond being a humanitarian catastrophe, is another threat to the global economy, and the largest unknown facing us now. The longer it lasts, the more disruptive it will be, locally and globally. Other than Russia itself—under severe sanctions, with stocks de-listed, the ruble devalued, and global companies departing—Europe bears the most risk, given closer ties to Ukraine and Russia for food, materials, and energy.

At this time, we anticipate European growth will slow meaningfully, but remain positive. We are seeing impacts in the U.S. as well, with energy and materials prices increasing, but, at 5.7% real GDP growth in 2021, the U.S. economy was growing somewhat faster than the Eurozone's 5.2%, and likely will remain more insulated. Should input prices rise too far, they could self-correct by driving demand lower, and slower global growth would also likely lessen central banks' near-term hawkishness.

A fear-driven market is an illogical market, as emotion supersedes fundamentals. Although temporary, it presents a challenge to portfolio managers whose decisions are focused longer-term and based on measurable factors, not speculation. During this reporting period, a sharp shift from growth to value, and a narrow market emphasizing energy, commodities, and defensive stocks overlooked many solid companies that continued to execute well.

Our managers are nimble, skilled, and well-informed, and use near-term disruptions to benefit longer-term positioning. Business and consumer fundamentals are healthy, even given inflation's impacts. Valuations are more reasonable, and demand for equities—for long-term growth and income, and as a hedge against inflation—remains solid. As such, we are confident about the future while we navigate this difficult period.

We hope, for every reason, that peace will return to Ukraine soon, and as always, we thank you for your confidence in Neuberger Berman.

Sincerely,

JOSEPH V. AMATO

PRESIDENT AND CEO

NEUBERGER BERMAN EQUITY FUNDS

Dividend Growth Fund Commentary (Unaudited)

Neuberger Berman Dividend Growth Fund Institutional Class generated a –0.83% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a –2.62% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Over the reporting period, the stock market experienced headwinds as investors engaged in profit-taking. By late-February 2022, risk-aversion was widespread following Russia's invasion of Ukraine as investors grappled with the prospects of war in Eastern Europe, waning stimulus and mounting inflationary pressures impacting sentiment. Despite geopolitical headwinds, the U.S. Federal Reserve Board maintained it would embark on its first rate hike in March—marking an inflection point from their ultra-accommodative policy—to tame inflation which recently touched a forty year high. By the end of the reporting period, the U.S. dollar was stronger, while the 10-year U.S. Treasury yield settled higher at 1.83%. Energy, Consumer Staples, Financials, and Utilities were the only sectors to post gains.

The Fund seeks long term capital appreciation and current income. This approach seeks to identify companies with strong business models generating cash to both grow their business, while also providing rising dividend distributions to shareholders. We focus on companies that we believe have strong balance sheets, solid management teams, attractive free cash flow yields, and clear capital allocation strategies. From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights as a percentage of total net assets were approximately 18% Information Technology (IT), 15% Financials, and 15% Health Care. The bulk of the Fund's returns were generated from stocks across Energy, Consumer Discretionary, and IT—while exposure to Real Estate, Communication Services, and Industrials dampened results.

During the reporting period, our Energy names posted outsized returns driven by stocks tied to production and transportation of oil and gas. Devon Energy was our top overall performer, advancing by triple-digits over the reporting period as the upstream business posted solid results with management reporting robust earnings growth driven by cost controls. In addition, the C-suite has articulated their commitment to balance sheet improvement while increasing shareholder returns through its formalized dividend model. From a capital allocation standpoint, Devon Energy has among the most transparent return of capital frameworks focused on stock buybacks and dividend increases, making this, in our view, an ideal holding.

Stock selection among our Communication Services holdings negatively impacted relative performance as Activision Blizzard was our worst returning stock. This company is well known by millennials for their video games, Candy Crush and Call of Duty. This holding experienced intense selling pressure driven by a clampdown on gaming from Chinese officials coupled with ongoing allegations of widespread gender-based discrimination and harassment. Ultimately, after revisiting our investment assumptions, this position was sold during the reporting period with the proceeds allocated elsewhere.

We believe caution is warranted as the U.S. economy grapples with uncertainty. We believe that potential downward earnings revisions coupled with slowing growth expectations could weigh on sentiment given near-term challenges tied to geopolitics, supply chain congestion, central bank actions, global trade, manufacturing, and consumption trends. We believe value-oriented, dividend-paying stocks provide an attractive inflationary hedge.

We thank you for investing in our Fund.

Sincerely,

WILLIAM D. HUNTER AND SHAWN TRUDEAU
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 (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	4.4	%
Consumer Discretionary	10.4
Consumer Staples	4.1
Energy	4.0
Financials	14.9
Health Care	14.7
Industrials	13.1
Information Technology	18.2
Materials	7.2
Real Estate	3.6
Utilities	3.4
Short-Term Investments	2.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	12/15/2015		–0.83	%		13.61	%		12.16	%		13.73	%
Class A	12/15/2015		–0.96	%		13.19	%		11.76	%		13.33	%
Class C	12/15/2015		–1.33	%		12.31	%		10.92	%		12.47	%
Class R6	12/15/2015		–0.72	%		13.71	%		12.25	%		13.82	%
With Sales Charge
Class A			–6.65	%		6.69	%		10.45	%		12.25	%
Class C			–2.29	%		11.31	%		10.92	%		12.47	%
Index
S&P 500^® Index^1,15			–2.62	%		16.39	%		15.17	%		15.38	%

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 current performance data, including 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 ("NBIA") 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 NBIA) 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 2021 were 1.13%, 1.59%, 2.25% and 1.42% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). 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. The expense ratios for the semi-annual period ended February 28, 2022, 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 (Unaudited)

Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a total return of –12.79% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI Emerging Markets (EM) Index (Net) (the Index), which reported a total return of –9.81% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Emerging markets equities, as measured by the Index, underperformed developed markets, as measured by the MSCI EAFE^® Index (Net), this reporting period. Early pressures included regulatory and policy initiatives in China, a large Index component, and economic threats from new COVID-19 variants, especially in under-vaccinated nations.

By January 2022, investor focus shifted to the U.S. Federal Reserve Board's plans to combat pandemic-related inflation by raising rates, which could slow growth and increase the cost of borrowing in dollars. February saw a precipitous drop, as Russian border hostilities and then the invasion of Ukraine sent geopolitical concerns, energy prices, and risk aversion climbing.

Within the Index, Financials stocks were slightly positive during the reporting period, but all other sectors declined. The Utilities and Industrials sectors outperformed, while the Health Care, Consumer Discretionary, and Communication Services sectors declined most. By country, commodity-rich Peru, and energy-rich United Arab Emirates and Qatar outperformed. Russia lost the most value, down –58%, followed by Hungary and Poland.

Within the Fund, Materials and Energy positioning detracted from relative performance. By country, stock selection and an initial period overweight to Russia versus the Index (even given rapid selling) detracted, as did stock selection in Brazil and Taiwan.

Individual detractors included the Chinese e-commerce giant, Alibaba, which continued to face regulatory scrutiny, and Russian energy company LUKOIL, which fell precipitously along with every other Russian equity.

Stock selection within Health Care and Information Technology (IT) benefited relative performance. By country, holdings in China, India and Korea contributed most to relative returns.

Top contributors included Canadian-domiciled Colombian oil explorer, Parex Resources, and Anglo American, a British mining firm. Both benefited from commodity price increases.

Russian names were removed from the Index on March 9, 2022, with index provider MSCI revaluing them dramatically lower that day. Our team had been actively selling out of Russia, with the weighting at the end of the reporting period at 0.7%. Our team will eliminate this exposure when able, but the Russian stock exchange has been closed since late February 2022.

More broadly, we are evaluating the new geopolitical backdrop. One immediate effect has been the acceleration of a Growth to Value rotation as investors focus their bets on narrow cyclical segments of the market and short-term commodity price movements.

We are not convinced that the jump in commodity prices is sustainable, as prices are reaching levels that create "demand destruction" and more broadly dampen economic growth. Instead, the team is focused on a combination of product cycles and sustainable growth, diversified across sectors and geographies.

As such, our top sector overweight versus the Index remains IT, at the expense of cyclical Industrials. We also continue to favor India, given the diverse opportunities in EM's fastest growing economy. Our Chinese weighting has increased idiosyncratically after a long period of being underweight versus the Index, though the Fund remained slightly underweight at the end of the reporting period. This was driven by widespread stock volatility, which created compelling opportunities for us.

We continue to employ our slow and steady approach, rather than chasing thematic or headline names. While this has been frustrating in the short-term, we believe our fundamental research and diversification will benefit relative returns over the longer term.

Sincerely,

CONRAD SALDANHA
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.

Emerging Markets Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class	10/08/2008		–12.79	%		–16.10	%		5.09	%		3.27	%		7.06	%
Class A	10/08/2008		–12.89	%		–16.33	%		4.81	%		3.01	%		6.80	%
Class C	10/08/2008		–13.25	%		–16.97	%		4.02	%		2.24	%		6.00	%
Class R3¹⁰	06/21/2010		–13.07	%		–16.68	%		4.38	%		2.58	%		6.44	%
Class R6²¹	03/15/2013		–12.75	%		–15.99	%		5.19	%		3.35	%		7.12	%
With Sales Charge
Class A			–17.90	%		–21.14	%		3.58	%		2.40	%		6.33	%
Class C			–14.12	%		–17.80	%		4.02	%		2.24	%		6.00	%
Index
MSCI Emerging Markets Index (Net)^1,15			–9.81	%		–10.69	%		6.99	%		3.24	%		6.85	%

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 2021 were 1.23%, 1.57%, 2.32%, 1.92% and 1.10% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.51% and 2.26% for Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The total annual operating expense ratios for each of Institutional Class, Class R3 and Class R6 include each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Equity Income Fund Commentary (Unaudited)

Neuberger Berman Equity Income Fund Institutional Class generated a 5.90% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming its benchmark, the S&P 500^® Index (the Index), which posted a –2.62% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund is an objective-based strategy, targeting a total return between stocks and bonds with limited volatility relative to the Index. Overall, the portfolio is diversified among dividend-paying stocks and convertible securities, selected through extensive analysis of cash flow prospects, that we believe have the ability to sustain and grow dividends.

From a portfolio construction standpoint, at the end of the reporting period, top equity sector weights as a percentage of total net assets were approximately 15% Financials, 12% Real Estate and 11% Utilities. The bulk of the Fund's returns were generated from our allocation across Energy, Materials, and Financials—while exposure to convertible securities, Industrials, and Consumer Discretionary dampened results.

In aggregate, our overweight to Energy versus the Index contributed positively to relative returns, as did positive stock selection within the sector. We believe our diversified holdings stand to benefit from increasingly tight global energy markets while offsetting inflationary headwinds elsewhere in the Fund. Collectively, exposure to stocks tied to oil and gas production generated outsized returns as ConocoPhillips was our top overall contributor, advancing by double-digits. Strong results were supported in-part by enthusiasm behind their footprint in the Permian Basin (West Texas) which represents one of the most prolific hydrocarbon-rich shale formations. Today we remain constructive on future growth prospects as several management teams across the industry have articulated disciplined capital allocation plans focused on rewarding shareholders through variable dividend programs tied to free cash flow generation.

On the other end of the spectrum, stock selection among our Consumer Discretionary holdings negatively impacted relative performance as Leggett & Platt was our biggest loser. While healthy demand across residential markets coupled with record-low mortgage rates have supported housing, shares of the bedding components manufacturer experienced downward pressure as supply chain bottlenecks weighed on profitability. Over the reporting period the Fund reduced exposure to the company, allocating proceeds elsewhere.

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

In closing, we believe caution is warranted as the U.S. economy grapples with uncertainty. In our view, potential downward earnings revisions coupled with slowing growth expectations could weigh on sentiment given near-term challenges tied to geopolitics, supply chain congestion, central bank actions, global trade, manufacturing, and consumption trends. We believe value-oriented dividend-paying stocks provide an attractive inflationary hedge, a complement relative to traditional bonds. Our analysis suggests stocks with yields greater than 2.5% trade close to their greatest discount relative to the broader market since the late 1990s, setting the stage for potential multiple expansion among this cohort of dividend paying stocks.

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 (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.9	%
Consumer Discretionary	4.1
Consumer Staples	5.6
Energy	8.7
Financials	15.4
Health Care	9.9
Industrials	9.2
Information Technology	10.5
Materials	7.2
Real Estate	12.3
Utilities	10.9
Convertible Bonds	0.2
Short-Term Investments	3.1
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date*	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹³	06/09/2008		5.90	%		18.98	%		9.48	%		9.11	%		8.28	%
Class A¹³	06/09/2008		5.65	%		18.54	%		9.07	%		8.71	%		7.91	%
Class C¹³	06/09/2008		5.34	%		17.65	%		8.27	%		7.90	%		7.21	%
Class R3¹³	06/21/2010		5.56	%		18.16	%		8.78	%		8.40	%		7.74	%
Class E¹³	01/11/2022		5.97	%		19.06	%		9.49	%		9.12	%		8.29	%
With Sales Charge
Class A¹³			–0.41	%		11.74	%		7.78	%		8.06	%		7.49	%
Class C¹³			4.38	%		16.65	%		8.27	%		7.90	%		7.21	%
Index
S&P 500^® Index^1,15			–2.62	%		16.39	%		15.17	%		14.59	%		10.10	%

*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 2021 were 0.70%, 1.06%, 1.81% and 1.34% for Institutional Class, Class A, Class C and Class R3 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2022 is 0.55% for Class E (before expense reimbursements and/or fee waivers, if any). The estimated expense ratio for fiscal year 2022 is 0.05% for Class E after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Focus Fund Commentary (Unaudited)

Neuberger Berman Focus Fund Investor Class generated a –16.50% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –5.26% total return of its benchmark, the MSCI All Country World Index (Net) (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The global equity market experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that a number of central banks would soon start raising interest rates, inflation that reached multi-decade highs, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the Index returned –5.26% for the reporting period.

Stock selection drove the Fund's relative underperformance during the reporting period, whereas sector allocation was a modest headwind to relative returns. Looking at stock selection, holdings in the Information Technology (IT), Consumer Discretionary and Financials sectors were the largest detractors from performance. Individual stocks that detracted from returns included IT services company EPAM Systems, Inc., capital markets firm Petershill Partners PLC, and electronic equipment instruments & components company Zebra Technologies Corp. We exited our position in Petershill Partners PLC during the reporting period. On the upside, positions in the Communication Services and Real Estate sectors were the largest contributors to performance. In terms of individual stocks, software company Palo Alto Networks, Inc., semiconductor firm Marvell Technology, Inc., and software company Trade Desk, Inc. were the most additive for returns.

In terms of sector allocation, a zero allocation to Energy versus the Index was the largest negative for relative performance. An overweight to Consumer Discretionary versus the Index was also a headwind for returns. On the upside, underweights to the Health Care and Industrials sectors during the reporting period added the most value to relative performance.

The war in Ukraine has introduced much uncertainty into the marketplace. As of this writing, the situation is highly fluid, and the ultimate impact cannot be predicted. We believe the Fund has modest revenue/earnings exposure from Russia, Ukraine, and Belarus. We leveraged our data insights to track job listings in the above-mentioned countries over the last 12 months for our Fund companies, as well as reviewing customer and supply chain relationships. As a reminder, we do not seek to add value from macro and political events. Rather, we maintain a disciplined approach as we seek long-term growth of capital by investing in a concentrated portfolio of what we believe are outstanding companies. In addition, Environmental, Social, and Governance diligence is a key element of our investment process, with ongoing engagement efforts focused on human capital management.

Sincerely,

TIMOTHY CREEDON AND HARI RAMANAN
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 (Unaudited)

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)**
Communication Services	8.8	%
Consumer Discretionary	24.4
Consumer Staples	7.7
Financials	7.4
Health Care	2.1
Industrials	9.5
Information Technology	38.1
Materials	0.5
Short-Term Investments	1.5
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁸

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/19/1955		–16.50	%		–0.90	%		10.62	%		11.79	%		10.46	%
Trust Class³	08/30/1993		–16.57	%		–1.11	%		10.42	%		11.58	%		10.43	%
Advisor Class⁴	09/03/1996		–16.64	%		–1.31	%		10.22	%		11.40	%		10.35	%
Institutional Class⁵	06/21/2010		–16.43	%		–0.76	%		10.79	%		11.98	%		10.49	%
Class A¹⁹	06/21/2010		–16.59	%		–1.18	%		10.39	%		11.57	%		10.42	%
Class C¹⁹	06/21/2010		–16.91	%		–1.91	%		9.56	%		10.74	%		10.28	%
With Sales Charge
Class A¹⁹			–21.39	%		–6.87	%		9.10	%		10.90	%		10.32	%
Class C¹⁹			–17.60	%		–2.72	%		9.56	%		10.74	%		10.28	%
Index
MSCI All Country World Index (Net)^1,15			–5.26	%		7.81	%		11.44	%		9.83	%		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 2021 were 0.88%, 1.09%, 1.29%, 0.74%, 1.12%, and 1.89% 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 total annual operating expense ratios for each of Institutional Class and Class A include each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratio was 1.87% for Class C shares, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Genesis Fund Commentary (Unaudited)

Neuberger Berman Genesis Fund Investor Class generated a –7.05% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming the –9.46% total return of its benchmark, the Russell 2000^® Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The equity market experienced periods of heighted volatility and generated weak results during the reporting period. There were several challenges impacting investor sentiment, including the U.S. Federal Reserve Board indicating it would soon start raising interest rates, inflation reaching a 40-year high, the COVID-19 variants, and Russia's invasion of Ukraine. However, the market tended to rally on days when there was better than expected corporate earnings and on news of resilient economic growth. All told, the S&P 500^® Index returned –2.62% during the reporting period. Small-cap stocks, as measured by the Index, generated even weaker results, returning –9.46%.

Within the Index, companies with the lowest valuations significantly outperformed their more richly valued counterparts. Meanwhile, companies without earnings experienced the largest losses. After strong performance in 2021, companies in the Fund that were trading at higher valuations came under increased selling pressure in 2022 and were a drag on absolute and relative performance. During 2021, we trimmed the position sizes of many of our more richly valued positions in an attempt to pare the Fund's overall risk exposure should the market experience a sharp decline.

Within the Index, less speculative (larger capitalization) and higher quality companies (with higher levels of profitability) outperformed. The Fund, with its high-quality focus on durable and highly differentiated business models that enjoy attractive financial characteristics, such as above average profitability, consistent free cash flow generation and conservative balance sheets, was unable to avoid the market's downturn, but it outperformed the Index on a relative basis. This was driven by positive stock selection, whereas sector allocation was a headwind for relative returns. In terms of stock selection, the Fund's strongest relative results were in the Information Technology (IT), Health Care and Consumer Discretionary sectors. Stock selection in the Industrials, Materials and Real Estate sectors were drags on relative results during the reporting period.

From a sector allocation perspective, the lack of Energy exposure was the largest drag on relative results. Oil prices were up strongly due to falling oil stockpiles in the U.S. and Russia's invasion of Ukraine. Our lack of Energy exposure is a reflection on the lack of what we believe to be high quality small-cap investments in the sector, rather than an attempt to express a bearish bet on commodity prices. The Fund's overweight in IT versus the Index was also a drag on results. This was partially offset by our lack of exposure to traditional Biotechnology companies, many of which are speculative non-earning companies whose stocks were down sharply during the reporting period.

Russia's invasion of Ukraine has led to heightened volatility, global uncertainty and increased geopolitical risk. Increasing oil prices act as a tax on consumers around the globe and could serve to slow the global economy and potentially push it into recession. As it relates to the Fund, small-caps tend to tilt domestic in their operations, as does our portfolio, providing some insulation from global events. The companies in the Fund are not immune from rising input costs. However, we believe that our companies are in relatively good shape to raise prices to offset rising costs, albeit with a lag. Additionally, we are confident that investing in a diversified portfolio of financially strong companies, with sustainable and highly differentiated business models, is a prudent approach for long-term investment success.

Sincerely,

JUDITH M. VALE, ROBERT W. D'ALELIO, BRETT S. REINER AND GREGORY G. SPIEGEL
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 (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	3.9	%
Consumer Discretionary	14.0
Consumer Staples	3.5
Financials	14.0
Health Care	11.9
Industrials	20.3
Information Technology	26.6
Materials	3.7
Real Estate	1.3
Short-Term Investments	0.8
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	09/27/1988		–7.05	%		–0.48	%		12.26	%		12.04	%		12.32	%
Trust Class³	08/26/1993		–7.09	%		–0.57	%		12.17	%		11.95	%		12.29	%
Advisor Class⁴	04/02/1997		–7.21	%		–0.82	%		11.89	%		11.65	%		12.06	%
Institutional Class⁵	07/01/1999		–6.97	%		–0.32	%		12.45	%		12.23	%		12.48	%
Class R6²²	03/15/2013		–6.92	%		–0.22	%		12.55	%		12.29	%		12.40	%
Class E²⁴	01/11/2022		–6.92	%		–0.35	%		12.29	%		12.06	%		12.33	%
Index
Russell 2000^® Index^1,15			–9.46	%		–6.01	%		9.50	%		11.18	%		9.74	%

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 2021 were 0.99%, 1.09%, 1.34%, 0.84% and 0.74% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2022 is 0.69% for Class E (before expense reimbursements and/or fee waivers, if any). The estimated expense ratio for fiscal year 2022 is 0.03% for Class E after expense reimbursements and/or fee waivers. The total annual operating expense ratio for Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Global Real Estate Fund Commentary (Unaudited)

Neuberger Berman Global Real Estate Fund Institutional Class generated a –5.74% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –4.60% total return of its benchmark, the FTSE EPRA Nareit Developed Index (Net) (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The global equity market, as measured by the MSCI All Country World Index (ACWI) (Net), experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S. Federal Reserve Board (Fed) would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the reporting period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the MSCI ACWI (Net) returned –5.26% for the reporting period. Comparatively, global real estate investment trusts (REITs), as measured by the Index, generated modestly better results.

The Fund lagged the Index during the reporting period. This was largely driven by our out-of-benchmark allocation to the Infrastructure segment, as it generated weak results. From a stock selection perspective, holdings in the Real Estate Holding & Development, Specialty REITs and Office REITs sectors were the most additive for relative returns. In terms of individual holdings, Prologis, Inc., Public Storage and Safestore Holdings PLC were the largest contributors to performance. On the downside, holdings in the Residential REITs, Industrial REITs and Hotel & Lodging REITs sectors were the largest detractors from relative returns. Several individual holdings were headwinds for performance, including American Tower Corp., Mitsui Fudosan Logistics Park, Inc. and Equinix, Inc.

In terms of the Fund's positioning from a country perspective, underweights in Sweden and Germany versus the Index, along with an out-of-benchmark allocation to China, were the most beneficial for relative returns. On the downside, an overweight in Spain, an underweight in the U.S., and an overweight in Japan were the largest detractors from relative performance.

Looking ahead, the challenges presented by the war in Ukraine remind us that elevated uncertainty and market volatility could persist. While the invasion of Ukraine by Russia is heartbreaking and tragic, at this point, we anticipate a limited impact on the U.S. economy due to minimal trade between the U.S. and Russia/Ukraine, and because the U.S. can access many of the commodities exported by Russia from other sources. Although it may be premature to say the COVID-19 crisis has ended, we believe the vaccination of the majority of the U.S. population increases the possibility of moving to a post-COVID-19 environment. Market attention has shifted to the long-term implications of inflationary pressures. As a result, the Fed has pivoted to a more hawkish position. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising rents. In particular, shorter lease duration sectors, such as Residential, Self-Storage, and Industrial, are seeing higher than expected rents. We are monitoring the potential long-term effects of pandemic-driven changes in the way people work and live on real estate. We anticipate that over the long-term, hybrid work arrangements are likely to temper overall demand for office space. Elsewhere, we believe advancements in technology, such as 5G cellular and cloud computing, will lead to significant investments in network and information technology infrastructure that may benefit Data Center and Infrastructure REITs. We also favor the Residential sectors due to what we believe are attractive demographic/demand trends.

Sincerely,

STEVE SHIGEKAWA, BRIAN C. JONES 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 (Unaudited)

TICKER SYMBOLS

Institutional Class				NGRIX
Class A				NGRAX
Class C				NGRCX

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	12/30/2014		–5.74	%		14.27	%		8.13	%		6.67	%
Class A	12/30/2014		–5.91	%		13.94	%		7.73	%		6.28	%
Class C	12/30/2014		–6.20	%		13.12	%		6.95	%		5.50	%
With Sales Charge
Class A			–11.31	%		7.41	%		6.46	%		5.41	%
Class C			–7.09	%		12.12	%		6.95	%		5.50	%
Index
FTSE EPRA Nareit Developed Index (Net)^1,15			–4.60	%		12.69	%		5.24	%		4.45	%

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 2021 were 10.46%, 11.06% and 11.69% 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, 2022, can be found in the Financial Highlights section of this report.

Greater China Equity Fund Commentary (Unaudited)

Neuberger Berman Greater China Equity Fund Institutional Class generated a –12.05% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming its benchmark, the MSCI China All Shares Index (Net) (the Index), which was down –11.32% over the same period. (Performance for all share classes is provided in the table immediately following this letter.)

For the reporting period, the Fund's main detractors from return relative to the Index included Industrials (underweight versus the Index and stock selection in the Road & Rail and Machinery industries), Health Care (stock selection in the Pharmaceuticals and Biotechnology industries) and Financials (significant underweight versus the Index). Contributors to performance relative to the Index included Consumer Discretionary (stock selection in the Internet & Direct Marketing Retail and Household Durables industries), Real Estate (stock selection in the Real Estate Management & Development industry) and Consumer Staples (stock selection in the Food Products industry).

The Fund continues to focus on companies that it believes have sustainable top- and bottom-line growth by looking at the companies' operating cash flow from their recurring core businesses. As of February 28, 2022, the Fund's largest sector overweight relative to the Index was Materials, and the largest sector underweight was Financials. The Fund's largest 10 positions comprised more than 53% of total net assets of the Fund at the end of February.

Over the reporting period, the China equity markets remained volatile given uncertainties on the government's regulatory reform within the Internet and Education segments, as well as moderating economic growth driven by the property market slowdown and resurgence of local COVID-19 outbreaks. There were also heightened concerns about power supply shortages and de-listing risk for US-listed ADRs. Top leadership in China has affirmed a dovish stance and called for coordinated policies to secure reasonable growth. In December 2021, the People's Bank of China (PBoC) cut the required reserve ratio, releasing liquidity into the interbank system, and cut the relending facility rate for small businesses and rural sectors. In January 2022, the PBoC cut policy interest rates and banks' 1-year and 5-year loan prime rate. China's Ministry of Finance also announced that they will frontload the issuance of local construction bonds in the first quarter of 2022. Additionally, policymakers' tone on the property sector has softened with improvements in property financing and support measures for financial institutions to facilitate asset sales by troubled developers. However, China equity markets sold off further in the first two months of 2022 on concerns over a faster pace of U.S. Federal Reserve Board policy tightening and escalating Russia-Ukraine tensions.

While we continue to be in a very fluid environment with possible downside scenarios given rising geopolitical risks, we hold a constructive view on the outlook for Greater China equities. We believe that valuations of China's equity markets have become reasonably attractive with the Index trading at a price-to-earnings ratio (P/E) of 12.2x and the CSI 300 Index at 13.5x on a forward-looking basis¹, versus the MSCI World Index at 17.6x and the S&P 500^® Index at 19.6x. In our view, this arguably provides the market with a better buffer for potential downside risks, especially in view of the policy easing cycle backdrop within China. More importantly, we believe there is no indication of material impact to the fundamentals of the companies within the portfolio as a direct result of the Russia-Ukraine conflict. We continue to identify what we believe are high quality companies with good earnings visibility and strong long-term growth prospects capable of weathering the uncertain environment in the horizon.

Sincerely,

LIHUI TANG AND FRANK YAO
PORTFOLIO MANAGERS

¹ Forward earnings estimates are based on consensus estimates, not Neuberger Berman's own projections, and the forecasts may or may not be realized. By quoting them herein, Neuberger Berman does not offer an opinion as to the accuracy of, and does not guarantee, these forecasted numbers.

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 (Unaudited)

TICKER SYMBOLS

Institutional Class				NCEIX
Class A				NCEAX
Class C				NCECX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	4.7	%
Consumer Discretionary	24.4
Consumer Staples	10.5
Energy	1.2
Financials	9.7
Health Care	6.0
Industrials	8.7
Information Technology	6.5
Materials	23.7
Real Estate	4.5
Short-Term Investments	0.1
Total	100.0	%

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

EXCHANGE ALLOCATION

(as a % of Long Term Investments)
Mainland China	44.3	%
Hong Kong	52.2
United States	3.5
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	07/17/2013		–12.05	%		–17.64	%		11.48	%		11.30	%
Class A	07/17/2013		–12.18	%		–17.95	%		11.07	%		10.96	%
Class C	07/17/2013		–12.52	%		–18.55	%		10.26	%		10.09	%
With Sales Charge
Class A			–17.23	%		–22.66	%		9.75	%		10.20	%
Class C			–13.35	%		–19.32	%		10.26	%		10.09	%
Index
MSCI China All Shares Index (Net)^{1,15 *}			–11.32	%		–22.57	%		6.72	%		7.19	%
MSCI China Index (Net)^1,15			–16.79	%		–31.29	%		5.70	%		6.18	%

* On April 26, 2021, the Fund began comparing its performance to the MSCI China All Shares Index (Net) rather than the MSCI China Index (Net) because the MSCI China All Shares Index (Net) has characteristics that are more representative of the Fund's investment strategy than its former index, the MSCI China Index (Net).

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 2021 were 1.80%, 2.26% and 3.06% 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, 2022, can be found in the Financial Highlights section of this report.

Guardian Fund Commentary (Unaudited)

Neuberger Berman Guardian Fund Investor Class posted a –8.56% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –2.62% 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 equity market experienced periods of heighted volatility and generated weak results during the six-month reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S. Federal Reserve Board would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the reporting period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the Index returned –2.62% during the reporting period.

Both stock selection and sector allocation detracted from the Fund's relative performance. From a stock selection perspective, holdings in the Information Technology sector were the largest detractor from performance. Positions in the Consumer Discretionary and Industrials sectors were also negative for relative returns. On the upside, stock selection in the Communication Services and Health Care sectors were the most beneficial for returns.

Looking at sector allocation, the Fund's underweight to Energy versus the Index was the largest detractor from results. Out-of-benchmark positions in several privately held companies were also headwinds for performance in aggregate. Conversely, underweights to the Communication Services and Health Care sectors were additive for relative returns.

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

Looking ahead, the war in Ukraine has introduced much uncertainty into the marketplace. The situation is highly fluid, and the ultimate impact cannot be predicted. As a reminder, we are investors with a relatively longer-term view and remain unwilling to bet against the skills and ingenuity of the corporate managers that lead our businesses. In our view, corporate managers' willingness to drive innovation, enhance productivity, allocate capital to the best risk-adjusted return, and compete on a global scale could provide investors with suitable long-term return potential for the risks they bear. Nevertheless, we are mindful of the complex world in which we live and invest. The myriad of ongoing geopolitical issues around the world remains top of mind. In these difficult economic and financial conditions, we remain dedicated to thinking deeply and creatively and strive always to deliver attractive risk-adjusted returns. We remain flexible in our decision making and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR AND MARC REGENBAUM
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.

Guardian Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NGUAX
Trust Class				NBGTX
Advisor Class				NBGUX
Institutional Class				NGDLX
Class A				NGDAX
Class C				NGDCX
Class R3				NGDRX
Class R6				NGRDX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	9.0	%
Consumer Discretionary	18.2
Consumer Staples	5.3
Energy	0.6
Financials	10.7
Health Care	7.5
Industrials	7.6
Information Technology	32.5
Materials	3.0
Real Estate	1.2
Utilities	1.7
Short-Term Investments	2.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS¹¹

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1950		–8.56	%		14.27	%		18.10	%		14.95	%		11.51	%
Trust Class³	08/03/1993		–8.61	%		14.08	%		17.88	%		14.75	%		11.45	%
Advisor Class⁴	09/03/1996		–8.71	%		13.87	%		17.55	%		14.41	%		11.29	%
Institutional Class⁵	05/27/2009		–8.49	%		14.46	%		18.30	%		15.14	%		11.54	%
Class A¹⁹	05/27/2009		–8.62	%		14.05	%		17.85	%		14.73	%		11.47	%
Class C¹⁹	05/27/2009		–8.96	%		13.20	%		16.99	%		13.87	%		11.32	%
Class R3¹⁶	05/27/2009		–8.78	%		13.68	%		17.51	%		14.40	%		11.41	%
Class R6²²	03/29/2019		–8.45	%		14.51	%		18.24	%		15.01	%		11.51	%
With Sales Charge
Class A¹⁹			–13.89	%		7.50	%		16.47	%		14.05	%		11.38	%
Class C¹⁹			–9.78	%		12.20	%		16.99	%		13.87	%		11.32	%
Index
S&P 500^® Index^1,15			–2.62	%		16.39	%		15.17	%		14.59	%		11.41	%

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 2021 were 0.82%, 1.03%, 1.19%, 0.67%, 1.05%, 1.80%, 1.37% and 0.68% 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). The expense ratio was 0.66% for Class R6 shares after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

International Equity Fund Commentary (Unaudited)

Neuberger Berman International Equity Fund Institutional Class generated a total return of –11.89% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a –6.78% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

International developed markets, as measured by the Index, were up at the close of 2021, but began losing ground in January 2022, on investors' fears that global central banks would increase interest rates quickly to fight inflation. Markets fell further through February, as a French-brokered deal to avert tensions between Russia and Ukraine failed, and then as war began, creating a humanitarian crisis locally, and driving energy and commodity prices higher globally.

All major global markets declined this period, with emerging markets down most. The U.S. market, as measured by the S&P 500^® Index, outperformed the Index, being more insulated from repercussions of the war. Within the Index, Norway and the UK outperformed, posting positive results. Israel followed, slightly down. The Netherlands, Finland and Ireland lagged. By sector, only Energy was up, posting double-digit returns. Utilities and Financials saw the smallest losses, while Information Technology (IT), Industrials, and Communication Services stocks declined most.

As fears shifted the market from growth to value, stock selection detracted from the portfolio's relative performance versus the Index, particularly within Materials and IT. Sector allocation, particularly our lack of exposure to Energy and overweight to Industrials versus the Index, was a secondary factor. By country, stock selection within the UK, Germany, and Japan detracted from relative returns.

Individually, Techtronic and adidas detracted most. Techtronic, the Hong Kong-based power tool maker sold off following weak results from a key competitor. German sportswear giant, adidas, faced challenges in China and elsewhere in Asia due to pandemic-related supply chain issues.

Stock selection in Industrials and an overweight in Materials versus the Index were relative benefits this period, and by country, holdings based in Sweden, Singapore and the Netherlands added value.

Bunzl and Tokio Marine contributed most. Bunzl, a UK distribution specialist, reported solid quarterly results and upgraded revenue guidance driven by strength in all business areas. Japan-based global insurer, Tokio Marine (sold prior to period end when the stock reached our price target), saw positive trends across business lines.

Looking ahead, the longer the war in Ukraine continues, the more likely we will see widespread effects on the global economy. Interrupted supplies of energy, critical and rare metals, and other commodities will cause higher prices to ripple across global supply chains. Higher inflation would reduce real incomes and add to any sense of economic insecurity and discontent.

While concerns over a sharp slowdown are rising, earlier forecasts expected the European economy to grow approximately 4%. If higher prices and weakening consumer sentiment reduce growth by 1-2 percentage points this year, we believe that the economy should still grow close to pre-pandemic levels.

We will continue monitoring our companies for potential supply chain-related disruptions as the situation evolves. In general, we are confident in our companies' medium- to long-term prospects regardless of potential short-term disruptions.

While recent performance has been impacted by the rotation into value stocks, our Quality at a Reasonable Price discipline helped us reduce some of the impact. But, as we are not value investors, the environment has not been ideal.

Overall, we are comfortable with the diversification, quality and valuations of the Fund. While short-term style rotations can be challenging, we remain focused on owning what we believe are the right businesses at the right price and believe this approach can deliver attractive risk-adjusted returns over the longer term.

Sincerely,

ELIAS COHEN
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.

International Equity Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class¹²	01/28/2013		–11.97	%		2.46	%		8.24	%		6.92	%		5.59	%
Trust Class¹²	01/28/2013		–12.05	%		2.30	%		8.18	%		6.85	%		5.55	%
Institutional Class	06/17/2005		–11.89	%		2.60	%		8.51	%		7.10	%		5.70	%
Class A¹²	01/28/2013		–12.09	%		2.20	%		8.10	%		6.74	%		5.49	%
Class C¹²	01/28/2013		–12.38	%		1.54	%		7.30	%		6.01	%		5.06	%
Class R6²¹	09/03/2013		–11.85	%		2.78	%		8.61	%		7.18	%		5.75	%
Class E²⁵	01/11/2022		–11.76	%		2.76	%		8.54	%		7.11	%		5.71	%
With Sales Charge
Class A¹²			–17.16	%		–3.67	%		6.83	%		6.11	%		5.11	%
Class C¹²			–13.17	%		0.62	%		7.30	%		6.01	%		5.06	%
Index
MSCI EAFE^® Index (Net)^1,15			–6.78	%		2.83	%		7.16	%		6.15	%		5.15	%

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 2021 were 1.16%, 1.24%, 0.99%, 1.35%, 2.11% and 0.89% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2022 is 0.84% for Class E (before expense reimbursements and/or fee waivers, if any). 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, and the estimated expense ratio for fiscal year 2022 is 0.06% for Class E after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

International Select Fund Commentary (Unaudited)

Neuberger Berman International Select Fund Trust Class generated a total return of –11.40% for the six-month period ended February 28, 2022 (the reporting period), trailing its benchmark, the MSCI EAFE^® Index (Net) (the Index), which posted a –6.78% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

All major global markets declined this period, with emerging markets down most. The U.S. market, as measured by the S&P 500^® Index, outperformed the Index, being more insulated from repercussions of the war. Within the Index, Norway and the UK outperformed, posting positive results. Israel followed, slightly down. The Netherlands, Finland and Ireland lagged. By sector, only Energy was up, posting double-digit returns. Utilities and Financials saw the smallest losses, while Information Technology, Industrials, and Communication Services stocks declined most.

As fears shifted the market from growth to value, stock selection detracted from the portfolio's relative performance versus the Index, particularly within Materials and Health Care. Sector allocation, particularly our lack of exposure to Energy and overweight to Industrials, was a secondary factor. By country, stock selection within the UK, Germany, and Japan detracted from relative returns.

Stock selection in Industrials and an overweight in Materials versus the Index were relative benefits this period, and by country, holdings based in Sweden, Singapore, and the Netherlands added value.

Bunzl and Ferguson contributed most. Bunzl, a UK distribution specialist, reported solid quarterly results and upgraded revenue guidance driven by strength in all business areas. Ferguson, a UK-listed building supplies distributor, reported strong growth in U.S. residential and non-residential markets.

Sincerely,

ELIAS COHEN
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.

International Select Fund (Unaudited)

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 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	08/01/2006		–11.40	%		3.11	%		8.99	%		6.58	%		4.45	%
Institutional Class⁶	10/06/2006		–11.26	%		3.43	%		9.35	%		6.96	%		4.81	%
Class A¹⁴	12/20/2007		–11.40	%		3.05	%		8.96	%		6.57	%		4.44	%
Class C¹⁴	12/20/2007		–11.69	%		2.39	%		8.15	%		5.77	%		3.74	%
Class R3¹⁴	05/27/2009		–11.51	%		2.86	%		8.68	%		6.30	%		4.22	%
Class R6²³	04/17/2017		–11.17	%		3.60	%		9.46	%		6.81	%		4.60	%
With Sales Charge
Class A¹⁴			–16.52	%		–2.90	%		7.67	%		5.95	%		4.05	%
Class C¹⁴			–12.48	%		1.47	%		8.15	%		5.77	%		3.74	%
Index
MSCI EAFE^® Index (Net)^1,15			–6.78	%		2.83	%		7.16	%		6.15	%		3.86	%

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 2021 were 1.41%, 0.97%, 1.34%, 2.12%, 1.60% and 0.88% 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). 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. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

International Small Cap Fund Commentary (Unaudited)

Neuberger Berman International Small Cap Fund Institutional Class reported a total return of –15.95% for the six-month period ended February 28, 2022 (the reporting period), trailing the –11.70% total return of its benchmark, 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 developed markets, as measured by the MSCI EAFE^® Index (Net), were up at the close of 2021, but began losing ground in January, on fears that global interest rates would begin rising quickly to address inflation. Markets fell further through February, first as tensions between Russia and Ukraine increased, and later as Russia's invasion of Ukraine began, creating a humanitarian crisis locally, and driving energy and commodity prices higher globally.

All major global markets declined during the reporting period. The U.S., as measured by the S&P 500^® Index, outperformed developed international markets, being more insulated from the conflict's repercussions. Emerging markets declined most. As risk aversion increased, value stocks outperformed growth, and large caps outperformed small caps, a reversal from recent months.

Within the Index, Energy strongly outperformed, joining Utilities as the only positive returning sectors. Among decliners, Materials performed best, while Health Care, Information Technology (IT) and Consumer Discretionary stocks lost most. By country, Israel posted positive results, and Portugal and Singapore had small losses. Sweden, Finland, and Denmark declined most.

The Fund underperformed the Index on the basis of stock selection within Materials, Consumer Discretionary, and Communications Services, and overweights to the weak Health Care and IT sectors versus the Index. By country, holdings based in Japan, the UK, and Australia detracted.

Individual detractors included British media name Future, as investor sentiment soured toward UK consumer spending and advertising; and Games Workshop Group, the British war game miniatures company, which was hurt by supply chain disruptions, which should dissipate over time.

Stock selection within Health Care and IT added value, as did being underweight Consumer Discretionary and overweight Industrials versus the Index. French, Swiss, and Finnish stocks added to relative results.

Top contributors included Clinigen, a British company offering services to pharmaceutical companies, that received a purchase offer from Triton Advisers in December 2021; and Intertrust, the Netherlands-based corporate and trust services firm, which also received a bid in December 2021.

We are following European leading indicators closely to see the severity of the impact on companies' capital expenditures and on consumer confidence. For now, we would anticipate, lower—but still positive—growth in Europe for the full year, and higher inflation for longer. But elsewhere, we believe we could see stability in Japan, as well as a recovery in China. Longer-term, European moves toward energy independence and onshoring, given supply chain security issues, could bode well for numerous smaller capitalization firms.

The near term may see continued market volatility, but we believe we have a broad set of names that for the most part are positioned to manage their way through the quarters ahead. As always, we seek companies that can pass on higher costs, and seek to diversify across industry and geography. While the Fund may lag in the short-term, we believe this combination can deliver strong risk-adjusted returns over the longer-term, as it has done over past cycles.

Sincerely,

DAVID BUNAN
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.

International Small Cap Fund (Unaudited)

TICKER SYMBOLS

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

PERFORMANCE HIGHLIGHTS⁹

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	12/08/2016		–15.95	%		0.56	%		9.95	%		11.39	%
Class A	12/08/2016		–16.11	%		0.21	%		9.55	%		10.98	%
Class C	12/08/2016		–16.43	%		–0.51	%		8.73	%		10.17	%
Class R6	12/08/2016		–15.96	%		0.63	%		10.03	%		11.48	%
With Sales Charge
Class A			–20.92	%		–5.54	%		8.25	%		9.73	%
Class C			–17.23	%		–1.46	%		8.73	%		10.17	%
Index
MSCI EAFE^® Small Cap Index (Net)^1,15			–11.70	%		–1.48	%		7.85	%		8.94	%

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 2021 were 13.09%, 13.62%, 14.29% and 13.03% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.07%, 1.44%, 2.19% and 0.98% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Intrinsic Value Fund Institutional Class generated a –2.70% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming its benchmark, the Russell 2000^® Value Index (the Index), which generated a –2.10% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

2021 was another year of robust performance as good fortune continued to shine on investors. However, equity markets sold off in January and February 2022 amid high volatility. Risk-off sentiment was driven by many factors including inflation, the U.S. Federal Reserve Board's policy shift, geopolitical tensions, a surge in Omicron cases, and supply chain issues. Russia's invasion of Ukraine in late February brought a new source of unease. Small cap and value stocks fared better in February recouping some of January's losses.

Fund performance was largely driven by the strategy's historic sector biases. An overweight in Information Technology (IT) and an underweight in Financials were detrimental to performance relative to the Index. Energy led the market as oil prices surged and our oil and gas stocks generated strong returns. Our leisure stocks also performed well as the economy continued to reopen. Importantly, M&A activity has been robust and three of our companies agreed to be acquired at attractive premiums.

The challenge of labor, both wages and availability of skilled workers, and inflation from raw materials is pervasive in the portfolio. We continue to monitor supply chains, risks of component shortages, inflation, and labor, and assess the risks they present to profits. While running a business without encountering operating problems will be difficult in 2022, this has not prevented us from uncovering attractive long-term investment ideas. Since the onset of the pandemic, we have moved in a balanced direction between return to normal themes and IT, Health Care and Consumer names that have been our historic bailiwick.

While the pandemic rendered our usual on-site face-to-face research approach impossible to execute and productivity as measured by new ideas was impacted, we are now back on the road, engaged in face-to-face Q&A with management teams and our pipeline of actionable investment ideas is growing. After a strong five-year investment cycle, refreshing the portfolio and improving our risk/reward balance could not be more important. Therefore, during the reporting period, we added 11 new names to the portfolio and eliminated the same number, and the portfolio's intrinsic value¹ discount is above its historic average and median.

Beyond the dislocation to our personal and work lives, we have seen other pandemic induced changes. For the last three decades China exported deflation and COVID-19 abruptly ended this trend. Now inflation is on the rise and shows little sign of slowing. The manufacturing models of lowest cost production geographies combined with just in time inventory management are giving way to "old" school manufacturing ideas based on resilience, reliability, and redundancy. All of this is taking place while investors are asking companies to make environmental commitments to net "zero" carbon footprints and sustainability. We believe that the trends of deglobalization and decarbonization will affect most every business for years to come.

In our view, the prolonged and persistent inflationary pressures exacerbated by the invasion of Ukraine are hurting the performance of Consumer Discretionary stocks. Looking ahead, in our view traditional Energy, Industrials and Materials companies will have longer and more robust profit cycles and there will be a push to accelerate green and alternative energy investment. We firmly believe there will be plenty of interesting opportunities for our eclectic contrarian style. While performance has taken a step back, we believe it is short term and that an exciting portfolio for the long term can emerge.

Sincerely,

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

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 managers. The opinions are as of the date of this report and are subject to change without notice.

Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	4.5	%
Consumer Discretionary	6.8
Consumer Staples	1.6
Energy	5.1
Financials	5.7
Health Care	10.0
Industrials	13.2
Information Technology	31.0
Materials	6.8
Real Estate	1.0
Utilities	2.8
Convertible Bonds	1.1
Short-Term Investments	10.4
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date*	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁸	05/10/2010		–2.70	%		5.76	%		13.80	%		12.99	%		11.77	%
Class A¹⁸	05/10/2010		–2.91	%		5.35	%		13.38	%		12.58	%		11.57	%
Class C¹⁸	05/10/2010		–3.20	%		4.61	%		12.55	%		11.75	%		11.18	%
Class R6^18,21	01/18/2019		–2.60	%		5.93	%		13.89	%		13.04	%		11.79	%
With Sales Charge
Class A¹⁸			–8.49	%		–0.69	%		12.05	%		11.91	%		11.30	%
Class C¹⁸			–4.10	%		3.63	%		12.55	%		11.75	%		11.18	%
Index
Russell 2000^® Value Index^1,15			–2.10	%		6.63	%		7.97	%		10.66	%		8.90	%
Russell 2000^® Index^1,15			–9.46	%		–6.01	%		9.50	%		11.18	%		8.29	%

*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 2021 were 1.01%, 1.37%, 2.12% and 0.89% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios for each of Institutional Class, Class C and Class R6 includes each class's repayment of expenses previously reimbursed and/or fees previously waived under the contractual expense limitation by NBIA. The expense ratio was 2.12% for Class A shares after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Large Cap Value Fund Commentary (Unaudited)

Neuberger Berman Large Cap Value Fund Investor Class generated a 5.99% total return for the six months ended February 28, 2022 (the reporting period), outperforming the 0.42% total return of its benchmark, the Russell 1000^® Value Index (the Index). (Performance for all share classes is provided in the table immediately following this letter.)

The equity market experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S Federal Reserve Board would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the S&P 500^® Index returned –2.62% during the reporting period. Meanwhile, large-cap value stocks, as measured by the Index, gained 0.42% over the reporting period.

The Fund outperformed the Index during the reporting period, driven by both stock selection and sector allocation. In terms of stock selection, holdings in the Financials, Materials and Consumer Discretionary sectors added the most value. Looking at individual stocks, energy companies Exxon Mobil Corp., Chevron Corp., and Devon Energy Corp. were the most beneficial for returns. From a sector allocation perspective, underweights to Communication Services and Information Technology versus the Index and an overweight to Energy were the largest contributors to relative results.

On the downside, stock selection in the Information Technology, Consumer Staples and Industrials sectors were the largest detractors from relative returns. Looking at individual stocks, multinational conglomerate General Electric Company, health care equipment & supply firm Medtronic PLC, and financial services organization JPMorgan Chase & Co. were the largest detractors from results. In terms of sector allocation, overweights to the Industrials and Consumer Discretionary sectors versus the Index were the largest headwinds for relative returns, driven by our travel and leisure-related stocks.

The Fund remains focused on the more cyclical areas of the market, which was beneficial for performance during the reporting period. The overweights to these areas have come down as less cyclical areas of the market have gotten more attractive to us. The war in Ukraine has increased the uncertainty in the marketplace and led to heightened volatility. Against this backdrop, we are maintaining our disciplined approach and continue to monitor valuations and opportunities in the markets. We came into this period with an overweight to Energy and other commodities, and continue to evaluate that area for opportunities, especially in light of rising prices given supply disruptions due to the war in Ukraine. Elsewhere, reopening travel and leisure-related industries could benefit from continued normalization post the current period. Our view has been—and continues to be—that investors should pay close attention to asset allocation and look to maintain balance in their portfolio, with special attention to underlying exposures. We remain bottom-up managers, looking for opportunities to buy stocks that we believe are trading below their fair value to generate results for the Fund's investors. We also believe that equities remain the most attractive 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 (Unaudited)

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
Class E				NPNEX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Consumer Discretionary	6.3	%
Consumer Staples	14.4
Energy	9.0
Financials	20.9
Health Care	16.0
Industrials	15.4
Information Technology	0.9
Materials	10.2
Utilities	1.7
Short-Term Investments	5.2
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	01/20/1975²		5.99	%		16.45	%		15.16	%		14.04	%		12.89	%
Trust Class³	08/30/1993		5.90	%		16.21	%		14.95	%		13.83	%		12.79	%
Advisor Class⁴	08/16/1996		5.81	%		16.03	%		14.77	%		13.66	%		12.66	%
Institutional Class⁵	06/07/2006		6.08	%		16.62	%		15.35	%		14.23	%		12.96	%
Class A¹⁹	06/21/2010		5.89	%		16.17	%		14.91	%		13.79	%		12.83	%
Class C¹⁹	06/21/2010		5.50	%		15.36	%		14.07	%		12.95	%		12.62	%
Class R3¹⁶	06/21/2010		5.74	%		15.86	%		14.59	%		13.48	%		12.76	%
Class R6²²	01/18/2019		6.12	%		16.73	%		15.34	%		14.13	%		12.91	%
Class E²⁴	01/11/2022		6.11	%		16.58	%		15.19	%		14.05	%		12.90	%
With Sales Charge
Class A¹⁹			–0.21	%		9.47	%		13.56	%		13.11	%		12.69	%
Class C¹⁹			4.50	%		14.36	%		14.07	%		12.95	%		12.62	%
Index
Russell 1000^® Value Index^1,15			0.42	%		14.99	%		9.45	%		11.71	%		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 2021 were 0.79%, 0.99%, 1.15%, 0.63%, 1.02%, 1.75%, 1.30% and 0.54% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively , and the estimated total annual operating expense ratio for fiscal year 2022 is 0.48% for Class E (before expense reimbursements and/or fee waivers, if any). The estimated expense ratio for fiscal year 2022 is 0.03% for Class E shares after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Mid Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Growth Fund Investor Class generated a –13.78% total return for the six-month period ended February 28, 2022 (the reporting period), outpacing its benchmark, the Russell Midcap^® Growth Index (the Index), which posted a –15.80% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The reporting period was largely defined by persistent inflationary pressure, further amplified by continued supply constraints and labor shortages, and stylistic rotational volatility spurred by an increasingly hawkish U.S. Federal Reserve Board (Fed) finally intent on pursuing a path to monetary tightening. As the proverbial "wall of worry" continued to evolve and expand beyond just COVID-related challenges, including Russia's invasion of Ukraine, investors have demonstrated a renewed interest in execution, fundamentals and consistency, a sentiment typically more favorable to our investment approach.

On a relative basis, over the reporting period, positive stock selection within Financials, Communication Services, Consumer Staples, Industrials and Consumer Discretionary was able to offset stock-specific weakness within Health Care, the negative impact of our underweight allocations to Materials and Energy versus the Index, and our lack of exposure to Real Estate. At the industry level, our overweight allocation to Banks was the leading contributor to performance as our holdings, in addition to benefitting from a rising rate tailwind, continued to execute and demonstrate positive developments and growth across their business lines, while a mix of stock-specific issues and challenging market sentiment resulted in the Information Technology Services industry being the leading detractor.

Drilling down to our holdings, Devon Energy Corporation, an oil and natural gas exploration & production company, was the leading contributor to performance as the company benefited from a surge in energy prices and the market's favorable view of their more disciplined capital allocation plan, which includes debt reduction, more focused capital expenditures and both dividend and share repurchase programs. The leading detractor for the period was EPAM Systems, Inc., a provider of outsourced software product development and digital platform engineering and consulting services, which came under pressure due to the turmoil in Eastern Europe as nearly half of their employees are based in Ukraine, Belarus and Russia.

Looking ahead, the prevailing market narrative will likely still center around monetary policy and interest rates until the Fed officially implements a course of action. Given that we're not certain if the Russian-Ukrainian conflict will influence the Fed's calculus around their intended path to monetary tightening or how much the market has already priced in for that eventual outcome, we anticipate that "Fed-watching" will continue to foster bouts of volatility for longer-duration/secular-growth investments. However, if the worst of COVID-19 disruptions remain behind us and there is an eventual path to a cessation of hostilities in Eastern Europe, those early headwinds can be potentially balanced by the fact that we anticipate the U.S. economy to remain resilient. While valuation resets are not enjoyable, given our continued confidence in the underlying positives for growth, we believe this current volatility presents an opportunity and a potential inflection point for the market's willingness to again pay up for superior growth and execution. As 2022 unfolds, our goal will be to maintain an effective balance between secular and cyclical exposure and populate the Fund with what we believe are intriguing business models offering underappreciated growth catalysts, compelling addressable markets and managements capable of consistently exceeding expectations.

Sincerely,

KENNETH J. TUREK, CHAD BRUSO AND TREVOR MORENO
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 manager. The opinions are as of the date of this report and are subject to change without notice.

Mid Cap Growth Fund (Unaudited)

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	1.5	%
Consumer Discretionary	15.8
Consumer Staples	2.7
Energy	2.4
Financials	8.0
Health Care	16.0
Industrials	16.5
Information Technology	34.3
Short-Term Investments	2.8
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/01/1979²		–13.78	%		–7.62	%		15.24	%		12.64	%		12.07	%
Trust Class³	08/30/1993		–13.83	%		–7.73	%		15.15	%		12.58	%		11.98	%
Advisor Class⁴	09/03/1996		–13.93	%		–7.94	%		14.87	%		12.28	%		11.77	%
Institutional Class⁵	04/19/2007		–13.72	%		–7.49	%		15.44	%		12.87	%		12.16	%
Class A¹⁹	05/27/2009		–13.88	%		–7.81	%		15.01	%		12.44	%		12.02	%
Class C¹⁹	05/27/2009		–14.18	%		–8.48	%		14.15	%		11.61	%		11.77	%
Class R3¹⁶	05/27/2009		–13.99	%		–8.07	%		14.71	%		12.16	%		11.93	%
Class R6²²	03/15/2013		–13.68	%		–7.37	%		15.54	%		12.92	%		12.13	%
With Sales Charge
Class A¹⁹			–18.83	%		–13.12	%		13.66	%		11.78	%		11.86	%
Class C¹⁹			–14.91	%		–9.27	%		14.15	%		11.61	%		11.77	%
Index
Russell Midcap^® Growth Index^1,15			–15.80	%		–4.32	%		14.86	%		13.59	%		N/A
Russell Midcap^® Index^1,15			–6.15	%		7.07	%		12.02	%		12.82	%		13.20	%

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 2021 were 0.83%, 0.92%, 1.18%, 0.67%, 1.04%, 1.79%, 1.29% and 0.57% 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). The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Mid Cap Intrinsic Value Fund Commentary (Unaudited)

Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 4.68% total return for the six-month period ended February 28, 2022 (the reporting period), outperforming its benchmark, the Russell Midcap^® Value Index (the Index), which returned –0.39% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

2021 was another year of robust performance as good fortune continued to shine on investors. However, equity markets sold off in January and February 2022 amid high volatility. Risk-off sentiment was driven by many factors including inflation, the U.S. Federal Reserve Board's policy shift, geopolitical tensions, a surge in Omicron cases, and supply chain issues. Russia's invasion of Ukraine in late February brought a new source of unease. After a period of difficult relative performance our portfolio's investments in strong, cash-generating value companies outperformed growth stocks and broader market indices.

We believe the recent changes to our process laid the groundwork for the improved returns. We empowered senior analysts to make investment decisions, increased the number of names in the portfolio and scaled down the size of buy and sell decisions. We also increased our exposure to Energy and Financials stocks. Importantly, our commitment to value investing and focus on cash flow remains the cornerstone of our strategy.

Energy stocks led the market as oil prices surged and our oil and gas stocks generated strong returns. Our stocks in the Banks industry group also posted solid gains and our leisure stocks performed well as the economy continued to reopen. Importantly, M&A activity has been robust. In total, seven portfolio companies have agreed to be acquired, divest significant assets, or make synergistic acquisitions.

The challenge of labor, both wages and availability of skilled workers, and inflation from raw materials is pervasive in the Fund. We continue to monitor supply chains, risks of component shortages, inflation, and labor, and assess the risks they present to profits. While running a business without encountering operating problems will be difficult in 2022, this hasn't prevented us from uncovering attractive long-term investment ideas. We have moved in a balanced direction between return to normal themes and Industrials, Health Care and Consumer names that have been our historic bailiwick.

While the pandemic rendered our usual on-site face-to-face research approach impossible to execute and productivity, as measured by new ideas, was impacted, we are now back on the road, engaged in face-to-face Q&A with management teams and our pipeline of actionable investment ideas is growing. Refreshing the portfolio and improving our risk/reward balance couldn't be more important. Therefore, during the reporting period, we added seven new names to the Fund and eliminated two.

Beyond the dislocation to our personal and work lives we have seen other pandemic induced changes. For the last three decades China exported deflation and COVID-19 abruptly ended this trend. Now inflation is on the rise and shows little sign of slowing. The manufacturing models of lowest cost production geographies combined with just in time inventory management are giving way to "old" school manufacturing ideas based on resilience, reliability, and redundancy. All of this is taking place while investors are asking companies to make environmental commitments to net "zero" carbon footprints and sustainability. We believe that the trends of deglobalization and decarbonization will affect most every business for years to come.

Sincerely,

MICHAEL C. GREENE, BENJAMIN H. NAHUM, JAMES F. MCAREE, AMIT SOLOMON AND RAND W. GESING
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.

Mid Cap Intrinsic Value Fund (Unaudited)

TICKER SYMBOLS

Investor Class				NBRVX
Trust Class				NBREX
Institutional Class				NBRTX
Class A				NBRAX
Class C				NBRCX
Class R3				NBRRX
Class R6				NBMRX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.8	%
Consumer Discretionary	11.2
Consumer Staples	5.8
Energy	10.9
Financials	14.1
Health Care	7.6
Industrials	15.8
Information Technology	15.1
Materials	4.2
Real Estate	3.2
Utilities	8.2
Short-Term Investments	1.1
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/01/1999		4.68	%		16.68	%		6.53	%		9.87	%		8.96	%
Trust Class³	06/10/1999		4.56	%		16.43	%		6.38	%		9.69	%		8.86	%
Institutional Class⁵	03/08/2010		4.74	%		16.77	%		6.80	%		10.13	%		9.11	%
Class A¹⁹	06/21/2010		4.59	%		16.40	%		6.42	%		9.73	%		8.90	%
Class C¹⁹	06/21/2010		4.18	%		15.52	%		5.63	%		8.92	%		8.49	%
Class R3¹⁶	06/21/2010		4.43	%		16.09	%		6.14	%		9.46	%		8.76	%
Class R6²²	03/29/2019		4.83	%		16.92	%		6.73	%		9.98	%		9.01	%
With Sales Charge
Class A¹⁹			–1.42	%		9.71	%		5.16	%		9.09	%		8.62	%
Class C¹⁹			3.18	%		14.52	%		5.63	%		8.92	%		8.49	%
Index
Russell Midcap^® Value Index^1,15			–0.39	%		13.75	%		9.18	%		11.93	%		9.60	%
Russell Midcap^® Index^1,15			–6.15	%		7.07	%		12.02	%		12.82	%		9.70	%

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 2021 were 1.49%, 1.69%, 1.32%, 1.73%, 2.47%, 1.98% and 1.73% 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). The expense ratios were 1.26%, 0.86%, 1.22%, 1.97%, 1.47% and 0.76% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Multi-Cap Opportunities Fund Commentary (Unaudited)

Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a –3.21% total return for the six-month period ended February 28, 2022 (the reporting period), versus a –2.62% 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.)

The Fund generated superior stock selection versus the Index for the reporting period, which benefitted relative performance. Strong selection was broad-based, as the Fund generated positive stock alpha in 6 of 9 sectors. Portfolio positioning detracted from relative performance, primarily due to the Fund having an overweight position to Communication Services versus the Index and zero exposure to Energy during the reporting period. The Fund finished the reporting period with an overweight relative to the Index in the Financials, Industrials, and Materials sectors. The Fund completed the reporting period with underweight positions to Health Care and Information Technology versus the Index; and had zero exposure to the Energy and Real Estate 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 Fund. We continue to find investment opportunities across each investment category that we believe have attractive risk/return profiles.

We continue to apply disciplined fundamental research to identify companies we believe have high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. The depth of our Storehouse of Knowledge remains robust. We continue to identify what we believe are attractive investment opportunities as equity market conditions evolve. As part of our ongoing research process, our team continues to closely monitor developments related to inflationary pressures, the interest rate environment, the conflict between Russia and Ukraine, and COVID-19. We believe the opening of the U.S. economy will progress, supporting U.S. corporate earnings growth. We believe the Fund is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.

