Neuberger Berman
Equity Funds
Investor Class Shares
Trust Class Shares
Advisor Class Shares
Institutional Class Shares
All Cap Core Fund
(Formerly Select Equities Fund)
Emerging Markets Equity Fund
Equity Income Fund
Focus Fund
Genesis Fund
Global Equity Fund
Global Real Estate Fund
Global Thematic Opportunities Fund
Greater China Equity Fund
Guardian Fund
International Equity Fund
Class A Shares
Class C Shares
Class R3 Shares
Class R6 Shares
International Select Fund
(Formerly International Large Cap Fund)
Intrinsic Value Fund
Large Cap Disciplined Growth 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
Socially Responsive Fund
Value Fund
Semi-Annual Report
February 28, 2015
Contents
THE FUNDS
President's Letter | 1 | ||||||
PORTFOLIO COMMENTARY | |||||||
All Cap Core Fund (Formerly Select Equities Fund) | 2 | ||||||
Emerging Markets Equity Fund | 4 | ||||||
Equity Income Fund | 7 | ||||||
Focus Fund | 9 | ||||||
Genesis Fund | 11 | ||||||
Global Equity Fund | 13 | ||||||
Global Real Estate Fund | 16 | ||||||
Global Thematic Opportunities Fund | 18 | ||||||
Greater China Equity Fund | 20 | ||||||
Guardian Fund | 22 | ||||||
International Equity Fund | 25 | ||||||
International Select Fund | 27 | ||||||
Intrinsic Value Fund | 29 | ||||||
Large Cap Disciplined Growth Fund | 31 | ||||||
Large Cap Value Fund | 33 | ||||||
Mid Cap Growth Fund | 35 | ||||||
Mid Cap Intrinsic Value Fund | 37 | ||||||
Multi-Cap Opportunities Fund | 39 | ||||||
Real Estate Fund | 41 | ||||||
Small Cap Growth Fund | 43 | ||||||
Socially Responsive Fund | 45 | ||||||
Value Fund | 47 | ||||||
FUND EXPENSE INFORMATION | 55 | ||||||
SCHEDULE OF INVESTMENTS/TOP TEN EQUITY HOLDINGS | |||||||
All Cap Core Fund (Formerly Select Equities Fund) | 59 | ||||||
Emerging Markets Equity Fund | 60 | ||||||
Equity Income Fund | 63 | ||||||
Focus Fund | 65 |
Genesis Fund | 66 | ||||||
Global Equity Fund | 69 | ||||||
Global Real Estate Fund | 72 | ||||||
Global Thematic Opportunities Fund | 75 | ||||||
Greater China Equity Fund | 78 | ||||||
Guardian Fund | 81 | ||||||
International Equity Fund | 82 | ||||||
International Select Fund | 85 | ||||||
Intrinsic Value Fund | 88 | ||||||
Large Cap Disciplined Growth Fund | 90 | ||||||
Large Cap Value Fund | 92 | ||||||
Mid Cap Growth Fund | 94 | ||||||
Mid Cap Intrinsic Value Fund | 96 | ||||||
Multi-Cap Opportunities Fund | 98 | ||||||
Real Estate Fund | 99 | ||||||
Small Cap Growth Fund | 100 | ||||||
Socially Responsive Fund | 102 | ||||||
Value Fund | 104 | ||||||
FINANCIAL STATEMENTS | 117 | ||||||
FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA | |||||||
All Cap Core Fund (Formerly Select Equities Fund) | 179 | ||||||
Emerging Markets Equity Fund | 179 | ||||||
Equity Income Fund | 181 | ||||||
Focus Fund | 183 | ||||||
Genesis Fund | 187 | ||||||
Global Equity Fund | 189 | ||||||
Global Real Estate Fund | 191 | ||||||
Global Thematic Opportunities Fund | 191 | ||||||
Greater China Equity Fund | 193 | ||||||
Guardian Fund | 193 | ||||||
International Equity Fund | 197 | ||||||
International Select Fund | 199 | ||||||
Intrinsic Value Fund | 201 | ||||||
Large Cap Disciplined Growth Fund | 201 |
Large Cap Value Fund | 205 | ||||||
Mid Cap Growth Fund | 207 | ||||||
Mid Cap Intrinsic Value Fund | 211 | ||||||
Multi-Cap Opportunities Fund | 213 | ||||||
Real Estate Fund | 215 | ||||||
Small Cap Growth Fund | 219 | ||||||
Socially Responsive Fund | 221 | ||||||
Value Fund | 225 | ||||||
Directory | 230 | ||||||
Proxy Voting Policies and Procedures | 231 | ||||||
Quarterly Portfolio Schedule | 231 | ||||||
Board Consideration of the Management and Sub-Advisory Agreements | 232 |
The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ©2015 Neuberger Berman Management LLC. All rights reserved.
President's Letter
Dear Shareholder,
U.S. equity markets as represented by the S&P 500® Index returned roughly 6% for the six months ended February 28, 2015. While the period was somewhat volatile—particularly on changing market expectations about higher interest rates and the precipitous drop in oil prices—investor sentiment appeared to remain positive overall, the result of generally improving economic data and strong corporate earnings.
With relatively divergent economic and market performance globally, international equities underperformed. In developed markets outside the U.S., falling oil prices, policy uncertainty, general economic weakness and U.S. dollar strength meant slightly negative returns in dollar terms. Emerging markets (EM) equities fared worse, as geopolitical and local political concerns, as well as increased investor risk aversion, layered atop slower local and global economic growth rates.
The U.S. economy appears to us poised to deliver steady, if subpar, growth for the remainder of 2015. Employment and wage statistics have shown continued improvement, the housing market has been expanding, and consumer spending has been strong, especially on durable goods. Although early 2015 economic data appears to have softened somewhat—with capacity utilization and manufacturing production slightly down—this may be explained to some extent by the winter weather, supply chain disruptions at West Coast ports, and the strong dollar increasing the cost of U.S. exports.
While the decline in the price of oil certainly hurt energy-related names—the only S&P 500 sector to report negative returns this period—in our opinion, low cost oil is positive for both consumer spending and net importer nations, including many EM economies. Certain European sectors look to us poised for recovery as well, and Japan appears to have exited its recession. Both Europe and Japan could benefit from additional monetary easing, as we saw in the U.S.
We believe the much-anticipated rise in U.S. interest rates is likely to begin this year, especially if economic data remains on trend. This could impact higher yielding equities, as we witnessed several times this past period, although the underlying economic strength that forces the U.S. Federal Reserve's (Fed) hand could mean effects are short-lived. We anticipate continuing to see impacts (such as the continuation of a strong dollar) from key central banks moving in opposite directions in the coming months, as the Fed moves toward tightening, while the European Central Bank and Bank of Japan remain accommodative.
Geopolitically, concerns this period included Ukraine, Greece and ISIS, to name a few. While they continue to have the ability to shock the system, we are still guardedly optimistic about the unfolding year, with corporate earnings steady for the most part, balance sheets healthy, management sentiment positive, profits growing, and stock buybacks and dividend increases supporting share prices.
Finally, we anticipate that correlations between equity returns, already low, may widen further, with opportunities judged on company-specific merits and positioning, as well as earnings and valuations. We believe this type of environment plays to the strengths of disciplined, focused, research-driven active management teams like ours.
We thank you for your confidence in Neuberger Berman and look forward to continuing to serve your investment needs.
Sincerely,
ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS
All Cap Core Fund Commentary*
Neuberger Berman All Cap Core Fund (formerly Neuberger Berman Select Equities Fund) Institutional Class generated a –4.24% total return for the six months ended February 28, 2015, and underperformed its benchmark, the S&P 500® Index, which provided a 6.12% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
During most of calendar year 2014, despite many global challenges, the Fund delivered positive total returns. However, for approximately the last 100-plus days of the year, the Fund sharply underperformed its benchmark—a circumstance that colored our relative performance this period. We always aim to deliver market performance or better with less risk, and as such are disappointed with the portfolio's recent performance. We have investigated the causes and repositioned assets accordingly as we seek a return to the caliber of results our solid long-term track record suggests.
The primary reason for the Fund's recent underperformance has been our Energy and Energy-related holdings—an overweight position as this time period began, and one that we've been unwinding since then—due to the precipitous drop in the price of oil. We also saw underperformance from select holdings within the Industrials and Consumer Discretionary sectors. On the positive side, stock selection within Information Technology outperformed the benchmark. Having zero weightings within Telecommunication Services and Materials were also helpful, as both sectors underperformed during the period.
During late 2014, we met with companies in a variety of different industries with the intent of further broadening and diversifying the portfolio heading into 2015, and we're optimistic about the future. As of this reporting period's close, we no longer have any exposure to energy exploration and production companies. Instead, we have made new investments in areas such as Information Technology, Health Care, Consumer Discretionary and Financials—businesses that meet our investment criteria and stand to benefit from long-term secular trends, or that are undergoing significant change that we think is underappreciated by the market. Having recently embarked on a very important transition within the portfolio—moving away from our former minimum market capitalization limits—we have more freedom and flexibility in identifying opportunities for the portfolio, something we think could also benefit performance.
We believe that a lot of the broad market's performance over the last couple of years has been driven by the external stimulus of quantitative easing. We think that the "rising tide that lifted all boats" has come to an end, and that, at some point in 2015, interest rates will start moving higher. We believe that a) we are well positioned for that event, and b) that with correlations dissipating, this could become much more of a stock picker's market—an environment that should also benefit the portfolio. We believe we're embarking on a point in time where active managers will have the wherewithal to provide real outperformance, and that our portfolio is well positioned for the period ahead.
Sincerely,
MICHAEL KAMINSKY, RICHARD WERMAN, JAMES GARTLAND AND MINDY SCHWARTZAPFEL
PORTFOLIO CO-MANAGERS
* Effective September 2, 2014, Neuberger Berman Select Equities Fund changed its name to Neuberger Berman All Cap Core Fund.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change.
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.
All Cap Core Fund
TICKER SYMBOLS
Institutional Class | NBEIX | ||
Class A | NBEAX | ||
Class C | NBECX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 15.0 | % | |||||
Energy | 10.2 | ||||||
Financials | 16.3 | ||||||
Health Care | 9.8 | ||||||
Industrials | 16.7 | ||||||
Information Technology | 19.4 | ||||||
Utilities | 7.5 | ||||||
Short-Term Investments | 5.1 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS26
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Year | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 12/20/2007 | –4.24 | % | 2.49 | % | 12.03 | % | 5.77 | % | ||||||||||||||
Class A | 12/20/2007 | –4.40 | % | 2.04 | % | 11.53 | % | 5.38 | % | ||||||||||||||
Class C | 12/20/2007 | –4.77 | % | 1.33 | % | 10.71 | % | 4.60 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –9.92 | % | –3.80 | % | 10.22 | % | 4.52 | % | |||||||||||||||
Class C | –5.56 | % | 0.48 | % | 10.71 | % | 4.60 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.61 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.04%, 1.41% and 2.16% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.76%, 1.21% and 1.96% 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 ending February 28, 2015 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%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.
Emerging Markets Equity Fund Commentary
Neuberger Berman Emerging Markets Equity Fund Institutional Class generated a –7.26% total return for the six months ended February 28, 2015, but outperformed its benchmark, the MSCI Emerging Markets (EM) Index, which posted a –8.20% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
Emerging markets equities saw weak results during the reporting period as the falling price of oil and a currency crisis in Russia added to pressures in place from slower internal growth rates, slower demand from the developed world for both commodities and exports, and increased risk aversion.
Within the EM Index, all but two sectors (Health Care and Information Technology (IT)) suffered losses. Energy was by far the weakest, down over 28% for the period, followed by Materials. Results by country varied, with only three index members showing positive results—the Philippines, India and China. Particularly weak markets included Greece and Brazil, both impacted by economic weakness and election-related uncertainty, and Colombia.
Within the portfolio, most of our outperformance versus the benchmark resulted from sector allocations, including our overweight to Health Care and IT, and underweight to Energy and Materials. Stock selection within Utilities and Consumer Staples was another positive. From a country perspective, stock selection and an overweight to India, stock selection and an underweight to Brazil, and stock selection within Korea were beneficial to performance.
Top individual contributors included Yes Bank and Cummins India, along with Taiwan Semiconductor. Yes Bank, an Indian private-sector lender, announced better-than-expected earnings as loan growth accelerated and non-interest income was strong. Cummins India, an industrial engine manufacturer, saw growth in both domestic and export businesses, with what we believe is potential for more gains if domestic construction and mining activity continue to pick up. Taiwan Semiconductor, a leading manufacturer of integrated circuits (IC), continued to grow as each new generation of ICs has spurred further demand for its products.
Stock selection within Financials, Telecommunication Services and Materials detracted from results, though, due to our underweight in Materials, the impact from that sector was limited. By country, South Africa, Indonesia and Russia were our weakest performers.
Individual detractors included Korean automaker Hyundai, and two Brazilian holdings, Vale and BM&F Bovespa. Hyundai's stock fell as the market considered its purchase of land for a new headquarters to be a poor use of its capital. Though we agree, we believe Hyundai's new product cycle will provide an opportunity for better margins. Vale, an iron-ore giant, fell with the commodity price, on increased supply and potentially lower incremental demand from a slowing Chinese economy. We decided to sell that position after concluding the medium-term price outlook was unclear. Financial exchange BM&F Bovespa lost value after investors grew concerned that post-election trade volumes would not recover with foreign investor interest diminishing. We agreed with that view and liquidated the position.
Emerging markets equities gave up ground in recent months as the price of oil retreated and foreign investors grew concerned with the potential impact of higher U.S. interest rates. We would note that while U.S. monetary policy may tighten, other developed markets, such as Europe and Japan, are offering more supportive actions. Further, weakening oil prices aid a majority of EM countries' economies, as they are consumers—rather than producers—of energy.
Stepping back, we believe the current environment is one where there is a scarcity of global growth, with the trajectory of individual EM markets diverging. We continue to seek investments in what we view as the more favorable markets and the local companies best positioned to grow in current conditions.
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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Emerging Markets Equity Fund
TICKER SYMBOLS
Institutional Class | NEMIX | ||
Class A | NEMAX | ||
Class C | NEMCX | ||
Class R3 | NEMRX | ||
Class R6 | NREMX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||
Consumer Discretionary | 11.3 | % | |||
Consumer Staples | 11.5 | ||||
Energy | 3.8 | ||||
Financials | 22.6 | ||||
Health Care | 5.3 | ||||
Industrials | 13.2 | ||||
Information Technology | 23.3 | ||||
Materials | 2.3 | ||||
Telecommunication Services | 3.1 | ||||
Utilities | 1.3 | ||||
Short-Term Investments | 2.3 | ||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class | 10/08/2008 | –7.26 | % | 3.11 | % | 3.09 | % | 10.51 | % | ||||||||||||||
Class A | 10/08/2008 | –7.43 | % | 2.86 | % | 2.82 | % | 10.25 | % | ||||||||||||||
Class C | 10/08/2008 | –7.79 | % | 2.09 | % | 2.06 | % | 9.42 | % | ||||||||||||||
Class R310 | 06/21/2010 | –7.53 | % | 2.43 | % | 2.45 | % | 9.97 | % | ||||||||||||||
Class R623 | 03/15/2013 | –7.24 | % | 3.19 | % | 3.13 | % | 10.54 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A | –12.77 | % | –3.07 | % | 1.61 | % | 9.23 | % | |||||||||||||||
Class C | –8.71 | % | 1.09 | % | 2.06 | % | 9.42 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI Emerging Markets Index1,16 | –8.20 | % | 5.38 | % | 3.97 | % | 9.46 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.45%, 1.83%, 2.57%, 2.13% and 1.37% 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 1.25%, 1.50%, 2.25%, 1.91% and 1.18% for 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 ending February 28, 2015 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%, 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.
Equity Income Fund Commentary
Neuberger Berman Equity Income Fund Institutional Class generated a 2.05% total return for the six months ended February 28, 2015, but underperformed its benchmark, the S&P 500® Index which posted a 6.12% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
There were several big positives in the economy during the six-month period as U.S. GDP expanded at a faster pace than last year's sluggish level. Jobless claims were lower while new home sales moved slightly higher. Some of the economic tailwind was attributable to lower gas prices. The drop in West Texas Oil this period helped the average cost of U.S. gasoline fall to its lowest level in five years. On the interest rate front, the 30-Year U.S. Treasury bond yield declined modestly for the period, while the U.S. dollar continued higher against a basket of global currencies. We believe historically low rates, subdued inflation, a strong dollar and cheap commodities provide a strong backdrop for the consumer, assuming they continue as we head into the remainder of 2015.
Stock selection among the Consumer Discretionary, Industrials and Financials sectors were additive, while Energy and stock selection in Health Care were the main culprits of the Fund's underperformance versus the benchmark this period. Top performers included CME Group, a beneficiary of higher trading volume within the futures and options markets, as well as REITs Extra Space Storage and Equity Residential, both of which benefited from undersupply in areas of growing demand.
Within Health Care, our bias toward higher yielding pharmaceuticals over biotechs (which historically have paid little to no dividend), hindered results. However, the most significant detractors came from the Energy space. Golar LNG, a Norwegian floating liquefied natural gas transporter, declined on soft economic data from China and Europe. However, LNG prices remain high in other geographies, so Golar's ability to export is a positive long-term, in our view. ONEOK was another laggard, but its Bakken gas transmission assets are contracted for ten years and we believe prices could recover well before then. Nearer term, we do not expect prices to fall enough to shut down Bakken production completely. We sold Cenovus, a tar sands producer, as the costliest extraction techniques came under the most pressure as prices declined.
We believe energy, interest rates, and the geopolitical arena should likely be hot topics in 2015, but this is not dissimilar to years past. We believe the portfolio is well positioned to participate in several positives that we expect low energy prices to bring to consumers. Similarly, should interest rates move higher, it is our opinion that parts of the portfolio will serve as a buffer, with the balance positioned as a growth engine should the economy continue to improve. We also see value in a select group of European leaders in the event that monetary easing leads to margin expansion, as it has in the United States. Domestically, we believe the majority of our names are poised to benefit from an even stronger U.S. dollar and continued economic improvement, should recent trends continue.
The Fund's strategy strives to own financially healthy companies with a history of growing their businesses in both weak and strong economic environments. It is diversified among dividend-paying companies we believe are capable of sustaining and growing their dividends to shareholders. Going forward, we will continue to strive to provide equity-like returns with less volatility than the S&P 500 Index.
Sincerely,
RICHARD LEVINE, TONY GLEASON AND SANDY POMEROY
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Equity Income Fund
TICKER SYMBOLS
Institutional Class | NBHIX | ||
Class A | NBHAX | ||
Class C | NBHCX | ||
Class R3 | NBHRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 4.1 | % | |||||
Consumer Staples | 3.4 | ||||||
Energy | 11.3 | ||||||
Financials | 38.8 | ||||||
Health Care | 10.6 | ||||||
Industrials | 6.0 | ||||||
Information Technology | 3.4 | ||||||
Materials | 2.0 | ||||||
Telecommunication Services | 1.0 | ||||||
Utilities | 15.1 | ||||||
Other | 3.2 | ||||||
Short-Term Investments | 1.1 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class14 | 06/09/2008 | 2.05 | % | 10.14 | % | 11.66 | % | 7.99 | % | ||||||||||||||
Class A14 | 06/09/2008 | 1.91 | % | 9.81 | % | 11.26 | % | 7.65 | % | ||||||||||||||
Class C14 | 06/09/2008 | 1.56 | % | 8.99 | % | 10.44 | % | 7.03 | % | ||||||||||||||
Class R314 | 06/21/2010 | 1.74 | % | 9.41 | % | 10.96 | % | 7.58 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A14 | –3.94 | % | 3.52 | % | 9.96 | % | 6.89 | % | |||||||||||||||
Class C14 | 0.59 | % | 7.99 | % | 10.44 | % | 7.03 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.60 | % |
*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 14 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.68%, 1.05%, 1.80%, and 1.34% for Institutional Class, Class A, Class C, and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for Class R3 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Focus Fund Commentary
Neuberger Berman Focus Fund Investor Class generated a 3.89% total return for the six months ended February 28, 2015, but underperformed its benchmark, the S&P 500® Index, which provided a 6.12% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
During the six-month period, investors faced some large swings in the equity market. The Energy sector fell precipitously due to a steep drop in oil prices, while other sectors faltered at times due to global macro concerns, the rising U.S. dollar, and uncertainty surrounding U.S. Federal Reserve (Fed) interest rate tightening. Still, while most of these issues lingered, investors seemed to show a proclivity towards optimism, as even the slightest improvements in the global macro picture along with a continued moderate tone from the Fed revived confidence and pushed stocks higher by the end of the period.
The best performing sectors of the S&P 500 Index over the six-month period were Health Care, Consumer Staples and Consumer Discretionary. Health Care benefited in part from a shift towards defensive areas of the market while the Consumer segments rose on expectations that lower fuel prices would spur increased spending. Energy was the weakest segment of the market during the period and was the only sector in the index to post a negative overall return.
Within the Fund, every sector except for Energy contributed positively to absolute performance, and Financials gave the largest boost to relative performance owing in part to a rise in Willis Group Holdings. The company's new management team has worked to optimize its business, and its efforts began to show promise as Willis Group posted its first improvement in margins in two years and confidence in top-line growth appears to us to be building. The Fund also gained some relative ground in Industrials due mainly to our exposure to the airlines, which were strong performers during the period. The greatest detraction from absolute and relative performance came from Energy. Antero Resources and Apache (which we sold) were among our weakest names in this sector. While no Energy stock has been spared in the current oil price environment, we continue to believe our Energy holdings are high-quality companies with solid growth potential over the long term.
Despite the stock market's proven resilience over the past couple of years, our outlook for equities is somewhat cautious. Valuations, in general, are historically high and although corporate earnings are anticipated to grow should the domestic economy continue to improve, we believe the global environment remains tenuous, the rising U.S. dollar presents a challenge, and the impact of Fed rate tightening is a large uncertainty. Within this context, we believe our strategy of conducting in-depth equity research in an attempt to uncover superior risk/reward opportunities in the marketplace could position the portfolio to withstand the market's ups and downs over the long term.
Sincerely,
TIMOTHY CREEDON AND DAVID LEVINE
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Focus Fund
TICKER SYMBOLS
Investor Class | NBSSX | ||
Trust Class | NBFCX | ||
Advisor Class | NBFAX | ||
Institutional Class | NFALX | ||
Class A | NFAAX | ||
Class C | NFACX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 19.9 | % | |||||
Consumer Staples | 5.9 | ||||||
Energy | 7.3 | ||||||
Financials | 16.4 | ||||||
Health Care | 11.2 | ||||||
Industrials | 9.7 | ||||||
Information Technology | 19.9 | ||||||
Materials | 4.0 | ||||||
Utilities | 3.3 | ||||||
Short-Term Investments | 2.4 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS8
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/19/1955 | 3.89 | % | 10.18 | % | 14.58 | % | 6.39 | % | 10.61 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 3.78 | % | 9.96 | % | 14.36 | % | 6.17 | % | 10.60 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 3.76 | % | 9.83 | % | 14.18 | % | 5.97 | % | 10.54 | % | ||||||||||||||||
Institutional Class5 | 06/21/2010 | 3.96 | % | 10.37 | % | 14.79 | % | 6.49 | % | 10.62 | % | ||||||||||||||||
Class A20 | 06/21/2010 | 3.73 | % | 9.95 | % | 14.40 | % | 6.30 | % | 10.59 | % | ||||||||||||||||
Class C20 | 06/21/2010 | 3.37 | % | 9.13 | % | 13.62 | % | 5.94 | % | 10.53 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –2.23 | % | 3.63 | % | 13.05 | % | 5.68 | % | 10.48 | % | |||||||||||||||||
Class C20 | 2.69 | % | 8.41 | % | 13.62 | % | 5.94 | % | 10.53 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.99 | % | 10.23 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.91%, 1.11%, 1.27%, 0.76%, 1.14%, and 1.91% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11%, and 1.86% 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 ending February 28, 2015 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%, 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.
Genesis Fund Commentary
Neuberger Berman Genesis Fund Investor Class posted a 4.85% total return for the six months ended February 28, 2015, but underperformed its benchmark, the Russell 2000® Index, which provided a 5.70% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
The U.S. stock market was choppy during the six-month period. In our view, this was partially due to concerns about global growth and a host of geopolitical issues. However, these factors were largely offset by corporate profits that generally exceeded expectations and overall solid investor demand. Against this backdrop, the S&P 500® Index reached a number of new all-time highs during the period. Small-cap stocks also posted strong results, but modestly lagged the overall stock market. Within the small-cap universe, growth stocks significantly outperformed their value counterparts, as the Russell 2000 Growth and Value indexes returned 9.11% and 2.31%, respectively.
While the Fund produced a solid absolute return, its underperformance versus the benchmark was largely due to sector positioning. In particular, a lack of exposure to more speculative biotechnology companies detracted from results. We do not typically own these companies as they do not meet our investment criteria. A modest initial overweight to the Energy sector also detracted slightly from results, as it performed poorly given the sharp decline in the price of oil. On the upside, the Fund's underweight to Financials and overweight to Information Technology (IT) modestly contributed to performance.
Stock selection, overall, was positive for performance. The Fund's holdings in the Consumer Discretionary and IT sectors were the most beneficial for results. The largest contributor to performance was Manhattan Associates, which provides information technology solutions designed to enable efficient movement of goods through the supply chain. The stock benefited from strong quarterly results and expectations for continued robust demand for its offerings. Another standout performer was ICON, a global provider of outsourced development services to the pharmaceutical and biotechnology industries. The company's shares rallied after it reported strong operating margins and earnings that exceeded analyst expectations.
Detracting the most from performance were the Fund's holdings in the Financials sector. This was largely driven by poor results from two mortgage service-related companies, Altisource Portfolio Solutions and Altisource Asset Management. Altisource Portfolio Solutions provides a host of services to the real estate and mortgage marketplace. Its shares were negatively impacted by its exit from a high-margin line of business and uncertainty around its growth profile in the coming years due to a settlement with its largest customer, Ocwen Financial. Altisource Asset Management is the management company for Altisource Residential, a single family home rental real estate investment trust. The stock was negatively impacted by uncertainty regarding the company's exposure to Ocwen Financial and its settlement with the New York Department of Financial Services. It is important to note that we significantly reduced our exposure to mortgage service-related companies during the period.
Our investment approach is predominantly driven by bottom-up considerations. With this caveat, we do overlay the portfolio to some degree with a top-down point of view. Given our long-term investment horizon, we try to position the portfolio to capture what we see as very long-term tailwinds and seek to avoid long-term headwinds. In recognition of elevated macroeconomic uncertainty, we do not believe it is appropriate to make significant sector bets at this time. We are much more comfortable focusing on stock-specific analysis, which has always been the backbone of our investment process.
Sincerely,
JUDITH M. VALE AND ROBERT D'ALELIO
PORTFOLIO CO-MANAGERS
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Genesis Fund
TICKER SYMBOLS
Investor Class | NBGNX | ||
Trust Class | NBGEX | ||
Advisor Class | NBGAX | ||
Institutional Class | NBGIX | ||
Class R6 | NRGSX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 13.4 | % | |||||
Consumer Staples | 6.1 | ||||||
Energy | 3.4 | ||||||
Financials | 9.5 | ||||||
Health Care | 14.3 | ||||||
Industrials | 21.5 | ||||||
Information Technology | 20.5 | ||||||
Materials | 10.4 | ||||||
Utilities | 0.3 | ||||||
Short-Term Investments | 0.6 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
Investor Class | 09/27/1988 | 4.85 | % | 4.95 | % | 14.41 | % | 9.48 | % | 12.58 | % | ||||||||||||||||
Trust Class3 | 08/26/1993 | 4.82 | % | 4.87 | % | 14.32 | % | 9.41 | % | 12.57 | % | ||||||||||||||||
Advisor Class4 | 04/02/1997 | 4.68 | % | 4.59 | % | 14.02 | % | 9.13 | % | 12.36 | % | ||||||||||||||||
Institutional Class5 | 07/01/1999 | 4.96 | % | 5.15 | % | 14.62 | % | 9.69 | % | 12.73 | % | ||||||||||||||||
Class R624 | 03/15/2013 | 4.98 | % | 5.20 | % | 14.52 | % | 9.53 | % | 12.60 | % | ||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Index1,16 | 5.70 | % | 5.63 | % | 15.97 | % | 8.31 | % | 9.96 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.01%, 1.10%, 1.37%, 0.85% and 0.78% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for each of Institutional Class and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ending February 28, 2015 can be found in the Financial Highlights section of this report.
Global Equity Fund Commentary
Neuberger Berman Global Equity Fund Institutional Class generated a 3.44% total return for the six months ended February 28, 2015, and outperformed the 1.18% return of its benchmark, the MSCI All Country World Index for the period. (Performance for all share classes is provided in the table immediately following this letter.)
From a macroeconomic viewpoint, outside the Energy sector, the U.S. market remained relatively strong during the six-month period on positive economic data. However, the precipitous drop in oil prices, plus policy uncertainty and economic weakness, weighed on developed international markets, while geopolitical concerns and increased risk aversion among foreign investors impacted emerging markets.
The portfolio's outperformance versus the benchmark was due to strong stock selection within the Financials, Materials and Consumer Staples sectors, as well as to our underweight in Energy and overweight in Information Technology (IT). By country, holdings based in the UK, Germany and the Netherlands outperformed.
Three U.S.-based holdings, Apple, Sealed Air and CVS Heath, were our top individual contributors this period. Apple, the large technology company, outperformed on robust sales of the new iPhone 6 and on investor enthusiasm for its electronic payment initiative. Sealed Air, a global leader in food safety and security, facility hygiene, and product protection solutions, reported solid quarterly results and announced a restructuring plan that we think could boost earnings and drive higher returns over the coming years. CVS Health, the retail pharmacy and pharmacy benefit management (PBM) firm, posted better-than-expected earnings and outlined a positive 2015 outlook. The company projects double-digit PBM revenue growth and continues to morph into a health care operator as it rolls out more Minute Clinics.
Although CVS was a top performer, stock selection within Health Care overall was a large area of relative underperformance as many big-cap pharmaceutical names we do not own outpaced our holdings in the sector. Our slight underweight to the strong Consumer Discretionary sector also detracted from performance and Telecommunication Services was another detractor. By country, being overweighted in underperformers Switzerland and France and underweighted to the stronger Japanese market detracted from relative results.
Individual detractors included ShawCor, a Canadian-based pipeline services firm that fell on fears that a lower oil price would hurt pipeline development. Similarly, U.S.-based Range Resources, a large shale energy player, declined with the price of oil as expensive extraction techniques fell out of favor. Elsewhere, SanDisk, an American multinational company that develops and manufactures flash memory storage solutions and software, declined, as it lost a major customer—a near-term headwind that we believe is a long-term benefit as SanDisk diversifies its customer base for potentially higher margins.
Portfolio activity was limited during the reporting period. We sold our more cyclically oriented names, renewing our focus on profitable companies with what we believe is limited sensitivity to external factors (e.g., interest rates, exchange rates, commodity prices). Having consolidated the portfolio to a degree, and more recently seeing the benefits of that, we are not inclined to make knee-jerk trades when we retain conviction in existing holdings and we believe our fundamental approach has been gaining traction.
Our largest underweight remains Financials and our top overweight is IT, where we believe we've found profitable innovators. While we are underweighted in the U.S., we own many multinational companies with underlying revenues that are sourced from America. Our largest overweight is Switzerland, the result of it being the home to many world-class multinationals.
We remain focused on the quality companies (with what have been predictable and attractive cash flow generation characteristics) that fueled our recent outperformance, and that we believe can continue to benefit the portfolio as the year continues.
Sincerely,
BENJAMIN SEGAL AND SAURIN D. SHAH
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Global Equity Fund
TICKER SYMBOLS
Institutional Class | NGQIX | ||
Class A | NGQAX | ||
Class C | NGQCX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 11.1 | % | |||||
Consumer Staples | 9.5 | ||||||
Energy | 5.7 | ||||||
Financials | 16.7 | ||||||
Health Care | 10.4 | ||||||
Industrials | 13.3 | ||||||
Information Technology | 17.1 | ||||||
Materials | 6.2 | ||||||
Telecommunication Services | 3.2 | ||||||
Short-Term Investments | 6.8 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 06/30/2011 | 3.44 | % | 7.97 | % | 7.25 | % | ||||||||||||
Class A | 06/30/2011 | 3.35 | % | 7.60 | % | 6.87 | % | ||||||||||||
Class C | 06/30/2011 | 2.96 | % | 6.89 | % | 6.10 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –2.60 | % | 1.43 | % | 5.16 | % | |||||||||||||
Class C | 2.37 | % | 6.27 | % | 6.10 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI All Country World Index1,16 | 1.18 | % | 8.11 | % | 9.82 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 6.65%, 7.01% and 7.76% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.15%, 1.51% and 2.26% 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 ending February 28, 2015 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%, 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.