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 (Unaudited)

TICKER SYMBOLS

Institutional Class				NMULX
Class A				NMUAX
Class C				NMUCX
Class E				NMUEX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	11.1	%
Consumer Discretionary	15.3
Consumer Staples	7.3
Financials	20.0
Health Care	7.5
Industrials	13.7
Information Technology	15.9
Materials	8.6
Utilities	0.5
Short-Term Investments	0.1
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date*	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Institutional Class¹⁷	12/21/2009		–3.21	%		15.24	%		13.46	%		14.13	%		10.12	%
Class A¹⁷	12/21/2009		–3.37	%		14.83	%		13.04	%		13.71	%		9.81	%
Class C¹⁷	12/21/2009		–3.76	%		13.93	%		12.20	%		12.86	%		9.15	%
Class E¹⁷	01/11/2022		–3.14	%		15.32	%		13.47	%		14.13	%		10.13	%
With Sales Charge
Class A¹⁷			–8.91	%		8.25	%		11.71	%		13.04	%		9.38	%
Class C¹⁷			–4.47	%		13.09	%		12.20	%		12.86	%		9.15	%
Index
S&P 500^® Index^1,15			–2.62	%		16.39	%		15.17	%		14.59	%		10.10	%

*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 2021 were 0.82%, 1.19% and 1.93% for Institutional Class, Class A and Class C shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2022 is 0.65% for Class E (before expense reimbursements and/or fee waivers, if any). The estimated expense ratio for fiscal year 2022 is 0.07% for Class E after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Real Estate Fund Commentary (Unaudited)

Neuberger Berman Real Estate Fund Trust Class generated a –4.33% total return for the six-month period ended February 28, 2022 (the reporting period), underperforming the –3.29% total return of its benchmark, the FTSE Nareit All Equity REITs Index (the Index), for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The equity market, as measured by the S&P 500^® Index, experienced periods of heighted volatility and generated weak results during the reporting period. Despite strong rallies in October and December 2021—partially driven by generally better than expected corporate earnings and resilient economic growth—these gains were offset over the other four months of the reporting period. In particular, the market was not able to overcome a number of challenges, including indications that the U.S. Federal Reserve Board (Fed) would soon start raising interest rates, inflation that reached a 40-year high, and the ongoing repercussions from COVID-19 and the Delta and Omicron variants. Toward the end of the reporting period, investor sentiment was also negatively impacted by the buildup and subsequent war in Ukraine. All told, the S&P 500 Index returned –2.62% during the reporting period. Comparatively, real estate investment trusts (REITs), as measured by the Index, posted a weaker return during the reporting period.

The Fund underperformed the Index on a relative basis during the reporting period. Sector positioning, overall, detracted from performance. In particular, the Fund's underweight to Lodging/Resorts versus the Index and an overweight to Infrastructure REITs were the largest negatives for relative returns. Conversely, an overweight to Self Storage and an underweight to Free Standing versus the Index were the most beneficial for performance.

Stock selection, overall, was additive for performance. Among those sectors contributing the most to relative results were Industrial, Office, and Self Storage. In terms of individual holdings, Public Storage, Prologis, Inc. and Weyerhaeuser Company were the most additive for returns. On the downside, holdings within the Apartment and Specialty sectors were the only meaningful detractors from performance. Several individual holdings were also negative for results, including American Tower Corp., Crown Castle International Corp. and Equinix, Inc.

Looking ahead, the challenges presented by the war in Ukraine remind us that elevated uncertainty and market volatility could persist. While the invasion of Ukraine by Russia is heartbreaking and tragic, at this point, we anticipate a limited impact on the U.S. economy due to minimal trade between the U.S. and Russia/Ukraine, and because the U.S. can access many of the commodities exported by Russia from other sources. Although it may be premature to say the COVID-19 crisis has ended, we believe the vaccination of the majority of the U.S. population increases the possibility of moving to a post-COVID-19 environment. Market attention has shifted to the long-term implications of inflationary pressures. As a result, the Fed has pivoted to a more hawkish position. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising rents. In particular, shorter lease duration sectors, such as Residential, Self Storage, and Industrial, are seeing higher than expected rents. We are monitoring the potential long-term effects of pandemic-driven changes in the way people work and live on real estate. We anticipate that over the long-term hybrid work arrangements are likely to temper overall demand for office space. Elsewhere, we believe advancements in technology, such as 5G cellular and cloud computing, will lead to significant investments in network and information technology infrastructure that may benefit Data Center and Infrastructure REITs. We also favor the Residential sectors due to what we believe are attractive demographic/demand trends.

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 (Unaudited)

TICKER SYMBOLS

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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Apartments	12.4	%
Data Centers	7.3
Diversified	2.7
Free Standing	2.1
Health Care	8.5
Industrial	13.3
Infrastructure	16.5
Manufactured Homes	5.0
Office	4.6
Regional Malls	4.7
Self Storage	8.8
Shopping Centers	4.2
Single Family Homes	3.5
Specialty	2.4
Timber	3.0
Short-Term Investments	1.0
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS^7,20

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Trust Class	05/01/2002		–4.33	%		21.06	%		10.19	%		9.79	%		11.10	%
Institutional Class⁶	06/04/2008		–4.28	%		21.29	%		10.40	%		9.99	%		11.24	%
Class A¹⁴	06/21/2010		–4.41	%		20.86	%		10.00	%		9.60	%		10.98	%
Class C¹⁴	06/21/2010		–4.80	%		19.93	%		9.17	%		8.78	%		10.49	%
Class R3¹⁴	06/21/2010		–4.54	%		20.55	%		9.73	%		9.32	%		10.82	%
Class R6²³	03/15/2013		–4.18	%		21.40	%		10.50	%		10.06	%		11.24	%
Class E²⁶	01/11/2022		–4.25	%		21.17	%		10.21	%		9.80	%		11.10	%
With Sales Charge
Class A¹⁴			–9.88	%		13.91	%		8.71	%		8.95	%		10.65	%
Class C¹⁴			–5.73	%		18.93	%		9.17	%		8.78	%		10.49	%
Index
FTSE Nareit All Equity REITs Index^1,15			–3.29	%		21.80	%		8.84	%		10.27	%		10.12	%

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 2021 were 1.39%, 1.02%, 1.39%, 2.15%, 1.64% and 0.93% for Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, and the estimated total annual operating expense ratio for fiscal year 2022 is 0.88% for Class E (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.85%, 1.21%, 1.96%, 1.46% and 0.75% for Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, and the estimated expense ratio for fiscal year 2022 is 0.08% for Class E after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Small Cap Growth Fund Commentary (Unaudited)

Neuberger Berman Small Cap Growth Fund Investor Class posted a –11.25% total return for the six-month period ended February 28, 2022 (the reporting period), outpacing its benchmark, the Russell 2000^® Growth Index (the Index), which returned –16.35% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

On a relative basis, over the reporting period, positive stock selection within Health Care, Industrials, Information Technology (IT), Financials, Consumer Discretionary and Communication Services easily offset the negative impact of our underweight allocations to Energy, Real Estate, Consumer Staples and Materials versus the Index and stock specific issues within Utilities. At the industry level, our allocation to the Health Care Providers & Services segment was the leading contributor to performance as multiple holdings consistently delivered compelling results and forward guidance, while a mix of stock specific issues and challenging market sentiment resulted in the IT Services segment being the leading detractor. Drilling down to our holdings, Calix, which offers broadband communications access systems and software that enables communications service providers to transform their networks and monetize customer data, was the leading contributor to performance as they consistently delivered strong results and raised their forward guidance throughout the period. The leading detractor for the period was Sprout Social, Inc., an all-in-one social media management platform, offering tools to identify trends and actionable insights and more effectively connect and engage with a targeted audience, which delivered solid results but fell victim to a rate-jittery market intent on resetting valuations for recent "high flying" growth stories that didn't maintain a torrid pace of either quarter-over-quarter or year-over-year growth.

Looking ahead, the prevailing market narrative will likely still center around monetary policy and interest rates until the Fed officially implements a course of action. Given that we are not certain if the Russian-Ukrainian conflict will influence the Fed's calculus around their intended path to monetary tightening or how much the market has already priced in for that eventual outcome, we anticipate that "Fed-watching" will continue to foster bouts of volatility for longer-duration/secular-growth investments. However, if the worst of COVID-19 disruptions remain behind us and there is an eventual path to a cessation of hostilities in Eastern Europe, then we believe those early headwinds can be potentially balanced by the fact that we anticipate the U.S. economy to remain resilient. While valuation resets are not enjoyable, given our continued confidence in the underlying positives for growth, we believe this current volatility presents an opportunity and a potential inflection point for the market's willingness to again pay up for superior growth and execution. As 2022 unfolds, our goal will be to maintain an effective balance between secular and cyclical exposure and populate the Fund with what we believe are intriguing business models offering underappreciated growth catalysts, compelling addressable markets and managements capable of consistently exceeding expectations.

Sincerely,

KENNETH J. TUREK, CHAD BRUSO AND TREVOR MORENO
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.

Small Cap Growth Fund (Unaudited)

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	3.3	%
Consumer Discretionary	14.9
Consumer Staples	3.2
Energy	3.7
Financials	7.5
Health Care	25.7
Industrials	16.8
Information Technology	21.3
Materials	2.1
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 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	10/20/1998		–11.25	%		–15.81	%		17.13	%		13.74	%		10.22	%
Trust Class³	11/03/1998		–11.33	%		–16.00	%		16.96	%		13.55	%		10.07	%
Advisor Class⁴	05/03/2002		–11.41	%		–16.13	%		16.78	%		13.40	%		9.96	%
Institutional Class⁵	04/01/2008		–11.19	%		–15.71	%		17.43	%		14.06	%		10.40	%
Class A¹⁹	05/27/2009		–11.35	%		–16.01	%		17.01	%		13.65	%		10.16	%
Class C¹⁹	05/27/2009		–11.67	%		–16.63	%		16.14	%		12.81	%		9.71	%
Class R3¹⁶	05/27/2009		–11.45	%		–16.21	%		16.72	%		13.37	%		10.01	%
Class R6²²	09/07/2018		–11.15	%		–15.63	%		17.40	%		13.87	%		10.28	%
With Sales Charge
Class A¹⁹			–16.45	%		–20.85	%		15.63	%		12.98	%		9.88	%
Class C¹⁹			–12.41	%		–17.33	%		16.14	%		12.81	%		9.71	%
Index
Russell 2000^® Growth Index^1,15			–16.35	%		–17.40	%		10.49	%		11.38	%		8.34	%
Russell 2000^® Index^1,15			–9.46	%		–6.01	%		9.50	%		11.18	%		9.24	%

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 2021 were 1.28%, 1.47%, 1.63%, 1.10%, 1.50%, 2.21%, 1.74% and 1.09% 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). The expense ratios were 1.41%, 1.61%, 0.91%, 1.27%, 2.02%, 1.52% and 0.81% for Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

Sustainable Equity Fund Commentary (Unaudited)

Neuberger Berman Sustainable Equity Fund Investor Class reported a total return of –3.21% for the six-month period ended February 28, 2022 (the reporting period), trailing the –2.62% 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.)

After a strong fourth quarter in 2021, U.S. equities declined sharply in January 2022, due to investor concerns around a potentially accelerated pace of the U.S. Federal Reserve Board raising interest rates, as well as the Omicron variant surge. Then, in late February, as Russia threatened and subsequently invaded Ukraine, geopolitical and humanitarian concerns roiled the market, and energy prices skyrocketed.

Amidst the recent market volatility, the businesses we own continued to execute well, and their stocks were rewarded for most of the reporting period. Stock selection added to our relative returns this reporting period, with our largest advantage in Communication Services and Health Care. Top contributors included Arista Networks, Inc. and Cigna Corp. Arista, a provider of high-end, software-driven networking equipment for commercial users, benefited from accelerating sales and growth from cloud and enterprise customers. Cigna, a large U.S. health insurer, benefited from a broader market rotation from growth to more defensive value stocks.

The Fund's underperformance relative to the Index largely resulted from not owning traditional Energy. Elsewhere, Comcast and Zebra Technologies were the top detractors. Comcast declined on a slowdown in new broadband subscriptions (relative to the subscriptions surge during the depths of the pandemic). Zebra, the enterprise mobile computer and data capture firm, despite exceeding expectations, guided lower given continued high supply chain costs and shortages keeping them from meeting the strong demand. We believe that long-term growth expectations remain intact, and we continue to own both names.

We sold Unilever and Regeneron Pharmaceuticals during this period, given what we believe were better risk-reward opportunities elsewhere. We purchased Costco, a leader in the membership warehouse retail space, with a substantial moat driven by a unique customer value proposition centered on low-pricing and strong labor relations, attractive long-term growth prospects and a scale advantage, which positions them well to manage price inflation.

Looking ahead, we anticipate continued volatility and a challenging period ahead, given the conflict between Russia and Ukraine, the continuing sanctions and ongoing geopolitical concerns, and inflationary and global growth worries; in addition to businesses navigating the supply-chain issues driven by the pandemic.

However, we also believe the U.S. economy continues to be in good shape. Vaccination rates and new treatments have partially offset economic disruptions from COVID-19. In our view, the U.S. consumer has accumulated savings, de-levered consumer balance sheets, pent-up demand and high consumer confidence, notwithstanding reduced purchasing power from potentially higher inflation. While unemployment remained low at 3.8% at the end of February and wages are rising, workers have been reticent to return to work despite phasing out of pandemic related stimulus payments, offsetting business' willingness to re-open.

We anticipate equity returns will be driven by earnings growth rather than valuation expansion as higher interest rates and the end of quantitative easing potentially result in higher real rates. As such, we believe that well-run companies with strong fundamentals should outperform.

As always, we view the ability to help solve sustainability challenges—such as access to innovative care, greening of the economy, grid decarbonization, green transportation, digital transformation, enhanced efficiency and automation—as a driver of secular growth potential. We also believe our approach to identifying businesses with solid growth prospects, high returns on invested capital, strong balance sheets, Environmental, Social and Governance leadership and diversification, positions the Fund well going forward.

Sincerely,

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

*As previously disclosed in a supplement to the Fund's prospectus, Ingrid S. Dyott and Sajjad S. Ladiwala ceased their portfolio management responsibilities on March 31, 2022. Daniel P. Hanson became Senior Portfolio Manager of the Fund effective April 1, 2022.

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 (Unaudited)

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	10.7	%
Consumer Discretionary	10.0
Consumer Staples	4.3
Financials	9.4
Health Care	16.7
Industrials	15.2
Information Technology	28.6
Materials	1.7
Utilities	2.8
Short-Term Investments	0.6
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS⁷

		Six Month			Average Annual Total Return Ended 02/28/2022
	Inception Date	Period Ended 02/28/2022			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	03/16/1994		–3.21	%		10.79	%		12.43	%		12.67	%		9.85	%
Trust Class³	03/03/1997		–3.31	%		10.58	%		12.24	%		12.48	%		9.67	%
Institutional Class⁵	11/28/2007		–3.15	%		10.96	%		12.63	%		12.88	%		9.95	%
Class A¹⁹	05/27/2009		–3.31	%		10.56	%		12.21	%		12.46	%		9.75	%
Class C¹⁹	05/27/2009		–3.66	%		9.75	%		11.39	%		11.62	%		9.38	%
Class R3¹⁶	05/27/2009		–3.44	%		10.28	%		11.94	%		12.18	%		9.63	%
Class R6²²	03/15/2013		–3.10	%		11.06	%		12.73	%		12.94	%		9.94	%
With Sales Charge
Class A¹⁹			–8.87	%		4.20	%		10.89	%		11.79	%		9.52	%
Class C¹⁹			–4.53	%		8.76	%		11.39	%		11.62	%		9.38	%
Index
S&P 500^® Index^1,15			–2.62	%		16.39	%		15.17	%		14.59	%		10.41	%

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 2021 were 0.85%, 1.02%, 0.67%, 1.04%, 1.79%, 1.29% 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). The expense ratios for the semi-annual period ended February 28, 2022, can be found in the Financial Highlights section of this report.

U.S. Equity Impact Fund Commentary (Unaudited)

Neuberger Berman U.S. Equity Impact Fund Institutional Class generated a –13.74% total return for the six-month period ended February 28, 2022 (the reporting period) versus a –4.24% total return for its benchmark, the Russell 3000^® Index (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Following a strong end to 2021, U.S. equities declined in early 2022. Investor sentiment was impacted by the conflict between Russia and Ukraine and the potential implications from economic sanctions against Russia. The prospect of rising interest rates and inflationary pressures also weighed on sentiment. We believe the environment for U.S. equities remains attractive and is supported by robust company fundamentals and improving valuations. Additionally, we believe the opportunity for Impact investing¹ remains attractive due to strong demand for products and services which have the potential to generate significant positive outcomes for people and the planet.

Superior stock selection within the Health Care sector benefitted the Fund's relative performance. The Fund also benefitted from underweight positions to Communication Services and Consumer Discretionary, and overweight positions to Materials and Utilities versus the Index. The Fund's zero exposure to Energy and stock selection within the Consumer Discretionary and Information Technology (IT) sectors detracted from relative returns. The Fund ended the reporting period with overweight positions relative to the Index in the Health Care, Industrials, and Materials sectors and underweight to the Consumer Discretionary, Financials, and IT sectors. The Fund had no exposure to the Energy or Real Estate sectors at the end of the reporting period. We believe the Fund remains well positioned to benefit from U.S. economic growth, robust company fundamentals, and an increased focus on Impact investing.

Impact investing offers the unique potential to support measurable progress against real-world environmental and social challenges while seeking market rate returns. This approach invests in companies with products or services that have the potential to deliver significantly positive outcomes for people and the planet, while reporting and measuring the tangible contributions that portfolio companies make. Our proprietary quantitative and qualitative impact analysis requires a deep understanding of the product outcomes for customers, which is a lens that adds insight to our fundamental investment process. Positive and negative impacts associated with the products and services of each major business line of a company are assessed.

A company's contribution to specific positive outcomes is evaluated with reference to the United Nations Sustainable Development Goals (UNSDGs). We believe companies delivering solutions aligned with achieving the UNSDGs have the potential for outsized growth and returns as these UNSDG goals become spending priorities. As part of our ongoing research process, our team continues to closely monitor developments related to inflationary pressures, the interest rate environment, the conflict between Russia and Ukraine, and COVID-19. We believe the potential for significant incremental capital deployed to achieve UNSDGs, along with a U.S. equity environment characterized by improving company fundamentals, continued economic growth, and the potential improvement in global supply chains are creating an attractive environment for the Fund.

Sincerely,

RICHARD S. NACKENSON AND JONATHAN BAILEY
PORTFOLIO MANAGERS

¹ Impact investing is the investment in a portfolio of companies whose products and services the portfolio managers believe have the potential to deliver positive social and environmental outcomes.

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.

U.S. Equity Impact Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NEQIX
Class A				NEQAX
Class C				NEQCX

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	2.8	%
Consumer Discretionary	4.0
Consumer Staples	5.3
Financials	1.4
Health Care	22.4
Industrials	26.3
Information Technology	16.7
Materials	13.2
Utilities	6.2
Short-Term Investments	1.7
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

Six Month

Cumulative Total Return
Ended 02/28/2022

Inception
Date

Period Ended
02/28/2022

Life of
Fund

At NAV

Institutional Class

03/23/2021

–13.74

–2.10

Class A

03/23/2021

–13.89

–2.44

Class C

03/23/2021

–14.21

–3.14

With Sales Charge

Class A

–18.84

–8.05

Class C

–15.06

–4.11

Index

Russell 3000^® Index^1,15

–4.24

8.87

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 estimated total annual operating expense ratios for fiscal year 2022 are 1.93%, 2.29% and 3.04% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated expense ratios for fiscal year 2022 are 0.90%, 1.26%, and 2.01% 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, 2022, can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Glossary of Indices" on page 57 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") 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 NBIA 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 each relatively small. 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 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.

Endnotes (cont'd)

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, Class R3 and Class E 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 and Class E. The Trust Class had lower expenses and typically higher returns than Class A, Class C and Class R3. The performance information for Class R3 and Class E from June 9, 2008, to the respective 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. The Institutional Class has higher expenses and typically lower returns than Class E.

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, Class C and Class E 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). NBIA 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. The Trust Class had higher expenses and typically lower returns than Class E. The performance information for Class E from

Endnotes (cont'd)

December 14, 2009, 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 higher expenses and typically lower returns than Class E.

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"); 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 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.

21 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.

22 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.

23 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.

24 The performance information for Class E 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 E.

Endnotes (cont'd)

25 The performance information for Class E 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 E.

26 The performance information for Class E 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 E.

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 tax-qualified equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, or NASDAQ. 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 48 country indexes comprising 23 developed and 25 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, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 20% of their free float-adjusted market capitalization as of November 2019. 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. Effective after the close on March 9, 2022, MSCI reclassified MSCI Russia Indexes from Emerging Markets to Standalone Markets status. At that time, all Russian securities were removed from this index at a final price of 0.00001, including both locally traded Russian equity constituents and Russian ADRs/GDRs constituents.
MSCI China All Shares Index (Net):				The index is a free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It covers the integrated MSCI China equity universe comprising A-shares, B-shares, H-shares, Red chips, P-chips and foreign listings listed outside China or Hong Kong (e.g. ADRs). A-shares are incorporated in China and trade on the Shanghai and Shenzhen exchanges; they are quoted in local renminbi and entail foreign investment regulations (QFII). B-shares are incorporated in China, and trade on the Shanghai and Shenzhen exchanges; they are quoted in foreign currencies (Shanghai USD, Shenzhen HKD) and are open to foreign investors. H-shares are incorporated in China and trade on the Hong Kong exchange and other foreign exchanges. Red chips and P-chips are incorporated outside of China and trade on the Hong Kong exchange. Red chips are usually controlled by the state or a province or municipality. P-chips are non state-owned Chinese companies incorporated outside the mainland and traded in Hong Kong. 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 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 20% of their free float-adjusted market capitalization as of November 2019. 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^® 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 25 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 20% of their free float-adjusted market capitalization as of November 2019. 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. Effective after the close on March 9, 2022, MSCI reclassified MSCI Russia Indexes from Emerging Markets to Standalone Markets status. At that time, all Russian securities were removed from this index at a final price of 0.00001, including both locally traded Russian equity constituents and Russian ADRs/GDRs constituents.
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.

Glossary of Indices (cont'd)

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.
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 3000^® Index:				The index is a float-adjusted, market-capitalization-weighted equity index that measures the performance of the 3,000 largest U.S. public companies based on total market capitalization which represent about 98% of all U.S incorporated equity securities. 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, 2022 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 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽¹⁾9/1/21 - 2/28/22			Expense Ratio			Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽²⁾9/1/21 - 2/28/22			Expense Ratio
Dividend Growth Fund
Institutional Class	$	1,000.00	$	991.70	$	3.41			0.69	%	$	1,000.00	$	1,021.37	$	3.46			0.69	%
Class A	$	1,000.00	$	990.40	$	5.18			1.05	%	$	1,000.00	$	1,019.59	$	5.26			1.05	%
Class C	$	1,000.00	$	986.70	$	8.87			1.80	%	$	1,000.00	$	1,015.87	$	9.00			1.80	%
Class R6	$	1,000.00	$	992.80	$	2.92			0.59	%	$	1,000.00	$	1,021.87	$	2.96			0.59	%
Emerging Markets Equity Fund
Institutional Class	$	1,000.00	$	872.10	$	5.66			1.22	%	$	1,000.00	$	1,018.74	$	6.11			1.22	%
Class A	$	1,000.00	$	871.10	$	6.96			1.50	%	$	1,000.00	$	1,017.36	$	7.50			1.50	%
Class C	$	1,000.00	$	867.50	$	10.42			2.25	%	$	1,000.00	$	1,013.64	$	11.23			2.25	%
Class R3	$	1,000.00	$	869.30	$	8.85			1.91	%	$	1,000.00	$	1,015.32	$	9.54			1.91	%
Class R6	$	1,000.00	$	872.50	$	5.11			1.10	%	$	1,000.00	$	1,019.34	$	5.51			1.10	%
Equity Income Fund
Institutional Class	$	1,000.00	$	1,059.00	$	3.57			0.70	%	$	1,000.00	$	1,021.32	$	3.51			0.70	%
Class A	$	1,000.00	$	1,056.50	$	5.40			1.06	%	$	1,000.00	$	1,019.54	$	5.31			1.06	%
Class C	$	1,000.00	$	1,053.40	$	9.22			1.81	%	$	1,000.00	$	1,015.82	$	9.05			1.81	%
Class R3	$	1,000.00	$	1,055.60	$	6.98			1.37	%	$	1,000.00	$	1,018.00	$	6.85			1.37	%
Class E	$	1,000.00	$	994.50	$	0.05	⁽³⁾		0.04	%	$	1,000.00	$	1,024.60	$	0.20			0.04	%
Focus Fund
Investor Class	$	1,000.00	$	835.00	$	3.96			0.87	%	$	1,000.00	$	1,020.48	$	4.36			0.87	%
Trust Class	$	1,000.00	$	834.30	$	4.91			1.08	%	$	1,000.00	$	1,019.44	$	5.41			1.08	%
Advisor Class	$	1,000.00	$	833.60	$	5.73			1.26	%	$	1,000.00	$	1,018.55	$	6.31			1.26	%
Institutional Class	$	1,000.00	$	835.70	$	3.32			0.73	%	$	1,000.00	$	1,021.17	$	3.66			0.73	%
Class A	$	1,000.00	$	834.10	$	5.05			1.11	%	$	1,000.00	$	1,019.29	$	5.56			1.11	%
Class C	$	1,000.00	$	830.90	$	8.44			1.86	%	$	1,000.00	$	1,015.57	$	9.30			1.86	%
Genesis Fund
Investor Class	$	1,000.00	$	929.50	$	4.74			0.99	%	$	1,000.00	$	1,019.89	$	4.96			0.99	%
Trust Class	$	1,000.00	$	929.10	$	5.17			1.08	%	$	1,000.00	$	1,019.44	$	5.41			1.08	%
Advisor Class	$	1,000.00	$	927.90	$	6.41			1.34	%	$	1,000.00	$	1,018.15	$	6.71			1.34	%
Institutional Class	$	1,000.00	$	930.30	$	3.97			0.83	%	$	1,000.00	$	1,020.68	$	4.16			0.83	%
Class R6	$	1,000.00	$	930.80	$	3.49			0.73	%	$	1,000.00	$	1,021.17	$	3.66			0.73	%
Class E	$	1,000.00	$	943.60	$	0.04	⁽³⁾		0.03	%	$	1,000.00	$	1,024.65	$	0.15			0.03	%
Global Real Estate Fund
Institutional Class	$	1,000.00	$	942.60	$	4.82			1.00	%	$	1,000.00	$	1,019.84	$	5.01			1.00	%
Class A	$	1,000.00	$	940.90	$	6.54			1.36	%	$	1,000.00	$	1,018.05	$	6.80			1.36	%
Class C	$	1,000.00	$	938.00	$	10.14			2.11	%	$	1,000.00	$	1,014.33	$	10.54			2.11	%
Greater China Equity Fund
Institutional Class	$	1,000.00	$	879.50	$	6.99			1.50	%	$	1,000.00	$	1,017.36	$	7.50			1.50	%
Class A	$	1,000.00	$	878.20	$	8.66			1.86	%	$	1,000.00	$	1,015.57	$	9.30			1.86	%
Class C	$	1,000.00	$	874.80	$	12.13			2.61	%	$	1,000.00	$	1,011.85	$	13.02			2.61	%
Guardian Fund
Investor Class	$	1,000.00	$	914.40	$	3.84	⁽⁴⁾		0.81	%	$	1,000.00	$	1,020.78	$	4.06	⁽⁴⁾		0.81	%
Trust Class	$	1,000.00	$	913.90	$	4.79	⁽⁴⁾		1.01	%	$	1,000.00	$	1,019.79	$	5.06	⁽⁴⁾		1.01	%
Advisor Class	$	1,000.00	$	912.90	$	5.55	⁽⁴⁾		1.17	%	$	1,000.00	$	1,018.99	$	5.86	⁽⁴⁾		1.17	%
Institutional Class	$	1,000.00	$	915.10	$	3.13	⁽⁴⁾		0.66	%	$	1,000.00	$	1,021.52	$	3.31	⁽⁴⁾		0.66	%
Class A	$	1,000.00	$	913.80	$	4.93	⁽⁴⁾		1.04	%	$	1,000.00	$	1,019.64	$	5.21	⁽⁴⁾		1.04	%
Class C	$	1,000.00	$	910.40	$	8.43	⁽⁴⁾		1.78	%	$	1,000.00	$	1,015.97	$	8.90	⁽⁴⁾		1.78	%
Class R3	$	1,000.00	$	912.20	$	6.45	⁽⁴⁾		1.36	%	$	1,000.00	$	1,018.05	$	6.80	⁽⁴⁾		1.36	%
Class R6	$	1,000.00	$	915.50	$	3.09	⁽⁴⁾		0.65	%	$	1,000.00	$	1,021.57	$	3.26	⁽⁴⁾		0.65	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽¹⁾9/1/21 - 2/28/22			Expense Ratio			Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽²⁾9/1/21 - 2/28/22		Expense Ratio
International Equity Fund
Investor Class	$	1,000.00	$	880.30	$	5.04			1.08	%	$	1,000.00	$	1,019.44	$	5.41		1.08	%
Trust Class	$	1,000.00	$	879.50	$	5.36			1.15	%	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class	$	1,000.00	$	881.10	$	4.06			0.87	%	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Class A	$	1,000.00	$	879.10	$	5.73			1.23	%	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class C	$	1,000.00	$	876.20	$	9.21			1.98	%	$	1,000.00	$	1,014.98	$	9.89		1.98	%
Class R6	$	1,000.00	$	881.50	$	3.64			0.78	%	$	1,000.00	$	1,020.93	$	3.91		0.78	%
Class E	$	1,000.00	$	914.10	$	0.05	⁽³⁾		0.04	%	$	1,000.00	$	1,024.60	$	0.20		0.04	%
International Select Fund
Trust Class	$	1,000.00	$	886.00	$	5.66			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Institutional Class	$	1,000.00	$	887.40	$	4.07			0.87	%	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Class A	$	1,000.00	$	886.00	$	5.75			1.23	%	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class C	$	1,000.00	$	883.10	$	9.20			1.97	%	$	1,000.00	$	1,015.03	$	9.84		1.97	%
Class R3	$	1,000.00	$	884.90	$	6.92			1.48	%	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Class R6	$	1,000.00	$	888.30	$	3.42			0.73	%	$	1,000.00	$	1,021.17	$	3.66		0.73	%
International Small Cap Fund
Institutional Class	$	1,000.00	$	840.50	$	4.79			1.05	%	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Class A	$	1,000.00	$	838.90	$	6.43			1.41	%	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class C	$	1,000.00	$	835.70	$	9.83			2.16	%	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Class R6	$	1,000.00	$	840.40	$	4.34			0.95	%	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Intrinsic Value Fund
Institutional Class	$	1,000.00	$	973.00	$	4.89			1.00	%	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Class A	$	1,000.00	$	970.90	$	6.65			1.36	%	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class C	$	1,000.00	$	968.00	$	10.30			2.11	%	$	1,000.00	$	1,014.33	$	10.54		2.11	%
Class R6	$	1,000.00	$	974.00	$	4.11			0.84	%	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Large Cap Value Fund
Investor Class	$	1,000.00	$	1,059.90	$	3.83			0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Trust Class	$	1,000.00	$	1,059.00	$	4.85			0.95	%	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Advisor Class	$	1,000.00	$	1,058.10	$	5.61			1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class	$	1,000.00	$	1,060.80	$	3.07			0.60	%	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Class A	$	1,000.00	$	1,058.90	$	5.00			0.98	%	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Class C	$	1,000.00	$	1,055.00	$	8.76			1.72	%	$	1,000.00	$	1,016.27	$	8.60		1.72	%
Class R3	$	1,000.00	$	1,057.40	$	6.27			1.23	%	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class R6	$	1,000.00	$	1,061.20	$	2.56			0.50	%	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Class E	$	1,000.00	$	991.40	$	0.04	⁽³⁾		0.03	%	$	1,000.00	$	1,024.65	$	0.15		0.03	%
Mid Cap Growth Fund
Investor Class	$	1,000.00	$	862.20	$	3.74			0.81	%	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Trust Class	$	1,000.00	$	861.70	$	4.20			0.91	%	$	1,000.00	$	1,020.28	$	4.56		0.91	%
Advisor Class	$	1,000.00	$	860.70	$	5.40			1.17	%	$	1,000.00	$	1,018.99	$	5.86		1.17	%
Institutional Class	$	1,000.00	$	862.80	$	3.05			0.66	%	$	1,000.00	$	1,021.52	$	3.31		0.66	%
Class A	$	1,000.00	$	861.20	$	4.75			1.03	%	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class C	$	1,000.00	$	858.20	$	8.20			1.78	%	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class R3	$	1,000.00	$	860.10	$	5.90			1.28	%	$	1,000.00	$	1,018.45	$	6.41		1.28	%
Class R6	$	1,000.00	$	863.20	$	2.59			0.56	%	$	1,000.00	$	1,022.02	$	2.81		0.56	%

Expense Example (Unaudited) (cont'd)

Neuberger Berman Equity Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽¹⁾9/1/21 - 2/28/22			Expense Ratio			Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Expenses Paid During the Period⁽²⁾9/1/21 - 2/28/22		Expense Ratio
Mid Cap Intrinsic Value Fund
Investor Class	$	1,000.00	$	1,046.80	$	4.87			0.96	%	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Trust Class	$	1,000.00	$	1,045.60	$	6.09			1.20	%	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class	$	1,000.00	$	1,047.40	$	4.31			0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class A	$	1,000.00	$	1,045.90	$	6.14			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Class C	$	1,000.00	$	1,041.80	$	9.92			1.96	%	$	1,000.00	$	1,015.08	$	9.79		1.96	%
Class R3	$	1,000.00	$	1,044.30	$	7.40			1.46	%	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Class R6	$	1,000.00	$	1,048.30	$	3.81			0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Multi-Cap Opportunities Fund
Institutional Class	$	1,000.00	$	967.90	$	3.90			0.80	%	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class A	$	1,000.00	$	966.30	$	5.75			1.18	%	$	1,000.00	$	1,018.94	$	5.91		1.18	%
Class C	$	1,000.00	$	962.40	$	9.34			1.92	%	$	1,000.00	$	1,015.27	$	9.59		1.92	%
Class E	$	1,000.00	$	950.00	$	0.10	⁽³⁾		0.08	%	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Real Estate Fund
Trust Class	$	1,000.00	$	956.70	$	5.05			1.04	%	$	1,000.00	$	1,019.64	$	5.21		1.04	%
Institutional Class	$	1,000.00	$	957.20	$	4.12			0.85	%	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class A	$	1,000.00	$	955.90	$	5.87			1.21	%	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Class C	$	1,000.00	$	952.00	$	9.49			1.96	%	$	1,000.00	$	1,015.08	$	9.79		1.96	%
Class R3	$	1,000.00	$	954.60	$	7.08			1.46	%	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Class R6	$	1,000.00	$	958.20	$	3.64			0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class E	$	1,000.00	$	922.10	$	0.06	⁽³⁾		0.05	%	$	1,000.00	$	1,024.55	$	0.25		0.05	%
Small Cap Growth Fund
Investor Class	$	1,000.00	$	887.50	$	4.73			1.01	%	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Trust Class	$	1,000.00	$	886.70	$	5.85			1.25	%	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Advisor Class	$	1,000.00	$	885.90	$	6.55			1.40	%	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class	$	1,000.00	$	888.10	$	4.21			0.90	%	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class A	$	1,000.00	$	886.50	$	5.89			1.26	%	$	1,000.00	$	1,018.55	$	6.31		1.26	%
Class C	$	1,000.00	$	883.30	$	9.39			2.01	%	$	1,000.00	$	1,014.83	$	10.04		2.01	%
Class R3	$	1,000.00	$	885.50	$	7.06			1.51	%	$	1,000.00	$	1,017.31	$	7.55		1.51	%
Class R6	$	1,000.00	$	888.50	$	3.75			0.80	%	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Sustainable Equity Fund
Investor Class	$	1,000.00	$	967.90	$	4.10			0.84	%	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Trust Class	$	1,000.00	$	966.90	$	4.97			1.02	%	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Institutional Class	$	1,000.00	$	968.50	$	3.22			0.66	%	$	1,000.00	$	1,021.52	$	3.31		0.66	%
Class A	$	1,000.00	$	966.90	$	5.02			1.03	%	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class C	$	1,000.00	$	963.40	$	8.67			1.78	%	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class R3	$	1,000.00	$	965.60	$	6.24			1.28	%	$	1,000.00	$	1,018.45	$	6.41		1.28	%
Class R6	$	1,000.00	$	969.00	$	2.73			0.56	%	$	1,000.00	$	1,022.02	$	2.81		0.56	%
U.S. Equity Impact Fund
Institutional Class	$	1,000.00	$	862.60	$	4.16			0.90	%	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class A	$	1,000.00	$	861.10	$	5.81			1.26	%	$	1,000.00	$	1,018.55	$	6.31		1.26	%
Class C	$	1,000.00	$	857.90	$	9.26			2.01	%	$	1,000.00	$	1,014.83	$	10.04		2.01	%

(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 49/365 (to reflect the period shown as of January 11, 2022 (Commencement of Operations) to February 28, 2022).

(4) Includes expenses of the Fund's Blocker (See Note A of the Notes to Financial Statements).

Legend February 28, 2022 (Unaudited)

Neuberger Berman Equity Funds

Counterparties:

SSB = State Street Bank and Trust Company

Schedule of Investments Dividend Growth Fund^ (Unaudited)
February 28, 2022

	Number of Shares		Value
Common Stocks 97.9%
Auto Components 1.9%
Aptiv PLC*		10,950	$	1,417,368
Automobiles 1.8%
General Motors Co.*		28,400		1,326,848
Banks 4.2%
JPMorgan Chase & Co.		10,500		1,488,900
PNC Financial Services Group, Inc.		7,975		1,589,019
				3,077,919
Capital Markets 5.0%
Amundi SA^(a)		14,675		1,026,751
BlackRock, Inc.		750		557,917
Cboe Global Markets, Inc.		8,475		994,033
Morgan Stanley		11,800		1,070,732
				3,649,433
Chemicals 1.8%
Akzo Nobel NV		13,650		1,300,930
Consumer Finance 1.6%
American Express Co.		6,050		1,176,967
Diversified Financial Services 1.1%
Equitable Holdings, Inc.		23,725		774,859
Electronic Equipment, Instruments & Components 5.5%
Amphenol Corp. Class A		21,800		1,657,018
Corning, Inc.		40,700		1,644,280
Zebra Technologies Corp. Class A*		1,800		744,012
				4,045,310
Energy Equipment & Services 1.0%
Schlumberger Ltd.		18,675		732,807
Entertainment 2.3%
Walt Disney Co.*		11,475		1,703,578
Equity Real Estate Investment Trusts 3.6%
American Tower Corp.		5,450		1,236,442
Equinix, Inc.		1,980		1,405,265
				2,641,707
Food & Staples Retailing 1.8%
Walmart, Inc.		9,600		1,297,536

	Number of Shares		Value
Food Products 2.3%
Mondelez International, Inc. Class A		20,150	$	1,319,422
Tootsie Roll Industries, Inc.		10,925		368,719
				1,688,141
Health Care Equipment & Supplies 4.4%
Becton, Dickinson & Co.		3,000		813,840
Medtronic PLC		10,625		1,115,519
STERIS PLC		5,475		1,314,000
				3,243,359
Hotels, Restaurants & Leisure 2.9%
Marriott International, Inc. Class A*		12,250		2,084,215
Industrial Conglomerates 1.6%
Honeywell International, Inc.		6,250		1,185,938
Insurance 3.0%
Aon PLC Class A		2,675		781,474
Assurant, Inc.		2,850		483,674
Marsh & McLennan Cos., Inc.		5,950		924,689
				2,189,837
IT Services 1.2%
Automatic Data Processing, Inc.		4,300		879,092
Life Sciences Tools & Services 1.9%
Agilent Technologies, Inc.		10,525		1,372,039
Machinery 4.9%
Caterpillar, Inc.		6,025		1,130,170
Nordson Corp.		5,050		1,143,774
Stanley Black & Decker, Inc.		8,000		1,301,600
				3,575,544
Media 2.1%
Comcast Corp. Class A		33,400		1,561,784
Metals & Mining 5.4%
Freeport- McMoRan, Inc.		52,500		2,464,875
Wheaton Precious Metals Corp.		33,700		1,475,723
				3,940,598

	Number of Shares		Value
Multi-Utilities 3.4%
CenterPoint Energy, Inc.		42,475	$	1,161,691
Dominion Energy, Inc.		16,700		1,328,151
				2,489,842
Oil, Gas & Consumable Fuels 3.0%
Devon Energy Corp.		36,500		2,173,575
Pharmaceuticals 8.4%
AstraZeneca PLC ADR		30,025		1,827,922
Bristol-Myers Squibb Co.		16,100		1,105,587
Eli Lilly & Co.		8,500		2,124,575
Novartis AG ADR		12,300		1,075,758
				6,133,842
Professional Services 2.0%
SGS SA		510		1,465,325
Road & Rail 3.1%
CSX Corp.		42,425		1,438,632
XPO Logistics, Inc.*		11,700		850,356
				2,288,988
Semiconductors & Semiconductor Equipment 4.9%
Analog Devices, Inc.		7,675		1,230,226
QUALCOMM, Inc.		13,900		2,390,661
				3,620,887
Software 3.4%
Microsoft Corp.		8,200		2,450,078
Specialty Retail 1.4%
TJX Cos., Inc.		15,850		1,047,685
Technology Hardware, Storage & Peripherals 3.2%
Apple, Inc.		14,250		2,352,960
Textiles, Apparel & Luxury Goods 2.3%
Cie Financiere Richemont SA Class A		12,550		1,711,923
Transportation Infrastructure 1.5%
Aena SME SA*^(a)		6,650		1,090,858
Total Common Stocks (Cost $48,552,218)				71,691,772

See Notes to Financial Statements

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

	Number of Shares		Value
Short-Term Investments 2.0%
Investment Companies 2.0%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)(Cost $1,472,630)		1,472,630	$	1,472,630
Total Investments 99.9% (Cost $50,024,848)				73,164,402
Other Assets Less Liabilities 0.1%				55,657
Net Assets 100.0%			$	73,220,059

* 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, 2022 amounted to $2,117,609, which represents 2.9% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2022.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	60,716,582		82.9	%
Switzerland		4,253,006		5.8	%
United Kingdom		1,827,922		2.5	%
Brazil		1,475,723		2.0	%
Netherlands		1,300,930		1.8	%
Spain		1,090,858		1.5	%
France		1,026,751		1.4	%
Short-Term Investments and Other Assets—Net		1,528,287		2.1	%
	$	73,220,059		100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	71,691,772	$	—	$	—	$	71,691,772
Short-Term Investments		—		1,472,630		—		1,472,630
Total Investments	$	71,691,772	$	1,472,630	$	—	$	73,164,402

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

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

See Notes to Financial Statements

Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)
February 28, 2022

	Number of Shares		Value
Common Stocks 96.3%
Brazil 3.6%
B3 SA— Brasil Bolsa Balcao		6,154,488	$	17,314,944
Hapvida Participacoes e Investimentos SA^(a)(b)		2,601,424		6,089,401
Pagseguro Digital Ltd., Class A*		218,543		3,483,575
Vibra Energia SA		2,722,691		12,401,629
				39,289,549
Canada 0.9%
Parex Resources, Inc.		460,508		10,154,792
Chile 1.2%
Sociedad Quimica y Minera de Chile SA ADR		199,419		13,197,549
China 30.9%
A-Living Smart City Services Co. Ltd.^(a)		2,777,500		4,978,725
Alibaba Group Holding Ltd.*		2,576,936		33,922,460
Baidu, Inc. ADR*		50,350		7,675,354
China Merchants Bank Co. Ltd., H Shares		2,085,500		17,579,318
Country Garden Services Holdings Co. Ltd.		1,040,000		6,221,236
Gigadevice Semiconductor Beijing, Inc., Class A		267,323		6,551,696
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		366,100		4,895,207

	Number of Shares		Value
Hengli Petrochemical Co. Ltd., Class A		2,505,326	$	9,974,355
JD.com, Inc., Class A*^(b)		911,519		32,558,931
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		11,792,129		13,957,207
Kweichow Moutai Co. Ltd., Class A		47,177		13,428,856
Longfor Group Holdings Ltd.^(a)		1,196,500		6,398,312
Luxshare Precision Industry Co. Ltd., Class A		687,150		4,769,785
Meituan, Class B*^(a)		344,000		7,642,014
Montage Technology Co. Ltd., Class A		464,324		5,712,958
Ping An Insurance Group Co. of China Ltd., Class A		1,807,427		14,583,137
Shenzhen SC New Energy Technology Corp., Class A		622,004		8,732,362
Shenzhen Topband Co. Ltd., Class A		912,425		1,947,436
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		2,184,500		6,025,967
Tencent Holdings Ltd.		1,205,200		65,034,173
Trip.com Group Ltd. ADR*		214,724		5,544,174

	Number of Shares		Value
Tsingtao Brewery Co. Ltd., H Shares		1,190,000	$	11,448,800
Wingtech Technology Co. Ltd., Class A		712,374		13,287,761
Xianhe Co. Ltd., Class A		1,706,688		8,773,807
Yifeng Pharmacy Chain Co. Ltd., Class A		1,316,281		10,355,618
Zhejiang HangKe Technology, Inc. Co., Class A		762,460		9,398,796
Zhejiang Juhua Co. Ltd., Class A		4,184,404		9,750,488
				341,148,933
Hong Kong 0.7%
ASM Pacific Technology Ltd.		739,100		8,108,676
Hungary 1.6%
OTP Bank Nyrt*		200,667		7,712,864
Richter Gedeon Nyrt		464,461		9,752,139
				17,465,003
India 21.3%
API Holdings Private Ltd.*^(c)(d)(j)		12,416,910		10,606,815
Apollo Hospitals Enterprise Ltd.		180,668		11,509,109
Aptus Value Housing Finance India Ltd.*		1,907,171		8,753,141
AU Small Finance Bank Ltd.*^(a)		389,119		6,225,769
Cartrade Tech Ltd.*		281,256		2,018,018
EPL Ltd.		2,376,269		5,021,222

See Notes to Financial Statements

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

	Number of Shares		Value
Gland Pharma Ltd.*^(a)		242,103	$	10,503,475
GMM Pfaudler Ltd.		70,001		4,064,615
HDFC Bank Ltd.		566,461		10,772,218
Housing Development Finance Corp. Ltd.		106,472		3,361,361
ICICI Bank Ltd.		2,408,758		23,825,982
IndusInd Bank Ltd.		1,203,206		14,781,812
Infosys Ltd. ADR		1,145,685		25,732,085
JB Chemicals & Pharmaceuticals Ltd.^(b)		105,055		2,255,231
JM Financial Ltd.		1,038,350		940,051
National Stock Exchange*^(c)(d)(j)		1,063,830		38,121,252
Pine Labs PTE Ltd.*^(c)(d)(j)		4,084		2,488,463
Reliance Industries Ltd.		678,354		21,314,556
Star Health & Allied Insurance Co. Ltd.*		1,832		16,983
State Bank of India		2,864,124		18,521,971
UltraTech Cement Ltd.		89,959		7,875,888
United Breweries Ltd.		322,398		6,412,987
				235,123,004
Indonesia 0.8%
Bank Central Asia Tbk PT		11,312,700		6,386,762
Bukalapak .com PT Tbk*		95,490,200		2,269,138
				8,655,900

	Number of Shares		Value
Korea 10.8%
Korea Petrochemical Ind Co. Ltd.*		37,444	$	5,356,014
LG Chem Ltd.		24,187		11,477,798
NCSoft Corp.		23,298		8,630,625
Orion Corp.		85,106		6,512,672
Samsung Electronics Co. Ltd.		829,569		49,984,333
SK Hynix, Inc.		188,680		19,670,739
SK Square Co. Ltd.*		88,986		4,129,762
SK Telecom Co. Ltd.		171,111		7,808,323
Soulbrain Co. Ltd.		27,922		5,331,314
				118,901,580
Peru 0.6%
Credicorp Ltd.		44,456		6,723,970
Poland 1.5%
Allegro.eu SA*^(a)(e)		725,454		5,420,168
Dino Polska SA*^(a)		165,109		11,610,333
				17,030,501
Russia 0.7%
LUKOIL PJSC ADR		160,443		3,017,933
Novatek PJSC^(c)		347,347		2,117,762
Polyus PJSC^(c)		31,129		1,494,816
TCS Group Holding PLC^(f)		115,741		1,126,623
				7,757,134
Saudi Arabia 1.0%
Saudi Arabian Oil Co.^(a)		511,500		5,664,852
Saudi Tadawul Group Holding Co.*		139,098		5,939,574
				11,604,426
Singapore 0.5%
TDCX, Inc. ADR*		342,161		5,166,631
South Africa 4.1%
Anglo American PLC		341,343		17,505,967

	Number of Shares		Value
Bid Corp. Ltd.		563,675	$	11,452,212
Capitec Bank Holdings Ltd.		78,488		10,588,510
Naspers Ltd., N Shares		47,316		5,934,283
				45,480,972
Taiwan 14.3%
Accton Technology Corp.		752,600		6,825,003
Chunghwa Telecom Co. Ltd.		2,591,000		11,516,002
Keystone Microtech Corp.		485,000		4,407,584
LandMark Optoelectronics Corp.		105,000		685,417
Largan Precision Co. Ltd.		73,000		5,305,115
RichWave Technology Corp.		1,022,000		7,913,317
Taiwan Semiconductor Manufacturing Co. Ltd.		4,417,839		94,981,577
Tong Hsing Electronic Industries Ltd.		1,220,339		12,784,295
Uni-President Enterprises Corp.		5,746,000		13,824,256
				158,242,566
Thailand 0.7%
Ngern Tid Lor PCL*		7,071,500		8,115,723
United Arab Emirates 0.5%
Network International Holdings PLC*^(a)		1,893,038		5,680,887
	Number of Units
Mexico 0.6%
Fomento Economico Mexicano SAB de CV		785,356		6,310,534
Total Common Stocks (Cost $943,339,735)				1,064,158,330

See Notes to Financial Statements

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

	Number of Shares		Value
Preferred Stocks 1.7%
India 1.7%
Gupshup, Inc. Ser. F*^(c)(d)(j)		217,973	$	4,983,996
Pine Labs PTE Ltd. Ser. 1*^(c)(d)(j)		9,762		5,948,182
Pine Labs PTE Ltd. Ser. A*^(c)(d)(j)		2,439		1,486,132
Pine Labs PTE Ltd. Ser. B*^(c)(d)(j)		2,654		1,617,135
Pine Labs PTE Ltd. Ser. B2*^(c)(d)(j)		2,147		1,308,210
Pine Labs PTE Ltd. Ser. C*^(c)(d)(j)		3,993		2,433,015
Pine Labs PTE Ltd. Ser. C1*^(c)(d)(j)		841		512,438
Pine Labs PTE Ltd. Ser. D*^(c)(d)(j)		900		548,388
Total Preferred Stocks (Cost $13,478,212)				18,837,496

	Number of Shares		Value
Short-Term Investments 3.4%
Investment Companies 3.4%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(g)^(h)		34,738,281	$	34,738,281
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(g)(i)		3,525,000		3,525,000
Total Short-Term Investments (Cost $38,263,281)				38,263,281
Total Investments 101.4% (Cost $995,081,228)				1,121,259,107
Liabilities Less Other Assets (1.4)%				(15,999,945	)
Net Assets 100.0%			$	1,105,259,162

* 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, 2022 amounted to $70,213,936, which represents 6.4% of net assets of the Fund.

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

(c) Security fair valued as of February 28, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2022 amounted to $73,666,604, which represents 6.7% of net assets of the Fund.

(d) Value determined using significant unobservable inputs.

(e) The security or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $3,739,006 for the Fund (see Note A of the Notes to Financial Statements).

(f) 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, 2022, these securities amounted to $1,126,623, which represents 0.1% of net assets of the Fund.

(g) Represents 7-day effective yield as of February 28, 2022.

See Notes to Financial Statements

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

(h) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of $34,738,281.

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

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

At February 28, 2022, these securities amounted to $70,054,026, which represents 6.3% of net assets of the Fund.

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 2/28/2022		Fair Value Percentage of Net Assets as of 2/28/2022
API Holdings Private Ltd.	10/18/2021	$	8,879,972		0.7	%	$	10,606,815		1.0	%
Gupshup, Inc. (Ser. F Preferred Shares)	7/16/2021		4,983,996		0.4	%		4,983,996		0.5	%
National Stock Exchange	4/16/2018		15,536,312		1.1	%		38,121,252		3.4	%
Pine Labs PTE Ltd.	7/6/2021		1,522,760		0.1	%		2,488,463		0.2	%
Pine Labs PTE Ltd. (Ser. 1 Preferred Shares)	7/6/2021		3,639,859		0.3	%		5,948,182		0.5	%
Pine Labs PTE Ltd. (Ser. A Preferred Shares)	7/6/2021		909,406		0.1	%		1,486,132		0.1	%
Pine Labs PTE Ltd. (Ser. B Preferred Shares)	7/6/2021		989,570		0.1	%		1,617,135		0.2	%
Pine Labs PTE Ltd. (Ser. B2 Preferred Shares)	7/6/2021		800,530		0.1	%		1,308,210		0.1	%
Pine Labs PTE Ltd. (Ser. C Preferred Shares)	7/6/2021		1,488,830		0.1	%		2,433,015		0.2	%
Pine Labs PTE Ltd. (Ser. C1 Preferred Shares)	7/6/2021		313,575		0.0	%		512,438		0.0	%
Pine Labs PTE Ltd. (Ser. D Preferred Shares)	7/6/2021		335,574		0.0	%		548,388		0.1	%
Total		$	39,400,384		3.0	%	$	70,054,026		6.3	%

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Semiconductors & Semiconductor Equipment	$	160,894,088		14.6	%
Banks		138,203,006		12.5	%
Internet & Direct Marketing Retail		89,765,012		8.1	%
Interactive Media & Services		72,709,527		6.6	%
Capital Markets		62,315,821		5.6	%
IT Services		61,389,137		5.6	%
Chemicals		55,087,518		5.0	%
Technology Hardware, Storage & Peripherals		49,984,333		4.5	%
Oil, Gas & Consumable Fuels		42,269,895		3.8	%
Pharmaceuticals		39,143,627		3.5	%
Electronic Equipment, Instruments & Components		38,094,392		3.5	%
Beverages		37,601,177		3.4	%
Food & Staples Retailing		33,418,163		3.0	%
Health Care Providers & Services		22,493,717		2.0	%
Food Products		20,336,928		1.8	%
Metals & Mining		19,000,783		1.7	%
Real Estate Management & Development		17,598,273		1.6	%
Insurance		14,600,120		1.3	%
Specialty Retail		12,401,629		1.1	%
Thrifts & Mortgage Finance		12,114,502		1.1	%
Diversified Telecommunication Services		11,516,002		1.1	%
Electrical Equipment		9,398,796		0.9	%
Paper & Forest Products		8,773,807		0.8	%
Entertainment		8,630,625		0.8	%
Consumer Finance		8,115,723		0.7	%
Construction Materials		7,875,888		0.7	%
Wireless Telecommunication Services		7,808,323		0.7	%
Communications Equipment		6,825,003		0.6	%
Hotels, Restaurants & Leisure		5,544,174		0.5	%
Containers & Packaging		5,021,222		0.5	%
Machinery		4,064,615		0.4	%
Short-Term Investments and Other Liabilities—Net		22,263,336		2.0	%
	$	1,105,259,162		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 the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Brazil	$	3,483,575	$	35,805,974	$	—	$	39,289,549
China		15,166,964		325,981,969		—		341,148,933
Hong Kong		—		8,108,676		—		8,108,676
India		25,749,068		158,157,406		51,216,530		235,123,004
Indonesia		—		8,655,900		—		8,655,900
Korea		4,129,762		114,771,818		—		118,901,580
Russia		4,144,556		3,612,578		—		7,757,134
Taiwan		—		158,242,566		—		158,242,566
Other Common Stocks^(a)		146,930,988		—		—		146,930,988
Total Common Stocks		199,604,913		813,336,887		51,216,530		1,064,158,330
Preferred Stocks^(a)		—		—		18,837,496		18,837,496
Short-Term Investments		—		38,263,281		—		38,263,281
Total Investments	$	199,604,913	$	851,600,168	$	70,054,026	$	1,121,259,107

(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:

(000's omitted)	Beginning balance, as of 9/1/2021		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 2/28/2022		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2022
Investments in Securities:
Common Stocks^(c)	$	24,837	$	—	$	—	$	17,500	$	8,880	$	—	$	—	$	—	$	51,217	$	17,500
Preferred Stocks^(c)		13,461		—		—		5,376		—		—		—		—		18,837		5,376
Total	$	38,298	$	—	$	—	$	22,876	$	8,880	$	—	$	—	$	—	$	70,054	$	22,876

See Notes to Financial Statements

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

Investment
type

Fair value
at 2/28/2022

Valuation
approach

Unobservable
input(s)

Input value/
range

Weighted
average^(e)

Impact to
valuation
from
increase
input^(f)

Common
Stocks

2,488,463

Market
Approach

Transaction Price

$609.32

Increase

Common
Stocks

48,728,067

Market
Approach

Enterprise value/Revenue
multiple^(d) (EV/Revenue)

7.0
16.0xx -

14.0
x

Increase

Preferred
Stocks

18,837,496

Market
Approach

Transaction Price

$22.87 -
$609.32

$454.16

Increase

(d) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(e) The weighted averages disclosed in the table above were weighted by relative fair value.

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

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

See Notes to Financial Statements

Schedule of Investments Equity Income Fund^ (Unaudited)
February 28, 2022

	Number of Shares		Value
Common Stocks 96.7%
Aerospace & Defense 2.6%
Raytheon Technologies Corp.		298,425	$	30,648,247
Banks 8.0%
Citizens Financial Group, Inc.		495,025		25,949,210
JPMorgan Chase & Co.^(a)		218,355		30,962,739
PNC Financial Services Group, Inc.^(a)		186,200		37,100,350
				94,012,299
Beverages 2.1%
Coca-Cola Co.		206,050		12,824,552
PepsiCo, Inc.^(b)		70,300		11,510,922
				24,335,474
Biotechnology 1.8%
AbbVie, Inc.		140,400		20,746,908
Capital Markets 7.5%
Amundi SA^(c)		141,418		9,894,449
CME Group, Inc.		175,300		41,463,709
Morgan Stanley		182,800		16,587,272
Virtu Financial, Inc. Class A		571,775		20,057,867
				88,003,297
Chemicals 2.6%
Nutrien Ltd.		351,250		30,203,987
Communications Equipment 1.1%
Cisco Systems, Inc.		235,225		13,118,498
Diversified Telecommunication Services 2.8%
Cogent Communications Holdings, Inc.^(b)		110,000		6,974,000
TELUS Corp.		828,000		20,910,675
TELUS Corp.^(b)		230,000		5,805,200
				33,689,875

	Number of Shares		Value
Electric Utilities 2.6%
NextEra Energy, Inc.^(a)		391,675	$	30,656,402
Electrical Equipment 2.3%
Eaton Corp. PLC		175,425		27,066,323
Electronic Equipment, Instruments & Components 1.7%
Corning, Inc.		512,925		20,722,170
Equity Real Estate Investment Trusts 12.3%
Alexandria Real Estate Equities, Inc.		69,550		13,172,770
American Campus Communities, Inc.		398,475		21,441,940
Brixmor Property Group, Inc.		1,206,900		30,317,328
Camden Property Trust		58,925		9,729,107
Crown Castle International Corp.		107,100		17,841,789
Duke Realty Corp.^(b)		250,625		13,283,125
Equity Residential		133,175		11,359,827
MGM Growth Properties LLC Class A		153,950		5,830,086
Prologis, Inc.		116,025		16,922,246
Terreno Realty Corp.		73,525		5,057,785
				144,956,003
Food Products 2.6%
Flowers Foods, Inc.		660,000		18,090,600
Kellogg Co.		192,050		12,279,677
				30,370,277
Health Care Equipment & Supplies 0.4%
Medtronic PLC^(b)		45,500		4,777,045
Health Care Providers & Services 1.9%
CVS Health Corp.		217,550		22,549,058
Hotels, Restaurants & Leisure 1.2%
McDonald's Corp.		59,850		14,649,485

	Number of Shares		Value
Household Durables 0.5%
Leggett & Platt, Inc.		157,250	$	5,830,830
Household Products 1.0%
Procter & Gamble Co.		75,350		11,746,312
Independent Power and Renewable Electricity Producers 0.5%
NextEra Energy Partners L.P.		70,000		5,460,700
IT Services 2.3%
Paychex, Inc.		223,925		26,660,511
Machinery 1.3%
AGCO Corp.		45,725		5,494,316
Caterpillar, Inc.		53,750		10,082,425
				15,576,741
Metals & Mining 4.6%
Freeport- McMoRan, Inc.		432,700		20,315,265
Newmont Corp.		98,550		6,524,010
Rio Tinto PLC ADR		355,250		27,915,545
				54,754,820
Multi-Utilities 7.8%
Ameren Corp.		174,800		15,024,060
CenterPoint Energy, Inc.		1,299,600		35,544,060
Dominion Energy, Inc.		170,300		13,543,959
Public Service Enterprise Group, Inc.		101,700		6,593,211
Sempra Energy^(b)		64,100		9,244,502
WEC Energy Group, Inc.		132,100		12,005,248
				91,955,040
Oil, Gas & Consumable Fuels 8.7%
Chevron Corp.		186,725		26,888,400
ConocoPhillips		403,998		38,323,250
Pioneer Natural Resources Co.		127,775		30,614,890
Williams Cos., Inc.^(b)		213,275		6,671,242
				102,497,782

See Notes to Financial Statements

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

	Number of Shares		Value
Pharmaceuticals 5.9%
AstraZeneca PLC ADR		403,075	$	24,539,206
Bristol-Myers Squibb Co.		210,300		14,441,301
Johnson & Johnson		183,075		30,128,653
				69,109,160
Professional Services 1.0%
SGS SA		4,300		12,354,705
Semiconductors & Semiconductor Equipment 4.2%
QUALCOMM, Inc.^(a)		129,615		22,292,484
Texas Instruments, Inc.		162,375		27,602,126
				49,894,610
Software 1.1%
Microsoft Corp.		44,550		13,311,095

	Number of Shares		Value
Specialty Retail 2.3%
Best Buy Co., Inc.^(b)		138,200	$	13,355,648
Home Depot, Inc.		44,125		13,935,999
				27,291,647
Trading Companies & Distributors 2.0%
Watsco, Inc.		85,500		23,346,630
Total Common Stocks (Cost $778,816,240)				1,140,295,931
	Principal Amount
Convertible Bonds 0.2%
Semiconductors & Semiconductor Equipment 0.2%
Enphase Energy, Inc., 0.00%, due 3/1/2028 (Cost $2,534,982)	$	2,795,000		2,661,455

	Number of Shares		Value
Short-Term Investments 3.1%
Investment Companies 3.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)(d) (Cost $36,127,179)		36,127,179	$	36,127,179
Total Investments 100.0% (Cost $817,478,401)				1,179,084,565
Other Assets Less Liabilities 0.0%^(e)(f)				450,586
Net Assets 100.0%			$	1,179,535,151

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

(b) All or a portion of this security is segregated in connection with obligations for options written with a total value of $94,517,379.

(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at February 28, 2022 amounted to $9,894,449, which represents 0.8% of net assets of the Fund.

(d) Represents 7-day effective yield as of February 28, 2022.

(e) Includes the impact of the Fund's open positions in derivatives at February 28, 2022.