Global Real Estate Fund Commentary
Neuberger Berman Global Real Estate Fund, which was launched on December 30, 2014, seeks total return by normally investing at least 80% of its net assets in U.S. and non-U.S. equity securities issued by real estate investment trusts (REITs) and common stocks and other securities issued by other real estate companies.
The Fund's Institutional Class generated a 3.10% total return for the period from inception through February 28, 2015, performing largely in line with its benchmark, the FTSE EPRA/NAREIT Developed Index, which generated a 3.18% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
The global stock market generated a positive return during the reporting period (since the Fund's launch). While the Fund also produced a positive absolute return, its modest underperformance versus the benchmark was partially due to transaction costs. In addition, country allocation, overall, was a small drag on performance, largely driven by a lack of exposure to Switzerland. This was partially offset by an overweight to the UK.
Both stock selection and sector allocation, overall, were additive for results. In terms of stock selection, the Fund's holdings in the Diversified and Industrial & Office sectors were the most beneficial for results. In contrast, stock selection in the Hotel & Lodging and Retail sectors detracted from performance. In terms of sector allocation, an underweight to Hotel & Lodging, along with an overweight to Real Estate Holding & Development, were the largest contributors to results. Conversely, overweights to the timber (classified as Specialty) and Diversified REITs were the largest detractors from performance.
Looking ahead, we think there's reason for optimism regarding the global REIT market. Domestically, we believe the U.S. economy has the potential to expand at a steady pace in 2015. We believe this, in turn, could lead to further improvements for U.S. REIT fundamentals, including rising REIT occupancy and rental rates. Against this backdrop, we believe U.S. REIT cash flows could remain strong and potentially lead to rising dividends from many REITS. We anticipate investor demand will generally be solid, while overall supply remains near a multi-decade low.
Overseas, the economic outlook has continued to brighten in the UK, with solid rental growth in the London office market and the West End. Still, we believe the interest rate picture bears watching. On mainland Europe, we anticipate solid rental growth in key German residential markets. Elsewhere, it appears to us that China and Australia are changing gears to adapt to structurally slower growth, whereas Japan is aggressively trying to foster an inflationary mindset. Interest rates are on a downward trend in China, Australia and Japan, which could support real estate values. Additionally, in our view, office demand shows clear signs of recovery across Japan, Singapore and Hong Kong. This could alleviate the supply imbalance that has affected these markets since the financial crisis. We believe the potential normalization of U.S. interest rates, however, may likely create some strain in the markets in Hong Kong and Singapore given how closely aligned their currencies are to the U.S. dollar.
Sincerely,
STEVE S. SHIGEKAWA, BRIAN JONES, GILLIAN TILTMAN AND ANTON KWANG
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Global Real Estate Fund
TICKER SYMBOLS
Institutional Class | NGRIX | ||
Class A | NGRAX | ||
Class C | NGRCX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Diversified REITs | 3.8 | % | |||||
Hotel & Lodging REITs | 3.7 | ||||||
Industrial & Office REITs | 23.7 | ||||||
Real Estate Holding & Development | 22.7 | ||||||
Residential REITs | 9.1 | ||||||
Retail REITs | 25.3 | ||||||
Speciality REITs | 10.1 | ||||||
Short-Term Investments | 1.6 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Inception Date | Cumulative Total Return Ended 02/28/2015 Life of Fund | ||||||
At NAV | |||||||
Institutional Class | 12/30/2014 | 3.10 | % | ||||
Class A | 12/30/2014 | 3.10 | % | ||||
Class C | 12/30/2014 | 3.00 | % | ||||
With Sales Charge | |||||||
Class A | –2.83 | % | |||||
Class C | 2.00 | % | |||||
Index | |||||||
FTSE EPRA/NAREIT Developed Index1,16 | 3.18 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during the period shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2015 were 1.45%, 1.81% and 2.56% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.00%, 1.36% and 2.11% 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 ending February 28, 2015 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%, 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.
Global Thematic Opportunities Fund Commentary
Neuberger Berman Global Thematic Opportunities Fund Institutional Class generated a –2.83% total return for the six months ended February 28, 2015, and underperformed the MSCI All Country World Index, which returned 1.18% for the period. (Performance for all share classes is provided in the table immediately following this letter.)
Global markets posted mixed results as diverging central bank policies saw increased volatility. From a regional perspective, stocks in the U.S., Japan and China provided the greatest source of index returns, while stocks in commodity rich Canada and Brazil were the largest detractors overall. During the period, U.S. equities advanced to record highs, in part driven by the strong dollar, robust jobs data, and lower energy prices—which were a tailwind for consumer confidence. Outside the U.S., developed Europe saw structurally strong nations such as Belgium, Netherlands and Germany enjoying positive returns, while peripheral countries like Portugal and Greece suffered.
Thematically, our "Money in Motion" theme was supported by handsome returns from the likes of Aon, BlackRock and CME Group—as these Financials stocks were among our best performers. Within Health Care, Express Scripts, the largest pharmacy benefit manager in the U.S., was also among our top contributors. This name falls within our "Self Help" theme and we believe is poised to benefit from competitive pricing due to a large user base that provides leverage over pharmaceutical companies.
Our "Emerging Market Consumer" theme was home to our biggest laggard, Brazil's Via Varejo. This prompted a reevaluation of our investment thesis, resulting in the sale of this security. Within our "Man vs. Machine" theme, SanDisk dampened returns, following disappointing results, but remains one of our highest conviction holdings. Elsewhere, Check Point Software was our top overall contributor. The Israel-based technology company advanced sharply following a series of high profile data breaches, suggesting increased potential demand for its security products. Finally, names within our "Global Energy Arbitrage" theme were soft as Golar LNG, Range Resources and Cenovus Energy (which we sold) declined in the retreat across the Energy sector.
Looking ahead, we believe valuations within the equity markets as reasonable, with international stocks poised to benefit. We are encouraged by recent actions taken by the European Central Bank to fend off deflationary pressures and have positioned the portfolio with the intent to potentially capitalize on names that we think stand to benefit from quantitative easing.
We will continue to seek companies which we believe have resiliency in the face of geopolitical risk, but believe any corrections could create opportunities to add to certain names. As always, we remain dedicated to finding opportunities in what we believe are excellent companies across a broad spectrum of countries and sectors, with the goal of identifying persistent, structural and investable trends before they are recognized by the broader investment community. We believe that this opportunistic, disciplined and patient approach should be rewarded with attractive returns over time.
Sincerely,
TONY GLEASON, SANDY POMEROY, WILLIAM HUNTER AND RICHARD LEVINE
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.
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 Thematic Opportunities Fund
TICKER SYMBOLS
Institutional Class | NGHIX | ||
Class A | NGHAX | ||
Class C | NGHCX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 15.6 | % | |||||
Consumer Staples | 2.1 | ||||||
Energy | 8.1 | ||||||
Financials | 19.7 | ||||||
Health Care | 12.5 | ||||||
Industrials | 14.5 | ||||||
Information Technology | 17.5 | ||||||
Materials | 4.4 | ||||||
Other | 3.4 | ||||||
Short-Term Investments | 2.2 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 06/30/2011 | –2.83 | % | –4.70 | % | 1.40 | % | ||||||||||||
Class A | 06/30/2011 | –2.94 | % | –5.08 | % | 1.03 | % | ||||||||||||
Class C | 06/30/2011 | –3.42 | % | –5.77 | % | 0.27 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | –8.54 | % | –10.52 | % | –0.59 | % | |||||||||||||
Class C | –4.39 | % | –6.71 | % | 0.27 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI All Country World Index1,16 | 1.18 | % | 8.11 | % | 9.82 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.40%, 1.86% and 2.65% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.26%, 1.62% and 2.37% 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 ending February 28, 2015 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%, 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.
Greater China Equity Fund Commentary
Neuberger Berman Greater China Equity Fund Institutional Class generated an 11.10% total return for the six months ended February 28, 2015, and outperformed its benchmark, the MSCI China Index, which generated a 5.97% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
During the six-month period, the Fund's underweight positions in the Energy and Consumer Staples sectors and its overweight in the Utilities sector contributed to outperformance versus the benchmark. In contrast, the Fund's overweight in Consumer Discretionary detracted from performance. Stock selection in Financials and Utilities positively impacted performance, while stock selection in Information Technology had a negative impact on performance relative to the benchmark.
As of February 28, 2015, the Fund's largest sector overweight relative to the benchmark was Utilities, and the largest sector underweight was Telecommunication Services. The Fund also held overweight positions in Health Care and Industrials, as well as underweight positions in Energy and Financials. The Fund's top 10 positions comprised 38.6% of total net portfolio assets at the end of February. We continue to look for companies that have what appears to us to be sustainable top and bottom line growth by looking at recurring operating cash flows from core businesses.
During the reporting period, the China equity markets displayed volatility and performance of the offshore and onshore markets diverged significantly. In September, the offshore Hong Kong market was impacted by protests in Hong Kong, while the onshore China A-shares market rallied due to expectations of the implementation of the Shanghai-Hong Kong Stock Connect (Stock Connect) trading program. The China equity markets climbed higher in October, primarily from actions taken by the People's Bank of China (PBoC) to ease mortgage policies and the State Council's announcement of further reform measures focused in sectors such as non-public services, environment protection and resources, investment, agriculture, consumption and small and medium enterprises. Although the Fourth Plenary Session of the 18th Communist Party of China central Committee held later in the month dampened investor sentiment, better-than-expected third quarter 2014 earnings and additional supportive local policies led both the offshore and onshore markets to end the month in positive territory. China's central bank unexpectedly announced interest rate cuts for the first time in close to three years in November, which led the onshore China A-shares market to surge even higher. On the other hand, the offshore Hong Kong market retreated due to lower-than-expected turnover of southbound trades after the launch of the Stock Connect program. The domestic A-shares market continued to rally strongly in December as investor sentiment remained positive in response to expectations of continued policy easing and the PBoC's announcement to loosen requirements on Chinese banks' loans-to-deposits ratios.
Going into 2015, the offshore Hong Kong market's performance improved and saw valuation levels converge toward those of the onshore market as the European Central Bank announced measures of quantitative easing. Concurrently, the China Securities Regulatory Commission's inspection of several securities firms' margin lending businesses and acceleration of IPO activity prompted a correction in the A-shares market. The PBoC lowered banks' reserve requirement ratio by 50 basis points in February, and coupled with anticipation of further interest rate cuts and the government's announcement of supportive policies at the National People's Congress and Chinese People's Political Consultative Conference, investor sentiment improved and led the China equity markets to rebound by the end of February.
Sincerely,
LIHUI TANG AND FRANK YAO
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Greater China Equity Fund
TICKER SYMBOLS
Institutional Class | NCEIX | ||
Class A | NCEAX | ||
Class C | NCECX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 4.0 | % | |||||
Consumer Staples | 2.8 | ||||||
Energy | 1.6 | ||||||
Financials | 32.9 | ||||||
Health Care | 9.3 | ||||||
Industrials | 12.2 | ||||||
Information Technology | 10.5 | ||||||
Telecommunication Services | 2.4 | ||||||
Utilities | 12.4 | ||||||
Short-Term Investments | 11.9 | ||||||
Total | 100.0 | % |
EXCHANGE ALLOCATION
(as a % of Long Term Investments) | |||||||
Mainland China | 25.9 | % | |||||
Hong Kong | 66.9 | ||||||
United States | 7.2 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | Life of Fund | ||||||||||||||||
At NAV | |||||||||||||||||||
Institutional Class | 07/17/2013 | 11.10 | % | 25.66 | % | 21.42 | % | ||||||||||||
Class A | 07/17/2013 | 10.83 | % | 25.28 | % | 21.05 | % | ||||||||||||
Class C | 07/17/2013 | 10.45 | % | 24.30 | % | 20.12 | % | ||||||||||||
With Sales Charge | |||||||||||||||||||
Class A | 4.46 | % | 18.02 | % | 16.71 | % | |||||||||||||
Class C | 9.45 | % | 23.30 | % | 20.12 | % | |||||||||||||
Index | |||||||||||||||||||
MSCI China Index1,16 | 5.97 | % | 19.37 | % | 18.08 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2014 were 1.83%, 2.31% and 2.86% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated expense ratios were 1.50%, 1.86% and 2.61% 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 ending February 28, 2015 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%, 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.
Guardian Fund Commentary
Neuberger Berman Guardian Fund Investor Class generated a 5.63% total return for the six months ended February 28, 2015, but slightly trailed the 6.12% return of its benchmark, the S&P 500® Index. (Performance for all share classes is provided in the table immediately following this letter.)
Several macroeconomic factors influenced the financial markets during the six-month period and are likely to continue to have an impact as 2015 progresses, in our view. Central bank activity continues to roil the global financial markets as the U.S. Federal Reserve's tightening bias coincides with easing actions at the European Central Bank and the Bank of Japan. As of the end of the reporting period, this divergence in policy had thus far supported the U.S. dollar. Also over this period, the price of oil fell dramatically due to what appeared to be a modest imbalance between global supply and demand growth, hurting producer economics while benefiting the budgets of global consumers. Geopolitical factors remain another wildcard that we believe likely to impact the financial markets as the year unfolds.
We believe U.S. economic indicators continue to point to forward momentum for the U.S. economy, despite the severe winter weather in the Northeast during the period and the downshift in spending for the oil and gas sector.
Looking at Fund performance, Energy-related exposure was the main drag on results this period, although our aggregate exposure was underweight versus the benchmark. Within the sector, Noble Energy and Schlumberger detracted. We also saw negative effects within Industrials, particularly in businesses serving the Energy sector, such as NOW.
An underweight to the outperforming Health Care sector was also a headwind. Sanofi detracted, underperforming after making price concessions in its diabetes franchise to maintain market share.
The portfolio's Consumer-related and Information Technology (IT) holdings outperformed. Consumer-related names including Costco and TJX, two best-in-class retailers, were top contributors, along with IT names Texas Instruments, Computer Sciences Corp. and Intuit.
We managed the portfolio fairly actively this period, mostly driven by bottom-up opportunities as we've worked to use periodic market volatility to our advantage. Microchip, a detractor from within IT, was sold in favor of Alliance Data Systems, a new purchase we believe offers better long-term potential.
Premier Inc. is another new opportunity we found compelling. The company was born out of a hospital network purchasing cooperative, and is now one of the largest in the U.S., with a meaningful footprint in consumables and equipment. It became a public company recently, and with the unique insights the company has developed by serving a wide range of hospitals, it now offers consulting and best-practices technologies and services to its hospital partners, helping to manage both costs and patient outcomes.
Other sales during the period included J.B. Hunt, as tightening rail capacity may impact the company's growth, and Procter & Gamble and Coca-Cola, which are among global businesses under pressure from a strengthening dollar.
External macro factors have been responsible for a great deal of financial market activity over the past few years, and we anticipate they will continue to have an influence. Our focus has been and will continue to be on identifying high-quality
businesses with good organic growth that we think is sustainable over the long run, and will try to be opportunistic buyers of their stocks.
Sincerely,
ARTHUR MORETTI
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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Guardian Fund
TICKER SYMBOLS
Investor Class | NGUAX | ||
Trust Class | NBGTX | ||
Advisor Class | NBGUX | ||
Institutional Class | NGDLX | ||
Class A | NGDAX | ||
Class C | NGDCX | ||
Class R3 | NGDRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 13.1 | % | |||||
Consumer Staples | 6.0 | ||||||
Energy | 5.6 | ||||||
Financials | 20.7 | ||||||
Health Care | 8.1 | ||||||
Industrials | 15.7 | ||||||
Information Technology | 19.4 | ||||||
Materials | 4.1 | ||||||
Telecommunication Services | 1.4 | ||||||
Utilities | 2.8 | ||||||
Short-Term Investments | 3.1 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7,12
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1950 | 5.63 | % | 12.11 | % | 15.21 | % | 8.04 | % | 11.24 | % | ||||||||||||||||
Trust Class3 | 08/03/1993 | 5.53 | % | 11.86 | % | 15.01 | % | 7.84 | % | 11.20 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 5.42 | % | 11.59 | % | 14.59 | % | 7.37 | % | 11.06 | % | ||||||||||||||||
Institutional Class5 | 05/27/2009 | 5.76 | % | 12.28 | % | 15.41 | % | 8.15 | % | 11.26 | % | ||||||||||||||||
Class A20 | 05/27/2009 | 5.54 | % | 11.92 | % | 15.00 | % | 7.92 | % | 11.23 | % | ||||||||||||||||
Class C20 | 05/27/2009 | 5.13 | % | 11.01 | % | 14.14 | % | 7.46 | % | 11.15 | % | ||||||||||||||||
Class R317 | 05/27/2009 | 5.43 | % | 11.60 | % | 14.72 | % | 7.77 | % | 11.20 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –0.53 | % | 5.47 | % | 13.65 | % | 7.28 | % | 11.12 | % | |||||||||||||||||
Class C20 | 4.24 | % | 10.07 | % | 14.14 | % | 7.46 | % | 11.15 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.99 | % | 11.22 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.88%, 1.06%, 1.28%, 0.71%, 1.09%, 1.86% and 1.38% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 1.36% for Class R3 shares after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
International Equity Fund Commentary
Neuberger Berman International Equity Fund Institutional Class generated a 2.62% total return for the six months ended February 28, 2015, and outperformed its benchmark, the MSCI EAFE® Index, which posted a –1.16% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets returns were generally negative in calendar year 2014, plagued late in the year by slow growth, uncertainty about the European Central Bank's (ECB) next moves, the Greek election, and the strength of the U.S. dollar. Some of the uncertainty later abated—with the ECB's announcement of further monetary stimulus in January and post-election Greek debt extension in place—and the markets responded with a sharp rebound through February.
Stock selection was the dominant factor in the portfolio's outperformance versus the benchmark, and sector allocation a secondary benefit. The portfolio's greatest relative strengths came from within the Financials, Consumer Staples and Materials sectors. By country, UK stocks led; holdings from the Netherlands and France were also strong.
Top individual contributors included Synergy Health, Euronext and Nutreco. Synergy, a UK-based health-services outsourcer, accepted a takeover bid from U.S.-based Steris at a 39% premium. Euronext, the European financial exchange operator, delivered solid earnings and promised greater cost efficiencies going forward, with expectations for greater free cash flows and a potential dividend. Nutreco, the Dutch fish-feed provider, received a takeover bid at a 42% premium. We evaluated the offer, waiting for any potential rival bidders, before selling out of the name.
By sector, Energy holdings detracted, although our underweight in this weak sector was helpful. The portfolio also lagged within Telecommunication Services and Consumer Discretionary. By country, our out-of-benchmark allocation to the commodities-driven Canadian market was a source of performance weakness, followed by an opportunistic exposure to Brazil and holdings in Switzerland.
Canadian energy names ShawCor and Cenovus, as well as Brazil's SLC Agricola, were detractors this period. ShawCor, a pipeline services firm, fell on fears that a lower oil price would hurt pipeline development. Cenovus, an oil sands producer, declined as falling oil prices put the costliest extraction techniques out of favor. SLC Agricola, the Brazilian agricultural name, was hurt by weak soft-commodity prices.
After a late 2014 swoon, sentiment toward international markets improved significantly at the onset of 2015 due to a combination of ultra-easy monetary policy, weaker currencies, lower oil prices and gradually improving economic data in some areas. As such, flows into international equities have been strong the first two months of the year. Company earnings are still a mixed bag, however. According to brokerage tallies, many companies have not managed to keep pace with upwardly revised earnings expectations, but others—in particular the exporters and multinational companies we favor—have enjoyed better revenue and earnings figures than their domestic peers, aided by weaker currencies. That fact has driven our outperformance over the six-month period, and we believe it will aid us looking forward into the rest of 2015.
Sincerely,
BENJAMIN SEGAL
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.
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
TICKER SYMBOLS
Investor Class | NIQVX | ||
Trust Class | NIQTX | ||
Institutional Class | NBIIX | ||
Class A | NIQAX | ||
Class C | NIQCX | ||
Class R6 | NRIQX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 10.3 | % | |||||
Consumer Staples | 10.5 | ||||||
Energy | 1.8 | ||||||
Financials | 19.1 | ||||||
Health Care | 11.7 | ||||||
Industrials | 22.6 | ||||||
Information Technology | 10.1 | ||||||
Materials | 6.5 | ||||||
Telecommunication Services | 3.6 | ||||||
Short-Term Investments | 3.8 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Investor Class13 | 01/28/2013 | 2.52 | % | 2.47 | % | 9.23 | % | 5.39 | % | ||||||||||||||
Trust Class13 | 01/28/2013 | 2.46 | % | 2.37 | % | 9.19 | % | 5.37 | % | ||||||||||||||
Institutional Class | 06/17/2005 | 2.62 | % | 2.71 | % | 9.33 | % | 5.44 | % | ||||||||||||||
Class A13 | 01/28/2013 | 2.39 | % | 2.25 | % | 9.15 | % | 5.35 | % | ||||||||||||||
Class C13 | 01/28/2013 | 2.04 | % | 1.51 | % | 8.81 | % | 5.18 | % | ||||||||||||||
Class R623 | 09/03/2013 | 2.67 | % | 2.76 | % | 9.36 | % | 5.46 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A13 | –3.48 | % | –3.64 | % | 7.87 | % | 4.71 | % | |||||||||||||||
Class C13 | 1.04 | % | 0.51 | % | 8.81 | % | 5.18 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI EAFE® Index1,16 | –1.16 | % | 0.39 | % | 8.27 | % | 5.87 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.26%, 1.36%, 1.07%, 1.46%, 2.21% and 1.13% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.85%, 1.21%, 1.96% and 0.79% 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 ending February 28, 2015 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%, 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.
International Select Fund Commentary*
Neuberger Berman International Select Fund (formerly Neuberger Berman International Large Cap Fund) Trust Class generated a 2.66% total return for the six months ended February 28, 2015, and outperformed its benchmark, the MSCI EAFE® Index, which provided a –1.16% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
International equity markets returns were generally negative in calendar year 2014, plagued late in the year by slow growth, uncertainty about the European Central Bank's (ECB) next moves, the Greek election, and the strength of the U.S. dollar. Some of the uncertainty later abated—with the ECB's announcement of further monetary stimulus in January and post-election Greek debt extension in place—and the markets responded with a sharp rebound through February.
Stock selection was the dominant factor in the portfolio's outperformance versus the benchmark, and sector allocation a secondary benefit. The portfolio's greatest relative strengths came from within the Financials, Consumer Staples and Materials sectors. By country, UK stocks led; holdings from Germany and Australia were also strong.
Top individual contributors included Check Point Software, Alimentation Couche-Tard and Toyota. Check Point, an Israeli-based cybersecurity firm, announced accelerating sales growth and raised future earnings guidance. Alimentation Couche-Tard, a Canadian-headquartered convenience store operator, announced an acquisition that was positively received by investors. Toyota, the Japanese car manufacturer, reported solid earnings with strong North American sales and lower costs.
By sector, Energy holdings detracted, although our underweight in this weak sector was helpful. The portfolio also lagged within Telecommunication Services and Health Care. By country, our out-of-benchmark allocation to the commodities-driven Canadian market was a source of weakness, followed by Denmark and Switzerland.
Canadian energy names ShawCor and Cenovus, along with family-owned Swiss construction materials producer, Sika, were detractors this period. ShawCor, a pipeline services firm, fell on fears that a lower oil price would hurt pipeline development. Cenovus, an oil sands producer, declined as falling oil prices put the costliest extraction techniques out of favor. In Sika's case, in a surprise move, the family sold its controlling interest to a larger rival against management's wishes. After much consideration, we believe Sika's business model will be impaired and exited the position, capturing our long-term gains.
After a late 2014 swoon, sentiment toward international markets improved significantly at the onset of 2015 due to a combination of ultra-easy monetary policy, weaker currencies, lower oil prices and gradually improving economic data in some areas. As such, flows into international equities have been strong the first two months of the year. Company earnings are still a mixed bag, however. According to brokerage tallies, many companies have not managed to keep pace with upwardly revised earnings expectations, but others—in particular the exporters and multinational companies we favor—have enjoyed better revenue and earnings figures than their domestic peers, aided by weaker currencies. That fact has driven our outperformance over the six-month period, and we believe it will aid us looking forward into the rest of 2015.
Sincerely,
BENJAMIN SEGAL
PORTFOLIO MANAGER
* Effective June 2, 2014, Neuberger Berman International Large Cap Fund changed its name to Neuberger Berman International Select Fund.
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change.
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
TICKER SYMBOLS
Trust Class | NILTX | ||
Institutional Class | NILIX | ||
Class A | NBNAX | ||
Class C | NBNCX | ||
Class R3 | NBNRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 12.0 | % | |||||
Consumer Staples | 9.1 | ||||||
Energy | 1.9 | ||||||
Financials | 20.0 | ||||||
Health Care | 11.6 | ||||||
Industrials | 19.2 | ||||||
Information Technology | 11.7 | ||||||
Materials | 8.4 | ||||||
Telecommunication Services | 4.2 | ||||||
Short-Term Investments | 1.9 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Trust Class | 08/01/2006 | 2.66 | % | 1.84 | % | 7.81 | % | 3.30 | % | ||||||||||||||
Institutional Class6 | 10/06/2006 | 2.80 | % | 2.16 | % | 8.20 | % | 3.65 | % | ||||||||||||||
Class A15 | 12/20/2007 | 2.55 | % | 1.82 | % | 7.82 | % | 3.30 | % | ||||||||||||||
Class C15 | 12/20/2007 | 2.27 | % | 1.07 | % | 7.00 | % | 2.66 | % | ||||||||||||||
Class R315 | 05/27/2009 | 2.51 | % | 1.59 | % | 7.54 | % | 3.11 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A15 | –3.35 | % | –4.00 | % | 6.54 | % | 2.59 | % | |||||||||||||||
Class C15 | 1.27 | % | 0.07 | % | 7.00 | % | 2.66 | % | |||||||||||||||
Index | |||||||||||||||||||||||
MSCI EAFE® Index1,16 | –1.16 | % | 0.39 | % | 8.27 | % | 3.57 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.33%, 0.93%, 1.31%, 2.05% and 1.55% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.25%, 0.90%, 1.30%, 2.00% and 1.51% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Intrinsic Value Fund Commentary
Neuberger Berman Intrinsic Value Fund Institutional Class posted a 5.82% total return for the six months ended February 28, 2015, and outperformed the 2.31% return of its benchmark, the Russell 2000® Value Index for the period. (Performance for all share classes is provided in the table immediately following this letter.)
The major surprise for investors during the last six months was the collapse in crude oil prices. While a handful of market players believed that oil prices could sink dramatically, many investment approaches, including our own strategy, had come to build in an acceptance of a world in which oil traded between $80 and $110 per barrel. Investors have struggled to digest the implications of the startling fall in oil prices. The lower crude price can be viewed either positively, as stimulus for most of the world's consumers, or negatively, inasmuch as it may reflect an ominous deflationary signal resulting from lackluster economic growth.
While the portfolio has a small exposure to the Energy sector (less than 5%), it does have an overweighting to economically sensitive companies. When investors perceive the beginning of an economic slowdown, these companies can tend to underperform as investors move into defensive, yield-oriented stocks. Or, investors may simply prefer owning shares of consumer stocks rather than industrial or technology stocks on the theory that consumption of food, autos and clothing may increase.
Not surprisingly, there has been a great deal of volatility among small-cap stocks as investors rotate out of some sectors and into others, or alternatively short the entire asset class given its economic sensitivity. Early into the oil price slide, the Fund underperformed the benchmark, but as time progressed and economic data continued to reflect solid domestic growth, the Fund subsequently outperformed. Most of the excess return versus the benchmark was realized in January and February of 2015.
The portfolio's Technology investments, which constitute approximately a third of its holdings, drove the lion's share of performance. A combination of favorable earnings reports as well as M&A activity helped. Digital River was acquired by a private equity firm, Spansion merged with Cypress Semiconductor and, at the end of February after a month of speculation, Freescale announced a merger with NXP Semiconductor. M&A activity was not limited to technology companies: Office Depot and Staples also agreed to combine.
Although the price decline in oil took us by surprise, fortunately our exposure was small relative to the benchmark. Nevertheless, our energy-related investments, including TETRA Technologies, KBR and McDermott International, performed poorly. The near-term direction of oil prices remains unclear to us. Our team has spent a great deal of time researching potential investment opportunities and looking for a thesis to support an increase in oil prices, yet we remain unconvinced that there is any urgency to increase our commitment to this sector.
Notwithstanding our uncertainty regarding energy stocks, we continue to add new investments to the portfolio. During the six-month period, we added seven new companies to the portfolio while eliminating eight. Most of these new investments are technology and industrial companies selling at attractive discounts to their intrinsic value.1
The reporting period was marked by a see-saw trading pattern for small company shares. Good news from the domestic economy and positive company earnings reports were a source of underlying investment support, while unsettling economic and political developments overseas seemed to drive shorter-term trading. Against this backdrop, it appears to us that M&A activity remains vibrant and a healthy corporate sector continues to reward shareholders with share repurchases and dividends. So long as the underlying economic data remains healthy, we plan to remain positive on the outlook for our strategy.
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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Intrinsic Value Fund
TICKER SYMBOLS
Institutional Class | NINLX | ||
Class A | NINAX | ||
Class C | NINCX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 5.8 | % | |||||
Energy | 1.3 | ||||||
Financial Services | 10.8 | ||||||
Health Care | 6.7 | ||||||
Materials & Processing | 7.6 | ||||||
Producer Durables | 21.8 | ||||||
Technology | 36.2 | ||||||
Utilities | 4.4 | ||||||
Short-Term Investments | 5.4 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Institutional Class19 | 05/10/2010 | 5.82 | % | 7.68 | % | 14.56 | % | 10.12 | % | 12.03 | % | ||||||||||||||||
Class A19 | 05/10/2010 | 5.55 | % | 7.22 | % | 14.15 | % | 9.92 | % | 11.91 | % | ||||||||||||||||
Class C19 | 05/10/2010 | 5.17 | % | 6.43 | % | 13.35 | % | 9.54 | % | 11.69 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A19 | –0.51 | % | 1.04 | % | 12.80 | % | 9.27 | % | 11.54 | % | |||||||||||||||||
Class C19 | 4.18 | % | 5.43 | % | 13.35 | % | 9.54 | % | 11.69 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Value Index1,16 | 2.31 | % | 3.96 | % | 13.97 | % | 7.13 | % | 8.97 | % | |||||||||||||||||
Russell 2000® Index1,16 | 5.70 | % | 5.63 | % | 15.97 | % | 8.31 | % | 8.04 | % |
*The inception date for Neuberger Berman Intrinsic Value Fund Institutional Class, Class A, and Class C shares is May 10, 2010. Performance prior to that 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"), which had similar investment goals, strategies, and portfolio management team. See endnote 19 for more information.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.14%, 1.52% and 2.26% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.00%, 1.36% and 2.11% 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 ending February 28, 2015 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%, 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.
Large Cap Disciplined Growth Fund Commentary
Neuberger Berman Large Cap Disciplined Growth Fund Investor Class generated a 4.20% total return for the six months ended February 28, 2015, but underperformed the 8.46% return of its benchmark, the Russell 1000® Growth Index for the period. (Performance for all share classes is provided in the table immediately following this letter.)
The market was fairly strong during the six-month period, with equity returns being driven primarily by multiple expansion rather than earnings growth. Earnings growth has stayed in the mid-single digits over the past year, with consensus estimates for more of the same throughout 2015. Still, we saw increased divergence between sector valuations in the six-month reporting period.
While the S&P 500® price/earnings multiple has remained near its historical average, we've seen a massive retrenchment in some cyclical stocks—particularly Energy, down approximately 22% for the reporting period, and Materials, up only 4%. This suggests that other pockets of the market have become expensive. The Health Care, Information Technology, Consumer Discretionary and Consumer Staples sectors saw double-digit gains over the six-month period. Overall, however, we do not believe the market is overpriced.
Apple was our top contributor this period, an overweight position in a stock that was up 26% during the period. Sherwin-Williams was another solid contributor, helped by an acquisition of part of Mexican competitor Comex, strength in the housing market (and related consumer-spending trends), and an oversupply of titanium dioxide, a key component of paint.
Target also outperformed, with the market reacting positively to recent results and strategic changes under new CEO Brian Cornell—and especially the winding down of the company's expensive and poorly performing Canadian expansion. Also potentially positive for Target is that, after having been one of the first companies hit by a major data breach in late 2013, new management has shown a commitment to spend on critical needs such as cybersecurity.
Detractors included Yelp, which we continue to own. With the stock's high multiple, debate continues about whether the company is growing fast enough. While recognizing that analysts would like faster growth in the immediate term, barring an unforeseen disruption, we believe the company can develop a near monopoly on advertising in its space.
The falling price of oil was a factor behind much of our underperformance this period. Halliburton, which we sold, was a case of bad timing. We bought the stock on expectations for better day rates for drilling services in the U.S. The opposite happened as oversupply drove oil prices down, threatening higher cost U.S. producers. LyondellBasell, another sale, lost the competitive advantage it enjoyed from using cheaper natural gas feedstocks rather than oil in polyethylene production.