(f) Represents less than 0.05% of net assets of the Fund.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	1,011,333,619		85.7	%
Canada		56,919,862		4.8	%
Australia		27,915,545		2.4	%
United Kingdom		24,539,206		2.1	%
Switzerland		12,354,705		1.1	%
France		9,894,449		0.8	%
Short-Term Investments and Other Assets—Net		36,577,765		3.1	%
	$	1,179,535,151		100.0	%

See Notes to Financial Statements

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

Derivative Instruments

Written option contracts ("options written")

At February 28, 2022, 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.		175	$	(4,139,275	)	$	250	3/18/2022	$	(27,562	)
CME Group, Inc.		175		(4,139,275	)		270	6/17/2022		(51,188	)
Virtu Financial, Inc.		500		(1,754,000	)		39	6/17/2022		(63,750	)
										(142,500	)
Chemicals
Nutrien Ltd.		350		(3,009,650	)		75	3/18/2022		(392,000	)
Equity Real Estate Investment Trusts
Prologis, Inc.		120		(1,750,200	)		165	5/20/2022		(20,400	)
Prologis, Inc.		120		(1,750,200	)		175	8/19/2022		(25,200	)
										(45,600	)
Oil, Gas & Consumable Fuels
Chevron Corp.		180		(2,592,000	)		140	6/17/2022		(197,550	)
ConocoPhillips		200		(1,897,200	)		100	4/14/2022		(61,500	)
ConocoPhillips		200		(1,897,200	)		105	5/20/2022		(61,500	)
										(320,550	)
Specialty Retail
Home Depot, Inc.		100		(3,158,300	)		410	6/17/2022		(7,400	)
Total calls									$	(908,050	)
Puts
Capital Markets
BlackRock, Inc.		100	$	(7,438,900	)	$	660	3/18/2022	$	(36,500	)
Communications Equipment
Cisco Systems, Inc.		250		(1,394,250	)		55	3/18/2022		(27,375	)
Cisco Systems, Inc.		250		(1,394,250	)		57.5	3/18/2022		(59,625	)
										(87,000	)
Electrical Equipment
Emerson Electric Co.		300		(2,787,600	)		82.5	3/18/2022		(9,750	)
Emerson Electric Co.		300		(2,787,600	)		85	3/18/2022		(15,750	)
Emerson Electric Co.		300		(2,787,600	)		85	4/14/2022		(40,500	)
Emerson Electric Co.		300		(2,787,600	)		80	6/17/2022		(59,250	)
Emerson Electric Co.		300		(2,787,600	)		85	6/17/2022		(89,250	)
										(214,500	)
Health Care Equipment & Supplies
Medtronic PLC		100		(1,049,900	)		95	3/18/2022		(4,850	)

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
Health Care Providers & Services
CVS Health Corp.		550	$	(5,700,750	)	$	80	5/20/2022	$	(29,700	)
CVS Health Corp.		550		(5,700,750	)		82.5	5/20/2022		(39,325	)
CVS Health Corp.		550		(5,700,750	)		85	6/17/2022		(71,500	)
										(140,525	)
Media
Comcast Corp.		300		(1,402,800	)		42.5	3/18/2022		(9,900	)
Comcast Corp.		300		(1,402,800	)		45	3/18/2022		(23,550	)
Comcast Corp.		600		(2,805,600	)		42.5	4/14/2022		(45,300	)
										(78,750	)
Metals & Mining
Freeport-McMoRan, Inc.		350		(1,643,250	)		33	3/18/2022		(2,625	)
Freeport-McMoRan, Inc.		350		(1,643,250	)		31	5/20/2022		(13,650	)
Freeport-McMoRan, Inc.		350		(1,643,250	)		35	5/20/2022		(27,300	)
										(43,575	)
Road & Rail
Union Pacific Corp.		70		(1,721,650	)		215	3/18/2022		(4,480	)
Union Pacific Corp.		70		(1,721,650	)		205	5/20/2022		(17,150	)
										(21,630	)
Semiconductors & Semiconductor Equipment
Intel Corp.		300		(1,431,000	)		42.5	4/14/2022		(18,000	)
Intel Corp.		300		(1,431,000	)		42.5	5/20/2022		(40,200	)
Intel Corp.		300		(1,431,000	)		40	6/17/2022		(33,750	)
										(91,950	)
Specialty Retail
Home Depot, Inc.		150		(4,737,450	)		300	3/18/2022		(63,750	)
Home Depot, Inc.		75		(2,368,725	)		285	4/14/2022		(34,125	)
Home Depot, Inc.		75		(2,368,725	)		270	5/20/2022		(39,375	)
										(137,250	)
Total puts									$	(856,530	)
Total options written (premium received $1,236,446)									$	(1,764,580	)

For the six months ended February 28, 2022, the average market value for the months where the Fund had options written outstanding was $(1,731,864). At February 28, 2022, the Fund had securities pledged in the amount of $37,721,045 to cover collateral requirements for options written.

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 the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,140,295,931	$	—	$	—	$	1,140,295,931
Convertible Bonds^(a)		—		2,661,455		—		2,661,455
Short-Term Investments		—		36,127,179		—		36,127,179
Total Investments	$	1,140,295,931	$	38,788,634	$	—	$	1,179,084,565

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2022:

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(1,764,580	)	$	—	$	—	$	(1,764,580	)
Totals	$	(1,764,580	)	$	—	$	—	$	(1,764,580	)

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

See Notes to Financial Statements

Schedule of Investments Focus Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.6%
Aerospace & Defense 2.0%
Airbus SE*		117,772	$	15,172,754
Automobiles 2.1%
Mercedes- Benz Group AG		200,574		15,780,780
Beverages 2.3%
Diageo PLC		354,116		17,695,491
Capital Markets 7.5%
Blackstone, Inc.		170,379		21,718,211
MSCI, Inc.		31,251		15,678,314
S&P Global, Inc.		50,463		18,958,949
				56,355,474
Chemicals 0.5%
Sika AG		12,054		4,021,943
Computers 0.1%
Arctic Wolf Networks, Inc.*^(a)(b)(f)		90,909		999,999
Electronic Equipment, Instruments & Components 1.7%
Zebra Technologies Corp. Class A*		31,044		12,831,727
Entertainment 3.4%
Live Nation Entertainment, Inc.*		104,895		12,673,414
Universal Music Group NV		311,833		7,108,235
Warner Music Group Corp. Class A		152,956		5,540,066
				25,321,715
Health Care Providers & Services 2.1%
UnitedHealth Group, Inc.		33,894		16,129,138
Hotels, Restaurants & Leisure 6.5%
Entain PLC*		1,070,884		24,192,198
Expedia Group, Inc.*		87,448		17,149,427
Sweetgreen, Inc. Class A*^(a)(f)		302,618		7,332,434
				48,674,059

	Number of Shares		Value
Interactive Media & Services 5.4%
Alphabet, Inc. Class C*		15,191	$	40,982,584
IT Services 11.8%
Accenture PLC Class A		69,230		21,878,064
EPAM Systems, Inc.*		71,360		14,825,040
Globant SA*		27,151		7,439,374
Mastercard, Inc. Class A		34,945		12,608,855
Snowflake, Inc. Class A*		51,351		13,641,907
Thoughtworks Holding, Inc.*		755,214		17,264,192
Thoughtworks Holding, Inc.*^(a)(f)		65,851		1,498,110
				89,155,542
Personal Products 4.5%
Estee Lauder Cos., Inc. Class A		38,177		11,312,990
L'Oreal SA		55,943		22,267,756
				33,580,746
Professional Services 1.2%
Recruit Holdings Co. Ltd.		215,400		9,092,075
Road & Rail 3.4%
CSX Corp.		340,867		11,558,800
Union Pacific Corp.		56,552		13,908,964
				25,467,764
Semiconductors & Semiconductor Equipment 2.7%
Marvell Technology, Inc.		135,045		9,227,625
NVIDIA Corp.		46,622		11,368,775
				20,596,400
Software 21.7%
AvidXchange Holdings, Inc.*^(a)(f)		204,040		1,920,016
Bill.com Holdings, Inc.*		46,074		10,960,083

	Number of Shares		Value
Constellation Software, Inc.		24,405	$	41,130,560
Datadog, Inc. Class A*		23,502		3,786,407
HubSpot, Inc.*		16,674		8,753,850
Intuit, Inc.		21,762		10,323,240
Microsoft Corp.		205,764		61,480,226
Palo Alto Networks, Inc.*		16,037		9,529,987
Topicus.com, Inc.*		46,495		3,269,140
Trade Desk, Inc. Class A*		145,036		12,374,472
				163,527,981
Specialty Retail 5.9%
Bath & Body Works, Inc.		311,590		16,629,558
Floor & Decor Holdings, Inc. Class A*		81,334		7,777,157
Ulta Beauty, Inc.*		54,544		20,426,728
				44,833,443
Textiles, Apparel & Luxury Goods 10.9%
Hermes International		8,089		11,264,678
Lululemon Athletica, Inc.*		30,710		9,825,358
LVMH Moet Hennessy Louis Vuitton SE		57,294		42,392,557
Pandora A/S		93,010		9,613,697
Puma SE		98,102		9,017,541
				82,113,831
Trading Companies & Distributors 2.9%
IMCD NV^(c)		136,308		22,115,269
Total Common Stocks (Cost $673,725,591)				744,448,715
Preferred Stocks 0.4%
IT Services 0.1%
Druva, Inc. Ser. 5*^(a)(b)(f)		106,691		999,993

See Notes to Financial Statements

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

	Number of Shares		Value
Software 0.1%
Videoamp, Inc. Ser. F1*^(a)(b)(f)		63,363	$	999,995
Textiles, Apparel & Luxury Goods 0.2%
Fabletics LLC Ser. G*^(a)(b)(f)		1,000		1,000,000
Total Preferred Stocks (Cost $2,999,995)				2,999,988
Short-Term Investments 1.5%
Investment Companies 1.5%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(d)		8,445,940		8,445,940

	Number of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(d)(e)		3,099,422	$	3,099,422
Total Short-Term Investments (Cost $11,545,362)				11,545,362
Total Investments 100.5% (Cost $688,270,948)				758,994,065
Liabilities Less Other Assets (0.5)%				(4,098,027	)
Net Assets 100.0%			$	754,896,038

* Non-income producing security.

(a) Security fair valued as of February 28, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2022 amounted to $14,750,547, which represents 2.0% of net assets of the Fund.

(b) Value determined using significant unobservable inputs.

(c) All or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $3,047,996 for the Fund (see Note A of the Notes to Financial Statements).

(d) Represents 7-day effective yield as of February 28, 2022.

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

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

See Notes to Financial Statements

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

At February 28, 2022, these securities amounted to $14,750,547, which represents 2.0% of net assets of the Fund.

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 02/28/2022		Fair Value Percentage of Net Assets as of 02/28/2022
Arctic Wolf Networks, Inc.	12/31/2021	$	999,999		0.1	%	$	999,999		0.1	%
AvidXchange Holdings, Inc.	4/7/2020		2,500,102		0.4	%		1,920,016		0.3	%
Druva, Inc. (Ser. 5 Preferred Shares)	4/1/2021		1,000,000		0.1	%		999,993		0.1	%
Fabletics LLC (Ser. G Preferred Shares)	1/10/2022		1,000,000		0.1	%		1,000,000		0.2	%
Sweetgreen, Inc. Ser. A	11/30/2018		3,000,000		0.4	%		6,057,500		0.8	%
	9/13/2019		464,282		0.1	%		657,869		0.1	%
	1/21/2021		353,030		0.0	%		617,065		0.1	%
Thoughtworks Holding, Inc.	6/23/2021		1,000,000		0.1	%		1,498,110		0.2	%
Videoamp, Inc. (Ser. F1 Preferred Shares)	1/4/2022		999,995		0.1	%		999,995		0.1	%
Total		$	11,317,408		1.4	%	$	14,750,547		2.0	%

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	493,314,029		65.4	%
France		91,097,745		12.1	%
United Kingdom		41,887,689		5.5	%
Canada		41,130,560		5.4	%
Netherlands		32,492,644		4.3	%
Germany		24,798,321		3.3	%
Denmark		9,613,697		1.3	%
Japan		9,092,075		1.2	%
Switzerland		4,021,943		0.5	%
Short-Term Investments and Other Liabilities—Net		7,447,335		1.0	%
	$	754,896,038		100.0	%

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Computers	$	—	$	—	$	999,999	$	999,999
Hotels, Restaurants & Leisure		41,341,625		7,332,434		—		48,674,059
IT Services		87,657,432		1,498,110		—		89,155,542
Professional Services		—		9,092,075		—		9,092,075
Software		161,607,965		1,920,016		—		163,527,981
Other Common Stocks^(a)		432,999,059		—		—		432,999,059
Total Common Stocks		723,606,081		19,842,635		999,999		744,448,715
Preferred Stocks^(a)		—		—		2,999,988		2,999,988
Short-Term Investments		—		11,545,362		—		11,545,362
Total Investments	$	723,606,081	$	31,387,997	$	3,999,987	$	758,994,065

(a) The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country 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 9/1/2021		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 2/28/2022		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2022
Investments in Securities:
(000's omitted)
Common Stocks^(c)	$	756	$	—	$	—	$	(256	)	$	1,000	$	—	$	—	$	(500	)	$	1,000	$	(256	)
Preferred Stocks^(c)		9,456		—		—		(1,639	)		2,000		—		—		(6,817	)		3,000		(1,639	)
Warrants^(f)		—		—		—		—			—		—		—		—			—		—
Total	$	10,212	$	—	$	—	$	(1,895	)	$	3,000	$	—	$	—	$	(7,317	)	$	4,000	$	(1,895	)

See Notes to Financial Statements

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

Investment type	Fair value at 2/28/2022		Valuation approach	Unobservable input(s)	Input value/ range		Weighted average^(d)		Impact to valuation from increase in input^(e)
Common Stocks	$	999,999	Market Approach	Transaction Price	$	11.00 - $67.84	$	65.95	Increase
Preferred Stocks		2,999,988	Market Approach	Transaction Price	$	9.37 - $1,000.00	$	341.72	Increase

(d) The weighted averages disclosed in the table above were weighted by relative fair value.

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

(f) At the beginning of the period, these investments were valued in accordance with procedures approved by the Board of Trustees. The Fund no longer held these investments at February 28, 2022 and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

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

See Notes to Financial Statements

Schedule of Investments Genesis Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 99.2%
Air Freight & Logistics 0.8%
Forward Air Corp.		883,092	$	91,117,433
Airlines 0.6%
Allegiant Travel Co.*		425,856		74,137,271
Auto Components 3.2%
Fox Factory Holding Corp.*		1,565,700		184,783,914
LCI Industries		886,959		110,444,135
XPEL, Inc.*		972,286		70,587,963
				365,816,012
Banks 10.5%
Bank of Hawaii Corp.		1,698,928		146,413,615
BOK Financial Corp.		968,375		99,452,112
Columbia Banking System, Inc.		1,578,052		57,804,045
Community Bank System, Inc.		1,737,722		126,749,443
Cullen/Frost Bankers, Inc.		1,070,610		150,666,945
CVB Financial Corp.		3,665,105		86,423,176
First Financial Bankshares, Inc.		2,813,706		134,832,792
First Hawaiian, Inc.		2,141,319		62,248,143
Glacier Bancorp, Inc.		2,472,770		136,991,458
Lakeland Financial Corp.		1,008,568		80,897,239
Prosperity Bancshares, Inc.		1,207,652		89,921,768
Stock Yards Bancorp, Inc.		437,549		23,395,745
				1,195,796,481
Biotechnology 0.3%
Abcam PLC*		2,415,105		40,174,317
Building Products 1.7%
AAON, Inc.		1,948,929		114,129,282
CSW Industrials, Inc.		669,020		80,503,177
				194,632,459

	Number of Shares		Value
Capital Markets 2.2%
Artisan Partners Asset Management, Inc. Class A		876,527	$	33,404,444
Hamilton Lane, Inc. Class A		533,773		41,687,671
Houlihan Lokey, Inc.		782,732		80,511,814
MarketAxess Holdings, Inc.		249,738		95,257,565
				250,861,494
Chemicals 1.4%
Chase Corp.^(a)		562,645		51,667,690
Quaker Chemical Corp.		604,852		112,266,580
				163,934,270
Commercial Services & Supplies 3.5%
Driven Brands Holdings, Inc.*		2,638,621		77,496,299
IAA, Inc.*		2,538,175		93,252,550
MSA Safety, Inc.		994,782		138,374,176
Rollins, Inc.		2,880,250		93,982,557
				403,105,582
Communications Equipment 1.0%
NetScout Systems, Inc.*		3,679,754		114,550,742
Construction & Engineering 1.1%
Valmont Industries, Inc.		568,554		123,063,513
Construction Materials 1.2%
Eagle Materials, Inc.		987,760		135,155,201
Containers & Packaging 0.9%
AptarGroup, Inc.		872,697		106,364,310
Distributors 3.1%
Pool Corp.		782,276		358,736,128
Diversified Consumer Services 0.9%
Bright Horizons Family Solutions, Inc.*		781,733		102,125,599

	Number of Shares		Value
Electronic Equipment, Instruments & Components 5.3%
Advanced Energy Industries, Inc.		462,953	$	39,744,515
Cognex Corp.		1,491,040		100,734,662
Littelfuse, Inc.		600,366		155,020,505
National Instruments Corp.		1,003,726		40,299,599
Novanta, Inc.*		1,297,737		177,309,806
Zebra Technologies Corp. Class A*		219,520		90,736,397
				603,845,484
Food & Staples Retailing 0.5%
Grocery Outlet Holding Corp.*		2,240,021		62,294,984
Food Products 1.1%
Lancaster Colony Corp.		548,823		92,317,517
Utz Brands, Inc.		2,183,947		33,305,192
				125,622,709
Health Care Equipment & Supplies 3.5%
Atrion Corp.^(a)		139,876		100,075,683
Haemonetics Corp.*		2,128,646		122,844,161
IDEXX Laboratories, Inc.*		179,218		95,406,702
Neogen Corp.*		1,873,010		66,866,457
UFP Technologies, Inc.*		272,496		18,840,373
				404,033,376
Health Care Providers & Services 1.5%
Chemed Corp.		365,116		174,631,332
Health Care Technology 0.9%
Certara, Inc.*		891,024		22,578,548
Definitive Healthcare Corp.*		1,358,459		31,407,572
Simulations Plus, Inc.^(a)		1,134,296		44,679,920
				98,666,040
Hotels, Restaurants & Leisure 1.0%
Texas Roadhouse, Inc.		1,156,689		109,781,353

See Notes to Financial Statements

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

	Number of Shares		Value
Household Products 1.9%
Church & Dwight Co., Inc.		1,013,657	$	99,186,337
WD-40 Co.		535,374		113,440,397
				212,626,734
Insurance 1.4%
AMERISAFE, Inc.^(a)		971,541		45,759,581
RLI Corp.		1,105,993		112,258,290
				158,017,871
IT Services 1.5%
Computer Services, Inc.		1,057,035		57,640,118
Jack Henry & Associates, Inc.		641,321		113,385,553
				171,025,671
Leisure Products 0.8%
Hayward Holdings, Inc.*		4,876,317		87,237,311
Life Sciences Tools & Services 5.8%
Bio-Techne Corp.		699,877		293,535,412
ICON PLC*		397,800		94,680,378
West Pharmaceutical Services, Inc.		697,095		269,831,533
				658,047,323
Machinery 6.7%
Graco, Inc.		1,337,094		96,391,107
Kadant, Inc.		568,649		112,222,880
Lindsay Corp.^(a)		552,762		72,527,902
Nordson Corp.		477,741		108,203,559
Omega Flex, Inc.		309,713		44,985,813
RBC Bearings, Inc.*		953,008		184,740,601
Toro Co.		1,558,626		146,214,705
				765,286,567
Media 3.9%
Cable One, Inc.		69,679		99,839,555
Nexstar Media Group, Inc. Class A		1,338,296		247,651,675
TechTarget, Inc.*		1,206,561		94,570,251
				442,061,481
Professional Services 4.1%
Exponent, Inc.		1,991,227		188,688,671
FTI Consulting, Inc.*		844,353		123,275,538
Tetra Tech, Inc.		999,034		158,616,628
				470,580,837

	Number of Shares		Value
Real Estate Management & Development 1.3%
FirstService Corp.		1,046,185	$	148,840,740
Semiconductors & Semiconductor Equipment 7.1%
CMC Materials, Inc.		1,203,161		223,102,144
FormFactor, Inc.*		951,878		38,541,540
Lattice Semiconductor Corp.*		3,328,228		208,413,637
MKS Instruments, Inc.		825,869		124,375,872
Power Integrations, Inc.		2,433,972		219,057,480
				813,490,673
Software 11.8%
Altair Engineering, Inc. Class A*		935,442		62,132,058
American Software, Inc. Class A^(a)		2,055,570		45,160,873
Aspen Technology, Inc.*		1,595,985		243,244,074
Fair Isaac Corp.*		400,200		188,570,238
Manhattan Associates, Inc.*		1,736,791		232,174,221
Model N, Inc.*^(a)		2,231,577		54,874,478
Qualys, Inc.*		1,461,553		183,147,206
SPS Commerce, Inc.*		1,390,114		180,506,303
Tyler Technologies, Inc.*		284,044		121,644,684
Vertex, Inc. Class A*^(a)		2,324,238		32,376,635
				1,343,830,770
Specialty Retail 4.3%
Asbury Automotive Group, Inc.*		825,739		160,284,197
Floor & Decor Holdings, Inc. Class A*		1,122,698		107,352,383
Lithia Motors, Inc.		297,779		101,489,039

	Number of Shares		Value
Petco Health & Wellness Co., Inc.*		2,365,175	$	41,437,866
Tractor Supply Co.		404,616		82,456,695
				493,020,180
Trading Companies & Distributors 2.4%
Richelieu Hardware Ltd.		1,706,139		65,191,571
SiteOne Landscape Supply, Inc.*		471,763		81,346,094
Transcat, Inc.*^(a)		485,260		38,073,500
Watsco, Inc.		348,767		95,234,317
				279,845,482
Total Common Stocks (Cost $5,423,952,281)				11,342,357,730
Short-Term Investments 0.8%
Investment Companies 0.8%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)		5,623,560		5,623,560
State Street Institutional Treasury Plus Money Market Fund Premier Class, 0.02%^(b)		90,460,723		90,460,723
Total Short-Term Investments (Cost $96,084,283)				96,084,283
Total Investments 100.0% (Cost $5,520,036,564)				11,438,442,013
Liabilities Less Other Assets (0.0)%^(c)				(2,956,903	)
Net Assets 100.0%			$	11,435,485,110

See Notes to Financial Statements

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

* Non-income producing security.

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

(b) Represents 7-day effective yield as of February 28, 2022.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	11,342,357,730	$	—	$	—	$	11,342,357,730
Short-Term Investments		—		96,084,283		—		96,084,283
Total Investments	$	11,342,357,730	$	96,084,283	$	—	$	11,438,442,013

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

Schedule of Investments Global Real Estate Fund^ (Unaudited)
February 28, 2022

	Number of Shares		Value
Common Stocks 97.3%
Australia 4.0%
Charter Hall Long Wale REIT		19,771	$	73,755
Dexus		5,865		46,427
Scentre Group		23,546		52,310
				172,492
Canada 5.6%
Brookfield Asset Management, Inc. Class A		1,016		55,525
Canadian Apartment Properties REIT		915		38,087
RioCan REIT		3,737		74,062
Summit Industrial Income REIT		4,136		70,255
				237,929
France 1.0%
ARGAN SA		343		41,151
Germany 1.0%
Vonovia SE		811		43,194
Hong Kong 5.2%
Sun Hung Kai Properties Ltd.		8,269		96,133
Swire Properties Ltd.		47,600		123,785
				219,918
Japan 10.2%
LaSalle Logiport REIT		62		88,941
Mitsubishi Estate Co. Ltd.		8,385		128,024
Mitsui Fudosan Logistics Park, Inc.		20		91,332
Nomura Real Estate Holdings, Inc.		5,015		124,867
				433,164

	Number of Shares		Value
Singapore 2.8%
Mapletree Commercial Trust		28,600	$	38,354
UOL Group Ltd.		15,500		80,328
				118,682
Spain 1.0%
Cellnex Telecom SA^(a)		951		43,335
United Kingdom 8.8%
Land Securities Group PLC		4,711		50,192
Safestore Holdings PLC		7,412		126,577
Segro PLC		4,981		86,966
UNITE Group PLC		7,713		110,506
				374,241
United States 57.7%
American Homes 4 Rent Class A		963		36,604
American Tower Corp.		876		198,738
Apartment Income REIT Corp.		1,363		70,344
Boston Properties, Inc.		391		47,823
Crown Castle International Corp.		876		145,933
Digital Realty Trust, Inc.		468		63,143
DigitalBridge Group, Inc.*		5,631		40,825
Douglas Emmett, Inc.		818		25,931
Duke Realty Corp.		1,618		85,754
Equinix, Inc.		171		121,364
Equity LifeStyle Properties, Inc.		1,168		87,156
Equity Residential		1,616		137,845
Essex Property Trust, Inc.		288		91,345
Extra Space Storage, Inc.		438		82,410
Healthcare Trust of America, Inc. Class A		1,445		42,469

	Number of Shares		Value
Healthpeak Properties, Inc.		1,719	$	53,392
Invitation Homes, Inc.		1,340		50,652
Kilroy Realty Corp.		562		40,250
Kimco Realty Corp.		3,400		80,002
Prologis, Inc.		1,757		256,258
Public Storage		365		129,582
Retail Opportunity Investments Corp.		1,234		22,409
Rexford Industrial Realty, Inc.		465		32,610
SBA Communications Corp.		261		79,185
Simon Property Group, Inc.		788		108,397
Spirit Realty Capital, Inc.		1,004		46,556
Sun Communities, Inc.		285		51,585
VICI Properties, Inc.		1,910		53,404
Welltower, Inc.		1,213		101,031
Weyerhaeuser Co.		1,781		69,245
				2,452,242
Total Common Stocks (Cost $3,918,109)				4,136,348
Short-Term Investments 3.9%
Investment Companies 3.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b) (Cost $165,856)		165,856		165,856
Total Investments 101.2% (Cost $4,083,965)				4,302,204
Liabilities Less Other Assets (1.2)%				(49,887	)
Net Assets 100.0%			$	4,252,317

* 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, 2022 amounted to $43,335, which represents 1.0% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2022.

See Notes to Financial Statements

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

POSITIONS BY SECTOR

Sector	Investments at Value		Percentage of Net Assets
Specialty REITs	$	1,345,345		31.6	%
Industrial & Office REITs		824,757		19.4	%
Residential REITs		674,124		15.9	%
Real Estate Holding & Development		651,856		15.3	%
Retail REITs		422,090		9.9	%
Diversified REITs		164,772		3.9	%
Hotel & Lodging REITs		53,404		1.3	%
Short-Term Investments and Other Liabilities—Net		115,969		2.7	%
	$	4,252,317		100.0	%

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Australia	$	—	$	172,492	$	—	$	172,492
Hong Kong		—		219,918		—		219,918
Japan		91,332		341,832		—		433,164
Singapore		—		118,682		—		118,682
Other Common Stocks^(a)		3,192,092		—		—		3,192,092
Total Common Stocks		3,283,424		852,924		—		4,136,348
Short-Term Investments		—		165,856		—		165,856
Total Investments	$	3,283,424	$	1,018,780	$	—	$	4,302,204

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

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

See Notes to Financial Statements

Schedule of Investments Greater China Equity Fund^ (Unaudited)
February 28, 2022

	Number of Shares		Value
Common Stocks 95.8%
Air Freight & Logistics 0.9%
Milkyway Chemical Supply Chain Service Co. Ltd. Class A		21,937	$	463,704
Banks 5.8%
China Merchants Bank Co. Ltd., H Shares		344,000		2,899,681
Beverages 3.9%
China Resources Beer Holdings Co. Ltd.		246,000		1,950,633
Biotechnology 1.5%
Akeso, Inc.*^(a)(b)		284,666		751,730
Chemicals 20.7%
Jiangsu Eastern Shenghong Co. Ltd. Class A		910,000		2,764,067
Satellite Chemical Co. Ltd.		345,018		2,476,265
Wanhua Chemical Group Co. Ltd. Class A		158,000		2,394,380
Yunnan Energy New Material Co. Ltd. Class A		65,700		2,725,230
				10,359,942
Construction Materials 2.0%
China National Building Material Co. Ltd., H Shares		790,000		1,013,434
Electrical Equipment 2.5%
JL Mag Rare-Earth Co. Ltd. Class A		184,000		1,146,002
JL Mag Rare-Earth Co. Ltd., H Shares*		21,800		83,411
				1,229,413
Electronic Equipment, Instruments & Components 2.5%
Luxshare Precision Industry Co. Ltd., Class A		177,000		1,228,628

	Number of Shares		Value
Food Products 6.2%
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		493,000	$	3,095,113
Household Durables 12.5%
Chervon Holdings Ltd*		20,800		179,131
Haier Smart Home Co. Ltd., H Shares		855,200		2,996,689
Man Wah Holdings Ltd.		620,400		728,857
Midea Group Co. Ltd. Class A		222,013		2,360,612
				6,265,289
Insurance 3.6%
China Pacific Insurance Group Co. Ltd., H Shares		640,000		1,782,129
Interactive Media & Services 4.5%
Tencent Holdings Ltd.		42,200		2,277,167
Internet & Direct Marketing Retail 7.1%
Alibaba Group Holding Ltd.*		198,600		2,614,345
JD.com, Inc., Class A*^(c)		27,009		964,746
				3,579,091
Machinery 2.5%
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A		1,100,050		1,233,418
Marine 1.3%
SITC International Holdings Co. Ltd.^(b)		156,000		643,213
Oil, Gas & Consumable Fuels 1.1%
Oriental Energy Co. Ltd. Class A		300,000		558,215
Pharmaceuticals 4.2%
CanSino Biologics, Inc., H Shares*^(a)		13,600		245,798
CSPC Pharmaceutical Group Ltd.		1,576,000		1,868,131
				2,113,929

	Number of Shares		Value
Real Estate Management & Development 4.3%
China Resources Land Ltd.		430,000	$	2,091,648
Shimao Services Holdings Ltd.^(a)(b)		97,000		70,890
				2,162,538
Road & Rail 1.2%
Full Truck Alliance Co. Ltd. ADR*		65,134		600,535
Semiconductors & Semiconductor Equipment 2.1%
ACM Research, Inc. Class A*		12,873		1,060,993
Software 1.7%
Beijing Kingsoft Office Software, Inc. Class A		24,534		833,115
Specialty Retail 3.7%
China Yongda Automobiles Services Holdings Ltd.		1,610,000		1,878,390
Total Common Stocks (Cost $50,117,998)				47,980,300
Short-Term Investments 0.1%
Investment Companies 0.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b)(d) (Cost $75,273)		75,273		75,273
Total Investments 95.9% (Cost $50,193,271)				48,055,573
Other Assets Less Liabilities 4.1%				2,046,176
Net Assets 100.0%			$	50,101,749

* 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, 2022 amounted to $1,068,418, which represents 2.1% of net assets of the Fund.

See Notes to Financial Statements

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

(b) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of $226,102.

(d) Represents 7-day effective yield as of February 28, 2022.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Air Freight & Logistics	$	—	$	463,704	$	—	$	463,704
Banks		—		2,899,681		—		2,899,681
Beverages		—		1,950,633		—		1,950,633
Biotechnology		—		751,730		—		751,730
Chemicals		—		10,359,942		—		10,359,942
Construction Materials		—		1,013,434		—		1,013,434
Electrical Equipment		83,411		1,146,002		—		1,229,413
Electronic Equipment, Instruments & Components		—		1,228,628		—		1,228,628
Food Products		—		3,095,113		—		3,095,113
Household Durables		179,131		6,086,158		—		6,265,289
Insurance		—		1,782,129		—		1,782,129
Interactive Media & Services		—		2,277,167		—		2,277,167
Internet & Direct Marketing Retail		—		3,579,091		—		3,579,091
Machinery		—		1,233,418		—		1,233,418
Marine		—		643,213		—		643,213
Oil, Gas & Consumable Fuels		—		558,215		—		558,215
Pharmaceuticals		—		2,113,929		—		2,113,929
Real Estate Management & Development		—		2,162,538		—		2,162,538
Software		—		833,115		—		833,115
Specialty Retail		—		1,878,390		—		1,878,390
Other Common Stocks^(a)		1,661,528		—		—		1,661,528
Total Common Stocks		1,924,070		46,056,230		—		47,980,300
Short-Term Investments		—		75,273		—		75,273
Total Investments	$	1,924,070	$	46,131,503	$	—	$	48,055,573

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

Consolidated Schedule of Investments Guardian Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 96.8%
Banks 2.4%
JPMorgan Chase & Co.		312,875	$	44,365,675
Beverages 2.1%
Keurig Dr Pepper, Inc.		991,229		38,330,825
Capital Markets 6.4%
BlackRock, Inc.		17,550		13,055,270
Brookfield Asset Management, Inc. Class A		482,213		26,348,118
CME Group, Inc.		143,987		34,057,245
S&P Global, Inc.		121,652		45,704,658
				119,165,291
Chemicals 2.4%
Air Products & Chemicals, Inc.		52,429		12,388,973
Ashland Global Holdings, Inc.		341,079		31,474,770
				43,863,743
Commercial Services & Supplies 2.9%
LegalZoom.com, Inc.*		1,533,266		23,934,282
Waste Management, Inc.		212,924		30,746,226
				54,680,508
Computers 0.1%
Arctic Wolf Networks, Inc.*^(a)(b)(g)		90,909		999,999
Containers & Packaging 0.7%
Avery Dennison Corp.		72,003		12,686,929
Diversified Consumer Services 0.1%
European Wax Center, Inc. Class A*		49,745		1,237,158
Diversified Financial Services 2.0%
Apollo Global Management, Inc.		556,385		36,309,685
Electric Utilities 1.7%
NextEra Energy, Inc.		404,770		31,681,348
Electronic Equipment, Instruments & Components 3.0%
CDW Corp.		194,757		33,587,792
TE Connectivity Ltd.		152,903		21,777,975
				55,365,767

	Number of Shares		Value
Entertainment 1.7%
Activision Blizzard, Inc.		276,543	$	22,538,254
Spotify Technology SA*		57,846		9,034,967
				31,573,221
Equity Real Estate Investment Trusts 1.2%
SBA Communications Corp.		75,938		23,038,830
Food & Staples Retailing 2.5%
Costco Wholesale Corp.		45,251		23,496,582
Walmart, Inc.		171,202		23,139,662
				46,636,244
Food Products 0.7%
Lamb Weston Holdings, Inc.		202,237		13,434,604
Health Care Equipment & Supplies 1.6%
Medtronic PLC		277,102		29,092,939
Health Care Providers & Services 2.4%
UnitedHealth Group, Inc.		95,041		45,227,161
Hotels, Restaurants & Leisure 3.8%
First Watch Restaurant Group, Inc.*		69,072		1,002,235
McDonald's Corp.		207,105		50,693,091
Sweetgreen, Inc. Class A*^(a)(g)		748,702		18,141,049
				69,836,375
Interactive Media & Services 7.4%
Alphabet, Inc. Class A*		38,058		102,799,986
Meta Platforms, Inc. Class A*		162,803		34,356,317
				137,156,303
Internet & Direct Marketing Retail 5.0%
Amazon.com, Inc.*		22,286		68,446,100
Chewy, Inc. Class A*^(c)		511,585		24,116,117
				92,562,217
IT Services 3.8%
Fidelity National Information Services, Inc.		90,100		8,580,223
Mastercard, Inc. Class A		69,405		25,042,712
Okta, Inc.*		72,687		13,290,091
Visa, Inc. Class A		111,247		24,042,702
				70,955,728

	Number of Shares		Value
Life Sciences Tools & Services 2.3%
Thermo Fisher Scientific, Inc.		78,616	$	42,767,104
Oil, Gas & Consumable Fuels 0.1%
Venture Global LNG, Inc. Ser. C*^(a)(b)(g)		329		2,873,157
Pharmaceuticals 1.3%
Johnson & Johnson		141,906		23,353,470
Professional Services 2.6%
Dun & Bradstreet Holdings, Inc.*		966,615		17,940,374
Equifax, Inc.		141,461		30,886,595
				48,826,969
Road & Rail 2.1%
Uber Technologies, Inc.*		326,720		11,771,722
Union Pacific Corp.		113,109		27,819,158
				39,590,880
Semiconductors & Semiconductor Equipment 1.1%
Analog Devices, Inc.		126,225		20,232,605
Software 19.6%
Adobe, Inc.*		68,533		32,051,513
Anaplan, Inc.*		361,080		17,104,360
Atlassian Corp. PLC Class A*		57,707		17,642,184
AvidXchange Holdings, Inc.*^(c)		438,230		4,220,155
AvidXchange, Inc.*^(a)(g)		979,360		9,215,778
DoubleVerify Holdings, Inc.*		216,382		5,982,962
Grammarly, Inc.*^(a)(b)(g)		106,995		2,804,542
Intuit, Inc.		21,829		10,355,023
Microsoft Corp.		389,931		116,507,483
Paycor HCM, Inc.*		999,168		28,046,646
salesforce.com, Inc.*		189,685		39,934,383
ServiceNow, Inc.*		62,891		36,471,749
Workday, Inc. Class A*		108,861		24,934,612
Zendesk, Inc.*		156,303		18,235,871
				363,507,261
Specialty Retail 8.3%
Fanatics Holdings, Inc. Class A*^(a)(b)(g)		1,297,807		88,043,227
Home Depot, Inc.		99,149		31,314,229
TJX Cos., Inc.		513,716		33,956,627
				153,314,083

See Notes to Consolidated Financial Statements

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

	Number of Shares		Value
Technology Hardware, Storage & Peripherals 4.6%
Apple, Inc.		516,908	$	85,351,849
Textiles, Apparel & Luxury Goods 0.9%
NIKE, Inc. Class B		127,632		17,428,150
Total Common Stocks (Cost $1,113,977,422)				1,795,446,078
Preferred Stocks 1.2%
Capital Markets 0.1%
Savage X, Inc. Ser. C*^(a)(b)(g)		20,788		1,000,028
IT Services 0.4%
Druva, Inc. Ser. 4*^(a)(b)(g)		287,787		2,697,370
Druva, Inc. Ser. 5*^(a)(b)(g)		461,441		4,324,994
				7,022,364
Software 0.3%
Grammarly, Inc. Ser. 3*^(a)(b)(g)		33,179		869,685
Signifyd, Inc. Ser. A*^(a)(b)(g)		39,343		983,181
Signifyd, Inc. Ser. Seed*^(a)(b)(g)		90,310		2,255,944
Videoamp, Inc. Ser. F1*^(a)(b)(g)		82,373		1,300,011
				5,408,821

	Number of Shares		Value
Textiles, Apparel & Luxury Goods 0.3%
Fabletics LLC Ser. G*^(a)(b)(g)		7,000	$	7,000,000
	Number of Units
Entertainment 0.1%
A24 Films LLC*^(a)(b)(g)		8,256		940,028
Total Preferred Stocks (Cost $19,994,511)				21,371,241
Master Limited Partnerships and Limited Partnerships 0.4%
Oil, Gas & Consumable Fuels 0.4%
Enterprise Products Partners L.P. (Cost $8,588,365)		353,984		8,644,289
	Number of Shares
Warrants 0.0%^(d)
Food Products 0.0%^(d)
Whole Earth Brands, Inc. Expires 6/25/2025* (Cost $204,203)		142,005		112,184

	Number of Shares		Value
Short-Term Investments 2.7%
Investment Companies 2.7%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(e)		27,154,429	$	27,154,429
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(e)(f)		23,424,052		23,424,052
Total Short-Term Investments (Cost $50,578,481)				50,578,481
Total Investments 101.1% (Cost $1,194,283,010)				1,876,152,273
Liabilities Less Other Assets (1.1)%				(20,793,417	)
Net Assets 100.0%			$	1,855,358,856

* Non-income producing security.

(a) Security fair valued as of February 28, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at February 28, 2022 amounted to $143,448,993, which represents 7.7% of net assets of the Fund.

(b) Value determined using significant unobservable inputs.

(c) All or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $25,365,806 for the Fund (see Note A of the Notes to Financial Statements).

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

(e) Represents 7-day effective yield as of February 28, 2022.

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

(g) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale. At February 28, 2022, these securities amounted to $143,448,993, which represents 7.7% of net assets of the Fund.

See Notes to Consolidated Financial Statements

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

Restricted Security	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets as of Acquisition Date			Value as of 2/28/2022		Fair Value Percentage of Net Assets as of 2/28/2022
A24 Films LLC (Preferred Units)	2/25/2022	$	940,028		0.1	%	$	940,028		0.1	%
Arctic Wolf Networks, Inc.	12/31/2021		999,999		0.1	%		999,999		0.1	%
AvidXchange Holdings, Inc.	4/7/2020		12,000,099		0.7	%		9,215,778		0.5	%
Druva, Inc. (Ser. 4 Preference Shares)	6/14/2019		1,500,003		0.1	%		2,697,370		0.2	%
Druva, Inc. (Ser. 5 Preference Shares)	4/1/2021		4,325,000		0.2	%		4,324,994		0.2	%
Fabletics LLC (Ser. G Preferred Shares)	1/10/2022		7,000,000		0.3	%		7,000,000		0.3	%
Fanatics Holdings, Inc. Class A	8/13/2020		23,499,997		1.6	%		88,043,227		4.7	%
Grammarly, Inc.	12/23/2021		610,632		0.0	%		610,632		0.0	%
	1/24/2022		2,193,910		0.1	%		2,193,910		0.1	%
Grammarly, Inc. (Ser. 3 Preferred Shares)	12/23/2021		189,355		0.0	%		189,355		0.0	%
	1/24/2022		680,330		0.0	%		680,330		0.0	%
Savage X, Inc. (Ser. C Preferred Shares)	11/30/2021		1,000,028		0.1	%		1,000,028		0.1	%
Signifyd, Inc. (Ser. A Preferred Shares)	5/27/2021		1,213,732		0.1	%		983,181		0.1	%
Signifyd, Inc. (Ser. Seed Preferred Shares)	5/27/2021		2,786,063		0.1	%		2,255,944		0.1	%
Sweetgreen, Inc. Ser. A	11/30/2018		7,520,004		0.4	%		15,184,141		0.8	%
	9/13/2019		1,009,430		0.1	%		1,430,321		0.1	%
	1/21/2021		873,383		0.1	%		1,526,587		0.1	%
Venture Global LNG, Inc. Ser. C	11/21/2018		2,303,000		0.1	%		2,873,157		0.1	%
Videoamp, Inc. (Ser. F1 Preferred Shares)	1/4/2022		1,300,011		0.1	%		1,300,011		0.1	%
Total		$	71,945,004		4.3	%	$	143,448,993		7.7	%

Derivative Instruments

Purchased option contracts ("options purchased")

At February 28, 2022, the Fund did not have any outstanding options purchased. For the six months ended February 28, 2022, the average market value for the months where the Fund had options purchased outstanding was $599,263.

Written option contracts ("options written")

At February 28, 2022, the Fund did not have any outstanding options written. For the six months ended February 28, 2022, the average market value for the months where the Fund had options written outstanding was $(632,115).

See Notes to Consolidated Financial Statements

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks
Computers	$	—	$	—	$	999,999	$	999,999
Hotels, Restaurants & Leisure		51,695,326		18,141,049		—		69,836,375
Oil, Gas & Consumable Fuels		—		—		2,873,157		2,873,157
Software		351,486,941		9,215,778		2,804,542		363,507,261
Specialty Retail		65,270,856		—		88,043,227		153,314,083
Other Common Stocks^(a)		1,204,915,203		—		—		1,204,915,203
Total Common Stocks		1,673,368,326		27,356,827		94,720,925		1,795,446,078
Preferred Stocks^(a)		—		—		21,371,241		21,371,241
Master Limited Partnerships and Limited Partnerships^(a)		8,644,289		—		—		8,644,289
Warrants^(a)		112,184		—		—		112,184
Short-Term Investments		—		50,578,481		—		50,578,481
Total Investments	$	1,682,124,799	$	77,935,308	$	116,092,166	$	1,876,152,273

(a) The Consolidated Schedule of Investments provides information on the industry or sector categorization.

(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 9/1/2021		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 2/28/2022		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2022
Investments in Securities: (000's omitted)
Common Stocks^(c)	$	71,853	$	—	$	4,769	$	23,094		$	3,805	$	(6,400	)	$	—	$	(2,400	)	$	94,721	$	24,324
Preferred Stocks^(c)		36,010		—		—		(6,746	)		11,110		—			—		(19,003	)		21,371		(761	)
Warrants^(g)		—		—		—		—			—		—			—		—			—		—
Total	$	107,863	$	—	$	4,769	$	16,348		$	14,915	$	(6,400	)	$	—	$	(21,403	)	$	116,092	$	23,563

See Notes to Consolidated Financial Statements

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

Investment
type

Fair value
at 2/28/2022

Valuation
approach

Unobservable
input(s)

Input value/
range

Weighted
average^(e)

Impact to
valuation
from
increase
in input^(f)

Common Stocks

91,847,768

Market
Approach

Transaction Price

$11.00-$67.84

$65.95

Increase

Common Stocks

2,873,157

Market
Approach

Enterprise value/EBITDA
multiple^(d) (EV/EBITDA)

11.0x

Increase

Preferred Stocks

17,192,087

Market
Approach

Transaction Price

$9.37 - $1,000.00

$416.31

Increase

Preferred Stocks

3,239,125

Market
Approach

Enterprise value/Revenue
multiple^(d) (EV/Revenue)

5.6x

Increase

Expected Volatility

70.0%

Decrease

Option Term (Years)

2.5

Decrease

Discount Rate

0.3%

Decrease

Preferred Units

940,028

Market
Approach

Transaction Price

$113.86

Increase

(d) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments.

(e) The weighted averages disclosed in the table above were weighted by relative fair value.

(g) At the beginning of the period, these investments were valued in accordance with procedures approved by the Board of Trustees. The Fund no longer held these investments at February 28, 2022 and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

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

See Notes to Consolidated Financial Statements

Schedule of Investments International Equity Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.2%
Austria 1.6%
BAWAG Group AG*^(a)		501,752	$	27,026,789
Belgium 0.4%
Azelis Group NV*		297,485		5,989,980
Canada 0.8%
Softchoice Corp.		775,179		13,901,238
China 2.4%
NXP Semiconductors NV		133,273		25,337,863
Shenzhou Int'l Group Holdings Ltd.		858,700		14,423,247
				39,761,110
Finland 1.4%
Nordea Bank Abp		2,011,354		22,440,511
France 7.3%
Air Liquide SA		72,601		12,104,752
Arkema SA		99,200		13,225,006
Bureau Veritas SA		442,384		12,727,948
Exclusive Networks SA*		658,266		10,384,793
Kering SA		42,541		30,389,086
Pernod-Ricard SA		130,712		28,674,619
Teleperformance		30,800		11,461,998
				118,968,202
Germany 9.5%
adidas AG		99,242		23,595,877
Brenntag SE		298,904		25,095,734
Deutsche Boerse AG		71,419		12,227,992
Gerresheimer AG		199,997		14,463,904
HelloFresh SE*		273,759		15,003,823
QIAGEN NV*		499,611		24,825,671
SAP SE		25,052		2,846,033
SAP SE ADR		210,610		23,710,474
Stabilus SA		221,610		13,144,600
				154,914,108
Hong Kong 3.4%
AIA Group Ltd.		1,487,000		15,440,777
Techtronic Industries Co. Ltd.		2,398,300		40,186,048
				55,626,825

	Number of Shares		Value
Ireland 5.7%
CRH PLC		799,714	$	36,325,572
Kerry Group PLC Class A		205,320		24,448,832
Smurfit Kappa Group PLC		661,894		33,092,399
				93,866,803
Italy 0.8%
Nexi SpA*^(a)(b)		939,383		12,923,781
Japan 13.8%
As One Corp.		101,800		6,154,081
Disco Corp.		46,100		13,052,474
Fujitsu Ltd.		157,200		22,838,641
Koito Manufacturing Co. Ltd.		167,800		8,679,098
MISUMI Group, Inc.		121,100		3,882,183
Nitori Holdings Co. Ltd.		113,600		17,094,316
Olympus Corp.		555,200		11,276,371
Otsuka Corp.		458,500		17,809,756
Sanwa Holdings Corp.		823,600		9,204,314
SCSK Corp.		1,187,000		20,321,970
SMC Corp.		15,475		9,244,286
Sony Group Corp.		302,500		30,907,088
TechnoPro Holdings, Inc.		1,099,500		31,924,598
Terumo Corp.		698,100		22,673,153
				225,062,329
Netherlands 6.5%
AerCap Holdings NV*		364,183		19,822,481
ASML Holding NV		16,821		11,295,578
Heineken NV		330,931		33,536,067
Koninklijke DSM NV		72,115		13,527,698
Koninklijke Philips NV		808,759		27,512,942
				105,694,766
Norway 1.4%
Elopak ASA*		4,962,147		11,256,269
Sbanken ASA^(a)		1,107,895		11,448,676
				22,704,945
Singapore 1.4%
DBS Group Holdings Ltd.		937,707		23,574,078

	Number of Shares		Value
Sweden 3.3%
Assa Abloy AB Class B		719,351	$	19,107,459
Autoliv, Inc.		395,233		34,784,456
				53,891,915
Switzerland 9.8%
Julius Baer Group Ltd.		281,730		16,527,177
Lonza Group AG		27,664		19,226,947
Novartis AG		292,673		25,638,806
Roche Holding AG		107,726		41,094,691
SIG Combibloc Group AG*		504,270		11,370,956
Sonova Holding AG		52,128		20,291,894
UBS Group AG		1,400,839		25,791,262
				159,941,733
United Kingdom 23.7%
Bunzl PLC		1,182,154		47,084,185
Compass Group PLC		828,265		18,822,336
DCC PLC		375,066		29,484,659
Diageo PLC		590,392		29,502,413
Electro- components PLC		915,058		12,146,614
Fevertree Drinks PLC		423,119		10,634,254
Ibstock PLC^(a)		4,976,234		11,915,981
Lloyds Banking Group PLC		32,210,253		20,928,796
London Stock Exchange Group PLC		368,506		32,498,631
Petershill Partners PLC*^(a)		5,869,475		16,771,413
Prudential PLC		1,432,894		21,846,120
RELX PLC		1,128,300		34,525,556
Savills PLC		539,202		9,208,114
Smith & Nephew PLC		997,488		17,890,805
St. James's Place PLC		1,008,178		18,981,933
Travis Perkins PLC		625,825		12,269,943
Unilever PLC		521,036		26,114,252
Weir Group PLC		826,557		17,547,180
				388,173,185

See Notes to Financial Statements

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

	Number of Shares		Value
United States 5.0%
Aon PLC Class A		76,721	$	22,413,273
Ferguson PLC		221,856		33,973,313
Schneider Electric SE		164,618		25,800,296
				82,186,882
Total Common Stocks (Cost $1,444,927,412)				1,606,649,180
Short-Term Investments 2.3%
Investment Companies 2.3%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)		32,453,707		32,453,707

	Number of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(c)(d)		5,064,273	$	5,064,273
Total Short-Term Investments (Cost $37,517,980)				37,517,980
Total Investments 100.5% (Cost $1,482,445,392)				1,644,167,160
Liabilities Less Other Assets (0.5)%				(7,583,944	)
Net Assets 100.0%			$	1,636,583,216

* 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, 2022 amounted to $80,086,640, which represents 4.9% of net assets of the Fund.

(b) The security or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $4,858,721 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		Percentage of Net Assets
Trading Companies & Distributors	$	156,382,250		9.6	%
Capital Markets		122,798,408		7.5	%
Banks		105,418,850		6.4	%
Beverages		102,347,353		6.3	%
Health Care Equipment & Supplies		99,645,165		6.1	%
Professional Services		90,640,100		5.6	%
IT Services		84,278,941		5.1	%
Machinery		84,004,297		5.1	%
Textiles, Apparel & Luxury Goods		68,408,210		4.2	%
Pharmaceuticals		66,733,497		4.1	%
Insurance		59,700,170		3.6	%
Life Sciences Tools & Services		58,516,522		3.6	%
Containers & Packaging		55,719,624		3.4	%
Semiconductors & Semiconductor Equipment		49,685,915		3.0	%
Construction Materials		48,241,553		2.9	%
Auto Components		43,463,554		2.7	%
Chemicals		38,857,456		2.4	%
Household Durables		30,907,088		1.9	%
Industrial Conglomerates		29,484,659		1.8	%
Building Products		28,311,773		1.7	%
Software		26,556,507		1.6	%
Personal Products		26,114,252		1.6	%
Electrical Equipment		25,800,296		1.6	%
Food Products		24,448,832		1.5	%
Hotels, Restaurants & Leisure		18,822,336		1.2	%
Specialty Retail		17,094,316		1.0	%
Food & Staples Retailing		15,003,823		0.9	%
Electronic Equipment, Instruments & Components		13,901,238		0.8	%
Real Estate Management & Development		9,208,114		0.6	%
Health Care Providers & Services		6,154,081		0.4	%
Short-Term Investments and Other Liabilities—Net		29,934,036		1.8	%
	$	1,636,583,216		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 the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
China	$	25,337,863	$	14,423,247	$	—	$	39,761,110
Hong Kong		—		55,626,825		—		55,626,825
Japan		—		225,062,329		—		225,062,329
Singapore		—		23,574,078		—		23,574,078
Other Common Stocks^(a)		1,262,624,838		—		—		1,262,624,838
Total Common Stocks		1,287,962,701		318,686,479		—		1,606,649,180
Short-Term Investments		—		37,517,980		—		37,517,980
Total Investments	$	1,287,962,701	$	356,204,459	$	—	$	1,644,167,160

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

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

See Notes to Financial Statements

100

Schedule of Investments International Select Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 96.7%
Austria 1.6%
BAWAG Group AG*^(a)		51,132	$	2,754,217
China 2.7%
NXP Semiconductors NV		13,564		2,578,788
Shenzhou Int'l Group Holdings Ltd.		114,300		1,919,852
				4,498,640
Finland 1.3%
Nordea Bank Abp		203,430		2,269,652
France 5.8%
Air Liquide SA		7,255		1,209,625
Arkema SA		10,009		1,334,366
Kering SA		4,292		3,065,982
Pernod-Ricard SA		12,842		2,817,182
Teleperformance		3,952		1,470,708
				9,897,863
Germany 9.5%
adidas AG		10,024		2,383,316
Brenntag SE		38,172		3,204,890
Deutsche Boerse AG		11,253		1,926,681
Gerresheimer AG		24,269		1,755,149
HelloFresh SE*		27,904		1,529,326
QIAGEN NV*		50,567		2,512,674
SAP SE		3,199		363,422
SAP SE ADR		22,600		2,544,308
				16,219,766
Hong Kong 3.9%
AIA Group Ltd.		204,300		2,121,419
Techtronic Industries Co. Ltd.		269,600		4,517,433
				6,638,852
Ireland 6.0%
CRH PLC		90,717		4,120,657
Kerry Group PLC Class A		20,726		2,467,984
Smurfit Kappa Group PLC		73,858		3,692,643
				10,281,284
Italy 0.8%
Nexi SpA*^(a)		94,266		1,296,887

	Number of Shares		Value
Japan 12.4%
Disco Corp.		4,700	$	1,330,729
Fujitsu Ltd.		13,900		2,019,447
Koito Manufacturing Co. Ltd.		25,700		1,329,278
MISUMI Group, Inc.		12,400		397,515
Nitori Holdings Co. Ltd.		11,200		1,685,355
Olympus Corp.		76,100		1,545,627
Otsuka Corp.		46,100		1,790,687
SCSK Corp.		120,100		2,056,166
SMC Corp.		2,400		1,433,686
Sony Group Corp.		34,900		3,565,809
TechnoPro Holdings, Inc.		58,700		1,704,387
Terumo Corp.		71,300		2,315,708
				21,174,394
Netherlands 6.5%
AerCap Holdings NV*		36,678		1,996,384
ASML Holding NV		2,273		1,526,357
Heineken NV		33,337		3,378,323
Koninklijke DSM NV		7,295		1,368,433
Koninklijke Philips NV		79,502		2,704,556
				10,974,053
Singapore 1.5%
DBS Group Holdings Ltd.		103,772		2,608,842
Sweden 3.2%
Assa Abloy AB Class B		73,965		1,964,664
Autoliv, Inc.		40,003		3,520,664
				5,485,328
Switzerland 13.1%
Julius Baer Group Ltd.		32,040		1,879,568
Lonza Group AG		3,082		2,142,042
Novartis AG		38,737		3,393,448
Roche Holding AG		13,345		5,090,773
SGS SA		616		1,769,883
SIG Combibloc Group AG*		82,618		1,862,982
Sonova Holding AG		6,843		2,663,778
UBS Group AG		188,089		3,462,962
				22,265,436

	Number of Shares		Value
United Kingdom 23.3%
Bunzl PLC		122,263	$	4,869,631
Compass Group PLC		84,424		1,918,537
DCC PLC		44,156		3,471,188
Diageo PLC		59,525		2,974,517
Electro- components PLC		89,955		1,194,076
Fevertree Drinks PLC		56,237		1,413,405
Lloyds Banking Group PLC		3,787,413		2,460,893
London Stock Exchange Group PLC		41,442		3,654,780
Petershill Partners PLC*^(a)		598,136		1,709,111
Prudential PLC		153,967		2,347,404
RELX PLC		130,997		4,008,459
Smith & Nephew PLC		78,636		1,410,404
St. James's Place PLC		86,130		1,621,652
Travis Perkins PLC		85,008		1,666,669
Unilever PLC		52,492		2,630,892
Weir Group PLC		104,441		2,217,204
				39,568,822
United States 5.1%
Aon PLC Class A		7,818		2,283,950
Ferguson PLC		21,809		3,339,662
Schneider Electric SE		19,335		3,030,341
				8,653,953
Total Common Stocks (Cost $146,213,497)				164,587,989
Short-Term Investments 2.9%
Investment Companies 2.9%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b) (Cost $4,853,485)		4,853,485		4,853,485
Total Investments 99.6% (Cost $151,066,982)				169,441,474
Other Assets Less Liabilities 0.4%				733,139
Net Assets 100.0%			$	170,174,613

See Notes to Financial Statements

101

Schedule of Investments International Select 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, 2022 amounted to $5,760,215, which represents 3.4% of net assets of the Fund.

(b) Represents 7-day effective yield as of February 28, 2022.

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Trading Companies & Distributors	$	16,271,312		9.6	%
Capital Markets		14,254,754		8.4	%
Health Care Equipment & Supplies		10,640,073		6.3	%
Beverages		10,583,427		6.2	%
Banks		10,093,604		5.9	%
Professional Services		8,953,437		5.3	%
Machinery		8,565,838		5.0	%
Pharmaceuticals		8,484,221		5.0	%
Textiles, Apparel & Luxury Goods		7,369,150		4.3	%
IT Services		7,163,187		4.2	%
Insurance		6,752,773		4.0	%
Life Sciences Tools & Services		6,409,865		3.8	%
Containers & Packaging		5,555,625		3.3	%
Semiconductors & Semiconductor Equipment		5,435,874		3.2	%
Auto Components		4,849,942		2.8	%
Construction Materials		4,120,657		2.4	%
Chemicals		3,912,424		2.3	%
Household Durables		3,565,809		2.1	%
Industrial Conglomerates		3,471,188		2.0	%
Electrical Equipment		3,030,341		1.8	%
Software		2,907,730		1.7	%
Personal Products		2,630,892		1.5	%
Food Products		2,467,984		1.4	%
Building Products		1,964,664		1.2	%
Hotels, Restaurants & Leisure		1,918,537		1.1	%
Specialty Retail		1,685,355		1.0	%
Food & Staples Retailing		1,529,326		0.9	%
Short-Term Investments and Other Assets—Net		5,586,624		3.3	%
	$	170,174,613		100.0	%

See Notes to Financial Statements

102

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
China	$	2,578,788	$	1,919,852	$	—	$	4,498,640
Hong Kong		—		6,638,852		—		6,638,852
Japan		—		21,174,394		—		21,174,394
Singapore		—		2,608,842		—		2,608,842
Other Common Stocks^(a)		129,667,261		—		—		129,667,261
Total Common Stocks		132,246,049		32,341,940		—		164,587,989
Short-Term Investments		—		4,853,485		—		4,853,485
Total Investments	$	132,246,049	$	37,195,425	$	—	$	169,441,474

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

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

See Notes to Financial Statements

103

Schedule of Investments International Small Cap Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 94.3%
Australia 4.1%
ARB Corp. Ltd.		1,409	$	42,798
Corporate Travel Management Ltd.*		2,096		33,425
Hansen Technologies Ltd.		7,748		27,435
Steadfast Group Ltd.		11,907		39,902
				143,560
Belgium 1.3%
Shurgard Self Storage SA		836		47,899
Canada 4.5%
Colliers International Group, Inc.		368		50,533
Descartes Systems Group, Inc.*		347		24,726
Enghouse Systems Ltd.		643		20,997
Kinaxis, Inc.*		246		28,202
Softchoice Corp.^(a)		1,838		32,961
				157,419
Denmark 1.5%
Chemometec A/S		191		22,504
Schouw & Co. A/S		336		29,127
				51,631
Finland 0.9%
Kemira OYJ		2,362		31,383
France 8.0%
Chargeurs SA		693		16,349
Esker SA		74		17,466
Exclusive Networks SA*		1,581		24,942
Interparfums SA		658		49,210
Lectra		1,046		49,200
Lumibird*		1,297		30,249
Sopra Steria Group		246		44,132
Tikehau Capital SCA		1,045		27,242
Virbac SA		52		21,339
				280,129
Germany 3.7%
Dermapharm Holding SE		339		24,783
Jenoptik AG		986		35,842
Nexus AG		257		16,886
Stabilus SA		496		29,420
Washtec AG		461		24,811
				131,742

	Number of Shares		Value
Ireland 0.8%
Uniphar PLC		7,737	$	28,975
Italy 2.6%
Carel Industries SpA^(b)		1,698		41,886
GVS SpA^(b)		2,272		22,978
Intercos SpA*		1,845		25,983
				90,847
Japan 22.5%
Aeon Delight Co. Ltd.^(a)		1,450		37,647
Amano Corp.		1,500		29,407
Ariake Japan Co. Ltd.		600		29,962
Azbil Corp.		1,000		37,959
CKD Corp.		1,000		17,441
Idec Corp.		1,400		31,087
Kito Corp.		1,600		23,534
Konishi Co. Ltd.		1,500		20,845
Nagaileben Co. Ltd.		900		17,193
Nakanishi, Inc.		1,300		24,298
Nichias Corp.		1,600		36,245
Nihon Parkerizing Co. Ltd.		3,800		32,685
Nohmi Bosai Ltd.		1,800		31,318
NS Solutions Corp.		1,000		31,849
Okamoto Industries, Inc.		700		24,431
Prestige International, Inc.		6,400		38,980
Relo Group, Inc.		1,600		24,082
Roland Corp.		1,100		37,281
Shinnihonseiyaku Co. Ltd.		1,700		20,457
SHO-BOND Holdings Co. Ltd.		1,000		44,798
Shoei Co. Ltd.		1,500		59,556
Simplex Holdings, Inc.*		1,900		27,277
Sun Frontier Fudousan Co. Ltd.		3,400		31,969
Tanseisha Co. Ltd.		4,300		27,474
TKC Corp.		1,200		32,763
Yellow Hat Ltd.		1,400		19,877
				790,415
Jersey 0.9%
Sanne Group PLC*		2,487		30,461
Korea 3.7%
CJ ENM Co. Ltd.		173		18,878
Dentium Co. Ltd.*		424		21,510
Innocean Worldwide, Inc.		431		17,973
Kyung Dong Navien Co. Ltd.		625		23,212

	Number of Shares		Value
NICE Information Service Co. Ltd.*		1,632	$	25,334
Vitzrocell Co. Ltd.*		2,102		24,574
				131,481
Netherlands 1.0%
Corbion NV		954		35,214
Norway 2.4%
Borregaard ASA		2,350		51,874
Elopak ASA*		9,268		21,023
Sbanken ASA^(b)		1,234		12,752
				85,649
Singapore 1.0%
Haw Par Corp. Ltd.		4,100		35,767
Spain 2.4%
Applus Services SA		4,109		37,526
Befesa SA*^(b)		693		48,408
				85,934
Sweden 6.1%
Biotage AB		836		15,110
Cellavision AB		681		23,006
Cloetta AB, B Shares		13,812		34,763
Dustin Group AB^(b)		4,586		39,507
Sweco AB		3,257		45,801
Thule Group AB^(b)		943		37,373
Xvivo Perfusion AB*		720		18,547
				214,107
Switzerland 9.9%
Belimo Holding AG		93		49,486
Bossard Holding AG Class A		136		38,037
Inficon Holding AG		28		33,035
Interroll Holding AG		13		48,337
Kardex Holding AG		137		35,852
Komax Holding AG*		165		43,611
Medacta Group SA*^(b)		147		18,754
Medartis Holding AG*^(b)		138		20,675
Tecan Group AG		47		20,387
VZ Holding AG		433		38,999
				347,173
Taiwan 0.4%
Bioteque Corp.		4,000		15,378
United Arab Emirates 0.3%
Network International Holdings PLC*^(b)		3,222		9,669
United Kingdom 16.3%
Biffa PLC^(b)		10,241		44,649
Big Yellow Group PLC		2,209		41,932

See Notes to Financial Statements

104

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

	Number of Shares		Value
Clinigen Group PLC		2,930	$	36,181
Coats Group PLC		48,055		39,518
Craneware PLC		809		19,698
Dechra Pharmaceuticals PLC		393		21,710
Diploma PLC		1,272		45,629
Future PLC		1,095		39,015
Games Workshop Group PLC		334		33,493
GB Group PLC		2,173		16,499
Genus PLC		402		17,688
Ideagen PLC		7,008		21,153
Johnson Service Group PLC*		19,474		41,433
Learning Technologies Group PLC		11,344		26,845
On the Beach Group PLC*^(b)		7,127		27,248
OSB Group PLC		5,732		38,486
Restore PLC		5,731		34,597
Victrex PLC		1,069		27,936
				573,710
Total Common Stocks (Cost $3,107,227)				3,318,543

	Number of Shares		Value
Short-Term Investments 7.1%
Investment Companies 7.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)		179,750	$	179,750
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(c)(d)		70,018		70,018
Total Short-Term Investments (Cost $249,768)				249,768
Total Investments 101.4% (Cost $3,356,995)				3,568,311
Liabilities Less Other Assets (1.4)%				(50,981	)
Net Assets 100.0%			$	3,517,330

* Non-income producing security.

(a) The security or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $68,507 for the Fund (see Note A of the Notes to Financial Statements).

(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, 2022 amounted to $323,899, which represents 9.2% of net assets of the Fund.

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

See Notes to Financial Statements

105

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

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Machinery	$	245,984		7.0	%
Commercial Services & Supplies		245,714		7.0	%
Software		232,523		6.6	%
Electronic Equipment, Instruments & Components		230,771		6.6	%
Chemicals		224,368		6.4	%
IT Services		170,632		4.8	%
Health Care Equipment & Supplies		159,361		4.5	%
Real Estate Management & Development		154,483		4.4	%
Building Products		150,829		4.3	%
Leisure Products		108,147		3.1	%
Pharmaceuticals		103,599		2.9	%
Auto Components		102,354		2.9	%
Capital Markets		96,702		2.7	%
Personal Products		95,650		2.7	%
Life Sciences Tools & Services		94,182		2.7	%
Food Products		93,852		2.7	%
Construction & Engineering		90,599		2.6	%
Professional Services		90,334		2.6	%
Trading Companies & Distributors		83,666		2.4	%
Hotels, Restaurants & Leisure		60,673		1.7	%
Media		56,988		1.6	%
Electrical Equipment		55,661		1.6	%
Equity Real Estate Investment Trusts		41,932		1.2	%
Insurance		39,902		1.1	%
Textiles, Apparel & Luxury Goods		39,518		1.1	%
Internet & Direct Marketing Retail		39,507		1.1	%
Thrifts & Mortgage Finance		38,486		1.1	%
Health Care Technology		36,584		1.0	%
Health Care Providers & Services		28,975		0.8	%
Containers & Packaging		21,023		0.6	%
Specialty Retail		19,877		0.6	%
Entertainment		18,878		0.5	%
Biotechnology		17,688		0.5	%
Industrial Conglomerates		16,349		0.5	%
Banks		12,752		0.4	%
Short-Term Investments and Other Liabilities—Net		198,787		5.7	%
	$	3,517,330		100.0	%

See Notes to Financial Statements

106

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Australia	$	—	$	143,560	$	—	$	143,560
Japan		—		790,415		—		790,415
Korea		—		131,481		—		131,481
Singapore		—		35,767		—		35,767
Taiwan		—		15,378		—		15,378
Other Common Stocks^(a)		2,201,942		—		—		2,201,942
Total Common Stocks		2,201,942		1,116,601		—		3,318,543
Short-Term Investments		—		249,768		—		249,768
Total Investments	$	2,201,942	$	1,366,369	$	—	$	3,568,311

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

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

See Notes to Financial Statements

107

Schedule of Investments Intrinsic Value Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 88.6%
Aerospace & Defense 0.9%
Mercury Systems, Inc.*		83,469	$	5,026,503
Spirit AeroSystems Holdings, Inc. Class A		146,196		7,309,800
				12,336,303
Banks 5.5%
BankUnited, Inc.		460,036		20,333,591
Comerica, Inc.		228,694		21,837,990
Huntington Bancshares, Inc.		1,194,892		18,544,724
Texas Capital Bancshares, Inc.*		264,960		17,646,336
				78,362,641
Biotechnology 0.6%
Emergent BioSolutions, Inc.*		220,207		9,112,166
Building Products 2.3%
Resideo Technologies, Inc.*		1,295,315		33,341,408
Commercial Services & Supplies 4.1%
Clean Harbors, Inc.*		114,363		10,913,661
Harsco Corp.*		990,189		11,793,151
KAR Auction Services, Inc.*		980,025		18,091,262
Stericycle, Inc.*		300,056		17,511,268
				58,309,342
Communications Equipment 5.8%
Ciena Corp.*		485,661		33,228,926
EMCORE Corp.*		647,192		2,511,105
Infinera Corp.*		814,626		7,518,998
Radware Ltd.*		212,229		7,302,800

	Number of Shares		Value
Ribbon Communications, Inc.*		1,278,935	$	3,887,962
Viasat, Inc.*		376,100		17,165,204
Viavi Solutions, Inc.*		630,600		10,341,840
				81,956,835
Construction & Engineering 0.5%
Valmont Industries, Inc.		35,781		7,744,797
Containers & Packaging 4.9%
Avery Dennison Corp.		139,477		24,575,848
Crown Holdings, Inc.		371,687		45,594,844
				70,170,692
Electrical Equipment 1.4%
Babcock & Wilcox Enterprises, Inc.*		1,937,918		13,584,805
Bloom Energy Corp. Class A*		271,413		6,025,369
				19,610,174
Electronic Equipment, Instruments & Components 2.8%
II-VI, Inc.*		127,600		8,863,096
Innoviz Technologies Ltd.*		562,194		2,248,776
Itron, Inc.*		217,183		10,353,114
OSI Systems, Inc.*		85,432		6,891,799
Teledyne Technologies, Inc.*		26,780		11,498,796
				39,855,581
Energy Equipment & Services 1.7%
Dril-Quip, Inc.*		247,702		7,143,726
ION Geophysical Corp.*		115,600		67,164
Oil States International, Inc.*		781,437		4,086,915

	Number of Shares		Value
Patterson- UTI Energy, Inc.		255,804	$	3,691,252
TechnipFMC PLC*		1,063,592		7,285,605
TETRA Technologies, Inc.*		709,758		2,271,225
				24,545,887
Entertainment 1.8%
Lions Gate Entertainment Corp. Class B*		1,789,358		25,498,352
Equity Real Estate Investment Trusts 1.0%
Chatham Lodging Trust*		377,253		5,187,229
RLJ Lodging Trust		371,549		5,197,970
Sunstone Hotel Investors, Inc.*		424,810		4,494,490
				14,879,689
Food Products 1.6%
Hain Celestial Group, Inc.*		283,492		10,307,769
TreeHouse Foods, Inc.*		309,993		12,167,225
				22,474,994
Health Care Equipment & Supplies 4.3%
Accuray, Inc.*		1,615,125		5,604,484
AtriCure, Inc.*		170,706		11,855,532
Avanos Medical, Inc.*		269,280		9,529,819
Cardiovascular Systems, Inc.*		250,177		5,268,728
CytoSorbents Corp.*		441,016		1,706,732
Haemonetics Corp.*		233,568		13,479,209
OraSure Technologies, Inc.*		774,253		6,039,173

See Notes to Financial Statements

108

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

	Number of Shares		Value
Varex Imaging Corp.*		319,218	$	7,546,313
				61,029,990
Health Care Providers & Services 3.1%
Acadia Healthcare Co., Inc.*		324,056		18,377,216
Molina Healthcare, Inc.*		58,913		18,078,632
Patterson Cos., Inc.		235,828		7,051,257
				43,507,105
Hotels, Restaurants & Leisure 3.4%
International Game Technology PLC		1,222,284		37,426,336
SeaWorld Entertainment, Inc.*		146,938		10,196,028
				47,622,364
Household Durables 0.9%
Tempur Sealy International, Inc.		405,760		13,394,138
Independent Power and Renewable Electricity Producers 2.8%
Ormat Technologies, Inc.		325,653		23,235,342
Vistra Corp.		726,399		16,576,425
				39,811,767
Insurance 0.2%
eHealth, Inc.*		220,937		3,433,361
IT Services 4.9%
Alliance Data Systems Corp.		107,847		7,274,280
Conduent, Inc.*		4,103,788		19,985,447
Kyndryl Holdings, Inc.*		811,081		12,863,745
Unisys Corp.*		1,359,267		29,047,536
				69,171,008

	Number of Shares		Value
Life Sciences Tools & Services 1.6%
Charles River Laboratories International, Inc.*		64,646	$	18,822,330
Fluidigm Corp.*		1,194,862		4,397,092
				23,219,422
Machinery 0.7%
Enerpac Tool Group Corp.		314,268		5,421,123
Markforged Holding Corp.*		776,816		3,021,814
Twin Disc, Inc.*		115,661		1,376,366
				9,819,303
Media 2.7%
Criteo SA ADR*		1,107,091		36,821,847
Loyalty Ventures, Inc.*		43,157		1,035,768
				37,857,615
Metals & Mining 1.9%
Cleveland- Cliffs, Inc.*		1,215,050		27,168,518
Oil, Gas & Consumable Fuels 3.4%
CNX Resources Corp.*		503,617		8,229,102
Devon Energy Corp.		669,191		39,850,324
				48,079,426
Pharmaceuticals 0.3%
Amneal Pharmaceuticals, Inc.*		1,075,185		4,870,588
Professional Services 1.9%
KBR, Inc.		557,450		27,671,818
Semiconductors & Semiconductor Equipment 6.8%
CEVA, Inc.*		135,182		5,511,370
CMC Materials, Inc.		75,001		13,907,435
MACOM Technology Solutions Holdings, Inc.*		414,656		24,920,826

	Number of Shares		Value
Rambus, Inc.*		943,254	$	25,467,858
Veeco Instruments, Inc.*		935,946		26,739,977
				96,547,466
Software 8.3%
Box, Inc. Class A*		437,915		11,215,003
Cognyte Software Ltd.*		1,126,753		12,574,563
Mandiant, Inc.*		1,309,132		25,920,814
New Relic, Inc.*		151,295		10,021,781
OneSpan, Inc.*		476,470		6,565,757
Ping Identity Holding Corp.*		456,145		9,597,291
Verint Systems, Inc.*		374,097		18,790,892
Xperi Holding Corp.		1,339,238		23,195,602
				117,881,703
Specialty Retail 2.6%
Caleres, Inc.		291,484		6,051,208
Chico's FAS, Inc.*		696,263		3,272,436
Children's Place, Inc.*		137,028		8,627,283
ODP Corp.*		415,252		18,271,088
				36,222,015
Technology Hardware, Storage & Peripherals 2.6%
Diebold Nixdorf, Inc.*		727,502		6,329,267
Quantum Corp.*		2,857,118		7,428,507
Stratasys Ltd.*		895,889		22,468,896
				36,226,670
Trading Companies & Distributors 1.3%
AerCap Holdings NV*		345,195		18,788,964
Total Common Stocks (Cost $966,450,362)				1,260,522,102

See Notes to Financial Statements

109

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

	Principal Amount		Value
Convertible Bonds 1.1%
Communications Equipment 1.0%
Infinera Corp., 2.50%, due 3/1/2027	$	9,304,000	$	13,337,284
Energy Equipment & Services 0.1%
ION Geophysical Corp., 8.00%, due 12/15/2025		3,150,000		1,820,699
Total Convertible Bonds (Cost $12,454,000)				15,157,983

	Number of Shares		Value
Short-Term Investments 10.4%
Investment Companies 10.4%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(a) (Cost $147,658,721)		147,658,721	$	147,658,721
Total Investments 100.1% (Cost $1,126,563,083)				1,423,338,806
Liabilities Less Other Assets (0.1)%				(1,114,130	)
Net Assets 100.0%			$	1,422,224,676

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,260,522,102	$	—	$	—	$	1,260,522,102
Convertible Bonds^(a)		—		15,157,983		—		15,157,983
Short-Term Investments		—		147,658,721		—		147,658,721
Total Investments	$	1,260,522,102	$	162,816,704	$	—	$	1,423,338,806

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

110

Schedule of Investments Large Cap Value Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 94.1%
Aerospace & Defense 3.2%
Boeing Co.*		317,911	$	65,279,845
Raytheon Technologies Corp.		2,179,763		223,861,660
				289,141,505
Airlines 6.0%
American Airlines Group, Inc.*		4,126,012		71,173,707
Delta Air Lines, Inc.*		6,971,547		278,304,156
United Airlines Holdings, Inc.*		4,386,628		194,766,283
				544,244,146
Automobiles 0.5%
General Motors Co.*		958,641		44,787,708
Banks 12.3%
Bank of America Corp.		3,065,250		135,484,050
Comerica, Inc.		746,858		71,317,470
Fifth Third Bancorp		1,038,722		49,692,460
JPMorgan Chase & Co.		1,866,062		264,607,592
PNC Financial Services Group, Inc.		724,308		144,318,369
Regions Financial Corp.		3,985,878		96,418,389
Truist Financial Corp.		3,671,087		228,415,033
U.S. Bancorp		1,324,420		74,882,707
Zions Bancorp NA		675,812		47,908,313
				1,113,044,383
Beverages 4.7%
Coca-Cola Co.		529,344		32,946,371
Constellation Brands, Inc. Class A		971,460		209,466,205
Keurig Dr Pepper, Inc.		4,817,821		186,305,138
				428,717,714

	Number of Shares		Value
Biotechnology 0.8%
Gilead Sciences, Inc.		1,139,348	$	68,816,619
Capital Markets 2.2%
Charles Schwab Corp.		659,224		55,678,059
CME Group, Inc.		617,533		146,065,081
				201,743,140
Chemicals 3.7%
Air Products & Chemicals, Inc.		347,574		82,131,736
Dow, Inc.		1,899,748		112,009,142
Mosaic Co.		2,721,644		142,695,795
				336,836,673
Communications Equipment 0.9%
Cisco Systems, Inc.		1,491,611		83,187,145
Diversified Financial Services 3.4%
Apollo Global Management, Inc.		1,310,004		85,490,861
Berkshire Hathaway, Inc. Class B*		491,152		157,880,810
Equitable Holdings, Inc.		2,019,418		65,954,192
				309,325,863
Electric Utilities 1.1%
American Electric Power Co., Inc.		504,950		45,773,718
Constellation Energy Corp.		324,910		14,939,362
Exelon Corp.		974,731		41,484,551
				102,197,631
Electrical Equipment 0.6%
Emerson Electric Co.		586,742		54,520,067
Food & Staples Retailing 1.9%
Kroger Co.		816,358		38,205,554
Walgreens Boots Alliance, Inc.		222,663		10,262,538
Walmart, Inc.		911,294		123,170,497
				171,638,589

	Number of Shares		Value
Food Products 2.6%
General Mills, Inc.		809,955	$	54,615,265
Mondelez International, Inc. Class A		2,752,091		180,206,919
				234,822,184
Health Care Equipment & Supplies 6.2%
Abbott Laboratories		741,313		89,417,174
Baxter Int'l, Inc.		1,049,210		89,151,374
Becton, Dickinson & Co.		487,538		132,259,309
Boston Scientific Corp.*		401,328		17,726,658
Medtronic PLC		722,639		75,869,868
Zimmer Biomet Holdings, Inc.		1,212,450		154,211,515
				558,635,898
Health Care Providers & Services 3.2%
Amerisource Bergen Corp.		99,113		14,126,576
Anthem, Inc.		247,003		111,608,305
CVS Health Corp.		390,040		40,427,646
Humana, Inc.		152,981		66,442,708
UnitedHealth Group, Inc.		125,649		59,792,590
				292,397,825
Hotels, Restaurants & Leisure 5.7%
Carnival Corp.*		5,742,702		116,749,132
Marriott International, Inc. Class A*		927,077		157,732,881
McDonald's Corp.		177,383		43,418,037
Royal Caribbean Cruises Ltd.*		2,492,684		201,209,452
				519,109,502
Household Products 4.4%
Kimberly-Clark Corp.		375,159		48,826,944
Procter & Gamble Co.		2,249,730		350,710,410
				399,537,354

See Notes to Financial Statements

111

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

		Number of Shares		Value
Industrial Conglomerates 3.9%
3M Co.			317,203	$	47,152,226
General Electric Co.			3,242,383		309,680,000
					356,832,226
Insurance 2.8%
Aon PLC Class A			263,208		76,893,585
Chubb Ltd.			263,885		53,737,542
MetLife, Inc.			1,831,251		123,701,005
					254,332,132
Machinery 1.6%
Caterpillar, Inc.			501,256		94,025,600
CNH	Industrial NV		579,696		8,307,044
Illinois Tool Works, Inc.			203,633		44,053,963
					146,386,607
Metals & Mining 6.4%
Barrick Gold Corp.			1,466,650		33,102,290
BHP Group Ltd. ADR			781,535		52,980,258
Freeport- McMoRan, Inc.			2,661,005		124,934,185

	Number of Shares		Value
Newmont Corp.		1,607,575	$	106,421,465
Rio Tinto PLC ADR		2,209,608		173,630,997
Southern Copper Corp.		1,268,800		88,042,032
				579,111,227
Multi-Utilities 0.5%
Sempra Energy		323,794		46,697,571
Oil, Gas & Consumable Fuels 9.0%
Chevron Corp.		1,478,272		212,871,168
ConocoPhillips		534,957		50,746,021
Devon Energy Corp.		1,249,242		74,392,361
EOG Resources, Inc.		799,021		91,823,493
Exxon Mobil Corp.		4,140,849		324,725,379
Valero Energy Corp.		726,089		60,635,692
				815,194,114
Pharmaceuticals 5.8%
Bristol-Myers Squibb Co.		1,145,191		78,640,266
Johnson & Johnson		807,661		132,916,771

	Number of Shares		Value
Merck & Co., Inc.		1,709,975	$	130,949,885
Pfizer, Inc.		3,903,005		183,207,055
				525,713,977
Tobacco 0.7%
Philip Morris Int'l, Inc.		652,141		65,911,891
Total Common Stocks (Cost $7,484,971,179)				8,542,883,691
Short-Term Investments 5.2%
Investment Companies 5.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a) (Cost $471,464,196)		471,464,196		471,464,196
Total Investments 99.3% (Cost $7,956,435,375)				9,014,347,887
Other Assets Less Liabilities 0.7%				63,399,918
Net Assets 100.0%			$	9,077,747,805

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	8,542,883,691	$	—	$	—	$	8,542,883,691
Short-Term Investments		—		471,464,196		—		471,464,196
Total Investments	$	8,542,883,691	$	471,464,196	$	—	$	9,014,347,887

(a)The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

112

Schedule of Investments Mid Cap Growth Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.1%
Aerospace & Defense 2.2%
Axon Enterprise, Inc.*		105,000	$	14,726,250
HEICO Corp.		160,000		23,601,600
				38,327,850
Airlines 1.0%
Allegiant Travel Co.*		100,000		17,409,000
Auto Components 1.1%
Aptiv PLC*		150,000		19,416,000
Banks 7.3%
Citizens Financial Group, Inc.		400,000		20,968,000
Pinnacle Financial Partners, Inc.		225,000		22,743,000
Signature Bank		135,000		46,560,150
SVB Financial Group*		60,000		36,360,000
				126,631,150
Biotechnology 3.1%
Argenx SE ADR*		25,000		7,192,750
Fate Therapeutics, Inc.*		185,700		6,415,935
Horizon Therapeutics PLC*		250,000		22,792,500
Seagen, Inc.*		130,000		16,753,100
				53,154,285
Building Products 0.6%
Fortune Brands Home & Security, Inc.		125,000		10,862,500
Capital Markets 0.8%
Carlyle Group, Inc.		300,000		14,061,000
Commercial Services & Supplies 3.6%
Cintas Corp.		92,500		34,717,100
Waste Connections, Inc.		230,000		28,402,700
				63,119,800
Communications Equipment 2.0%
Arista Networks, Inc.*		150,000		18,409,500

	Number of Shares		Value
Juniper Networks, Inc.		500,000	$	16,895,000
				35,304,500
Distributors 0.9%
LKQ Corp.		325,000		15,258,750
Electrical Equipment 3.2%
AMETEK, Inc.		205,000		26,606,950
Generac Holdings, Inc.*		90,000		28,392,300
				54,999,250
Electronic Equipment, Instruments & Components 5.1%
Amphenol Corp. Class A		230,000		17,482,300
CDW Corp.		110,000		18,970,600
Teledyne Technologies, Inc.*		65,000		27,909,700
Zebra Technologies Corp. Class A*		57,500		23,767,050
				88,129,650
Entertainment 0.6%
Lions Gate Entertainment Corp. Class A*		725,946		11,150,530
Food & Staples Retailing 1.6%
BJ's Wholesale Club Holdings, Inc.*		437,500		27,505,625
Health Care Equipment & Supplies 6.7%
Align Technology, Inc.*		20,000		10,229,200
Axonics, Inc.*		275,000		15,609,000
IDEXX Laboratories, Inc.*		45,000		23,955,750
Insulet Corp.*		70,000		18,528,300
Penumbra, Inc.*		110,000		24,391,400
Teleflex, Inc.		70,000		23,541,700
				116,255,350
Health Care Providers & Services 0.3%
R1 RCM, Inc.*		200,000		5,438,000
Health Care Technology 0.7%
Veeva Systems, Inc. Class A*		50,000		11,452,500
Hotels, Restaurants & Leisure 7.0%
Caesars Entertainment, Inc.*		250,000		21,047,500

	Number of Shares		Value
Chipotle Mexican Grill, Inc.*		14,000	$	21,326,900
Darden Restaurants, Inc.		160,000		23,235,200
DraftKings, Inc. Class A*		250,000		5,920,000
Expedia Group, Inc.*		150,000		29,416,500
Marriott Vacations Worldwide Corp.		125,000		20,083,750
				121,029,850
Household Products 1.1%
Church & Dwight Co., Inc.		200,000		19,570,000
Interactive Media & Services 0.8%
IAC/ InterActive Corp.*		125,000		14,345,000
IT Services 3.5%
Cloudflare, Inc. Class A*		160,000		18,627,200
EPAM Systems, Inc.*		25,000		5,193,750
Globant SA*		75,000		20,550,000
MongoDB, Inc.*		42,500		16,234,575
				60,605,525
Leisure Products 1.0%
Polaris, Inc.		140,000		17,011,400
Life Sciences Tools & Services 4.5%
Avantor, Inc.*		1,000,000		34,690,000
Bio-Rad Laboratories, Inc. Class A*		40,009		25,044,034
IQVIA Holdings, Inc.*		80,000		18,409,600
				78,143,634
Machinery 1.3%
IDEX Corp.		117,500		22,548,250
Oil, Gas & Consumable Fuels 2.4%
Antero Resources Corp.*		225,000		5,159,250
Devon Energy Corp.		450,000		26,797,500
Diamondback Energy, Inc.		75,000		10,357,500
				42,314,250

See Notes to Financial Statements

113

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

	Number of Shares		Value
Pharmaceuticals 0.9%
Catalent, Inc.*		75,000	$	7,653,000
Royalty Pharma PLC Class A		200,000		7,852,000
				15,505,000
Professional Services 1.1%
CoStar Group, Inc.*		325,000		19,828,250
Road & Rail 1.7%
Old Dominion Freight Line, Inc.		95,000		29,832,850
Semiconductors & Semiconductor Equipment 10.5%
Enphase Energy, Inc.*		125,000		20,837,500
Entegris, Inc.		225,000		29,358,000
KLA Corp.		42,500		14,811,250
Lattice Semiconductor Corp.*		275,000		17,220,500
Marvell Technology, Inc.		280,000		19,132,400
Monolithic Power Systems, Inc.		65,000		29,815,500
ON Semiconductor Corp.*		500,000		31,305,000
Teradyne, Inc.		175,000		20,636,000
				183,116,150
Software 13.5%
Avalara, Inc.*		150,000		15,586,500
Bill.com Holdings, Inc.*		80,000		19,030,400
Crowdstrike Holdings, Inc. Class A*		105,000		20,497,050

	Number of Shares		Value
Datadog, Inc. Class A*		100,000	$	16,111,000
Descartes Systems Group, Inc.*		225,000		16,033,500
HubSpot, Inc.*		37,500		19,687,500
Manhattan Associates, Inc.*		150,000		20,052,000
Palo Alto Networks, Inc.*		75,000		44,568,750
Paylocity Holding Corp.*		105,000		22,306,200
Trade Desk, Inc. Class A*		250,000		21,330,000
Zscaler, Inc.*		85,000		20,327,750
				235,530,650
Specialty Retail 6.1%
Burlington Stores, Inc.*		95,000		21,459,550
CarMax, Inc.*		140,000		15,306,200
Dick's Sporting Goods, Inc.^(a)		250,000		26,250,000
Five Below, Inc.*		100,000		16,361,000
O'Reilly Automotive, Inc.*		40,000		25,969,600
				105,346,350
Trading Companies & Distributors 1.9%
United Rentals, Inc.*		102,500		32,966,050
Total Common Stocks (Cost $1,237,732,176)				1,706,168,949

	Number of Shares		Value
Short-Term Investments 2.8%
Investment Companies 2.8%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b)		33,197,123	$	33,197,123
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(b)(c)		15,714,964		15,714,964
Total Short-Term Investments (Cost $48,912,087)				48,912,087
Total Investments 100.9% (Cost $1,286,644,263)				1,755,081,036
Liabilities Less Other Assets (0.9)%				(16,082,574	)
Net Assets 100.0%			$	1,738,998,462

* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $15,640,485 for the Fund (see Note A of the Notes to Financial Statements).

(b) Represents 7-day effective yield as of February 28, 2022.

See Notes to Financial Statements

114

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,706,168,949	$	—	$	—	$	1,706,168,949
Short-Term Investments		—		48,912,087		—		48,912,087
Total Investments	$	1,706,168,949	$	48,912,087	$	—	$	1,755,081,036

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

115

Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.8%
Aerospace & Defense 1.1%
General Dynamics Corp.		2,858	$	670,058
Auto Components 2.2%
Aptiv PLC*		10,624		1,375,171
Banks 10.4%
BankUnited, Inc.		26,951		1,191,234
Comerica, Inc.		9,829		938,571
First Horizon Corp.		51,686		1,213,588
Huntington Bancshares, Inc.		73,877		1,146,571
M&T Bank Corp.		5,826		1,061,672
Truist Financial Corp.		15,091		938,962
				6,490,598
Beverages 2.6%
Molson Coors Brewing Co. Class B		30,600		1,596,708
Biotechnology 0.9%
Emergent BioSolutions, Inc.*		13,476		557,637
Building Products 3.8%
Carlisle Cos, Inc.		6,541		1,552,834
Fortune Brands Home & Security, Inc.		9,318		809,734
				2,362,568
Chemicals 1.6%
Ashland Global Holdings, Inc.		4,133		381,393
Scotts Miracle- Gro Co.		4,277		599,037
				980,430
Commercial Services & Supplies 2.1%
KAR Auction Services, Inc.*		44,600		823,316
Stericycle, Inc.*		8,657		505,222
				1,328,538
Communications Equipment 3.1%
Ciena Corp.*		16,400		1,122,088
Motorola Solutions, Inc.		3,568		786,494
				1,908,582
Construction & Engineering 1.0%
Arcosa, Inc.		11,467		603,967

	Number of Shares		Value
Containers & Packaging 2.1%
Sealed Air Corp.		19,029	$	1,277,417
Electric Utilities 3.2%
Evergy, Inc.		24,300		1,516,563
OGE Energy Corp.		12,100		454,355
				1,970,918
Electronic Equipment, Instruments & Components 3.0%
CDW Corp.		5,234		902,656
II-VI, Inc.*		5,775		401,131
Itron, Inc.*		12,249		583,910
				1,887,697
Energy Equipment & Services 1.3%
Baker Hughes Co.		27,794		816,588
Entertainment 2.7%
Lions Gate Entertainment Corp. Class B*		117,800		1,678,650
Equity Real Estate Investment Trusts 2.8%
Regency Centers Corp.		25,972		1,711,295
Food Products 3.2%
Hain Celestial Group, Inc.*		21,800		792,648
TreeHouse Foods, Inc.*		31,100		1,220,675
				2,013,323
Health Care Equipment & Supplies 5.0%
Avanos Medical, Inc.*		19,023		673,224
Cardiovascular Systems, Inc.*		33,974		715,492
Haemonetics Corp.*		9,766		563,596
Zimmer Biomet Holdings, Inc.		9,200		1,170,148
				3,122,460
Health Care Providers & Services 1.7%
McKesson Corp.		2,900		797,384
MEDNAX, Inc.*		9,950		233,526
				1,030,910
Hotels, Restaurants & Leisure 4.0%
MGM Resorts International		26,905		1,191,622
Travel & Leisure Co.		23,613		1,323,509
				2,515,131

	Number of Shares		Value
Independent Power and Renewable Electricity Producers 2.8%
AES Corp.		46,100	$	978,703
Vistra Corp.		34,300		782,726
				1,761,429
Insurance 1.6%
Globe Life, Inc.		9,985		1,008,086
IT Services 1.6%
Alliance Data Systems Corp.		4,440		299,478
Conduent, Inc.*		143,600		699,332
				998,810
Machinery 2.0%
Allison Transmission Holdings, Inc.		17,472		697,831
Enerpac Tool Group Corp.		31,587		544,876
				1,242,707
Media 0.1%
Loyalty Ventures, Inc.*		1,776		42,624
Metals & Mining 0.6%
Cleveland-Cliffs, Inc.*		16,803		375,715
Mortgage Real Estate Investment Trusts 2.0%
Starwood Property Trust, Inc.		53,200		1,268,288
Multi-Utilities 2.2%
CenterPoint Energy, Inc.		49,700		1,359,295
Multiline Retail 2.0%
Dollar Tree, Inc.*		8,700		1,236,096
Oil, Gas & Consumable Fuels 9.5%
Devon Energy Corp.		26,495		1,577,777
EOG Resources, Inc.		12,434		1,428,915
ONEOK, Inc.		23,323		1,522,992
Phillips 66		6,300		530,712
Williams Cos., Inc.		26,100		816,408
				5,876,804
Professional Services 3.2%
Dun & Bradstreet Holdings, Inc.*		33,426		620,387
KBR, Inc.		27,741		1,377,063
				1,997,450

See Notes to Financial Statements

116

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

	Number of Shares		Value
Real Estate Management & Development 0.5%
WeWork, Inc. Class A*		43,425	$	277,920
Semiconductors & Semiconductor Equipment 5.9%
CMC Materials, Inc.		9,196		1,705,214
NXP Semiconductors NV		4,811		914,668
Skyworks Solutions, Inc.		7,484		1,034,064
				3,653,946
Software 1.5%
Dropbox, Inc. Class A*		29,579		671,147
Ping Identity Holding Corp.*		13,673		287,680
				958,827

	Number of Shares		Value
Specialty Retail 2.9%
Chico's FAS, Inc.*		151,900	$	713,930
Children's Place, Inc.*		17,661		1,111,937
				1,825,867
Trading Companies & Distributors 2.6%
AerCap Holdings NV*		30,163		1,641,772
Total Common Stocks (Cost $47,284,436)				61,424,282
Warrants 0.1%
Diversified Consumer Services 0.1%
OneSpaWorld Holdings Ltd. Expires 3/19/2024* (Cost $—)		18,168		57,956

	Number of Shares		Value
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a) (Cost $695,573)		695,573	$	695,573
Total Investments 100.0% (Cost $47,980,009)				62,177,811
Other Assets Less Liabilities 0.0%^(b)				3,859
Net Assets 100.0%			$	62,181,670

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	61,424,282	$	—	$	—	$	61,424,282
Warrants^(a)		57,956		—		—		57,956
Short-Term Investments		—		695,573		—		695,573
Total Investments	$	61,482,238	$	695,573	$	—	$	62,177,811

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

117

Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 99.9%
Aerospace & Defense 3.6%
Raytheon Technologies Corp.		157,000	$	16,123,900
Banks 3.0%
JPMorgan Chase & Co.		95,000		13,471,000
Capital Markets 8.4%
Brookfield Asset Management, Inc. Class A		340,000		18,577,600
Charles Schwab Corp.		135,000		11,402,100
Intercontinental Exchange, Inc.		62,000		7,943,440
				37,923,140
Chemicals 1.3%
Sherwin- Williams Co.		22,000		5,788,860
Communications Equipment 5.4%
Cisco Systems, Inc.		197,000		10,986,690
Motorola Solutions, Inc.		60,000		13,225,800
				24,212,490
Construction Materials 1.5%
Eagle Materials, Inc.		50,000		6,841,500
Containers & Packaging 5.8%
Ball Corp.		180,000		16,153,200
Graphic Packaging Holding Co.		485,000		9,981,300
				26,134,500
Diversified Financial Services 7.1%
Apollo Global Management, Inc.		113,000		7,374,380
Berkshire Hathaway, Inc. Class B*		76,000		24,430,200
				31,804,580
Electrical Equipment 1.4%
Rockwell Automation, Inc.		23,000		6,131,340

	Number of Shares		Value
Entertainment 2.5%
Activision Blizzard, Inc.		20,000	$	1,630,000
Walt Disney Co.*		65,000		9,649,900
				11,279,900
Food & Staples Retailing 4.2%
BJ's Wholesale Club Holdings, Inc.*		110,000		6,915,700
US Foods Holding Corp.*		310,000		12,117,900
				19,033,600
Food Products 2.7%
Lamb Weston Holdings, Inc.		65,000		4,317,950
Mondelez International, Inc. Class A		117,000		7,661,160
				11,979,110
Health Care Equipment & Supplies 1.1%
Becton, Dickinson & Co.		19,000		5,154,320
Health Care Providers & Services 4.0%
HCA Healthcare, Inc.		72,000		18,022,320
Hotels, Restaurants & Leisure 5.5%
Aramark		300,000		11,088,000
Booking Holdings, Inc.*		1,900		4,127,275
McDonald's Corp.		38,000		9,301,260
				24,516,535
Household Products 0.4%
WD-40 Co.		8,500		1,801,065
Independent Power and Renewable Electricity Producers 0.5%
Brookfield Renewable Corp. Class A		60,000		2,242,200
Insurance 1.5%
Chubb Ltd.		33,000		6,720,120
Interactive Media & Services 4.7%
Alphabet, Inc. Class C*		7,800		21,042,996

	Number of Shares		Value
Internet & Direct Marketing Retail 3.1%
Amazon.com, Inc.*		4,500	$	13,820,670
IT Services 1.0%
PayPal Holdings, Inc.*		40,000		4,477,200
Leisure Products 1.1%
Brunswick Corp.		50,000		4,776,000
Machinery 5.5%
Deere & Co.		12,500		4,500,250
Nordson Corp.		37,000		8,380,130
Stanley Black & Decker, Inc.		73,000		11,877,100
				24,757,480
Media 2.8%
Cable One, Inc.		3,800		5,444,830
Comcast Corp. Class A		150,000		7,014,000
				12,458,830
Pharmaceuticals 2.3%
Pfizer, Inc.		220,000		10,326,800
Road & Rail 3.2%
CSX Corp.		430,000		14,581,300
Software 4.7%
Microsoft Corp.		70,000		20,915,300
Specialty Retail 3.4%
Lowe's Cos., Inc.		50,000		11,053,000
TJX Cos., Inc.		65,000		4,296,500
				15,349,500
Technology Hardware, Storage & Peripherals 4.8%
Apple, Inc.		132,000		21,795,840
Textiles, Apparel & Luxury Goods 2.3%
Columbia Sportswear Co.		35,000		3,245,200
NIKE, Inc. Class B		52,000		7,100,600
				10,345,800
Wireless Telecommunication Services 1.1%
T-Mobile U.S., Inc.*		39,000		4,805,190
Total Common Stocks (Cost $218,077,798)				448,633,386

See Notes to Financial Statements

118

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

	Number of Shares		Value
Short-Term Investments 0.1%
Investment Companies 0.1%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(a) (Cost $423,487)		423,487	$	423,487
Total Investments 100.0% (Cost $218,501,285)				449,056,873
Other Assets Less Liabilities 0.0%^(b)				102,649
Net Assets 100.0%			$	449,159,522

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	448,633,386	$	—	$	—	$	448,633,386
Short-Term Investments		—		423,487		—		423,487
Total Investments	$	448,633,386	$	423,487	$	—	$	449,056,873

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

119

Schedule of Investments Real Estate Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.9%
Apartments 12.3%
Apartment Income REIT Corp.		555,701	$	28,679,729
Camden Property Trust		109,143		18,020,601
Equity Residential		720,027		61,418,303
Essex Property Trust, Inc.		143,414		45,486,618
				153,605,251
Capital Markets 1.7%
Brookfield Asset Management, Inc. Class A		382,309		20,889,364
Data Centers 7.3%
Digital Realty Trust, Inc.		220,118		29,698,321
Equinix, Inc.		86,421		61,335,576
				91,033,897
Diversified 1.0%
DigitalBridge Group, Inc.*		1,752,244		12,703,769
Free Standing 2.1%
Four Corners Property Trust, Inc.		477,885		12,606,606
Spirit Realty Capital, Inc.		301,061		13,960,199
				26,566,805
Health Care 8.5%
Healthcare Trust of America, Inc. Class A		453,743		13,335,507
Healthpeak Properties, Inc.		683,869		21,240,971
Medical Properties Trust, Inc.		916,154		18,634,572
Welltower, Inc.		636,023		52,974,356
				106,185,406

	Number of Shares		Value
Industrial 13.3%
Duke Realty Corp.		507,662	$	26,906,086
Prologis, Inc.		792,240		115,548,204
Rexford Industrial Realty, Inc.		323,020		22,653,393
				165,107,683
Infrastructure 16.5%
American Tower Corp.		439,635		99,739,992
Crown Castle International Corp.		444,829		74,104,063
SBA Communications Corp.		103,951		31,537,694
				205,381,749
Manufactured Homes 5.0%
Equity LifeStyle Properties, Inc.		408,351		30,471,152
Sun Communities, Inc.		173,245		31,357,345
				61,828,497
Office 4.6%
Boston Properties, Inc.		268,168		32,799,628
Douglas Emmett, Inc.		437,154		13,857,782
Kilroy Realty Corp.		151,541		10,853,366
				57,510,776
Regional Malls 4.7%
Simon Property Group, Inc.		422,967		58,183,340
Self Storage 8.8%
Extra Space Storage, Inc.		176,813		33,267,366
Public Storage		212,809		75,551,451
				108,818,817

	Number of Shares		Value
Shopping Centers 4.2%
Kimco Realty Corp.		1,181,878	$	27,809,589
Regency Centers Corp.		179,571		11,831,933
Retail Opportunity Investments Corp.		681,343		12,373,189
				52,014,711
Single Family Homes 3.5%
American Homes 4 Rent Class A		443,251		16,847,970
Invitation Homes, Inc.		712,756		26,942,177
				43,790,147
Specialty 2.4%
VICI Properties, Inc.		1,051,053		29,387,442
Timber 3.0%
Weyerhaeuser Co.		967,283		37,607,963
Total Common Stocks (Cost $1,049,585,141)				1,230,615,617
Short-Term Investments 1.1%
Investment Companies 1.1%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a) (Cost $12,986,849)		12,986,849		12,986,849
Total Investments 100.0% (Cost $1,062,571,990)				1,243,602,466
Other Assets Less Liabilities 0.0%^(b)				518,560
Net Assets 100.0%			$	1,244,121,026

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

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

See Notes to Financial Statements

120

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,230,615,617	$	—	$	—	$	1,230,615,617
Short-Term Investments		—		12,986,849		—		12,986,849
Total Investments	$	1,230,615,617	$	12,986,849	$	—	$	1,243,602,466

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

121

Schedule of Investments Small Cap Growth Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.3%
Airlines 1.5%
Allegiant Travel Co.*		29,732	$	5,176,044
Auto Components 0.9%
Dorman Products, Inc.*		33,372		3,117,612
Banks 6.9%
Pinnacle Financial Partners, Inc.		75,046		7,585,650
Seacoast Banking Corp. of Florida		200,000		7,330,000
Texas Capital Bancshares, Inc.*		57,500		3,829,500
Webster Financial Corp.		75,000		4,515,750
				23,260,900
Beverages 0.7%
MGP Ingredients, Inc.		29,016		2,309,964
Biotechnology 11.5%
Amicus Therapeutics, Inc.*		385,520		3,138,133
Apellis Pharmaceuticals, Inc.*		89,897		3,823,319
Arcutis Biotherapeutics, Inc.*		111,270		1,980,606
Arrowhead Pharmaceuticals, Inc.*		70,696		3,110,624
Beam Therapeutics, Inc.*^(a)		19,739		1,546,551
CareDx, Inc.*		45,857		1,759,992
Fate Therapeutics, Inc.*		96,502		3,334,144
Halozyme Therapeutics, Inc.*		135,002		4,788,521
Insmed, Inc.*		41,858		1,000,406
Intellia Therapeutics, Inc.*		17,848		1,764,275
Karuna Therapeutics, Inc.*		28,622		3,005,310

	Number of Shares		Value
Natera, Inc.*		64,888	$	4,266,386
Turning Point Therapeutics, Inc.*		51,405		1,627,482
Xencor, Inc.*		119,520		3,742,171
				38,887,920
Building Products 0.8%
Zurn Water Solutions Corp.		87,720		2,852,654
Chemicals 0.8%
Livent Corp.*		117,138		2,758,600
Commercial Services & Supplies 2.8%
Casella Waste Systems, Inc. Class A*		52,441		3,954,052
Tetra Tech, Inc.		34,807		5,526,307
				9,480,359
Communications Equipment 3.5%
Calix, Inc.*		139,229		7,565,704
Harmonic, Inc.*		448,765		4,178,002
				11,743,706
Construction & Engineering 2.4%
API Group Corp.*		228,348		4,925,466
Valmont Industries, Inc.		14,700		3,181,815
				8,107,281
Containers & Packaging 1.3%
Graphic Packaging Holding Co.		214,533		4,415,089
Diversified Consumer Services 1.0%
OneSpaWorld Holdings Ltd.*		319,203		3,300,559
Electrical Equipment 1.4%
Regal Rexnord Corp.		29,084		4,663,619
Electronic Equipment, Instruments & Components 1.6%
II-VI, Inc.*		78,505		5,452,957
Entertainment 0.8%
Lions Gate Entertainment Corp. Class A*		181,142		2,782,341
Food & Staples Retailing 1.8%
Performance Food Group Co.*		110,992		6,219,992
Food Products 0.7%
Utz Brands, Inc.^(a)		158,475		2,416,744

	Number of Shares		Value
Health Care Equipment & Supplies 6.1%
Axonics, Inc.*		110,232	$	6,256,768
CONMED Corp.		37,606		5,496,493
NuVasive, Inc.*		72,665		3,932,630
Outset Medical, Inc.*		109,634		4,820,607
				20,506,498
Health Care Providers & Services 5.2%
Amedisys, Inc.*		23,500		3,765,640
HealthEquity, Inc.*		36,588		1,965,141
Option Care Health, Inc.*		160,335		4,120,610
R1 RCM, Inc.*		282,156		7,671,822
				17,523,213
Health Care Technology 0.7%
Inspire Medical Systems, Inc.*		9,216		2,249,257
Hotels, Restaurants & Leisure 7.3%
Boyd Gaming Corp.*		85,622		6,074,025
Churchill Downs, Inc.		14,554		3,505,622
Marriott Vacations Worldwide Corp.		43,265		6,951,387
Texas Roadhouse, Inc.		39,093		3,710,317
Wingstop, Inc.		30,295		4,403,378
				24,644,729
Household Durables 1.4%
Helen of Troy Ltd.*		22,564		4,640,738
Insurance 0.6%
Primerica, Inc.		15,021		1,951,078
Life Sciences Tools & Services 2.1%
MaxCyte, Inc.*^(a)		134,700		937,512
Medpace Holdings, Inc.*		24,176		3,698,203
NeoGenomics, Inc.*		113,381		2,427,487
				7,063,202
Machinery 1.3%
Chart Industries, Inc.*		30,880		4,459,072
Media 2.5%
Criteo SA ADR*		155,845		5,183,405
PubMatic, Inc. Class A*^(a)		107,146		3,278,667
				8,462,072

See Notes to Financial Statements

122

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

	Number of Shares		Value
Oil, Gas & Consumable Fuels 3.7%
Antero Resources Corp.*		50,000	$	1,146,500
Denbury, Inc.*		62,500		4,541,250
Magnolia Oil & Gas Corp. Class A		200,000		4,470,000
Matador Resources Co.		50,000		2,480,000
				12,637,750
Professional Services 0.9%
Exponent, Inc.		31,465		2,981,623
Road & Rail 1.3%
Saia, Inc.*		15,036		4,318,790
Semiconductors & Semiconductor Equipment 8.7%
Ambarella, Inc.*		33,737		4,713,396
Impinj, Inc.*		38,438		2,642,613
Lattice Semiconductor Corp.*		95,589		5,985,783
Semtech Corp.*		32,467		2,252,561
Silicon Laboratories, Inc.*		26,789		4,117,737
SiTime Corp.*		27,271		5,512,560
Synaptics, Inc.*		18,658		4,262,047
				29,486,697
Software 7.4%
Descartes Systems Group, Inc.*		90,539		6,451,809
Manhattan Associates, Inc.*		27,546		3,682,349
Rapid7, Inc.*		57,332		5,931,569

	Number of Shares		Value
Sprout Social, Inc. Class A*		51,960	$	3,383,116
Tenable Holdings, Inc.*		101,382		5,612,507
				25,061,350
Specialty Retail 4.3%
Academy Sports & Outdoors, Inc.*		115,561		3,740,710
Lithia Motors, Inc.		13,497		4,600,047
Signet Jewelers Ltd.		51,836		3,654,438
Warby Parker, Inc. Class A*		82,146		2,458,630
				14,453,825
Trading Companies & Distributors 4.4%
Air Lease Corp.		125,825		5,254,452
H&E Equipment Services, Inc.		92,719		3,871,945
WESCO Int'l, Inc.*		45,579		5,548,332
				14,674,729
Total Common Stocks (Cost $331,777,556)				332,060,964
Rights 0.1%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b) (Cost $125,859)*		143,022		286,044

	Number of Shares		Value
Short-Term Investments 1.5%
Investment Companies 1.5%
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(c)		2,432,350	$	2,432,350
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%^(c)(d)		2,524,041		2,524,041
Total Short-Term Investments (Cost $4,956,391)				4,956,391
Total Investments 99.9% (Cost $336,859,806)				337,303,399
Other Assets Less Liabilities 0.1%				369,973
Net Assets 100.0%			$	337,673,372

* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2022. Total value of all such securities at February 28, 2022 amounted to $2,520,863 for the Fund (see Note A of the Notes to Financial Statements).

(b) Value determined using significant unobservable inputs.

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

See Notes to Financial Statements

123

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

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	332,060,964	$	—	$	—	$	332,060,964
Rights^(a)		—		—		286,044		286,044
Short-Term Investments		—		4,956,391		—		4,956,391
Total Investments	$	332,060,964	$	4,956,391	$	286,044	$	337,303,399

(a) The Schedule of Investments provides information on the industry or sector categorization.

(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:

(000's omitted)	Beginning balance, as of 9/1/2021		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 2/28/2022		Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/2022
Investments in Securities:
Rights^(c)	$	143	$	—	$	—	$	143	$	—	$	—	$	—	$	—	$	286	$	143
Total	$	143	$	—	$	—	$	143	$	—	$	—	$	—	$	—	$	286	$	143

(c) Securities categorized as Level 3 were valued based on a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

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

See Notes to Financial Statements

124

Schedule of Investments Sustainable Equity Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 98.9%
Auto Components 2.5%
Aptiv PLC*		331,939	$	42,966,184
Banks 2.9%
JPMorgan Chase & Co.		352,029		49,917,712
Capital Markets 3.3%
Inter- continental Exchange, Inc.		446,246		57,173,038
Communications Equipment 2.3%
Arista Networks, Inc.*		330,456		40,556,865
Electrical Equipment 2.5%
Vestas Wind Systems A/S		1,317,195		43,191,604
Electronic Equipment, Instruments & Components 2.0%
Zebra Technologies Corp. Class A*		84,868		35,079,339
Food & Staples Retailing 2.1%
Costco Wholesale Corp.		69,371		36,020,892
Health Care Equipment & Supplies 4.8%
Becton, Dickinson & Co.		194,743		52,829,881
Medtronic PLC		299,257		31,418,992
				84,248,873
Health Care Providers & Services 6.3%
Amerisource Bergen Corp.		311,914		44,457,102
Cigna Corp.		274,057		65,165,274
				109,622,376
Hotels, Restaurants & Leisure 4.2%
Compass Group PLC		2,282,281		51,864,874
Starbucks Corp.		244,312		22,425,398
				74,290,272
Household Products 2.2%
Colgate- Palmolive Co.		510,757		39,302,751
Insurance 3.3%
Progressive Corp.		539,810		57,182,073

	Number of Shares		Value
Interactive Media & Services 4.6%
Alphabet, Inc. Class A*		30,104	$	81,315,119
IT Services 12.0%
Accenture PLC Class A		88,728		28,039,823
Cognizant Technology Solutions Corp. Class A		621,671		53,544,523
Fiserv, Inc.*		251,555		24,569,377
GoDaddy, Inc. Class A*		534,963		44,621,264
Mastercard, Inc. Class A		166,814		60,189,827
				210,964,814
Life Sciences Tools & Services 2.5%
Danaher Corp.		158,243		43,423,462
Machinery 3.8%
Otis Worldwide Corp.		349,319		27,362,157
Stanley Black & Decker, Inc.		242,359		39,431,810
				66,793,967
Materials 1.7%
Sherwin- Williams Co.		111,320		29,291,632
Media 6.0%
Comcast Corp. Class A		1,194,265		55,843,831
Discovery, Inc. Class A*		1,766,721		49,556,524
				105,400,355
Multi-Utilities 2.8%
National Grid PLC		3,256,577		49,401,252
Pharmaceuticals 3.0%
Roche Holding AG		138,715		52,916,195
Professional Services 1.9%
CoStar Group, Inc.*		550,295		33,573,498
Road & Rail 2.1%
CSX Corp.		1,089,484		36,944,402

	Number of Shares		Value
Semiconductors & Semiconductor Equipment 4.0%
Texas Instruments, Inc.		414,122	$	70,396,599
Software 8.1%
ANSYS, Inc.*		45,348		14,701,368
Intuit, Inc.		64,843		30,759,574
Microsoft Corp.		321,355		96,017,660
				141,478,602
Specialty Retail 3.2%
Advance Auto Parts, Inc.		274,461		56,121,785
Trading Companies & Distributors 4.8%
United Rentals, Inc.*		95,141		30,599,249
W.W. Grainger, Inc.		112,470		53,654,938
				84,254,187
Total Common Stocks (Cost $989,988,009)				1,731,827,848
	Principal Amount
Short-Term Investments 0.6%
Certificates of Deposit 0.0%^(a)
Carver Federal Savings Bank, 0.05%, due 3/23/2022	$	100,000		100,000
Self Help Credit Union, 0.10%, due 5/16/2022		250,000		250,000
Self Help Federal Credit Union, 0.10%, due 3/8/2022		250,000		250,000
				600,000

See Notes to Financial Statements

125

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

	Number of Shares		Value
Investment Companies 0.6%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(b)		10,472,974	$	10,472,974
Total Short-Term Investments (Cost $11,072,974)				11,072,974
Total Investments 99.5% (Cost $1,001,060,983)				1,742,900,822
Other Assets Less Liabilities 0.5%				9,006,692
Net Assets 100.0%			$	1,751,907,514

* Non-income producing security.

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

(b) Represents 7-day effective yield as of February 28, 2022.

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	1,534,453,923		87.6	%
United Kingdom		101,266,126		5.8	%
Switzerland		52,916,195		3.0	%
Denmark		43,191,604		2.5	%
Short-Term Investments and Other Assets—Net		20,079,666		1.1	%
	$	1,751,907,514		100.0	%

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	1,731,827,848	$	—	$	—	$	1,731,827,848
Short-Term Investments		—		11,072,974		—		11,072,974
Total Investments	$	1,731,827,848	$	11,072,974	$	—	$	1,742,900,822

(a)The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

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

See Notes to Financial Statements

126

Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) February 28, 2022

	Number of Shares		Value
Common Stocks 97.6%
Auto Components 3.1%
Aptiv PLC*		1,409	$	182,381
Building Products 3.9%
Trane Technologies PLC		1,509		232,280
Chemicals 3.2%
Ecolab, Inc.		1,064		187,541
Communications Equipment 4.0%
Motorola Solutions, Inc.		1,083		238,726
Containers & Packaging 10.0%
Ball Corp.		3,011		270,207
Graphic Packaging Holding Co.		15,431		317,570
				587,777
Diversified Consumer Services 0.3%
WW Int'l, Inc.*		2,012		20,502
Electric Utilities 2.4%
Avangrid, Inc.		2,074		93,060
NextEra Energy, Inc.		581		45,475
				138,535
Electrical Equipment 0.7%
ChargePoint Holdings, Inc.*		1,000		14,520
Sunrun, Inc.*		989		26,980
				41,500
Electronic Equipment, Instruments & Components 4.3%
II-VI, Inc.*		2,518		174,900
Trimble, Inc.*		1,106		77,144
				252,044
Food Products 2.6%
Simply Good Foods Co.*		3,922		155,429
Health Care Equipment & Supplies 5.2%
ABIOMED, Inc.*		219		68,052
Boston Scientific Corp.*		3,769		166,477
DexCom, Inc.*		175		72,434
				306,963

	Number of Shares		Value
Health Care Providers & Services 7.5%
HCA Healthcare, Inc.		1,201	$	300,622
Universal Health Services, Inc. Class B		973		140,044
				440,666
Household Products 1.7%
Clorox Co.		687		100,158
Independent Power and Renewable Electricity Producers 3.8%
Brookfield Renewable Corp. Class A		5,975		223,286
Internet & Direct Marketing Retail 0.6%
Etsy, Inc.*		217		33,611
IT Services 1.3%
PayPal Holdings, Inc.*		694		77,679
Machinery 9.9%
Deere & Co.		449		161,649
Evoqua Water Technologies Corp.*		4,570		194,956
Pentair PLC		1,605		92,946
Wabtec Corp.		773		71,750
Xylem, Inc.		716		63,688
				584,989
Media 2.8%
Cable One, Inc.		115		164,778
Mortgage Real Estate Investment Trusts 1.4%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,756		83,129
Personal Products 0.9%
BellRing Brands, Inc. Class A*		2,067		52,853
Pharmaceuticals 9.6%
Eli Lilly & Co.		729		182,214
Merck & Co., Inc.		1,575		120,613
Organon & Co.		2,873		107,249
Pfizer, Inc.		3,277		153,822
				563,898

	Number of Shares		Value
Professional Services 2.8%
Verisk Analytics, Inc.		918	$	162,798
Road & Rail 8.7%
Canadian Pacific Railway Ltd.		2,328		163,612
CSX Corp.		7,084		240,218
Lyft, Inc. Class A*		2,856		111,213
				515,043
Semiconductors & Semiconductor Equipment 3.4%
First Solar, Inc.*		811		61,060
ON Semiconductor Corp.*		953		59,668
SolarEdge Technologies, Inc.*		248		79,216
				199,944
Software 3.5%
DocuSign, Inc.*		282		33,397
Tyler Technologies, Inc.*		305		130,620
Varonis Systems, Inc.*		1,025		44,690
				208,707
Total Common Stocks (Cost $5,759,729)				5,755,217
Short-Term Investments 1.7%
Investment Companies 1.7%
State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(a) (Cost $97,949)		97,949		97,949
Total Investments 99.3% (Cost $5,857,678)				5,853,166
Other Assets Less Liabilities 0.7%				43,518
Net Assets 100.0%			$	5,896,684

See Notes to Financial Statements

127

Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) (cont'd)

* Non-income producing security.

(a) Represents 7-day effective yield as of February 28, 2022.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	5,755,217	$	—	$	—	$	5,755,217
Short-Term Investments		—		97,949		—		97,949
Total Investments	$	5,755,217	$	97,949	$	—	$	5,853,166

(a) The Schedule of Investments provides information on the industry or sector categorization.