Looking ahead, we believe the United States is in the best shape of the major markets. We believe economic growth (though still sub-par in our view), jobs and inflation data are likely at a point where the U.S. Federal Reserve may begin to unwind its balance sheet, so we anticipate U.S. interest rates will go up this year. In our opinion, this could impact the equity markets as many stocks currently have higher valuations than we think they would if there were already higher interest rates or higher inflation.
While cognizant of macro factors, our focus as always is purely bottom up. We believe in the longer-term opportunity our holdings represent and anticipate low turnover as we concentrate assets around our highest conviction names.
Sincerely,
JOHN J. BARKER
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.
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 Disciplined Growth Fund
TICKER SYMBOLS
Investor Class | NBCIX | ||
Institutional Class | NLDLX | ||
Class A | NLDAX | ||
Class C | NLDCX | ||
Class R3 | NLDRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 18.0 | % | |||||
Consumer Staples | 7.6 | ||||||
Energy | 1.3 | ||||||
Financials | 3.0 | ||||||
Health Care | 16.3 | ||||||
Industrials | 8.1 | ||||||
Information Technology | 33.9 | ||||||
Materials | 6.2 | ||||||
Telecommunication Services | 1.7 | ||||||
Utilities | 2.9 | ||||||
Short-Term Investments | 1.0 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS11
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 12/06/1999 | 4.20 | % | 9.59 | % | 11.26 | % | 6.74 | % | 0.80 | % | ||||||||||||||||
Institutional Class5 | 04/06/2009 | 4.41 | % | 10.05 | % | 11.67 | % | 6.96 | % | 0.93 | % | ||||||||||||||||
Class A20 | 04/06/2009 | 4.09 | % | 9.61 | % | 11.25 | % | 6.71 | % | 0.78 | % | ||||||||||||||||
Class C20 | 04/06/2009 | 3.58 | % | 8.58 | % | 10.38 | % | 6.25 | % | 0.49 | % | ||||||||||||||||
Class R317 | 05/27/2009 | 3.91 | % | 9.19 | % | 10.96 | % | 6.58 | % | 0.70 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –1.92 | % | 3.34 | % | 9.95 | % | 6.08 | % | 0.39 | % | |||||||||||||||||
Class C20 | 3.11 | % | 8.09 | % | 10.38 | % | 6.25 | % | 0.49 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Growth Index1,16 | 8.46 | % | 16.24 | % | 17.21 | % | 9.28 | % | 2.89 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.07%, 0.84%, 1.21%, 1.96% and 1.61% for Investor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.75%, 1.11%, 1.86% and 1.36% for Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Large Cap Value Fund Commentary
Neuberger Berman Large Cap Value Fund Investor Class produced a 1.53% total return for the six months ended February 28, 2015, but underperformed its benchmark, the Russell 1000® Value Index, which generated a 3.48% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
During the six-month period, the market experienced a number of issues that put downward pressure on stocks, such as declining oil prices, fears about the global economy, a rising dollar and impending U.S. Federal Reserve interest rate tightening. Yet stocks swiftly recovered their losses after each setback amidst positive U.S. economic and corporate data, a still accommodative U.S. Federal Reserve, and supportive monetary policy changes in Europe, China and Japan. In the final few weeks of the reporting period, the market rose into solidly positive territory driven, in our view, by a pause in the oil price decline and mild economic progress in certain parts of the globe.
Within the Russell 1000 Value Index, the Health Care and Consumer Discretionary sectors led performance with double-digit positive returns. The defensive nature of the Health Care sector seemed to appeal to investors during the period's volatility, while declining fuel prices were viewed as a boon to various retailers in the Consumer Discretionary sector. Energy and Materials were the only sectors in the index to post overall declines; Energy was by far the weakest area due to the fall in crude prices.
The greatest contributor to Fund performance during the period, in both absolute and relative terms, was the Industrials sector. Our overweight to the area was a positive, and within the sector, our focus on airline stocks produced solid returns. Our initial underweight in Energy was also beneficial to relative performance. We had gradually reduced our ownership in this segment from August to November as we believed that oil prices were unsustainably high given the influx of crude supply to the market, but restored our Energy weighting later. On the downside, Materials hurt both absolute and relative performance due to the Metals & Mining industry, where stocks sold off largely on lower growth expectations in China. Our lighter exposure to Health Care was also a relative detractor. Though the segment did rather well during the period, valuations on the whole did not appeal to us.
While we anticipate that the stock market can continue to advance despite the myriad of global issues, we are looking at 2015 with a careful posture. Macro conditions for certain countries remain rather tenuous, and it is questionable whether the U.S. alone can keep the global economy afloat. Still, the domestic economy remains on solid footing and we believe this can continue. Accordingly, we believe we are finding value in select stocks within the Consumer Discretionary sector where companies can be direct beneficiaries of an expanding consumer wallet. Over the long term, we also remain positive on Industrials, with a particular focus on airline stocks, which we believe can also benefit from the improving economy, particularly if these companies continue to execute with increased discipline. Though the markets may be volatile, we remain bottom-up investors and will seek to take advantage of such movements to purchase desired names at reduced prices, as our core portfolio strategy remains looking for underappreciated stocks with hidden value that we believe can be uncovered as specific catalysts play out over time.
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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Large Cap Value Fund
TICKER SYMBOLS
Investor Class | NPRTX | ||
Trust Class | NBPTX | ||
Advisor Class | NBPBX | ||
Institutional Class | NBPIX | ||
Class A | NPNAX | ||
Class C | NPNCX | ||
Class R3 | NPNRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||
Consumer Discretionary | 20.9 | % | |||
Consumer Staples | 3.8 | ||||
Energy | 7.3 | ||||
Financials | 21.5 | ||||
Health Care | 8.4 | ||||
Industrials | 16.0 | ||||
Information Technology | 11.0 | ||||
Materials | 5.2 | ||||
Utilities | 1.3 | ||||
Short-Term Investments | 4.6 | ||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 01/20/19752 | 1.53 | % | 9.16 | % | 11.46 | % | 6.13 | % | 12.87 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 1.44 | % | 8.94 | % | 11.24 | % | 5.94 | % | 12.79 | % | ||||||||||||||||
Advisor Class4 | 08/16/1996 | 1.36 | % | 8.77 | % | 11.08 | % | 5.77 | % | 12.66 | % | ||||||||||||||||
Institutional Class5 | 06/07/2006 | 1.62 | % | 9.31 | % | 11.63 | % | 6.28 | % | 12.91 | % | ||||||||||||||||
Class A20 | 06/21/2010 | 1.40 | % | 8.90 | % | 11.21 | % | 6.01 | % | 12.84 | % | ||||||||||||||||
Class C20 | 06/21/2010 | 0.99 | % | 8.06 | % | 10.42 | % | 5.64 | % | 12.74 | % | ||||||||||||||||
Class R317 | 06/21/2010 | 1.27 | % | 8.59 | % | 10.94 | % | 5.88 | % | 12.80 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | –4.44 | % | 2.65 | % | 9.90 | % | 5.39 | % | 12.67 | % | |||||||||||||||||
Class C20 | 0.20 | % | 7.22 | % | 10.42 | % | 5.64 | % | 12.74 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 1000® Value Index1,16 | 3.48 | % | 13.49 | % | 15.51 | % | 7.21 | % | N/A |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.88%, 1.08%, 1.23%, 0.73%, 1.12%, 1.89% and 1.46% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 1.39% for Class R3 shares, after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class, Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Mid Cap Growth Fund Commentary
Neuberger Berman Mid Cap Growth Fund Investor Class generated a 10.43% total return for the six months ended February 28, 2015, and outperformed its benchmark, the Russell Midcap® Growth Index, which returned 7.99% for the period. (Performance for all share classes is provided in the table immediately following this letter.)
Looking back at a volatile but overall positive six-month period for equities, U.S. Federal Reserve (Fed) comments continued to underscore the inevitability of a return to a more normalized rate environment. This "hawkish" tilt, easily digested by the markets, was likely the product of the U.S. economy's continued measured growth, resiliency towards political- and economic-fueled "walls of worry" emanating from Asia and Europe, and a number of positive trends, most notably low inflation, broad stimulus from falling oil prices, strong corporate earnings, continued incremental gains in housing and employment, and the potential for a working truce in Washington with the return of two-party parity. The aforementioned trends and a strengthening dollar also boosted the buying power and sentiment of consumers, a key component to any meaningful economic expansion. Of equal importance, in our opinion, particularly to our higher qualitative and higher growth approach, was the surge in capital reinvestment as companies started to focus more on growing their franchises and expanding market share rather than pursuing the short-term shareholder appeasement (via dividend and share repurchase programs) that had largely defined corporate investment strategy over the last three plus years. The net effect was a long-overdue rotation back towards the importance of fundamentals, which in turn ushered in a change of market leadership that rewarded active management.
During the reporting period, our underweight versus the benchmark in the Energy sector proved strongly additive, as did our overweight to both Health Care and Information Technology (IT), easily overcoming a slight drag from our underweights to Consumer Discretionary and Materials. In regard to stock selection, positive contributions across the Consumer Discretionary, Industrials and IT sectors overcame weakness from several of our Consumer Staples, Energy, Health Care and Financials holdings.
Drilling down to our holdings, Avago Technologies was the top contributor to performance during the period, while Oasis Petroleum was the leading detractor. Avago, a designer, developer and supplier of analog semiconductors, consistently delivered strong fundamentals boosted by the integration of recently acquired LSI Logic and its increased participation in Apple's iPhone 6. Oasis, an independent exploration and production company focused on unconventional oil and natural gas resources primarily in Montana and North Dakota, was negatively impacted by the precipitous drop in oil prices. We exited this position in the fourth quarter of 2014.
Looking ahead, we remain confident with the opportunities offered by U.S. equities. We believe that the markets are ready for the long overdue tightening of monetary policy, and we anticipate fundamentals will continue to increase in relevancy as investors re-embrace higher growth and higher expectation stories.
Sincerely,
KENNETH J. TUREK
PORTFOLIO MANAGER
Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.
The portfolio composition, industries and holdings of the Fund are subject to change.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Mid Cap Growth Fund
TICKER SYMBOLS
Investor Class | NMANX | ||
Trust Class | NBMTX | ||
Advisor Class | NBMBX | ||
Institutional Class | NBMLX | ||
Class A | NMGAX | ||
Class C | NMGCX | ||
Class R3 | NMGRX | ||
Class R6 | NRMGX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 22.7 | % | |||||
Consumer Staples | 2.9 | ||||||
Energy | 1.9 | ||||||
Financials | 6.7 | ||||||
Health Care | 19.9 | ||||||
Industrials | 13.4 | ||||||
Information Technology | 25.4 | ||||||
Materials | 1.4 | ||||||
Telecommunication Services | 3.0 | ||||||
Other | 2.3 | ||||||
Short-Term Investments | 0.4 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/01/19792 | 10.43 | % | 10.43 | % | 16.88 | % | 10.27 | % | 12.15 | % | ||||||||||||||||
Trust Class3 | 08/30/1993 | 10.45 | % | 10.40 | % | 16.81 | % | 10.10 | % | 12.06 | % | ||||||||||||||||
Advisor Class4 | 09/03/1996 | 10.25 | % | 10.06 | % | 16.43 | % | 9.80 | % | 11.86 | % | ||||||||||||||||
Institutional Class5 | 04/19/2007 | 10.60 | % | 10.68 | % | 17.18 | % | 10.53 | % | 12.22 | % | ||||||||||||||||
Class A20 | 05/27/2009 | 10.32 | % | 10.23 | % | 16.74 | % | 10.20 | % | 12.13 | % | ||||||||||||||||
Class C20 | 05/27/2009 | 9.95 | % | 9.44 | % | 15.89 | % | 9.73 | % | 12.00 | % | ||||||||||||||||
Class R317 | 05/27/2009 | 10.24 | % | 9.96 | % | 16.46 | % | 10.04 | % | 12.09 | % | ||||||||||||||||
Class R624 | 03/15/2013 | 10.59 | % | 10.74 | % | 17.02 | % | 10.33 | % | 12.17 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | 3.99 | % | 3.90 | % | 15.37 | % | 9.55 | % | 11.95 | % | |||||||||||||||||
Class C20 | 8.95 | % | 8.44 | % | 15.89 | % | 9.73 | % | 12.00 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Growth Index1,16 | 7.99 | % | 13.10 | % | 17.92 | % | 9.99 | % | N/A | ||||||||||||||||||
Russell Midcap® Index1,16 | 6.39 | % | 13.31 | % | 17.74 | % | 9.92 | % | 13.77 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.94%, 1.01%, 1.27%, 0.76%, 1.13%, 1.91%, 1.39% and 0.69% 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 0.75%, 1.11%, 1.86%, 1.36% and 0.68% for 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 ending February 28, 2015 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%, 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.
Mid Cap Intrinsic Value Fund Commentary
Neuberger Berman Mid Cap Intrinsic Value Fund Investor Class generated a 6.31% total return for the six months ended February 28, 2015, and outperformed its benchmark, the Russell Midcap® Value Index, which returned 4.68% for the period. (Performance for all share classes is provided in the table immediately following this letter.)
While economic growth remained sluggish in 2014, it seemed to be accelerating. Many key economic indicators showed improvement. Most central banks including the U.S. Federal Reserve (Fed) continued to be accommodative. In 2015, stocks recorded strong gains in February, reversing the losses from January. In our view, companies benefitted from stabilizing oil prices, an extension of Greece's debt relief package, and strong fourth quarter earnings reports.
During the reporting period, performance benefitted from the Fund's overweight versus the benchmark and stock selection in the Consumer Discretionary, Technology and Producer Durables sectors. In the Consumer Discretionary area, Office Depot was the strongest performer as it received a merger offer from Staples at a significant premium to its market value, and Darden Restaurant Group recently announced the appointment of a new CEO amid pressure from an activist shareholder. In the Technology sector, Skyworks Solutions was the largest contributor to performance as the market reacted positively to the company's growing earnings and cash flow, due in part to its increasing chip content on the new iPhones. Spirit AeroSystems (Producer Durables) announced the divestiture of its Gulfstream business and reported better-than-expected fourth quarter earnings per share and provided strong 2015 guidance.
An underweight in the Financial Services sector detracted from performance as the sector benefited from the surprising decline in interest rates in 2014. Also detracting from performance during the period were several of our Energy holdings—Cameron International, Devon Energy, Southwestern Energy and Cabot Oil & Gas. In this sector, we have focused on high-quality franchises with strong balance sheets, and our contrarian nature suggests that we will look to add to these positions at the appropriate time. Other lagging investments in the portfolio during the year included Express, a fashion retailer, KBR, an engineering company, and Hertz, a global car and equipment rental company. We continue to hold Express as it sells at a significant discount to our estimate of intrinsic value,1 and KBR as the new CEO has announced a major restructuring we believe may benefit shareholders. While a negative earnings announcement by Hertz hurt the stock price, we viewed the weakness as a buying opportunity as we believe the investment case is still intact despite the short-term disappointment.
The mid-cap value equity space has produced strong compounded returns since the 2008 recession and has outperformed most of the popular indices. Despite the fact that equities in this area are not as cheap as they were several years ago, we continue to identify quality franchises with strong balance sheets and robust free cash flow generation. If the domestic economy continues to accelerate, we think that earnings and cash flow could well continue to improve during 2015, thus providing a solid background for companies in the portfolio. The likelihood of higher interest rates sometime this year is creating a more volatile investing environment which should, in our view, continue to favor our bottom-up stock picking. We believe M&A activity will accelerate due to the availability of inexpensive financing, excess cash on balance sheets, and continued activist activity. Our franchise companies have historically been beneficiaries of this activity. We will also seek out companies that are restructuring their business models to enhance stock valuations. Despite the expectation of higher interest rates during 2015, generally higher equity valuations and an almost universal positive view on domestic equities by leading market strategists, we believe our investment style could produce strong relative returns during the upcoming year.
Sincerely,
MICHAEL C. GREENE
PORTFOLIO MANAGER
1 Intrinsic value reflects the 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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Mid Cap Intrinsic Value Fund
TICKER SYMBOLS
Investor Class | NBRVX | ||
Trust Class | NBREX | ||
Institutional Class | NBRTX | ||
Class A | NBRAX | ||
Class C | NBRCX | ||
Class R3 | NBRRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 13.8 | % | |||||
Consumer Staples | 2.4 | ||||||
Energy | 6.7 | ||||||
Financial Services | 17.1 | ||||||
Health Care | 4.4 | ||||||
Materials & Processing | 6.2 | ||||||
Producer Durables | 18.1 | ||||||
Technology | 14.9 | ||||||
Utilities | 6.4 | ||||||
Other | 0.0 | ||||||
Short-Term Investments | 10.0 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 06/01/1999 | 6.31 | % | 15.00 | % | 16.39 | % | 8.31 | % | 10.21 | % | ||||||||||||||||
Trust Class3 | 06/10/1999 | 6.21 | % | 14.65 | % | 16.22 | % | 8.20 | % | 10.13 | % | ||||||||||||||||
Institutional Class5 | 03/08/2010 | 6.45 | % | 15.19 | % | 16.71 | % | 8.46 | % | 10.31 | % | ||||||||||||||||
Class A20 | 06/21/2010 | 6.22 | % | 14.79 | % | 16.28 | % | 8.27 | % | 10.18 | % | ||||||||||||||||
Class C20 | 06/21/2010 | 5.84 | % | 13.93 | % | 15.49 | % | 7.89 | % | 9.94 | % | ||||||||||||||||
Class R317 | 06/21/2010 | 6.08 | % | 14.45 | % | 16.01 | % | 8.14 | % | 10.10 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | 0.14 | % | 8.20 | % | 14.92 | % | 7.63 | % | 9.76 | % | |||||||||||||||||
Class C20 | 4.90 | % | 12.93 | % | 15.49 | % | 7.89 | % | 9.94 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell Midcap® Value Index1,16 | 4.68 | % | 13.63 | % | 17.53 | % | 9.59 | % | 9.95 | % | |||||||||||||||||
Russell Midcap® Index1,16 | 6.39 | % | 13.31 | % | 17.74 | % | 9.92 | % | 9.44 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.31%, 1.56%, 1.14%, 1.54%, 2.27% and 1.81% for Investor Class, Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.25%, 0.85%, 1.21%, 1.96% and 1.46% for Trust Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Multi-Cap Opportunities Fund Commentary
Neuberger Berman Multi-Cap Opportunities Fund Institutional Class generated a 2.62% total return for the six months ended February 28, 2015, but underperformed its benchmark, the S&P 500® Index, which returned 6.12% for the period. (Performance for all share classes is provided in the table immediately following this letter.) The market exhibited broad performance gains during the period, with nine of 10 sectors within the Index generating a positive return.
Within the portfolio, stock selection in the Financials and Health Care sectors was beneficial to performance relative to the benchmark, while stock selection in Energy and Consumer Staples detracted from relative performance. Sector positioning positively contributed to performance relative to the benchmark. The overweight in Health Care and underweight in Telecommunication Services were most beneficial from a sector perspective. The portfolio finished the period with an overweight in Financials, Industrials and Materials. The portfolio completed the period with an underweight in Consumer Staples and Information Technology, and had no exposure to Telecommunication Services.
Portfolio construction is an important component of our investment process and consists of three investment categories: Special Situations, Opportunistic and Classic. We believe this balanced approach helps to mitigate risk while seeking to outperform through stock selection in various market environments. We believe our expertise in these areas is a differentiating factor and we are currently finding a large number of opportunities in each category that we find compelling.
At the core of our investment process is an unwavering focus on a company's generation of free cash flow and its use by management. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This approach enables us to look across sectors, market capitalizations, and risk profiles to find opportunities. We continue to find well-managed franchises generating stable and growing free cash flow that are trading at what we believe are attractive valuations.
We believe the current environment is highly attractive for free cash flow-oriented investing, as free cash flow yields for equities relative to fixed income yields remain at near historical highs. In our opinion, companies with high free cash flow and prudent management teams can do well in a moderate growth environment. In the right circumstances, dividend increases, share repurchase programs, cash accumulation, debt retirement, organic growth initiatives, and selective and highly accretive acquisitions all have the potential to accrue to the benefit of equity holders.
Looking forward, we believe the equity environment will favor active managers with a demonstrated ability to deliver value through stock selection. Reasonable stock valuations, moderate and steady growth in the U.S. economy, and a changing interest rate landscape are all reasons, in our view, that suggest equities could remain a sound long-term investment both in absolute terms and relative to fixed income and other alternatives.
As we evaluate both potential new positions and current portfolio holdings, we will continue to keep a long-term investment perspective in mind. As always, our focus is to grow our investors' 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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Multi-Cap Opportunities Fund
TICKER SYMBOLS
Institutional Class | NMULX | ||
Class A | NMUAX | ||
Class C | NMUCX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 9.0 | % | |||||
Consumer Staples | 3.4 | ||||||
Energy | 9.5 | ||||||
Financials | 19.8 | ||||||
Health Care | 15.2 | ||||||
Industrials | 21.8 | ||||||
Information Technology | 12.6 | ||||||
Materials | 7.2 | ||||||
Utilities | 1.5 | ||||||
Short-Term Investments | 0.0 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class18 | 12/21/2009 | 2.62 | % | 9.20 | % | 16.13 | % | 8.44 | % | ||||||||||||||
Class A18 | 12/21/2009 | 2.48 | % | 8.82 | % | 15.73 | % | 8.20 | % | ||||||||||||||
Class C18 | 12/21/2009 | 2.10 | % | 8.02 | % | 14.74 | % | 7.69 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A18 | –3.39 | % | 2.54 | % | 14.37 | % | 7.44 | % | |||||||||||||||
Class C18 | 1.12 | % | 7.02 | % | 14.74 | % | 7.69 | % | |||||||||||||||
Index | |||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.60 | % |
*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 18 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.74%, 1.10% and 1.85% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Real Estate Fund Commentary
Neuberger Berman Real Estate Fund Trust Class generated an 8.57% total return for the six months ended February 28, 2015, but underperformed its benchmark, the FTSE NAREIT All Equity REITs Index, which generated a 9.74% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
The U.S. stock market generated positive results during the six-month period. The market was choppy at times given concerns about global growth, uncertainties regarding future monetary policy and a host of geopolitical issues. However, these factors were offset by corporate profits that generally exceeded expectations and overall solid investor demand. Against this backdrop, the S&P 500® Index reached a number of new all-time highs and ended the period with a 6.12% return. Real estate investment trusts (REITs) posted even stronger results during the period.
While the Fund produced a positive absolute return, its underperformance versus the benchmark was due to sector positioning. In particular, exposure to the Mortgage Home Financing sector (a non-benchmark sector) and a zero weight to the Manufactured Homes sector were negative for results. On the upside, overweights to the Real Estate Operating Company (also non-benchmark) and Office sectors were the largest contributors to performance.
Stock selection, overall, was a modest positive for performance. Contributing the most to results was stock selection in the Free Standing and Office sectors. Simon Property Group, a leading commercial real estate company with both regional malls and discount outlet centers, was the most additive to performance. The company's management team is, in our view, one of the best within the REIT market, steering the company successfully through a wide range of economic and real estate cycles while also expanding the company's portfolio both geographically and by retail segment. Equity Residential, an apartment REIT, was also a key contributor to results.
The sectors that detracted the most from the Fund's performance were Regional Malls and Diversified. Several individual holdings were also negative for results, including Altisource Residential, a single family home rental REIT. Its shares were hurt as the company reported disappointing net operating cash flow. Parkway Properties, an office REIT, was also a drag on performance.
Looking ahead, we think there's reason for optimism regarding the REIT market. In our view, the U.S. economy has the potential to expand at a steady pace in 2015. We believe this, in turn, could lead to further improvements for REIT fundamentals, including rising REIT occupancy and rental rates. Against this backdrop, we believe REIT cash flows could remain strong and potentially lead to rising dividends from many REITS. We anticipate investor demand will generally be solid, while overall supply remains near a multi-decade low.
While REIT prices benefited from falling long-term U.S. Treasury yields during the reporting period, we think rising interest rates would likely negatively impact investor sentiment at first. That being said, we anticipate seeing benign inflation in the coming year, which could help keep interest rates relatively low. In addition, even if rates move higher, we believe this headwind could be more than offset by further improving REIT fundamentals.
Sincerely,
STEVE S. SHIGEKAWA AND BRIAN 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.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
Real Estate Fund
TICKER SYMBOLS
Trust Class | NBRFX | ||
Institutional Class | NBRIX | ||
Class A | NREAX | ||
Class C | NRECX | ||
Class R3 | NRERX | ||
Class R6 | NRREX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Apartments | 11.8 | % | |||||
Diversified | 6.3 | ||||||
Free Standing | 2.7 | ||||||
Health Care | 10.3 | ||||||
Homebuilders | 1.1 | ||||||
Industrial | 5.8 | ||||||
Infrastructure | 8.3 | ||||||
Lodging/Resorts | 6.4 | ||||||
Mortgage Home Financing | 0.6 | ||||||
Office | 12.6 | ||||||
Real Estate Operating Companies | 3.4 | ||||||
Regional Malls | 13.6 | ||||||
Self Storage | 4.5 | ||||||
Shopping Centers | 7.4 | ||||||
Timber | 4.0 | ||||||
Short-Term Investments | 1.2 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7,22
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Trust Class | 05/01/2002 | 8.57 | % | 20.08 | % | 16.18 | % | 10.17 | % | 12.51 | % | ||||||||||||||||
Institutional Class6 | 06/04/2008 | 8.66 | % | 20.25 | % | 16.38 | % | 10.31 | % | 12.62 | % | ||||||||||||||||
Class A15 | 06/21/2010 | 8.48 | % | 19.80 | % | 15.98 | % | 10.08 | % | 12.43 | % | ||||||||||||||||
Class C15 | 06/21/2010 | 8.06 | % | 18.89 | % | 15.17 | % | 9.69 | % | 12.13 | % | ||||||||||||||||
Class R315 | 06/21/2010 | 8.30 | % | 19.55 | % | 15.70 | % | 9.95 | % | 12.33 | % | ||||||||||||||||
Class R625 | 03/15/2013 | 8.70 | % | 20.34 | % | 16.31 | % | 10.23 | % | 12.56 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A15 | 2.22 | % | 12.90 | % | 14.61 | % | 9.43 | % | 11.92 | % | |||||||||||||||||
Class C15 | 7.06 | % | 17.89 | % | 15.17 | % | 9.69 | % | 12.13 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index1,16 | 9.74 | % | 21.88 | % | 17.62 | % | 9.26 | % | 11.24 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.41%, 1.05%, 1.43%, 2.20%, 1.67% and 0.98% 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 0.85%, 1.21%, 1.96%, 1.46% and 0.78% for 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 ending February 28, 2015 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%, 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.
Small Cap Growth Fund Commentary
Neuberger Berman Small Cap Growth Fund Investor Class generated an 11.55% total return for the six months ended February 28, 2015, and outperformed its benchmark, the Russell 2000® Growth Index, which returned 9.11% for the period. (Performance for all share classes is provided in the table immediately following this letter.)
Looking back at a volatile but overall positive six-month period for equities, U.S. Federal Reserve (Fed) comments continued to underscore the inevitability of a return to a more normalized rate environment. This "hawkish" tilt, easily digested by the markets, was likely the product of the U.S. economy's continued measured growth, resiliency towards political- and economic-fueled "walls of worry" emanating from Asia and Europe, and a number of positive trends, most notably low inflation, broad stimulus from falling oil prices, strong corporate earnings, continued incremental gains in housing and employment, and the potential for a working truce in Washington with the return of two-party parity. The aforementioned trends and a strengthening dollar also boosted the buying power and sentiment of consumers, a key component to any meaningful economic expansion. Of equal importance, in our opinion, particularly to our higher qualitative and higher growth approach, was the surge in capital reinvestment as companies started to focus more on growing their franchises and expanding market share rather than pursuing the short-term shareholder appeasement (via dividend and share repurchase programs) that had largely defined corporate investment strategy over the last three plus years. The net effect was a long-overdue rotation back towards the importance of fundamentals, which in turn ushered in a change of market leadership that rewarded active management.
During the reporting period, our allocation decisions, led by our overweight versus the benchmark to the Health Care sector, proved to be generally additive. Stock selection, again lead by Health Care, was the primary driver of our outperformance. In addition, positive contributions from the Consumer Discretionary, Consumer Staples and Industrials sectors more than compensated for minor weakness across Financials and Information Technology.
Drilling down to our holdings, IGI Laboratories was the top contributor to performance, while Sanchez Energy was the leading detractor. IGI, a developer and manufacturer of topical products used for the treatment of a variety of skin conditions, bolstered an already strong pipeline by acquiring a number of drug products from AstraZeneca. Sanchez, a domestic exploration and production company focused on unconventional on-shore oil and natural gas resources, was pressured by the continued decline in oil prices. To limit our exposure to the sector, we sold this position.
Looking ahead, we remain confident with the opportunities offered by U.S. equities. We believe that the markets are ready for the long overdue tightening of monetary policy, and we anticipate fundamentals will continue to increase in relevancy as investors re-embrace higher growth and higher expectation stories.
Sincerely,
DAVID H. BURSHTAN
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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Small Cap Growth Fund
TICKER SYMBOLS
Investor Class | NBMIX | ||
Trust Class | NBMOX | ||
Advisor Class | NBMVX | ||
Institutional Class | NBSMX | ||
Class A | NSNAX | ||
Class C | NSNCX | ||
Class R3 | NSNRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 17.6 | % | |||||
Consumer Staples | 2.8 | ||||||
Energy | 2.7 | ||||||
Financials | 5.5 | ||||||
Health Care | 27.9 | ||||||
Industrials | 13.0 | ||||||
Information Technology | 26.7 | ||||||
Materials | 1.7 | ||||||
Short-Term Investments | 2.1 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 10/20/1998 | 11.55 | % | 2.89 | % | 16.26 | % | 8.65 | % | 9.21 | % | ||||||||||||||||
Trust Class3 | 11/03/1998 | 11.47 | % | 2.73 | % | 15.96 | % | 8.47 | % | 9.07 | % | ||||||||||||||||
Advisor Class4 | 05/03/2002 | 11.36 | % | 2.58 | % | 15.75 | % | 8.28 | % | 8.98 | % | ||||||||||||||||
Institutional Class5 | 04/01/2008 | 11.75 | % | 3.21 | % | 16.51 | % | 8.86 | % | 9.34 | % | ||||||||||||||||
Class A20 | 05/27/2009 | 11.53 | % | 2.84 | % | 16.10 | % | 8.58 | % | 9.17 | % | ||||||||||||||||
Class C20 | 05/27/2009 | 11.12 | % | 2.06 | % | 15.23 | % | 8.11 | % | 8.88 | % | ||||||||||||||||
Class R317 | 05/27/2009 | 11.44 | % | 2.62 | % | 15.82 | % | 8.43 | % | 9.08 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | 5.10 | % | –3.08 | % | 14.73 | % | 7.94 | % | 8.78 | % | |||||||||||||||||
Class C20 | 10.12 | % | 1.06 | % | 15.23 | % | 8.11 | % | 8.88 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
Russell 2000® Growth Index1,16 | 9.11 | % | 7.37 | % | 17.96 | % | 9.40 | % | 8.18 | % | |||||||||||||||||
Russell 2000® Index1,16 | 5.70 | % | 5.63 | % | 15.97 | % | 8.31 | % | 9.37 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 1.67%, 1.95%, 1.97%, 1.48%, 1.81%, 2.57% and 2.16% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.30%, 1.40%, 1.60%, 0.90%, 1.26%, 2.01% and 1.51% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending February 28, 2015 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%, 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.
Socially Responsive Fund Commentary
Neuberger Berman Socially Responsive Fund Investor Class generated a 6.69% total return for the six months ended February 28, 2015, and outperformed the 6.12% return of its benchmark, the S&P 500® Index. (Performance for all share classes is provided in the table immediately following this letter.)
Several macroeconomic factors influenced the financial markets during the six-month period and appear likely to continue to have an impact as 2015 progresses, in our view. Central bank activity continues to roil the global financial markets as the U.S. Federal Reserve's tightening bias coincides with easing actions at the European Central Bank and the Bank of Japan. As of the end of the reporting period, this divergence in policy had thus far supported the U.S. dollar. Also over this period, the price of oil fell dramatically due to what appeared to be a modest imbalance between global supply and demand growth, hurting producer economics while benefiting the budgets of global consumers. Geopolitical factors remain another wildcard we believe may impact the financial markets as the year unfolds.
We believe U.S. economic indicators continue to point to forward momentum for the U.S. economy, despite the severe winter weather in the Northeast during the period and the downshift in spending for the oil and gas sector.
Looking at Fund performance, Energy-related exposure was the main drag on results this period, although our aggregate exposure was underweight versus the benchmark. Within the sector, Noble Energy and Schlumberger detracted. We also saw negative effects within Industrials, particularly in businesses serving the Energy sector, such as NOW.