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

See Notes to Financial Statements

128

Statements of Assets and Liabilities (Unaudited)

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND			GUARDIAN FUND**		INTERNATIONAL EQUITY FUND		INTERNATIONAL SELECT FUND
	February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022			February 28, 2022		February 28, 2022		February 28, 2022
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	73,164,402	$	1,121,259,107	$	1,179,084,565	$	758,994,065	$	10,953,245,751	$	4,302,204	$	48,055,573		$	1,876,152,273	$	1,644,167,160	$	169,441,474
Affiliated issuers^(b)		—		—		—		—		485,196,262		—		—			—		—		—
		73,164,402		1,121,259,107		1,179,084,565		758,994,065		11,438,442,013		4,302,204		48,055,573			1,876,152,273		1,644,167,160		169,441,474
Cash		—		—		—		—		—		—		—			—		—		—
Foreign currency^(c)		—		846,647		—		11,921		—		3,052		2,141,475			—		—		469,812
Dividends and interest receivable		107,593		3,075,530		2,960,824		502,136		5,740,959		4,043		73,013			1,688,080		4,039,204		544,350
Receivable for securities sold		—		4,471,606		5,119,604		9,939,711		964,872		30,933		—			5,893,831		7,850,261		895,472
Receivable from Management—net (Note B)		9,185		—		—		—		—		19,668		8,692			—		—		—
Receivable for Fund shares sold		—		702,313		851,278		79,877		5,648,353		—		—			132,116		526,676		133,685
Receivable for securities lending income (Note A)		—		—		—		836		—		—		—			5,455		1,070		—
Prepaid expenses and other assets		35,472		52,234		33,946		71,425		198,418		28,686		19,531			129,038		84,695		191,555
Total Assets		73,316,652		1,130,407,437		1,188,050,217		769,599,971		11,450,994,615		4,388,586		50,298,284			1,884,000,793		1,656,669,066		171,676,348
Liabilities
Payable to investment manager—net (Note B)		27,945		866,694		439,821		312,525		5,688,134		2,636		43,277			692,582		871,749		73,604
Option contracts written, at value^(d) (Note A)		—		—		1,764,580		—		—		—		—			—		—		—
Due to custodian		—		1,471,864		2,556,885		—		—		—		—			—		421,236		—
Payable for securities purchased		—		11,468,486		2,534,982		10,910,518		858,708		74,086		73,770			3,261,856		10,664,786		1,271,464
Payable for Fund shares redeemed		10,166		569,916		840,456		55,783		6,855,899		—		—			650,718		2,678,872		15,895
Payable to administrator—net (Note B)		—		126,879		249,966		162,529		1,343,933		—		—			375,554		186,470		8,127
Payable to trustees		5,392		5,027		5,059		5,124		1,309		5,414		5,398			4,755		4,870		5,365
Payable for audit fees		26,664		30,325		33,895		30,978		33,974		28,575		28,659			32,184		31,630		31,545
Payable for custodian and accounting fees		14,072		218,144		34,146		30,516		285,630		14,461		23,440			47,228		84,600		27,589
Payable for shareholder reports		1,568		13,021		33,864		13,576		128,978		1,037		1,559			13,936		18,946		2,425
Payable for legal fees		8,637		11,218		8,388		22,058		11,414		8,637		17,589			10,509		10,995		9,769
Payable for registration and filing fees		1,420		1,690		1,418		1,974		1,667		1,149		1,145			2,516		1,962		1,932
Payable for shareholder servicing fees		475		28,860		4,558		55,675		180,266		258		1,211			117,576		18,430		2,045
Payable for loaned securities collateral (Note A)		—		3,525,000		—		3,099,422		—		—		—			23,424,052		5,064,273		—
Accrued capital gains taxes (Note A)		—		6,766,362		—		—		—		—		—			—		—		—
Other accrued expenses and payables		254		44,789		7,048		3,255		119,593		16		487			8,471		27,031		51,975
Total Liabilities		96,593		25,148,275		8,515,066		14,703,933		15,509,505		136,269		196,535			28,641,937		20,085,850		1,501,735
Net Assets	$	73,220,059	$	1,105,259,162	$	1,179,535,151	$	754,896,038	$	11,435,485,110	$	4,252,317	$	50,101,749		$	1,855,358,856	$	1,636,583,216	$	170,174,613
Net Assets consist of:
Paid-in capital	$	48,602,317	$	1,034,319,012	$	759,482,343	$	660,818,807	$	5,038,925,523	$	3,963,225	$	56,378,983		$	1,092,861,412	$	1,396,953,448	$	145,328,868
Total distributable earnings/(losses)		24,617,742		70,940,150		420,052,808		94,077,231		6,396,559,587		289,092		(6,277,234	)		762,497,444		239,629,768		24,845,745
Net Assets	$	73,220,059	$	1,105,259,162	$	1,179,535,151	$	754,896,038	$	11,435,485,110	$	4,252,317	$	50,101,749		$	1,855,358,856	$	1,636,583,216	$	170,174,613
Net Assets
Investor Class	$	—	$	—	$	—	$	684,531,878	$	1,868,844,149	$	—	$	—		$	1,597,934,670	$	84,881,765	$	—
Trust Class		—		—		—		41,222,214		1,173,223,948		—		—			46,499,746		26,815,618		5,601,063
Advisor Class		—		—		—		1,836,213		125,495,518		—		—			6,716,472		—		—
Institutional Class		70,508,745		828,893,067		881,110,302		24,322,250		3,188,218,490		3,687,219		47,350,175			191,480,124		1,431,729,400		157,673,859
Class A		1,506,231		22,900,378		185,792,457		2,466,722		—		299,875		2,691,780			9,200,278		14,537,130		4,431,444
Class C		1,166,215		4,850,548		79,573,550		516,761		—		265,223		59,794			2,910,707		6,905,866		692,181
Class R3		—		772,320		608,246		—		—		—		—			425,208		—		1,492,153
Class R6		38,868		247,842,849		—		—		4,931,200,688		—		—			191,651		35,437,308		283,913
Class E		—		—		32,450,596		—		148,502,317		—		—			—		36,276,129		—

See Notes to Financial Statements

129

130

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

Neuberger Berman Equity Funds (cont'd)

		DIVIDEND GROWTH FUND		EMERGING MARKETS EQUITY FUND		EQUITY INCOME FUND		FOCUS FUND		GENESIS FUND		GLOBAL REAL ESTATE FUND		GREATER CHINA EQUITY FUND		GUARDIAN FUND**		INTERNATIONAL EQUITY FUND			INTERNATIONAL SELECT FUND
		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022			February 28, 2022
Shares Outstanding ($.001 par value; unlimited shares authorized)
	Investor Class		—		—		—		27,349,352		27,916,545		—		—		66,215,203		6,288,943			—
	Trust Class		—		—		—		1,653,761		17,560,844		—		—		1,932,056		1,986,010			398,934
	Advisor Class		—		—		—		73,926		1,900,661		—		—		282,074		—			—
	Institutional Class		3,741,533		40,795,085		60,939,940		968,358		47,585,753		300,454		4,416,606		7,927,759		106,065,563			11,267,004
	Class A		79,653		1,122,717		12,909,042		99,107		—		24,519		250,548		382,913		1,072,613			318,695
	Class C		62,192		239,845		5,565,733		21,476		—		21,855		5,582		124,734		515,841			51,063
	Class R3		—		37,958		42,269		—		—		—		—		17,873		—			108,350
	Class R6		2,061		12,202,543		—		—		73,603,339		—		—		7,934		2,622,707			20,284
	Class E		—		—		2,242,202		—		2,214,408		—		—		—		2,683,976			—
Net Asset Value, offering and redemption price per share
	Investor Class	$	—	$	—	$	—	$	25.03	$	66.94	$	—	$	—	$	24.13	$	13.50		$	—
	Trust Class		—		—		—		24.93		66.81		—		—		24.07		13.50			14.04
	Advisor Class		—		—		—		24.84		66.03		—		—		23.81		—			—
	Institutional Class		18.84		20.32		14.46		25.12		67.00		12.27		10.72		24.15		13.50			13.99
	Class R3		—		20.35		14.39		—		—		—		—		23.79		—			13.77
	Class R6		18.86		20.31		—		—		67.00		—		—		24.16		13.51			14.00
	Class E		—		—		14.47		—		67.06		—		—		—		13.52			—
Net Asset Value and redemption price per share
	Class A	$	18.91	$	20.40	$	14.39	$	24.89	$	—	$	12.23	$	10.74	$	24.03	$	13.55		$	13.90
Offering Price per share
	Class A‡	$	20.06	$	21.64	$	15.27	$	26.41	$	—	$	12.98	$	11.40	$	25.50	$	14.38		$	14.75
Net Asset Value and offering price per share
	Class C^	$	18.75	$	20.22	$	14.30	$	24.06	$	—	$	12.14	$	10.71	$	23.34	$	13.39		$	13.56
†Securities on loan, at value:
	Unaffiliated issuers	$	—	$	3,739,006	$	—	$	3,047,996	$	—	$	—	$	—	$	25,365,806	$	4,858,721		$	—
*Cost of Investments:
	(a) Unaffiliated issuers	$	50,024,848	$	995,081,228	$	817,478,401	$	688,270,948	$	5,055,034,995	$	4,083,965	$	50,193,271	$	1,194,283,010	$	1,482,445,392		$	151,066,982
	(b) Affiliated issuers		—		—		—		—		465,001,569		—		—		—		—			—
	Total cost of investments	$	50,024,848	$	995,081,228	$	817,478,401	$	688,270,948	$	5,520,036,564	$	4,083,965	$	50,193,271	$	1,194,283,010	$	1,482,445,392		$	151,066,982
	(c) Total cost of foreign currency	$	—	$	851,061	$	—	$	12,042	$	—	$	3,046	$	2,146,948	$	—	$	(421,615	)	$	469,174
	(d) Premium received from option contracts written	$	—	$	—	$	1,236,446	$	—	$	—	$	—	$	—	$	—	$	—		$	—

^** Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

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

	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		U.S. EQUITY IMPACT FUND
	February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	3,568,311	$	1,423,338,806	$	9,014,347,887	$	1,755,081,036	$	62,177,811	$	449,056,873	$	1,243,602,466	$	337,303,399	$	1,742,900,822	$	5,853,166
Affiliated issuers^(b)		—		—		—		—		—		—		—		—		—		—
		3,568,311		1,423,338,806		9,014,347,887		1,755,081,036		62,177,811		449,056,873		1,243,602,466		337,303,399		1,742,900,822		5,853,166
Cash		—		—		5,831,297		—		—		—		—		—		—		—
Foreign currency^(c)		4,321		—		—		—		—		—		—		—		431,223		—
Dividends and interest receivable		12,678		318,527		19,490,975		527,751		47,801		552,046		433,771		88,211		2,341,890		7,664
Receivable for securities sold		—		—		48,316,185		5,705,286		—		164,842		—		4,450,220		7,656,922		—
Receivable from Management—net (Note B)		27,959		—		—		—		16,939		—		—		20,232		—		15,462
Receivable for Fund shares sold		112		3,001,547		54,694,259		1,081,822		1,224		442,438		1,900,924		154,232		871,288		203
Receivable for securities lending income (Note A)		183		—		1,621		4,896		—		—		—		9,708		—		—
Prepaid expenses and other assets		40,237		112,745		345,255		81,119		39,614		37,463		89,357		61,936		71,029		50,782
Total Assets		3,653,801		1,426,771,625		9,143,027,479		1,762,481,910		62,283,389		450,253,662		1,246,026,518		342,087,938		1,754,273,174		5,927,277
Liabilities
Payable to investment manager—net (Note B)		2,350		782,787		2,816,063		644,966		25,866		167,460		761,664		220,306		657,343		3,227
Option contracts written, at value^(d) (Note A)		—		—		—		—		—		—		—		—		—		—
Due to custodian		—		—		—		—		—		23		—		—		—		—
Payable for securities purchased		—		1,487,547		56,008,192		3,583,260		—		—		—		1,377,246		—		—
Payable for Fund shares redeemed		—		1,957,322		4,635,214		3,087,188		4,387		769,905		973,212		189,989		1,170,411		—
Payable to administrator—net (Note B)		—		237,482		1,423,568		246,451		—		74,884		53,069		—		350,104		—
Payable to trustees		5,414		5,009		3,025		4,769		5,395		5,252		5,016		5,285		4,799		5,413
Payable for audit fees		26,120		30,978		30,978		30,978		30,978		30,978		31,512		30,978		30,978		12,828
Payable for custodian and accounting fees		21,815		23,346		165,283		50,779		15,486		19,983		31,001		21,587		52,038		4,891
Payable for shareholder reports		378		5,062		—		8,135		—		4,713		19,050		9,903		20,371		2,263
Payable for legal fees		8,724		8,562		14,265		10,670		11,537		11,915		9,863		10,630		8,476		—
Payable for registration and filing fees		1,420		1,420		2,488		2,516		2,232		1,149		1,933		2,504		2,232		1,781
Payable for shareholder servicing fees		220		3,189		129,626		81,239		5,838		2,656		12,032		20,509		57,622		169
Payable for loaned securities collateral (Note A)		70,018		—		—		15,714,964		—		—		—		2,524,041		—		—
Accrued capital gains taxes (Note A)		—		—		—		—		—		—		—		—		—		—
Other accrued expenses and payables		12		4,245		50,972		17,533		—		5,222		7,140		1,588		11,286		21
Total Liabilities		136,471		4,546,949		65,279,674		23,483,448		101,719		1,094,140		1,905,492		4,414,566		2,365,660		30,593
Net Assets	$	3,517,330	$	1,422,224,676	$	9,077,747,805	$	1,738,998,462	$	62,181,670	$	449,159,522	$	1,244,121,026	$	337,673,372	$	1,751,907,514	$	5,896,684
Net Assets consist of:
Paid-in capital	$	3,187,563	$	1,078,588,916	$	7,873,982,557	$	1,234,371,580	$	49,443,075	$	148,739,304	$	1,044,419,760	$	328,000,680	$	924,597,033	$	6,174,476
Total distributable earnings/(losses)		329,767		343,635,760		1,203,765,248		504,626,882		12,738,595		300,420,218		199,701,266		9,672,692		827,310,481		(277,792	)
Net Assets	$	3,517,330	$	1,422,224,676	$	9,077,747,805	$	1,738,998,462	$	62,181,670	$	449,159,522	$	1,244,121,026	$	337,673,372	$	1,751,907,514	$	5,896,684
Net Assets
Investor Class	$	—	$	—	$	1,700,194,142	$	574,834,479	$	36,164,206	$	—	$	—	$	71,908,457	$	400,144,724	$	—
Trust Class		—		—		132,380,471		64,606,447		6,901,183		—		140,272,556		4,358,139		132,057,445		—
Advisor Class		—		—		150,938,704		9,357,579		—		—		—		3,245,007		—		—
Institutional Class		2,833,061		1,240,340,446		6,347,168,772		415,844,497		15,769,056		293,326,829		812,948,858		181,616,521		816,022,843		5,734,292
Class A		240,349		55,923,127		187,029,200		48,366,209		1,518,797		50,045,070		86,728,092		21,256,055		150,360,691		133,343
Class C		142,182		23,021,816		181,633,989		10,011,897		1,050,272		21,312,563		12,098,993		4,828,534		43,221,434		29,049
Class R3		—		—		3,321,325		13,730,900		746,869		—		19,431,361		5,177,976		21,770,497		—
Class R6		301,738		102,939,287		217,395,807		602,246,454		31,287		—		152,073,912		45,282,683		188,329,880		—
Class E		—		—		157,685,395		—		—		84,475,060		20,567,254		—		—		—

See Notes to Financial Statements

133

134

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

Neuberger Berman Equity Funds (cont'd)

	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		U.S. EQUITY IMPACT FUND
	February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022		February 28, 2022
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		—		37,622,031		34,233,091		1,407,162		—		—		1,709,914		9,181,604		—
Trust Class		—		—		2,925,796		3,851,995		268,667		—		8,375,701		103,827		3,024,131		—
Advisor Class		—		—		3,333,245		559,033		—		—		—		77,409		—		—
Institutional Class		193,112		56,631,302		140,634,713		24,738,366		614,443		22,089,929		48,362,448		4,314,197		18,774,332		586,270
Class A		16,458		2,589,655		4,134,941		2,885,887		59,102		3,763,289		5,178,075		506,423		3,448,731		13,675
Class C		10,000		1,096,989		4,016,196		601,127		41,275		1,646,486		720,635		115,771		1,006,609		3,000
Class R3		—		—		73,558		821,109		29,105		—		1,162,848		123,622		498,734		—
Class R6		20,590		4,679,976		4,812,554		35,801,071		1,220		—		9,048,526		1,074,765		4,334,212		—
Class E		—		—		3,488,065		—		—		6,255,041		1,222,558		—		—		—
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	—	$	45.19	$	16.79	$	25.70	$	—	$	—	$	42.05	$	43.58	$	—
Trust Class		—		—		45.25		16.77		25.69		—		16.75		41.98		43.67		—
Advisor Class		—		—		45.28		16.74		—		—		—		41.92		—		—
Institutional Class		14.67		21.90		45.13		16.81		25.66		13.28		16.81		42.10		43.46		9.78
Class R3		—		—		45.15		16.72		25.66		—		16.71		41.89		43.65		—
Class R6		14.65		22.00		45.17		16.82		25.66		—		16.81		42.13		43.45		—
Class E		—		—		45.21		—		—		13.29		16.82		—		—		—
Net Asset Value and redemption price per share
Class A	$	14.60	$	21.59	$	45.23	$	16.76	$	25.70	$	13.30	$	16.75	$	41.97	$	43.60	$	9.75
Offering Price per share
Class A‡	$	15.49	$	22.91	$	47.99	$	17.78	$	27.27	$	14.11	$	17.77	$	44.53	$	46.26	$	10.34
Net Asset Value and offering price per share
Class C^	$	14.22	$	20.99	$	45.23	$	16.66	$	25.45	$	12.94	$	16.79	$	41.71	$	42.94	$	9.68
†Securities on loan, at value:
Unaffiliated issuers	$	68,507	$	—	$	—	$	15,640,485	$	—	$	—	$	—	$	2,520,863	$	—	$	—
*Cost of Investments:
(a) Unaffiliated issuers	$	3,356,995	$	1,126,563,083	$	7,956,435,375	$	1,286,644,263	$	47,980,009	$	218,501,285	$	1,062,571,990	$	336,859,806	$	1,001,060,983	$	5,857,678
(b) Affiliated issuers		—		—		—		—		—		—		—		—		—		—
Total cost of investments	$	3,356,995	$	1,126,563,083	$	7,956,435,375	$	1,286,644,263	$	47,980,009	$	218,501,285	$	1,062,571,990	$	336,859,806	$	1,001,060,983	$	5,857,678
(c) Total cost of foreign currency	$	4,349	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	431,159	$	—
(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

135

136

Statements of Operations (Unaudited)

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND^(a)			INTERNATIONAL EQUITY FUND			INTERNATIONAL SELECT FUND
	For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	555,592		$	15,569,909		$	15,427,067		$	2,152,217		$	45,764,059		$	39,722		$	156,372		$	8,438,328		$	13,814,029		$	1,303,457
Dividend income—affiliated issuers (Note F)		—			—			—			—			8,133,520			—			—			—			—			—
Interest and other income—unaffiliated issuers		57			559			228,085			1,527			5,452			8			14			560			489,583			134
Income from securities loaned—net		—			333			—			36,838			—			—			—			34,326			9,978			28,137
Foreign taxes withheld		(6,339	)		(1,122,582	)		(129,045	)		(55,228	)		(97,516	)		(1,601	)		(2,244	)		(20,455	)		(1,209,501	)		(87,124	)
Total income	$	549,310		$	14,448,219		$	15,526,107		$	2,135,354		$	53,805,515		$	38,129		$	154,142		$	8,452,759		$	13,104,089		$	1,244,604
Expenses:
Investment management fees (Note B)		180,128			5,828,614			2,926,743			2,276,026			40,756,060			15,855			314,002			4,762,591			7,150,062			466,978
Administration fees (Note B):
Investor Class		—			—			—			1,038,076			2,624,975			—			—			2,251,615			124,788			—
Trust Class		—			—			—			97,676			2,535,313			—			—			100,727			60,207			12,285
Advisor Class		—			—			—			4,042			276,806			—			—			15,427			—			—
Institutional Class		52,018			688,059			667,137			20,407			2,553,625			2,538			40,391			153,335			1,202,477			117,040
Class A		1,766			36,996			239,110			3,654			—			406			4,043			12,492			27,054			5,818
Class C		1,684			7,837			104,599			824			—			348			165			4,016			9,928			1,005
Class R3		—			1,076			772			—			—			—			—			547			—			2,073
Class R6		10			68,412			—			—			1,370,010			—			—			51			16,916			193
Distribution fees (Note B):
Trust Class		—			—			—			24,419			—			—			—			25,182			—			3,071
Advisor Class		—			—			—			2,526			173,004			—			—			9,642			—			—
Class A		1,698			35,573			229,913			3,514			—			390			3,887			12,012			26,013			5,594
Class C		6,475			30,141			402,304			3,171			—			1,339			636			15,448			38,187			3,864
Class R3		—			2,070			1,485			—			—			—			—			1,052			—			3,986
Shareholder servicing agent fees:
Investor Class		—			—			—			131,528			443,735			—			—			314,808			34,669			—
Trust Class		—			—			—			584			2,993			—			—			594			629			2,256
Advisor Class		—			—			—			368			2,516			—			—			341			—			—
Institutional Class		325			57,404			3,372			278			7,803			166			313			469			3,033			462
Class A		512			2,032			3,909			237			—			262			1,945			751			1,423			267
Class C		102			217			1,396			141			—			94			112			160			342			157
Class R3		—			435			168			—			—			—			—			126			—			224
Class R6		59			1,500			—			—			6,457			—			—			77			772			96
Class E		—			—			1			—			1			—			—			—			1			—
Audit fees		22,464			26,125			27,445			26,478			29,474			24,075			24,459			27,984			27,130			27,345
Custodian and accounting fees		28,929			400,143			65,331			64,782			578,149			32,362			44,938			104,620			168,908			51,330
Insurance		834			17,955			18,311			11,563			168,741			43			787			24,884			24,677			2,115
Legal fees		24,834			27,415			26,962			38,255			28,513			24,834			33,391			26,705			28,094			25,966
Registration and filing fees		28,944			47,263			42,138			52,691			115,302			24,103			28,146			67,509			51,695			49,145
Repayment to Management of expenses previously assumed by Management (Note B)		—			—			—			147			—			—			—			90			—			—
Shareholder reports		1,604			10,675			29,253			15,220			167,946			1,227			1,213			25,038			13,652			3,177
Trustees' fees and expenses		22,057			22,056			22,057			22,057			22,057			22,056			22,057			22,057			22,057			22,057
Interest		—			15,299			3,213			6,261			—			—			218			11,454			19,855			3,490
Miscellaneous and other fees (Note A)		4,650			61,111			28,743			21,208			284,904			3,184			4,371			42,398			230,719			63,491
Total expenses		379,093			7,388,408			4,844,362			3,866,133			52,148,384			153,282			525,074			8,034,202			9,283,288			873,485

See Notes to Financial Statements

137

138

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)

	DIVIDEND GROWTH FUND			EMERGING MARKETS EQUITY FUND			EQUITY INCOME FUND			FOCUS FUND			GENESIS FUND			GLOBAL REAL ESTATE FUND			GREATER CHINA EQUITY FUND			GUARDIAN FUND^(a)			INTERNATIONAL EQUITY FUND			INTERNATIONAL SELECT FUND
	For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022
Expenses reimbursed by Management (Note B)		(120,132	)		(12,046	)		—			(52	)		—			(131,372	)		(89,689	)		—			(162,037	)		(107,695	)
Investment management fees waived (Note B)		—			—			(21,489	)		—			(130,492	)		—			—			—			(952,445	)		—
Total net expenses		258,961			7,376,362			4,822,873			3,866,081			52,017,892			21,910			435,385			8,034,202			8,168,806			765,790
Net investment income/(loss)	$	290,349		$	7,071,857		$	10,703,234		$	(1,730,727	)	$	1,787,623		$	16,219		$	(281,243	)	$	418,557		$	4,935,283		$	478,814
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		1,322,748			(9,399,941	)*		60,366,152			72,720,747			422,052,029			183,923			218,246			120,284,849			132,015,102			10,713,933
Transactions in investment securities of affiliated issuers		—			—			—			—			210,270,403			—			—			—			—			—
Redemption in-kind		—			—			—			—			—			—			—			—			—			—
Settlement of foreign currency transactions		866			(294,189	)		1,026			442,612			(2,551	)		404			5,045			57,168			(259,356	)		(37,448	)
Expiration or closing of option contracts written		—			—			1,272,413			—			—			—			—			246,143			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(2,238,756	)		(160,808,766	)**		(5,324,591	)		(223,182,276	)		(1,334,707,054	)		(471,851	)		(7,328,113	)		(294,550,570	)		(362,900,659	)		(32,268,271	)
Investment securities of affiliated issuers		—			—			—			—			(153,579,631	)		—			—			—			—			—
Foreign currency translations		35			(67,175	)		(5,129	)		675			—			(81	)		(11,754	)		—			(24,134	)		(62	)
Option contracts written		—			—			(215,879	)		—			—			—			—			(488,229	)		—			—
Net gain/(loss) on investments		(915,107	)		(170,570,071	)		56,093,992			(150,018,242	)		(855,966,804	)		(287,605	)		(7,116,576	)		(174,450,639	)		(231,169,047	)		(21,591,848	)
Net increase/(decrease) in net assets resulting from operations	$	(624,758	)	$	(163,498,214	)	$	66,797,226		$	(151,748,969	)	$	(854,179,181	)	$	(271,386	)	$	(7,397,819	)	$	(174,032,082	)	$	(226,233,764	)	$	(21,113,034	)

(a) Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

* Net of foreign capital gains tax of $2,248,432 for Emerging Markets Equity.

** Change in accrued foreign capital gains tax amounted to $2,692,080 for Emerging Markets Equity.

See Notes to Financial Statements

139

140

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds

	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		U.S. EQUITY IMPACT FUND
	For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022		For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022		For the Six Months Ended February 28, 2022		For the Six Months Ended February 28, 2022
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	21,658		$	2,716,725	$	87,374,207		$	4,501,921		$	497,611		$	2,680,480		$	11,788,746		$	597,593	$	10,769,576	$	31,964
Dividend income—affiliated issuers (Note F)		—			—		—			—			—			—			—			—		—		—
Interest and other income—unaffiliated issuers		3			245,635		56,038			7,695			258			116			1,912			1,543		983		4
Income from securities loaned—net		778			—		212,309			9,912			—			—			—			39,796		—		—
Foreign taxes withheld		(2,380	)		—		(373,691	)		(7,938	)		(874	)		(20,554	)		(14,842	)		—		—		(668	)
Total income	$	20,059		$	2,962,360	$	87,268,863		$	4,511,590		$	496,995		$	2,660,042		$	11,775,816		$	638,932	$	10,770,559	$	31,300
Expenses:
Investment management fees (Note B)		16,193			4,694,795		15,946,102			4,705,611			169,788			1,504,697			4,820,674			1,661,386		4,477,096		22,395
Administration fees (Note B):
Investor Class		—			—		2,135,049			844,948			46,320			—			—			104,488		549,855		—
Trust Class		—			—		228,457			186,590			13,756			—			292,546			9,790		281,476		—
Advisor Class		—			—		284,438			23,196			—			—			—			7,355		—		—
Institutional Class		2,146			812,956		3,785,356			341,112			11,939			311,595			575,107			167,880		650,046		4,605
Class A		585			68,987		200,884			60,169			1,986			66,464			113,038			31,459		204,216		295
Class C		212			27,119		173,475			15,718			1,300			31,604			15,375			7,712		59,836		41
Class R3		—			—		4,036			21,494			982			—			27,171			7,354		30,133		—
Class R6		84			23,989		49,597			174,117			7			—			41,711			12,818		54,195		—
Distribution fees (Note B):
Trust Class		—			—		57,114			—			3,439			—			73,136			2,447		70,369		—
Advisor Class		—			—		177,774			14,498			—			—			—			4,597		—		—
Class A		563			66,333		193,158			57,855			1,910			63,908			108,691			30,249		196,361		284
Class C		815			104,302		667,210			60,455			5,000			121,551			59,133			29,662		230,137		159
Class R3		—			—		7,760			41,334			1,888			—			52,251			14,142		57,948		—
Shareholder servicing agent fees:
Investor Class		—			—		305,064			141,088			9,848			—			—			31,761		133,909		—
Trust Class		—			—		977			584			501			—			8,286			478		2,117		—
Advisor Class		—			—		1,166			350			—			—			—			550		—		—
Institutional Class		124			5,003		14,867			3,122			362			1,716			4,614			2,072		3,891		107
Class A		226			2,691		14,869			1,923			297			2,568			4,390			5,038		3,699		136
Class C		65			489		2,320			439			165			711			835			246		1,125		67
Class R3		—			—		349			1,170			200			—			1,307			794		816		—
Class R6		65			180		1,169			5,678			56			—			5,696			1,536		2,723		—
Class E		—			—		1			—			—			1			1			—		—		—
Audit fees		21,620			26,778		26,478			26,778			26,778			26,778			26,412			26,778		26,778		8,628
Custodian and accounting fees		42,807			61,057		338,163			107,272			31,260			39,766			68,339			43,018		105,482		10,371
Insurance		41			12,270		66,810			26,490			798			7,435			12,453			6,018		25,289		71
Legal fees		24,921			24,868		31,364			26,582			27,843			29,124			26,962			26,542		24,782		20,933
Registration and filing fees		29,695			73,228		231,537			72,286			54,037			27,268			70,255			67,897		63,714		39,848
Repayment to Management of expenses previously assumed by Management (Note B)		—			331,259		—			—			—			—			—			—		—		—
Shareholder reports		1,272			34,002		87,438			26,513			1,375			3,051			35,088			15,815		24,033		1,488
Trustees' fees and expenses		22,057			22,056		22,057			22,057			22,057			22,057			22,057			22,057		22,057		22,057
Interest		—			494		10,096			—			—			6,470			—			—		194		—
Miscellaneous and other fees (Note A)		9,444			24,262		152,394			51,625			5,255			13,258			29,157			14,724		40,071		2,412
Total expenses		172,935			6,417,118		25,217,529			7,061,054			439,147			2,280,022			6,494,685			2,356,663		7,342,348		133,897

See Notes to Financial Statements

141

142

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Equity Funds (cont'd)

	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			U.S. EQUITY IMPACT FUND
	For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022			For the Six Months Ended February 28, 2022
Expenses reimbursed by Management (Note B)		(151,345	)		—			—			—			(133,870	)		—			(1,018,926	)		(422,744	)		—			(104,452	)
Investment management fees waived (Note B)		—			—			(88,139	)		—			—			(67,827	)		(22,255	)		—			—			—
Total net expenses		21,590			6,417,118			25,129,390		$	7,061,054		$	305,277		$	2,212,195		$	5,453,504		$	1,933,919		$	7,342,348		$	29,445
Net investment income/(loss)	$	(1,531	)	$	(3,454,758	)	$	62,139,473			(2,549,464	)		191,718			447,847			6,322,312			(1,294,987	)		3,428,211			1,855
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		157,798			73,769,987			150,470,273			106,692,285			4,210,430			89,811,007			31,254,954			10,732,583			124,492,004			(224,871	)
Transactions in investment securities of affiliated issuers		—			—			—			—			—			—			—			—			—			—
Redemption in-kind		—			—			27,164,460			—			—			—			—			—			—			—
Settlement of foreign currency transactions		(614	)		—			7,811			(42	)		—			—			—			—			(1,938	)		1
Expiration or closing of option contracts written		—			—			—			—			—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(820,207	)		(106,893,188	)		193,096,773			(386,983,697	)		(1,445,040	)		(105,068,449	)		(93,551,563	)		(57,079,805	)		(184,328,608	)		(782,240	)
Investment securities of affiliated issuers		—			—			—			—			—			—			—			—			—			—
Foreign currency translations		(136	)		—			—			(19	)		—			—			—			—			(34,230	)		—
Option contracts written		—			—			—			—			—			—			—			—			—			—
Net gain/(loss) on investments		(663,159	)		(33,123,201	)		370,739,317			(280,291,473	)		2,765,390			(15,257,442	)		(62,296,609	)		(46,347,222	)		(59,872,772	)		(1,007,110	)
Net increase/(decrease) in net assets resulting from operations	$	(664,690	)	$	(36,577,959	)	$	432,878,790		$	(282,840,937	)	$	2,957,108		$	(14,809,595	)	$	(55,974,297	)	$	(47,642,209	)	$	(56,444,561	)	$	(1,005,255	)

See Notes to Financial Statements

143

144

Statements of Changes in Net Assets

Neuberger Berman Equity Funds

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL REAL ESTATE FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	290,349		$	548,751		$	7,071,857		$	3,541,278		$	10,703,234		$	28,079,620		$	(1,730,727	)	$	171,909		$	1,787,623		$	(2,007,257	)	$	16,219		$	40,415
Net realized gain/(loss) on investments		1,323,614			4,445,612			(9,694,130	)		109,334,442			61,639,591			149,933,417			73,163,359			140,474,557			632,319,881			1,404,370,563			184,327			183,502
Change in net unrealized appreciation/(depreciation) of investments		(2,238,721	)		12,675,786			(160,875,941	)		65,053,158			(5,545,599	)		98,359,642			(223,181,601	)		95,704,561			(1,488,286,685	)		1,935,043,587			(471,932	)		599,991
Net increase/(decrease) in net assets resulting from operations		(624,758	)		17,670,149			(163,498,214	)		177,928,878			66,797,226			276,372,679			(151,748,969	)		236,351,027			(854,179,181	)		3,337,406,893			(271,386	)		823,908
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			—			—			—			—			(136,402,309	)		(38,144,099	)		(210,590,153	)		(71,771,065	)		—			—
Trust Class		—			—			—			—			—			—			(8,284,726	)		(2,489,625	)		(130,343,708	)		(48,636,547	)		—			—
Advisor Class		—			—			—			—			—			—			(329,117	)		(103,205	)		(14,473,125	)		(5,333,753	)		—			—
Institutional Class		(2,499,888	)		(742,840	)		(9,669,709	)		(3,568,091	)		(83,965,046	)		(23,248,583	)		(4,828,673	)		(939,810	)		(355,585,655	)		(127,257,277	)		(196,286	)		(37,486	)
Class A		(42,586	)		(15,411	)		(212,772	)		(50,983	)		(16,633,568	)		(3,156,079	)		(483,064	)		(162,544	)		—			—			(19,221	)		(3,156	)
Class C		(34,444	)		(8,635	)		(30,600	)		—			(7,072,976	)		(955,145	)		(111,038	)		(35,901	)		—			—			(15,980	)		(1,598	)
Class R3		—			—			(5,122	)		—			(53,278	)		(19,034	)		—			—			—			—			—			—
Class R6		(1,484	)		(486	)		(3,216,808	)		(1,128,741	)		—			—			—			—			(577,582,712	)		(193,893,991	)		—			—
Total distributions to shareholders		(2,578,402	)		(767,372	)		(13,135,011	)		(4,747,815	)		(107,724,868	)		(27,378,841	)		(150,438,927	)		(41,875,184	)		(1,288,575,353	)		(446,892,633	)		(231,487	)		(42,240	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—			—			—			2,694,121			3,347,825			48,060,768			144,737,447			—			—
Trust Class		—			—			—			—			—			—			325,220			1,166,888			44,578,069			129,164,606			—			—
Advisor Class		—			—			—			—			—			—			451,940			448,121			6,538,567			12,471,197			—			—
Institutional Class		8,798,244			12,665,548			121,823,113			253,341,761			62,193,551			120,356,881			4,860,079			10,079,306			325,308,548			614,864,775			866,706			2,255,839
Class A		269,876			76,124			5,217,675			9,959,942			11,125,120			30,504,003			212,651			289,727			—			—			15,546			53,185
Class C		108,360			263,660			130,530			861,448			1,232,107			2,994,173			11,000			49,290			—			—			21,573			2,500
Class R3		—			—			117,885			199,614			50,601			392,656			—			—			—			—			—			—
Class R6		—			—			7,743,913			81,483,430			—			—			—			—			344,140,451			784,360,992			—			—
Class E		—			—			—			—			33,007,515			—			—			—			158,571,387			—			—			—

See Notes to Financial Statements

145

146

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)

	DIVIDEND GROWTH FUND						EMERGING MARKETS EQUITY FUND						EQUITY INCOME FUND						FOCUS FUND						GENESIS FUND						GLOBAL REAL ESTATE FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—			—			—			125,304,527			35,051,668			203,748,560			68,987,845			—			—
Trust Class		—			—			—			—			—			—			8,241,192			2,471,265			129,704,902			48,261,989			—			—
Advisor Class		—			—			—			—			—			—			328,694			103,087			13,984,630			5,168,087			—			—
Institutional Class		2,499,888			742,840			4,082,970			1,609,979			76,005,383			21,134,547			4,738,106			914,496			321,339,017			114,901,501			196,286			37,486
Class A		42,140			15,234			120,780			27,707			12,385,307			2,255,417			464,724			157,731			—			—			18,097			1,370
Class C		34,113			8,633			16,433			—			6,725,228			902,821			106,757			30,125			—			—			15,674			459
Class R3		—			—			4,489			—			53,278			19,024			—			—			—			—			—			—
Class R6		—			—			3,215,649			1,128,268			—			—			—			—			576,427,588			192,414,257			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—			—			—			(34,923,520	)		(50,778,542	)		(136,042,238	)		(253,447,855	)		—			—
Trust Class		—			—			—			—			—			—			(4,045,707	)		(8,346,044	)		(129,900,647	)		(386,826,991	)		—			—
Advisor Class		—			—			—			—			—			—			(388,761	)		(706,318	)		(18,880,087	)		(34,533,560	)		—			—
Institutional Class		(6,031,841	)		(10,245,133	)		(136,908,224	)		(271,782,156	)		(124,146,551	)		(437,488,734	)		(2,376,057	)		(3,310,264	)		(414,948,314	)		(1,028,789,559	)		(583,174	)		(683,223	)
Class A		(110,619	)		(626,994	)		(10,680,540	)		(14,297,558	)		(18,204,972	)		(31,078,728	)		(147,987	)		(1,217,099	)		—			—			(5,887	)		(36,196	)
Class C		(273,058	)		(1,985,342	)		(1,072,443	)		(1,249,710	)		(8,823,038	)		(38,629,239	)		(79,007	)		(913,415	)		—			—			(7,314	)		(2,650	)
Class R3		—			—			(71,354	)		(288,830	)		(54,810	)		(1,673,276	)		—			—			—			—			—			—
Class R6		—			—			(15,251,726	)		(18,202,755	)		—			—			—			—			(794,098,243	)		(903,064,717	)		—			—
Class E		—			—			—			—			(427,744	)		—			—			—			(1,450,005	)		—			—			—
Net increase/(decrease) from Fund share transactions		5,337,103			914,570			(21,510,850	)		42,791,140			51,120,975			(330,310,455	)		105,777,972			(11,162,153	)		677,082,953			(491,329,986	)		537,507			1,628,770
Net Increase/(Decrease) in Net Assets		2,133,943			17,817,347			(198,144,075	)		215,972,203			10,193,333			(81,316,617	)		(196,409,924	)		183,313,690			(1,465,671,581	)		2,399,184,274			34,634			2,410,438
Net Assets:
Beginning of period		71,086,116			53,268,769			1,303,403,237			1,087,431,034			1,169,341,818			1,250,658,435			951,305,962			767,992,272			12,901,156,691			10,501,972,417			4,217,683			1,807,245
End of period	$	73,220,059		$	71,086,116		$	1,105,259,162		$	1,303,403,237		$	1,179,535,151		$	1,169,341,818		$	754,896,038		$	951,305,962		$	11,435,485,110		$	12,901,156,691		$	4,252,317		$	4,217,683

See Notes to Financial Statements

147

148

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND						INTRINSIC VALUE FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)^(a)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	(281,243	)	$	375,914		$	418,557		$	2,072,852		$	4,935,283		$	15,726,857		$	478,814		$	1,536,573		$	(1,531	)	$	2,872		$	(3,454,758	)	$	(4,950,861	)
Net realized gain/(loss) on investments		223,291			6,828,230			120,588,160			188,447,992			131,755,746			155,814,490			10,676,485			15,881,511			157,184			178,082			73,769,987			82,684,416
Change in net unrealized appreciation/(depreciation) of investments		(7,339,867	)		(207,330	)		(295,038,799	)		366,327,114			(362,924,793	)		273,988,989			(32,268,333	)		22,164,455			(820,343	)		679,530			(106,893,188	)		299,164,253
Net increase/(decrease) in net assets resulting from operations		(7,397,819	)		6,996,814			(174,032,082	)		556,847,958			(226,233,764	)		445,530,336			(21,113,034	)		39,582,539			(664,690	)		860,484			(36,577,959	)		376,897,808
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		—			—			(178,779,216	)		(107,074,493	)		(10,429,269	)		(4,496,265	)		—			—			—			—			—			—
Trust Class		—			—			(5,157,067	)		(3,015,692	)		(3,197,489	)		(1,340,247	)		(617,925	)		(63,437	)		—			—			—			—
Advisor Class		—			—			(803,272	)		(442,228	)		—			—			—			—			—			—			—			—
Institutional Class		(3,174,613	)		(299,749	)		(21,508,014	)		(11,590,742	)		(179,015,926	)		(68,692,513	)		(16,820,412	)		(2,063,050	)		(153,718	)		(54,106	)		(68,079,133	)		(10,917,361	)
Class A		(173,090	)		(5,815	)		(998,244	)		(660,372	)		(1,771,871	)		(2,631,060	)		(472,995	)		(39,418	)		(22,055	)		(5,639	)		(3,376,608	)		(438,276	)
Class C		(8,089	)		—			(318,626	)		(180,384	)		(784,476	)		(317,340	)		(79,782	)		(6,061	)		(7,399	)		(4,387	)		(1,392,641	)		(225,758	)
Class R3		—			—			(44,453	)		(12,381	)		—			—			(158,470	)		(16,174	)		—			—			—			—
Class R6		—			—			(21,550	)		(8,182	)		(8,501,484	)		(3,831,586	)		(32,118	)		(29,867	)		(16,608	)		(11,360	)		(6,363,138	)		(1,051,407	)
Total distributions to shareholders		(3,355,792	)		(305,564	)		(207,630,442	)		(122,984,474	)		(203,700,515	)		(81,309,011	)		(18,181,702	)		(2,218,007	)		(199,780	)		(75,492	)		(79,211,520	)		(12,632,802	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			6,888,806			19,374,758			948,242			3,102,270			—			—			—			—			—			—
Trust Class		—			—			991,292			2,840,108			1,644,774			1,036,142			41,097			139,742			—			—			—			—
Advisor Class		—			—			432,861			6,816,834			—			—			—			—			—			—			—			—
Institutional Class		239,386			17,025,211			23,328,859			30,918,935			167,348,565			255,795,695			31,455,271			9,898,820			682,912			733,340			443,904,659			411,294,676
Class A		—			—			1,399,932			5,448,853			4,596,272			10,684,206			999,168			1,327,077			60,401			296,114			18,605,923			30,536,745
Class C		—			—			404,439			578,065			616,284			1,291,950			152,747			342,465			—			—			7,710,574			6,497,288
Class R3		—			—			78,058			291,382			—			—			117,796			364,416			—			—			—			—
Class R6		—			—			4,674			136,190			5,728,513			9,851,318			76,480			410,307			8,926			—			22,638,834			70,343,766
Class E		—			—			—			—			40,166,700			—			—			—			—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			167,192,227			100,836,713			10,032,044			4,336,539			—			—			—			—			—			—
Trust Class		—			—			5,115,567			2,995,621			2,876,056			1,218,086			586,702			60,282			—			—			—			—
Advisor Class		—			—			803,272			442,229			—			—			—			—			—			—			—			—
Institutional Class		2,816,308			246,922			21,389,349			11,503,934			143,209,921			54,430,100			16,443,850			2,013,108			153,718			54,106			61,512,157			9,932,068
Class A		154,277			5,364			906,616			605,922			1,066,885			412,845			269,105			24,117			14,125			732			2,926,485			378,854
Class C		6,854			—			308,662			173,939			557,232			249,091			50,177			5,118			—			—			1,191,735			199,167
Class R3		—			—			43,179			12,381			—			—			158,470			11,352			—			—			—			—
Class R6		—			—			17,091			5,449			8,494,315			3,828,300			4,539			29,353			—			—			6,266,107			1,050,853

See Notes to Financial Statements

149

150

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)

	GREATER CHINA EQUITY FUND						GUARDIAN FUND						INTERNATIONAL EQUITY FUND						INTERNATIONAL SELECT FUND						INTERNATIONAL SMALL CAP FUND						INTRINSIC VALUE FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)^(a)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Payments for shares redeemed:
Investor Class		—			—			(60,035,348	)		(103,454,629	)		(6,688,951	)		(17,541,865	)		—			—			—			—			—			—
Trust Class		—			—			(2,486,969	)		(6,930,177	)		(3,197,397	)		(4,687,933	)		(311,916	)		(299,960	)		—			—			—			—
Advisor Class		—			—			(1,061,953	)		(889,700	)		—			—			—			—			—			—			—			—
Institutional Class		(6,898,899	)		(14,385,935	)		(19,087,101	)		(29,152,453	)		(155,609,557	)		(282,988,235	)		(6,433,437	)		(32,462,356	)		(111,238	)		(49,552	)		(144,845,113	)		(312,262,059	)
Class A		(434,035	)		(1,213,651	)		(1,297,291	)		(4,335,243	)		(53,737,992	)		(13,124,846	)		(363,533	)		(894,880	)		(257,045	)		(4,667	)		(12,140,072	)		(13,639,389	)
Class C		(86,608	)		(51,969	)		(295,978	)		(598,462	)		(715,820	)		(2,286,150	)		(149,870	)		(619,228	)		—			—			(2,237,471	)		(5,606,735	)
Class R3		—			—			(12,803	)		(142,607	)		—			—			(319,740	)		(1,168,286	)		—			—			—			—
Class R6		—			—			(883	)		(11,244	)		(49,927,151	)		(20,138,246	)		(972,893	)		(1,395,055	)		—			—			(722,306	)		(17,399,031	)
Class E		—			—			—			—			(508,015	)		—			—			—			—			—			—			—
Net increase/(decrease) from Fund share transactions		(4,202,717	)		1,625,942			145,026,558			37,466,798			116,900,920			5,469,267			41,804,013			(22,213,608	)		551,799			1,030,073			404,811,512			181,326,203
Net Increase/(Decrease) in Net Assets		(14,956,328	)		8,317,192			(236,635,966	)		471,330,282			(313,033,359	)		369,690,592			2,509,277			15,150,924			(312,671	)		1,815,065			289,022,033			545,591,209
Net Assets:
Beginning of period		65,058,077			56,740,885			2,091,994,822			1,620,664,540			1,949,616,575			1,579,925,983			167,665,336			152,514,412			3,830,001			2,014,936			1,133,202,643			587,611,434
End of period	$	50,101,749		$	65,058,077		$	1,855,358,856		$	2,091,994,822		$	1,636,583,216		$	1,949,616,575		$	170,174,613		$	167,665,336		$	3,517,330		$	3,830,001		$	1,422,224,676		$	1,133,202,643

(a) Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

151

152

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	62,139,473		$	67,487,784		$	(2,549,464	)	$	(8,838,993	)	$	191,718		$	362,555		$	447,847		$	1,455,196		$	6,322,312		$	11,257,811		$	(1,294,987	)	$	(3,020,583	)
Net realized gain/(loss) on investments		177,642,544			285,988,196			106,692,243			280,048,876			4,210,430			6,938,039			89,811,007			169,829,130			31,254,954			38,018,132			10,732,583			89,473,676
Change in net unrealized appreciation/(depreciation) of investments		193,096,773			669,960,593			(386,983,716	)		293,290,751			(1,445,040	)		14,320,120			(105,068,449	)		10,284,968			(93,551,563	)		215,074,260			(57,079,805	)		1,645,503
Net increase/(decrease) in net assets resulting from operations		432,878,790			1,023,436,573			(282,840,937	)		564,500,634			2,957,108			21,620,714			(14,809,595	)		181,569,294			(55,974,297	)		264,350,203			(47,642,209	)		88,098,596
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(79,869,457	)		(20,430,235	)		(94,164,177	)		(58,050,416	)		(200,159	)		(11,425	)		—			—			—			—			(13,258,126	)		(918,631	)
Trust Class		(5,348,605	)		(1,078,681	)		(14,613,610	)		(8,892,266	)		(16,858	)		(4,162	)		—			—			(5,008,428	)		(2,198,156	)		(814,025	)		(57,855	)
Advisor Class		(6,380,433	)		(1,468,008	)		(1,630,520	)		(1,154,080	)		—			—			—			—			—			—			(594,589	)		(42,672	)
Institutional Class		(259,813,461	)		(8,164,733	)		(64,686,823	)		(34,989,272	)		(110,063	)		(37,826	)		(118,597,894	)		(115,191,642	)		(27,176,861	)		(9,593,060	)		(37,053,673	)		(2,177,438	)
Class A		(7,290,938	)		(370,906	)		(6,369,020	)		(3,702,867	)		(3,489	)		(807	)		(13,620,299	)		(8,383,410	)		(2,898,402	)		(1,119,427	)		(3,939,522	)		(296,389	)
Class C		(5,993,385	)		(38,911	)		(1,799,949	)		(1,143,834	)		—			—			(6,605,137	)		(5,779,393	)		(350,394	)		(89,071	)		(982,208	)		(62,596	)
Class R3		(195,610	)		(8,965	)		(2,379,066	)		(1,395,759	)		(589	)		(78	)		—			—			(686,654	)		(244,645	)		(931,424	)		(47,892	)
Class R6		(12,246,114	)		(2,120,487	)		(99,981,072	)		(52,695,641	)		(214	)		(102	)		—			—			(6,128,222	)		(2,684,462	)		(8,436,918	)		(599,444	)
Total distributions to shareholders		(377,138,003	)		(33,680,926	)		(285,624,237	)		(162,024,135	)		(331,372	)		(54,400	)		(138,823,330	)		(129,354,445	)		(42,248,961	)		(15,928,821	)		(66,010,485	)		(4,202,917	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		64,546,323			181,721,255			2,377,977			8,427,112			644,639			2,605,124			—			—			—			—			702,772			3,247,751
Trust Class		25,485,471			38,659,593			3,240,913			14,641,683			31,593			407,063			—			—			11,342,532			25,470,008			104,423			242,499
Advisor Class		16,711,066			34,170,739			1,274,156			4,393,464			—			—			—			—			—			—			88,524			802,448
Institutional Class		2,945,756,953			4,014,187,453			54,246,872			110,644,195			3,797,220			1,639,298			27,889,214			45,743,956			261,537,214			349,440,252			35,574,935			111,080,915
Class A		66,313,817			150,482,658			13,875,866			12,205,286			59,667			152,672			6,991,635			10,055,868			20,598,449			28,468,974			1,473,200			9,404,702
Class C		79,440,974			87,614,778			444,161			1,107,474			134,417			143,747			1,584,379			2,189,068			2,286,427			3,120,369			166,827			1,715,123
Class R3		2,307,669			1,697,270			1,528,208			5,366,627			62,331			347,826			—			—			3,448,237			5,317,825			921,168			3,596,155
Class R6		269,200,046			59,105,641			52,517,163			200,567,729			—			—			—			—			34,944,139			62,761,594			10,949,207			47,160,598
Class E		159,360,797			—			—			—			—			—			90,258,673			—			22,686,478			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		76,831,816			19,601,816			90,001,157			55,465,169			189,671			10,798			—			—			—			—			12,896,511			902,822
Trust Class		5,155,956			1,023,865			14,591,224			8,891,643			16,569			4,096			—			—			4,963,488			2,175,437			753,833			53,533
Advisor Class		6,133,382			1,465,423			1,181,490			784,013			—			—			—			—			—			—			594,589			42,672
Institutional Class		228,259,242			6,385,077			63,581,241			34,670,570			109,688			37,825			108,211,753			108,174,760			23,075,278			8,292,727			36,984,717			2,173,942
Class A		4,083,769			202,660			5,450,366			3,254,839			2,902			705			12,220,542			7,411,395			2,621,962			1,026,529			3,842,732			291,535
Class C		4,504,520			22,767			1,719,385			1,091,464			—			—			5,871,703			5,304,954			317,049			85,494			982,208			62,596
Class R3		193,310			8,610			2,347,697			1,371,835			566			69			—			—			686,517			243,941			923,466			47,374
Class R6		11,737,178			2,119,897			94,926,348			50,323,184			—			—			—			—			6,092,036			2,676,754			8,431,806			599,116

See Notes to Financial Statements

153

154

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)

	LARGE CAP VALUE FUND						MID CAP GROWTH FUND						MID CAP INTRINSIC VALUE FUND						MULTI-CAP OPPORTUNITIES FUND						REAL ESTATE FUND						SMALL CAP GROWTH FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021
Payments for shares redeemed:
Investor Class		(85,290,848	)		(173,343,216	)		(26,626,256	)		(76,486,949	)		(1,289,460	)		(2,644,136	)		—			—			—			—			(4,785,388	)		(9,869,961	)
Trust Class		(11,497,351	)		(24,141,015	)		(34,544,533	)		(21,181,230	)		(337,328	)		(988,992	)		—			—			(14,309,435	)		(20,816,568	)		(498,540	)		(676,038	)
Advisor Class		(11,397,197	)		(41,803,744	)		(3,079,901	)		(4,905,939	)		—			—			—			—			—			—			(372,832	)		(945,169	)
Institutional Class		(1,005,563,047	)		(568,756,731	)		(52,991,983	)		(99,159,527	)		(4,066,140	)		(4,634,426	)		(206,975,956	)		(316,953,452	)		(115,418,639	)		(145,292,786	)		(62,708,739	)		(80,195,379	)
Class A		(21,198,631	)		(53,784,445	)		(6,598,684	)		(12,250,293	)		(122,012	)		(940,752	)		(6,931,146	)		(11,570,881	)		(14,147,851	)		(24,700,337	)		(3,796,839	)		(12,360,984	)
Class C		(5,550,064	)		(7,254,222	)		(1,768,088	)		(2,773,040	)		(169,031	)		(306,563	)		(5,877,920	)		(13,212,368	)		(765,746	)		(3,586,968	)		(1,213,644	)		(931,767	)
Class R3		(1,190,877	)		(627,631	)		(3,934,360	)		(5,258,817	)		(99,320	)		(436,957	)		—			—			(3,391,822	)		(5,669,905	)		(1,031,479	)		(2,224,519	)
Class R6		(258,445,900	)		(9,619,225	)		(99,400,116	)		(159,835,132	)		—			—			—			—			(44,528,891	)		(41,889,221	)		(12,607,796	)		(42,304,712	)
Class E		(377,832	)		—			—			—			—			—			(1,385,138	)		—			(438,992	)		—			—			—
Net increase/(decrease) from Fund share transactions		2,565,510,542			3,719,139,273			174,360,303			131,355,360			(1,034,028	)		(4,602,603	)		31,857,739			(162,856,700	)		201,598,430			247,124,119			28,375,661			31,915,252
Net Increase/(Decrease) in Net Assets		2,621,251,329			4,708,894,920			(394,104,871	)		533,831,859			1,591,708			16,963,711			(121,775,186	)		(110,641,851	)		103,375,172			495,545,501			(85,277,033	)		115,810,931
Net Assets:
Beginning of period		6,456,496,476			1,747,601,556			2,133,103,333			1,599,271,474			60,589,962			43,626,251			570,934,708			681,576,559			1,140,745,854			645,200,353			422,950,405			307,139,474
End of period	$	9,077,747,805		$	6,456,496,476		$	1,738,998,462		$	2,133,103,333		$	62,181,670		$	60,589,962		$	449,159,522		$	570,934,708		$	1,244,121,026		$	1,140,745,854		$	337,673,372		$	422,950,405

See Notes to Financial Statements

155

156

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds

	SUSTAINABLE EQUITY FUND						U.S. EQUITY IMPACT FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	3,428,211		$	8,337,425		$	1,855		$	(5,093	)
Net realized gain/(loss) on investments		124,490,066			211,390,784			(224,870	)		(38,197	)
Change in net unrealized appreciation/(depreciation) of investments		(184,362,838	)		303,276,347			(782,240	)		777,729
Net increase/(decrease) in net assets resulting from operations		(56,444,561	)		523,004,556			(1,005,255	)		734,439
Distributions to Shareholders From (Note A):
Distributable earnings:
Investor Class		(41,928,886	)		(24,529,117	)		—			—
Trust Class		(13,525,657	)		(7,540,489	)		—			—
Advisor Class		—			—			—			—
Institutional Class		(87,816,876	)		(47,256,605	)		(6,797	)		—
Class A		(15,339,761	)		(5,982,035	)		(159	)		—
Class C		(4,388,872	)		(2,383,226	)		(20	)		—
Class R3		(2,208,118	)		(1,549,909	)		—			—
Class R6		(21,494,519	)		(15,797,953	)		—			—
Total distributions to shareholders		(186,702,689	)		(105,039,334	)		(6,976	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		6,497,003			56,659,705			—			—
Trust Class		4,704,717			18,321,793			—			—
Advisor Class		—			—			—			—
Institutional Class		74,881,346			194,252,822			1,254,311			5,346,069
Class A		10,583,886			53,333,094			70,903			203,363
Class C		1,923,866			5,416,990			—			30,000
Class R3		1,915,600			4,467,511			—			—
Class R6		21,508,222			142,685,592			—			—
Class E		—			—			—			—

See Notes to Financial Statements

157

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Equity Funds (cont'd)

	SUSTAINABLE EQUITY FUND						U.S. EQUITY IMPACT FUND
	Six Months Ended February 28, 2022 (Unaudited)			Fiscal Year Ended August 31, 2021			Six Months Ended February 28, 2022 (Unaudited)			Period from March 23, 2021 (Commencement of Operations) to August 31, 2021
Proceeds from reinvestment of dividends and distributions:
Investor Class		40,342,855			23,325,011			—			—
Trust Class		13,444,722			7,492,180			—			—
Advisor Class		—			—			—			—
Institutional Class		79,125,120			43,404,634			6,798			—
Class A		13,944,295			5,347,193			139			—
Class C		3,898,086			2,183,695			—			—
Class R3		2,199,353			1,531,321			—			—
Class R6		21,413,654			15,797,954			—			—
Payments for shares redeemed:
Investor Class		(29,329,249	)		(168,889,177	)		—			—
Trust Class		(16,782,323	)		(31,876,980	)		—			—
Advisor Class		—			—			—			—
Institutional Class		(120,478,387	)		(215,483,275	)		(615,434	)		—
Class A		(14,272,554	)		(25,837,252	)		(121,673	)		—
Class C		(4,527,129	)		(10,252,728	)		—			—
Class R3		(3,231,810	)		(16,054,522	)		—			—
Class R6		(92,200,043	)		(186,725,154	)		—			—
Class E		—			—			—			—
Net increase/(decrease) from Fund share transactions		15,561,230			(80,899,593	)		595,044			5,579,432
Net Increase/(Decrease) in Net Assets		(227,586,020	)		337,065,629			(417,187	)		6,313,871
Net Assets:
Beginning of period		1,979,493,534			1,642,427,905			6,313,871			—
End of period	$	1,751,907,514		$	1,979,493,534		$	5,896,684		$	6,313,871

See Notes to Financial Statements

158

Notes to Financial Statements Equity Funds^ß (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. 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 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 U.S. Equity Impact Fund ("U.S. Equity Impact") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except 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 offer Institutional Class shares, nineteen offer Class A shares, nineteen offer Class C shares, ten offer Class R3 shares, fourteen offer Class R6 shares and six offer Class E shares. U.S. Equity Impact had no operations until March 23, 2021, other than matters relating to its organization and its 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 "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board 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 ("Management" or "NBIA") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

On February 25, 2022, to facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company ("RIC"), Guardian formed NB A24 Guardian Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of Guardian and Guardian will remain its sole member.

As of February 28, 2022, the value of Guardian's investment in the Blocker was as follows:

Investment in Blocker				Percentage of Net Assets
$	939,135				0.1	%

ß Consolidated Notes to Financial Statements for Guardian

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2 Consolidation: The accompanying financial statements of Guardian present the consolidated accounts of Guardian and the Blocker. All intercompany accounts and transactions have been eliminated in consolidation.

3 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.

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 – unadjusted 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, warrants, rights, master limited partnerships and limited partnerships, and exchange-traded options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities 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 based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit specific details, relevant listed bond and preferred stock prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, 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 with a readily determinable fair value are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs).

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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. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or 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.

In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating the rule.

4 Foreign currency translations: The accounting records of the Funds and the Blocker are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

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5 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amounts of such proceeds for the six months ended February 28, 2022, were $479, $108,404, $47,093, $45,605, and $23,795, for Genesis, Large Cap Value, Mid Cap Growth, Multi-Cap Opportunities, and Small Cap Growth, respectively.

6 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a RIC by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2022, the Funds did not have any unrecognized tax positions.

The Blocker is taxed as a corporation under the U.S. Internal Revenue Code. As a U.S. shareholder of a corporation, Guardian will include in its taxable income its share of the Blocker's current earnings and profits (including net realized gains). Any deficit generated by the Blocker will be disregarded for purposes of computing Guardian's taxable income in the current period and also disregarded for all future periods.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at February 28, 2022 were as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Dividend Growth	$	50,027,888	$	24,407,668	$	1,271,154	$	23,136,514
Emerging Markets Equity		997,895,512		267,310,729		153,404,045		113,906,684
Equity Income		817,319,261		367,190,623		5,953,453		361,237,170
Focus		688,401,519		109,839,509		39,246,145		70,593,364
Genesis		5,527,331,278		6,100,293,921		189,183,186		5,911,110,735
Global Real Estate		4,144,018		340,499		182,313		158,186
Greater China Equity		50,623,864		4,426,982		6,995,273		(2,568,291	)
Guardian		1,193,973,602		724,322,324		41,655,424		682,666,900
International Equity		1,485,054,250		242,380,041		83,264,387		159,115,654
International Select		151,181,673		24,637,641		6,377,840		18,259,801
International Small Cap		3,371,677		448,032		251,398		196,634
Intrinsic Value		1,135,093,701		381,133,640		92,888,535		288,245,105
Large Cap Value		7,971,488,559		1,218,447,069		175,587,741		1,042,859,328
Mid Cap Growth		1,287,567,528		535,043,873		67,530,384		467,513,489

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	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Mid Cap Intrinsic Value	$	47,896,758	$	17,701,048	$	3,419,995	$	14,281,053
Multi-Cap Opportunities		218,424,435		231,566,440		934,002		230,632,438
Real Estate		1,067,655,524		188,140,375		12,193,433		175,946,942
Small Cap Growth		337,067,515		44,912,519		44,676,635		235,884
Sustainable Equity		1,003,179,462		756,185,663		16,558,074		739,627,589
U.S. Equity Impact		5,859,193		452,416		458,443		(6,027	)

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, 2021, the Funds recorded permanent reclassifications primarily related to one or more of the following: deemed distributions on shareholder redemptions, prior year true up adjustment, net operating losses written off and gains (losses) & tax adjustments on securities redeemed in kind. For the year ended August 31, 2021, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Total Distributable Earnings/(Losses)
Dividend Growth	$	59,146		$	(59,146	)
Emerging Markets Equity		—			—
Equity Income		23,912,350			(23,912,350	)
Focus		3,128,844			(3,128,844	)
Genesis		128,109,281			(128,109,281	)
Global Real Estate		7,972			(7,972	)
Greater China Equity		147,966			(147,966	)
Guardian		7,429,874			(7,429,874	)
International Equity		13,118,211			(13,118,211	)
International Select		1,018,108			(1,018,108	)
International Small Cap		—			—
Intrinsic Value		6,190,713			(6,190,713	)
Large Cap Value		25,094,687			(25,094,687	)
Mid Cap Growth		20,286,398			(20,286,398	)
Mid Cap Intrinsic Value		(3,921	)		3,921
Multi-Cap Opportunities		47,423,722			(47,423,722	)
Real Estate		5,714,205			(5,714,205	)
Small Cap Growth		19,416,170			(19,416,170	)
Sustainable Equity		28,315,488			(28,315,488	)
U.S. Equity Impact		—			—

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The tax character of distributions paid during the years ended August 31, 2021, and August 31, 2020, was as follows:

	Distributions Paid From:
	Ordinary Income					Long-Term Capital Gain					Return of Capital					Total
	2021			2020		2021			2020		2021			2020		2021			2020
Dividend Growth	$	767,372		$	826,386	$	—		$	—	$	—		$	—	$	767,372		$	826,386
Emerging Markets Equity		4,747,815			25,945,704		—			—		—			—		4,747,815			25,945,704
Equity Income		27,378,841			33,695,072		—			47,073,540		—			—		27,378,841			80,768,612
Focus		—			12,478,831		41,875,184			70,064,650		—			—		41,875,184			82,543,481
Genesis		6,270,056			19,901,125		440,622,577			579,781,590		—			—		446,892,633			599,682,715
Global Real Estate		42,240			106,937		—			70,357		—			7,971		42,240			185,265
Greater China Equity		305,564			453,603		—			—		—			—		305,564			453,603
Guardian		29,507,447			33,517,939		93,477,027			45,965,679		—			—		122,984,474			79,483,618
International Equity		17,001,303			23,260,718		64,307,708			29,859,700		—			—		81,309,011			53,120,418
International Select		1,262,624			3,198,388		955,383			2,566,009		—			—		2,218,007			5,764,397
International Small Cap		10,984			50,905		64,508			—		—			—		75,492			50,905
Intrinsic Value		—			2,242,126		12,632,802			16,091,836		—			—		12,632,802			18,333,962
Large Cap Value		28,452,253			36,925,536		5,228,673			40,587,809		—			—		33,680,926			77,513,345
Mid Cap Growth		2,963,183			—		159,060,952			75,435,021		—			—		162,024,135			75,435,021
Mid Cap Intrinsic Value		54,400			1,008,381		—			—		—			—		54,400			1,008,381
Multi-Cap Opportunities		1,439,115			10,073,130		127,915,330			205,557,499		—			—		129,354,445			215,630,629
Real Estate		13,773,899			8,647,648		2,154,922			19,424,543		—			—		15,928,821			28,072,191
Small Cap Growth		—			7,190,578		4,202,917			1,795,582		—			—		4,202,917			8,986,160
Sustainable Equity		11,979,850			12,102,329		93,059,484			146,053,918		—			—		105,039,334			158,156,247
U.S. Equity Impact		—	^(a)		—		—	^(a)		—		—	^(a)		—		—	^(a)		—

(a) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

As of August 31, 2021, 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	$	483,173	$	1,962,388	$	25,375,341	$	—		$	—		$	27,820,902
Emerging Markets Equity		2,474,325		—		277,417,491		(32,308,450	)		(9,991	)		247,573,375
Equity Income		779,548		93,424,225		366,776,677		—			—			460,980,450
Focus		27,196,926		75,293,566		293,774,635		—			—			396,265,127
Genesis		—		1,146,133,239		7,399,397,420		(6,216,537	)		(1	)		8,539,314,121
Global Real Estate		42,328		121,024		630,050		—			(1,437	)		791,965
Greater China Equity		978,112		2,376,951		4,766,103		(3,631,196	)		(13,593	)		4,476,377
Guardian		68,892,395		98,243,478		977,217,470		(193,376	)		1			1,144,159,968
International Equity		19,719,359		127,720,564		522,124,124		—			—			669,564,047

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	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)		Loss Carryforwards and Deferrals			Other Temporary Differences			Total
International Select	$	1,620,873	$	11,976,344	$	50,543,264	$	—		$	—		$	64,140,481
International Small Cap		11,289		165,535		1,017,413		—			—			1,194,237
Intrinsic Value		—		68,350,050		395,138,293		(4,015,095	)		(48,009	)		459,425,239
Large Cap Value		134,394,255		163,867,651		849,762,556		—			(1	)		1,148,024,461
Mid Cap Growth		19,485,079		199,109,753		854,497,224		—			—			1,073,092,056
Mid Cap Intrinsic Value		176,422		—		15,726,093		(5,789,654	)		(2	)		10,112,859
Multi-Cap Opportunities		4,680,974		113,671,283		335,700,887		—			(1	)		454,053,143
Real Estate		6,610,849		21,815,172		269,498,505		—			(2	)		297,924,524
Small Cap Growth		35,159,167		30,850,531		57,315,689		—			(1	)		123,325,386
Sustainable Equity		11,350,340		134,963,564		924,143,827		—			—			1,070,457,731
U.S. Equity Impact		808		—		776,213		(36,682	)		(5,900	)		734,439

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and/or recognized on wash sales and straddles, capital loss carryforwards, amortization of organization expenses, tax adjustments related to nontaxable distributions from corporate stock, partnership basis adjustments and mark-to-market adjustments on forwards and passive foreign investment companies ("PFICs") 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, 2021, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

	Capital Loss Carryforwards
	Long-Term			Short-Term
Emerging Markets Equity	$	—		$	32,308,450
Greater China Equity		523,972	*		3,107,224	*
Mid Cap Intrinsic Value		5,789,654			—
U.S. Equity Impact		—			36,682

* Future utilization is limited under current tax regulation.

During the year ended August 31, 2021, Dividend Growth, Emerging Markets Equity, Greater China Equity and Mid Cap Intrinsic Value utilized capital loss carryforwards of $2,473,840, $107,297,301, $3,053,881 and $7,075,150, respectively.

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under current tax rules, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and

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net PFIC mark to market losses) realized on investment transactions after October 31. For the year ended August 31, 2021, the Funds elected to defer the following late-year ordinary losses and post October capital losses:

	Late-Year Ordinary Loss Deferral		Post October Capital Loss Deferral
Genesis	$	6,216,537	$	—
Intrinsic Value		4,015,095		—

7 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. Emerging Markets Equity accrues capital gains tax on unrealized and realized gains for certain securities. At February 28, 2022, Emerging Markets Equity had accrued capital gains taxes of $6,766,362, which is reflected in the Statements of Assets and Liabilities. For the six months ended February 28, 2022, Emerging Markets Equity had realized capital gains taxes of $2,248,432, which is reflected in the Statements of Operations.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), certain of the Funds have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected as "Interest and other income—unaffiliated issuers" in the Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected as "Miscellaneous and other fees" in the Statements of Operations. The Funds have determined that certain ECJ tax reclaims in Sweden are "more likely than not" to be sustained after examination by tax authorities and are reflected in "Prepaid expenses and other assets" and "Other accrued expenses and payables" in the Statements of Assets and Liabilities for International Equity, International Select and International Small Cap, respectively.

8 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.

For Funds that invest in real estate investment trusts ("REITs"), these Funds pass through to their shareholders substantially all REIT distributions and other income they receive, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. For the year ended August 31, 2021, 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 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.

9 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

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otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among its classes based upon the relative net assets of each class.

10 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

11 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the SEC, particularly Rule 12d1-4 under the 1940 Act, which went effective on January 19, 2022, or any other applicable exemptive relief. 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 decrease returns. Prior to the effectiveness of Rule 12d1-4, a Fund was permitted 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, subject to the terms and conditions of exemptive orders. These exemptive orders along with Rule 12d1-2 were rescinded upon the effectiveness of Rule 12d1-4. Rule 12d1-4 contains elements from the SEC's prior exemptive orders permitting fund of funds arrangements, and includes (i) limits on control and voting; (ii) required evaluations and findings; (iii) required fund of funds investment agreements; and (iv) limits on complex structures.

12 Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2022, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2022. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a Fund will use derivatives, may adversely affect a Fund's performance and may increase costs related to a Fund's use of derivatives.

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Options: Equity Income used options written to generate incremental returns. 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 writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a Fund will realize a gain for the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

At February 28, 2022, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Equity Risk			Total
Equity Income
Options written	Option contracts written, at value	$	(1,764,580	)	$	(1,764,580	)
Total Value—Liabilities		$	(1,764,580	)	$	(1,764,580	)

The impact of the use of derivative instruments on the Statements of Operations during the six months ended February 28, 2022, was as follows:

Realized Gain/(Loss)

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	$	1,272,413	$	1,272,413
Total Realized Gain/(Loss)		$	1,272,413	$	1,272,413
Guardian
Options purchased	Net realized gain/(loss) on: Transactions in investment securities of unaffiliated issuers	$	1,568,657	$	1,568,657
Options written	Net realized gain/(loss) on: Expiration or closing of option contracts written		246,143		246,143
Total Realized Gain/(Loss)		$	1,814,800	$	1,814,800

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Change in Appreciation/(Depreciation)

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	$	(215,879	)	$	(215,879	)
Total Change in Appreciation/(Depreciation)		$	(215,879	)	$	(215,879	)
Guardian
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: Investment securities of unaffiliated issuers	$	282,651		$	282,651
Options written	Change in net unrealized appreciation/(depreciation) in value of: Option contracts written		(488,229	)		(488,229	)
Total Change in Appreciation/(Depreciation)		$	(205,578	)	$	(205,578	)

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that Dividend Growth, Emerging Markets Equity, Focus, Genesis, 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, Multi-Cap Opportunities, Real Estate, Small Cap Growth, Sustainable Equity and U.S. Equity Impact did not hold any derivative instruments during the six months ended February 28, 2022 that require additional disclosures pursuant to ASC 815.

13 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.

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.

As of February 28, 2022, the Funds listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

	Value of Securities Loaned
Emerging Markets Equity	$	3,739,006
Focus		3,047,996
Guardian		25,365,806
International Equity		4,858,721
International Small Cap		68,507
Mid Cap Growth		15,640,485
Small Cap Growth		2,520,863

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As of February 28, 2022, 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
	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	$	3,525,000	$	—	$	—	$	—	$	3,525,000
Focus		3,099,422		—		—		—		3,099,422
Guardian		23,424,052		—		—		—		23,424,052
International Equity		5,064,273								5,064,273
International Small Cap		70,018		—		—		—		70,018
Mid Cap Growth		15,714,964		—		—		—		15,714,964
Small Cap Growth		2,524,041		—		—		—		2,524,041

(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 over-the-counter 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, Focus, Guardian, International Equity, International Small Cap, Mid Cap Growth and Small Cap Growth held one or more of these investments at February 28, 2022. The Funds' securities lending assets at fair value are reported gross in the Statements of Assets and Liabilities. The following tables present securities lending assets by counterparty and net of the related collateral received by a Fund as of February 28, 2022.

Description	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	$	3,739,006	$	—	$	3,739,006
Total	$	3,739,006	$	—	$	3,739,006
Focus
Securities Lending	$	3,047,996	$	—	$	3,047,996
Total	$	3,047,996	$	—	$	3,047,996
Guardian
Securities Lending	$	25,365,806	$	—	$	25,365,806
Total	$	25,365,806	$	—	$	25,365,806
International Equity
Securities Lending	$	4,858,721	$	—	$	4,858,721
Total	$	4,858,721	$	—	$	4,858,721
International Small Cap
Securities Lending	$	68,507	$	—	$	68,507
Total	$	68,507	$	—	$	68,507
Mid Cap Growth
Securities Lending	$	15,640,485	$	—	$	15,640,485
Total	$	15,640,485	$	—	$	15,640,485
Small Cap Growth
Securities Lending	$	2,520,863	$	—	$	2,520,863
Total	$	2,520,863	$	—	$	2,520,863

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Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset		Cash Collateral Received^(a)			Net Amount^(b)
Emerging Markets Equity
SSB	$	3,739,006	$	—	$	(3,525,000	)	$	214,006
Total	$	3,739,006	$	—	$	(3,525,000	)	$	214,006
Focus
SSB	$	3,047,996	$	—	$	(3,047,996	)	$	—
Total	$	3,047,996	$	—	$	(3,047,996	)	$	—
Guardian
SSB	$	25,365,806	$	—	$	(23,424,052	)	$	1,941,754
Total	$	25,365,806	$	—	$	(23,424,052	)	$	1,941,754
International Equity
SSB	$	4,858,721	$	—	$	(4,858,721	)	$	—
Total	$	4,858,721	$	—	$	(4,858,721	)	$	—
International Small Cap
SSB	$	68,507	$	—	$	(68,507	)	$	—
Total	$	68,507	$	—	$	(68,507	)	$	—
Mid Cap Growth
SSB	$	15,640,485	$	—	$	(15,640,485	)	$	—
Total	$	15,640,485	$	—	$	(15,640,485	)	$	—
Small Cap Growth
SSB	$	2,520,863	$	—	$	(2,520,863	)	$	—
Total	$	2,520,863	$	—	$	(2,520,863	)	$	—

(a) Collateral received is limited to an amount not to exceed 100% of the net amount of assets in the tables presented above.

(b) Net Amount represents amounts subject to loss at February 28, 2022, in the event of a counterparty failure.

14 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.

15 In-kind redemption: In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the six months ended February 28, 2022, Large Cap Value realized net gains of $27,164,460 on $94,882,781 of in-kind redemptions which is comprised of $90,055,715 in securities and $4,827,066 in cash. During the year ended August 31, 2021, Small Cap Growth realized net gains of $4,925,623 on $18,488,890 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.

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Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, each Fund pays NBIA an investment management fee as a percentage of average daily net assets according to the following table:

	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			Next $10 billion			Thereafter
For Genesis^(a):
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.60	%
For Intrinsic Value and Small Cap Growth:
		0.85	%		0.80	%		0.75	%		0.70	%		0.65	%		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	%		0.85	%
For Global Real Estate and Real Estate^(a):
		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
For International Equity^(a)(b):
		0.85	%		0.825	%		0.80	%		0.775	%		0.75	%		0.725	%		0.725	%		0.70	%		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	%		0.70	%
For Equity Income^(a), Focus, Guardian, International Select, Large Cap Value^(a), Mid Cap Growth, Mid Cap Intrinsic Value and Sustainable Equity:
		0.55	%		0.525	%		0.50	%		0.475	%		0.45	%		0.425	%		0.425	%		0.425	%		0.40	%		0.40	%
For Multi-Cap Opportunities^(a):
		0.60	%		0.575	%		0.55	%		0.525	%		0.50	%		0.475	%		0.475	%		0.475	%		0.45	%		0.45	%
For Greater China Equity:
		1.10	%		1.10	%		1.10	%		1.10	%		0.95	%		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	%		0.45	%
For U.S. Equity Impact
		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

(a) NBIA has contractually agreed to waive its Class E management fee for the below Funds. This undertaking lasts until August 31, 2023 and may not be terminated during its term without the consent of the Board. Management fees contractually waived are not subject to recovery by NBIA.

Fund	Annualized Percentage of Average Daily Net Assets Waived			Effective date(s)	Management Fees Waived for the Period From January 11, 2022 (Commencement of Operations) to February 28, 2022
Equity Income		0.50	%	1/11/2022	$	21,489
Genesis		0.66	%	1/11/2022	$	130,492
International Equity		0.78	%	1/11/2022	$	39,699
Large Cap Value		0.42	%	1/11/2022	$	88,139
Multi-Cap Opportunities		0.59	%	1/11/2022	$	67,827
Real Estate		0.80	%	1/11/2022	$	22,255

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(b) NBIA has voluntarily agreed to waive and/or reimburse its management fee for the below Fund. NBIA may, at its sole discretion, modify or terminate the voluntary waiver and/or reimbursement without notice to the Fund. Fees voluntarily waived and/or reimbursed are not subject to recovery by NBIA.

Fund				Percentage of Average Daily Net Assets Waived and/or Reimbursed				Effective date(s)				Management Fees Waived and/or Reimbursed for the Six Months Ended February 28, 2022
International Equity					0.10	%		10/22/19				$	912,746

Accordingly, for the six months ended February 28, 2022, 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		0.75	%
Equity Income		0.50	%	Large Cap Value		0.43	%^(b)
Focus		0.52	%	Mid Cap Growth		0.48	%
Genesis		0.66	%	Mid Cap Intrinsic Value		0.55	%
Greater China Equity		1.10	%	Multi-Cap Opportunities		0.59	%
Guardian		0.47	%	Real Estate		0.80	%
International Equity		0.78	%^(a)	Small Cap Growth		0.83	%
International Select		0.55	%	Sustainable Equity		0.48	%

(a) 0.68% annual effective net rate of the Fund's average daily net assets.

(b) 0.42% annual effective net rate of the Fund's average daily net assets.

Each Fund retains NBIA as its administrator under an Administration Agreement. The administration fee is assessed at the class level and each share class of a Fund, as applicable, pays NBIA an annual administration fee equal to the following: 0.26% for each of Investor Class, Class A, Class C and Class R3; 0.40% for Trust Class and Advisor Class; 0.15% for Institutional Class; and 0.05% for Class R6, each as a percentage of its average daily net assets. Class E shares do not pay an administration fee. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of the Investor Class of each of International Equity, Mid Cap Intrinsic Value and Small Cap Growth and the Trust Class, Advisor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, 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. The expenses of the Blocker are included in the total expenses used to calculate the reimbursement, which Guardian has agreed to share with the Blocker. For the period ended February 28, 2022, the expenses of the Blocker amounted to $894.

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At February 28, 2022, contingent liabilities to NBIA under the agreements were as follows:

					Expenses Reimbursed in Year Ended August 31,
					2019		2020		2021		2022
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022		2023		2024		2025
Dividend Growth Institutional Class		0.69	%	8/31/25	$	253,857	$	233,246	$	241,524	$	115,006
Dividend Growth Class A		1.05	%	8/31/25		9,695		7,746		7,463		2,762
Dividend Growth Class C		1.80	%	8/31/25		15,075		11,655		8,038		2,239
Dividend Growth Class R6		0.59	%^(b)	8/31/25		158		191		294		125
Emerging Markets Equity Institutional Class		1.25	%	8/31/25		—		—		—		—
Emerging Markets Equity Class A		1.50	%	8/31/25		51,901		34,659		22,865		10,091
Emerging Markets Equity Class C		2.25	%	8/31/25		9,302		6,296		3,949		1,939
Emerging Markets Equity Class R3		1.91	%	8/31/25		117		508		—		16
Emerging Markets Equity Class R6		1.15	%^(b)	8/31/25		—		—		—		—
Equity Income Institutional Class		0.80	%	8/31/25		—		—		—		—
Equity Income Class A		1.16	%	8/31/25		—		—		—		—
Equity Income Class C		1.91	%	8/31/25		—		—		—		—
Equity Income Class R3		1.41	%	8/31/25		—		—		—		—
Focus Trust Class		1.50	%	8/31/25		—		—		—		—
Focus Advisor Class		1.50	%	8/31/25		—		—		—		—
Focus Institutional Class		0.75	%	8/31/25		—		—		—		—
Focus Class A		1.11	%	8/31/25		114		272		—		—
Focus Class C		1.86	%	8/31/25		193		96		162		52
Genesis Trust Class		1.50	%	8/31/25		—		—		—		—
Genesis Advisor Class		1.50	%	8/31/25		—		—		—		—
Genesis Institutional Class		0.85	%	8/31/25		—		—		—		—
Genesis Class R6		0.75	%	8/31/25		—		—		—		—
Global Real Estate Institutional Class		1.00	%	8/31/25		227,837		205,632		239,478		111,852
Global Real Estate Class A		1.36	%	8/31/25		27,482		26,471		24,623		10,584
Global Real Estate Class C		2.11	%	8/31/25		26,045		22,306		22,202		8,936
Greater China Equity Institutional Class		1.50	%	8/31/25		173,901		144,843		165,224		82,701
Greater China Equity Class A		1.86	%	8/31/25		30,826		21,307		16,015		6,692
Greater China Equity Class C		2.61	%	8/31/25		801		603		768		296
Guardian Trust Class		1.50	%	8/31/25		—		—		—		—
Guardian Advisor Class		1.50	%	8/31/25		—		—		—		—
Guardian Institutional Class		0.75	%	8/31/25		—		—		—		—
Guardian Class A		1.11	%	8/31/25		—		—		—		—
Guardian Class C		1.86	%	8/31/25		—		—		—		—
Guardian Class R3		1.36	%	8/31/25		21		—		37		—
Guardian Class R6		0.65	%	8/31/25		8		—		25		—

174

					Expenses Reimbursed in Year Ended August 31,
					2019			2020		2021		2022
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022			2023		2024		2025
International Equity Investor Class		1.40	%	8/31/25	$	—		$	—	$	—	$	—
International Equity Trust Class		2.00	%	8/31/25		—			—		—		—
International Equity Institutional Class		0.85	%	8/31/25		877,385			342,202		394,617		153,048
International Equity Class A		1.21	%	8/31/25		35,772			11,946		18,701		2,168
International Equity Class C		1.96	%	8/31/25		7,523			2,115		2,857		1,050
International Equity Class R6		0.75	%^(b)	8/31/25		48,635			15,901		22,906		5,771
International Select Trust Class		1.15	%	8/31/25		17,860			12,734		14,610		6,018
International Select Institutional Class		0.80	%	8/31/25		223,768			176,566		225,741		96,304
International Select Class A		1.16	%	8/31/25		5,946			4,320		6,545		3,020
International Select Class C		1.91	%	8/31/25		3,369			2,173		1,554		627
International Select Class R3		1.41	%	8/31/25		5,140			3,284		3,504		1,196
International Select Class R6		0.70	%^(b)	8/31/25		31,580			24,937		2,510		530
International Small Cap Institutional Class		1.05	%	8/31/25		281,758			259,992		239,386		113,909
International Small Cap Class A		1.41	%	8/31/25		9,070			6,925		27,225		17,549
International Small Cap Class C		2.16	%	8/31/25		6,779			5,773		18,529		6,509
International Small Cap Class R6		0.95	%^(b)	8/31/25		11,852			11,384		37,827		13,378
Intrinsic Value Institutional Class		1.00	%	8/31/25		—			171,991		—		—
Intrinsic Value Class A		1.36	%	8/31/25		2,802			11,833		923		—
Intrinsic Value Class C		2.11	%	8/31/25		3,156			6,344		—		—
Intrinsic Value Class R6		0.90	%	8/31/25		—	^(d)		—		—		—
Large Cap Value Trust Class		1.50	%	8/31/25		—			—		—		—
Large Cap Value Advisor Class		1.50	%	8/31/25		—			—		—		—
Large Cap Value Institutional Class		0.70	%	8/31/25		—			—		—		—
Large Cap Value Class A		1.11	%	8/31/25		—			—		—		—
Large Cap Value Class C		1.86	%	8/31/25		—			—		—		—
Large Cap Value Class R3		1.36	%	8/31/25		—			—		—		—
Large Cap Value Class R6		0.60	%	8/31/25		—			—		—		—
Mid Cap Growth Trust Class		1.50	%	8/31/25		—			—		—		—
Mid Cap Growth Advisor Class		1.50	%	8/31/25		—			—		—		—
Mid Cap Growth Institutional Class		0.75	%	8/31/25		—			—		—		—
Mid Cap Growth Class A		1.11	%	8/31/25		—			—		—		—
Mid Cap Growth Class C		1.86	%	8/31/25		—			—		—		—
Mid Cap Growth Class R3		1.36	%	8/31/25		—			—		—		—
Mid Cap Growth Class R6		0.65	%^(b)	8/31/25		—			—		—		—
Mid Cap Intrinsic Value Investor Class		1.50	%^(e)	8/31/25		—			—		—		—
Mid Cap Intrinsic Value Trust Class		1.25	%^(e)	8/31/25		5,026			1,060		16,735		12,421
Mid Cap Intrinsic Value Institutional Class		0.85	%	8/31/25		47,471			21,517		41,436		31,823

175

					Expenses Reimbursed in Year Ended August 31,
					2019			2020		2021			2022
					Subject to Repayment until August 31,
Class	Contractual Expense Limitation^(a)			Expiration	2022			2023		2024			2025
Mid Cap Intrinsic Value Class A		1.21	%	8/31/25	$	9,892		$	2,553	$	5,029		$	3,325
Mid Cap Intrinsic Value Class C		1.96	%	8/31/25		2,255			1,036		3,113			2,164
Mid Cap Intrinsic Value Class R3		1.46	%	8/31/25		2,681			551		2,485			1,693
Mid Cap Intrinsic Value Class R6		0.75	%	8/31/25		41	^(c)		—		211			117
Multi-Cap Opportunities Institutional Class		1.00	%	8/31/25		—			—		—			—
Multi-Cap Opportunities Class A		1.36	%	8/31/25		—			—		—			—
Multi-Cap Opportunities Class C		2.11	%	8/31/25		—			—		—			—
Real Estate Trust Class		1.50	%^(e)	8/31/25		—			—		—			—
Real Estate Institutional Class		0.85	%	8/31/25		367,084			466,267		844,090			567,015
Real Estate Class A		1.21	%	8/31/25		122,879			119,449		119,798			67,662
Real Estate Class C		1.96	%	8/31/25		25,121			21,506		17,083			9,472
Real Estate Class R3		1.46	%	8/31/25		41,328			35,992		30,796			16,441
Real Estate Class R6		0.75	%^(b)	8/31/25		127,316			180,533		225,255			126,888
Small Cap Growth Investor Class		1.30	%^(e)	8/31/25		176,976			68,298		—			—
Small Cap Growth Trust Class		1.40	%^(e)	8/31/25		13,037			5,823		3,373			1,477
Small Cap Growth Advisor Class		1.60	%^(e)	8/31/25		6,659			2,721		964			376
Small Cap Growth Institutional Class		0.90	%	8/31/25		153,070			299,687		399,798			214,352
Small Cap Growth Class A		1.26	%	8/31/25		87,247			94,216		63,269			28,075
Small Cap Growth Class C		2.01	%	8/31/25		16,005			12,391		11,925			5,857
Small Cap Growth Class R3		1.51	%	8/31/25		14,401			8,531		11,036			6,210
Small Cap Growth Class R6		0.80	%^(b)	8/31/25		5,523	^(f)		70,197		105,409			50,537
Sustainable Equity Trust Class		1.50	%	8/31/25		—			—		—			—
Sustainable Equity Institutional Class		0.75	%	8/31/25		—			—		—			—
Sustainable Equity Class A		1.11	%	8/31/25		—			—		—			—
Sustainable Equity Class C		1.86	%	8/31/25		—			—		—			—
Sustainable Equity Class R3		1.36	%	8/31/25		—			—		—			—
Sustainable Equity Class R6		0.65	%^(b)	8/31/25		—			—		—			—
U.S. Equity Impact Institutional Class		0.90	%	8/31/25		—			—		197,957	^(g)		100,074
U.S. Equity Impact Class A		1.26	%	8/31/25		—			—		6,127	^(g)		3,793
U.S. Equity Impact Class C		2.01	%	8/31/25		—			—		2,706	^(g)		585

(a) Expense limitation per annum of the respective class's average daily net assets.

(b) Classes that have had changes to their respective limitations are noted below.

176

Class	Expense limitation			Prior to
Dividend Growth Class R6		0.62	%	12/6/18
Emerging Markets Equity Class R6		1.18	%	12/6/18
International Equity Class R6		0.78	%	12/6/18
International Select Class R6		0.73	%	12/6/18
International Small Cap Class R6		0.98	%	12/6/18
Mid Cap Growth Class R6		0.68	%	12/6/18
Real Estate Class R6		0.78	%	12/6/18
Small Cap Growth Class R6		0.83	%	12/6/18
Sustainable Equity Class R6		0.68	%	12/6/18

(d) Period from January 18, 2019 (Commencement of Operations) to August 31, 2019.

(e) In addition to the contractual undertaking described above, NBIA has voluntarily undertaken to waive fees and/or reimburse certain expenses so that their Operating Expenses, per annum of their respective average daily net assets, are limited to the percentages indicated below. Voluntary reimbursements are not subject to recovery by NBIA and are terminable by NBIA upon notice to the Fund.

Class	Voluntary Expense Limitation			Effective Date(s)	Fees Voluntarily Waived for Six Months Ended February 28, 2022
Mid Cap Intrinsic Value Investor Class		0.96	%	1/19/21	$	80,608
Mid Cap Intrinsic Value Trust Class		1.20	%	1/19/21		1,719
Real Estate Trust Class		1.04	%	12/16/11		231,448
Small Cap Growth Investor Class		1.01	%	1/19/21		108,512
Small Cap Growth Investor Class		1.18	%	11/15/18 – 1/18/21
Small Cap Growth Investor Class		1.20	%	9/7/18 – 11/14/18		—
Small Cap Growth Investor Class		1.21	%	9/1/18 – 9/6/18		—
Small Cap Growth Trust Class		1.25	%	1/19/21		3,671
Small Cap Growth Trust Class		1.29	%	9/7/18 – 1/18/21
Small Cap Growth Trust Class		1.37	%	9/1/18 – 9/6/18
Small Cap Growth Advisor Class		1.40	%	1/27/21		3,677
Small Cap Growth Advisor Class		1.35	%	1/19/21 – 1/26/21
Small Cap Growth Advisor Class		1.44	%	9/7/18 – 1/18/21
Small Cap Growth Advisor Class		1.51	%	9/1/18 – 9/6/18		—

(f) Period from September 7, 2018 (Commencement of Operations) to August 31, 2019.

(g) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

Each Fund has agreed that each of its respective classes will repay NBIA for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

177

During the six months ended February 28, 2022, the following classes repaid NBIA under their respective contractual expense limitation agreements as follows:

Class	Expenses Repaid to NBIA
Focus Class A	$	147
Guardian Class R3		70
Guardian Class R6		20
Intrinsic Value Institutional Class		312,474
Intrinsic Value Class A		13,176
Intrinsic Value Class C		5,609

NBIA retains Green Court Capital Management Limited ("Green Court") as the subadviser to Greater China Equity. Green Court is responsible for making and implementing investment decisions and for the day-to-day management of 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.

178

For the six months ended February 28, 2022, the Distributor, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Dividend Growth Class A	$	344	$	—	$	—	$	—
Dividend Growth Class C		—		—		—		—
Emerging Markets Equity Class A		100		—		—		—
Emerging Markets Equity Class C		—		29		—		—
Equity Income Class A		6,264		—		—		—
Equity Income Class C		—		385		—		—
Focus Class A		407		—		—		—
Focus Class C		—		15		—		—
Global Real Estate Class A		—		—		—		—
Global Real Estate Class C		—		—		—		—
Greater China Equity Class A		—		—		—		—
Greater China Equity Class C		—		—		—		—
Guardian Class A		595		—		—		—
Guardian Class C		—		855		—		—
International Equity Class A		613		—		—		—
International Equity Class C		—		—		—		—
International Select Class A		1,015		—		—		—
International Select Class C		—		—		—		—
International Small Cap Class A		—		—		—		—
International Small Cap Class C		—		—		—		—
Intrinsic Value Class A		27,165		—		—		—
Intrinsic Value Class C		—		1,057		—		—
Large Cap Value Class A		71,995		—		—		—
Large Cap Value Class C		—		22,028		—		—
Mid Cap Growth Class A		1,825		—		—		—
Mid Cap Growth Class C		—		157		—		—
Mid Cap Intrinsic Value Class A		64		—		—		—
Mid Cap Intrinsic Value Class C		—		80		—		—
Multi-Cap Opportunities Class A		3,041		—		—		—
Multi-Cap Opportunities Class C		—		462		—		—
Real Estate Class A		18,712		—		—		—
Real Estate Class C		—		687		—		—
Small Cap Growth Class A		2,875		—		—		—
Small Cap Growth Class C		—		670		—		—
Sustainable Equity Class A		8,281		—		—		—
Sustainable Equity Class C		—		497		—		—
U.S. Equity Impact Class A		595		—		—		—
U.S. Equity Impact Class C		—		—		—		—

179

Note C—Securities Transactions:

During the six months ended February 28, 2022, there were purchase and sale transactions of long-term securities (excluding written option contracts) as follows:

	Purchases		Sales			Purchases		Sales
Dividend Growth	$	11,629,943	$	8,058,639	International Small Cap	$	732,476	$	517,485
Emerging Markets Equity		229,012,917		294,521,562	Intrinsic Value		381,685,460		97,852,943
Equity Income		181,291,090		254,918,033	Large Cap Value		4,408,159,960		2,265,393,251
Focus		764,085,289		814,571,674	Mid Cap Growth		448,776,832		538,893,996
Genesis		615,232,054		1,238,835,772	Mid Cap Intrinsic Value		8,125,591		7,447,771
Global Real Estate		1,267,856		997,300	Multi-Cap Opportunities		54,621,062		164,522,707
Greater China Equity		17,699,956		24,904,223	Real Estate		301,109,318		136,712,647
Guardian		304,496,387		375,239,400	Small Cap Growth		251,759,924		286,553,656
International Equity		405,150,527		488,225,484	Sustainable Equity		127,178,384		269,457,781
International Select		56,063,659		35,739,853	U.S. Equity Impact		1,811,392		1,267,466

During the six months ended February 28, 2022, 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, 2022, and for the year ended August 31, 2021, was as follows:

	For the Six Months February 28, 2022										For the Year Ended August 31, 2021
	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		450,333		128,727		(310,828	)		268,232			701,714		46,399		(612,456	)		135,657
Class A		14,277		2,160		(5,678	)		10,759			4,529		949		(37,543	)		(32,065	)
Class C		5,709		1,761		(14,071	)		(6,601	)		15,755		539		(117,804	)		(101,510	)
Class R6		—		—		—			—			—		—		—			—
Emerging Markets Equity
Institutional Class		5,459,659		186,693		(6,134,957	)		(488,605	)		10,786,746		71,081		(11,523,548	)		(665,721	)
Class A		232,577		5,497		(478,309	)		(240,235	)		428,664		1,218		(619,405	)		(189,523	)
Class C		5,756		753		(49,165	)		(42,656	)		36,627		—		(53,824	)		(17,197	)
Class R3		5,306		205		(3,220	)		2,291			8,594		—		(11,968	)		(3,374	)
Class R6		342,948		147,102		(670,632	)		(180,582	)		3,573,474		49,835		(770,740	)		2,852,569
Equity Income
Institutional Class		4,254,372		5,325,578		(8,507,524	)		1,072,426			8,807,196		1,593,759		(30,626,069	)		(20,225,114	)
Class A		765,761		871,061		(1,228,077	)		408,745			2,242,167		170,226		(2,291,839	)		120,554
Class C		85,765		475,490		(605,801	)		(44,546	)		211,038		69,016		(2,899,275	)		(2,619,221	)
Class R3		3,499		3,747		(3,819	)		3,427			29,454		1,478		(120,381	)		(89,449	)
Class E^(a)		2,271,756		—		(29,554	)		2,242,202			—		—		—			—

180

	For the Six Months February 28, 2022										For the Year Ended August 31, 2021
	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
Focus
Investor Class		86,517		4,341,806		(1,138,037	)		3,290,286			108,704		1,224,726		(1,635,972	)		(302,542	)
Trust Class		9,753		286,650		(131,182	)		165,221			38,119		86,438		(271,787	)		(147,230	)
Advisor Class		15,767		11,469		(13,074	)		14,162			13,997		3,607		(22,236	)		(4,632	)
Institutional Class		140,851		163,665		(80,083	)		224,433			327,126		31,909		(103,706	)		255,329
Class A		7,002		16,187		(5,546	)		17,643			8,983		5,521		(38,615	)		(24,111	)
Class C		366		3,840		(2,809	)		1,397			1,720		1,075		(32,090	)		(29,295	)
Genesis
Investor Class		659,954		2,832,201		(1,851,214	)		1,640,941			2,031,072		1,017,520		(3,507,339	)		(458,747	)
Trust Class		604,949		1,806,223		(1,706,297	)		704,875			1,789,790		712,249		(5,412,514	)		(2,910,475	)
Advisor Class		87,950		196,966		(252,994	)		31,922			174,572		76,849		(489,389	)		(237,968	)
Institutional Class		4,464,536		4,464,902		(5,637,407	)		3,292,031			8,536,526		1,696,464		(14,339,384	)		(4,106,394	)
Class R6		4,586,342		8,010,389		(10,673,881	)		1,922,850			10,774,140		2,844,261		(12,532,462	)		1,085,939
Class E^(a)		2,235,975		—		(21,567	)		2,214,408			—		—		—			—
Global Real Estate
Institutional Class		66,747		14,848		(43,996	)		37,599			188,306		3,101		(52,666	)		138,741
Class A		1,153		1,374		(469	)		2,058			4,268		116		(3,125	)		1,259
Class C		1,600		1,199		(546	)		2,253			198		39		(247	)		(10	)
Greater China Equity
Institutional Class		19,503		251,681		(584,645	)		(313,461	)		1,273,004		20,577		(1,112,044	)		181,537
Class A		—		13,738		(37,635	)		(23,897	)		—		446		(97,121	)		(96,675	)
Class C		—		612		(7,888	)		(7,276	)		—		—		(4,501	)		(4,501	)
Guardian
Investor Class		249,507		6,435,421		(2,183,485	)		4,501,443			766,585		4,409,197		(4,179,916	)		995,866
Trust Class		36,005		197,360		(90,883	)		142,482			112,262		131,099		(282,507	)		(39,146	)
Advisor Class		15,230		31,316		(40,255	)		6,291			283,200		19,507		(35,173	)		267,534
Institutional Class		843,052		822,984		(701,799	)		964,237			1,253,615		503,014		(1,186,128	)		570,501
Class A		53,123		35,045		(48,091	)		40,077			227,442		26,552		(173,566	)		80,428
Class C		15,197		12,263		(11,526	)		15,934			22,983		7,755		(22,971	)		7,767
Class R3		2,830		1,684		(439	)		4,075			12,304		546		(6,030	)		6,820
Class R6		169		658		(32	)		795			5,880		238		(473	)		5,645

181

	For the Six Months February 28, 2022										For the Year Ended August 31, 2021
	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
Investor Class		60,568		680,139		(441,818	)		298,889			204,397		300,522		(1,121,553	)		(616,634	)
Trust Class		102,388		194,855		(199,287	)		97,956			67,822		84,355		(310,856	)		(158,679	)
Institutional Class		10,421,112		9,709,147		(10,232,640	)		9,897,619			16,835,379		3,772,010		(18,264,219	)		2,343,170
Class A		291,168		71,989		(3,140,032	)		(2,776,875	)		710,522		28,610		(867,800	)		(128,668	)
Class C		39,383		38,010		(45,276	)		32,117			85,153		17,334		(151,448	)		(48,961	)
Class R6		368,968		575,886		(3,318,022	)		(2,373,168	)		647,867		265,301		(1,325,623	)		(412,455	)
Class E^(a)		2,719,972		—		(35,996	)		2,683,976			—		—		—			—
International Select
Trust Class		2,681		38,372		(18,469	)		22,584			8,872		4,073		(19,586	)		(6,641	)
Institutional Class		1,914,243		1,079,701		(392,770	)		2,601,174			645,941		136,482		(2,116,945	)		(1,334,522	)
Class A		63,615		17,774		(22,787	)		58,602			85,087		1,643		(57,838	)		28,892
Class C		9,983		3,395		(9,857	)		3,521			22,402		355		(41,804	)		(19,047	)
Class R3		7,577		10,564		(18,665	)		(524	)		24,296		779		(79,767	)		(54,692	)
Class R6		4,722		298		(57,473	)		(52,453	)		24,751		1,989		(92,497	)		(65,757	)
International Small Cap
Institutional Class		39,510		9,419		(6,714	)		42,215			46,472		3,706		(3,375	)		46,803
Class A		3,540		868		(16,311	)		(11,903	)		17,117		50		(287	)		16,880
Class C		—		—		—			—			—		—		—			—
Class R6		590		—		—			590			—		—		—			—
Intrinsic Value
Institutional Class		19,429,174		2,772,067		(6,358,682	)		15,842,559			18,981,360		544,222		(15,425,942	)		4,099,640
Class A		824,334		133,629		(532,225	)		425,738			1,404,670		20,943		(663,137	)		762,476
Class C		347,999		55,924		(101,752	)		302,171			298,905		11,208		(279,084	)		31,029
Class R6		943,930		281,244		(31,099	)		1,194,075			4,159,611		57,424		(736,243	)		3,480,792
Large Cap Value
Investor Class		1,426,951		1,786,787		(1,899,412	)		1,314,326			4,233,504		552,320		(4,261,448	)		524,376
Trust Class		562,966		119,711		(256,879	)		425,798			912,096		28,800		(590,982	)		349,914
Advisor Class		367,662		142,240		(252,707	)		257,195			795,455		41,187		(1,039,633	)		(202,991	)
Institutional Class		65,202,509		5,317,010		(22,353,190	)		48,166,329			93,605,662		180,115		(13,340,594	)		80,445,183
Class A		1,469,558		94,839		(471,380	)		1,093,017			3,533,705		5,697		(1,267,702	)		2,271,700
Class C		1,756,785		104,465		(123,744	)		1,737,506			2,002,950		636		(208,832	)		1,794,754
Class R3		50,362		4,495		(26,481	)		28,376			39,712		242		(15,848	)		24,106
Class R6		6,066,806		273,148		(5,772,960	)		566,994			1,410,552		59,783		(229,829	)		1,240,506
Class E^(a)		3,496,542		—		(8,477	)		3,488,065			—		—		—			—

182

	For the Six Months February 28, 2022										For the Year Ended August 31, 2021
	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
Investor Class		121,638		4,883,405		(1,342,897	)		3,662,146			411,936		2,861,980		(3,640,572	)		(366,656	)
Trust Class		158,549		792,571		(1,898,502	)		(947,382	)		719,919		458,559		(1,022,593	)		155,885
Advisor Class		67,076		64,281		(150,999	)		(19,642	)		217,171		40,383		(237,204	)		20,350
Institutional Class		2,866,066		3,448,007		(2,688,541	)		3,625,532			5,274,574		1,790,010		(4,820,898	)		2,243,686
Class A		807,233		296,216		(331,656	)		771,793			590,560		167,798		(592,332	)		166,026
Class C		22,345		93,903		(96,046	)		20,202			54,023		56,072		(135,011	)		(24,916	)
Class R3		79,019		127,801		(197,671	)		9,149			260,579		70,636		(258,125	)		73,090
Class R6		2,705,697		5,145,059		(5,106,091	)		2,744,665			9,724,103		2,600,459		(7,768,052	)		4,556,510
Mid Cap Intrinsic Value
Investor Class		25,124		7,553		(50,082	)		(17,405	)		113,399		566		(125,594	)		(11,629	)
Trust Class		1,235		660		(13,466	)		(11,571	)		17,482		215		(45,363	)		(27,666	)
Institutional Class		149,373		4,375		(155,319	)		(1,571	)		73,138		1,987		(243,369	)		(168,244	)
Class A		2,372		116		(4,786	)		(2,298	)		7,358		36		(52,882	)		(45,488	)
Class C		5,422		—		(6,761	)		(1,339	)		6,342		—		(15,633	)		(9,291	)
Class R3		2,453		23		(3,907	)		(1,431	)		15,154		4		(18,537	)		(3,379	)
Class R6		—		—		—			—			—		—		—			—
Multi-Cap Opportunities
Institutional Class		1,768,163		7,796,236		(13,933,177	)		(4,368,778	)		2,794,722		7,333,881		(19,467,812	)		(9,339,209	)
Class A		469,959		878,544		(444,954	)		903,549			616,854		501,109		(695,807	)		422,156
Class C		108,620		433,016		(385,103	)		156,533			134,731		362,856		(802,113	)		(304,526	)
Class E^(a)		6,458,533		—		(101,746	)		6,356,787			—		—		—			—
Real Estate
Trust Class		630,057		271,114		(799,250	)		101,921			1,619,852		151,415		(1,385,808	)		385,459
Institutional Class		14,628,099		1,256,172		(6,433,085	)		9,451,186			23,182,866		568,839		(9,753,444	)		13,998,261
Class A		1,150,992		143,138		(791,016	)		503,114			1,864,479		71,530		(1,667,781	)		268,228
Class C		127,417		17,203		(42,643	)		101,977			197,165		6,009		(243,168	)		(39,994	)
Class R3		193,624		37,518		(194,412	)		36,730			352,253		17,048		(384,783	)		(15,482	)
Class R6		1,937,221		332,032		(2,463,722	)		(194,469	)		4,139,019		184,437		(2,837,956	)		1,485,500
Class E^(a)		1,247,828		—		(25,270	)		1,222,558			—		—		—			—

183

	For the Six Months February 28, 2022										For the Year Ended August 31, 2021
	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
Small Cap Growth
Investor Class		14,557		284,317		(99,506	)		199,368			59,354		17,073		(183,868	)		(107,441	)
Trust Class		2,219		16,641		(9,918	)		8,942			4,272		1,011		(12,446	)		(7,163	)
Advisor Class		1,771		13,140		(7,168	)		7,743			15,039		805		(17,583	)		(1,739	)
Institutional Class		714,040		814,641		(1,371,285	)		157,396			2,039,306		41,131		(1,457,165	)		623,272
Class A		30,123		84,829		(75,962	)		38,990			172,476		5,506		(230,474	)		(52,492	)
Class C		3,247		21,788		(25,962	)		(927	)		30,996		1,178		(17,187	)		14,987
Class R3		18,663		20,417		(20,659	)		18,421			64,163		894		(41,133	)		23,924
Class R6		225,078		185,600		(271,650	)		139,028			884,027		11,341		(790,972	)		104,396
Sustainable Equity
Investor Class		137,906		884,906		(622,229	)		400,583			1,322,883		570,294		(4,004,115	)		(2,110,938	)
Trust Class		98,636		294,195		(349,229	)		43,602			409,142		182,781		(726,298	)		(134,375	)
Institutional Class		1,591,146		1,740,927		(2,562,408	)		769,665			4,371,109		1,064,100		(4,941,667	)		493,542
Class A		221,939		305,595		(301,556	)		225,978			1,193,313		130,579		(587,044	)		736,848
Class C		41,720		86,605		(96,793	)		31,532			121,227		53,746		(233,004	)		(58,031	)
Class R3		40,808		48,115		(68,551	)		20,372			101,121		37,349		(369,979	)		(231,509	)
Class R6		451,178		471,355		(1,896,782	)		(974,249	)		3,282,238		387,490		(4,287,956	)		(618,228	)
U.S. Equity Impact
Institutional Class		114,999		635		(63,171	)		52,463			533,807		—		—			533,807	^(b)
Class A		6,435		13		(12,374	)		(5,926	)		19,601		—		—			19,601	^(b)
Class C		—		—		—			—			3,000		—		—			3,000	^(b)

(a) Period from January 11, 2022 (Commencement of Operations) to February 28, 2022.

(b) Period from March 23, 2021 (Commencement of Operations) to August 31, 2021.

Note E—Line of Credit:

At February 28, 2022, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum; provided that should the Administrative Agent of the Credit Facility determine that the Eurodollar rate is unavailable, then the interest rate option described in (b) shall be replaced with a benchmark replacement determined to be applicable by such Administrative Agent. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several 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

184

particular time. There were no loans outstanding under the Credit Facility at February 28, 2022. During the six months ended February 28, 2022, no Fund utilized the Credit Facility.

Note F—Investments in Affiliates^(a):

Genesis	Value at August 31, 2021		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Persons			Net Realized Gain/(Loss) from Investments in Affiliated Persons			Distributions from Investments in Affiliated Persons			Shares Held at February 28, 2022		Value at February 28, 2022
American Software, Inc.	$	46,037,163	$	6,217,763	$	—	$	(7,094,053	)	$	—		$	452,226			2,055,570	$	45,160,873
AMERISAFE, Inc.		58,693,173		95,240		2,679,615		(10,036,504	)		(312,713	)		4,635,847			971,541		45,759,581
Atrion Corp.		94,079,139		8,048,596		4,659,470		1,865,589			741,829			546,244			139,876		100,075,683
Chase Corp.		67,627,479		102,516		2,948,578		(12,960,939	)		(152,788	)		585,245			562,645		51,667,690
Lindsay Corp.		95,597,176		148,096		4,233,219		(20,480,365	)		1,496,214			372,710			552,762		72,527,902
Model N, Inc.		73,192,599		5,999,685		3,352,844		(21,146,049	)		181,087			—	*		2,231,577		54,874,478
Simulations Plus, Inc.		41,597,257		10,583,233		2,264,206		(5,615,790	)		379,426			133,994			1,134,296		44,679,920
Transcat, Inc.		32,826,874		52,621		—		5,194,005			—			—	*		485,260		38,073,500
Vertex, Inc.		50,504,812		75,094		2,076,012		(15,227,807	)		(899,452	)		—	*		2,324,238		32,376,635
Sub-total for affiliates held as of 2/28/22^(b)	$	560,155,672	$	31,322,844	$	22,213,944	$	(85,501,913	)	$	1,433,603		$	6,726,266				$	485,196,262
CMC Materials, Inc.	$	130,162,684	$	66,833,021	$	49,746,899	$	56,103,504		$	19,749,834		$	1,127,726			1,203,161	$	223,102,144
Kadant, Inc.		114,568,692		8,662,422		3,695,595		(9,107,272	)		1,794,633			279,528			568,649		112,222,880
NetScout Systems, Inc.		105,917,620		172,644		5,869,341		14,369,527			(39,708	)		—	*		3,679,754		114,550,742
Rogers Corp.		212,232,850		307,111		270,428,525		(129,443,477	)		187,332,041			—	*		—		—
Sub-total for securities no longer affiliated as of 2/28/22^(c)	$	562,881,846	$	75,975,198	$	329,740,360	$	(68,077,718	)	$	208,836,800		$	1,407,254				$	449,875,766
Total	$	1,123,037,518	$	107,298,042	$	351,954,304	$	(153,579,631	)	$	210,270,403		$	8,133,520				$	935,072,028

(a) Affiliated persons, as defined in the 1940 Act.

(b) At February 28, 2022, these securities amounted to 4.24% of net assets of Genesis.

* Non-income producing security.

185

Other: At February 28, 2022, affiliated persons owned outstanding shares of the following Funds:

	Affiliated Person(s) Percentage Ownership of Outstanding Shares				Affiliated Person(s) Percentage Ownership of Outstanding Shares
Dividend Growth		0.07	%	International Small Cap		40.06	%
Emerging Markets Equity		2.94	%	Intrinsic Value		0.00	%
Equity Income		0.00	%	Large Cap Value		0.62	%
Focus		0.00	%	Mid Cap Growth		0.01	%
Genesis		0.21	%	Mid Cap Intrinsic Value		0.10	%
Global Real Estate		33.53	%	Real Estate		0.00	%
Greater China Equity		0.09	%	Small Cap Growth		0.01	%
Guardian		0.00	%	Sustainable Equity		0.00	%
International Equity		0.00	%	U.S. Equity Impact		82.93	%
International Select		0.02	%

Note G—Stock Splits:

In 2021, the Board approved stock splits and reverse stock splits (collectively, the "Stock Split") of the issued and outstanding shares of certain classes of Greater China Equity, Mid Cap Growth and Small Cap Growth (collectively, the "Stock Split Funds"). The Stock Split occurred after the close of business on July 23, 2021. 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 Stock Split Funds.

After the close of business on July 23, 2021, the following classes of the 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)

Greater China Equity Class A

: 0.9942

Mid Cap Growth
Trust Class

: 0.9974

Small Cap Growth
Trust Class

: 0.9950

Greater China Equity Class C

: 0.9311

Mid Cap Growth
Advisor Class

: 0.9869

Small Cap Growth
Advisor Class

: 0.9893

Mid Cap Growth
Institutional Class

: 1.0078

Small Cap Growth
Institutional Class

: 1.0105

Mid Cap Growth
Class A

: 0.9924

Small Cap Growth
Class A

: 0.9967

Mid Cap Growth
Class C

: 0.9617

Small Cap Growth
Class C

: 0.9687

Mid Cap Growth
Class R3

: 0.9814

Small Cap Growth
Class R3

: 0.9872

Mid Cap Growth
Class R6

: 1.0118

Small Cap Growth
Class R6

: 1.0135

Note H—Change in Independent Auditors:

Effective on December 15, 2021, Tait, Weller & Baker LLP ("Tait") ceased to serve as the independent registered public accounting firm of Intrinsic Value, Mid Cap Growth, Mid Cap Intrinsic Value, Multi-Cap Opportunities, Small Cap Growth and Sustainable Equity (collectively, the "Change in Auditor Funds"). Tait did not resign and did not decline to stand for re-election. The decision to change independent registered public accounting firms was recommended by the Audit Committee of the Board and was approved by the Board.

186

Tait's reports on the Change in Auditor Funds' financial statements for the fiscal years ended August 31, 2021 and August 31, 2020 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

During the fiscal years ended August 31, 2021 and August 31, 2020 and during the subsequent interim period through December 15, 2021: (i) there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Tait, would have caused Tait to make reference to the subject matter of the disagreements in connection with its reports on the Change in Auditor Funds' financial statements for such periods; and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On December 15, 2021, the Audit Committee of the Board recommended, and the Board approved, the selection of Ernst & Young LLP ("EY") as the Change in Auditor Funds' independent registered public accounting firm for the fiscal year ended August 31, 2022. During the Change in Auditor Funds' fiscal years ended August 31, 2021 and August 31, 2020, and the subsequent period through December 15, 2021, neither the Change in Auditor Funds, nor anyone on their behalf consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Change in Auditor Funds' financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Note I—Other Matters:

Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds.

Russia's Invasion of Ukraine: Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.

Note J—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.

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Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding 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			Tax Return of Capital		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
2/28/2022 (Unaudited)	$	19.68	$	0.08		$	(0.22	)	$	(0.14	)	$	(0.17	)	$	(0.53	)	$	—	$	(0.70	)	$	—	$	18.84		(0.83	)%*	$	70.5		1.02	%**		0.69	%**		0.83	%**		11	%*
8/31/2021	$	14.76	$	0.17		$	4.97		$	5.14		$	(0.22	)	$	—		$	—	$	(0.22	)	$	—	$	19.68		35.18	%	$	68.3		1.12	%		0.70	%		0.96	%		32	%
8/31/2020	$	12.81	$	0.21		$	1.94		$	2.15		$	(0.20	)	$	—		$	—	$	(0.20	)	$	—	$	14.76		16.91	%	$	49.3		1.17	%		0.69	%		1.57	%		39	%
8/31/2019	$	13.93	$	0.21		$	(0.64	)	$	(0.43	)	$	(0.13	)	$	(0.56	)	$	—	$	(0.69	)	$	—	$	12.81		(2.45	)%	$	51.3		1.20	%		0.69	%		1.63	%		45	%
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	%
Class A
2/28/2022 (Unaudited)	$	19.68	$	0.05		$	(0.22	)	$	(0.17	)	$	(0.07	)	$	(0.53	)	$	—	$	(0.60	)	$	—	$	18.91		(0.96	)%*	$	1.5		1.46	%**		1.05	%**		0.50	%**		11	%*
8/31/2021	$	14.76	$	0.10		$	4.99		$	5.09		$	(0.17	)	$	—		$	—	$	(0.17	)	$	—	$	19.68		34.73	%	$	1.4		1.59	%		1.06	%		0.60	%		32	%
8/31/2020	$	12.81	$	0.16		$	1.93		$	2.09		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	14.76		16.41	%	$	1.5		1.62	%		1.05	%		1.19	%		39	%
8/31/2019	$	13.93	$	0.16		$	(0.62	)	$	(0.46	)	$	(0.10	)	$	(0.56	)	$	—	$	(0.66	)	$	—	$	12.81		(2.75	)%	$	1.4		1.65	%		1.05	%		1.28	%		45	%
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	%
Class C
2/28/2022 (Unaudited)	$	19.52	$	(0.03	)	$	(0.21	)	$	(0.24	)	$	—		$	(0.53	)	$	—	$	(0.53	)	$	—	$	18.75		(1.33	)%*	$	1.2		2.15	%**		1.80	%**		(0.27	)%**		11	%*
8/31/2021	$	14.65	$	(0.03	)	$	4.95		$	4.92		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	19.52		33.69	%	$	1.3		2.25	%		1.81	%		(0.16	)%		32	%
8/31/2020	$	12.70	$	0.06		$	1.92		$	1.98		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	14.65		15.63	%	$	2.5		2.28	%		1.80	%		0.44	%		39	%
8/31/2019	$	13.85	$	0.07		$	(0.63	)	$	(0.56	)	$	(0.03	)	$	(0.56	)	$	—	$	(0.59	)	$	—	$	12.70		(3.55	)%	$	2.7		2.32	%		1.80	%		0.51	%		45	%
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	%

See Notes to Financial Highlights

189

190

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			Tax Return of Capital		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 (cont'd)
Class R6
2/28/2022 (Unaudited)	$	19.70	$	0.09		$	(0.21	)	$	(0.12	)	$	(0.19	)	$	(0.53	)	$	—	$	(0.72	)	$	—	$	18.86		(0.72	)%*	$	0.0		1.22	%**		0.59	%**		0.93	%**		11	%*
8/31/2021	$	14.77	$	0.18		$	4.99		$	5.17		$	(0.24	)	$	—		$	—	$	(0.24	)	$	—	$	19.70		35.34	%	$	0.0		1.42	%		0.60	%		1.06	%		32	%
8/31/2020	$	12.82	$	0.21		$	1.95		$	2.16		$	(0.21	)	$	—		$	—	$	(0.21	)	$	—	$	14.77		16.98	%	$	0.0		1.18	%		0.59	%		1.61	%		39	%
8/31/2019	$	13.93	$	0.22		$	(0.63	)	$	(0.41	)	$	(0.14	)	$	(0.56	)	$	—	$	(0.70	)	$	—	$	12.82		(2.33	)%	$	0.0		1.17	%		0.60	%		1.70	%		45	%
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	%
Emerging Markets Equity Fund
Institutional Class
2/28/2022 (Unaudited)	$	23.55	$	0.13		$	(3.12	)	$	(2.99	)	$	(0.24	)	$	—		$	—	$	(0.24	)	$	—	$	20.32		(12.79	)%*	$	828.9		1.22	%**		1.22	%**		1.14	%**		19	%*
8/31/2021	$	20.37	$	0.06		$	3.20		$	3.26		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	23.55		16.04	%	$	972.1		1.23	%		1.23	%^§		0.25	%		47	%
8/31/2020	$	18.76	$	0.28		$	1.70		$	1.98		$	(0.37	)	$	—		$	—	$	(0.37	)	$	—	$	20.37		10.59	%	$	854.6		1.25	%		1.25	%^§		1.45	%		41	%
8/31/2019	$	19.25	$	0.23		$	(0.54	)	$	(0.31	)	$	(0.18	)	$	—		$	—	$	(0.18	)	$	—	$	18.76		(1.56	)%	$	1,077.0		1.25	%		1.25	%^§		1.22	%		37	%
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	%
Class A
2/28/2022 (Unaudited)	$	23.60	$	0.09		$	(3.12	)	$	(3.03	)	$	(0.17	)	$	—		$	—	$	(0.17	)	$	—	$	20.40		(12.89	)%*	$	22.9		1.58	%**		1.50	%**		0.82	%**		19	%*
8/31/2021	$	20.43	$	(0.01	)	$	3.21		$	3.20		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	23.60		15.68	%	$	32.2		1.57	%		1.50	%		(0.03	)%		47	%
8/31/2020	$	18.82	$	0.24		$	1.69		$	1.93		$	(0.32	)	$	—		$	—	$	(0.32	)	$	—	$	20.43		10.28	%	$	31.7		1.60	%		1.50	%		1.27	%		41	%
8/31/2019ⁱ	$	19.26	$	0.17		$	(0.52	)	$	(0.35	)	$	(0.09	)	$	—		$	—	$	(0.09	)	$	—	$	18.82		(1.77	)%	$	44.6		1.62	%		1.50	%		0.91	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class C
2/28/2022 (Unaudited)	$	23.43	$	0.01		$	(3.11	)	$	(3.10	)	$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	20.22		(13.25	)%*	$	4.9		2.32	%**		2.25	%**		0.10	%**		19	%*
8/31/2021	$	20.40	$	(0.18	)	$	3.21		$	3.03		$	—		$	—		$	—	$	—		$	—	$	23.43		14.85	%	$	6.6		2.31	%		2.25	%		(0.78	)%		47	%
8/31/2020	$	18.77	$	0.10		$	1.68		$	1.78		$	(0.15	)	$	—		$	—	$	(0.15	)	$	—	$	20.40		9.47	%	$	6.1		2.33	%		2.25	%		0.53	%		41	%
8/31/2019ⁱ	$	19.25	$	0.03		$	(0.51	)	$	(0.48	)	$	—		$	—		$	—	$	—		$	—	$	18.77		(2.50	)%	$	9.1		2.35	%		2.25	%		0.18	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.18	$	(0.03	)	$	3.85		$	3.82		$	—		$	—		$	—	$	—		$	—	$	20.00		23.57	%	$	7.4		2.45	%		2.25	%		(0.18	)%		25	%

See Notes to Financial Highlights

191

192

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			Tax Return of Capital		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 R3
2/28/2022 (Unaudited)	$	23.56	$	0.05		$	(3.12	)	$	(3.07	)	$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	20.35		(13.07	)%*	$	0.8		1.92	%**		1.91	%**		0.44	%**		19	%*
8/31/2021	$	20.45	$	(0.11	)	$	3.22		$	3.11		$	—		$	—		$	—	$	—		$	—	$	23.56		15.21	%	$	0.8		1.91	%		1.91	%^§		(0.47	)%		47	%
8/31/2020	$	18.83	$	0.16		$	1.69		$	1.85		$	(0.23	)	$	—		$	—	$	(0.23	)	$	—	$	20.45		9.85	%	$	0.8		1.97	%		1.91	%		0.81	%		41	%
8/31/2019ⁱ	$	19.26	$	0.09		$	(0.51	)	$	(0.42	)	$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	18.83		(2.19	)%	$	1.0		1.94	%		1.91	%		0.50	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
2/28/2022 (Unaudited)	$	23.56	$	0.14		$	(3.12	)	$	(2.98	)	$	(0.27	)	$	—		$	—	$	(0.27	)	$	—	$	20.31		(12.75	)%*	$	247.8		1.10	%**		1.10	%**		1.25	%**		19	%*
8/31/2021	$	20.38	$	0.10		$	3.19		$	3.29		$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	23.56		16.17	%	$	291.7		1.10	%		1.10	%^§		0.43	%		47	%
8/31/2020	$	18.77	$	0.30		$	1.71		$	2.01		$	(0.40	)	$	—		$	—	$	(0.40	)	$	—	$	20.38		10.72	%	$	194.2		1.15	%		1.15	%^§		1.58	%		41	%
8/31/2019ⁱ	$	19.25	$	0.27		$	(0.56	)	$	(0.29	)	$	(0.19	)	$	—		$	—	$	(0.19	)	$	—	$	18.77		(1.45	)%	$	219.1		1.16	%		1.16	%^§		1.42	%		37	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Equity Income Fund
Institutional Class
2/28/2022 (Unaudited)	$	15.01	$	0.14		$	0.72		$	0.86		$	(0.16	)	$	(1.25	)	$	—	$	(1.41	)	$	—	$	14.46		5.90	%*	$	881.1		0.70	%**		0.70	%**		1.97	%**		16	%*
8/31/2021	$	12.42	$	0.31		$	2.58		$	2.89		$	(0.30	)	$	—		$	—	$	(0.30	)	$	—	$	15.01		23.62	%	$	898.6		0.70	%		0.70	%		2.28	%		35	%
8/31/2020	$	12.98	$	0.29		$	(0.11	)	$	0.18		$	(0.32	)	$	(0.42	)	$	—	$	(0.74	)	$	—	$	12.42		1.53	%	$	994.9		0.69	%		0.69	%		2.35	%		56	%
8/31/2019	$	13.53	$	0.33		$	0.00		$	0.33		$	(0.32	)	$	(0.56	)	$	—	$	(0.88	)	$	—	$	12.98		3.06	%	$	1,147.4		0.70	%		0.70	%		2.58	%		37	%
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	%^hj	$	1,208.7		0.69	%		0.69	%^e		2.99	%^e		53	%
Class A
2/28/2022 (Unaudited)	$	14.95	$	0.12		$	0.70		$	0.82		$	(0.13	)	$	(1.25	)	$	—	$	(1.38	)	$	—	$	14.39		5.65	%*	$	185.8		1.06	%**		1.06	%**		1.61	%**		16	%*
8/31/2021	$	12.37	$	0.27		$	2.56		$	2.83		$	(0.25	)	$	—		$	—	$	(0.25	)	$	—	$	14.95		23.19	%	$	186.8		1.06	%		1.06	%		1.93	%		35	%
8/31/2020	$	12.93	$	0.24		$	(0.10	)	$	0.14		$	(0.28	)	$	(0.42	)	$	—	$	(0.70	)	$	—	$	12.37		1.14	%	$	153.1		1.06	%		1.06	%		1.99	%		56	%
8/31/2019	$	13.48	$	0.28		$	0.01		$	0.29		$	(0.28	)	$	(0.56	)	$	—	$	(0.84	)	$	—	$	12.93		2.68	%	$	142.7		1.06	%		1.06	%		2.17	%		37	%
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	%^hj	$	200.3		1.05	%		1.05	%^e		2.56	%^e		53	%

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			Tax Return of Capital		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 C
2/28/2022 (Unaudited)	$	14.85	$	0.06		$	0.71		$	0.77		$	(0.07	)	$	(1.25	)	$	—	$	(1.32	)	$	—	$	14.30		5.34	%*	$	79.6		1.81	%**		1.81	%**		0.85	%**		16	%*
8/31/2021	$	12.28	$	0.16		$	2.55		$	2.71		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	14.85		22.26	%	$	83.3		1.81	%		1.81	%		1.15	%		35	%
8/31/2020	$	12.83	$	0.15		$	(0.10	)	$	0.05		$	(0.18	)	$	(0.42	)	$	—	$	(0.60	)	$	—	$	12.28		0.38	%	$	101.1		1.81	%		1.81	%		1.24	%		56	%
8/31/2019	$	13.38	$	0.18		$	0.01		$	0.19		$	(0.18	)	$	(0.56	)	$	—	$	(0.74	)	$	—	$	12.83		1.91	%	$	178.5		1.81	%		1.81	%		1.45	%		37	%
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	%^hj	$	282.3		1.80	%		1.80	%^e		1.82	%^e		53	%
Class R3
2/28/2022 (Unaudited)	$	14.94	$	0.09		$	0.72		$	0.81		$	(0.11	)	$	(1.25	)	$	—	$	(1.36	)	$	—	$	14.39		5.56	%*	$	0.6		1.37	%**		1.37	%**		1.30	%**		16	%*
8/31/2021	$	12.34	$	0.22		$	2.57		$	2.79		$	(0.19	)	$	—		$	—	$	(0.19	)	$	—	$	14.94		22.82	%	$	0.6		1.34	%		1.34	%		1.61	%		35	%
8/31/2020	$	12.90	$	0.21		$	(0.11	)	$	0.10		$	(0.24	)	$	(0.42	)	$	—	$	(0.66	)	$	—	$	12.34		0.82	%	$	1.6		1.33	%		1.33	%		1.71	%		56	%
8/31/2019	$	13.45	$	0.24		$	0.01		$	0.25		$	(0.24	)	$	(0.56	)	$	—	$	(0.80	)	$	—	$	12.90		2.40	%	$	1.9		1.34	%		1.34	%		1.91	%		37	%
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	%^hj	$	1.8		1.34	%		1.34	%^e		2.27	%^e		53	%
Class E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	14.55	$	0.05		$	(0.13	)	$	(0.08	)	$	—		$	—		$	—	$	—		$	—	$	14.47		(0.55	)%*	$	32.5		0.54	%**		0.04	%**		2.72	%**		16	%*^c
Focus Fund
Investor Class
2/28/2022 (Unaudited)	$	35.97	$	(0.06	)	$	(5.11	)	$	(5.17	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	25.03		(16.50	)%*	$	684.5		0.87	%**		0.87	%**		(0.38	)%**		88	%*
8/31/2021	$	28.76	$	0.01		$	8.80		$	8.81		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.97		32.06	%	$	865.3		0.88	%		0.88	%		0.03	%		123	%
8/31/2020	$	25.74	$	0.03		$	6.22		$	6.25		$	(0.17	)	$	(3.06	)	$	—	$	(3.23	)	$	—	$	28.76		26.17	%	$	700.6		0.92	%		0.92	%		0.14	%		130	%
8/31/2019	$	28.69	$	0.13		$	(1.06	)	$	(0.93	)	$	(0.10	)	$	(1.92	)	$	—	$	(2.02	)	$	—	$	25.74		(2.35	)%	$	617.6		0.92	%		0.92	%		0.50	%		20	%
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	%^hj	$	667.7		0.92	%		0.91	%^e		0.28	%^e		72	%