An underweight to the outperforming Health Care sector was also a headwind. While Becton Dickinson was a top contributor, Sanofi detracted, underperforming after making price concessions in its diabetes franchise to maintain market share.
The portfolio's Consumer-related and Information Technology (IT) holdings outperformed. Consumer-related names including Costco and TJX, two best-in-class retailers, were top contributors, along with IT names Texas Instruments and Intuit.
We managed the portfolio fairly actively this period, mostly driven by bottom-up opportunities as we've worked to use periodic market volatility to our advantage. Microchip, a detractor from within IT, was sold in favor of Alliance Data Systems, a new purchase we believe offers better long-term potential.
Manpower is another new opportunity we find compelling. Just as we'd purchased Robert Half earlier to take advantage of a tightening skilled labor market in the U.S., we think Manpower, the global office and light industrial staffing firm, is poised to benefit due to its large European presence. That presence provided our entry point this period, when stock valuations declined over European uncertainty.
Other sales during the period included J.B. Hunt, as tightening rail capacity may impact the company's growth, and Procter & Gamble, which is among global businesses under pressure from a strengthening dollar.
External macro factors have been responsible for a great deal of financial market activity over the past few years, and we anticipate they will continue to have an influence. Our focus has been and will continue to be on identifying high-quality businesses with good organic growth that we think is sustainable over the long run, and we will try to be opportunistic buyers of their stocks.
Sincerely,
ARTHUR MORETTI AND INGRID S. DYOTT
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.
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.
Socially Responsive Fund
TICKER SYMBOLS
Investor Class | NBSRX | ||
Trust Class | NBSTX | ||
Institutional Class | NBSLX | ||
Class A | NRAAX | ||
Class C | NRACX | ||
Class R3 | NRARX | ||
Class R6 | NRSRX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||
Consumer Discretionary | 12.1 | % | |||
Consumer Staples | 5.8 | ||||
Energy | 6.3 | ||||
Financials | 15.3 | ||||
Health Care | 11.5 | ||||
Industrials | 20.4 | ||||
Information Technology | 16.5 | ||||
Materials | 2.8 | ||||
Telecommunication Services | 1.4 | ||||
Utilities | 3.0 | ||||
Short-Term Investments | 4.9 | ||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS7
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||||||
Inception Date | Period Ended 02/28/2015 | 1 Year | 5 Years | 10 Years | Life of Fund | ||||||||||||||||||||||
At NAV | |||||||||||||||||||||||||||
Investor Class | 03/16/1994 | 6.69 | % | 12.67 | % | 15.22 | % | 8.22 | % | 9.53 | % | ||||||||||||||||
Trust Class3 | 03/03/1997 | 6.62 | % | 12.47 | % | 15.02 | % | 8.03 | % | 9.35 | % | ||||||||||||||||
Institutional Class5 | 11/28/2007 | 6.80 | % | 12.87 | % | 15.42 | % | 8.36 | % | 9.59 | % | ||||||||||||||||
Class A20 | 05/27/2009 | 6.62 | % | 12.47 | % | 14.99 | % | 8.11 | % | 9.47 | % | ||||||||||||||||
Class C20 | 05/27/2009 | 6.18 | % | 11.62 | % | 14.13 | % | 7.63 | % | 9.24 | % | ||||||||||||||||
Class R317 | 05/27/2009 | 6.49 | % | 12.24 | % | 14.74 | % | 7.96 | % | 9.40 | % | ||||||||||||||||
Class R624 | 03/15/2013 | 6.81 | % | 12.98 | % | 15.33 | % | 8.27 | % | 9.55 | % | ||||||||||||||||
With Sales Charge | |||||||||||||||||||||||||||
Class A20 | 0.49 | % | 6.01 | % | 13.64 | % | 7.47 | % | 9.16 | % | |||||||||||||||||
Class C20 | 5.28 | % | 10.68 | % | 14.13 | % | 7.63 | % | 9.24 | % | |||||||||||||||||
Index | |||||||||||||||||||||||||||
S&P 500® Index1,16 | 6.12 | % | 15.51 | % | 16.18 | % | 7.99 | % | 9.54 | % |
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 0.86%, 1.03%, 0.68%, 1.06%, 1.80%, 1.29% and 0.61% 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 ending February 28, 2015 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%, 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.
Value Fund Commentary
Neuberger Berman Value Fund Institutional Class produced a 1.03% total return for the six months ended February 28, 2015, but underperformed its benchmark, the Russell 1000® Value Index, which generated a 3.48% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)
During the six-month period, the market experienced a number of issues that put downward pressure on stocks, such as declining oil prices, fears about the global economy, a rising dollar and impending U.S. Federal Reserve interest rate tightening. Yet stocks swiftly recovered their losses after each setback amidst positive U.S. economic and corporate data, a still accommodative U.S. Federal Reserve, and supportive monetary policy changes in Europe, China and Japan. In the final few weeks of the reporting period, the market rose into solidly positive territory driven, in our view, by a pause in the oil price decline and mild economic progress in certain parts of the globe.
Within the Russell 1000 Value Index, the Health Care and Consumer Discretionary sectors led performance with double-digit positive returns. The defensive nature of the Health Care sector seemed to appeal to investors during the period's volatility, while declining fuel prices were viewed as a boon to various retailers in the Consumer Discretionary sector. Energy and Materials were the only sectors in the index to post overall declines; Energy was by far the weakest area due to the fall in crude prices.
The greatest contributor to Fund performance during the period, in both absolute and relative terms, was the Industrials sector. Our overweight to the area was a positive, and within the sector, our focus on airline stocks produced solid returns. Our underweight in Energy was also beneficial to relative performance. We gradually reduced our ownership in this segment from August through November as we believed that oil prices were unsustainably high given the influx of crude supply to the market, but restored our Energy weighting later. On the downside, Materials hurt both absolute and relative performance due to the Metals & Mining industry, where stocks sold off largely on lower growth expectations in China. Our lighter exposure to Health Care was also a relative detractor. Though the segment did rather well during the period, valuations on the whole did not appeal to us.
While we anticipate that the stock market can continue to advance despite the myriad of global issues, we are looking at 2015 with a careful posture. Macro conditions for certain countries remain rather tenuous, and it is questionable whether the U.S. alone can keep the global economy afloat. Still, the domestic economy remains on solid footing and we believe this can continue. Accordingly, we believe we are finding value in select stocks within the Consumer Discretionary sector where companies can be direct beneficiaries of an expanding consumer wallet. Over the long term, we also remain positive on Industrials, with a particular focus on airline stocks which we believe can also benefit from the improving economy, particularly if these companies continue to execute with increased discipline. Though the markets may be volatile, we remain bottom-up investors and will seek to take advantage of such movements to purchase desired names at reduced prices, as our core portfolio strategy remains looking for underappreciated stocks with hidden value that we believe can be uncovered as specific catalysts play out over time.
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.
The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.
Value Fund
TICKER SYMBOLS
Institutional Class | NLRLX | ||
Class A | NVAAX | ||
Class C | NVACX |
SECTOR ALLOCATION
(as a % of Total Investments) | |||||||
Consumer Discretionary | 20.3 | % | |||||
Consumer Staples | 3.8 | ||||||
Energy | 7.2 | ||||||
Financials | 20.9 | ||||||
Health Care | 7.8 | ||||||
Industrials | 15.3 | ||||||
Information Technology | 10.5 | ||||||
Materials | 5.0 | ||||||
Utilities | 1.4 | ||||||
Short-Term Investments | 7.8 | ||||||
Total | 100.0 | % |
PERFORMANCE HIGHLIGHTS9
Six Month | Average Annual Total Return Ended 02/28/2015 | ||||||||||||||||||||||
Inception Date* | Period Ended 02/28/2015 | 1 Year | 5 Years | Life of Fund | |||||||||||||||||||
At NAV | |||||||||||||||||||||||
Institutional Class21 | 04/19/2010 | 1.03 | % | 8.17 | % | 14.29 | % | 8.23 | % | ||||||||||||||
Class A21 | 03/02/2011 | 0.84 | % | 7.67 | % | 13.93 | % | 8.03 | % | ||||||||||||||
Class C21 | 03/02/2011 | 0.44 | % | 6.92 | % | 13.26 | % | 7.64 | % | ||||||||||||||
With Sales Charge | |||||||||||||||||||||||
Class A21 | –4.96 | % | 1.46 | % | 12.59 | % | 7.26 | % | |||||||||||||||
Class C21 | –0.51 | % | 5.92 | % | 13.26 | % | 7.64 | % | |||||||||||||||
Index | |||||||||||||||||||||||
Russell 1000® Value Index1,16 | 3.48 | % | 13.49 | % | 15.51 | % | 6.10 | % |
*The performance data for each class includes the performance of the Fund's oldest share class, Trust Class, from November 2, 2006 through April 19, 2010. The performance data for Class A and Class C also includes the performance of the Fund's Institutional Class from April 19, 2010 through March 2, 2011. See endnote 21 for information about the effects of the different fees paid by each class.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Management LLC (Management) had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.
As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2014 were 2.44%, 2.83% and 3.60% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.78%, 1.14% and 1.89% 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 ending February 28, 2015 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%, 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.
Endnotes
1 Please see "Glossary of Indices" on page 53 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 Management LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.
2 This date reflects when Management first became the investment manager to the Fund.
3 The performance information for the Trust Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has lower expenses and typically higher returns than the Trust Class.
4 The performance information for the Advisor Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has lower expenses and typically higher returns than the Advisor Class.
5 The performance information for the Institutional Class prior to the class's inception date is that of the Fund's Investor Class. The performance information for the Investor Class has not been adjusted to take into account differences in class specific operating expenses. The Investor Class has higher expenses and typically lower returns than the Institutional Class.
6 The performance information for the Institutional Class prior to the class's inception date is that of the Fund's Trust Class. The performance information for the Trust Class has not been adjusted to take into account differences in class specific operating expenses. The Trust Class has higher expenses and typically lower returns than the Institutional Class.
7 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from the 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 is relatively small. Each of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Global Equity Fund, Neuberger Berman Multi-Cap Opportunities Fund and Neuberger Berman Value Fund was relatively small prior to September 2010, June 2008, August 2013, January 2010 and April 2013, respectively. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.
Endnotes (cont'd)
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.
11 As of December 17, 2007, 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. Although the Fund has a policy that allows it to operate as a non-diversified fund, on December 5, 2008, the Board adopted a policy, which cannot be changed without a shareholder vote, that the Fund will invest its portfolio so as to meet the standards of a diversified fund.
12 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.
13 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.
14 The performance information for Institutional Class, Class A, Class C and Class R3 prior to June 9, 2008 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on June 9, 2008. During the period from November 2, 2006 through June 9, 2008, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A, Class C and Class R3. The performance information for Class R3 from June 9, 2008 to the class's inception date is that of the Fund's Institutional Class. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Class R3.
15 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.
16 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.
17 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.
18 Prior to December 14, 2009, the Fund had different investment goals, strategies and portfolio management team The performance information for Institutional Class, Class A and Class C prior to December 21, 2009 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on December 21, 2009. During the period from November 2, 2006 through December 21, 2009, the Trust Class had
Endnotes (cont'd)
only one investor, which could have impacted Fund performance. The performance information for the Trust Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). Management had previously capped Trust Class expenses; absent this arrangement, the returns would have been lower. The Trust Class had lower capped expenses and typically higher returns than Class A and Class C. The Trust Class had equivalent capped expenses and typically similar returns to the Institutional Class.
19 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.
20 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.
21 The performance information for Institutional Class, Class A and Class C prior to April 19, 2010 is that of the Fund's Trust Class, which had an inception date of November 2, 2006, and converted into the Institutional Class on April 19, 2010. During the period from November 2, 2006 through April 19, 2010, the Trust Class had only one investor, which could have impacted Fund performance. The performance information for Class A and Class C from April 19, 2010 to the classes' inception date is that of the Fund's Institutional Class. During the period from April 19, 2010 through March 2, 2011, the Institutional Class had only one investor, which could have impacted Fund performance. The performance information for the Trust Class and the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as Rule 12b-1 fees). The Trust Class had higher expenses and typically lower returns than the Institutional Class. The Trust Class had lower expenses and typically higher returns than Class A and Class C. The Institutional Class has lower expenses and typically higher returns than Class A and Class C.
22 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.
23 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.
Endnotes (cont'd)
24 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.
25 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.
26 Prior to September 2, 2014, Neuberger Berman All Cap Core Fund was known as Neuberger Berman Select Equities Fund. The Fund had a policy of investing mainly in common stocks of companies with a market capitalization greater than $7.5 billion at the time of purchase prior to September 2, 2014. Its performance prior to that date might have been different if current policies had been in effect.
For more complete information on any of the Neuberger Berman Equity Funds, call Neuberger Berman Management LLC at (800) 877-9700, or visit our website at www.nb.com.
Glossary of Indices
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. | ||||||
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® Growth Index: | The index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates. 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. 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 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. |
Glossary of Indices (cont'd)
FTSE EPRA / NAREIT Developed Index: | 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. The index consists of the following 25 developed market country indices: Australia, Austria, Belgium/Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, the United Kingdom, and the United States. | ||||||
FTSE NAREIT All Equity REITs Index: | The index is a free float-adjusted market capitalization-weighted index that tracks the performance of all equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the NYSE Arca or the NASDAQ National Market List. Equity REITs include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. | ||||||
MSCI EAFE® Index (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. | ||||||
MSCI Emerging Markets Index: | 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 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. | ||||||
MSCI All Country World Index: | 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 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. | ||||||
MSCI China Index: | 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 non-domestic 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. The index does not include China A-shares or securities of US and Singapore-listed overseas companies. (China A-shares are securities listed on the Shanghai or Shenzhen Stock Exchanges and traded in Renminbi, with limited accessibility to foreign investors.) |
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, 2015 and held for the entire period. The table illustrates each 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 Information as of 2/28/15 (Unaudited)
Neuberger Berman Equity Funds | |||||||||||||||||||||||||||||||||||
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(4) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | ||||||||||||||||||||||||||||
All Cap Core Fund(2) | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 957.60 | $ | 3.64 | .75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | .75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 956.00 | $ | 5.82 | 1.20 | % | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 952.30 | $ | 9.44 | 1.95 | % | $ | 1,000.00 | $ | 1,015.12 | $ | 9.74 | 1.95 | % | |||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 927.40 | $ | 5.97 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 925.70 | $ | 7.16 | 1.50 | % | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | 1.50 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 922.10 | $ | 10.72 | 2.25 | % | $ | 1,000.00 | $ | 1,013.64 | $ | 11.23 | 2.25 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 924.70 | $ | 9.11 | 1.91 | % | $ | 1,000.00 | $ | 1,015.32 | $ | 9.54 | 1.91 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 927.60 | $ | 5.64 | 1.18 | % | $ | 1,000.00 | $ | 1,018.94 | $ | 5.91 | 1.18 | % | |||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,020.50 | $ | 3.36 | .67 | % | $ | 1,000.00 | $ | 1,021.47 | $ | 3.36 | .67 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.10 | $ | 5.26 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,015.60 | $ | 8.95 | 1.79 | % | $ | 1,000.00 | $ | 1,015.92 | $ | 8.95 | 1.79 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,017.40 | $ | 6.50 | 1.30 | % | $ | 1,000.00 | $ | 1,018.35 | $ | 6.51 | 1.30 | % | |||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,038.90 | $ | 4.60 | .91 | % | $ | 1,000.00 | $ | 1,020.28 | $ | 4.56 | .91 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,037.80 | $ | 5.56 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,037.60 | $ | 6.37 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,039.60 | $ | 3.79 | .75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | .75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,037.30 | $ | 5.61 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,033.70 | $ | 9.38 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,048.50 | $ | 5.18 | 1.02 | % | $ | 1,000.00 | $ | 1,019.74 | $ | 5.11 | 1.02 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,048.20 | $ | 5.59 | 1.10 | % | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | 1.10 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,046.80 | $ | 7.00 | 1.38 | % | $ | 1,000.00 | $ | 1,017.95 | $ | 6.90 | 1.38 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,049.60 | $ | 4.32 | .85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | .85 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,049.80 | $ | 3.96 | .78 | % | $ | 1,000.00 | $ | 1,020.93 | $ | 3.91 | .78 | % | |||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,034.40 | $ | 5.80 | 1.15 | % | $ | 1,000.00 | $ | 1,019.09 | $ | 5.76 | 1.15 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,033.50 | $ | 7.61 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,029.60 | $ | 11.37 | 2.26 | % | $ | 1,000.00 | $ | 1,013.59 | $ | 11.28 | 2.26 | % | |||||||||||||||||||
Global Real Estate Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,031.00 | $ | 1.70 | (3) | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | ||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,031.00 | $ | 2.31 | (3) | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | ||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,030.00 | $ | 3.58 | (3) | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | ||||||||||||||||||
Global Thematic Opportunities Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 971.70 | $ | 6.11 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 970.60 | $ | 7.87 | 1.61 | % | $ | 1,000.00 | $ | 1,016.81 | $ | 8.05 | 1.61 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 965.80 | $ | 11.50 | 2.36 | % | $ | 1,000.00 | $ | 1,013.09 | $ | 11.78 | 2.36 | % | |||||||||||||||||||
Greater China Equity Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,111.00 | $ | 7.85 | 1.50 | % | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | 1.50 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,108.30 | $ | 9.72 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,104.50 | $ | 13.62 | 2.61 | % | $ | 1,000.00 | $ | 1,011.85 | $ | 13.02 | 2.61 | % |
Expense Information as of 2/28/15 (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(4) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | ||||||||||||||||||||||||||||
Guardian Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,056.30 | $ | 4.49 | .88 | % | $ | 1,000.00 | $ | 1,020.43 | $ | 4.41 | .88 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,055.30 | $ | 5.40 | 1.06 | % | $ | 1,000.00 | $ | 1,019.54 | $ | 5.31 | 1.06 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,054.20 | $ | 6.83 | 1.34 | % | $ | 1,000.00 | $ | 1,018.15 | $ | 6.71 | 1.34 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,057.60 | $ | 3.62 | .71 | % | $ | 1,000.00 | $ | 1,021.27 | $ | 3.56 | .71 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,055.40 | $ | 5.45 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,051.30 | $ | 9.31 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 1.83 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,054.30 | $ | 6.93 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,025.20 | $ | 5.07 | 1.01 | % | $ | 1,000.00 | $ | 1,019.79 | $ | 5.06 | 1.01 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,024.60 | $ | 5.57 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,026.20 | $ | 4.27 | .85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | .85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.90 | $ | 6.07 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,020.40 | $ | 9.82 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,026.70 | $ | 3.77 | .75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | .75 | % | |||||||||||||||||||
International Select Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,026.60 | $ | 6.28 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,028.00 | $ | 4.53 | .90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | .90 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,025.50 | $ | 6.23 | 1.24 | % | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | 1.24 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,022.70 | $ | 10.03 | 2.00 | % | $ | 1,000.00 | $ | 1,014.88 | $ | 9.99 | 2.00 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,025.10 | $ | 7.58 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,058.20 | $ | 5.10 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,055.50 | $ | 6.93 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,051.70 | $ | 10.73 | 2.11 | % | $ | 1,000.00 | $ | 1,014.33 | $ | 10.54 | 2.11 | % | |||||||||||||||||||
Large Cap Disciplined Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,042.00 | $ | 5.77 | 1.14 | % | $ | 1,000.00 | $ | 1,019.14 | $ | 5.71 | 1.14 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,044.10 | $ | 3.90 | .77 | % | $ | 1,000.00 | $ | 1,020.98 | $ | 3.86 | .77 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,040.90 | $ | 5.72 | 1.13 | % | $ | 1,000.00 | $ | 1,019.19 | $ | 5.66 | 1.13 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,035.80 | $ | 9.54 | 1.89 | % | $ | 1,000.00 | $ | 1,015.42 | $ | 9.44 | 1.89 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,039.10 | $ | 7.03 | 1.39 | % | $ | 1,000.00 | $ | 1,017.90 | $ | 6.95 | 1.39 | % | |||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,015.30 | $ | 4.25 | .85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | .85 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,014.40 | $ | 5.24 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,013.60 | $ | 5.99 | 1.20 | % | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,016.20 | $ | 3.50 | .70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | .70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.00 | $ | 5.44 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,009.90 | $ | 9.12 | 1.83 | % | $ | 1,000.00 | $ | 1,015.72 | $ | 9.15 | 1.83 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,012.70 | $ | 6.79 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,104.30 | $ | 4.85 | .93 | % | $ | 1,000.00 | $ | 1,020.18 | $ | 4.66 | .93 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,104.50 | $ | 5.22 | 1.00 | % | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | 1.00 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,102.50 | $ | 6.57 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,106.00 | $ | 3.92 | .75 | % | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | .75 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,103.20 | $ | 5.79 | 1.11 | % | $ | 1,000.00 | $ | 1,019.29 | $ | 5.56 | 1.11 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,099.50 | $ | 9.68 | 1.86 | % | $ | 1,000.00 | $ | 1,015.57 | $ | 9.30 | 1.86 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,102.40 | $ | 7.09 | 1.36 | % | $ | 1,000.00 | $ | 1,018.05 | $ | 6.80 | 1.36 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,105.90 | $ | 3.55 | .68 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | .68 | % |
Expense Information as of 2/28/15 (Unaudited) (cont'd)
ACTUAL | HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)(4) | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid During the Period(1) 9/1/14 - 2/28/15 | Expense Ratio | ||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,063.10 | $ | 5.32 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,062.10 | $ | 6.39 | 1.25 | % | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,064.50 | $ | 4.35 | .85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | .85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,062.20 | $ | 6.19 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,058.40 | $ | 10.00 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,060.80 | $ | 7.46 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % | |||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,026.20 | $ | 3.62 | .72 | % | $ | 1,000.00 | $ | 1,021.22 | $ | 3.61 | .72 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.80 | $ | 5.47 | 1.09 | % | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,021.00 | $ | 9.22 | 1.84 | % | $ | 1,000.00 | $ | 1,015.67 | $ | 9.20 | 1.84 | % | |||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,085.70 | $ | 5.38 | 1.04 | % | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,086.60 | $ | 4.40 | .85 | % | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | .85 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,084.80 | $ | 6.25 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,080.60 | $ | 10.11 | 1.96 | % | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | 1.96 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,083.00 | $ | 7.54 | 1.46 | % | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,087.00 | $ | 4.04 | .78 | % | $ | 1,000.00 | $ | 1,020.93 | $ | 3.91 | .78 | % | |||||||||||||||||||
Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,115.50 | $ | 6.35 | 1.21 | % | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | 1.21 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,114.70 | $ | 7.34 | 1.40 | % | $ | 1,000.00 | $ | 1,017.85 | $ | 7.00 | 1.40 | % | |||||||||||||||||||
Advisor Class | $ | 1,000.00 | $ | 1,113.60 | $ | 7.91 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,117.50 | $ | 4.73 | .90 | % | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | .90 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,115.30 | $ | 6.61 | 1.26 | % | $ | 1,000.00 | $ | 1,018.55 | $ | 6.31 | 1.26 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,111.20 | $ | 10.52 | 2.01 | % | $ | 1,000.00 | $ | 1,014.83 | $ | 10.04 | 2.01 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,114.40 | $ | 7.92 | 1.51 | % | $ | 1,000.00 | $ | 1,017.31 | $ | 7.55 | 1.51 | % | |||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||
Investor Class | $ | 1,000.00 | $ | 1,066.90 | $ | 4.41 | .86 | % | $ | 1,000.00 | $ | 1,020.53 | $ | 4.31 | .86 | % | |||||||||||||||||||
Trust Class | $ | 1,000.00 | $ | 1,066.20 | $ | 5.28 | 1.03 | % | $ | 1,000.00 | $ | 1,019.69 | $ | 5.16 | 1.03 | % | |||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,068.00 | $ | 3.49 | .68 | % | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | .68 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,066.20 | $ | 5.38 | 1.05 | % | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,061.80 | $ | 9.20 | 1.80 | % | $ | 1,000.00 | $ | 1,015.87 | $ | 9.00 | 1.80 | % | |||||||||||||||||||
Class R3 | $ | 1,000.00 | $ | 1,064.90 | $ | 6.60 | 1.29 | % | $ | 1,000.00 | $ | 1,018.40 | $ | 6.46 | 1.29 | % | |||||||||||||||||||
Class R6 | $ | 1,000.00 | $ | 1,068.10 | $ | 3.08 | .60 | % | $ | 1,000.00 | $ | 1,021.82 | $ | 3.01 | .60 | % | |||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,010.30 | $ | 3.49 | .70 | % | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | .70 | % | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,008.40 | $ | 5.33 | 1.07 | % | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | 1.07 | % | |||||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,004.40 | $ | 9.19 | 1.85 | % | $ | 1,000.00 | $ | 1,015.62 | $ | 9.25 | 1.85 | % |
(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) Effective September 2, 2014. Formerly, Select Equities Fund through September 1, 2014.
(3) 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 61/365 (to reflect the period shown of December 30, 2014 (Commencement of Operations) to February 28, 2015).
(4) Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.