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			Tax Return of Capital		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)
Trust Class
2/28/2022 (Unaudited)	$	35.88	$	(0.09	)	$	(5.09	)	$	(5.18	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	24.93		(16.57	)%*	$	41.2		1.08	%**		1.08	%**		(0.59	)%**		88	%*
8/31/2021	$	28.75	$	(0.05	)	$	8.78		$	8.73		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.88		31.78	%	$	53.4		1.09	%		1.09	%		(0.18	)%		123	%
8/31/2020	$	25.71	$	(0.01	)	$	6.20		$	6.19		$	(0.09	)	$	(3.06	)	$	—	$	(3.15	)	$	—	$	28.75		25.90	%	$	47.0		1.10	%		1.10	%		(0.04	)%		130	%
8/31/2019	$	28.66	$	0.08		$	(1.05	)	$	(0.97	)	$	(0.06	)	$	(1.92	)	$	—	$	(1.98	)	$	—	$	25.71		(2.52	)%	$	46.4		1.10	%		1.10	%		0.32	%		20	%
8/31/2018^g	$	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^g	$	29.14	$	0.04		$	4.19		$	4.23		$	(0.14	)	$	(4.05	)	$	—	$	(4.19	)	$	0.00	$	29.18		16.61	%^hj	$	63.0		1.10	%		1.09	%^e		0.10	%^e		72	%
Advisor Class
2/28/2022 (Unaudited)	$	35.80	$	(0.12	)	$	(5.07	)	$	(5.19	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	24.84		(16.64	)%*	$	1.8		1.26	%**		1.26	%**		(0.77	)% **		88	%*
8/31/2021	$	28.75	$	(0.12	)	$	8.77		$	8.65		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.80		31.49	%	$	2.1		1.29	%		1.29	%		(0.38	)%		123	%
8/31/2020	$	25.69	$	(0.05	)	$	6.19		$	6.14		$	(0.02	)	$	(3.06	)	$	—	$	(3.08	)	$	—	$	28.75		25.70	%	$	1.9		1.27	%		1.27	%		(0.22	)%		130	%
8/31/2019	$	28.62	$	0.04		$	(1.05	)	$	(1.01	)	$	—		$	(1.92	)	$	—	$	(1.92	)	$	—	$	25.69		(2.68	)%	$	1.6		1.27	%		1.27	%		0.14	%		20	%
8/31/2018^g	$	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^g	$	45.35	$	(0.00	)	$	5.52		$	5.52		$	(0.64	)	$	(12.90	)	$	—	$	(13.54	)	$	0.00	$	37.33		16.51	%^hj	$	3.5		1.26	%		1.23	%^e		(0.04	)%^e		72	%
Institutional Class
2/28/2022 (Unaudited)	$	36.05	$	(0.04	)	$	(5.12	)	$	(5.16	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	25.12		(16.43	)%*	$	24.3		0.73	%**		0.73	%**		(0.24	)%**		88	%*
8/31/2021	$	28.78	$	0.06		$	8.81		$	8.87		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	36.05		32.25	%	$	26.8		0.74	%		0.74	%^§		0.17	%		123	%
8/31/2020	$	25.79	$	0.07		$	6.22		$	6.29		$	(0.24	)	$	(3.06	)	$	—	$	(3.30	)	$	—	$	28.78		26.32	%	$	14.1		0.75	%		0.75	%		0.26	%		130	%
8/31/2019	$	28.72	$	0.17		$	(1.05	)	$	(0.88	)	$	(0.13	)	$	(1.92	)	$	—	$	(2.05	)	$	—	$	25.79		(2.15	)%	$	8.9		0.76	%		0.75	%		0.67	%		20	%
8/31/2018^g	$	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^g	$	25.83	$	0.11		$	3.95		$	4.06		$	(0.14	)	$	(2.22	)	$	—	$	(2.36	)	$	0.00	$	27.53		17.04	%^j	$	7.8		0.76	%		0.75	%		0.44	%		72	%
Class A
2/28/2022 (Unaudited)	$	35.84	$	(0.10	)	$	(5.08	)	$	(5.18	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	24.89		(16.59	)%*	$	2.5		1.11	%**		1.11	%^§**		(0.63	)%**		88	%*
8/31/2021	$	28.73	$	(0.06	)	$	8.77		$	8.71		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	35.84		31.73	%	$	2.9		1.11	%		1.11	%^§		(0.19	)%		123	%
8/31/2020	$	25.69	$	(0.02	)	$	6.20		$	6.18		$	(0.08	)	$	(3.06	)	$	—	$	(3.14	)	$	—	$	28.73		25.90	%	$	3.0		1.12	%		1.11	%		(0.06	)%		130	%
8/31/2019	$	28.65	$	0.08		$	(1.05	)	$	(0.97	)	$	(0.07	)	$	(1.92	)	$	—	$	(1.99	)	$	—	$	25.69		(2.51	)%	$	2.7		1.12	%		1.11	%		0.32	%		20	%
8/31/2018^g	$	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^g	$	29.28	$	0.02		$	4.22		$	4.24		$	(0.17	)	$	(4.11	)	$	—	$	(4.28	)	$	0.00	$	29.24		16.58	%^j	$	3.1		1.13	%		1.11	%		0.07	%		72	%

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			Tax Return of Capital		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)
Class C
2/28/2022 (Unaudited)	$	34.97	$	(0.21	)	$	(4.93	)	$	(5.14	)	$	—		$	(5.77	)	$	—	$	(5.77	)	$	—	$	24.06		(16.91	)%*	$	0.5		1.88	%**		1.86	%**		(1.39	)%**		88	%*
8/31/2021	$	28.27	$	(0.30	)	$	8.60		$	8.30		$	—		$	(1.60	)	$	—	$	(1.60	)	$	—	$	34.97		30.76	%	$	0.7		1.89	%		1.86	%		(1.00	)%		123	%
8/31/2020	$	25.42	$	(0.20	)	$	6.11		$	5.91		$	—		$	(3.06	)	$	—	$	(3.06	)	$	—	$	28.27		24.96	%	$	1.4		1.87	%		1.86	%		(0.81	)%		130	%
8/31/2019	$	28.50	$	(0.11	)	$	(1.05	)	$	(1.16	)	$	—		$	(1.92	)	$	—	$	(1.92	)	$	—	$	25.42		(3.25	)%	$	1.2		1.88	%		1.86	%		(0.43	)%		20	%
8/31/2018^g	$	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^g	$	48.05	$	(0.25	)	$	5.77		$	5.52		$	(0.39	)	$	(14.40	)	$	—	$	(14.79	)	$	0.00	$	38.78		15.76	%^j	$	1.9		1.88	%		1.86	%		(0.67	)%		72	%
Genesis Fund
Investor Class
2/28/2022 (Unaudited)	$	80.18	$	(0.04	)	$	(5.05	)	$	(5.09	)	$	—		$	(8.15	)	$	—	$	(8.15	)	$	—	$	66.94		(7.05	)%*	$	1,868.8		0.99	%**		0.99	%**		(0.12	)%**		5	%*
8/31/2021	$	62.74	$	(0.11	)	$	20.25		$	20.14		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	80.18		32.89	%	$	2,106.8		0.99	%		0.99	%		(0.15	)%		12	%
8/31/2020	$	58.54	$	0.02		$	7.59		$	7.61		$	(0.03	)	$	(3.38	)	$	—	$	(3.41	)	$	—	$	62.74		13.48	%	$	1,677.3		1.01	%		1.01	%		0.03	%		11	%
8/31/2019	$	65.27	$	0.05		$	(0.91	)	$	(0.86	)	$	(0.03	)	$	(5.84	)	$	—	$	(5.87	)	$	—	$	58.54		0.53	%	$	1,649.3		1.01	%		1.01	%		0.08	%		14	%
8/31/2018^f	$	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^f	$	59.25	$	0.12		$	5.73		$	5.85		$	(0.26	)	$	(6.11	)	$	—	$	(6.37	)	$	—	$	58.73		10.19	%^h	$	1,786.0		1.02	%		1.01	%^e		0.21	%^e		20	%
Trust Class
2/28/2022 (Unaudited)	$	80.07	$	(0.08	)	$	(5.03	)	$	(5.11	)	$	—		$	(8.15	)	$	—	$	(8.15	)	$	—	$	66.81		(7.09	)%*	$	1,173.2		1.08	%**		1.08	%**		(0.21	)%**		5	%*
8/31/2021	$	62.71	$	(0.18	)	$	20.24		$	20.06		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	80.07		32.77	%	$	1,349.7		1.09	%		1.09	%		(0.25	)%		12	%
8/31/2020	$	58.54	$	(0.03	)	$	7.59		$	7.56		$	(0.01	)	$	(3.38	)	$	—	$	(3.39	)	$	—	$	62.71		13.38	%	$	1,239.6		1.09	%		1.09	%		(0.06	)%		11	%
8/31/2019	$	65.30	$	(0.00	)	$	(0.91	)	$	(0.91	)	$	(0.01	)	$	(5.84	)	$	—	$	(5.85	)	$	—	$	58.54		0.43	%	$	1,409.3		1.10	%		1.10	%		(0.01	)%		14	%
8/31/2018^f	$	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^f	$	56.48	$	0.08		$	5.54		$	5.62		$	(0.03	)	$	(3.34	)	$	—	$	(3.37	)	$	—	$	58.73		10.11	%^h	$	1,576.2		1.09	%		1.08	%^e		0.13	%^e		20	%
Advisor Class
2/28/2022 (Unaudited)	$	79.33	$	(0.17	)	$	(4.98	)	$	(5.15	)	$	—		$	(8.15	)	$	—	$	(8.15	)	$	—	$	66.03		(7.21	)%*	$	125.5		1.34	%**		1.34	%**		(0.47	)%**		5	%*
8/31/2021	$	62.31	$	(0.36	)	$	20.08		$	19.72		$	—		$	(2.70	)	$	—	$	(2.70	)	$	—	$	79.33		32.43	%	$	148.2		1.34	%		1.34	%		(0.50	)%		12	%
8/31/2020	$	58.32	$	(0.18	)	$	7.55		$	7.37		$	—		$	(3.38	)	$	—	$	(3.38	)	$	—	$	62.31		13.10	%	$	131.3		1.35	%		1.35	%		(0.31	)%		11	%
8/31/2019	$	65.23	$	(0.15	)	$	(0.92	)	$	(1.07	)	$	—		$	(5.84	)	$	—	$	(5.84	)	$	—	$	58.32		0.18	%	$	157.0		1.35	%		1.35	%		(0.26	)%		14	%
8/31/2018^f	$	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^f	$	62.10	$	(0.08	)	$	5.93		$	5.85		$	(0.19	)	$	(8.99	)	$	—	$	(9.18	)	$	—	$	58.77		9.81	%^h	$	203.8		1.36	%		1.35	%^e		(0.13	)%^e		20	%

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			Tax Return of Capital			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)
Institutional Class
2/28/2022 (Unaudited)	$	80.18	$	0.01	$	(5.04	)	$	(5.03	)	$	—		$	(8.15	)	$	—		$	(8.15	)	$	—	$	67.00		(6.97	)%*	$	3,188.2		0.83	%**		0.83	%**		0.04	%**		5	%*
8/31/2021	$	62.66	$	0.00	$	20.24		$	20.24		$	(0.02	)	$	(2.70	)	$	—		$	(2.72	)	$	—	$	80.18		33.11	%	$	3,551.7		0.84	%		0.84	%		0.00	%		12	%
8/31/2020	$	58.48	$	0.11	$	7.58		$	7.69		$	(0.13	)	$	(3.38	)	$	—		$	(3.51	)	$	—	$	62.66		13.65	%	$	3,032.9		0.84	%		0.84	%		0.19	%		11	%
8/31/2019	$	65.24	$	0.14	$	(0.92	)	$	(0.78	)	$	(0.14	)	$	(5.84	)	$	—		$	(5.98	)	$	—	$	58.48		0.69	%	$	2,809.8		0.85	%		0.85	%		0.25	%		14	%
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	%^h	$	3,650.3		0.85	%		0.84	%^e§		0.38	%^e		20	%
Class R6
2/28/2022 (Unaudited)	$	80.14	$	0.05	$	(5.04	)	$	(4.99	)	$	—		$	(8.15	)	$	—		$	(8.15	)	$	—	$	67.00		(6.92	)%*	$	4,931.2		0.73	%**		0.73	%**		0.14	%**		5	%*
8/31/2021	$	62.62	$	0.07	$	20.23		$	20.30		$	(0.08	)	$	(2.70	)	$	—		$	(2.78	)	$	—	$	80.14		33.23	%	$	5,744.7		0.74	%		0.74	%^§		0.09	%		12	%
8/31/2020	$	58.45	$	0.16	$	7.58		$	7.74		$	(0.19	)	$	(3.38	)	$	—		$	(3.57	)	$	—	$	62.62		13.74	%	$	4,420.9		0.75	%		0.75	%^§		0.28	%		11	%
8/31/2019	$	65.23	$	0.19	$	(0.93	)	$	(0.74	)	$	(0.20	)	$	(5.84	)	$	—		$	(6.04	)	$	—	$	58.45		0.80	%	$	4,221.1		0.75	%		0.75	%		0.34	%		14	%
8/31/2018^f	$	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^f	$	56.63	$	0.26	$	5.56		$	5.82		$	(0.23	)	$	(3.52	)	$	—		$	(3.75	)	$	—	$	58.70		10.47	%^h	$	3,603.6		0.77	%		0.77	%^e§		0.45	%^e		20	%
Class E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	71.07	$	0.08	$	(4.09	)	$	(4.01	)	$	—		$	—		$	—		$	—		$	—	$	67.06		(5.64	)%*	$	148.5		0.69	%**		0.03	%**		0.86	%**		5	%*^c
Global Real Estate Fund
Institutional Class
2/28/2022 (Unaudited)	$	13.84	$	0.06	$	(0.80	)	$	(0.74	)	$	(0.06	)	$	(0.77	)	$	—		$	(0.83	)	$	—	$	12.27		(5.74	)%*	$	3.7		7.61	%**		1.00	%**		0.92	%**		25	%*
8/31/2021	$	10.97	$	0.17	$	2.88		$	3.05		$	(0.18	)	$	—		$	—		$	(0.18	)	$	—	$	13.84		28.06	%	$	3.6		10.46	%		1.01	%		1.41	%		51	%
8/31/2020	$	11.94	$	0.17	$	(0.58	)	$	(0.41	)	$	(0.32	)	$	(0.21	)	$	(0.03	)	$	(0.56	)	$	—	$	10.97		(3.48	)%	$	1.4		8.80	%		1.01	%		1.47	%		49	%
8/31/2019	$	10.85	$	0.16	$	1.31		$	1.47		$	(0.26	)	$	(0.12	)	$	—		$	(0.38	)	$	—	$	11.94		14.01	%	$	3.4		9.11	%		1.01	%		1.46	%		38	%
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	%

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			Tax Return of Capital			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
2/28/2022 (Unaudited)	$	13.81	$	0.04		$	(0.80	)	$	(0.76	)	$	(0.05	)	$	(0.77	)	$	—		$	(0.82	)	$	—	$	12.23		(5.91	)%*	$	0.3		8.14	%**		1.36	%**		0.56	%**		25	%*
8/31/2021	$	10.95	$	0.16		$	2.85		$	3.01		$	(0.15	)	$	—		$	—		$	(0.15	)	$	—	$	13.81		27.70	%	$	0.3		11.06	%		1.36	%		1.32	%		51	%
8/31/2020	$	11.93	$	0.12		$	(0.58	)	$	(0.46	)	$	(0.28	)	$	(0.21	)	$	(0.03	)	$	(0.52	)	$	—	$	10.95		(3.93	)%	$	0.2		9.28	%		1.37	%		1.10	%		49	%
8/31/2019	$	10.84	$	0.12		$	1.31		$	1.43		$	(0.22	)	$	(0.12	)	$	—		$	(0.34	)	$	—	$	11.93		13.65	%	$	0.4		9.72	%		1.37	%		1.07	%		38	%
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	%
Class C
2/28/2022 (Unaudited)	$	13.73	$	(0.01	)	$	(0.79	)	$	(0.80	)	$	(0.02	)	$	(0.77	)	$	—		$	(0.79	)	$	—	$	12.14		(6.20	)%*	$	0.3		8.79	%**		2.11	%**		(0.19	)%**		25	%*
8/31/2021	$	10.91	$	0.06		$	2.84		$	2.90		$	(0.08	)	$	—		$	—		$	(0.08	)	$	—	$	13.73		26.73	%	$	0.3		11.69	%		2.11	%		0.54	%		51	%
8/31/2020	$	11.89	$	0.04		$	(0.58	)	$	(0.54	)	$	(0.20	)	$	(0.21	)	$	(0.03	)	$	(0.44	)	$	—	$	10.91		(4.65	)%	$	0.2		9.88	%		2.12	%		0.35	%		49	%
8/31/2019	$	10.81	$	0.04		$	1.30		$	1.34		$	(0.14	)	$	(0.12	)	$	—		$	(0.26	)	$	—	$	11.89		12.75	%	$	0.3		10.43	%		2.12	%		0.32	%		38	%
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	%
Greater China Equity Fund
Institutional Class
2/28/2022 (Unaudited)	$	12.97	$	(0.06	)	$	(1.47	)	$	(1.53	)	$	(0.09	)	$	(0.63	)	$	—		$	(0.72	)	$	—	$	10.72		(12.05	)%*	$	47.4		1.81	%**		1.50	%**		(0.96	)%**		32	%*
8/31/2021	$	11.49	$	0.09		$	1.46		$	1.55		$	(0.07	)	$	—		$	—		$	(0.07	)	$	—	$	12.97		13.54	%	$	61.3		1.80	%		1.51	%		0.66	%		81	%
8/31/2020	$	9.28	$	0.06		$	2.24		$	2.30		$	(0.09	)	$	—		$	—		$	(0.09	)	$	—	$	11.49		24.93	%	$	52.3		1.81	%		1.51	%		0.64	%		82	%
8/31/2019	$	14.80	$	0.09		$	(0.96	)	$	(0.87	)	$	—		$	(4.65	)	$	—		$	(4.65	)	$	—	$	9.28		(1.03	)%	$	45.2		1.84	%		1.52	%^{^^}		0.85	%		46	%
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	%
Class A
2/28/2022 (Unaudited)	$	12.95	$	(0.08	)	$	(1.47	)	$	(1.55	)	$	(0.03	)	$	(0.63	)	$	—		$	(0.66	)	$	—	$	10.74		(12.18	)%*	$	2.7		2.29	%**		1.86	%**		(1.32	)%**		32	%*
8/31/2021	$	11.48	$	0.02		$	1.47		$	1.49		$	(0.02	)	$	—		$	—		$	(0.02	)	$	—	$	12.95		13.01	%	$	3.6		2.26	%		1.87	%		0.14	%		81	%
8/31/2020^l	$	9.26	$	(0.00	)	$	2.27		$	2.27		$	(0.05	)	$	—		$	—		$	(0.05	)	$	—	$	11.48		24.51	%	$	4.3		2.29	%		1.87	%		(0.04	)%		82	%
8/31/2019^l	$	14.86	$	0.06		$	(0.98	)	$	(0.92	)	$	—		$	(4.68	)	$	—		$	(4.68	)	$	—	$	9.26		(1.40	)%	$	6.1		2.32	%		1.88	%^{^^}		0.54	%		46	%
8/31/2018^l	$	15.95	$	(0.08	)	$	0.81		$	0.73		$	(0.17	)	$	(1.65	)	$	—		$	(1.82	)	$	—	$	14.86		4.02	%	$	10.2		2.01	%		1.87	%		(0.47	)%		60	%
8/31/2017^l	$	11.57	$	0.19		$	4.19		$	4.38		$	(0.00	)	$	—		$	—		$	(0.00	)	$	—	$	15.95		37.95	%	$	21.7		2.07	%		1.86	%^{^^}		1.38	%		116	%

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			Tax Return of Capital		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
2/28/2022 (Unaudited)	$	12.93	$	(0.13	)	$	(1.46	)	$	(1.59	)	$	—		$	(0.63	)	$	—	$	(0.63	)	$	—	$	10.71		(12.52	)%*	$	0.1		3.08	%**		2.61	%**		(2.15	)%**		32	%*
8/31/2021	$	11.52	$	(0.07	)	$	1.48		$	1.41		$	—		$	—		$	—	$	—		$	—	$	12.93		12.20	%	$	0.2		3.06	%		2.62	%		(0.55	)%		81	%
8/31/2020^l	$	9.32	$	(0.05	)	$	2.25		$	2.20		$	—		$	—		$	—	$	—		$	—	$	11.52		23.62	%	$	0.2		2.95	%		2.62	%		(0.53	)%		82	%
8/31/2019^l	$	15.37	$	(0.02	)	$	(1.04	)	$	(1.06	)	$	—		$	(4.99	)	$	—	$	(4.99	)	$	—	$	9.32		(2.13	)%	$	0.2		3.07	%		2.63	%^{^^}		(0.19	)%		46	%
8/31/2018^l	$	16.57	$	(0.17	)	$	0.81		$	0.64		$	(0.08	)	$	(1.76	)	$	—	$	(1.84	)	$	—	$	15.37		3.26	%	$	0.3		2.80	%		2.62	%		(0.99	)%		60	%
8/31/2017^l	$	12.10	$	(0.15	)	$	4.62		$	4.47		$	—		$	—		$	—	$	—		$	—	$	16.57		36.91	%	$	0.3		2.80	%		2.62	%^{^^}		(1.18	)%		116	%
Guardian Fund
Investor Class
2/28/2022^m (Unaudited)	$	29.38	$	0.00		$	(2.30	)	$	(2.30	)	$	(0.03	)	$	(2.92	)	$	—	$	(2.95	)	$	—	$	24.13		(8.56	)%*	$	1,597.9		0.81	%**		0.81	%**		0.04	%**		15	%*
8/31/2021	$	23.38	$	0.03		$	7.76		$	7.79		$	(0.05	)	$	(1.74	)	$	—	$	(1.79	)	$	—	$	29.38		35.49	%	$	1,812.9		0.82	%		0.82	%		0.11	%		28	%
8/31/2020	$	18.30	$	0.05		$	6.20		$	6.25		$	(0.07	)	$	(1.10	)	$	—	$	(1.17	)	$	—	$	23.38		35.76	%	$	1,419.5		0.87	%		0.87	%		0.26	%		49	%
8/31/2019	$	19.52	$	0.10		$	0.32		$	0.42		$	(0.11	)	$	(1.53	)	$	—	$	(1.64	)	$	—	$	18.30		4.03	%	$	1,125.5		0.89	%		0.89	%		0.56	%		37	%
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	%^h	$	1,052.4		0.90	%		0.89	%^e		0.77	%^e		37	%
Trust Class
2/28/2022^m (Unaudited)	$	29.31	$	(0.02	)	$	(2.29	)	$	(2.31	)	$	(0.01	)	$	(2.92	)	$	—	$	(2.93	)	$	—	$	24.07		(8.61	)%*	$	46.5		1.01	%**		1.01	%**		(0.17	)%**		15	%*
8/31/2021	$	23.36	$	(0.02	)	$	7.74		$	7.72		$	(0.03	)	$	(1.74	)	$	—	$	(1.77	)	$	—	$	29.31		35.21	%	$	52.5		1.03	%		1.03	%		(0.09	)%		28	%
8/31/2020	$	18.28	$	0.02		$	6.20		$	6.22		$	(0.04	)	$	(1.10	)	$	—	$	(1.14	)	$	—	$	23.36		35.55	%	$	42.7		1.05	%		1.05	%		0.08	%		49	%
8/31/2019	$	19.51	$	0.07		$	0.31		$	0.38		$	(0.08	)	$	(1.53	)	$	—	$	(1.61	)	$	—	$	18.28		3.77	%	$	45.5		1.06	%		1.06	%		0.38	%		37	%
8/31/2018^g	$	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^g	$	18.34	$	0.10		$	2.64		$	2.74		$	(0.16	)	$	(3.10	)	$	—	$	(3.26	)	$	—	$	17.82		17.37	%^h	$	57.8		1.07	%		1.04	%^e		0.60	%^e		37	%
Advisor Class
2/28/2022^m (Unaudited)	$	29.05	$	(0.04	)	$	(2.28	)	$	(2.32	)	$	—		$	(2.92	)	$	—	$	(2.92	)	$	—	$	23.81		(8.71	)%*	$	6.7		1.17	%**		1.17	%**		(0.33	)%		15	%*
8/31/2021	$	23.20	$	(0.05	)	$	7.66		$	7.61		$	(0.02	)	$	(1.74	)	$	—	$	(1.76	)	$	—	$	29.05		34.95	%	$	8.0		1.19	%		1.19	%		(0.18	)%		28	%
8/31/2020	$	18.20	$	(0.04	)	$	6.17		$	6.13		$	(0.03	)	$	(1.10	)	$	—	$	(1.13	)	$	—	$	23.20		35.18	%	$	0.2		1.32	%		1.32	%		(0.21	)%		49	%
8/31/2019	$	19.46	$	0.01		$	0.31		$	0.32		$	(0.05	)	$	(1.53	)	$	—	$	(1.58	)	$	—	$	18.20		3.41	%	$	0.2		1.40	%		1.40	%		0.05	%		37	%
8/31/2018^g	$	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^g	$	17.14	$	0.09		$	2.54		$	2.63		$	(0.06	)	$	(2.35	)	$	—	$	(2.41	)	$	—	$	17.36		17.26	%^h	$	0.1		1.38	%		1.18	%^e		0.51	%^e		37	%

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			Tax Return of Capital		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
2/28/2022^m (Unaudited)	$	29.42	$	0.03		$	(2.32	)	$	(2.29	)	$	(0.06	)	$	(2.92	)	$	—	$	(2.98	)	$	—	$	24.15		(8.49	)%*	$	191.5		0.66	%**		0.66	%**		0.19	%**		15	%*
8/31/2021	$	23.41	$	0.06		$	7.77		$	7.83		$	(0.08	)	$	(1.74	)	$	—	$	(1.82	)	$	—	$	29.42		35.68	%	$	204.8		0.67	%		0.67	%		0.26	%		28	%
8/31/2020	$	18.32	$	0.08		$	6.22		$	6.30		$	(0.11	)	$	(1.10	)	$	—	$	(1.21	)	$	—	$	23.41		36.03	%	$	149.6		0.70	%		0.70	%		0.43	%		49	%
8/31/2019	$	19.55	$	0.13		$	0.32		$	0.45		$	(0.15	)	$	(1.53	)	$	—	$	(1.68	)	$	—	$	18.32		4.19	%	$	83.9		0.71	%		0.71	%		0.74	%		37	%
8/31/2018^g	$	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^g	$	16.47	$	0.15		$	2.50		$	2.65		$	(0.14	)	$	(1.85	)	$	—	$	(1.99	)	$	—	$	17.13		17.72	%^h	$	70.2		0.72	%		0.71	%^e		0.94	%^e		37	%
Class A
2/28/2022^m (Unaudited)	$	29.27	$	(0.03	)	$	(2.29	)	$	(2.32	)	$	(0.00	)	$	(2.92	)	$	—	$	(2.92	)	$	—	$	24.03		(8.62	)%*	$	9.2		1.04	%**		1.04	%**		(0.19	)%**		15	%*
8/31/2021	$	23.34	$	(0.03	)	$	7.73		$	7.70		$	(0.03	)	$	(1.74	)	$	—	$	(1.77	)	$	—	$	29.27		35.15	%	$	10.0		1.05	%		1.05	%		(0.12	)%		28	%
8/31/2020	$	18.28	$	0.02		$	6.19		$	6.21		$	(0.05	)	$	(1.10	)	$	—	$	(1.15	)	$	—	$	23.34		35.49	%	$	6.1		1.07	%		1.07	%		0.12	%		49	%
8/31/2019	$	19.50	$	0.06		$	0.33		$	0.39		$	(0.08	)	$	(1.53	)	$	—	$	(1.61	)	$	—	$	18.28		3.79	%	$	4.1		1.09	%		1.09	%		0.34	%		37	%
8/31/2018^g	$	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^g	$	18.43	$	0.10		$	2.64		$	2.74		$	(0.17	)	$	(3.15	)	$	—	$	(3.32	)	$	—	$	17.85		17.28	%^h	$	5.6		1.10	%		1.09	%^e		0.56	%^e		37	%
Class C
2/28/2022^m (Unaudited)	$	28.61	$	(0.12	)	$	(2.23	)	$	(2.35	)	$	—		$	(2.92	)	$	—	$	(2.92	)	$	—	$	23.34		(8.96	)%*	$	2.9		1.78	%**		1.78	%**		(0.94	)%**		15	%*
8/31/2021	$	22.98	$	(0.21	)	$	7.58		$	7.37		$	—		$	(1.74	)	$	—	$	(1.74	)	$	—	$	28.61		34.17	%	$	3.1		1.79	%		1.79	%		(0.86	)%		28	%
8/31/2020	$	18.10	$	(0.13	)	$	6.11		$	5.98		$	—		$	(1.10	)	$	—	$	(1.10	)	$	—	$	22.98		34.53	%	$	2.3		1.81	%		1.81	%		(0.70	)%		49	%
8/31/2019	$	19.40	$	(0.06	)	$	0.31		$	0.25		$	(0.02	)	$	(1.53	)	$	—	$	(1.55	)	$	—	$	18.10		3.00	%	$	1.8		1.84	%		1.84	%		(0.38	)%		37	%
8/31/2018^g	$	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^g	$	17.38	$	(0.03	)	$	2.58		$	2.55		$	(0.04	)	$	(2.47	)	$	—	$	(2.51	)	$	—	$	17.42		16.53	%^h	$	1.6		1.84	%		1.84	%^e		(0.20	)%^e		37	%
Class R3
2/28/2022^m (Unaudited)	$	29.05	$	(0.07	)	$	(2.27	)	$	(2.34	)	$	—		$	(2.92	)	$	—	$	(2.92	)	$	—	$	23.79		(8.78	)%*	$	0.4		1.36	%**		1.36	%^§**		(0.51	)%**		15	%*
8/31/2021	$	23.22	$	(0.11	)	$	7.69		$	7.58		$	(0.01	)	$	(1.74	)	$	—	$	(1.75	)	$	—	$	29.05		34.77	%	$	0.4		1.38	%		1.36	%		(0.45	)%		28	%
8/31/2020	$	18.22	$	(0.05	)	$	6.16		$	6.11		$	(0.01	)	$	(1.10	)	$	—	$	(1.11	)	$	—	$	23.22		35.06	%	$	0.2		1.36	%		1.36	%^§		(0.25	)%		49	%
8/31/2019	$	19.46	$	0.01		$	0.33		$	0.34		$	(0.05	)	$	(1.53	)	$	—	$	(1.58	)	$	—	$	18.22		3.51	%	$	0.1		1.40	%		1.36	%		0.06	%		37	%
8/31/2018^g	$	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^g	$	17.20	$	0.05		$	2.55		$	2.60		$	(0.06	)	$	(2.37	)	$	—	$	(2.43	)	$	—	$	17.37		17.02	%^h	$	0.5		1.38	%		1.36	%^e		0.28	%^e		37	%

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			Tax Return of Capital		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)
Class R6
2/28/2022^m (Unaudited)	$	29.42	$	0.03	$	(2.31	)	$	(2.28	)	$	(0.07	)	$	(2.92	)	$	—	$	(2.98	)	$	—	$	24.16		(8.45	)%*	$	0.2		0.65	%**		0.65	%^§**		0.19	%**		15	%*
8/31/2021	$	23.41	$	0.07	$	7.77		$	7.84		$	(0.09	)	$	(1.74	)	$	—	$	(1.83	)	$	—	$	29.42		35.72	%	$	0.2		0.68	%		0.65	%		0.26	%		28	%
8/31/2020	$	18.32	$	0.09	$	6.22		$	6.31		$	(0.12	)	$	(1.10	)	$	—	$	(1.22	)	$	—	$	23.41		36.09	%	$	0.0		0.65	%		0.65	%^§		0.47	%		49	%
Period from 3/29/2019^{^} to 8/31/2019	$	16.73	$	0.06	$	1.53		$	1.59		$	—		$	—		$	—	$	—		$	—	$	18.32		9.50	%*	$	0.0		0.97	%**		0.65	%**		0.75	%**		37	%^c
International Equity Fund
Investor Class
2/28/2022 (Unaudited)	$	17.18	$	0.03	$	(1.94	)	$	(1.91	)	$	(0.14	)	$	(1.63	)	$	—	$	(1.77	)	$	—	$	13.50		(11.97	)%*	$	84.9		1.18	%**		1.08	%**		0.35	%**		23	%*
8/31/2021	$	14.04	$	0.11	$	3.72		$	3.83		$	(0.09	)	$	(0.60	)	$	—	$	(0.69	)	$	—	$	17.18		28.24	%	$	102.9		1.16	%		1.06	%		0.70	%		26	%
8/31/2020	$	12.47	$	0.06	$	1.84		$	1.90		$	(0.12	)	$	(0.22	)	$	—	$	(0.34	)	$	0.01	$	14.04		15.39	%^d	$	92.8		1.19	%		1.08	%		0.43	%		45	%
8/31/2019	$	13.16	$	0.11	$	(0.68	)	$	(0.57	)	$	(0.09	)	$	(0.03	)	$	—	$	(0.12	)	$	—	$	12.47		(4.23	)%	$	93.3		1.22	%		1.13	%		0.87	%		34	%
8/31/2018^g	$	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^g	$	10.90	$	0.15	$	1.58		$	1.73		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	12.58		15.97	%^h	$	110.4		1.23	%		0.73	%^e		1.34	%^e		27	%
Trust Class
2/28/2022 (Unaudited)	$	17.18	$	0.02	$	(1.94	)	$	(1.92	)	$	(0.13	)	$	(1.63	)	$	—	$	(1.76	)	$	—	$	13.50		(12.05	)%*	$	26.8		1.25	%**		1.15	%**		0.30	%**		23	%*
8/31/2021	$	14.04	$	0.09	$	3.73		$	3.82		$	(0.08	)	$	(0.60	)	$	—	$	(0.68	)	$	—	$	17.18		28.17	%	$	32.4		1.24	%		1.14	%		0.61	%		26	%
8/31/2020	$	12.46	$	0.05	$	1.85		$	1.90		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.01	$	14.04		15.41	%^d	$	28.7		1.23	%		1.13	%		0.40	%		45	%
8/31/2019	$	13.16	$	0.10	$	(0.69	)	$	(0.59	)	$	(0.08	)	$	(0.03	)	$	—	$	(0.11	)	$	—	$	12.46		(4.35	)%	$	30.1		1.26	%		1.17	%		0.80	%		34	%
8/31/2018^g	$	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^g	$	10.88	$	0.15	$	1.58		$	1.73		$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	12.57		15.92	%^h	$	45.7		1.27	%		0.74	%^e		1.29	%^e		27	%
Institutional Class
2/28/2022 (Unaudited)	$	17.20	$	0.04	$	(1.93	)	$	(1.89	)	$	(0.18	)	$	(1.63	)	$	—	$	(1.81	)	$	—	$	13.50		(11.89	)%*	$	1,431.7		0.99	%**		0.87	%**		0.55	%**		23	%*
8/31/2021	$	14.06	$	0.14	$	3.72		$	3.86		$	(0.12	)	$	(0.60	)	$	—	$	(0.72	)	$	—	$	17.20		28.45	%	$	1,654.0		0.98	%		0.86	%		0.92	%		26	%
8/31/2020	$	12.48	$	0.09	$	1.85		$	1.94		$	(0.15	)	$	(0.22	)	$	—	$	(0.37	)	$	0.01	$	14.06		15.74	%^d	$	1,319.0		0.98	%		0.85	%		0.71	%		45	%
8/31/2019	$	13.18	$	0.13	$	(0.67	)	$	(0.54	)	$	(0.13	)	$	(0.03	)	$	—	$	(0.16	)	$	—	$	12.48		(3.95	)%	$	1,518.8		1.00	%		0.85	%		1.08	%		34	%
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	%^h	$	1,449.0		1.02	%		0.85	%^e§		1.19	%^e		27	%

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			Tax Return of Capital		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 A
2/28/2022 (Unaudited)	$	17.16	$	0.02		$	(1.95	)	$	(1.93	)	$	(0.05	)	$	(1.63	)	$	—	$	(1.68	)	$	—	$	13.55		(12.09	)%*	$	14.5		1.35	%**		1.23	%**		0.30	%**		23	%*
8/31/2021	$	14.03	$	0.08		$	3.73		$	3.81		$	(0.08	)	$	(0.60	)	$	—	$	(0.68	)	$	—	$	17.16		28.05	%	$	66.1		1.35	%		1.22	%		0.54	%		26	%
8/31/2020	$	12.46	$	0.04		$	1.85		$	1.89		$	(0.11	)	$	(0.22	)	$	—	$	(0.33	)	$	0.01	$	14.03		15.27	%^d	$	55.8		1.34	%		1.21	%		0.30	%		45	%
8/31/2019	$	13.15	$	0.09		$	(0.67	)	$	(0.58	)	$	(0.08	)	$	(0.03	)	$	—	$	(0.11	)	$	—	$	12.46		(4.30	)%	$	52.2		1.37	%		1.21	%		0.76	%		34	%
8/31/2018^g	$	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^g	$	10.91	$	0.07		$	1.60		$	1.67		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	12.56		15.32	%	$	71.9		1.39	%		1.21	%^§		0.65	%^e		27	%
Class C
2/28/2022 (Unaudited)	$	17.00	$	(0.04	)	$	(1.92	)	$	(1.96	)	$	(0.02	)	$	(1.63	)	$	—	$	(1.65	)	$	—	$	13.39		(12.38	)%*	$	6.9		2.11	%**		1.98	%**		(0.56	)%**		23	%*
8/31/2021	$	13.94	$	(0.03	)	$	3.69		$	3.66		$	—		$	(0.60	)	$	—	$	(0.60	)	$	—	$	17.00		27.07	%	$	8.2		2.10	%		1.97	%		(0.22	)%		26	%
8/31/2020	$	12.39	$	(0.06	)	$	1.83		$	1.77		$	(0.01	)	$	(0.22	)	$	—	$	(0.23	)	$	0.01	$	13.94		14.41	%^d	$	7.4		2.09	%		1.96	%		(0.47	)%		45	%
8/31/2019	$	13.09	$	(0.00	)	$	(0.67	)	$	(0.67	)	$	(0.00	)	$	(0.03	)	$	—	$	(0.03	)	$	—	$	12.39		(5.05	)%	$	9.6		2.12	%		1.96	%		(0.02	)%		34	%
8/31/2018^g	$	12.58	$	(0.01	)	$	0.52		$	0.51		$	—		$	—		$	—	$	—		$	—	$	13.09		4.05	%	$	14.3		2.11	%		1.96	%		(0.06	)%		32	%
8/31/2017^g	$	10.99	$	0.00		$	1.59		$	1.59		$	—		$	—		$	—	$	—		$	—	$	12.58		14.48	%	$	13.2		2.14	%		1.96	%^§		0.04	%^e		27	%
Class R6
2/28/2022 (Unaudited)	$	17.22	$	0.06		$	(1.95	)	$	(1.89	)	$	(0.19	)	$	(1.63	)	$	—	$	(1.82	)	$	—	$	13.51		(11.85	)%*	$	35.4		0.89	%**		0.78	%**		0.78	%**		23	%*
8/31/2021	$	14.08	$	0.15		$	3.73		$	3.88		$	(0.14	)	$	(0.60	)	$	—	$	(0.74	)	$	—	$	17.22		28.57	%	$	86.0		0.88	%		0.76	%		1.00	%		26	%
8/31/2020	$	12.49	$	0.10		$	1.87		$	1.97		$	(0.17	)	$	(0.22	)	$	—	$	(0.39	)	$	0.01	$	14.08		15.91	%^d	$	76.1		0.88	%		0.75	%		0.77	%		45	%
8/31/2019	$	13.20	$	0.16		$	(0.70	)	$	(0.54	)	$	(0.14	)	$	(0.03	)	$	—	$	(0.17	)	$	—	$	12.49		(3.95	)%	$	80.4		0.92	%		0.76	%		1.28	%		34	%
8/31/2018^g	$	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^g	$	11.11	$	0.15		$	1.57		$	1.72		$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	12.67		15.85	%	$	134.6		0.94	%		0.77	%		1.31	%^e		27	%
Class E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	14.79	$	0.01		$	(1.28	)	$	(1.27	)	$	—		$	—		$	—	$	—		$	—	$	13.52		(8.59	)%*	$	36.3		0.83	%**		0.04	%**		0.45	%**		23	%*^c

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			Tax Return of Capital		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
Trust Class
2/28/2022 (Unaudited)	$	17.62	$	0.02		$	(1.89	)	$	(1.87	)	$	(0.09	)	$	(1.62	)	$	—	$	(1.71	)	$	—	$	14.04		(11.40	)%*	$	5.6		1.41	%**		1.21	%**		0.31	%**		22	%*
8/31/2021	$	13.91	$	0.10		$	3.78		$	3.88		$	(0.07	)	$	(0.10	)	$	—	$	(0.17	)	$	—	$	17.62		28.12	%	$	6.6		1.41	%		1.16	%		0.67	%		21	%
8/31/2020	$	12.30	$	0.05		$	1.94		$	1.99		$	(0.19	)	$	(0.19	)	$	—	$	(0.38	)	$	—	$	13.91		16.28	%	$	5.3		1.41	%		1.15	%		0.41	%		33	%
8/31/2019	$	12.97	$	0.12		$	(0.61	)	$	(0.49	)	$	(0.05	)	$	(0.13	)	$	—	$	(0.18	)	$	—	$	12.30		(3.58	)%	$	5.0		1.42	%		1.15	%		0.97	%		32	%
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	%
Institutional Class
2/28/2022 (Unaudited)	$	17.60	$	0.05		$	(1.89	)	$	(1.84	)	$	(0.15	)	$	(1.62	)	$	—	$	(1.77	)	$	—	$	13.99		(11.26	)%*	$	157.7		0.99	%**		0.87	%**		0.59	%**		22	%*
8/31/2021	$	13.89	$	0.16		$	3.77		$	3.93		$	(0.12	)	$	(0.10	)	$	—	$	(0.22	)	$	—	$	17.60		28.57	%	$	152.5		0.97	%		0.81	%		1.01	%		21	%
8/31/2020	$	12.28	$	0.10		$	1.93		$	2.03		$	(0.23	)	$	(0.19	)	$	—	$	(0.42	)	$	—	$	13.89		16.68	%	$	138.9		0.94	%		0.80	%		0.79	%		33	%
8/31/2019	$	12.96	$	0.15		$	(0.60	)	$	(0.45	)	$	(0.10	)	$	(0.13	)	$	—	$	(0.23	)	$	—	$	12.28		(3.29	)%	$	128.1		0.97	%		0.80	%		1.27	%		32	%
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	%
Class A
2/28/2022 (Unaudited)	$	17.47	$	0.02		$	(1.87	)	$	(1.85	)	$	(0.10	)	$	(1.62	)	$	—	$	(1.72	)	$	—	$	13.90		(11.40	)%*	$	4.4		1.36	%**		1.23	%**		0.24	%**		22	%*
8/31/2021	$	13.80	$	0.10		$	3.74		$	3.84		$	(0.07	)	$	(0.10	)	$	—	$	(0.17	)	$	—	$	17.47		28.07	%	$	4.5		1.34	%		1.17	%		0.66	%		21	%
8/31/2020	$	12.21	$	0.05		$	1.92		$	1.97		$	(0.19	)	$	(0.19	)	$	—	$	(0.38	)	$	—	$	13.80		16.22	%	$	3.2		1.31	%		1.16	%		0.36	%		33	%
8/31/2019	$	12.87	$	0.10		$	(0.58	)	$	(0.48	)	$	(0.05	)	$	(0.13	)	$	—	$	(0.18	)	$	—	$	12.21		(3.58	)%	$	3.2		1.35	%		1.16	%		0.85	%		32	%
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	%
Class C
2/28/2022 (Unaudited)	$	17.09	$	(0.04	)	$	(1.82	)	$	(1.86	)	$	(0.05	)	$	(1.62	)	$	—	$	(1.67	)	$	—	$	13.56		(11.69	)%*	$	0.7		2.14	%**		1.97	%**		(0.48	)%**		22	%*
8/31/2021	$	13.54	$	(0.02	)	$	3.67		$	3.65		$	—		$	(0.10	)	$	—	$	(0.10	)	$	—	$	17.09		27.11	%	$	0.8		2.12	%		1.92	%		(0.11	)%		21	%
8/31/2020	$	11.99	$	(0.04	)	$	1.87		$	1.83		$	(0.09	)	$	(0.19	)	$	—	$	(0.28	)	$	—	$	13.54		15.37	%	$	0.9		2.06	%		1.91	%		(0.34	)%		33	%
8/31/2019	$	12.68	$	0.01		$	(0.57	)	$	(0.56	)	$	—		$	(0.13	)	$	—	$	(0.13	)	$	—	$	11.99		(4.32	)%	$	1.5		2.09	%		1.91	%		0.10	%		32	%
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	%

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			Tax Return of Capital		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 R3
2/28/2022 (Unaudited)	$	17.32	$	0.00		$	(1.85	)	$	(1.85	)	$	(0.08	)	$	(1.62	)	$	—	$	(1.70	)	$	—	$	13.77		(11.51	)%*	$	1.5		1.63	%**		1.48	%**		0.05	%**		22	%*
8/31/2021	$	13.67	$	0.06		$	3.71		$	3.77		$	(0.02	)	$	(0.10	)	$	—	$	(0.12	)	$	—	$	17.32		27.74	%	$	1.9		1.60	%		1.42	%		0.38	%		21	%
8/31/2020	$	12.10	$	0.02		$	1.89		$	1.91		$	(0.15	)	$	(0.19	)	$	—	$	(0.34	)	$	—	$	13.67		15.93	%	$	2.2		1.57	%		1.41	%		0.18	%		33	%
8/31/2019	$	12.75	$	0.08		$	(0.58	)	$	(0.50	)	$	(0.02	)	$	(0.13	)	$	—	$	(0.15	)	$	—	$	12.10		(3.81	)%	$	2.3		1.60	%		1.41	%		0.66	%		32	%
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	%
Class R6
2/28/2022 (Unaudited)	$	17.61	$	0.11		$	(1.93	)	$	(1.82	)	$	(0.17	)	$	(1.62	)	$	—	$	(1.79	)	$	—	$	14.00		(11.17	)%*	$	0.3		0.87	%**		0.73	%**		1.26	%**		22	%*
8/31/2021	$	13.90	$	0.13		$	3.81		$	3.94		$	(0.13	)	$	(0.10	)	$	—	$	(0.23	)	$	—	$	17.61		28.65	%	$	1.3		0.88	%		0.71	%		0.83	%		21	%
8/31/2020	$	12.29	$	0.04		$	2.00		$	2.04		$	(0.24	)	$	(0.19	)	$	—	$	(0.43	)	$	—	$	13.90		16.77	%	$	1.9		0.84	%		0.70	%		0.28	%		33	%
8/31/2019	$	12.96	$	0.23		$	(0.66	)	$	(0.43	)	$	(0.11	)	$	(0.13	)	$	—	$	(0.24	)	$	—	$	12.29		(3.11	)%	$	29.6		0.87	%		0.71	%		1.88	%		32	%
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	%^c
International Small Cap Fund
Institutional Class
2/28/2022 (Unaudited)	$	18.34	$	0.00		$	(2.84	)	$	(2.84	)	$	(0.10	)	$	(0.73	)	$	—	$	(0.83	)	$	—	$	14.67		(15.95	)%*	$	2.8		9.02	%**		1.05	%**		0.01	%**		14	%*
8/31/2021	$	13.86	$	0.03		$	4.96		$	4.99		$	(0.07	)	$	(0.44	)	$	—	$	(0.51	)	$	—	$	18.34		36.97	%	$	2.8		13.09	%		1.07	%		0.20	%		22	%
8/31/2020	$	11.28	$	0.02		$	2.66		$	2.68		$	(0.10	)	$	—		$	—	$	(0.10	)	$	—	$	13.86		23.84	%	$	1.4		5.81	%		1.05	%^{^^}		0.14	%		14	%
8/31/2019	$	12.98	$	0.11		$	(1.60	)	$	(1.49	)	$	(0.03	)	$	(0.18	)	$	—	$	(0.21	)	$	—	$	11.28		(11.26	)%	$	5.3		6.24	%		1.05	%		1.00	%		32	%
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	%*
Class A
2/28/2022 (Unaudited)	$	18.24	$	(0.03	)	$	(2.83	)	$	(2.86	)	$	(0.05	)	$	(0.73	)	$	—	$	(0.78	)	$	—	$	14.60		(16.11	)%*	$	0.2		9.21	%**		1.41	%**		(0.39	)%**		14	%*
8/31/2021	$	13.82	$	(0.03	)	$	4.94		$	4.91		$	(0.05	)	$	(0.44	)	$	—	$	(0.49	)	$	—	$	18.24		36.43	%	$	0.5		13.62	%		1.43	%		(0.17	)%		22	%
8/31/2020	$	11.24	$	(0.03	)	$	2.66		$	2.63		$	(0.05	)	$	—		$	—	$	(0.05	)	$	—	$	13.82		23.41	%	$	0.2		6.40	%		1.42	%^{^^}		(0.23	)%		14	%
8/31/2019	$	12.93	$	0.06		$	(1.57	)	$	(1.51	)	$	—		$	(0.18	)	$	—	$	(0.18	)	$	—	$	11.24		(11.49	)%	$	0.1		6.77	%		1.41	%		0.54	%		32	%
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	%*

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			Tax Return of Capital		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 C
2/28/2022 (Unaudited)	$	17.81	$	(0.09	)	$	(2.76	)	$	(2.85	)	$	(0.01	)	$	(0.73	)	$	—	$	(0.74	)	$	—	$	14.22		(16.43	)%*	$	0.1		10.15	%**		2.16	%**		(1.11	)%**		14	%*
8/31/2021	$	13.55	$	(0.15	)	$	4.85		$	4.70		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	17.81		35.48	%	$	0.2		14.29	%		2.19	%		(0.96	)%		22	%
8/31/2020	$	11.06	$	(0.11	)	$	2.60		$	2.49		$	—		$	—		$	—	$	—		$	—	$	13.55		22.51	%	$	0.1		6.93	%		2.17	%^{^^}		(0.97	)%		14	%
8/31/2019	$	12.83	$	(0.01	)	$	(1.58	)	$	(1.59	)	$	—		$	(0.18	)	$	—	$	(0.18	)	$	—	$	11.06		(12.22	)%	$	0.1		7.38	%		2.16	%		(0.10	)%		32	%
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
2/28/2022 (Unaudited)	$	18.32	$	0.01		$	(2.85	)	$	(2.84	)	$	(0.10	)	$	(0.73	)	$	—	$	(0.83	)	$	—	$	14.65		(15.96	)%*	$	0.3		8.91	%**		0.95	%**		0.11	%**		14	%*
8/31/2021	$	13.88	$	0.04		$	4.97		$	5.01		$	(0.13	)	$	(0.44	)	$	—	$	(0.57	)	$	—	$	18.32		37.14	%	$	0.4		13.03	%		0.98	%		0.25	%		22	%
8/31/2020	$	11.29	$	0.03		$	2.67		$	2.70		$	(0.11	)	$	—		$	—	$	(0.11	)	$	—	$	13.88		24.01	%	$	0.3		5.71	%		0.96	%^{^^}		0.24	%		14	%
8/31/2019	$	12.98	$	0.12		$	(1.59	)	$	(1.47	)	$	(0.04	)	$	(0.18	)	$	—	$	(0.22	)	$	—	$	11.29		(11.13	)%	$	0.2		6.16	%		0.96	%		1.09	%		32	%
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
2/28/2022 (Unaudited)	$	24.01	$	(0.06	)	$	(0.57	)	$	(0.63	)	$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	21.90		(2.70	)%*	$	1,240.3		1.00	%**		1.00	%^§**		(0.53	)%**		8	%*
8/31/2021	$	15.13	$	(0.11	)	$	9.31		$	9.20		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	24.01		61.43	%	$	979.4		1.01	%		1.01	%^§		(0.54	)%		23	%
8/31/2020	$	14.50	$	(0.04	)	$	1.11		$	1.07		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.13		7.36	%	$	555.2		1.05	%		1.00	%		(0.29	)%		19	%
8/31/2019	$	18.54	$	(0.03	)	$	(2.14	)	$	(2.17	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.50		(10.83	)%	$	574.1		1.05	%		1.01	%		(0.20	)%		22	%
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	%
Class A
2/28/2022 (Unaudited)	$	23.74	$	(0.10	)	$	(0.57	)	$	(0.67	)	$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	21.59		(2.91	)%*	$	55.9		1.36	%**		1.36	%^§**		(0.88	)%**		8	%*
8/31/2021	$	15.02	$	(0.19	)	$	9.23		$	9.04		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	23.74		60.81	%	$	51.4		1.37	%		1.37	%		(0.90	)%		23	%
8/31/2020	$	14.44	$	(0.09	)	$	1.11		$	1.02		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.02		7.04	%	$	21.0		1.43	%		1.36	%		(0.65	)%		19	%
8/31/2019ⁱ	$	18.54	$	(0.09	)	$	(2.14	)	$	(2.23	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.44		(11.18	)%	$	19.7		1.44	%		1.37	%		(0.56	)%		22	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%

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			Tax Return of Capital		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
2/28/2022 (Unaudited)	$	23.19	$	(0.18	)	$	(0.54	)	$	(0.72	)	$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	20.99		(3.20	)%*	$	23.0		2.11	%**		2.11	%^§**		(1.64	)%**		8	%*
8/31/2021	$	14.79	$	(0.33	)	$	9.05		$	8.72		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	23.19		59.58	%	$	18.4		2.12	%		2.12	%^§		(1.65	)%		23	%
8/31/2020	$	14.34	$	(0.19	)	$	1.08		$	0.89		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	14.79		6.16	%	$	11.3		2.16	%		2.11	%		(1.38	)%		19	%
8/31/2019ⁱ	$	18.54	$	(0.20	)	$	(2.13	)	$	(2.33	)	$	—		$	(1.87	)	$	—	$	(1.87	)	$	—	$	14.34		(11.78	)%	$	16.8		2.16	%		2.12	%		(1.30	)%		22	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
2/28/2022 (Unaudited)	$	24.09	$	(0.04	)	$	(0.57	)	$	(0.61	)	$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	22.00		(2.60	)%*	$	102.9		0.84	%**		0.84	%**		(0.36	)%**		8	%*
8/31/2021	$	15.17	$	(0.09	)	$	9.33		$	9.24		$	—		$	(0.32	)	$	—	$	(0.32	)	$	—	$	24.09		61.54	%	$	84.0		0.89	%		0.89	%^§		(0.44	)%		23	%
8/31/2020	$	14.52	$	(0.02	)	$	1.11		$	1.09		$	—		$	(0.44	)	$	—	$	(0.44	)	$	—	$	15.17		7.49	%	$	0.1		0.97	%		0.90	%		(0.17	)%		19	%
Period from 1/18/2019^{^} to 8/31/2019	$	14.22	$	(0.01	)	$	0.31		$	0.30		$	—		$	—		$	—	$	—		$	—	$	14.52		2.11	%*	$	0.2		1.00	%**		0.91	%**		(0.10	)%**		22	%^c
Large Cap Value Fund
Investor Class
2/28/2022 (Unaudited)	$	44.85	$	0.36		$	2.21		$	2.57		$	(0.55	)	$	(1.68	)	$	—	$	(2.23	)	$	—	$	45.19		5.99	%*	$	1,700.2		0.75	%**		0.75	%**		1.59	%**		32	%*
8/31/2021	$	30.38	$	0.66		$	14.39		$	15.05		$	(0.49	)	$	(0.09	)	$	—	$	(0.58	)	$	—	$	44.85		50.05	%	$	1,628.3		0.78	%		0.78	%		1.67	%		89	%
8/31/2020	$	30.58	$	0.59		$	0.46		$	1.05		$	(0.60	)	$	(0.65	)	$	—	$	(1.25	)	$	—	$	30.38		3.23	%	$	1,087.2		0.85	%		0.85	%		1.99	%		157	%
8/31/2019	$	32.87	$	0.59		$	1.03		$	1.62		$	(0.53	)	$	(3.38	)	$	—	$	(3.91	)	$	—	$	30.58		6.25	%	$	1,174.3		0.86	%		0.86	%		1.93	%		109	%^k
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	%^h	$	1,148.5		0.87	%		0.86	%^e		1.31	%^e		74	%
Trust Class
2/28/2022 (Unaudited)	$	44.86	$	0.31		$	2.23		$	2.54		$	(0.47	)	$	(1.68	)	$	—	$	(2.15	)	$	—	$	45.25		5.90	%*	$	132.4		0.95	%**		0.95	%**		1.39	%**		32	%*
8/31/2021	$	30.39	$	0.58		$	14.41		$	14.99		$	(0.43	)	$	(0.09	)	$	—	$	(0.52	)	$	—	$	44.86		49.76	%	$	112.1		0.99	%		0.99	%		1.47	%		89	%
8/31/2020	$	30.59	$	0.54		$	0.45		$	0.99		$	(0.54	)	$	(0.65	)	$	—	$	(1.19	)	$	—	$	30.39		3.05	%	$	65.4		1.03	%		1.03	%		1.82	%		157	%
8/31/2019	$	32.88	$	0.54		$	1.03		$	1.57		$	(0.48	)	$	(3.38	)	$	—	$	(3.86	)	$	—	$	30.59		6.04	%	$	81.7		1.04	%		1.04	%		1.75	%		109	%^k
8/31/2018^f	$	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^f	$	28.84	$	0.36		$	4.10		$	4.46		$	(0.30	)	$	(1.37	)	$	—	$	(1.67	)	$	—	$	31.63		15.77	%^h	$	75.0		1.05	%		1.01	%^e		1.16	%^e		74	%

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			Tax Return of Capital		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)
Advisor Class
2/28/2022 (Unaudited)	$	44.85	$	0.28	$	2.22	$	2.50	$	(0.39	)	$	(1.68	)	$	—	$	(2.07	)	$	—	$	45.28		5.81	%*	$	150.9		1.10	%**		1.10	%**		1.23	%		32	%*
8/31/2021	$	30.40	$	0.51	$	14.41	$	14.92	$	(0.38	)	$	(0.09	)	$	—	$	(0.47	)	$	—	$	44.85		49.48	%	$	138.0		1.14	%		1.14	%		1.31	%		89	%
8/31/2020	$	30.60	$	0.49	$	0.46	$	0.95	$	(0.50	)	$	(0.65	)	$	—	$	(1.15	)	$	—	$	30.40		2.90	%	$	99.7		1.18	%		1.18	%		1.66	%		157	%
8/31/2019	$	32.88	$	0.49	$	1.04	$	1.53	$	(0.43	)	$	(3.38	)	$	—	$	(3.81	)	$	—	$	30.60		5.90	%	$	114.8		1.19	%		1.19	%		1.58	%		109	%^k
8/31/2018^f	$	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^f	$	29.45	$	0.30	$	4.15	$	4.45	$	(0.41	)	$	(1.87	)	$	—	$	(2.28	)	$	—	$	31.62		15.51	%^h	$	144.1		1.20	%		1.19	%^e		0.98	%^e		74	%
Institutional Class
2/28/2022 (Unaudited)	$	44.84	$	0.39	$	2.22	$	2.61	$	(0.64	)	$	(1.68	)	$	—	$	(2.32	)	$	—	$	45.13		6.08	%*	$	6,347.2		0.60	%**		0.60	%**		1.73	%**		32	%*
8/31/2021	$	30.38	$	0.84	$	14.26	$	15.10	$	(0.55	)	$	(0.09	)	$	—	$	(0.64	)	$	—	$	44.84		50.25	%	$	4,146.7		0.62	%		0.62	%		1.96	%		89	%
8/31/2020	$	30.57	$	0.64	$	0.47	$	1.11	$	(0.65	)	$	(0.65	)	$	—	$	(1.30	)	$	—	$	30.38		3.42	%	$	365.3		0.68	%		0.68	%		2.15	%		157	%
8/31/2019^l	$	32.87	$	0.66	$	1.01	$	1.67	$	(0.59	)	$	(3.38	)	$	—	$	(3.97	)	$	—	$	30.57		6.41	%	$	339.6		0.69	%		0.69	%		2.17	%		109	%^k
8/31/2018^f	$	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^f	$	28.25	$	0.45	$	4.02	$	4.47	$	(0.26	)	$	(0.86	)	$	—	$	(1.12	)	$	—	$	31.60		16.04	%^h	$	80.6		0.70	%		0.69	%^e§		1.50	%^e		74	%
Class A
2/28/2022 (Unaudited)	$	44.87	$	0.30	$	2.23	$	2.53	$	(0.49	)	$	(1.68	)	$	—	$	(2.17	)	$	—	$	45.23		5.89	%*	$	187.0		0.98	%**		0.98	%**		1.35	%**		32	%*
8/31/2021	$	30.39	$	0.64	$	14.33	$	14.97	$	(0.40	)	$	(0.09	)	$	—	$	(0.49	)	$	—	$	44.87		49.67	%	$	136.5		1.01	%		1.01	%		1.51	%		89	%
8/31/2020	$	30.59	$	0.53	$	0.45	$	0.98	$	(0.53	)	$	(0.65	)	$	—	$	(1.18	)	$	—	$	30.39		3.03	%	$	23.4		1.05	%		1.05	%		1.73	%		157	%
8/31/2019	$	32.88	$	0.58	$	0.97	$	1.55	$	(0.46	)	$	(3.38	)	$	—	$	(3.84	)	$	—	$	30.59		5.99	%	$	52.5		1.08	%		1.08	%		1.89	%		109	%^k
8/31/2018^f	$	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^f	$	28.87	$	0.34	$	4.09	$	4.43	$	(0.31	)	$	(1.37	)	$	—	$	(1.68	)	$	—	$	31.62		15.65	%^h	$	3.8		1.07	%		1.07	%^e		1.11	%^e		74	%
Class C
2/28/2022 (Unaudited)	$	44.90	$	0.14	$	2.23	$	2.37	$	(0.36	)	$	(1.68	)	$	—	$	(2.04	)	$	—	$	45.23		5.50	%*	$	181.6		1.72	%**		1.72	%**		0.62	%**		32	%*
8/31/2021	$	30.30	$	0.40	$	14.30	$	14.70	$	(0.01	)	$	(0.09	)	$	—	$	(0.10	)	$	—	$	44.90		48.59	%	$	102.3		1.74	%		1.74	%		0.94	%		89	%
8/31/2020	$	30.61	$	0.31	$	0.44	$	0.75	$	(0.41	)	$	(0.65	)	$	—	$	(1.06	)	$	—	$	30.30		2.27	%	$	14.7		1.81	%		1.81	%		1.04	%		157	%
8/31/2019	$	32.87	$	0.33	$	1.02	$	1.35	$	(0.23	)	$	(3.38	)	$	—	$	(3.61	)	$	—	$	30.61		5.24	%	$	19.7		1.82	%		1.82	%		1.08	%		109	%^k
8/31/2018^f	$	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^f	$	29.66	$	0.11	$	4.18	$	4.29	$	(0.29	)	$	(1.99	)	$	—	$	(2.28	)	$	—	$	31.67		14.84	%^h	$	2.3		1.81	%		1.81	%^e		0.36	%^e		74	%