Schedule of Investments All Cap Core Funda (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | American Tower Corp. | 5.9 | % | ||||||||
2 | Calpine Corp. | 4.6 | % | ||||||||
3 | Nielsen NV | 4.5 | % | ||||||||
4 | Visa, Inc. Class A | 4.4 | % | ||||||||
5 | Enbridge Energy Management LLC | 3.9 | % |
6 | Intuit, Inc. | 3.8 | % | ||||||||
7 | IHS, Inc. Class A | 3.8 | % | ||||||||
8 | Google, Inc. Class C | 3.8 | % | ||||||||
9 | Teva Pharmaceutical Industries Ltd. ADR | 3.7 | % | ||||||||
10 | Starwood Hotels & Resorts Worldwide, Inc. | 3.6 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (93.4%) | |||||||||||
Auto Components (7.1%) | |||||||||||
BorgWarner, Inc. | 43,801 | $ | 2,692 | ||||||||
Delphi Automotive PLC | 34,662 | 2,733 | |||||||||
5,425 | |||||||||||
Banks (3.1%) | |||||||||||
JPMorgan Chase & Co. | 38,717 | 2,373 | |||||||||
Capital Markets (6.8%) | |||||||||||
BlackRock, Inc. | 6,964 | 2,587 | |||||||||
Invesco Ltd. | 64,349 | 2,591 | |||||||||
5,178 | |||||||||||
Electric Utilities (2.7%) | |||||||||||
ITC Holdings Corp. | 53,763 | 2,082 | |||||||||
Health Care Equipment & Supplies (2.4%) | |||||||||||
Cooper Cos., Inc. | 11,095 | 1,819 | |||||||||
Hotels, Restaurants & Leisure (6.0%) | |||||||||||
Dunkin' Brands Group, Inc. | 37,899 | 1,776 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 34,375 | 2,761 | |||||||||
4,537 | |||||||||||
Independent Power and Renewable Electricity Producers (4.6%) | |||||||||||
Calpine Corp.* | 165,814 | 3,515 | |||||||||
Internet & Catalog Retail (1.7%) | |||||||||||
Priceline Group, Inc.* | 1,050 | 1,299 | |||||||||
Internet Software & Services (3.8%) | |||||||||||
Google, Inc. Class C* | 5,158 | 2,880 | |||||||||
IT Services (4.4%) | |||||||||||
Visa, Inc. Class A | 12,442 | 3,376 | |||||||||
Machinery (2.2%) | |||||||||||
Nordson Corp. | 21,491 | 1,653 | |||||||||
Oil, Gas & Consumable Fuels (10.0%) | |||||||||||
Enbridge Energy Management LLC* | 80,367 | 2,996 | |||||||||
MarkWest Energy Partners LP | 31,514 | 2,047 |
Number of Shares | Value† (000's)z | ||||||||||
Teekay Corp. | 58,917 | $ | 2,606 | ||||||||
7,649 | |||||||||||
Pharmaceuticals (7.2%) | |||||||||||
Actavis PLC* | 9,340 | 2,721 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 49,062 | 2,798 | |||||||||
5,519 | |||||||||||
Professional Services (11.2%) | |||||||||||
IHS, Inc. Class A* | 24,642 | 2,896 | |||||||||
Nielsen NV | 75,632 | 3,420 | |||||||||
Verisk Analytics, Inc. Class A* | 31,083 | 2,232 | |||||||||
8,548 | |||||||||||
Real Estate Investment Trusts (6.2%) | |||||||||||
American Tower Corp. | 45,085 | 4,470 | |||||||||
InfraREIT, Inc.* | 9,300 | 252 | |||||||||
4,722 | |||||||||||
Software (10.9%) | |||||||||||
Activision Blizzard, Inc. | 114,669 | 2,674 | |||||||||
Intuit, Inc. | 29,842 | 2,913 | |||||||||
Oracle Corp. | 62,701 | 2,748 | |||||||||
8,335 | |||||||||||
Trading Companies & Distributors (3.1%) | |||||||||||
United Rentals, Inc.* | 25,101 | 2,336 | |||||||||
Total Common Stocks (Cost $63,839) | 71,246 | ||||||||||
Short-Term Investments (5.0%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $3,843) | 3,842,703 | 3,843 | |||||||||
Total Investments## (98.4%) (Cost $67,682) | 75,089 | ||||||||||
Cash, receivables and other assets, less liabilities (1.6%) | 1,221 | ||||||||||
Total Net Assets (100.0%) | $ | 76,310 |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Samsung Electronics Co. Ltd. | Korea | Technology Hardware, Storage & Peripherals | 4.0 | % | ||||||||||||||
2 | Tencent Holdings Ltd. | China | Internet Software & Services | 3.0 | % | ||||||||||||||
3 | Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan, Province of China | Semiconductors & Semiconductor Equipment | 2.4 | % | ||||||||||||||
4 | Coway Co. Ltd. | Korea | Household Durables | 2.0 | % | ||||||||||||||
5 | China Everbright International Ltd. | China | Commercial Services & Supplies | 1.8 | % | ||||||||||||||
6 | Industrial & Commercial Bank of China Ltd., H Shares | China | Banks | 1.7 | % | ||||||||||||||
7 | Haier Electronics Group Co. Ltd. | China | Household Durables | 1.7 | % | ||||||||||||||
8 | Agricultural Bank of China Ltd., H Shares | China | Banks | 1.7 | % | ||||||||||||||
9 | Credicorp Ltd. | Peru | Banks | 1.6 | % | ||||||||||||||
10 | Hyundai Motor Co. | Korea | Automobiles | 1.6 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.0%) | |||||||||||
Brazil (7.8%) | |||||||||||
AMBEV SA ADR | 975,000 | $ | 6,289 | ||||||||
BB Seguridade Participacoes SA | 593,500 | 6,774 | |||||||||
Brasil Insurance Participacoes E Administracao SA | 494,200 | 540 | |||||||||
CCR SA | 1,096,900 | 6,441 | |||||||||
Cielo SA | 403,500 | 6,355 | |||||||||
Embraer SA | 151,700 | 1,331 | |||||||||
Embraer SA ADR | 70,000 | 2,449 | |||||||||
Itau Unibanco Holding SA, Preference Shares | 614,800 | 7,905 | |||||||||
Qualicorp SA* | 432,300 | 3,959 | |||||||||
42,043 | |||||||||||
Chile (0.6%) | |||||||||||
SACI Falabella | 477,775 | 3,446 | |||||||||
China (24.9%) | |||||||||||
AAC Technologies Holdings, Inc. | 900,100 | 5,977 | |||||||||
Agricultural Bank of China Ltd., H Shares | 18,083,600 | 8,977 | |||||||||
Alibaba Group Holding Ltd. ADR* | 13,600 | 1,158 | |||||||||
Baidu, Inc. ADR* | 26,100 | 5,318 | |||||||||
Bolina Holding Co. Ltd. | 3,952,800 | 1,519 | |||||||||
Changyou.com Ltd. ADR* | 169,400 | 4,745 | |||||||||
China Child Care Corp. Ltd. | 7,623,300 | 1,199 | |||||||||
China Everbright International Ltd. | 6,989,000 | 9,732 |
Number of Shares | Value† (000's)z | ||||||||||
China Medical System Holdings Ltd. | 2,796,900 | $ | 4,609 | ||||||||
China Mengniu Dairy Co. Ltd. | 1,394,140 | 6,327 | |||||||||
China State Construction International Holdings Ltd. | 3,649,400 | 5,232 | |||||||||
China Vanke Co. Ltd., H Shares* | 3,630,323 | 8,341 | |||||||||
CNOOC Ltd. | 4,881,000 | 7,011 | |||||||||
Galaxy Entertainment Group Ltd. | 703,600 | 3,565 | |||||||||
Great Wall Motor Co. Ltd., H Shares | 295,000 | 1,881 | |||||||||
Haier Electronics Group Co. Ltd. | 3,430,800 | 9,046 | |||||||||
Hua Hong Semiconductor Ltd.ñ* | 3,183,000 | 3,566 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 12,432,900 | 9,121 | |||||||||
New Oriental Education & Technology Group, Inc. ADR* | 184,000 | 3,526 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,877,200 | 6,180 | |||||||||
Sinopec Engineering Group Co. Ltd., H Shares | 2,101,900 | 1,705 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 4,562,000 | 7,564 | |||||||||
Tencent Holdings Ltd. | 925,300 | 16,214 |
Number of Shares | Value† (000's)z | ||||||||||
Zhuzhou CSR Times Electric Co. Ltd., H Shares | 223,900 | $ | 1,259 | ||||||||
133,772 | |||||||||||
Czech Republic (0.8%) | |||||||||||
Komercni Banka A/S | 20,105 | 4,334 | |||||||||
India (11.3%) | |||||||||||
Bank of Baroda | 1,940,365 | 5,701 | |||||||||
Cummins India Ltd. | 554,215 | 7,981 | |||||||||
Dabur India Ltd. | 1,438,389 | 6,150 | |||||||||
Glenmark Pharmaceuticals Ltd. | 376,005 | 4,738 | |||||||||
HDFC Bank Ltd. ADR | 70,000 | 4,341 | |||||||||
ITC Ltd. | 852,655 | 5,422 | |||||||||
Power Grid Corp. of India Ltd. | 2,698,304 | 6,839 | |||||||||
Prestige Estates Projects Ltd. | 995,735 | 4,495 | |||||||||
Tata Global Beverages Ltd. | 1,723,475 | 4,363 | |||||||||
Tata Motors Ltd. Class A | 971,060 | 5,626 | |||||||||
Yes Bank Ltd. | 389,158 | 5,182 | |||||||||
60,838 | |||||||||||
Indonesia (4.8%) | |||||||||||
PT AKR Corporindo Tbk | 12,287,400 | 4,630 | |||||||||
PT Bank Rakyat Indonesia Persero Tbk | 1,158,200 | 1,154 | |||||||||
PT Gudang Garam Tbk | 1,162,900 | 4,807 | |||||||||
PT Link Net Tbk* | 8,257,000 | 3,769 | |||||||||
PT Matahari Department Store Tbk | 4,023,000 | 5,556 |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
PT Semen Indonesia (Persero) Tbk | 4,907,900 | $ | 5,648 | ||||||||
25,564 | |||||||||||
Korea (11.8%) | |||||||||||
Coway Co. Ltd. | 134,140 | 10,535 | |||||||||
Hyundai Motor Co. | 59,515 | 8,703 | |||||||||
NAVER Corp. | 8,400 | 5,059 | |||||||||
NCSoft Corp. | 40,785 | 6,633 | |||||||||
Samsung Electronics Co. Ltd. | 17,208 | 21,276 | |||||||||
Samsung Engineering Co. Ltd.* | 95,793 | 3,666 | |||||||||
SFA Engineering Corp. | 111,307 | 5,172 | |||||||||
Sung Kwang Bend Co. Ltd.* | 172,582 | 2,319 | |||||||||
63,363 | |||||||||||
Malaysia (1.3%) | |||||||||||
Axiata Group Berhad | 3,310,500 | 6,577 | |||||||||
Top Glove Corp. Berhad | 348,800 | 490 | |||||||||
7,067 | |||||||||||
Mexico (4.8%) | |||||||||||
Arca Continental SAB de CV* | 760,400 | 4,834 | |||||||||
Corp. Inmobiliaria Vesta SAB de CV | 2,868,400 | 5,530 | |||||||||
Fibra Uno Administracion SA de CV | 1,487,900 | 4,177 | |||||||||
Grupo Financiero Banorte SAB de CV, O Shares | 1,187,800 | 6,428 | |||||||||
Grupo Mexico SAB de CV Series B | 1,403,000 | 4,271 | |||||||||
Infraestructura Energetica Nova SAB de CV | 89,500 | 471 | |||||||||
25,711 | |||||||||||
Peru (1.6%) | |||||||||||
Credicorp Ltd. | 60,000 | 8,713 | |||||||||
Philippines (3.3%) | |||||||||||
Ayala Corp. | 340,990 | 5,545 | |||||||||
International Container Terminal Services, Inc. | 2,118,650 | 5,387 | |||||||||
Metropolitan Bank & Trust Co. | 130,000 | 273 | |||||||||
RFM Corp. | 15,060,800 | 1,981 |
Number of Shares | Value† (000's)z | ||||||||||
SM Investments Corp. | 225,660 | $ | 4,504 | ||||||||
17,690 | |||||||||||
Qatar (1.4%) | |||||||||||
Industries Qatar QSC | 174,418 | 7,409 | |||||||||
Russia (3.9%) | |||||||||||
LUKOIL OAO ADR | 93,415 | 4,521 | |||||||||
Magnit PJSCf | 41,860 | 7,678 | |||||||||
QIWI PLC ADR | 141,700 | 3,339 | |||||||||
Sberbank of Russiaf | 2,293,325 | 2,825 | |||||||||
Yandex NV Class A* | 164,500 | 2,706 | |||||||||
21,069 | |||||||||||
Singapore (0.9%) | |||||||||||
Asian Pay Television Trust | 7,233,302 | 4,910 | |||||||||
South Africa (5.8%) | |||||||||||
Alexander Forbes Group Holdings Ltd.* | 7,191,911 | 6,639 | |||||||||
Bidvest Group Ltd. | 218,499 | 6,025 | |||||||||
Life Healthcare Group Holdings Ltd. | 1,623,865 | 6,305 | |||||||||
MTN Group Ltd. | 348,894 | 6,180 | |||||||||
Sasol Ltd. | 97,500 | 3,541 | |||||||||
Shoprite Holdings Ltd. | 185,930 | 2,646 | |||||||||
31,336 | |||||||||||
Taiwan, Province of China (6.1%) | |||||||||||
China Steel Chemical Corp. | 543,400 | 2,537 | |||||||||
eMemory Technology, Inc. | 387,700 | 4,020 | |||||||||
Hermes Microvision, Inc. | 132,440 | 6,597 | |||||||||
MediaTek, Inc. | 476,100 | 7,148 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,676,739 | 12,771 | |||||||||
33,073 | |||||||||||
Thailand (1.3%) | |||||||||||
Bangkok Dusit Medical Services PCLf | 4,968,900 | 3,304 | |||||||||
CP ALL PCLf | 3,144,900 | 3,891 | |||||||||
7,195 | |||||||||||
Turkey (2.5%) | |||||||||||
Arcelik A/S | 688,270 | 4,156 |
Number of Shares | Value† (000's)z | ||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 3,849,415 | $ | 4,803 | ||||||||
Turkiye Garanti Bankasi A/S | 1,187,005 | 4,249 | |||||||||
13,208 | |||||||||||
United Arab Emirates (0.9%) | |||||||||||
Dragon Oil PLC | 591,050 | 4,923 | |||||||||
United Kingdom (2.2%) | |||||||||||
Hikma Pharmaceuticals PLC | 133,415 | 5,094 | |||||||||
SABMiller PLC | 119,225 | 6,748 | |||||||||
11,842 | |||||||||||
Total Common Stocks (Cost $493,241) | 527,506 | ||||||||||
Short-Term Investments (2.3%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $12,556) | 12,556,381 | 12,556 | |||||||||
Total Investments## (100.3%) (Cost $505,797) | 540,062 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.3%)] | (1,757 | ) | |||||||||
Total Net Assets (100.0%) | $ | 538,305 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY EMERGING MARKETS EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Banks | $ | 69,203 | 12.9 | % | |||||||
Semiconductors & Semiconductor Equipment | 34,102 | 6.3 | % | ||||||||
Internet Software & Services | 30,455 | 5.6 | % | ||||||||
Household Durables | 23,737 | 4.4 | % | ||||||||
Technology Hardware, Storage & Peripherals | 21,276 | 4.0 | % | ||||||||
Oil, Gas & Consumable Fuels | 19,996 | 3.7 | % | ||||||||
Electronic Equipment, Instruments & Components | 18,713 | 3.5 | % | ||||||||
Real Estate Management & Development | 18,366 | 3.4 | % | ||||||||
Industrial Conglomerates | 17,938 | 3.3 | % | ||||||||
Beverages | 17,871 | 3.3 | % | ||||||||
Automobiles | 16,210 | 3.0 | % | ||||||||
Pharmaceuticals | 14,441 | 2.7 | % | ||||||||
Food & Staples Retailing | 14,215 | 2.6 | % | ||||||||
Health Care Providers & Services | 13,568 | 2.5 | % | ||||||||
Insurance | 13,494 | 2.5 | % | ||||||||
Wireless Telecommunication Services | 12,757 | 2.4 | % | ||||||||
Food Products | 12,671 | 2.3 | % | ||||||||
Diversified Financial Services | 12,184 | 2.3 | % | ||||||||
Transportation Infrastructure | 11,828 | 2.2 | % | ||||||||
Software | 11,378 | 2.1 | % | ||||||||
Construction & Engineering | 10,603 | 2.0 | % | ||||||||
Tobacco | 10,229 | 1.9 | % | ||||||||
Commercial Services & Supplies | 9,732 | 1.8 | % | ||||||||
IT Services | 9,694 | 1.8 | % | ||||||||
Multiline Retail | 9,002 | 1.7 | % | ||||||||
Real Estate Investment Trusts | 8,980 | 1.7 | % | ||||||||
Machinery | 7,981 | 1.5 | % | ||||||||
Personal Products | 7,349 | 1.4 | % | ||||||||
Electric Utilities | 6,839 | 1.3 | % | ||||||||
Construction Materials | 5,648 | 1.0 | % | ||||||||
Media | 4,910 | 0.9 | % | ||||||||
Trading Companies & Distributors | 4,630 | 0.9 | % | ||||||||
Metals & Mining | 4,271 | 0.8 | % | ||||||||
Building Products | 3,838 | 0.7 | % | ||||||||
Aerospace & Defense | 3,780 | 0.7 | % | ||||||||
Diversified Telecommunication Services | 3,769 | 0.7 | % | ||||||||
Hotels, Restaurants & Leisure | 3,565 | 0.7 | % | ||||||||
Diversified Consumer Services | 3,526 | 0.6 | % | ||||||||
Chemicals | 2,537 | 0.5 | % | ||||||||
Electrical Equipment | 1,259 | 0.2 | % | ||||||||
Health Care Equipment & Supplies | 490 | 0.1 | % | ||||||||
Gas Utilities | 471 | 0.1 | % | ||||||||
Short-Term Investments and Other Assets—Net | 10,799 | 2.0 | % | ||||||||
$ | 538,305 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | NextEra Energy, Inc. | 2.7 | % | ||||||||
2 | Wells Fargo & Co. | 2.5 | % | ||||||||
3 | Prologis, Inc. | 2.4 | % | ||||||||
4 | Eli Lilly & Co. | 2.3 | % | ||||||||
5 | Hasbro, Inc. | 2.3 | % |
6 | Koninklijke Philips NV | 2.3 | % | ||||||||
7 | Johnson & Johnson | 2.2 | % | ||||||||
8 | Starwood Property Trust, Inc. | 2.1 | % | ||||||||
9 | PNC Financial Services Group, Inc. | 2.1 | % | ||||||||
10 | Equity Residential | 2.1 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.1%) | |||||||||||
Aerospace & Defense (1.1%) | |||||||||||
Honeywell International, Inc.@ | 265,000 | $ | 27,237 | ||||||||
Banks (8.0%) | |||||||||||
JPMorgan Chase & Co. | 800,000 | 49,024 | |||||||||
M&T Bank Corp. | 270,000 | 32,670 | |||||||||
PNC Financial Services Group, Inc. | 545,000 | 50,118 | |||||||||
Wells Fargo & Co. | 1,110,000 | 60,817 | |||||||||
192,629 | |||||||||||
Capital Markets (5.4%) | |||||||||||
BlackRock, Inc.@ | 52,000 | 19,314 | |||||||||
Blackstone Group LP | 1,190,000 | 44,577 | |||||||||
Carlyle Group LP | 459,000 | 11,865 | |||||||||
FS Investment Corp. | 1,180,000 | 11,800 | |||||||||
KKR & Co. LP | 1,867,000 | 42,661 | |||||||||
130,217 | |||||||||||
Chemicals (2.0%) | |||||||||||
E.I. du Pont de Nemours & Co.@ | 634,000 | 49,357 | |||||||||
Communications Equipment (1.7%) | |||||||||||
Cisco Systems, Inc. | 1,398,000 | 41,255 | |||||||||
Diversified Financial Services (2.0%) | |||||||||||
CME Group, Inc.@ | 514,000 | 49,308 | |||||||||
Diversified Telecommunication Services (1.0%) | |||||||||||
Verizon Communications, Inc. | 483,000 | 23,884 | |||||||||
Electric Utilities (5.9%) | |||||||||||
American Electric Power Co., Inc. | 409,000 | 23,550 | |||||||||
Edison International | 367,000 | 23,580 |
Number of Shares | Value† (000's)z | ||||||||||
Great Plains Energy, Inc. | 350,000 | $ | 9,313 | ||||||||
NextEra Energy, Inc. | 630,000 | 65,180 | |||||||||
OGE Energy Corp. | 651,000 | 21,164 | |||||||||
142,787 | |||||||||||
Energy Equipment & Services (1.0%) | |||||||||||
Schlumberger Ltd. | 282,000 | 23,733 | |||||||||
Food Products (1.0%) | |||||||||||
Unilever NV | 577,000 | 25,082 | |||||||||
Household Products (2.3%) | |||||||||||
Kimberly-Clark Corp. | 300,000 | 32,898 | |||||||||
Procter & Gamble Co. | 274,000 | 23,326 | |||||||||
56,224 | |||||||||||
Independent Power and Renewable Electricity Producers (1.0%) | |||||||||||
TerraForm Power, Inc. Class A | 711,600 | 24,714 | |||||||||
Industrial Conglomerates (3.9%) | |||||||||||
General Electric Co. | 1,532,000 | 39,817 | |||||||||
Koninklijke Philips NV | 1,856,000 | 55,600 | |||||||||
95,417 | |||||||||||
Insurance (2.0%) | |||||||||||
MetLife, Inc. | 953,000 | 48,441 | |||||||||
Leisure Products (2.3%) | |||||||||||
Hasbro, Inc.@ | 900,000 | 56,083 | |||||||||
Media (1.0%) | |||||||||||
Lagardere SCA | 867,000 | 24,925 | |||||||||
Multi-Utilities (8.2%) | |||||||||||
CenterPoint Energy, Inc. | 1,492,000 | 31,019 | |||||||||
Dominion Resources, Inc. | 615,000 | 44,335 | |||||||||
DTE Energy Co. | 465,000 | 38,144 | |||||||||
NiSource, Inc. | 800,000 | 34,328 | |||||||||
Sempra Energy | 285,200 | 30,859 | |||||||||
Wisconsin Energy Corp. | 400,000 | 20,392 | |||||||||
199,077 |
Number of Shares | Value† (000's)z | ||||||||||
Oil, Gas & Consumable Fuels (10.4%) | |||||||||||
Chevron Corp. | 205,000 | $ | 21,869 | ||||||||
ConocoPhillips | 354,000 | 23,081 | |||||||||
Enbridge, Inc. | 941,700 | 43,733 | |||||||||
Exxon Mobil Corp. | 250,000 | 22,135 | |||||||||
Golar LNG Ltd. | 760,200 | 23,581 | |||||||||
ONEOK, Inc. | 650,000 | 28,769 | |||||||||
Plains GP Holdings LP Class A | 889,000 | 25,461 | |||||||||
Royal Dutch Shell PLC ADR Class A | 361,000 | 23,599 | |||||||||
Spectra Energy Corp. | 1,082,500 | 38,418 | |||||||||
250,646 | |||||||||||
Pharmaceuticals (10.1%) | |||||||||||
Bristol-Myers Squibb Co.@ | 475,100 | 28,943 | |||||||||
Eli Lilly & Co.@ | 800,000 | 56,136 | |||||||||
GlaxoSmithKline PLC ADR | 520,000 | 24,658 | |||||||||
Johnson & Johnson | 520,000 | 53,305 | |||||||||
Novartis AG ADR* | 350,000 | 35,840 | |||||||||
Roche Holding AG ADR | 1,350,000 | 46,076 | |||||||||
244,958 | |||||||||||
Real Estate Investment Trusts (21.4%) | |||||||||||
AvalonBay Communities, Inc.@ | 143,000 | 24,073 | |||||||||
Blackstone Mortgage Trust, Inc. Class A | 1,096,000 | 31,685 | |||||||||
Equity Residential@ | 645,000 | 49,684 | |||||||||
Extra Space Storage, Inc.@ | 700,000 | 46,046 | |||||||||
Fibra Uno Administracion SA de CV | 6,600,000 | 18,530 | |||||||||
Host Hotels & Resorts, Inc. | 1,300,000 | 27,300 | |||||||||
Keppel REIT | 12,422,000 | 11,302 | |||||||||
Mapletree Logistics Trust | 12,280,000 | 11,083 |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Outfront Media, Inc. | 824,327 | $ | 24,689 | ||||||||
Parkway Life Real Estate Investment Trust | 5,973,000 | 10,694 | |||||||||
PLA Administradora Industrial S de RL de CV* | 5,700,000 | 12,295 | |||||||||
Prologis, Inc. | 1,350,000 | 57,659 | |||||||||
Public Storage@ | 60,000 | 11,833 | |||||||||
Realty Income Corp. | 440,000 | 22,026 | |||||||||
Simon Property Group, Inc.@ | 235,000 | 44,735 | |||||||||
Starwood Property Trust, Inc. | 2,063,000 | 50,337 | |||||||||
Ventas, Inc. | 375,800 | 27,986 | |||||||||
Weyerhaeuser Co. | 1,000,000 | 35,110 | |||||||||
517,067 | |||||||||||
Road & Rail (1.0%) | |||||||||||
Norfolk Southern Corp.@ | 210,000 | 22,924 | |||||||||
Software (1.7%) | |||||||||||
Microsoft Corp. | 940,000 | 41,219 | |||||||||
Specialty Retail (0.7%) | |||||||||||
Home Depot, Inc.@ | 155,000 | 17,786 | |||||||||
Total Common Stocks (Cost $1,984,960) | 2,304,970 | ||||||||||
Preferred Stocks (0.5%) | |||||||||||
Actavis PLC, Ser. A, 5.50%* (Cost $10,865) | 10,865 | 11,148 | |||||||||
Principal Amount | |||||||||||
Convertible Bonds (3.2%) | |||||||||||
Euronet Worldwide, Inc., Senior Unsecured Notes, 1.50%, due 10/1/44ñ | $ | 3,800,000 | 4,019 | ||||||||
Live Nation Entertainment, Inc., Senior Unsecured Notes, 2.50%, due 5/15/19ñ | 3,260,000 | 3,492 |
Principal Amount | Value† (000's)z | ||||||||||
Priceline Group Inc., Senior Unsecured Notes, 0.90%, due 9/15/21ñ | $ | 12,900,000 | $ | 12,569 | |||||||
RTI International Metals, Inc., Guaranteed Notes, 1.63%, due 10/15/19 | 9,600,000 | 9,462 | |||||||||
SINA Corp., Senior Unsecured Notes, 1.00%, due 12/1/18 | 25,100,000 | 22,904 | |||||||||
WebMD Health Corp., Senior Unsecured Notes, 2.25%, due 3/31/16 | 10,000,000 | 10,075 | |||||||||
WebMD Health Corp., Senior Unsecured Notes, 2.50%, due 1/31/18 | 13,965,000 | 14,218 | |||||||||
Total Convertible Bonds (Cost $74,683) | 76,739 | ||||||||||
Number of Shares | |||||||||||
Short-Term Investments (1.1%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $26,876) | 26,876,022 | 26,876 | |||||||||
Total Investments## (99.9%) (Cost $2,097,384) | 2,419,733 | ||||||||||
Cash, receivables and other assets, less liabilities‡‡k (0.1%) | 3,059 | ||||||||||
Total Net Assets (100.0%) | $ | 2,422,792 |
See Notes to Schedule of Investments
Schedule of Investments Focus Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Eli Lilly & Co. | 4.8 | % | ||||||||
2 | JPMorgan Chase & Co. | 4.8 | % | ||||||||
3 | Willis Group Holdings PLC | 4.7 | % | ||||||||
4 | Teva Pharmaceutical Industries Ltd. ADR | 4.2 | % | ||||||||
5 | Cisco Systems, Inc. | 4.2 | % |
6 | Comcast Corp. Class A Special | 3.9 | % | ||||||||
7 | Stanley Black & Decker, Inc. | 3.8 | % | ||||||||
8 | Bed Bath & Beyond, Inc. | 3.3 | % | ||||||||
9 | NiSource, Inc. | 3.3 | % | ||||||||
10 | Intercontinental Exchange, Inc. | 3.3 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.5%) | |||||||||||
Airlines (3.1%) | |||||||||||
Delta Air Lines, Inc. | 590,000 | $ | 26,267 | ||||||||
Automobiles (1.0%) | |||||||||||
General Motors Co. | 225,000 | 8,395 | |||||||||
Banks (7.4%) | |||||||||||
JPMorgan Chase & Co. | 665,000 | 40,751 | |||||||||
PNC Financial Services Group, Inc. | 243,000 | 22,346 | |||||||||
63,097 | |||||||||||
Chemicals (2.3%) | |||||||||||
RPM International, Inc. | 386,500 | 19,538 | |||||||||
Communications Equipment (4.2%) | |||||||||||
Cisco Systems, Inc. | 1,200,000 | 35,412 | |||||||||
Diversified Consumer Services (2.4%) | |||||||||||
Service Corp. International | 820,000 | 20,377 | |||||||||
Diversified Financial Services (3.3%) | |||||||||||
Intercontinental Exchange, Inc. | 117,000 | 27,537 | |||||||||
Electrical Equipment (2.9%) | |||||||||||
Eaton Corp. PLC | 340,000 | 24,143 | |||||||||
Electronic Equipment, Instruments & Components (2.4%) | |||||||||||
CDW Corp. | 538,950 | 20,281 | |||||||||
Food Products (2.5%) | |||||||||||
Diamond Foods, Inc.* | 116,788 | 3,147 | |||||||||
Mondelez International, Inc. Class A | 485,000 | 17,914 | |||||||||
21,061 | |||||||||||
Health Care Providers & Services (2.1%) | |||||||||||
HCA Holdings, Inc.* | 250,000 | 17,885 | |||||||||
Hotels, Restaurants & Leisure (2.1%) | |||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 225,000 | 18,074 |
Number of Shares | Value† (000's)z | ||||||||||
Household Durables (3.0%) | |||||||||||
Newell Rubbermaid, Inc. | 643,000 | $ | 25,263 | ||||||||
Household Products (2.1%) | |||||||||||
Energizer Holdings, Inc. | 133,000 | 17,799 | |||||||||
Insurance (4.7%) | |||||||||||
Willis Group Holdings PLC | 830,000 | 39,608 | |||||||||
Internet Software & Services (6.2%) | |||||||||||
eBay, Inc.* | 410,000 | 23,743 | |||||||||
Google, Inc. Class A* | 26,000 | 14,628 | |||||||||
Google, Inc. Class C* | 26,000 | 14,519 | |||||||||
52,890 | |||||||||||
Machinery (3.8%) | |||||||||||
Stanley Black & Decker, Inc. | 325,000 | 31,961 | |||||||||
Media (6.4%) | |||||||||||
Comcast Corp. Class A Special | 560,000 | 33,009 | |||||||||
Time Warner, Inc. | 257,000 | 21,038 | |||||||||
54,047 | |||||||||||
Metals & Mining (0.5%) | |||||||||||
Steel Dynamics, Inc. | 214,900 | 3,915 | |||||||||
Multi-Utilities (3.3%) | |||||||||||
NiSource, Inc. | 645,000 | 27,677 | |||||||||
Oil, Gas & Consumable Fuels (7.3%) | |||||||||||
Antero Resources Corp.* | 440,100 | 17,362 | |||||||||
Devon Energy Corp. | 257,300 | 15,847 | |||||||||
Pioneer Natural Resources Co. | 97,000 | 14,794 | |||||||||
Royal Dutch Shell PLC ADR Class A | 215,000 | 14,055 | |||||||||
62,058 | |||||||||||
Paper & Forest Products (1.3%) | |||||||||||
International Paper Co. | 192,000 | 10,831 | |||||||||
Personal Products (1.3%) | |||||||||||
Estee Lauder Cos., Inc. Class A | 130,000 | 10,747 |
Number of Shares | Value† (000's)z | ||||||||||
Pharmaceuticals (9.0%) | |||||||||||
Eli Lilly & Co. | 584,000 | $ | 40,979 | ||||||||
Teva Pharmaceutical Industries Ltd. ADR | 625,000 | 35,638 | |||||||||
76,617 | |||||||||||
Real Estate Management & Development (1.0%) | |||||||||||
Brookfield Property Partners LP | 350,000 | 8,694 | |||||||||
Semiconductors & Semiconductor Equipment (2.0%) | |||||||||||
Freescale Semiconductor Ltd.* | 480,000 | 17,333 | |||||||||
Software (2.1%) | |||||||||||
Activision Blizzard, Inc. | 770,000 | 17,956 | |||||||||
Specialty Retail (3.3%) | |||||||||||
Bed Bath & Beyond, Inc.* | 375,000 | 27,998 | |||||||||
Technology Hardware, Storage & Peripherals (2.9%) | |||||||||||
SanDisk Corp. | 310,000 | 24,778 | |||||||||
Textiles, Apparel & Luxury Goods (1.6%) | |||||||||||
Ralph Lauren Corp. | 101,000 | 13,878 | |||||||||
Total Common Stocks (Cost $663,245) | 826,117 | ||||||||||
Short-Term Investments (2.4%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $20,197) | 20,196,844 | 20,197 | |||||||||
Total Investments## (99.9%) (Cost $683,442) | 846,314 | ||||||||||
Cash, receivables and other assets, less liabilities (0.1%) | 504 | ||||||||||
Total Net Assets (100.0%) | $ | 846,818 |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Wabtec Corp. | 2.7 | % | ||||||||
2 | Church & Dwight Co., Inc. | 2.6 | % | ||||||||
3 | ICON PLC | 2.0 | % | ||||||||
4 | Manhattan Associates, Inc. | 1.9 | % | ||||||||
5 | West Pharmaceutical Services, Inc. | 1.9 | % |
6 | AptarGroup, Inc. | 1.8 | % | ||||||||
7 | Polaris Industries, Inc. | 1.8 | % | ||||||||
8 | Sensient Technologies Corp. | 1.8 | % | ||||||||
9 | Constellation Software, Inc. | 1.7 | % | ||||||||
10 | Compass Minerals International, Inc. | 1.6 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.9%) | |||||||||||
Aerospace & Defense (0.1%) | |||||||||||
Astronics Corp.* | 208,000 | $ | 14,468 | ||||||||
Air Freight & Logistics (0.8%) | |||||||||||
Forward Air Corp.^ | 1,936,968 | 103,628 | |||||||||
Airlines (0.3%) | |||||||||||
Allegiant Travel Co. | 178,600 | 32,795 | |||||||||
Auto Components (0.4%) | |||||||||||
Drew Industries, Inc.* | 255,083 | 15,047 | |||||||||
Gentex Corp. | 2,406,798 | 42,408 | |||||||||
57,455 | |||||||||||
Banks (7.4%) | |||||||||||
Bank of Hawaii Corp.^ | 2,233,712 | 134,604 | |||||||||
Bank of the Ozarks, Inc. | 2,512,300 | 91,950 | |||||||||
BankUnited, Inc. | 2,345,730 | 76,025 | |||||||||
BOK Financial Corp. | 1,432,376 | 84,510 | |||||||||
Community Bank System, Inc. | 1,129,523 | 40,121 | |||||||||
Cullen/Frost Bankers, Inc. | 1,710,425 | 115,967 | |||||||||
CVB Financial Corp. | 4,142,572 | 64,831 | |||||||||
First Financial Bankshares, Inc.^ | 3,286,636 | 86,340 | |||||||||
FNB Corp. | 4,023,646 | 51,623 | |||||||||
LegacyTexas Financial Group, Inc. | 2,221,268 | 51,089 | |||||||||
PacWest Bancorp | 2,084,851 | 95,559 | |||||||||
Westamerica Bancorporation | 1,061,203 | 45,706 | |||||||||
938,325 | |||||||||||
Beverages (0.9%) | |||||||||||
Boston Beer Co., Inc. Class A* | 419,519 | 112,263 |
Number of Shares | Value† (000's)z | ||||||||||
Building Products (1.0%) | |||||||||||
AAON, Inc. | 1,867,681 | $ | 42,041 | ||||||||
Advanced Drainage Systems, Inc. | 88,432 | 2,401 | |||||||||
AO Smith Corp. | 1,324,748 | 83,499 | |||||||||
127,941 | |||||||||||
Capital Markets (0.0%) | |||||||||||
OM Asset Management PLC* | 18,500 | 332 | |||||||||
Chemicals (4.7%) | |||||||||||
Balchem Corp.^ | 1,725,709 | 101,679 | |||||||||
Hawkins, Inc. | 133,051 | 5,188 | |||||||||
Innophos Holdings, Inc.^ | 1,416,242 | 79,494 | |||||||||
NewMarket Corp. | 169,912 | 80,045 | |||||||||
Quaker Chemical Corp. | 130,350 | 10,582 | |||||||||
RPM International, Inc. | 1,766,644 | 89,304 | |||||||||
Sensient Technologies Corp.^ | 3,601,345 | 229,081 | |||||||||
595,373 | |||||||||||
Commercial Services & Supplies (4.1%) | |||||||||||
G&K Services, Inc. Class A | 418,300 | 30,114 | |||||||||
Healthcare Services Group, Inc.^ | 4,180,281 | 140,332 | |||||||||
Rollins, Inc. | 4,773,320 | 160,097 | |||||||||
Team, Inc.* | 768,106 | 29,495 | |||||||||
UniFirst Corp. | 428,850 | 50,960 | |||||||||
United Stationers, Inc.^ | 2,518,941 | 101,740 | |||||||||
512,738 | |||||||||||
Communications Equipment (0.7%) | |||||||||||
NETGEAR, Inc.*^ | 2,792,300 | 90,024 | |||||||||
Construction & Engineering (0.1%) | |||||||||||
Primoris Services Corp. | 814,500 | 16,820 |
Number of Shares | Value† (000's)z | ||||||||||
Construction Materials (0.4%) | |||||||||||
Eagle Materials, Inc. | 690,300 | $ | 54,189 | ||||||||
Containers & Packaging (2.5%) | |||||||||||
AptarGroup, Inc.^ | 3,541,100 | 233,252 | |||||||||
Silgan Holdings, Inc. | 1,556,483 | 89,358 | |||||||||
322,610 | |||||||||||
Distributors (1.6%) | |||||||||||
Pool Corp.^ | 2,875,698 | 198,912 | |||||||||
Diversified Financial Services (0.4%) | |||||||||||
MarketAxess Holdings, Inc. | 569,049 | 45,291 | |||||||||
Electrical Equipment (0.5%) | |||||||||||
Franklin Electric Co., Inc. | 1,341,172 | 48,926 | |||||||||
Thermon Group Holdings, Inc.* | 683,331 | 16,755 | |||||||||
65,681 | |||||||||||
Electronic Equipment, Instruments & Components (5.3%) | |||||||||||
Badger Meter, Inc. | 659,101 | 38,491 | |||||||||
Cognex Corp.* | 1,188,708 | 53,123 | |||||||||
FARO Technologies, Inc.* | 537,800 | 32,252 | |||||||||
FEI Co. | 1,791,142 | 141,482 | |||||||||
Littelfuse, Inc. | 750,153 | 75,255 | |||||||||
MTS Systems Corp. | 453,287 | 32,841 | |||||||||
Rogers Corp.*^ | 1,212,706 | 94,931 | |||||||||
Zebra Technologies Corp. Class A* | 2,163,224 | 196,962 | |||||||||
665,337 | |||||||||||
Energy Equipment & Services (2.2%) | |||||||||||
CARBO Ceramics, Inc. | 1,028,157 | 37,466 | |||||||||
Matrix Service Co.* | 393,600 | 7,321 | |||||||||
Natural Gas Services Group, Inc.*^ | 647,100 | 12,476 | |||||||||
Oceaneering International, Inc. | 2,014,928 | 109,874 |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Pason Systems, Inc.^f | 4,475,357 | $ | 65,621 | ||||||||
ShawCor Ltd.f | 1,488,800 | 42,529 | |||||||||
275,287 | |||||||||||
Food & Staples Retailing (0.2%) | |||||||||||
North West Co., Inc. | 1,133,300 | 22,838 | |||||||||
Food Products (2.3%) | |||||||||||
B&G Foods, Inc. | 1,817,700 | 52,077 | |||||||||
Flowers Foods, Inc. | 3,131,400 | 67,764 | |||||||||
J & J Snack Foods Corp.^ | 985,446 | 99,717 | |||||||||
Lancaster Colony Corp. | 832,356 | 76,077 | |||||||||
295,635 | |||||||||||
Health Care Equipment & Supplies (7.8%) | |||||||||||
Abaxis, Inc.^ | 1,390,031 | 84,681 | |||||||||
Cantel Medical Corp. | 130,400 | 5,920 | |||||||||
Cyberonics, Inc.* | 918,995 | 62,951 | |||||||||
Haemonetics Corp.*^ | 3,791,100 | 168,552 | |||||||||
IDEXX Laboratories, Inc.* | 1,156,862 | 181,431 | |||||||||
Meridian Bioscience, Inc.^ | 2,313,997 | 45,817 | |||||||||
Neogen Corp.* | 23,000 | 1,176 | |||||||||
Sirona Dental Systems, Inc.* | 1,823,626 | 165,622 | |||||||||
Thoratec Corp.* | 729,500 | 29,705 | |||||||||
West Pharmaceutical Services, Inc.^ | 4,292,758 | 234,900 | |||||||||
980,755 | |||||||||||
Health Care Providers & Services (2.8%) | |||||||||||
AmSurg Corp.* | 1,308,650 | 78,650 | |||||||||
Chemed Corp. | 827,500 | 96,387 | |||||||||
Henry Schein, Inc.* | 1,275,940 | 178,695 | |||||||||
U.S. Physical Therapy, Inc. | 46,158 | 1,957 | |||||||||
355,689 | |||||||||||
Hotels, Restaurants & Leisure (4.0%) | |||||||||||
Brinker International, Inc. | 2,417,200 | 143,727 | |||||||||
Cheesecake Factory, Inc. | 1,327,600 | 63,087 | |||||||||
Cracker Barrel Old Country Store, Inc. | 751,427 | 113,488 |
Number of Shares | Value† (000's)z | ||||||||||
Papa John's International, Inc. | 1,540,445 | $ | 95,261 | ||||||||
Texas Roadhouse, Inc. | 2,407,200 | 90,607 | |||||||||
506,170 | |||||||||||
Household Products (2.6%) | |||||||||||
Church & Dwight Co., Inc. | 3,849,656 | 327,760 | |||||||||
Industrial Conglomerates (0.5%) | |||||||||||
Raven Industries, Inc.^ | 2,796,952 | 58,289 | |||||||||
Insurance (1.3%) | |||||||||||
RLI Corp.^ | 2,284,914 | 110,567 | |||||||||
Safety Insurance Group, Inc.^ | 861,449 | 50,395 | |||||||||
160,962 | |||||||||||
Internet Software & Services (0.5%) | |||||||||||
j2 Global, Inc. | 893,301 | 60,075 | |||||||||
IT Services (0.9%) | |||||||||||
Jack Henry & Associates, Inc. | 1,680,403 | 110,066 | |||||||||
Leisure Products (1.8%) | |||||||||||
Polaris Industries, Inc. | 1,495,020 | 229,231 | |||||||||
Life Sciences Tools & Services (3.3%) | |||||||||||
Bio-Techne Corp. | 752,400 | 73,382 | |||||||||
ICON PLC*^ | 3,722,500 | 256,890 | |||||||||
PAREXEL International Corp.* | 1,320,855 | 85,142 | |||||||||
415,414 | |||||||||||
Machinery (11.1%) | |||||||||||
CIRCOR International, Inc. | 500,000 | 26,835 | |||||||||
CLARCOR, Inc.^ | 3,099,059 | 203,949 | |||||||||
Donaldson Co., Inc. | 2,150,650 | 79,660 | |||||||||
Graco, Inc. | 685,517 | 51,948 | |||||||||
Lincoln Electric Holdings, Inc. | 491,082 | 33,904 | |||||||||
Lindsay Corp.^ | 791,850 | 69,350 | |||||||||
Middleby Corp.* | 1,363,118 | 145,322 | |||||||||
Nordson Corp. | 1,751,886 | 134,773 | |||||||||
RBC Bearings, Inc. | 706,540 | 43,841 | |||||||||
Tennant Co.^ | 928,402 | 60,690 |
Number of Shares | Value† (000's)z | ||||||||||
Toro Co. | 1,607,688 | $ | 108,760 | ||||||||
Valmont Industries, Inc. | 834,504 | 104,021 | |||||||||
Wabtec Corp. | 3,596,100 | 341,234 | |||||||||
1,404,287 | |||||||||||
Media (1.8%) | |||||||||||
Gray Television, Inc.* | 131,300 | 1,436 | |||||||||
Media General, Inc.*^ | 5,837,969 | 87,044 | |||||||||
Nexstar Broadcasting Group, Inc. Class A^ | 2,608,721 | 142,254 | |||||||||
Rentrak Corp.* | 8,031 | 440 | |||||||||
231,174 | |||||||||||
Metals & Mining (1.9%) | |||||||||||
Alamos Gold, Inc. | 5,286,700 | 31,984 | |||||||||
Compass Minerals International, Inc.^ | 2,274,673 | 206,245 | |||||||||
238,229 | |||||||||||
Multi-Utilities (0.3%) | |||||||||||
NorthWestern Corp. | 772,100 | 41,840 | |||||||||
Oil, Gas & Consumable Fuels (1.1%) | |||||||||||
Evolution Petroleum Corp. | 1,038,150 | 7,080 | |||||||||
Gulfport Energy Corp.* | 1,822,100 | 83,470 | |||||||||
Painted Pony Petroleum Ltd.* | 2,447,850 | 13,463 | |||||||||
Synergy Resources Corp.* | 3,106,066 | 37,118 | |||||||||
141,131 | |||||||||||
Paper & Forest Products (0.7%) | |||||||||||
Stella-Jones, Inc. | 2,734,000 | 85,924 | |||||||||
Pharmaceuticals (0.2%) | |||||||||||
Phibro Animal Health Corp. Class A | 729,500 | 26,459 | |||||||||
Professional Services (0.8%) | |||||||||||
Exponent, Inc.^ | 1,122,735 | 97,150 | |||||||||
Real Estate Management & Development (0.3%) | |||||||||||
Altisource Asset Management Corp.*^ | 136,417 | 24,152 |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Altisource Portfolio Solutions SA* | 659,470 | $ | 13,282 | ||||||||
37,434 | |||||||||||
Road & Rail (0.2%) | |||||||||||
Genesee & Wyoming, Inc. Class A* | 223,000 | 22,991 | |||||||||
Semiconductors & Semiconductor Equipment (1.2%) | |||||||||||
Power Integrations, Inc.^ | 2,677,100 | 146,866 | |||||||||
Software (11.0%) | |||||||||||
Advent Software, Inc. | 1,564,238 | 69,092 | |||||||||
Aspen Technology, Inc.* | 766,700 | 29,598 | |||||||||
Computer Modelling Group Ltd.^ | 5,983,100 | 60,848 | |||||||||
Constellation Software, Inc. | 626,642 | 213,998 | |||||||||
Descartes Systems Group, Inc.* | 2,452,550 | 37,034 | |||||||||
Enghouse Systems Ltd.f | 1,249,300 | 45,141 | |||||||||
FactSet Research Systems, Inc. | 673,800 | 104,810 | |||||||||
Fair Isaac Corp. | 761,958 | 64,858 | |||||||||
Manhattan Associates, Inc.*^ | 4,889,828 | 243,758 | |||||||||
Monotype Imaging Holdings, Inc.^ | 3,230,106 | 103,396 | |||||||||
NetScout Systems, Inc.*^ | 2,246,084 | 90,562 | |||||||||
NICE-Systems Ltd. ADR | 103,656 | 6,050 | |||||||||
Solera Holdings, Inc. | 2,516,253 | 140,256 | |||||||||
Tyler Technologies, Inc.* | 1,556,832 | 185,839 | |||||||||
1,395,240 | |||||||||||
Specialty Retail (3.0%) | |||||||||||
Hibbett Sports, Inc.*^ | 1,709,069 | 83,591 | |||||||||
Monro Muffler Brake, Inc. | 75,300 | 4,762 | |||||||||
Sally Beauty Holdings, Inc.* | 3,577,693 | 119,924 |
Number of Shares | Value† (000's)z | ||||||||||
Tractor Supply Co. | 1,952,482 | $ | 172,053 | ||||||||
380,330 | |||||||||||
Technology Hardware, Storage & Peripherals (0.7%) | |||||||||||
Electronics For Imaging, Inc.* | 2,052,900 | 83,348 | |||||||||
Textiles, Apparel & Luxury Goods (0.5%) | |||||||||||
Wolverine World Wide, Inc. | 2,148,470 | 65,657 | |||||||||
Trading Companies & Distributors (1.7%) | |||||||||||
Applied Industrial Technologies, Inc.^ | 2,161,644 | 94,702 | |||||||||
MSC Industrial Direct Co., Inc. Class A | 513,524 | 37,482 | |||||||||
NOW, Inc.* | 333,500 | 7,087 | |||||||||
Watsco, Inc. | 697,804 | 81,810 | |||||||||
221,081 | |||||||||||
Total Common Stocks (Cost $6,436,122) | 12,371,494 | ||||||||||
Short-Term Investments (0.6%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class | 74,998,542 | 74,999 | |||||||||
State Street Institutional Treasury Plus Fund Premier Class* | 1 | 0 | |||||||||
Total Short-Term Investments (Cost $74,999) | 74,999 | ||||||||||
Total Investments## (98.5%) (Cost $6,511,121) | 12,446,493 | ||||||||||
Cash, receivables and other assets, less liabilities (1.5%) | 184,647 | ||||||||||
Total Net Assets (100.0%) | $ | 12,631,140 |
See Notes to Schedule of Investments
Schedule of Investments Global Equity Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Apple, Inc. | United States | Technology Hardware, Storage & Peripherals | 2.8 | % | ||||||||||||||
2 | SanDisk Corp. | United States | Technology Hardware, Storage & Peripherals | 2.3 | % | ||||||||||||||
3 | Sealed Air Corp. | United States | Containers & Packaging | 2.0 | % | ||||||||||||||
4 | Cardinal Health, Inc. | United States | Health Care Providers & Services | 1.9 | % | ||||||||||||||
5 | Check Point Software Technologies Ltd. | Israel | Software | 1.8 | % | ||||||||||||||
6 | ASML Holding NV | Netherlands | Semiconductors & Semiconductor Equipment | 1.8 | % | ||||||||||||||
7 | CVS Health Corp. | United States | Food & Staples Retailing | 1.7 | % | ||||||||||||||
8 | Wabtec Corp. | United States | Machinery | 1.7 | % | ||||||||||||||
9 | Pall Corp. | United States | Machinery | 1.7 | % | ||||||||||||||
10 | RPM International, Inc. | United States | Chemicals | 1.7 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (94.9%) | |||||||||||
Australia (0.9%) | |||||||||||
Insurance Australia Group Ltd. | 7,450 | $ | 36 | ||||||||
Brazil (0.6%) | |||||||||||
SLC Agricola SA | 4,400 | 22 | |||||||||
Canada (3.3%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 1,620 | 63 | |||||||||
ShawCor Ltd. | 1,080 | 31 | |||||||||
Suncor Energy, Inc. | 1,235 | 37 | |||||||||
131 | |||||||||||
China (1.8%) | |||||||||||
Haier Electronics Group Co. Ltd. | 19,800 | 52 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 9,050 | 20 | |||||||||
72 | |||||||||||
France (4.6%) | |||||||||||
BNP Paribas SA | 610 | 36 | |||||||||
Rexel SA | 2,175 | 42 | |||||||||
Sanofi | 505 | 50 | |||||||||
Sodexo SA | 510 | 51 | |||||||||
179 | |||||||||||
Germany (4.8%) | |||||||||||
Continental AG | 235 | 56 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 450 | 53 | |||||||||
Linde AG | 207 | 42 | |||||||||
Volkswagen AG, Preference Shares | 150 | 38 | |||||||||
189 | |||||||||||
Israel (2.8%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 23,880 | 38 |
Number of Shares | Value† (000's)z | ||||||||||
Check Point Software Technologies Ltd.* | 865 | $ | 72 | ||||||||
110 | |||||||||||
Japan (6.9%) | |||||||||||
FANUC Corp. | 300 | 57 | |||||||||
Nihon Kohden Corp. | 800 | 41 | |||||||||
SOFTBANK Corp. | 500 | 31 | |||||||||
SUGI HOLDINGS Co. Ltd. | 900 | 44 | |||||||||
Sundrug Co. Ltd. | 850 | 42 | |||||||||
TOYOTA MOTOR Corp. | 850 | 57 | |||||||||
272 | |||||||||||
Korea (1.4%) | |||||||||||
Samsung Electronics Co. Ltd. | 43 | 53 | |||||||||
Netherlands (3.0%) | |||||||||||
ASML Holding NV | 665 | 72 | |||||||||
Sensata Technologies Holding NV* | 835 | 45 | |||||||||
117 | |||||||||||
Norway (0.7%) | |||||||||||
DNB ASA | 1,780 | 29 | |||||||||
Sweden (1.0%) | |||||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 2,955 | 38 | |||||||||
Switzerland (7.0%) | |||||||||||
Cie Financiere Richemont SA | 210 | 19 | |||||||||
Givaudan SA* | 33 | 63 | |||||||||
Julius Baer Group Ltd.* | 1,175 | 54 | |||||||||
Roche Holding AG | 191 | 52 | |||||||||
SGS SA | 21 | 42 |
Number of Shares | Value† (000's)z | ||||||||||
Sonova Holding AG | 330 | $ | 46 | ||||||||
276 | |||||||||||
United Kingdom (11.6%) | |||||||||||
Aon PLC | 510 | 51 | |||||||||
Barclays PLC | 12,760 | 51 | |||||||||
Howden Joinery Group PLC | 6,615 | 47 | |||||||||
Prudential PLC | 2,370 | 60 | |||||||||
SABMiller PLC | 845 | 48 | |||||||||
Spectris PLC | 830 | 28 | |||||||||
St. James's Place PLC | 3,730 | 54 | |||||||||
TalkTalk Telecom Group PLC | 11,595 | 61 | |||||||||
Travis Perkins PLC | 1,705 | 53 | |||||||||
453 | |||||||||||
United States (44.5%) | |||||||||||
Amazon.com, Inc.* | 120 | 46 | |||||||||
American Tower Corp. | 395 | 39 | |||||||||
Apple, Inc. | 863 | 111 | |||||||||
BlackRock, Inc. | 158 | 59 | |||||||||
BorgWarner, Inc. | 610 | 37 | |||||||||
Cabot Oil & Gas Corp. | 565 | 16 | |||||||||
Cardinal Health, Inc. | 850 | 75 | |||||||||
CVS Health Corp. | 650 | 68 | |||||||||
eBay, Inc.* | 690 | 40 | |||||||||
EOG Resources, Inc. | 474 | 43 | |||||||||
Estee Lauder Cos., Inc. Class A | 485 | 40 | |||||||||
First Republic Bank | 1,080 | 62 | |||||||||
Google, Inc. Class A* | 40 | 22 | |||||||||
Google, Inc. Class C* | 40 | 22 | |||||||||
Graco, Inc. | 660 | 50 | |||||||||
Henry Schein, Inc.* | 420 | 59 | |||||||||
Intercontinental Exchange, Inc. | 230 | 54 |
See Notes to Schedule of Investments
Schedule of Investments Global Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
JPMorgan Chase & Co. | 985 | $ | 60 | ||||||||
Medtronic PLC | 487 | 38 | |||||||||
Motorola Solutions, Inc. | 740 | 50 | |||||||||
Nielsen NV | 1,305 | 59 | |||||||||
Nordstrom, Inc. | 505 | 41 | |||||||||
Pall Corp. | 655 | 66 | |||||||||
Pioneer Natural Resources Co. | 245 | 37 | |||||||||
Range Resources Corp. | 535 | 26 | |||||||||
RPM International, Inc. | 1,290 | 65 | |||||||||
SanDisk Corp. | 1,125 | 90 | |||||||||
Schlumberger Ltd. | 455 | 38 | |||||||||
Sealed Air Corp. | 1,635 | 77 | |||||||||
Sirona Dental Systems, Inc.* | 580 | 53 | |||||||||
Teradata Corp.* | 785 | 35 | |||||||||
Visa, Inc. Class A | 180 | 49 | |||||||||
Wabtec Corp. | 705 | 67 | |||||||||
Waste Connections, Inc. | 1,065 | 50 | |||||||||
1,744 | |||||||||||
Total Common Stocks (Cost $3,308) | 3,721 | ||||||||||
Short-Term Investments (6.9%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $269) | 269,336 | 269 | |||||||||
Total Investments## (101.8%) (Cost $3,577) | 3,990 | ||||||||||
Liabilities, less cash, receivables and other assets [(1.8%)] | (71 | ) | |||||||||
Total Net Assets (100.0%) | $ | 3,919 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY GLOBAL EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Technology Hardware, Storage & Peripherals | $ | 254 | 6.5 | % | |||||||
Machinery | 240 | 6.1 | % | ||||||||
Banks | 238 | 6.1 | % | ||||||||
Insurance | 221 | 5.6 | % | ||||||||
Food & Staples Retailing | 217 | 5.5 | % | ||||||||
Health Care Equipment & Supplies | 178 | 4.5 | % | ||||||||
Chemicals | 170 | 4.3 | % | ||||||||
Oil, Gas & Consumable Fuels | 159 | 4.1 | % | ||||||||
Health Care Providers & Services | 134 | 3.4 | % | ||||||||
Capital Markets | 113 | 2.9 | % | ||||||||
Pharmaceuticals | 102 | 2.6 | % | ||||||||
Professional Services | 101 | 2.6 | % | ||||||||
Diversified Telecommunication Services | 99 | 2.5 | % | ||||||||
Automobiles | 95 | 2.4 | % | ||||||||
Trading Companies & Distributors | 95 | 2.4 | % | ||||||||
Auto Components | 93 | 2.4 | % | ||||||||
Communications Equipment | 88 | 2.3 | % | ||||||||
Internet Software & Services | 84 | 2.1 | % | ||||||||
IT Services | 84 | 2.1 | % | ||||||||
Containers & Packaging | 77 | 2.0 | % | ||||||||
Semiconductors & Semiconductor Equipment | 72 | 1.8 | % | ||||||||
Software | 72 | 1.8 | % | ||||||||
Energy Equipment & Services | 69 | 1.8 | % | ||||||||
Diversified Financial Services | 54 | 1.4 | % | ||||||||
Household Products | 53 | 1.4 | % | ||||||||
Household Durables | 52 | 1.3 | % | ||||||||
Hotels, Restaurants & Leisure | 51 | 1.3 | % | ||||||||
Commercial Services & Supplies | 50 | 1.3 | % | ||||||||
Beverages | 48 | 1.2 | % | ||||||||
Specialty Retail | 47 | 1.2 | % | ||||||||
Internet & Catalog Retail | 46 | 1.2 | % | ||||||||
Electrical Equipment | 45 | 1.2 | % | ||||||||
Multiline Retail | 41 | 1.0 | % | ||||||||
Personal Products | 40 | 1.0 | % | ||||||||
Real Estate Investment Trusts | 39 | 1.0 | % | ||||||||
Wireless Telecommunication Services | 31 | 0.8 | % | ||||||||
Electronic Equipment, Instruments & Components | 28 | 0.7 | % | ||||||||
Food Products | 22 | 0.6 | % | ||||||||
Textiles, Apparel & Luxury Goods | 19 | 0.5 | % | ||||||||
Short-Term Investments and Other Assets—Net | 198 | 5.1 | % | ||||||||
$ | 3,919 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments Global Real Estate Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Simon Property Group, Inc. | United States | Retail REITs | 5.5 | % | ||||||||||||||
2 | Boston Properties, Inc. | United States | Industrial & Office REITs | 3.5 | % | ||||||||||||||
3 | Equity Residential | United States | Residential REITs | 3.2 | % | ||||||||||||||
4 | Mitsui Fudosan Co. Ltd. | Japan | Real Estate Holding & Development | 3.2 | % | ||||||||||||||
5 | Public Storage | United States | Specialty REITs | 3.0 | % | ||||||||||||||
6 | Unibail-Rodamco SE | France | Retail REITs | 2.9 | % | ||||||||||||||
7 | Mitsubishi Estate Co. Ltd. | Japan | Real Estate Holding & Development | 2.8 | % | ||||||||||||||
8 | AvalonBay Communities, Inc. | United States | Residential REITs | 2.6 | % | ||||||||||||||
9 | Ventas, Inc. | United States | Specialty REITs | 2.5 | % | ||||||||||||||
10 | Sun Hung Kai Properties Ltd. | Hong Kong | Real Estate Holding & Development | 2.4 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.4%) | |||||||||||
Australia (6.4%) | |||||||||||
Goodman Group | 7,517 | $ | 37 | ||||||||
Investa Office Fund | 7,987 | 25 | |||||||||
Mirvac Group | 18,313 | 30 | |||||||||
Scentre Group | 16,450 | 49 | |||||||||
Westfield Corp. | 6,411 | 49 | |||||||||
190 | |||||||||||
Canada (3.6%) | |||||||||||
Allied Properties Real Estate Investment Trust | 1,035 | 34 | |||||||||
Brookfield Asset Management, Inc. Class A | 747 | 40 | |||||||||
RioCan Real Estate Investment Trust | 1,422 | 33 | |||||||||
107 | |||||||||||
France (4.5%) | |||||||||||
ICADE | 516 | 46 | |||||||||
Unibail-Rodamco SE | 303 | 88 | |||||||||
134 | |||||||||||
Germany (2.7%) | |||||||||||
Deutsche Annington Immobilien SE | 846 | 33 | |||||||||
Deutsche Wohnen AG | 1,780 | 49 | |||||||||
82 | |||||||||||
Hong Kong (6.8%) | |||||||||||
Henderson Land Development Co. Ltd. | 5,665 | 39 | |||||||||
Hongkong Land Holdings Ltd. | 3,026 | 23 | |||||||||
Link REIT | 6,992 | 44 | |||||||||
Sun Hung Kai Properties Ltd. | 4,612 | 72 | |||||||||
Wharf Holdings Ltd. | 3,645 | 27 | |||||||||
205 |
Number of Shares | Value† (000's)z | ||||||||||
Japan (11.6%) | |||||||||||
Frontier Real Estate Investment Corp. | 5 | $ | 24 | ||||||||
Industrial & Infrastructure Fund Investment Corp. | 7 | 34 | |||||||||
Kenedix Retail REIT Corp.* | 13 | 30 | |||||||||
Mitsubishi Estate Co. Ltd. | 3,612 | 84 | |||||||||
Mitsui Fudosan Co. Ltd. | 3,459 | 95 | |||||||||
Nippon Building Fund, Inc. | 8 | 40 | |||||||||
Sumitomo Realty & Development Co. Ltd. | 1,147 | 40 | |||||||||
347 | |||||||||||
Singapore (2.8%) | |||||||||||
CapitaLand Ltd. | 13,033 | 35 | |||||||||
City Developments Ltd. | 2,431 | 18 | |||||||||
Mapletree Commercial Trust | 27,306 | 31 | |||||||||
84 | |||||||||||
Sweden (1.5%) | |||||||||||
Hufvudstaden AB, A Shares | 3,096 | 45 | |||||||||
United Kingdom (8.2%) | |||||||||||
Capital & Counties Properties PLC | 9,343 | 58 | |||||||||
Great Portland Estates PLC | 4,412 | 55 | |||||||||
Land Securities Group PLC | 3,293 | 64 | |||||||||
Segro PLC | 5,111 | 34 | |||||||||
Shaftesbury PLC | 2,810 | 35 | |||||||||
246 | |||||||||||
United States (50.3%) | |||||||||||
Alexandria Real Estate Equities, Inc. | 392 | 38 | |||||||||
American Homes 4 Rent Class A | 1,656 | 28 |
Number of Shares | Value† (000's)z | ||||||||||
American Tower Corp. | 461 | $ | 46 | ||||||||
AvalonBay Communities, Inc. | 471 | 79 | |||||||||
Boston Properties, Inc. | 758 | 104 | |||||||||
CBL & Associates Properties, Inc. | 1,086 | 22 | |||||||||
DCT Industrial Trust, Inc. | 787 | 28 | |||||||||
Douglas Emmett, Inc. | 1,000 | 29 | |||||||||
Equity Residential | 1,245 | 96 | |||||||||
Essex Property Trust, Inc. | 172 | 38 | |||||||||
Federal Realty Investment Trust | 313 | 44 | |||||||||
Forest City Enterprises, Inc. Class A* | 891 | 22 | |||||||||
General Growth Properties, Inc. | 1,756 | 51 | |||||||||
Health Care REIT, Inc. | 902 | 70 | |||||||||
Host Hotels & Resorts, Inc. | 2,377 | 50 | |||||||||
Kimco Realty Corp. | 1,664 | 44 | |||||||||
LaSalle Hotel Properties | 833 | 32 | |||||||||
National Retail Properties, Inc. | 1,290 | 52 | |||||||||
OMEGA Healthcare Investors, Inc. | 968 | 39 | |||||||||
Prologis, Inc. | 1,686 | 72 | |||||||||
Public Storage | 449 | 89 | |||||||||
Regency Centers Corp. | 444 | 29 | |||||||||
Simon Property Group, Inc. | 863 | 164 | |||||||||
SL Green Realty Corp. | 413 | 52 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 352 | 28 | |||||||||
Ventas, Inc. | 987 | 74 | |||||||||
Vornado Realty Trust | 484 | 53 |
See Notes to Schedule of Investments
Schedule of Investments Global Real Estate Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Weyerhaeuser Co. | 941 | $ | 33 | ||||||||
1,506 | |||||||||||
Total Common Stocks (Cost $2,872) | 2,946 | ||||||||||
Short-Term Investments (1.6%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $49) | 49,163 | 49 | |||||||||
Total Investments## (100.0%) (Cost $2,921) | 2,995 | ||||||||||
Cash, receivables and other assets, less liabilities (0.0%) | 0 | ||||||||||
Total Net Assets (100.0%) | $ | 2,995 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY GLOBAL REAL ESTATE FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Retail REITs | $ | 758 | 25.3 | % | |||||||
Industrial & Office REITs | 708 | 23.6 | % | ||||||||
Real Estate Holding & Development | 680 | 22.7 | % | ||||||||
Specialty REITs | 305 | 10.2 | % | ||||||||
Residential REITs | 271 | 9.1 | % | ||||||||
Diversified REITs | 114 | 3.8 | % | ||||||||
Hotel & Lodging REITs | 110 | 3.7 | % | ||||||||
Short-Term Investments and Other Assets—Net | 49 | 1.6 | % | ||||||||
$ | 2,995 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments Global Thematic Opportunities Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Check Point Software Technologies Ltd. | Israel | Software | 4.1 | % | ||||||||||||||
2 | SanDisk Corp. | United States | Technology Hardware, Storage & Peripherals | 3.5 | % | ||||||||||||||
3 | Mediaset Espana Comunicacion SA | Spain | Media | 3.3 | % | ||||||||||||||
4 | Express Scripts Holding Co. | United States | Health Care Providers & Services | 3.2 | % | ||||||||||||||
5 | BlackRock, Inc. | United States | Capital Markets | 3.1 | % | ||||||||||||||
6 | Aon PLC | United Kingdom | Insurance | 2.8 | % | ||||||||||||||
7 | Aberdeen Asset Management PLC | United Kingdom | Capital Markets | 2.6 | % | ||||||||||||||
8 | Honeywell International, Inc. | United States | Aerospace & Defense | 2.6 | % | ||||||||||||||
9 | Bayer AG | Germany | Pharmaceuticals | 2.6 | % | ||||||||||||||
10 | Google, Inc. Class C | United States | Internet Software & Services | 2.5 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (94.7%) | |||||||||||
Canada (1.0%) | |||||||||||
Franco-Nevada Corp. | 14,500 | $ | 765 | ||||||||
China (1.0%) | |||||||||||
Bitauto Holdings Ltd. ADR* | 12,300 | 780 | |||||||||
France (2.7%) | |||||||||||
Accor SA | 25,900 | 1,357 | |||||||||
Lagardere SCA | 26,900 | 774 | |||||||||
2,131 | |||||||||||
Germany (2.6%) | |||||||||||
Bayer AG | 13,500 | 1,995 | |||||||||
Hong Kong (2.0%) | |||||||||||
Belle International Holdings Ltd. | 1,463,000 | 1,586 | |||||||||
India (1.0%) | |||||||||||
ICICI Bank Ltd. ADR | 65,100 | 758 | |||||||||
Indonesia (1.0%) | |||||||||||
Kalbe Farma Tbk PT | 5,527,900 | 772 | |||||||||
Israel (4.1%) | |||||||||||
Check Point Software Technologies Ltd.* | 38,500 | 3,214 | |||||||||
Japan (4.6%) | |||||||||||
Isetan Mitsukoshi Holdings Ltd. | 57,600 | 881 | |||||||||
Japan Hotel REIT Investment Corp. | 593 | 394 | |||||||||
LAWSON, Inc. | 19,200 | 1,255 | |||||||||
TOYOTA MOTOR Corp. | 16,100 | 1,085 | |||||||||
3,615 |
Number of Shares | Value† (000's)z | ||||||||||
Korea (2.0%) | |||||||||||
Samsung Electronics Co. Ltd. GDR | 2,555 | $ | 1,587 | ||||||||
Mexico (1.5%) | |||||||||||
Concentradora Hipotecaria SAPI de CV | 204,000 | 356 | |||||||||
Grupo Aeroportuario del Sureste SAB de CV Class B* | 60,900 | 837 | |||||||||
1,193 | |||||||||||
Netherlands (4.3%) | |||||||||||
Akzo Nobel NV | 19,500 | 1,449 | |||||||||
Koninklijke Philips NV | 63,000 | 1,887 | |||||||||
3,336 | |||||||||||
Norway (1.1%) | |||||||||||
Golar LNG Ltd. | 28,200 | 875 | |||||||||
Philippines (0.5%) | |||||||||||