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			Tax Return of Capital		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)
Class R3
2/28/2022 (Unaudited)	$	44.88	$	0.24		$	2.23		$	2.47		$	(0.52	)	$	(1.68	)	$	—	$	(2.20	)	$	—	$	45.15		5.74	%*	$	3.3		1.23	%**		1.23	%**		1.08	%**		32	%*
8/31/2021	$	30.42	$	0.52		$	14.36		$	14.88		$	(0.33	)	$	(0.09	)	$	—	$	(0.42	)	$	—	$	44.88		49.26	%	$	2.0		1.29	%		1.29	%		1.29	%		89	%
8/31/2020	$	30.62	$	0.45		$	0.45		$	0.90		$	(0.45	)	$	(0.65	)	$	—	$	(1.10	)	$	—	$	30.42		2.74	%	$	0.6		1.34	%		1.34	%^§		1.51	%		157	%
8/31/2019	$	32.89	$	0.43		$	1.06		$	1.49		$	(0.38	)	$	(3.38	)	$	—	$	(3.76	)	$	—	$	30.62		5.74	%	$	0.7		1.37	%		1.37	%^§		1.42	%		109	%^k
8/31/2018^f	$	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^f	$	29.46	$	0.28		$	4.12		$	4.40		$	(0.39	)	$	(1.84	)	$	—	$	(2.23	)	$	—	$	31.63		15.27	%^h	$	0.2		1.43	%		1.36	%^e		0.90	%^e		74	%
Class R6
2/28/2022 (Unaudited)	$	44.89	$	0.42		$	2.21		$	2.63		$	(0.67	)	$	(1.68	)	$	—	$	(2.35	)	$	—	$	45.17		6.12	%*	$	217.4		0.50	%**		0.50	%**		1.86	%**		32	%*
8/31/2021	$	30.41	$	0.78		$	14.37		$	15.15		$	(0.58	)	$	(0.09	)	$	—	$	(0.67	)	$	—	$	44.89		50.39	%	$	190.6		0.53	%		0.53	%		1.95	%		89	%
8/31/2020	$	30.59	$	0.63		$	0.51		$	1.14		$	(0.67	)	$	(0.65	)	$	—	$	(1.32	)	$	—	$	30.41		3.54	%	$	91.4		0.59	%		0.59	%^§		2.19	%		157	%
Period from 1/18/2019^{^} to 8/31/2019	$	28.19	$	0.45		$	1.95		$	2.40		$	—		$	—		$	—	$	—		$	—	$	30.59		8.51	%*	$	0.3		0.67	%**		0.61	%**		2.39	%**		109	%^ck
Class E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	45.60	$	0.13		$	(0.52	)	$	(0.39	)	$	—		$	—		$	—	$	—		$	—	$	45.21		(0.86	)%*	$	157.7		0.45	%**		0.03	%**		2.19	%**		32	%*^c
Mid Cap Growth Fund
Investor Class
2/28/2022 (Unaudited)	$	22.78	$	(0.04	)	$	(2.82	)	$	(2.86	)	$	—		$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.79		(13.78	)%*	$	574.8		0.81	%**		0.81	%**		(0.36	)%**		23	%*
8/31/2021	$	18.45	$	(0.12	)	$	6.36		$	6.24		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.78		35.63	%	$	696.4		0.83	%		0.83	%		(0.57	)%		42	%
8/31/2020	$	15.96	$	(0.06	)	$	3.40		$	3.34		$	—		$	(0.85	)	$	—	$	(0.85	)	$	—	$	18.45		21.95	%	$	570.7		0.88	%		0.88	%		(0.39	)%		55	%
8/31/2019	$	16.99	$	(0.05	)	$	0.47		$	0.42		$	—		$	(1.45	)	$	—	$	(1.45	)	$	—	$	15.96		4.84	%	$	513.3		0.90	%		0.90	%		(0.31	)%		48	%
8/31/2018^f	$	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^f	$	13.25	$	(0.04	)	$	2.04		$	2.00		$	—		$	(0.64	)	$	—	$	(0.64	)	$	—	$	14.61		15.80	%^h	$	445.9		0.93	%		0.91	%^e		(0.28	)%^e		47	%

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			Tax Return of Capital		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)
Trust Class
2/28/2022 (Unaudited)	$	22.77	$	(0.05	)	$	(2.82	)	$	(2.87	)	$	—	$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.77		(13.83	)%*	$	64.6		0.91	%**		0.91	%**		(0.45	)%**		23	%*
8/31/2021^l	$	18.46	$	(0.14	)	$	6.36		$	6.22		$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.77		35.53	%	$	109.3		0.92	%		0.92	%		(0.66	)%		42	%
8/31/2020^l	$	15.98	$	(0.07	)	$	3.40		$	3.33		$	—	$	(0.85	)	$	—	$	(0.85	)	$	—	$	18.46		21.85	%	$	85.7		0.94	%		0.94	%		(0.46	)%		55	%
8/31/2019^l	$	17.02	$	(0.06	)	$	0.47		$	0.41		$	—	$	(1.45	)	$	—	$	(1.45	)	$	—	$	15.98		4.78	%	$	77.7		0.95	%		0.95	%		(0.37	)%		48	%
8/31/2018^fl	$	14.66	$	(0.05	)	$	3.73		$	3.68		$	—	$	(1.32	)	$	—	$	(1.32	)	$	—	$	17.02		26.65	%	$	77.6		0.95	%		0.95	%		(0.30	)%		50	%
8/31/2017^fl	$	13.01	$	(0.04	)	$	2.05		$	2.01		$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.66		15.75	%^h	$	52.0		0.97	%		0.97	%^e		(0.34	)%^e		47	%
Advisor Class
2/28/2022 (Unaudited)	$	22.76	$	(0.07	)	$	(2.82	)	$	(2.89	)	$	—	$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.74		(13.93	)%*	$	9.4		1.17	%**		1.17	%**		(0.71	)%		23	%*
8/31/2021^l	$	18.51	$	(0.19	)	$	6.35		$	6.16		$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.76		35.19	%	$	13.2		1.17	%		1.17	%		(0.92	)%		42	%
8/31/2020^l	$	16.07	$	(0.11	)	$	3.41		$	3.30		$	—	$	(0.86	)	$	—	$	(0.86	)	$	—	$	18.51		21.57	%	$	10.3		1.20	%		1.20	%		(0.70	)%		55	%
8/31/2019^l	$	17.16	$	(0.09	)	$	0.47		$	0.38		$	—	$	(1.47	)	$	—	$	(1.47	)	$	—	$	16.07		4.53	%	$	12.0		1.21	%		1.21	%		(0.62	)%		48	%
8/31/2018^fl	$	14.81	$	(0.09	)	$	3.78		$	3.69		$	—	$	(1.34	)	$	—	$	(1.34	)	$	—	$	17.16		26.32	%	$	15.4		1.21	%		1.21	%		(0.56	)%		50	%
8/31/2017^fl	$	13.18	$	(0.08	)	$	2.07		$	1.99		$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.81		15.47	%^h	$	12.4		1.23	%		1.23	%^e		(0.60	)%^e		47	%
Institutional Class
2/28/2022 (Unaudited)	$	22.79	$	(0.02	)	$	(2.83	)	$	(2.85	)	$	—	$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.81		(13.72	)%*	$	415.8		0.66	%**		0.66	%**		(0.21	)%**		23	%*
8/31/2021^l	$	18.41	$	(0.08	)	$	6.37		$	6.29		$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.79		35.91	%	$	481.1		0.67	%		0.67	%		(0.41	)%		42	%
8/31/2020^l	$	15.90	$	(0.03	)	$	3.38		$	3.35		$	—	$	(0.84	)	$	—	$	(0.84	)	$	—	$	18.41		22.12	%	$	347.4		0.70	%		0.70	%		(0.22	)%		55	%
8/31/2019^l	$	16.88	$	(0.02	)	$	0.48		$	0.46		$	—	$	(1.44	)	$	—	$	(1.44	)	$	—	$	15.90		5.09	%	$	273.4		0.70	%		0.70	%		(0.11	)%		48	%
8/31/2018^l	$	14.50	$	(0.01	)	$	3.70		$	3.69		$	—	$	(1.31	)	$	—	$	(1.31	)	$	—	$	16.88		26.93	%	$	353.7		0.70	%		0.70	%		(0.05	)%		50	%
8/31/2017^l	$	13.10	$	(0.01	)	$	2.03		$	2.02		$	—	$	(0.62	)	$	—	$	(0.62	)	$	—	$	14.50		16.03	%^h	$	321.5		0.72	%		0.72	%^e		(0.09	)%^e		47	%
Class A
2/28/2022 (Unaudited)	$	22.77	$	(0.06	)	$	(2.82	)	$	(2.88	)	$	—	$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.76		(13.88	)%*	$	48.4		1.03	%**		1.03	%**		(0.57	)%**		23	%*
8/31/2021^l	$	18.48	$	(0.16	)	$	6.36		$	6.20		$	—	$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.77		35.42	%	$	48.1		1.04	%		1.04	%		(0.78	)%		42	%
8/31/2020^l	$	16.02	$	(0.09	)	$	3.41		$	3.32		$	—	$	(0.86	)	$	—	$	(0.86	)	$	—	$	18.48		21.70	%	$	36.0		1.06	%		1.06	%		(0.57	)%		55	%
8/31/2019^l	$	17.09	$	(0.07	)	$	0.46		$	0.39		$	—	$	(1.46	)	$	—	$	(1.46	)	$	—	$	16.02		4.65	%	$	33.0		1.07	%		1.07	%		(0.47	)%		48	%
8/31/2018^fl	$	14.73	$	(0.07	)	$	3.76		$	3.69		$	—	$	(1.33	)	$	—	$	(1.33	)	$	—	$	17.09		26.48	%	$	52.1		1.07	%		1.07	%		(0.42	)%		50	%
8/31/2017^fl	$	13.10	$	(0.06	)	$	2.05		$	1.99		$	—	$	(0.36	)	$	—	$	(0.36	)	$	—	$	14.73		15.58	%^h	$	54.4		1.11	%		1.11	%^e§		(0.49	)%^e		47	%

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			Tax Return of Capital		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 C
2/28/2022 (Unaudited)	$	22.73	$	(0.13	)	$	(2.81	)	$	(2.94	)	$	—		$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.66		(14.18	)%*	$	10.0		1.78	%**		1.78	%**		(1.32	)%**		23	%*
8/31/2021^l	$	18.63	$	(0.32	)	$	6.33		$	6.01		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.73		34.42	%	$	13.2		1.79	%		1.79	%		(1.53	)%		42	%
8/31/2020^l	$	16.29	$	(0.21	)	$	3.43		$	3.22		$	—		$	(0.88	)	$	—	$	(0.88	)	$	—	$	18.63		20.77	%	$	11.3		1.81	%		1.81	%		(1.32	)%		55	%
8/31/2019^l	$	17.52	$	(0.19	)	$	0.47		$	0.28		$	—		$	(1.51	)	$	—	$	(1.51	)	$	—	$	16.29		3.91	%	$	10.8		1.82	%		1.82	%		(1.24	)%		48	%
8/31/2018^fl	$	15.22	$	(0.20	)	$	3.87		$	3.67		$	—		$	(1.37	)	$	—	$	(1.37	)	$	—	$	17.52		25.49	%	$	11.6		1.85	%		1.85	%^§		(1.20	)%		50	%
8/31/2017^fl	$	13.65	$	(0.18	)	$	2.13		$	1.95		$	—		$	(0.38	)	$	—	$	(0.38	)	$	—	$	15.22		14.69	%	$	9.7		1.86	%		1.86	%^§		(1.24	)%		47	%
Class R3
2/28/2022 (Unaudited)	$	22.75	$	(0.08	)	$	(2.82	)	$	(2.90	)	$	—		$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.72		(13.99	)%*	$	13.7		1.28	%**		1.28	%**		(0.83	)%**		23	%*
8/31/2021^l	$	18.53	$	(0.21	)	$	6.34		$	6.13		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.75		35.03	%	$	18.5		1.29	%		1.29	%		(1.03	)%		42	%
8/31/2020^l	$	16.12	$	(0.12	)	$	3.40		$	3.28		$	—		$	(0.87	)	$	—	$	(0.87	)	$	—	$	18.53		21.36	%	$	13.7		1.31	%		1.31	%		(0.77	)%		55	%
8/31/2019^l	$	17.24	$	(0.12	)	$	0.48		$	0.36		$	—		$	(1.48	)	$	—	$	(1.48	)	$	—	$	16.12		4.41	%	$	56.4		1.33	%		1.33	%^§		(0.79	)%		48	%
8/31/2018^fl	$	14.91	$	(0.11	)	$	3.79		$	3.68		$	—		$	(1.35	)	$	—	$	(1.35	)	$	—	$	17.24		26.11	%	$	15.6		1.36	%		1.36	%^§		(0.71	)%		50	%
8/31/2017^fl	$	13.29	$	(0.10	)	$	2.09		$	1.99		$	—		$	(0.37	)	$	—	$	(0.37	)	$	—	$	14.91		15.30	%	$	13.2		1.36	%		1.36	%		(0.73	)%		47	%
Class R6
2/28/2022 (Unaudited)	$	22.79	$	(0.01	)	$	(2.83	)	$	(2.84	)	$	—		$	(3.13	)	$	—	$	(3.13	)	$	—	$	16.82		(13.68	)%*	$	602.2		0.56	%**		0.56	%**		(0.11	)%**		23	%*
8/31/2021^l	$	18.39	$	(0.06	)	$	6.37		$	6.31		$	—		$	(1.91	)	$	—	$	(1.91	)	$	—	$	22.79		35.99	%	$	753.3		0.57	%		0.57	%		(0.31	)%		42	%
8/31/2020^l	$	15.86	$	(0.02	)	$	3.39		$	3.37		$	—		$	(0.84	)	$	—	$	(0.84	)	$	—	$	18.39		22.27	%	$	524.1		0.60	%		0.60	%		(0.11	)%		55	%
8/31/2019^l	$	16.82	$	(0.00	)	$	0.47		$	0.47		$	—		$	(1.43	)	$	—	$	(1.43	)	$	—	$	15.86		5.20	%	$	461.1		0.61	%		0.61	%		(0.03	)%		48	%
8/31/2018^fl	$	14.44	$	0.00		$	3.68		$	3.68		$	—		$	(1.30	)	$	—	$	(1.30	)	$	—	$	16.82		26.99	%	$	433.5		0.63	%		0.63	%		0.02	%		50	%
8/31/2017^fl	$	13.04	$	(0.00	)	$	2.01		$	2.01		$	—		$	(0.61	)	$	—	$	(0.61	)	$	—	$	14.44		16.13	%^h	$	262.4		0.65	%		0.65	%^e		(0.02	)%^e		47	%
Mid Cap Intrinsic Value Fund
Investor Class
2/28/2022 (Unaudited)	$	24.69	$	0.08		$	1.07		$	1.15		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	25.70		4.68	%*	$	36.2		1.41	%**		0.96	%**		0.64	%**		13	%*
8/31/2021	$	16.03	$	0.15		$	8.52		$	8.67		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.69		54.09	%	$	35.2		1.49	%		1.01	%		0.68	%		31	%
8/31/2020	$	19.32	$	0.22		$	(3.28	)	$	(3.06	)	$	(0.23	)	$	—		$	—	$	(0.23	)	$	—	$	16.03		(16.10	)%	$	23.0		1.37	%		1.11	%		1.26	%		16	%
8/31/2019ⁱ	$	24.16	$	0.19		$	(3.39	)	$	(3.20	)	$	(0.13	)	$	(1.51	)	$	—	$	(1.64	)	$	—	$	19.32		(12.97	)%	$	34.5		1.27	%		1.17	%		0.93	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	19.75	$	0.23		$	3.16		$	3.39		$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	23.02		17.19	%^h	$	40.3		1.25	%		1.01	%^e		1.06	%^e		31	%

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			Tax Return of Capital		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)
Trust Class
2/28/2022 (Unaudited)	$	24.63	$	0.05		$	1.07		$	1.12		$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	25.69		4.56	%*	$	6.9		1.61	%**		1.20	%**		0.40	%**		13	%*
8/31/2021	$	16.02	$	0.10		$	8.52		$	8.62		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.63		53.86	%	$	6.9		1.69	%		1.22	%		0.48	%		31	%
8/31/2020	$	19.32	$	0.20		$	(3.30	)	$	(3.10	)	$	(0.20	)	$	—		$	—	$	(0.20	)	$	—	$	16.02		(16.26	)%	$	4.9		1.53	%		1.26	%		1.12	%		16	%
8/31/2019ⁱ	$	24.16	$	0.17		$	(3.38	)	$	(3.21	)	$	(0.12	)	$	(1.51	)	$	—	$	(1.63	)	$	—	$	19.32		(13.03	)%	$	8.0		1.42	%		1.27	%		0.82	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.10	$	0.19		$	3.19		$	3.38		$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	23.35		16.85	%^h	$	10.9		1.43	%		1.25	%^§e		0.82	%^e		31	%
Institutional Class
2/28/2022 (Unaudited)	$	24.65	$	0.10		$	1.06		$	1.16		$	(0.15	)	$	—		$	—	$	(0.15	)	$	—	$	25.66		4.74	%*	$	15.8		1.25	%**		0.85	%**		0.78	%**		13	%*
8/31/2021	$	16.02	$	0.18		$	8.51		$	8.69		$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	24.65		54.34	%	$	15.2		1.32	%		0.86	%		0.84	%		31	%
8/31/2020	$	19.31	$	0.27		$	(3.28	)	$	(3.01	)	$	(0.28	)	$	—		$	—	$	(0.28	)	$	—	$	16.02		(15.88	)%	$	12.6		1.19	%		0.86	%		1.52	%		16	%
8/31/2019	$	24.17	$	0.25		$	(3.40	)	$	(3.15	)	$	(0.20	)	$	(1.51	)	$	—	$	(1.71	)	$	—	$	19.31		(12.70	)%	$	40.2		1.07	%		0.86	%		1.21	%		56	%
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	%^h	$	29.1		1.05	%		0.85	%^e		1.19	%^e		31	%
Class A
2/28/2022 (Unaudited)	$	24.63	$	0.05		$	1.08		$	1.13		$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	25.70		4.59	%*	$	1.5		1.65	%**		1.21	%**		0.39	%**		13	%*
8/31/2021	$	16.03	$	0.11		$	8.50		$	8.61		$	(0.01	)	$	—		$	—	$	(0.01	)	$	—	$	24.63		53.74	%	$	1.5		1.73	%		1.22	%		0.50	%		31	%
8/31/2020	$	19.32	$	0.21		$	(3.29	)	$	(3.08	)	$	(0.21	)	$	—		$	—	$	(0.21	)	$	—	$	16.03		(16.17	)%	$	1.7		1.54	%		1.22	%		1.15	%		16	%
8/31/2019ⁱ	$	24.17	$	0.19		$	(3.41	)	$	(3.22	)	$	(0.12	)	$	(1.51	)	$	—	$	(1.63	)	$	—	$	19.32		(13.03	)%	$	6.2		1.40	%		1.22	%		0.91	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.08	$	0.20		$	3.20		$	3.40		$	(0.14	)	$	—		$	—	$	(0.14	)	$	—	$	23.34		16.95	%^h	$	8.6		1.43	%		1.21	%^e		0.89	%^e		31	%
Class C
2/28/2022 (Unaudited)	$	24.43	$	(0.04	)	$	1.06		$	1.02		$	—		$	—		$	—	$	—		$	—	$	25.45		4.18	%*	$	1.1		2.39	%**		1.96	%**		(0.36	)%**		13	%*
8/31/2021	$	16.00	$	(0.06	)	$	8.49		$	8.43		$	—		$	—		$	—	$	—		$	—	$	24.43		52.69	%	$	1.0		2.47	%		1.97	%		(0.26	)%		31	%
8/31/2020	$	19.29	$	0.07		$	(3.30	)	$	(3.23	)	$	(0.06	)	$	—		$	—	$	(0.06	)	$	—	$	16.00		(16.81	)%	$	0.8		2.31	%		1.97	%		0.41	%		16	%
8/31/2019ⁱ	$	24.18	$	0.02		$	(3.39	)	$	(3.37	)	$	(0.01	)	$	(1.51	)	$	—	$	(1.52	)	$	—	$	19.29		(13.69	)%	$	1.5		2.19	%		1.97	%		0.10	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	20.29	$	0.04		$	3.22		$	3.26		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	23.47		16.09	%^h	$	2.5		2.18	%		1.96	%^e		0.15	%^e		31	%

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			Tax Return of Capital		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 R3
2/28/2022 (Unaudited)	$	24.59	$	0.02		$	1.07		$	1.09		$	(0.02	)	$	—		$	—	$	(0.02	)	$	—	$	25.66		4.43	%*	$	0.7		1.91	%**		1.46	%**		0.14	%**		13	%*
8/31/2021	$	16.03	$	0.05		$	8.51		$	8.56		$	(0.00	)	$	—		$	—	$	—		$	—	$	24.59		53.42	%	$	0.8		1.98	%		1.47	%		0.22	%		31	%
8/31/2020	$	19.33	$	0.18		$	(3.32	)	$	(3.14	)	$	(0.16	)	$	—		$	—	$	(0.16	)	$	—	$	16.03		(16.42	)%	$	0.5		1.80	%		1.47	%		0.96	%		16	%
8/31/2019ⁱ	$	24.17	$	0.13		$	(3.39	)	$	(3.26	)	$	(0.07	)	$	(1.51	)	$	—	$	(1.58	)	$	—	$	19.33		(13.21	)%	$	1.9		1.70	%		1.48	%		0.61	%		56	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	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	%
Class R6
2/28/2022 (Unaudited)	$	24.65	$	0.11		$	1.08		$	1.19		$	(0.18	)	$	—		$	—	$	(0.18	)	$	—	$	25.66		4.83	%*	$	0.0		1.51	%**		0.75	%**		0.85	%**		13	%*
8/31/2021	$	16.03	$	0.20		$	8.50		$	8.70		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	24.65		54.45	%	$	0.0		1.72	%		0.76	%		0.94	%		31	%
8/31/2020	$	19.32	$	0.28		$	(3.27	)	$	(2.99	)	$	(0.30	)	$	—		$	—	$	(0.30	)	$	—	$	16.03		(15.79	)%	$	0.0		1.02	%		0.76	%^§		1.62	%		16	%
Period from 3/29/2019^{^} to 8/31/2019	$	20.50	$	0.10		$	(1.28	)	$	(1.18	)	$	—		$	—		$	—	$	—		$	—	$	19.32		(5.76	)%*	$	0.0		1.44	%**		0.78	%**		1.14	%**		56	%^c
Multi-Cap Opportunities Fund
Institutional Class
2/28/2022 (Unaudited)	$	18.55	$	0.02		$	(0.41	)	$	(0.39	)	$	(0.05	)	$	(4.83	)	$	—	$	(4.88	)	$	—	$	13.28		(3.21	)%*	$	293.3		0.80	%**		0.80	%**		0.23	%**		11	%*
8/31/2021	$	17.03	$	0.05		$	5.17		$	5.22		$	(0.05	)	$	(3.65	)	$	—	$	(3.70	)	$	—	$	18.55		36.24	%	$	490.7		0.81	%		0.81	%		0.33	%		15	%
8/31/2020	$	18.64	$	0.09		$	1.76		$	1.85		$	(0.14	)	$	(3.32	)	$	—	$	(3.46	)	$	—	$	17.03		10.23	%	$	609.7		0.76	%		0.76	%		0.53	%		27	%
8/31/2019	$	20.12	$	0.14		$	0.17		$	0.31		$	(0.14	)	$	(1.65	)	$	—	$	(1.79	)	$	—	$	18.64		2.91	%	$	1,098.2		0.74	%		0.74	%		0.75	%		36	%
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	%^h	$	1,828.2		0.75	%		0.75	%^e		0.68	%^e		23	%
Class A
2/28/2022 (Unaudited)	$	18.55	$	(0.01	)	$	(0.40	)	$	(0.41	)	$	(0.01	)	$	(4.83	)	$	—	$	(4.84	)	$	—	$	13.30		(3.37	)%*	$	50.0		1.18	%**		1.18	%**		(0.13	)%**		11	%*
8/31/2021	$	17.05	$	(0.01	)	$	5.16		$	5.15		$	(0.00	)	$	(3.65	)	$	—	$	(3.65	)	$	—	$	18.55		35.69	%	$	53.1		1.18	%		1.18	%		(0.04	)%		15	%
8/31/2020	$	18.65	$	0.03		$	1.76		$	1.79		$	(0.07	)	$	(3.32	)	$	—	$	(3.39	)	$	—	$	17.05		9.83	%	$	41.6		1.14	%		1.14	%		0.17	%		27	%
8/31/2019ⁱ	$	20.12	$	0.07		$	0.18		$	0.25		$	(0.07	)	$	(1.65	)	$	—	$	(1.72	)	$	—	$	18.65		2.54	%	$	49.9		1.12	%		1.12	%		0.38	%		36	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.09	$	0.06		$	3.06		$	3.12		$	(0.07	)	$	(0.45	)	$	—	$	(0.52	)	$	—	$	18.69		19.85	%^h	$	53.5		1.10	%		1.10	%^e		0.32	%^e		23	%

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			Tax Return of Capital		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
2/28/2022 (Unaudited)	$	18.23	$	(0.07	)	$	(0.39	)	$	(0.46	)	$	—		$	(4.83	)	$	—	$	(4.83	)	$	—	$	12.94		(3.76	)%*	$	21.3		1.92	%**		1.92	%**		(0.89	)%**		11	%*
8/31/2021	$	16.92	$	(0.13	)	$	5.09		$	4.96		$	—		$	(3.65	)	$	—	$	(3.65	)	$	—	$	18.23		34.66	%	$	27.2		1.93	%		1.93	%		(0.78	)%		15	%
8/31/2020	$	18.59	$	(0.09	)	$	1.74		$	1.65		$	—		$	(3.32	)	$	—	$	(3.32	)	$	—	$	16.92		9.04	%	$	30.4		1.88	%		1.88	%		(0.57	)%		27	%
8/31/2019ⁱ	$	20.13	$	(0.06	)	$	0.17		$	0.11		$	—		$	(1.65	)	$	—	$	(1.65	)	$	—	$	18.59		1.78	%	$	39.4		1.86	%		1.86	%		(0.35	)%		36	%
8/31/2018ⁱ	$	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	%
8/31/2017ⁱ	$	16.31	$	(0.07	)	$	3.11		$	3.04		$	(0.00	)	$	(0.48	)	$	—	$	(0.48	)	$	—	$	18.87		18.95	%^h	$	40.7		1.84	%		1.84	%^e		(0.40	)%^e		23	%
Class E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	13.99	$	0.02		$	(0.72	)	$	(0.70	)	$	—		$	—		$	—	$	—		$	—	$	13.29		(5.00	)%*	$	84.5		0.67	%**		0.08	%**		1.06	%**		11	%*^c
Real Estate Fund
Trust Class
2/28/2022 (Unaudited)	$	18.10	$	0.08		$	(0.81	)	$	(0.73	)	$	(0.12	)	$	(0.50	)	$	—	$	(0.62	)	$	—	$	16.75		(4.33	)%*	$	140.3		1.36	%**		1.04	%**		0.93	%**		11	%*
8/31/2021	$	13.76	$	0.21		$	4.41		$	4.62		$	(0.20	)	$	(0.08	)	$	—	$	(0.28	)	$	—	$	18.10		34.12	%	$	149.8		1.38	%		1.04	%		1.37	%		22	%
8/31/2020	$	15.13	$	0.17		$	(0.80	)	$	(0.63	)	$	(0.17	)	$	(0.57	)	$	—	$	(0.74	)	$	—	$	13.76		(4.13	)%	$	108.6		1.40	%		1.04	%		1.21	%		26	%
8/31/2019	$	13.34	$	0.18		$	2.45		$	2.63		$	(0.18	)	$	(0.66	)	$	—	$	(0.84	)	$	—	$	15.13		21.21	%	$	130.3		1.43	%		1.04	%		1.32	%		38	%
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	%
Institutional Class
2/28/2022 (Unaudited)	$	18.17	$	0.10		$	(0.83	)	$	(0.73	)	$	(0.13	)	$	(0.50	)	$	—	$	(0.63	)	$	—	$	16.81		(4.28	)%*	$	812.9		1.00	%**		0.85	%**		1.09	%**		11	%*
8/31/2021	$	13.81	$	0.20		$	4.47		$	4.67		$	(0.23	)	$	(0.08	)	$	—	$	(0.31	)	$	—	$	18.17		34.40	%	$	706.9		1.02	%		0.85	%		1.32	%		22	%
8/31/2020	$	15.19	$	0.19		$	(0.80	)	$	(0.61	)	$	(0.20	)	$	(0.57	)	$	—	$	(0.77	)	$	—	$	13.81		(3.97	)%	$	344.1		1.04	%		0.85	%		1.37	%		26	%
8/31/2019	$	13.39	$	0.20		$	2.46		$	2.66		$	(0.20	)	$	(0.66	)	$	—	$	(0.86	)	$	—	$	15.19		21.44	%	$	213.6		1.06	%		0.85	%		1.49	%		38	%
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	%

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			Tax Return of Capital		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 A
2/28/2022 (Unaudited)	$	18.10	$	0.07		$	(0.82	)	$	(0.75	)	$	(0.10	)	$	(0.50	)	$	—	$	(0.60	)	$	—	$	16.75		(4.41	)%*	$	86.7		1.37	%**		1.21	%**		0.75	%**		11	%*
8/31/2021	$	13.76	$	0.18		$	4.41		$	4.59		$	(0.17	)	$	(0.08	)	$	—	$	(0.25	)	$	—	$	18.10		33.89	%	$	84.6		1.39	%		1.21	%		1.18	%		22	%
8/31/2020	$	15.13	$	0.15		$	(0.81	)	$	(0.66	)	$	(0.14	)	$	(0.57	)	$	—	$	(0.71	)	$	—	$	13.76		(4.31	)%	$	60.7		1.40	%		1.21	%		1.04	%		26	%
8/31/2019	$	13.34	$	0.15		$	2.46		$	2.61		$	(0.16	)	$	(0.66	)	$	—	$	(0.82	)	$	—	$	15.13		21.01	%	$	63.9		1.42	%		1.21	%		1.13	%		38	%
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	%
Class C
2/28/2022 (Unaudited)	$	18.15	$	(0.00	)	$	(0.83	)	$	(0.83	)	$	(0.03	)	$	(0.50	)	$	—	$	(0.53	)	$	—	$	16.79		(4.80	)%*	$	12.1		2.12	%**		1.96	%**		(0.01	)%**		11	%*
8/31/2021	$	13.79	$	0.08		$	4.42		$	4.50		$	(0.06	)	$	(0.08	)	$	—	$	(0.14	)	$	—	$	18.15		32.94	%	$	11.2		2.15	%		1.96	%		0.56	%		22	%
8/31/2020	$	15.16	$	0.04		$	(0.80	)	$	(0.76	)	$	(0.04	)	$	(0.57	)	$	—	$	(0.61	)	$	—	$	13.79		(5.08	)%	$	9.1		2.16	%		1.96	%		0.28	%		26	%
8/31/2019	$	13.36	$	0.06		$	2.45		$	2.51		$	(0.05	)	$	(0.66	)	$	—	$	(0.71	)	$	—	$	15.16		20.12	%	$	10.5		2.18	%		1.96	%		0.43	%		38	%
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	%
Class R3
2/28/2022 (Unaudited)	$	18.06	$	0.04		$	(0.81	)	$	(0.77	)	$	(0.08	)	$	(0.50	)	$	—	$	(0.58	)	$	—	$	16.71		(4.54	)%*	$	19.4		1.62	%**		1.46	%**		0.51	%**		11	%*
8/31/2021	$	13.73	$	0.15		$	4.40		$	4.55		$	(0.14	)	$	(0.08	)	$	—	$	(0.22	)	$	—	$	18.06		33.55	%	$	20.3		1.64	%		1.46	%		0.98	%		22	%
8/31/2020	$	15.10	$	0.11		$	(0.80	)	$	(0.69	)	$	(0.11	)	$	(0.57	)	$	—	$	(0.68	)	$	—	$	13.73		(4.58	)%	$	15.7		1.67	%		1.46	%		0.81	%		26	%
8/31/2019	$	13.31	$	0.12		$	2.45		$	2.57		$	(0.12	)	$	(0.66	)	$	—	$	(0.78	)	$	—	$	15.10		20.76	%	$	20.5		1.69	%		1.46	%		0.87	%		38	%
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	%
Class R6
2/28/2022 (Unaudited)	$	18.16	$	0.11		$	(0.82	)	$	(0.71	)	$	(0.14	)	$	(0.50	)	$	—	$	(0.64	)	$	—	$	16.81		(4.18	)%*	$	152.1		0.90	%**		0.75	%**		1.27	%**		11	%*
8/31/2021	$	13.81	$	0.24		$	4.43		$	4.67		$	(0.24	)	$	(0.08	)	$	—	$	(0.32	)	$	—	$	18.16		34.45	%	$	167.9		0.93	%		0.75	%		1.59	%		22	%
8/31/2020	$	15.19	$	0.20		$	(0.80	)	$	(0.60	)	$	(0.21	)	$	(0.57	)	$	—	$	(0.78	)	$	—	$	13.81		(3.87	)%	$	107.1		0.94	%		0.75	%		1.45	%		26	%
8/31/2019	$	13.39	$	0.21		$	2.47		$	2.68		$	(0.22	)	$	(0.66	)	$	—	$	(0.88	)	$	—	$	15.19		21.55	%	$	74.0		0.97	%		0.76	%		1.55	%		38	%
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	%

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			Tax Return of Capital		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 E
Period from 1/11/2022^{^} to 2/28/2022 (Unaudited)	$	18.24	$	0.02		$	(1.44	)	$	(1.42	)	$	—	$	—		$	—	$	—		$	—	$	16.82		(7.79	)%*	$	20.6		0.85	%**		0.05	%**		0.70	%**		11	%*^c
Small Cap Growth Fund
Investor Class
2/28/2022 (Unaudited)	$	56.71	$	(0.17	)	$	(5.56	)	$	(5.73	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	42.05		(11.25	)%*	$	71.9		1.28	%**		1.01	%**		(0.69	)%**		65	%*
8/31/2021	$	44.81	$	(0.45	)	$	12.93		$	12.48		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.71		27.95	%	$	85.7		1.28	%		1.07	%		(0.85	)%		127	%
8/31/2020	$	37.83	$	(0.30	)	$	8.82		$	8.52		$	—	$	(1.54	)	$	—	$	(1.54	)	$	—	$	44.81		23.20	%	$	72.5		1.41	%		1.18	%		(0.78	)%		128	%
8/31/2019	$	44.96	$	(0.30	)	$	0.29		$	(0.01	)	$	—	$	(7.12	)	$	—	$	(7.12	)	$	—	$	37.83		4.06	%	$	65.6		1.58	%		1.19	%		(0.78	)%		161	%
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		$	—	$	—		$	—	$	—		$	—	$	32.90		21.99	%^h	$	49.8		1.78	%		1.20	%^e		(0.86	)%^e		215	%
Trust Class
2/28/2022 (Unaudited)	$	56.68	$	(0.24	)	$	(5.53	)	$	(5.77	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	41.98		(11.33	)%*	$	4.4		1.46	%**		1.25	%**		(0.93	)%**		65	%*
8/31/2021^l	$	44.87	$	(0.56	)	$	12.95		$	12.39		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.68		27.70	%	$	5.4		1.47	%		1.27	%		(1.04	)%		127	%
8/31/2020^l	$	37.94	$	(0.34	)	$	8.82		$	8.48		$	—	$	(1.55	)	$	—	$	(1.55	)	$	—	$	44.87		23.04	%	$	4.6		1.54	%		1.29	%		(0.89	)%		128	%
8/31/2019^l	$	45.14	$	(0.34	)	$	0.30		$	(0.04	)	$	—	$	(7.16	)	$	—	$	(7.16	)	$	—	$	37.94		3.99	%	$	4.6		1.70	%		1.29	%		(0.89	)%		161	%
8/31/2018^gl	$	33.05	$	(0.43	)	$	12.99		$	12.56		$	—	$	(0.47	)	$	—	$	(0.47	)	$	—	$	45.14		38.45	%	$	4.4		1.86	%		1.37	%		(1.13	)%		217	%
8/31/2017^gl	$	27.15	$	(0.30	)	$	6.20		$	5.90		$	—	$	—		$	—	$	—		$	—	$	33.05		21.74	%	$	3.9		1.88	%		1.37	%		(1.04	)%		215	%
Advisor Class
2/28/2022 (Unaudited)	$	56.66	$	(0.27	)	$	(5.54	)	$	(5.81	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	41.92		(11.41	)%*	$	3.2		1.62	%**		1.40	%**		(1.08	)%**		65	%*
8/31/2021^l	$	44.93	$	(0.64	)	$	12.95		$	12.31		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.66		27.50	%	$	3.9		1.63	%		1.42	%		(1.19	)%		127	%
8/31/2020^l	$	38.05	$	(0.39	)	$	8.83		$	8.44		$	—	$	(1.56	)	$	—	$	(1.56	)	$	—	$	44.93		22.86	%	$	3.2		1.70	%		1.44	%		(1.04	)%		128	%
8/31/2019^l	$	45.36	$	(0.40	)	$	0.29		$	(0.11	)	$	—	$	(7.20	)	$	—	$	(7.20	)	$	—	$	38.05		3.81	%	$	2.8		1.87	%		1.44	%		(1.04	)%		161	%
8/31/2018^gl	$	33.51	$	(0.49	)	$	13.09		$	12.60		$	—	$	(0.75	)	$	—	$	(0.75	)	$	—	$	45.36		38.26	%	$	2.5		2.03	%		1.51	%		(1.27	)%		217	%
8/31/2017^gl	$	27.56	$	(0.35	)	$	6.30		$	5.95		$	—	$	—		$	—	$	—		$	—	$	33.51		21.58	%^h	$	1.7		2.05	%		1.51	%^e		(1.18	)%^e		215	%

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			Tax Return of Capital		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)
Institutional Class
2/28/2022 (Unaudited)	$	56.73	$	(0.15	)	$	(5.55	)	$	(5.70	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	42.10		(11.19	)%*	$	181.6		1.09	%**		0.90	%**		(0.58	)%**		65	%*
8/31/2021^l	$	44.74	$	(0.36	)	$	12.93		$	12.57		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.73		28.18	%	$	235.8		1.09	%		0.90	%		(0.68	)%		127	%
8/31/2020^l	$	37.66	$	(0.20	)	$	8.80		$	8.60		$	—	$	(1.52	)	$	—	$	(1.52	)	$	—	$	44.74		23.52	%	$	158.1		1.18	%		0.90	%		(0.51	)%		128	%
8/31/2019^l	$	44.59	$	(0.17	)	$	0.29		$	0.12		$	—	$	(7.05	)	$	—	$	(7.05	)	$	—	$	37.66		4.38	%	$	87.7		1.28	%		0.90	%		(0.43	)%		161	%
8/31/2018^gl	$	32.51	$	(0.25	)	$	12.81		$	12.56		$	—	$	(0.48	)	$	—	$	(0.48	)	$	—	$	44.59		39.12	%	$	16.4		1.50	%		0.90	%		(0.66	)%		217	%
8/31/2017^gl	$	26.58	$	(0.17	)	$	6.10		$	5.93		$	—	$	—		$	—	$	—		$	—	$	32.51		22.31	%	$	11.8		1.50	%		0.90	%		(0.57	)%		215	%
Class A
2/28/2022 (Unaudited)	$	56.68	$	(0.24	)	$	(5.54	)	$	(5.78	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	41.97		(11.35	)%*	$	21.3		1.49	%**		1.26	%**		(0.94	)%**		65	%*
8/31/2021^l	$	44.88	$	(0.56	)	$	12.94		$	12.38		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.68		27.69	%	$	26.5		1.49	%		1.26	%		(1.04	)%		127	%
8/31/2020^l	$	37.93	$	(0.32	)	$	8.82		$	8.50		$	—	$	(1.55	)	$	—	$	(1.55	)	$	—	$	44.88		23.09	%	$	23.3		1.60	%		1.26	%		(0.86	)%		128	%
8/31/2019^l	$	45.10	$	(0.29	)	$	0.26		$	(0.03	)	$	—	$	(7.14	)	$	—	$	(7.14	)	$	—	$	37.93		4.01	%	$	50.1		1.65	%		1.26	%		(0.76	)%		161	%
8/31/2018^gl	$	32.98	$	(0.39	)	$	12.97		$	12.58		$	—	$	(0.46	)	$	—	$	(0.46	)	$	—	$	45.10		38.60	%	$	5.3		1.88	%		1.26	%		(1.02	)%		217	%
8/31/2017^gl	$	27.06	$	(0.27	)	$	6.19		$	5.92		$	—	$	—		$	—	$	—		$	—	$	32.98		21.88	%	$	3.3		1.90	%		1.26	%		(0.93	)%		215	%
Class C
2/28/2022 (Unaudited)	$	56.58	$	(0.43	)	$	(5.51	)	$	(5.94	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	41.71		(11.67	)%*	$	4.8		2.21	%**		2.01	%**		(1.69	)%**		65	%*
8/31/2021^l	$	45.14	$	(0.97	)	$	12.99		$	12.02		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.58		26.75	%	$	6.6		2.21	%		2.01	%		(1.79	)%		127	%
8/31/2020^l	$	38.45	$	(0.62	)	$	8.90		$	8.28		$	—	$	(1.59	)	$	—	$	(1.59	)	$	—	$	45.14		22.19	%	$	4.6		2.30	%		2.01	%		(1.61	)%		128	%
8/31/2019^l	$	46.16	$	(0.63	)	$	0.27		$	(0.36	)	$	—	$	(7.35	)	$	—	$	(7.35	)	$	—	$	38.45		3.20	%	$	4.2		2.45	%		2.01	%		(1.60	)%		161	%
8/31/2018^gl	$	34.31	$	(0.69	)	$	13.33		$	12.64		$	—	$	(0.79	)	$	—	$	(0.79	)	$	—	$	46.16		37.56	%	$	3.1		2.62	%		2.01	%		(1.77	)%		217	%
8/31/2017^gl	$	28.36	$	(0.52	)	$	6.47		$	5.95		$	—	$	—		$	—	$	—		$	—	$	34.31		21.00	%	$	2.0		2.63	%		2.01	%		(1.68	)%		215	%
Class R3
2/28/2022 (Unaudited)	$	56.65	$	(0.30	)	$	(5.53	)	$	(5.83	)	$	—	$	(8.93	)	$	—	$	(8.93	)	$	—	$	41.89		(11.45	)%*	$	5.2		1.73	%**		1.51	%**		(1.19	)%**		65	%*
8/31/2021^l	$	44.97	$	(0.70	)	$	12.96		$	12.26		$	—	$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.65		27.38	%	$	6.0		1.74	%		1.51	%		(1.29	)%		127	%
8/31/2020^l	$	38.10	$	(0.43	)	$	8.86		$	8.43		$	—	$	(1.56	)	$	—	$	(1.56	)	$	—	$	44.97		22.80	%	$	3.7		1.86	%		1.51	%		(1.11	)%		128	%
8/31/2019^l	$	45.45	$	(0.43	)	$	0.29		$	(0.14	)	$	—	$	(7.21	)	$	—	$	(7.21	)	$	—	$	38.10		3.73	%	$	2.4		2.01	%		1.51	%		(1.10	)%		161	%
8/31/2018^gl	$	33.57	$	(0.49	)	$	13.12		$	12.63		$	—	$	(0.75	)	$	—	$	(0.75	)	$	—	$	45.45		38.29	%	$	2.2		2.17	%		1.51	%		(1.27	)%		217	%
8/31/2017^gl	$	27.61	$	(0.35	)	$	6.31		$	5.96		$	—	$	—		$	—	$	—		$	—	$	33.57		21.58	%	$	1.0		2.19	%		1.51	%		(1.17	)%		215	%

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			Tax Return of Capital		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 R6
2/28/2022 (Unaudited)	$	56.74	$	(0.12	)	$	(5.56	)	$	(5.68	)	$	—		$	(8.93	)	$	—	$	(8.93	)	$	—	$	42.13		(11.15	)%*	$	45.3		1.00	%**		0.80	%**		(0.48	)%**		65	%*
8/31/2021^l	$	44.71	$	(0.31	)	$	12.92		$	12.61		$	—		$	(0.58	)	$	—	$	(0.58	)	$	—	$	56.74		28.29	%	$	53.1		0.99	%		0.80	%		(0.58	)%		127	%
8/31/2020^l	$	37.59	$	(0.15	)	$	8.79		$	8.64		$	—		$	(1.52	)	$	—	$	(1.52	)	$	—	$	44.71		23.65	%	$	37.2		1.08	%		0.80	%		(0.40	)%		128	%
Period from 9/7/2018^{^} to 8/31/2019^l	$	43.68	$	0.06		$	0.88		$	0.94		$	—		$	(7.03	)	$	—	$	(7.03	)	$	—	$	37.59		6.35	%*	$	21.0		1.15	%**		0.81	%**		0.15	%**		161	%^c
Sustainable Equity Fund
Investor Class
2/28/2022 (Unaudited)	$	49.85	$	0.07		$	(1.46	)	$	(1.39	)	$	(0.21	)	$	(4.67	)	$	—	$	(4.88	)	$	—	$	43.58		(3.21	)%*	$	400.1		0.84	%**		0.84	%**		0.31	%**		7	%*
8/31/2021	$	39.44	$	0.18		$	12.84		$	13.02		$	(0.26	)	$	(2.35	)	$	—	$	(2.61	)	$	—	$	49.85		34.45	%	$	437.8		0.84	%		0.84	%		0.40	%		16	%
8/31/2020	$	37.08	$	0.22		$	5.56		$	5.78		$	(0.25	)	$	(3.17	)	$	—	$	(3.42	)	$	—	$	39.44		16.12	%	$	429.6		0.86	%		0.86	%		0.59	%		21	%
8/31/2019	$	41.86	$	0.30		$	(1.80	)	$	(1.50	)	$	(0.16	)	$	(3.12	)	$	—	$	(3.28	)	$	—	$	37.08		(2.70	)%	$	446.1		0.86	%		0.86	%		0.80	%		20	%
8/31/2018^f	$	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^f	$	34.56	$	0.24		$	4.31		$	4.55		$	(0.23	)	$	(1.32	)	$	—	$	(1.55	)	$	—	$	37.56		13.54	%^h	$	732.6		0.85	%		0.84	%^e		0.66	%^e		26	%
Trust Class
2/28/2022 (Unaudited)	$	49.90	$	0.03		$	(1.47	)	$	(1.44	)	$	(0.12	)	$	(4.67	)	$	—	$	(4.79	)	$	—	$	43.67		(3.31	)%*	$	132.1		1.02	%**		1.02	%**		0.13	%**		7	%*
8/31/2021	$	39.47	$	0.10		$	12.85		$	12.95		$	(0.17	)	$	(2.35	)	$	—	$	(2.52	)	$	—	$	49.90		34.21	%	$	148.7		1.02	%		1.02	%		0.23	%		16	%
8/31/2020	$	37.10	$	0.15		$	5.58		$	5.73		$	(0.19	)	$	(3.17	)	$	—	$	(3.36	)	$	—	$	39.47		15.95	%	$	122.9		1.03	%		1.03	%		0.42	%		21	%
8/31/2019	$	41.88	$	0.24		$	(1.80	)	$	(1.56	)	$	(0.10	)	$	(3.12	)	$	—	$	(3.22	)	$	—	$	37.10		(2.86	)%	$	161.3		1.03	%		1.03	%		0.65	%		20	%
8/31/2018^f	$	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^f	$	35.74	$	0.18		$	4.38		$	4.56		$	(0.40	)	$	(2.32	)	$	—	$	(2.72	)	$	—	$	37.58		13.41	%^h	$	234.6		1.02	%		1.01	%^e		0.51	%^e		26	%
Institutional Class
2/28/2022 (Unaudited)	$	49.78	$	0.11		$	(1.46	)	$	(1.35	)	$	(0.30	)	$	(4.67	)	$	—	$	(4.97	)	$	—	$	43.46		(3.15	)%*	$	816.0		0.66	%**		0.66	%**		0.49	%**		7	%*
8/31/2021	$	39.40	$	0.26		$	12.81		$	13.07		$	(0.34	)	$	(2.35	)	$	—	$	(2.69	)	$	—	$	49.78		34.68	%	$	896.3		0.67	%		0.67	%		0.58	%		16	%
8/31/2020	$	37.02	$	0.28		$	5.57		$	5.85		$	(0.30	)	$	(3.17	)	$	—	$	(3.47	)	$	—	$	39.40		16.35	%	$	689.9		0.68	%		0.68	%		0.77	%		21	%
8/31/2019	$	41.84	$	0.37		$	(1.81	)	$	(1.44	)	$	(0.26	)	$	(3.12	)	$	—	$	(3.38	)	$	—	$	37.02		(2.52	)%	$	768.3		0.68	%		0.68	%		1.00	%		20	%
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	%^h	$	848.8		0.66	%		0.66	%^e		0.84	%^e		26	%

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			Tax Return of Capital		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 A
2/28/2022 (Unaudited)	$	49.84	$	0.03		$	(1.46	)	$	(1.43	)	$	(0.14	)	$	(4.67	)	$	—	$	(4.81	)	$	—	$	43.60		(3.31	)%*	$	150.4		1.03	%**		1.03	%**		0.12	%**		7	%*
8/31/2021	$	39.43	$	0.10		$	12.83		$	12.93		$	(0.17	)	$	(2.35	)	$	—	$	(2.52	)	$	—	$	49.84		34.17	%	$	160.6		1.04	%		1.04	%		0.21	%		16	%
8/31/2020	$	37.08	$	0.15		$	5.57		$	5.72		$	(0.20	)	$	(3.17	)	$	—	$	(3.37	)	$	—	$	39.43		15.94	%	$	98.0		1.05	%		1.05	%		0.41	%		21	%
8/31/2019	$	41.88	$	0.23		$	(1.81	)	$	(1.58	)	$	(0.10	)	$	(3.12	)	$	—	$	(3.22	)	$	—	$	37.08		(2.90	)%	$	95.1		1.05	%		1.05	%		0.61	%		20	%
8/31/2018^f	$	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^f	$	35.78	$	0.18		$	4.37		$	4.55		$	(0.41	)	$	(2.34	)	$	—	$	(2.75	)	$	—	$	37.58		13.36	%^h	$	118.0		1.03	%		1.03	%^e		0.48	%^e		26	%
Class C
2/28/2022 (Unaudited)	$	49.19	$	(0.15	)	$	(1.43	)	$	(1.58	)	$	—		$	(4.67	)	$	—	$	(4.67	)	$	—	$	42.94		(3.66	)%*	$	43.2		1.78	%**		1.78	%**		(0.63	)%**		7	%*
8/31/2021	$	39.07	$	(0.23	)	$	12.70		$	12.47		$	—		$	(2.35	)	$	—	$	(2.35	)	$	—	$	49.19		33.19	%	$	48.0		1.79	%		1.79	%		(0.53	)%		16	%
8/31/2020	$	36.85	$	(0.12	)	$	5.51		$	5.39		$	—		$	(3.17	)	$	—	$	(3.17	)	$	—	$	39.07		15.06	%	$	40.4		1.79	%		1.79	%		(0.34	)%		21	%
8/31/2019	$	41.81	$	(0.04	)	$	(1.80	)	$	(1.84	)	$	—		$	(3.12	)	$	—	$	(3.12	)	$	—	$	36.85		(3.62	)%	$	47.4		1.79	%		1.79	%		(0.12	)%		20	%
8/31/2018^f	$	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^f	$	35.92	$	(0.09	)	$	4.39		$	4.30		$	(0.17	)	$	(2.42	)	$	—	$	(2.59	)	$	—	$	37.63		12.53	%^h	$	56.6		1.78	%		1.78	%^e		(0.27	)%^e		26	%
Class R3
2/28/2022 (Unaudited)	$	49.82	$	(0.03	)	$	(1.47	)	$	(1.50	)	$	—		$	(4.67	)	$	—	$	(4.67	)	$	—	$	43.65		(3.44	)%*	$	21.8		1.28	%**		1.28	%**		(0.13	)%**		7	%*
8/31/2021	$	39.41	$	(0.01	)	$	12.84		$	12.83		$	(0.07	)	$	(2.35	)	$	—	$	(2.42	)	$	—	$	49.82		33.87	%	$	23.8		1.29	%		1.29	%		(0.03	)%		16	%
8/31/2020	$	37.10	$	0.06		$	5.56		$	5.62		$	(0.14	)	$	(3.17	)	$	—	$	(3.31	)	$	—	$	39.41		15.63	%	$	28.0		1.30	%		1.30	%		0.16	%		21	%
8/31/2019	$	41.90	$	0.14		$	(1.79	)	$	(1.65	)	$	(0.03	)	$	(3.12	)	$	—	$	(3.15	)	$	—	$	37.10		(3.12	)%	$	31.8		1.29	%		1.29	%		0.36	%		20	%
8/31/2018^f	$	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^f	$	35.86	$	0.07		$	4.37		$	4.44		$	(0.34	)	$	(2.37	)	$	—	$	(2.71	)	$	—	$	37.59		13.04	%^h	$	41.3		1.28	%		1.28	%^e		0.21	%^e		26	%
Class R6
2/28/2022 (Unaudited)	$	49.79	$	0.14		$	(1.47	)	$	(1.33	)	$	(0.34	)	$	(4.67	)	$	—	$	(5.01	)	$	—	$	43.45		(3.10	)%*	$	188.3		0.56	%**		0.56	%**		0.58	%**		7	%*
8/31/2021	$	39.41	$	0.30		$	12.82		$	13.12		$	(0.39	)	$	(2.35	)	$	—	$	(2.74	)	$	—	$	49.79		34.82	%	$	264.3		0.57	%		0.57	%		0.68	%		16	%
8/31/2020	$	37.01	$	0.32		$	5.58		$	5.90		$	(0.33	)	$	(3.17	)	$	—	$	(3.50	)	$	—	$	39.41		16.48	%	$	233.6		0.58	%		0.58	%		0.88	%		21	%
8/31/2019	$	41.83	$	0.40		$	(1.81	)	$	(1.41	)	$	(0.29	)	$	(3.12	)	$	—	$	(3.41	)	$	—	$	37.01		(2.44	)%	$	238.1		0.59	%		0.59	%		1.08	%		20	%
8/31/2018^f	$	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^f	$	34.54	$	0.33		$	4.31		$	4.64		$	(0.32	)	$	(1.32	)	$	—	$	(1.64	)	$	—	$	37.54		13.84	%^h	$	361.3		0.59	%		0.59	%^e		0.91	%^e		26	%

See Notes to Financial Highlights

243

244

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			Tax Return of Capital		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
U.S. Equity Impact Fund
Institutional Class
2/28/2022 (Unaudited)	$	11.35	$	0.00		$	(1.56	)	$	(1.56	)	$	(0.00	)	$	(0.01	)	$	—	$	(0.01	)	$	—	$	9.78		(13.74	)%*	$	5.7		4.16	%**		0.90	%**		0.08	%**		20	%***
Period from 3/23/2021^{^} to 8/31/2021	$	10.00	$	(0.01	)	$	1.36		$	1.35		$	—		$	—		$	—	$	—		$	—	$	11.35		13.50	%*	$	6.1		6.59	%‡**		0.90	%‡**		(0.19	)%‡**		7	%*
Class A
2/28/2022 (Unaudited)	$	11.33	$	(0.02	)	$	(1.55	)	$	(1.57	)	$	—		$	(0.01	)	$	—	$	(0.01	)	$	—	$	9.75		(13.89	)%*	$	0.1		4.61	%**		1.26	%**		(0.33	)%**		20	%***
Period from 3/23/2021^{^} to 8/31/2021	$	10.00	$	(0.02	)	$	1.35		$	1.33		$	—		$	—		$	—	$	—		$	—	$	11.33		13.30	%*	$	0.2		9.83	%‡**		1.26	%‡**		(0.48	)%‡**		7	%*
Class C
2/28/2022 (Unaudited)	$	11.29	$	(0.06	)	$	(1.54	)	$	(1.60	)	$	—		$	(0.01	)	$	—	$	(0.01	)	$	—	$	9.68		(14.21	)%*	$	0.0		5.69	%**		2.01	%**		(1.04	)%**		20	%***
Period from 3/23/2021^{^} to 8/31/2021	$	10.00	$	(0.06	)	$	1.35		$	1.29		$	—		$	—		$	—	$	—		$	—	$	11.29		12.90	%*	$	0.0		18.90	%‡**		2.01	%‡**		(1.30	)%‡**		7	%*

See Notes to Financial Highlights

245

246

Notes to Financial Highlights Equity Funds (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 had not received refunds, plus interest, from State Street noted in (h) below for custodian out-of-pocket expenses previously paid 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 pursuant to the terms of the contractual expense limitation agreements 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,
	2022			2021			2020			2019			2018			2017
Emerging Markets Equity Institutional Class		—			1.21	%		1.24	%		1.25	%		—			—
Emerging Markets Equity Class R3		—			1.90	%		—			—			—			—
Emerging Markets Equity Class R6		—			1.10	%		1.11	%		1.15	%		—			—
Focus Institutional Class		—			0.74	%		—			—			0.75	%		—
Focus Class A		1.10	%		1.11	%		—			—			—			—
Genesis Institutional Class		—			—			—			—			—			0.84	%
Genesis Class R6		—			0.74	%		0.74	%		—			—			0.77	%
Guardian Class R3		1.33	%		—			1.31	%		—			—			—
Guardian Class R6		0.63	%		—			0.56	%		—			—			—
International Equity Institutional Class		—			—			—			—			—			0.84	%
International Equity Class A		—			—			—			—			—			1.20	%
International Equity Class C		—			—			—			—			—			1.96	%
Intrinsic Value Institutional Class		0.94	%		0.99	%		—			—			—			—
Intrinsic Value Class A		1.31	%		—			—			—			—			—
Intrinsic Value Class C		2.06	%		2.11	%		—			—			—			—
Intrinsic Value Class R6		—			0.89	%		—			—			—			—
Large Cap Value Institutional Class		—			—			—			—			0.70	%		0.69	%
Large Cap Value Class R3		—			—			1.33	%		1.33	%		—			—
Large Cap Value Class R6		—			—			0.59	%		—			—			—
Mid Cap Growth Class A		—			—			—			—			—			1.09	%
Mid Cap Growth Class C		—			—			—			—			1.82	%		1.86	%
Mid Cap Growth Class R3		—			—			—			1.33	%		1.34	%		—
Mid Cap Intrinsic Value Trust Class		—			—			—			—			—			1.24	%
Mid Cap Intrinsic Value Class R6		—			—			0.74	%		—			—			—

^^ Represents the annualized ratio of net expenses to average daily net assets after utilization of the line of credit by Greater China Equity (2019 and 2017) and International Small Cap (2020) and/or reimbursement of expenses

247

Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

and/or waiver of a portion of the investment management fee by Management. Had Greater China Equity and International Small Cap not utilized the line of credit, and/or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:

	Year Ended August 31,
	2020			2019			2018		2017
Greater China Equity Institutional Class		—			1.50	%		—		1.50	%
Greater China Equity Class A		—			1.86	%		—		1.86	%
Greater China Equity Class C		—			2.61	%		—		2.61	%
International Small Cap Institutional Class		1.05	%		—			—		—
International Small Cap Class A		1.41	%		—			—		—
International Small Cap Class C		2.16	%		—			—		—
International Small Cap Class R6		0.95	%		—			—		—

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 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, 2022. Except for the Fund classes listed below, the class action proceeds received in 2021, 2020, 2019, 2018 and/or 2017, if any, had no impact on the Funds' total returns for the years ended August 31, 2021, 2020, 2019, 2018 and/or 2017. Had the Fund classes listed below not received class action proceeds in 2021, 2019 and/or 2017, total return based on per share NAV for the years ended August 31, 2021, 2019 and/or 2017 would have been:

	Year Ended August 31,
	2021			2019			2017
International Equity Investor Class		28.10	%		—			—
International Equity Trust Class		28.02	%		—			—
International Equity Institutional Class		28.30	%		—			—
International Equity Class A		27.90	%		—			—
International Equity Class C		26.92	%		—			—
International Equity Class R6		28.42	%		—			—
International Select Trust Class		27.98	%		—			—
International Select Institutional Class		28.42	%		—			—
International Select Class A		28.00	%		—			—
International Select Class C		26.96	%		—			—
International Select Class R3		27.59	%		—			—
International Select Class R6		28.43	%		—			—
Large Cap Value Investor Class		49.98	%		6.21	%		—
Large Cap Value Trust Class		49.69	%		6.00	%		—
Large Cap Value Advisor Class		49.41	%		5.86	%		—
Large Cap Value Class A		49.63	%		—			—
Large Cap Value Class R3		49.23	%		—			—

248

Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)

	Year Ended August 31,
	2021			2019			2017
Mid Cap Intrinsic Value Class A		—			—			16.89	%
Multi-Cap Opportunities Institutional Class		36.16	%		—			—
Small Cap Growth Investor Class		27.90	%		3.98	%		21.91	%
Small Cap Growth Trust Class		27.66	%		3.90	%		21.68	%
Small Cap Growth Advisor Class		27.46	%		3.73	%		21.47	%
Small Cap Growth Institutional Class		28.16	%		4.35	%		22.23	%
Small Cap Growth Class A		27.64	%		3.98	%		21.81	%
Small Cap Growth Class C		26.71	%		3.11	%		20.94	%
Small Cap Growth Class R3		27.36	%		3.62	%		21.47	%
Small Cap Growth Class R6		28.25	%		—			—

c Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2017, for International Select, for the year ended August 31, 2019, for Guardian, Intrinsic Value, Large Cap Value, Mid Cap Intrinsic Value and Small Cap Growth and for the six months ended February 28, 2022, for Equity Income, Genesis, International Equity, Large Cap Value, Multi-Cap Opportunities and Real Estate.

d Had International Equity not received the voluntary contribution in 2020, the total return based on per share NAV for the year ended August 31, 2020 would have been:

	Year Ended August 31, 2020
International Equity Investor Class		15.31	%
International Equity Trust Class		15.33	%
International Equity Institutional Class		15.66	%
International Equity Class A		15.19	%
International Equity Class C		14.33	%
International Equity Class R6		15.83	%

e The custodian expenses refund noted in (h) below is non-recurring and is included in these ratios. Had certain Funds not received the refund, the annualized ratio of net expenses to average net assets and the annualized ratio of 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	%
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	%

249

Notes to Financial Highlights Equity Funds (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
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	%
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	)%

250

Notes to Financial Highlights Equity Funds (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
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	%

f 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.

g 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.

h In May 2016, the Fund's custodian, State Street, announced that it had identified inconsistencies in the way in which certain Funds were invoiced for categories of expenses, particularly those deemed "out-of-pocket" costs, from 1998 through November 2015, and refunded to those Funds certain expenses, plus interest, determined to be payable to the Funds for the period in question. These amounts were refunded to those Funds by State Street during the year ended August 31, 2017. Except for the Fund classes listed below, these amounts had no impact on the Fund's total return for the year ended August 31, 2017. Had the below Funds not received the refund, the total return based on per share NAV 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	%

i 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.

j Equity Income and Focus each received a voluntary contribution in 2017. These contributions had no impact on the total returns for Equity Income or Focus for the year ended August 31, 2017.

k After the close of business on August 16, 2019, Large Cap Value acquired all of the net assets of Neuberger Berman Value Fund in a tax-free exchange of shares pursuant to a Plan of Reorganization and Dissolution approved by the Board. Portfolio turnover excludes purchases of $30,333,739 of securities acquired, and there were no sales made following a purchase-of-assets transaction relative to the merger.

l After the close of business on July 23, 2021, 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.

m Consolidated financial highlights. See Note A in the Notes to Financial Statements.

251