Universal Robina Corp. | 81,600 | 403 | |||||||||
Spain (3.3%) | |||||||||||
Mediaset Espana Comunicacion SA* | 208,700 | 2,578 | |||||||||
Sweden (1.2%) | |||||||||||
Atlas Copco AB, A Shares | 27,900 | 900 | |||||||||
Switzerland (2.4%) | |||||||||||
Roche Holding AG ADR | 55,300 | 1,887 | |||||||||
United Kingdom (7.2%) | |||||||||||
Aberdeen Asset Management PLC | 280,900 | 2,032 | |||||||||
Aon PLC | 22,050 | 2,213 | |||||||||
GlaxoSmithKline PLC | 56,700 | 1,350 | |||||||||
5,595 |
Number of Shares | Value† (000's)z | ||||||||||
United States (51.2%) | |||||||||||
Best Buy Co., Inc. | 47,000 | $ | 1,791 | ||||||||
BlackRock, Inc. | 6,500 | 2,414 | |||||||||
Blackstone Group LP | 45,500 | 1,704 | |||||||||
CME Group, Inc. | 13,300 | 1,276 | |||||||||
Continental Resources, Inc.* | 10,200 | 454 | |||||||||
Deere & Co. | 17,500 | 1,585 | |||||||||
Diamondback Energy, Inc.* | 6,500 | 463 | |||||||||
Eli Lilly & Co. | 18,900 | 1,326 | |||||||||
Express Scripts Holding Co.* | 29,100 | 2,467 | |||||||||
General Dynamics Corp. | 4,400 | 611 | |||||||||
Google, Inc. Class A* | 2,675 | 1,505 | |||||||||
Google, Inc. Class C* | 3,485 | 1,946 | |||||||||
Halliburton Co. | 40,500 | 1,739 | |||||||||
Honeywell International, Inc. | 19,600 | 2,014 | |||||||||
Invesco Ltd. | 47,400 | 1,909 | |||||||||
KKR & Co. LP | 32,900 | 752 | |||||||||
LendingClub Corp.* | 28,600 | 583 | |||||||||
Memorial Resource Development Corp.* | 34,200 | 701 | |||||||||
MetLife, Inc. | 31,500 | 1,601 | |||||||||
Navistar International Corp.* | 43,700 | 1,272 | |||||||||
NVIDIA Corp. | 60,300 | 1,330 | |||||||||
Range Resources Corp. | 18,000 | 892 | |||||||||
RSP Permian, Inc.* | 15,800 | 429 | |||||||||
Samsonite International SA | 378,500 | 1,198 | |||||||||
SanDisk Corp. | 34,100 | 2,726 |
See Notes to Schedule of Investments
Schedule of Investments Global Thematic Opportunities Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Southern Copper Corp. | 40,600 | $ | 1,209 | ||||||||
Targa Resources Corp. | 8,100 | 807 | |||||||||
Textron, Inc. | 27,200 | 1,205 | |||||||||
TRI Pointe Homes, Inc.* | 61,400 | 975 | |||||||||
Valmont Industries, Inc. | 8,500 | 1,060 | |||||||||
39,944 | |||||||||||
Total Common Stocks (Cost $64,126) | 73,914 | ||||||||||
Exchange Traded Funds (2.4%) | |||||||||||
United States (2.4%) | |||||||||||
WisdomTree India Earnings Fund (Cost $1,728) | 77,900 | 1,884 | |||||||||
Principal Amount | |||||||||||
Convertible Bonds (1.0%) | |||||||||||
China (1.0%) | |||||||||||
Home Inns & Hotels Management, Inc., Senior Unsecured Notes, 2.00%, due 12/15/15 (Cost $794) | $ | 800,000 | 775 | ||||||||
Number of Shares | |||||||||||
Short-Term Investments (2.1%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $1,687) | 1,686,739 | 1,687 | |||||||||
Total Investments## (100.2%) (Cost $68,335) | 78,260 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.2%)] | (193 | ) | |||||||||
Total Net Assets (100.0%) | $ | 78,067 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY GLOBAL THEMATIC OPPORTUNITIES FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Capital Markets | $ | 8,811 | 11.3 | % | |||||||
Pharmaceuticals | 7,330 | 9.4 | % | ||||||||
Machinery | 4,817 | 6.2 | % | ||||||||
Internet Software & Services | 4,814 | 6.2 | % | ||||||||
Oil, Gas & Consumable Fuels | 4,621 | 5.9 | % | ||||||||
Technology Hardware, Storage & Peripherals | 4,313 | 5.5 | % | ||||||||
Aerospace & Defense | 3,830 | 4.9 | % | ||||||||
Insurance | 3,814 | 4.9 | % | ||||||||
Media | 3,352 | 4.3 | % | ||||||||
Software | 3,214 | 4.1 | % | ||||||||
Textiles, Apparel & Luxury Goods | 2,784 | 3.6 | % | ||||||||
Health Care Providers & Services | 2,467 | 3.2 | % | ||||||||
Hotels, Restaurants & Leisure | 2,132 | 2.7 | % | ||||||||
Metals & Mining | 1,974 | 2.5 | % | ||||||||
Industrial Conglomerates | 1,887 | 2.4 | % | ||||||||
Exchange Traded Funds | 1,884 | 2.4 | % | ||||||||
Specialty Retail | 1,791 | 2.3 | % | ||||||||
Energy Equipment & Services | 1,739 | 2.2 | % | ||||||||
Chemicals | 1,449 | 1.9 | % | ||||||||
Semiconductors & Semiconductor Equipment | 1,330 | 1.7 | % | ||||||||
Diversified Financial Services | 1,276 | 1.6 | % | ||||||||
Food & Staples Retailing | 1,255 | 1.6 | % | ||||||||
Automobiles | 1,085 | 1.4 | % | ||||||||
Household Durables | 975 | 1.3 | % | ||||||||
Multiline Retail | 881 | 1.1 | % | ||||||||
Transportation Infrastructure | 837 | 1.1 | % | ||||||||
Banks | 758 | 1.0 | % | ||||||||
Real Estate Investment Trusts | 750 | 0.9 | % | ||||||||
Food Products | 403 | 0.5 | % | ||||||||
Short-Term Investments and Other Assets—Net | 1,494 | 1.9 | % | ||||||||
$ | 78,067 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments Greater China Equity Fund (Unaudited) 2/28/15
TOP TEN HOLDINGS
1 | Ping An Insurance Group Co. of China Ltd., H Shares | 5.4 | % | ||||||||
2 | Industrial & Commercial Bank of China Ltd., H Shares | 4.5 | % | ||||||||
3 | Tencent Holdings Ltd. | 4.3 | % | ||||||||
4 | China Everbright International Ltd. | 4.2 | % | ||||||||
5 | Sunac China Holdings Ltd. | 4.0 | % |
6 | China Taiping Insurance Holdings Co. Ltd. | 3.8 | % | ||||||||
7 | China Power International Development Ltd. | 3.2 | % | ||||||||
8 | Baidu, Inc. ADR | 3.1 | % | ||||||||
9 | China Life Insurance Co. Ltd., H Shares | 3.1 | % | ||||||||
10 | CSPC Pharmaceutical Group Ltd. | 3.0 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (67.1%) | |||||||||||
Auto Components (0.2%) | |||||||||||
Weifu High-Technology Group Co. Ltd. Class B | 70,600 | $ | 265 | ||||||||
Automobiles (1.7%) | |||||||||||
Brilliance China Automotive Holdings Ltd. | 1,006,000 | 1,977 | |||||||||
Banks (12.3%) | |||||||||||
Bank of China Ltd., H Shares | 4,638,000 | 2,673 | |||||||||
China CITIC Bank Corp. Ltd., H Shares | 3,898,000 | 2,955 | |||||||||
China Construction Bank Corp., H Shares | 4,243,000 | 3,534 | |||||||||
Industrial & Commercial Bank of China Ltd., H SharesØØ | 7,262,000 | 5,328 | |||||||||
14,490 | |||||||||||
Commercial Services & Supplies (4.7%) | |||||||||||
China Everbright International Ltd. | 3,540,000 | 4,929 | |||||||||
Dongjiang Environmental Co. Ltd., H Shares | 169,000 | 588 | |||||||||
5,517 | |||||||||||
Food Products (0.7%) | |||||||||||
WH Group Ltd.ñ*ØØ | 1,418,000 | 790 | |||||||||
Gas Utilities (0.5%) | |||||||||||
ENN Energy Holdings Ltd.ØØ | 110,000 | 586 | |||||||||
Independent Power and Renewable Electricity Producers (6.0%) | |||||||||||
China Power International Development Ltd. | 7,338,000 | 3,794 |
Number of Shares | Value† (000's)z | ||||||||||
Huadian Fuxin Energy Corp. Ltd., H Shares | 1,648,000 | $ | 786 | ||||||||
Huadian Power International Corp. Ltd., H Shares | 2,442,000 | 2,053 | |||||||||
Huaneng Renewables Corp. Ltd., H Shares | 1,488,000 | 518 | |||||||||
7,151 | |||||||||||
Insurance (12.2%) | |||||||||||
China Life Insurance Co. Ltd., H Shares | 852,000 | 3,653 | |||||||||
China Taiping Insurance Holdings Co. Ltd.* | 1,282,400 | 4,464 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 571,500 | 6,344 | |||||||||
14,461 | |||||||||||
Internet Software & Services (10.8%) | |||||||||||
Baidu, Inc. ADR* | 17,976 | 3,663 | |||||||||
Qihoo 360 Technology Co. Ltd. ADR* | 69,310 | 3,169 | |||||||||
Tencent Holdings Ltd.ØØ | 289,100 | 5,066 | |||||||||
YY, Inc. ADR* | 17,402 | 917 | |||||||||
12,815 | |||||||||||
Oil, Gas & Consumable Fuels (1.7%) | |||||||||||
CNOOC Ltd. | 1,383,000 | 1,986 | |||||||||
Pharmaceuticals (4.0%) | |||||||||||
China Medical System Holdings Ltd. | 735,000 | 1,211 | |||||||||
CSPC Pharmaceutical Group Ltd. | 4,368,000 | 3,571 | |||||||||
4,782 | |||||||||||
Real Estate Management & Development (4.0%) | |||||||||||
Sunac China Holdings Ltd. | 5,143,000 | 4,755 |
Number of Shares | Value† (000's)z | ||||||||||
Transportation Infrastructure (1.8%) | |||||||||||
Shenzhen International Holdings Ltd. | 1,499,500 | $ | 2,096 | ||||||||
Water Utilities (4.0%) | |||||||||||
Beijing Enterprises Water Group Ltd.* | 4,764,000 | 2,961 | |||||||||
Kangda International Environmental Co. Ltd.ñ* | 4,203,000 | 1,739 | |||||||||
4,700 | |||||||||||
Wireless Telecommunication Services (2.5%) | |||||||||||
China Mobile Ltd. | 218,500 | 2,978 | |||||||||
Total Common Stocks (Cost $74,314) | 79,349 | ||||||||||
Participatory Notes (24.2%) | |||||||||||
Automobiles (2.2%) | |||||||||||
Chongqing Changan Automobile Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 2/10/2025 | 272,644 | 936 | |||||||||
Chongqing Changan Automobile Co. Ltd., Class A (issuer UBS AG), Expiration Date 2/17/2016 | 192,200 | 659 | |||||||||
Chongqing Changan Automobile Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016ñ | 294,693 | 1,011 | |||||||||
2,606 |
See Notes to Schedule of Investments
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Electrical Equipment (4.0%) | |||||||||||
Henan Pinggao Electric Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 1/25/2016 | 335,689 | $ | 1,064 | ||||||||
XJ Electric Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 7/4/2019 | 43,795 | 171 | |||||||||
XJ Electric Co. Ltd., Class A (issuer UBS AG), Expiration Date 4/29/2015 | 393,977 | 1,544 | |||||||||
XJ Electric Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016ñ | 117,500 | 460 | |||||||||
XJ Electric Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 7/3/2024 | 174,232 | 683 | |||||||||
XJ Electric Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/30/2015 | 194,426 | 762 | |||||||||
4,684 | |||||||||||
Food Products (2.3%) | |||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Macquarie Bank, Ltd.), Expiration Date 2/17/2017 | 378,976 | 1,707 | |||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 12/2/2015 | 215,500 | 970 | |||||||||
2,677 |
Number of Shares | Value† (000's)z | ||||||||||
Health Care Providers & Services (3.4%) | |||||||||||
Huadong Medicine Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 6/19/2023 | 129,507 | $ | 1,102 | ||||||||
Huadong Medicine Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/12/2018 | 69,990 | 596 | |||||||||
Huadong Medicine Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016b | 198,218 | 1,687 | |||||||||
Huadong Medicine Co. Ltd., Class A (issuer UBS AG), Expiration Date 12/17/2015 | 70,322 | 598 | |||||||||
3,983 | |||||||||||
Independent Power and Renewable Electricity Producers (2.3%) | |||||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer UBS AG), Expiration Date 3/30/2015 | 96,984 | 161 | |||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/17/2015 | 108,700 | 181 | |||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 6/10/2018 | 444,482 | 741 | |||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 1/17/2019 | 626,449 | 1,044 |
Number of Shares | Value† (000's)z | ||||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016ñ | 319,200 | $ | 532 | ||||||||
SDIC Power Holdings Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 7/23/2018 | 42,987 | 72 | |||||||||
2,731 | |||||||||||
Machinery (2.2%) | |||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 1/13/2017b | 370,716 | 1,645 | |||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 1/13/2025 | 96,400 | 428 | |||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer UBS AG), Expiration Date 1/21/2016 | 115,004 | 510 | |||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 12/30/2015 | 8,000 | 35 | |||||||||
2,618 | |||||||||||
Pharmaceuticals (2.2%) | |||||||||||
Beijing SL Pharmaceutical Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/22/2018 | 76,400 | 517 |
See Notes to Schedule of Investments
Schedule of Investments Greater China Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Tasly Pharmaceutical Group Co. Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016ñ | 75,046 | $ | 527 | ||||||||
Tasly Pharmaceutical Group Co. Class A (issuer Goldman Sachs Int'l), Expiration Date 10/8/2015 | 54,470 | 382 | |||||||||
Tasly Pharmaceutical Group Co. Class A (issuer Morgan Stanley Asia Products), Expiration Date 10/28/2015 | 37,470 | 263 | |||||||||
Tasly Pharmaceutical Group Co. Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/17/2015 | 4,100 | 29 | |||||||||
Tasly Pharmaceutical Group Co. Class A (issuer BNP Paribas Arbitrage), Expiration Date 11/17/2015b | 128,499 | 902 | |||||||||
2,620 | |||||||||||
Real Estate Management & Development (5.6%) | |||||||||||
China Vanke Co. Ltd., Class A (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 1/15/2016b | 455,207 | 920 | |||||||||
China Vanke Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 6/27/2018 | 66,963 | 136 |
Number of Shares | Value† (000's)z | ||||||||||
China Vanke Co. Ltd., Class A (issuer Merrill Lynch Int'l & Co.), Expiration Date 1/7/2019 | 41,500 | $ | 84 | ||||||||
China Vanke Co. Ltd., Class A (issuer Goldman Sachs Int'l), Expiration Date 6/30/2015 | 338,947 | 689 | |||||||||
China Vanke Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 2/11/2019 | 184,500 | 375 | |||||||||
China Vanke Co. Ltd., Class A (issuer UBS AG), Expiration Date 9/25/2015 | 284,600 | 579 | |||||||||
Poly Real Estate Group Co. Ltd., Class A (Issuer Goldman Sachs Int'l), Expiration Date 2/26/2016Ø | 510,511 | 821 | |||||||||
Poly Real Estate Group Co. Ltd., Class A (issuer HSBC Bank PLC), Expiration Date 9/25/2023 | 1,039,395 | 1,689 | |||||||||
Poly Real Estate Group Co. Ltd., Class A (issuer UBS AG), Expiration Date 8/4/2015 | 521,000 | 847 | |||||||||
Poly Real Estate Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 11/17/2015 | 1,316 | 2 | |||||||||
Poly Real Estate Group Co. Ltd., Class A (issuer BNP Paribas Arbitrage), Expiration Date 11/17/2015ñ | 177,970 | 289 |
Number of Shares | Value† (000's)z | ||||||||||
Poly Real Estate Group Co. Ltd., Class A (issuer Morgan Stanley Asia Products), Expiration Date 8/7/2015 | 112,700 | $ | 183 | ||||||||
6,614 | |||||||||||
Total Participatory Notes (Cost $25,781) | 28,533 | ||||||||||
Short-Term Investments (12.4%) | |||||||||||
State Street Institutional Government Money Market Fund Premier Class (Cost $14,624) | 14,623,792 | 14,624 | |||||||||
Total Investments## (103.7%) (Cost $114,719) | 122,506 | ||||||||||
Liabilities, less cash, receivables and other assets [(3.7%)] | (4,317 | ) | |||||||||
Total Net Assets (100.0%) | $ | 118,189 |
See Notes to Schedule of Investments
Schedule of Investments Guardian Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Texas Instruments, Inc. | 5.3 | % | ||||||||
2 | Berkshire Hathaway, Inc. Class B | 5.3 | % | ||||||||
3 | Newell Rubbermaid, Inc. | 4.9 | % | ||||||||
4 | American Express Co. | 4.5 | % | ||||||||
5 | Danaher Corp. | 4.5 | % |
6 | Progressive Corp. | 4.2 | % | ||||||||
7 | Anheuser-Busch InBev NV ADR | 4.1 | % | ||||||||
8 | eBay, Inc. | 3.7 | % | ||||||||
9 | U.S. Bancorp | 3.6 | % | ||||||||
10 | Schlumberger Ltd. | 3.6 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.0%) | |||||||||||
Auto Components (2.3%) | |||||||||||
BorgWarner, Inc. | 563,043 | $ | 34,605 | ||||||||
Banks (3.6%) | |||||||||||
U.S. Bancorp | 1,237,974 | 55,226 | |||||||||
Beverages (4.1%) | |||||||||||
Anheuser-Busch InBev NV ADR | 492,395 | 62,367 | |||||||||
Chemicals (2.2%) | |||||||||||
FMC Corp. | 520,719 | 33,019 | |||||||||
Consumer Finance (4.5%) | |||||||||||
American Express Co. | 850,635 | 69,403 | |||||||||
Diversified Financial Services (8.3%) | |||||||||||
Berkshire Hathaway, Inc. Class B* | 549,135 | 80,948 | |||||||||
Intercontinental Exchange, Inc. | 195,979 | 46,126 | |||||||||
127,074 | |||||||||||
Diversified Telecommunication Services (1.4%) | |||||||||||
Level 3 Communications, Inc.* | 389,825 | 20,996 | |||||||||
Energy Equipment & Services (3.6%) | |||||||||||
Schlumberger Ltd. | 651,867 | 54,861 | |||||||||
Food & Staples Retailing (1.9%) | |||||||||||
Costco Wholesale Corp. | 196,330 | 28,853 | |||||||||
Health Care Equipment & Supplies (2.5%) | |||||||||||
Abbott Laboratories | 810,001 | 38,370 | |||||||||
Health Care Providers & Services (1.1%) | |||||||||||
Premier, Inc. Class A* | 474,481 | 17,394 | |||||||||
Household Durables (4.9%) | |||||||||||
Newell Rubbermaid, Inc. | 1,921,104 | 75,480 |
Number of Shares | Value† (000's)z | ||||||||||
Industrial Conglomerates (7.5%) | |||||||||||
3M Co. | 274,351 | $ | 46,269 | ||||||||
Danaher Corp. | 782,689 | 68,313 | |||||||||
114,582 | |||||||||||
Industrial Gases (2.0%) | |||||||||||
Praxair, Inc. | 233,077 | 29,810 | |||||||||
Insurance (4.2%) | |||||||||||
Progressive Corp. | 2,428,730 | 64,726 | |||||||||
Internet Software & Services (3.7%) | |||||||||||
eBay, Inc.* | 980,706 | 56,793 | |||||||||
IT Services (7.1%) | |||||||||||
Alliance Data Systems Corp.* | 141,158 | 39,314 | |||||||||
Computer Sciences Corp. | 642,829 | 45,589 | |||||||||
MasterCard, Inc. Class A | 257,618 | 23,219 | |||||||||
108,122 | |||||||||||
Leisure Products (2.9%) | |||||||||||
Polaris Industries, Inc. | 290,144 | 44,488 | |||||||||
Machinery (2.9%) | |||||||||||
Lincoln Electric Holdings, Inc. | 650,543 | 44,913 | |||||||||
Multi-Utilities (2.8%) | |||||||||||
Wisconsin Energy Corp. | 853,783 | 43,526 | |||||||||
Oil, Gas & Consumable Fuels (2.0%) | |||||||||||
Noble Energy, Inc. | 654,042 | 30,890 | |||||||||
Pharmaceuticals (4.5%) | |||||||||||
Roche Holding AG | 139,974 | 37,998 | |||||||||
Sanofi ADR | 624,007 | 30,489 | |||||||||
68,487 | |||||||||||
Semiconductors & Semiconductor Equipment (5.3%) | |||||||||||
Texas Instruments, Inc. | 1,382,192 | 81,273 | |||||||||
Software (3.4%) | |||||||||||
Intuit, Inc. | 524,773 | 51,234 | |||||||||
Specialty Retail (3.0%) | |||||||||||
TJX Cos., Inc. | 674,219 | 46,278 |
Number of Shares | Value† (000's)z | ||||||||||
Trading Companies & Distributors (5.3%) | |||||||||||
NOW, Inc.* | 1,675,667 | $ | 35,608 | ||||||||
W.W. Grainger, Inc. | 193,182 | 45,767 | |||||||||
81,375 | |||||||||||
Total Common Stocks (Cost $1,078,544) | 1,484,145 | ||||||||||
Short-Term Investments (3.1%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $47,403) | 47,403,050 | 47,403 | |||||||||
Total Investments## (100.1%) (Cost $1,125,947) | 1,531,548 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (777 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,530,771 |
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Check Point Software Technologies Ltd. | Israel | Software | 2.3 | % | ||||||||||||||
2 | Synergy Health PLC | United Kingdom | Health Care Providers & Services | 2.0 | % | ||||||||||||||
3 | TOYOTA MOTOR Corp. | Japan | Automobiles | 1.8 | % | ||||||||||||||
4 | KEYENCE Corp. | Japan | Electronic Equipment, Instruments & Components | 1.7 | % | ||||||||||||||
5 | Sodexo SA | France | Hotels, Restaurants & Leisure | 1.7 | % | ||||||||||||||
6 | Reed Elsevier PLC | United Kingdom | Media | 1.7 | % | ||||||||||||||
7 | Givaudan SA | Switzerland | Chemicals | 1.7 | % | ||||||||||||||
8 | Bunzl PLC | United Kingdom | Trading Companies & Distributors | 1.7 | % | ||||||||||||||
9 | FANUC Corp. | Japan | Machinery | 1.6 | % | ||||||||||||||
10 | ASML Holding NV | Netherlands | Semiconductors & Semiconductor | 1.6 | % | ||||||||||||||
Equipment |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (96.7%) | |||||||||||
Australia (2.5%) | |||||||||||
Brambles Ltd. | 1,273,185 | $ | 11,043 | ||||||||
Insurance Australia Group Ltd. | 2,141,090 | 10,206 | |||||||||
Spotless Group Holdings Ltd.* | 4,441,953 | 7,254 | |||||||||
28,503 | |||||||||||
Austria (1.1%) | |||||||||||
Andritz AG | 224,940 | 12,976 | |||||||||
Belgium (0.8%) | |||||||||||
Colruyt SA | 197,540 | 9,247 | |||||||||
Brazil (0.6%) | |||||||||||
SLC Agricola SA | 1,348,200 | 6,559 | |||||||||
Canada (6.9%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 399,500 | 15,416 | |||||||||
ATS Automation Tooling Systems, Inc.* | 848,200 | 9,737 | |||||||||
Cenovus Energy, Inc. | 288,752 | 4,983 | |||||||||
Corus Entertainment, Inc., B Shares | 623,801 | 10,848 | |||||||||
Home Capital Group, Inc. | 229,400 | 8,331 | |||||||||
MacDonald, Dettwiler & Associates Ltd. | 176,133 | 13,877 | |||||||||
ShawCor Ltd. | 251,700 | 7,190 | |||||||||
Suncor Energy, Inc. | 286,800 | 8,610 | |||||||||
78,992 | |||||||||||
China (0.5%) | |||||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,656,400 | 5,706 |
Number of Shares | Value† (000's)z | ||||||||||
Denmark (1.4%) | |||||||||||
Sydbank A/S* | 516,156 | $ | 16,100 | ||||||||
France (8.5%) | |||||||||||
Arkema SA | 132,912 | 9,953 | |||||||||
BNP Paribas SA | 148,475 | 8,655 | |||||||||
Elis SA* | 369,595 | 6,163 | |||||||||
Pernod-Ricard SA | 93,035 | 11,031 | |||||||||
Publicis Groupe SA | 167,210 | 13,635 | |||||||||
Rexel SA | 691,137 | 13,504 | |||||||||
Sanofi | 151,660 | 14,884 | |||||||||
Sodexo SA | 192,825 | 19,433 | |||||||||
97,258 | |||||||||||
Germany (11.0%) | |||||||||||
Bayer AG | 100,680 | 14,877 | |||||||||
Brenntag AG | 275,285 | 16,096 | |||||||||
Continental AG | 59,260 | 14,145 | |||||||||
Deutsche Boerse AG | 153,574 | 12,528 | |||||||||
Gerresheimer AG | 135,858 | 7,825 | |||||||||
Henkel AG & Co. KgaA, Preference Shares | 122,985 | 14,568 | |||||||||
Linde AG | 80,291 | 16,335 | |||||||||
SAP SE ADR | 210,900 | 14,803 | |||||||||
Volkswagen AG, Preference Shares | 59,901 | 15,116 | |||||||||
126,293 | |||||||||||
Ireland (1.1%) | |||||||||||
DCC PLC | 206,843 | 12,358 | |||||||||
Israel (3.4%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 7,766,554 | 12,412 | |||||||||
Check Point Software Technologies Ltd.* | 316,100 | 26,391 | |||||||||
38,803 |
Number of Shares | Value† (000's)z | ||||||||||
Italy (1.1%) | |||||||||||
Azimut Holding SpA | 504,685 | $ | 13,221 | ||||||||
Japan (15.4%) | |||||||||||
FANUC Corp. | 95,600 | 18,337 | |||||||||
KANSAI PAINT Co. Ltd. | 917,600 | 16,523 | |||||||||
KEYENCE Corp. | 38,250 | 19,537 | |||||||||
MIRACA HOLDINGS, Inc. | 155,500 | 7,461 | |||||||||
Nihon Kohden Corp. | 294,500 | 15,140 | |||||||||
PIGEON Corp. | 203,900 | 14,147 | |||||||||
SANTEN PHARMACEUTICAL Co. Ltd. | 152,900 | 10,238 | |||||||||
SMC Corp. | 51,000 | 14,186 | |||||||||
SOFTBANK Corp. | 184,800 | 11,381 | |||||||||
SUGI HOLDINGS Co. Ltd. | 229,400 | 11,122 | |||||||||
Sundrug Co. Ltd. | 366,500 | 18,015 | |||||||||
TOYOTA MOTOR Corp. | 312,200 | 21,043 | |||||||||
177,130 | |||||||||||
Korea (1.4%) | |||||||||||
Samsung Electronics Co. Ltd. | 13,191 | 16,309 | |||||||||
Netherlands (5.1%) | |||||||||||
Akzo Nobel NV | 174,729 | 12,983 | |||||||||
ASML Holding NV | 168,865 | 18,256 | |||||||||
Euronext NVñ* | 436,500 | 16,364 | |||||||||
Koninklijke Ahold NV | 579,369 | 10,870 | |||||||||
58,473 | |||||||||||
Norway (1.3%) | |||||||||||
DNB ASA | 644,239 | 10,488 | |||||||||
Norwegian Property ASA* | 3,507,312 | 4,895 | |||||||||
15,383 |
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Singapore (1.9%) | |||||||||||
Jardine Matheson Holdings Ltd. | 176,430 | $ | 11,380 | ||||||||
United Overseas Bank Ltd. | 611,700 | 10,355 | |||||||||
21,735 | |||||||||||
Sweden (1.3%) | |||||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 1,159,760 | 15,038 | |||||||||
Switzerland (10.1%) | |||||||||||
Bucher Industries AG | 40,880 | 10,763 | |||||||||
Cie Financiere Richemont SA | 63,725 | 5,615 | |||||||||
Givaudan SA* | 9,940 | 19,091 | |||||||||
Julius Baer Group Ltd.* | 298,860 | 13,796 | |||||||||
Partners Group Holding AG | 40,785 | 12,524 | |||||||||
Roche Holding AG | 56,839 | 15,430 | |||||||||
SGS SA | 6,625 | 13,405 | |||||||||
Sonova Holding AG | 77,740 | 10,772 | |||||||||
Tecan Group AG | 124,898 | 14,961 | |||||||||
116,357 | |||||||||||
United Kingdom (19.8%) | |||||||||||
Amlin PLC | 1,961,392 | 16,034 | |||||||||
Aon PLC | 155,500 | 15,606 | |||||||||
Barclays PLC | 3,670,440 | 14,558 | |||||||||
Bunzl PLC | 651,886 | 19,082 | |||||||||
Diploma PLC | 992,165 | 12,223 | |||||||||
Mitie Group PLC | 3,172,384 | 14,815 | |||||||||
Prudential PLC | 695,215 | 17,490 | |||||||||
Reed Elsevier PLC | 1,123,436 | 19,391 | |||||||||
RPS Group PLC | 2,763,968 | 11,299 | |||||||||
SABMiller PLC | �� | 175,240 | 9,942 | ||||||||
Spectris PLC | 210,415 | 7,072 | |||||||||
St. James's Place PLC | 934,434 | 13,676 | |||||||||
Synergy Health PLC | 711,674 | 23,403 | |||||||||
TalkTalk Telecom Group PLC | 3,467,165 | 18,151 | |||||||||
Travis Perkins PLC | 489,265 | 15,228 | |||||||||
227,970 | |||||||||||
United States (1.5%) | |||||||||||
Nielsen NV | 377,902 | 17,085 | |||||||||
Total Common Stocks (Cost $935,697) | 1,111,496 |
Number of Shares | Value† (000's)z | ||||||||||
Short-Term Investments (3.9%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $44,573) | 44,573,361 | $ | 44,573 | ||||||||
Total Investments## (100.6%) (Cost $980,270) | 1,156,069 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.6%)] | (7,462 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,148,607 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL EQUITY FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Insurance | $ | 78,718 | 6.9 | % | |||||||
Trading Companies & Distributors | 76,133 | 6.6 | % | ||||||||
Chemicals | 74,885 | 6.5 | % | ||||||||
Machinery | 65,999 | 5.7 | % | ||||||||
Food & Staples Retailing | 64,670 | 5.7 | % | ||||||||
Banks | 60,156 | 5.2 | % | ||||||||
Pharmaceuticals | 55,429 | 4.8 | % | ||||||||
Commercial Services & Supplies | 50,574 | 4.4 | % | ||||||||
Media | 43,874 | 3.8 | % | ||||||||
Software | 41,194 | 3.6 | % | ||||||||
Capital Markets | 39,541 | 3.4 | % | ||||||||
Automobiles | 36,159 | 3.1 | % | ||||||||
Health Care Providers & Services | 30,864 | 2.7 | % | ||||||||
Diversified Telecommunication Services | 30,563 | 2.7 | % | ||||||||
Professional Services | 30,490 | 2.7 | % | ||||||||
Diversified Financial Services | 28,892 | 2.5 | % | ||||||||
Household Products | 28,715 | 2.5 | % | ||||||||
Electronic Equipment, Instruments & Components | 26,609 | 2.3 | % | ||||||||
Health Care Equipment & Supplies | 25,912 | 2.3 | % | ||||||||
Industrial Conglomerates | 23,738 | 2.1 | % | ||||||||
Life Sciences Tools & Services | 22,786 | 2.0 | % | ||||||||
Beverages | 20,973 | 1.8 | % | ||||||||
Hotels, Restaurants & Leisure | 19,433 | 1.7 | % | ||||||||
Semiconductors & Semiconductor Equipment | 18,256 | 1.6 | % | ||||||||
Technology Hardware, Storage & Peripherals | 16,309 | 1.4 | % | ||||||||
Communications Equipment | 15,038 | 1.3 | % | ||||||||
Auto Components | 14,145 | 1.2 | % | ||||||||
Aerospace & Defense | 13,877 | 1.2 | % | ||||||||
Oil, Gas & Consumable Fuels | 13,593 | 1.2 | % | ||||||||
Wireless Telecommunication Services | 11,381 | 1.0 | % | ||||||||
Thrifts & Mortgage Finance | 8,331 | 0.7 | % | ||||||||
Energy Equipment & Services | 7,190 | 0.6 | % | ||||||||
Food Products | 6,559 | 0.6 | % | ||||||||
Textiles, Apparel & Luxury Goods | 5,615 | 0.5 | % | ||||||||
Real Estate Management & Development | 4,895 | 0.4 | % | ||||||||
Short-Term Investments and Other Assets—Net | 37,111 | 3.3 | % | ||||||||
$ | 1,148,607 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments International Select Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
Country | Industry | ||||||||||||||||||
1 | Check Point Software Technologies Ltd. | Israel | Software | 2.7 | % | ||||||||||||||
2 | Roche Holding AG | Switzerland | Pharmaceuticals | 2.4 | % | ||||||||||||||
3 | Givaudan SA | Switzerland | Chemicals | 2.3 | % | ||||||||||||||
4 | KANSAI PAINT Co. Ltd. | Japan | Chemicals | 2.3 | % | ||||||||||||||
5 | SMC Corp. | Japan | Machinery | 2.2 | % | ||||||||||||||
6 | Novartis AG | Switzerland | Pharmaceuticals | 2.1 | % | ||||||||||||||
7 | TOYOTA MOTOR Corp. | Japan | Automobiles | 2.1 | % | ||||||||||||||
8 | Bunzl PLC | United Kingdom | Trading Companies & Distributors | 2.0 | % | ||||||||||||||
9 | Reed Elsevier PLC | United Kingdom | Media | 2.0 | % | ||||||||||||||
10 | ASML Holding NV | Netherlands | Semiconductors & Semiconductor Equipment | 2.0 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (97.9%) | |||||||||||
Australia (1.9%) | |||||||||||
Brambles Ltd. | 303,480 | $ | 2,632 | ||||||||
Insurance Australia Group Ltd. | 470,300 | 2,242 | |||||||||
4,874 | |||||||||||
Austria (1.1%) | |||||||||||
Andritz AG | 49,945 | 2,881 | |||||||||
Belgium (0.8%) | |||||||||||
Colruyt SA | 41,075 | 1,923 | |||||||||
Canada (4.5%) | |||||||||||
Alimentation Couche-Tard, Inc. Class B | 109,600 | 4,229 | |||||||||
Cenovus Energy, Inc. | 64,329 | 1,110 | |||||||||
Home Capital Group, Inc. | 68,000 | 2,470 | |||||||||
ShawCor Ltd. | 56,300 | 1,608 | |||||||||
Suncor Energy, Inc. | 64,000 | 1,922 | |||||||||
11,339 | |||||||||||
China (0.5%) | |||||||||||
PICC Property & Casualty Co. Ltd., H Shares | 583,300 | 1,253 | |||||||||
Denmark (1.0%) | |||||||||||
Jyske Bank A/S* | 56,340 | 2,439 | |||||||||
France (10.5%) | |||||||||||
Arkema SA | 30,325 | 2,271 | |||||||||
BNP Paribas SA | 41,115 | 2,397 | |||||||||
Pernod-Ricard SA | 21,130 | 2,505 | |||||||||
Publicis Groupe SA | 44,608 | 3,638 | |||||||||
Rexel SA | 176,958 | 3,457 | |||||||||
Sanofi | 42,025 | 4,124 | |||||||||
Schneider Electric SE | 43,589 | 3,511 | |||||||||
Sodexo SA | 42,665 | 4,300 | |||||||||
26,203 |
Number of Shares | Value† (000's)z | ||||||||||
Germany (10.9%) | |||||||||||
Bayer AG | 22,615 | $ | 3,342 | ||||||||
Brenntag AG | 61,330 | 3,586 | |||||||||
Continental AG | 15,720 | 3,752 | |||||||||
Deutsche Boerse AG | 30,177 | 2,462 | |||||||||
Henkel AG & Co. KGaA, Preference Shares | 32,510 | 3,851 | |||||||||
Linde AG | 17,475 | 3,555 | |||||||||
SAP SE ADR | 46,085 | 3,235 | |||||||||
Volkswagen AG, Preference Shares | 13,234 | 3,339 | |||||||||
27,122 | |||||||||||
Ireland (0.8%) | |||||||||||
DCC PLC | 34,100 | 2,037 | |||||||||
Israel (4.0%) | |||||||||||
Bezeq Israeli Telecommunication Corp. Ltd. | 2,138,975 | 3,419 | |||||||||
Check Point Software Technologies Ltd.* | 79,200 | 6,612 | |||||||||
10,031 | |||||||||||
Italy (1.2%) | |||||||||||
Azimut Holding SpA | 110,365 | 2,891 | |||||||||
Japan (16.5%) | |||||||||||
FANUC Corp. | 24,400 | 4,680 | |||||||||
KANSAI PAINT Co. Ltd. | 314,800 | 5,668 | |||||||||
KEYENCE Corp. | 7,900 | 4,035 | |||||||||
MIRACA HOLDINGS, Inc. | 56,300 | 2,702 | |||||||||
Nihon Kohden Corp. | 47,400 | 2,437 | |||||||||
SANTEN PHARMACEUTICAL Co. Ltd. | 44,300 | 2,966 | |||||||||
SMC Corp. | 19,800 | 5,508 | |||||||||
SOFTBANK Corp. | 49,500 | 3,049 | |||||||||
SUGI HOLDINGS Co. Ltd. | 44,200 | 2,143 |
Number of Shares | Value† (000's)z | ||||||||||
Sundrug Co. Ltd. | 50,400 | $ | 2,477 | ||||||||
TOYOTA MOTOR Corp. | 79,200 | 5,338 | |||||||||
41,003 | |||||||||||
Korea (1.8%) | |||||||||||
Samsung Electronics Co. Ltd. | 3,686 | 4,557 | |||||||||
Netherlands (4.7%) | |||||||||||
Akzo Nobel NV | 50,396 | 3,745 | |||||||||
ASML Holding NV | 45,265 | 4,893 | |||||||||
Koninklijke Ahold NV | 160,745 | 3,016 | |||||||||
11,654 | |||||||||||
Norway (0.7%) | |||||||||||
DNB ASA | 105,108 | 1,711 | |||||||||
Singapore (1.8%) | |||||||||||
Jardine Matheson Holdings Ltd. | 42,191 | 2,721 | |||||||||
United Overseas Bank Ltd. | 98,800 | 1,673 | |||||||||
4,394 | |||||||||||
Sweden (2.8%) | |||||||||||
Nordea Bank AB | 214,705 | 2,897 | |||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 308,845 | 4,005 | |||||||||
6,902 | |||||||||||
Switzerland (13.4%) | |||||||||||
Cie Financiere Richemont SA | 13,705 | 1,208 | |||||||||
Givaudan SA* | 2,971 | 5,706 | |||||||||
Julius Baer Group Ltd.* | 52,990 | 2,446 | |||||||||
Novartis AG* | 52,236 | 5,339 | |||||||||
Partners Group Holding AG | 9,365 | 2,876 | |||||||||
Roche Holding AG | 21,676 | 5,884 | |||||||||
SGS SA | 2,202 | 4,455 | |||||||||
Sonova Holding AG | 17,130 | 2,374 | |||||||||
UBS Group AG* | 175,105 | 3,077 | |||||||||
33,365 |
See Notes to Schedule of Investments
Schedule of Investments International Select Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
United Kingdom (17.5%) | |||||||||||
Amlin PLC | 532,724 | $ | 4,355 | ||||||||
Aon PLC | 43,400 | 4,355 | |||||||||
Barclays PLC | 804,295 | 3,190 | |||||||||
Bunzl PLC | 173,689 | 5,084 | |||||||||
Howden Joinery Group PLC | 447,455 | 3,205 | |||||||||
Prudential PLC | 152,675 | 3,841 | |||||||||
Reed Elsevier PLC | 291,474 | 5,031 | |||||||||
SABMiller PLC | 44,730 | 2,538 | |||||||||
Spectris PLC | 47,500 | 1,596 | |||||||||
St. James's Place PLC | 207,145 | 3,032 | |||||||||
TalkTalk Telecom Group PLC | 760,060 | 3,979 | |||||||||
Travis Perkins PLC | 107,355 | 3,341 | |||||||||
43,547 | |||||||||||
United States (1.5%) | |||||||||||
Nielsen NV | 82,300 | 3,721 | |||||||||
Total Common Stocks (Cost $197,868) | 243,847 | ||||||||||
Short-Term Investments (1.9%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $4,610) | 4,609,795 | 4,610 | |||||||||
Total Investments## (99.8%) (Cost $202,478) | 248,457 | ||||||||||
Cash, receivables and other assets, less liabilities (0.2%) | 548 | ||||||||||
Total Net Assets (100.0%) | $ | 249,005 |
See Notes to Schedule of Investments
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL SELECT FUND (UNAUDITED)
Industry | Investments at Value† (000's omitted) | Percentage of Net Assets | |||||||||
Pharmaceuticals | $ | 21,655 | 8.7 | % | |||||||
Chemicals | 20,945 | 8.4 | % | ||||||||
Insurance | 19,078 | 7.7 | % | ||||||||
Trading Companies & Distributors | 15,468 | 6.2 | % | ||||||||
Banks | 14,307 | 5.7 | % | ||||||||
Food & Staples Retailing | 13,788 | 5.5 | % | ||||||||
Machinery | 13,069 | 5.2 | % | ||||||||
Capital Markets | 11,290 | 4.6 | % | ||||||||
Software | 9,847 | 4.0 | % | ||||||||
Automobiles | 8,677 | 3.5 | % | ||||||||
Media | 8,669 | 3.5 | % | ||||||||
Professional Services | 8,176 | 3.3 | % | ||||||||
Diversified Telecommunication Services | 7,398 | 3.0 | % | ||||||||
Electronic Equipment, Instruments & Components | 5,631 | 2.3 | % | ||||||||
Beverages | 5,043 | 2.0 | % | ||||||||
Semiconductors & Semiconductor Equipment | 4,893 | 2.0 | % | ||||||||
Health Care Equipment & Supplies | 4,811 | 1.9 | % | ||||||||
Industrial Conglomerates | 4,758 | 1.9 | % | ||||||||
Technology Hardware, Storage & Peripherals | 4,557 | 1.8 | % | ||||||||
Hotels, Restaurants & Leisure | 4,300 | 1.7 | % | ||||||||
Communications Equipment | 4,005 | 1.6 | % | ||||||||
Household Products | 3,851 | 1.5 | % | ||||||||
Auto Components | 3,752 | 1.5 | % | ||||||||
Electrical Equipment | 3,511 | 1.4 | % | ||||||||
Specialty Retail | 3,205 | 1.3 | % | ||||||||
Wireless Telecommunication Services | 3,049 | 1.2 | % | ||||||||
Oil, Gas & Consumable Fuels | 3,032 | 1.2 | % | ||||||||
Health Care Providers & Services | 2,702 | 1.1 | % | ||||||||
Commercial Services & Supplies | 2,632 | 1.1 | % | ||||||||
Thrifts & Mortgage Finance | 2,470 | 1.0 | % | ||||||||
Diversified Financial Services | 2,462 | 1.0 | % | ||||||||
Energy Equipment & Services | 1,608 | 0.6 | % | ||||||||
Textiles, Apparel & Luxury Goods | 1,208 | 0.5 | % | ||||||||
Short-Term Investments and Other Assets—Net | 5,158 | 2.1 | % | ||||||||
$ | 249,005 | 100.0 | % |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Verint Systems, Inc. | 2.8 | % | ||||||||
2 | Spirit AeroSystems Holdings, Inc. Class A | 2.8 | % | ||||||||
3 | Charles River Laboratories International, Inc. | 2.7 | % | ||||||||
4 | Rovi Corp. | 2.3 | % | ||||||||
5 | CoreLogic, Inc. | 2.3 | % |
6 | Crown Holdings, Inc. | 2.1 | % | ||||||||
7 | ARRIS Group, Inc. | 2.0 | % | ||||||||
8 | Avery Dennison Corp. | 1.9 | % | ||||||||
9 | Infinera Corp. | 1.9 | % | ||||||||
10 | Freescale Semiconductor Ltd. | 1.8 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.0%) | |||||||||||
Aerospace & Defense (6.8%) | |||||||||||
Aerovironment, Inc.* | 65,059 | $ | 1,783 | ||||||||
KEYW Holding Corp.* | 293,750 | 2,565 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A* | 203,890 | 10,033 | |||||||||
Teledyne Technologies, Inc.* | 49,052 | 4,946 | |||||||||
Textron, Inc. | 109,439 | 4,849 | |||||||||
24,176 | |||||||||||
Auto Components (1.3%) | |||||||||||
Dana Holding Corp. | 168,300 | 3,677 | |||||||||
Remy International, Inc. | 37,906 | 867 | |||||||||
4,544 | |||||||||||
Banks (8.1%) | |||||||||||
BankUnited, Inc. | 115,804 | 3,753 | |||||||||
Comerica, Inc. | 79,074 | 3,620 | |||||||||
First Niagara Financial Group, Inc. | 431,300 | 3,822 | |||||||||
Huntington Bancshares, Inc. | 553,830 | 6,059 | |||||||||
TCF Financial Corp. | 297,400 | 4,666 | |||||||||
Texas Capital Bancshares, Inc.* | 67,000 | 3,111 | |||||||||
Umpqua Holdings Corp. | 246,500 | 4,077 | |||||||||
29,108 | |||||||||||
Building Products (1.3%) | |||||||||||
Owens Corning | 120,900 | 4,795 | |||||||||
Chemicals (3.0%) | |||||||||||
Chemtura Corp.* | 234,800 | 6,163 | |||||||||
Cytec Industries, Inc. | 84,500 | 4,439 | |||||||||
10,602 | |||||||||||
Commercial Services & Supplies (3.0%) | |||||||||||
Clean Harbors, Inc.* | 86,014 | 4,790 | |||||||||
Covanta Holding Corp. | 270,400 | 5,860 | |||||||||
10,650 |
Number of Shares | Value† (000's)z | ||||||||||
Communications Equipment (7.6%) | |||||||||||
ARRIS Group, Inc.* | 240,669 | $ | 7,071 | ||||||||
Aviat Networks, Inc.* | 140,957 | 179 | |||||||||
Brocade Communications Systems, Inc. | 311,559 | 3,860 | |||||||||
Ceragon Networks Ltd.* | 238,693 | 286 | |||||||||
Ciena Corp.* | 253,083 | 5,295 | |||||||||
Infinera Corp.* | 392,500 | 6,692 | |||||||||
JDS Uniphase Corp.* | 287,300 | 3,956 | |||||||||
27,339 | |||||||||||
Construction & Engineering (1.5%) | |||||||||||
KBR, Inc. | 326,400 | 5,317 | |||||||||
Containers & Packaging (5.0%) | |||||||||||
Avery Dennison Corp. | 128,036 | 6,856 | |||||||||
Crown Holdings, Inc.* | 142,100 | 7,531 | |||||||||
Sealed Air Corp. | 75,208 | 3,545 | |||||||||
17,932 | |||||||||||
Electrical Equipment (0.7%) | |||||||||||
Regal-Beloit Corp. | 31,200 | 2,432 | |||||||||
Electronic Equipment, Instruments & Components (5.1%) | |||||||||||
Dolby Laboratories, Inc. Class A | 72,400 | 2,930 | |||||||||
II-VI, Inc.* | 202,630 | 3,544 | |||||||||
Itron, Inc.* | 94,033 | 3,430 | |||||||||
Maxwell Technologies, Inc.* | 173,200 | 1,306 | |||||||||
Mercury Systems, Inc.* | 293,760 | 5,000 | |||||||||
OSI Systems, Inc.* | 28,500 | 2,065 | |||||||||
18,275 | |||||||||||
Energy Equipment & Services (1.3%) | |||||||||||
ION Geophysical Corp.* | 559,417 | 1,276 | |||||||||
McDermott International, Inc.* | 226,100 | 565 | |||||||||
TETRA Technologies, Inc.* | 454,792 | 2,715 | |||||||||
4,556 |
Number of Shares | Value† (000's)z | ||||||||||
Health Care Equipment & Supplies (0.9%) | |||||||||||
Accuray, Inc.* | 344,737 | $ | 3,096 | ||||||||
Health Care Technology (1.3%) | |||||||||||
Allscripts Healthcare Solutions, Inc.* | 402,300 | 4,830 | |||||||||
Independent Power and Renewable Electricity Producers (3.5%) | |||||||||||
Atlantic Power Corp. | 333,898 | 968 | |||||||||
Dynegy, Inc.* | 164,400 | 4,582 | |||||||||
NRG Energy, Inc. | 97,265 | 2,333 | |||||||||
Ormat Technologies, Inc. | 135,956 | 4,636 | |||||||||
12,519 | |||||||||||
Internet Software & Services (0.8%) | |||||||||||
Bankrate, Inc.* | 228,000 | 2,909 | |||||||||
IT Services (6.6%) | |||||||||||
Acxiom Corp.* | 222,200 | 4,444 | |||||||||
Convergys Corp. | 113,800 | 2,543 | |||||||||
CoreLogic, Inc.* | 244,625 | 8,156 | |||||||||
DST Systems, Inc. | 33,519 | 3,563 | |||||||||
MoneyGram International, Inc.* | 191,400 | 1,626 | |||||||||
VeriFone Systems, Inc.* | 89,390 | 3,145 | |||||||||
23,477 | |||||||||||
Life Sciences Tools & Services (4.5%) | |||||||||||
Affymetrix, Inc.* | 315,000 | 3,685 | |||||||||
Cambrex Corp.* | 75,938 | 2,601 | |||||||||
Charles River Laboratories International, Inc.* | 126,771 | 9,720 | |||||||||
16,006 | |||||||||||
Machinery (4.2%) | |||||||||||
Harsco Corp. | 161,400 | 2,661 | |||||||||
ITT Corp. | 74,000 | 3,039 | |||||||||
Manitowoc Co., Inc. | 189,100 | 4,185 | |||||||||
Meritor, Inc.* | 238,650 | 3,410 | |||||||||
Twin Disc, Inc. | 96,605 | 1,777 | |||||||||
15,072 |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Marine (0.6%) | |||||||||||
Danaos Corp.* | 332,383 | $ | 2,091 | ||||||||
Metals & Mining (0.2%) | |||||||||||
Cliffs Natural Resources, Inc. | 107,000 | 732 | |||||||||
Personal Products (0.5%) | |||||||||||
Elizabeth Arden, Inc.* | 100,420 | 1,682 | |||||||||
Professional Services (0.7%) | |||||||||||
FTI Consulting, Inc.* | 68,006 | 2,507 | |||||||||
Road & Rail (1.6%) | |||||||||||
Ryder System, Inc. | 60,304 | 5,668 | |||||||||
Semiconductors & Semiconductor Equipment (10.1%) | |||||||||||
Alliance Semiconductor Corp.* | 82,370 | 66 | |||||||||
CEVA, Inc.* | 85,800 | 1,708 | |||||||||
FormFactor, Inc.* | 317,200 | 3,115 | |||||||||
Freescale Semiconductor Ltd.* | 181,390 | 6,550 | |||||||||
M/A-COM Technology Solutions Holdings, Inc.* | 53,300 | 1,797 | |||||||||
Mellanox Technologies Ltd.* | 73,750 | 3,514 | |||||||||
Rambus, Inc.* | 484,772 | 5,817 | |||||||||
Rudolph Technologies, Inc.* | 101,200 | 1,248 | |||||||||
Spansion, Inc. Class A* | 118,940 | 4,292 | |||||||||
Ultratech, Inc.* | 308,194 | 5,560 | |||||||||
Veeco Instruments, Inc.* | 78,100 | 2,381 | |||||||||
36,048 | |||||||||||
Software (10.6%) | |||||||||||
Cadence Design Systems, Inc.* | 186,807 | 3,429 | |||||||||
Comverse, Inc.* | 142,935 | 2,564 | |||||||||
Covisint Corp.* | 496,499 | 1,241 | |||||||||
Gigamon, Inc.* | 114,500 | 2,297 | |||||||||
Nuance Communications, Inc.* | 356,300 | 5,095 | |||||||||
Rovi Corp.* | 334,030 | 8,311 | |||||||||
Seachange International, Inc.* | 356,467 | 2,691 | |||||||||
Silver Spring Networks, Inc.* | 233,100 | 2,294 | |||||||||
Verint Systems, Inc.* | 164,961 | 10,042 | |||||||||
37,964 |
Number of Shares | Value† (000's)z | ||||||||||
Specialty Retail (2.6%) | |||||||||||
Express, Inc.* | 199,300 | $ | 2,754 | ||||||||
New York & Co., Inc.* | 176,700 | 396 | |||||||||
Office Depot, Inc.* | 349,267 | 3,273 | |||||||||
Select Comfort Corp.* | 88,300 | 2,834 | |||||||||
9,257 | |||||||||||
Technology Hardware, Storage & Peripherals (0.2%) | |||||||||||
Quantum Corp.* | 555,800 | 906 | |||||||||
Textiles, Apparel & Luxury Goods (0.5%) | |||||||||||
Crocs, Inc.* | 163,700 | 1,825 | |||||||||
Wireless Telecommunication Services (0.9%) | |||||||||||
Telephone & Data Systems, Inc. | 62,100 | 1,580 | |||||||||
United States Cellular Corp.* | 45,000 | 1,707 | |||||||||
3,287 | |||||||||||
Total Common Stocks (Cost $260,252) | 339,602 | ||||||||||
Short-Term Investments (5.4%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $19,194) | 19,193,876 | 19,194 | |||||||||
Total Investments## (100.4%) (Cost $279,446) | 358,796 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.4%)] | (1,400 | ) | |||||||||
Total Net Assets (100.0%) | $ | 357,396 |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Disciplined Growth Fund (Unaudited)
2/28/15
TOP TEN EQUITY HOLDINGS
1 | Apple, Inc. | 7.5 | % | ||||||||
2 | Amazon.com, Inc. | 3.0 | % | ||||||||
3 | FleetCor Technologies, Inc. | 2.5 | % | ||||||||
4 | Union Pacific Corp. | 2.5 | % | ||||||||
5 | Sherwin-Williams Co. | 2.5 | % |
6 | Home Depot, Inc. | 2.4 | % | ||||||||
7 | Intuit, Inc. | 2.4 | % | ||||||||
8 | Visa, Inc. Class A | 2.4 | % | ||||||||
9 | PepsiCo, Inc. | 2.2 | % | ||||||||
10 | Costco Wholesale Corp. | 2.2 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (96.9%) | |||||||||||
Aerospace & Defense (3.3%) | |||||||||||
General Dynamics Corp. | 8,416 | $ | 1,168 | ||||||||
Precision Castparts Corp. | 10,057 | 2,175 | |||||||||
3,343 | |||||||||||
Automobiles (1.6%) | |||||||||||
General Motors Co. | 42,894 | 1,600 | |||||||||
Banks (2.9%) | |||||||||||
CIT Group, Inc. | 27,540 | 1,274 | |||||||||
Comerica, Inc. | 37,580 | 1,720 | |||||||||
2,994 | |||||||||||
Beverages (2.2%) | |||||||||||
PepsiCo, Inc. | 23,037 | 2,280 | |||||||||
Biotechnology (3.6%) | |||||||||||
Biogen Idec, Inc.* | 2,278 | 933 | |||||||||
Celgene Corp.* | 14,288 | 1,736 | |||||||||
Vertex Pharmaceuticals, Inc.* | 8,557 | 1,022 | |||||||||
3,691 | |||||||||||
Chemicals (2.5%) | |||||||||||
Sherwin-Williams Co. | 8,999 | 2,567 | |||||||||
Construction Materials (1.0%) | |||||||||||
Martin Marietta Materials, Inc. | 7,469 | 1,063 | |||||||||
Diversified Telecommunication Services (1.7%) | |||||||||||
Level 3 Communications, Inc.* | 31,833 | 1,715 | |||||||||
Electric Utilities (1.0%) | |||||||||||
NextEra Energy, Inc. | 9,833 | 1,017 | |||||||||
Food & Staples Retailing (3.8%) | |||||||||||
Costco Wholesale Corp. | 15,471 | 2,273 | |||||||||
CVS Health Corp. | 15,528 | 1,613 | |||||||||
3,886 | |||||||||||
Health Care Equipment & Supplies (3.6%) | |||||||||||
Abbott Laboratories | 44,845 | 2,125 |
Number of Shares | Value† (000's)z | ||||||||||
IDEXX Laboratories, Inc.* | 10,070 | $ | 1,579 | ||||||||
3,704 | |||||||||||
Health Care Providers & Services (1.4%) | |||||||||||
HCA Holdings, Inc.* | 19,858 | 1,421 | |||||||||
Hotels, Restaurants & Leisure (3.7%) | |||||||||||
Starbucks Corp. | 18,880 | 1,765 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 25,160 | 2,021 | |||||||||
3,786 | |||||||||||
Household Products (1.4%) | |||||||||||
Procter & Gamble Co. | 16,566 | 1,410 | |||||||||
Industrial Conglomerates (2.1%) | |||||||||||
Danaher Corp. | 24,911 | 2,174 | |||||||||
Internet & Catalog Retail (3.0%) | |||||||||||
Amazon.com, Inc.* | 8,175 | 3,108 | |||||||||
Internet Software & Services (5.6%) | |||||||||||
Alibaba Group Holding Ltd. ADR* | 9,736 | 829 | |||||||||
Facebook, Inc. Class A* | 18,326 | 1,447 | |||||||||
Google, Inc. Class A* | 4,030 | 2,267 | |||||||||
Yelp, Inc.* | 24,680 | 1,185 | |||||||||
5,728 | |||||||||||
IT Services (7.1%) | |||||||||||
Alliance Data Systems Corp.* | 7,809 | 2,175 | |||||||||
FleetCor Technologies, Inc.* | 16,843 | 2,584 | |||||||||
Visa, Inc. Class A | 8,973 | 2,435 | |||||||||
7,194 | |||||||||||
Media (3.1%) | |||||||||||
Comcast Corp. Class A | 37,470 | 2,225 | |||||||||
Twenty-First Century Fox, Inc. Class A | 27,577 | 965 | |||||||||
3,190 |
Number of Shares | Value† (000's)z | ||||||||||
Metals & Mining (2.6%) | |||||||||||
Alcoa, Inc. | 116,152 | $ | 1,718 | ||||||||
Goldcorp, Inc. | 40,097 | 881 | |||||||||
2,599 | |||||||||||
Multi-Utilities (1.8%) | |||||||||||
Dominion Resources, Inc. | 25,366 | 1,829 | |||||||||
Multiline Retail (2.2%) | |||||||||||
Target Corp. | 29,139 | 2,239 | |||||||||
Oil, Gas & Consumable Fuels (1.3%) | |||||||||||
Noble Energy, Inc. | 13,584 | 641 | |||||||||
Range Resources Corp. | 14,061 | 697 | |||||||||
1,338 | |||||||||||
Pharmaceuticals (7.4%) | |||||||||||
Actavis PLC* | 5,920 | 1,725 | |||||||||
Bristol-Myers Squibb Co. | 29,364 | 1,789 | |||||||||
Johnson & Johnson | 11,900 | 1,220 | |||||||||
Pfizer, Inc. | 64,368 | 2,209 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 9,880 | 563 | |||||||||
7,506 | |||||||||||
Road & Rail (2.5%) | |||||||||||
Union Pacific Corp. | 21,367 | 2,569 | |||||||||
Semiconductors & Semiconductor Equipment (1.5%) | |||||||||||
ASML Holding NV | 14,608 | 1,573 | |||||||||
Software (10.5%) | |||||||||||
Check Point Software Technologies Ltd.* | 26,105 | 2,180 | |||||||||
Intuit, Inc. | 24,983 | 2,439 | |||||||||
Microsoft Corp. | 34,754 | 1,524 | |||||||||
salesforce.com, Inc.* | 22,822 | 1,583 | |||||||||
Splunk, Inc.* | 25,570 | 1,720 | |||||||||
VMware, Inc. Class A* | 14,355 | 1,221 | |||||||||
10,667 |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Disciplined Growth Fund (Unaudited)
(cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Specialty Retail (2.4%) | |||||||||||
Home Depot, Inc. | 21,400 | $ | 2,456 | ||||||||
Technology Hardware, Storage & Peripherals (8.5%) | |||||||||||
Apple, Inc. | 59,936 | 7,699 | |||||||||
SanDisk Corp. | 12,197 | 975 | |||||||||
8,674 | |||||||||||
Textiles, Apparel & Luxury Goods (1.6%) | |||||||||||
Ralph Lauren Corp. | 11,877 | 1,632 | |||||||||
Total Common Stocks (Cost $81,259) | 98,953 | ||||||||||
Short-Term Investments (0.9%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $948) | 947,547 | 948 | |||||||||
Total Investments## (97.8%) (Cost $82,207) | 99,901 | ||||||||||
Cash, receivables and other assets, less liabilities (2.2%) | 2,242 | ||||||||||
Total Net Assets (100.0%) | $ | 102,143 |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Exxon Mobil Corp. | 4.9 | % | ||||||||
2 | JPMorgan Chase & Co. | 4.4 | % | ||||||||
3 | Carnival Corp. | 4.1 | % | ||||||||
4 | United Continental Holdings, Inc. | 3.9 | % | ||||||||
5 | Wal-Mart Stores, Inc. | 3.8 | % |
6 | Cisco Systems, Inc. | 3.6 | % | ||||||||
7 | Ralph Lauren Corp. | 3.4 | % | ||||||||
8 | American Airlines Group, Inc. | 3.4 | % | ||||||||
9 | Target Corp. | 3.3 | % | ||||||||
10 | Delta Air Lines, Inc. | 3.2 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.5%) | |||||||||||
Air Freight & Logistics (1.3%) | |||||||||||
United Parcel Service, Inc. Class B | 202,957 | $ | 20,647 | ||||||||
Airlines (10.4%) | |||||||||||
American Airlines Group, Inc. | 1,149,528 | 55,062 | |||||||||
Delta Air Lines, Inc. | 1,179,904 | 52,529 | |||||||||
United Continental Holdings, Inc.* | 971,290 | 63,309 | |||||||||
170,900 | |||||||||||
Automobiles (1.7%) | |||||||||||
General Motors Co. | 746,649 | 27,858 | |||||||||
Banks (9.6%) | |||||||||||
Citigroup, Inc. | 503,171 | 26,376 | |||||||||
JPMorgan Chase & Co. | 1,170,171 | 71,708 | |||||||||
M&T Bank Corp. | 204,218 | 24,710 | |||||||||
Regions Financial Corp. | 1,656,344 | 15,918 | |||||||||
Wells Fargo & Co. | 338,309 | 18,536 | |||||||||
157,248 | |||||||||||
Capital Markets (4.3%) | |||||||||||
Bank of New York Mellon Corp. | 462,230 | 18,092 | |||||||||
Goldman Sachs Group, Inc. | 136,663 | 25,937 | |||||||||
Morgan Stanley | 742,561 | 26,576 | |||||||||
70,605 | |||||||||||
Communications Equipment (3.9%) | |||||||||||
Cisco Systems, Inc. | 2,013,216 | 59,410 | |||||||||
Juniper Networks, Inc. | 219,549 | 5,250 | |||||||||
64,660 | |||||||||||
Construction Materials (1.5%) | |||||||||||
Vulcan Materials Co. | 303,292 | 25,173 | |||||||||
Distributors (0.9%) | |||||||||||
LKQ Corp.* | 633,574 | 15,570 |
Number of Shares | Value† (000's)z | ||||||||||
Diversified Financial Services (4.2%) | |||||||||||
CME Group, Inc. | 467,385 | $ | 44,836 | ||||||||
Intercontinental Exchange, Inc. | 100,246 | 23,594 | |||||||||
68,430 | |||||||||||
Electric Utilities (1.3%) | |||||||||||
Exelon Corp. | 648,802 | 22,007 | |||||||||
Electrical Equipment (2.0%) | |||||||||||
Eaton Corp. PLC | 451,952 | 32,093 | |||||||||
Energy Equipment & Services (0.6%) | |||||||||||
McDermott International, Inc.* | 1,712,026 | 4,280 | |||||||||
Schlumberger Ltd. | 74,941 | 6,307 | |||||||||
10,587 | |||||||||||
Food & Staples Retailing (3.8%) | |||||||||||
Wal-Mart Stores, Inc. | 742,219 | 62,295 | |||||||||
Health Care Equipment & Supplies (2.1%) | |||||||||||
Hologic, Inc.* | 623,571 | 20,191 | |||||||||
Medtronic PLC | 173,540 | 13,465 | |||||||||
33,656 | |||||||||||
Health Care Providers & Services (2.9%) | |||||||||||
Tenet Healthcare Corp.* | 480,919 | 22,266 | |||||||||
UnitedHealth Group, Inc. | 228,511 | 25,966 | |||||||||
48,232 | |||||||||||
Hotels, Restaurants & Leisure (4.1%) | |||||||||||
Carnival Corp. | 1,514,404 | 66,619 | |||||||||
Household Durables (0.8%) | |||||||||||
Lennar Corp. Class A | 268,416 | 13,477 | |||||||||
Insurance (3.5%) | |||||||||||
Lincoln National Corp. | 512,435 | 29,537 | |||||||||
MetLife, Inc. | 322,971 | 16,416 | |||||||||
Willis Group Holdings PLC | 221,811 | 10,585 | |||||||||
56,538 | |||||||||||
IT Services (1.0%) | |||||||||||
Teradata Corp.* | 371,618 | 16,545 |
Number of Shares | Value† (000's)z | ||||||||||
Machinery (1.8%) | |||||||||||
Caterpillar, Inc. | 121,666 | $ | 10,086 | ||||||||
Illinois Tool Works, Inc. | 194,884 | 19,266 | |||||||||
29,352 | |||||||||||
Media (0.7%) | |||||||||||
Twenty-First Century Fox, Inc. Class A | 316,926 | 11,092 | |||||||||
Metals & Mining (3.6%) | |||||||||||
Newmont Mining Corp. | 932,088 | 24,542 | |||||||||
United States Steel Corp. | 1,462,624 | 35,030 | |||||||||
59,572 | |||||||||||
Multiline Retail (7.0%) | |||||||||||
JC Penney Co., Inc.* | 3,948,906 | 33,566 | |||||||||
Kohl's Corp. | 356,933 | 26,341 | |||||||||
Target Corp. | 708,638 | 54,445 | |||||||||
114,352 | |||||||||||
Oil, Gas & Consumable Fuels (6.7%) | |||||||||||
Antero Resources Corp.* | 43,739 | 1,725 | |||||||||
Devon Energy Corp. | 179,344 | 11,046 | |||||||||
Exxon Mobil Corp. | 914,533 | 80,973 | |||||||||
Range Resources Corp. | 308,109 | 15,264 | |||||||||
Valero Energy Corp. | 10,204 | 629 | |||||||||
109,637 | |||||||||||
Pharmaceuticals (3.4%) | |||||||||||
Pfizer, Inc. | 877,374 | 30,111 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 436,684 | 24,900 | |||||||||
55,011 | |||||||||||
Professional Services (0.6%) | |||||||||||
Towers Watson & Co. Class A | 74,059 | 9,739 |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Semiconductors & Semiconductor Equipment (1.9%) | |||||||||||
Intel Corp. | 943,407 | $ | 31,368 | ||||||||
Software (4.1%) | |||||||||||
CA, Inc. | 1,063,890 | 34,598 | |||||||||
FireEye, Inc.* | 355,116 | 15,721 | |||||||||
Microsoft Corp. | 384,332 | 16,853 | |||||||||
67,172 | |||||||||||
Specialty Retail (2.4%) | |||||||||||
American Eagle Outfitters, Inc. | 951,014 | 14,237 | |||||||||
DSW, Inc. Class A | 648,764 | 24,452 | |||||||||
38,689 | |||||||||||
Textiles, Apparel & Luxury Goods (3.4%) | |||||||||||
Ralph Lauren Corp. | 400,949 | 55,094 | |||||||||
Total Common Stocks (Cost $1,401,565) | 1,564,218 | ||||||||||
Short-Term Investments (4.6%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $75,069) | 75,069,029 | 75,069 | |||||||||
Total Investments## (100.1%) (Cost $1,476,634) | 1,639,287 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (2,121 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,637,166 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Avago Technologies Ltd. | 2.3 | % | ||||||||
2 | iShares Russell Mid-Cap Growth ETF | 2.2 | % | ||||||||
3 | SBA Communications Corp. Class A | 1.9 | % | ||||||||
4 | O'Reilly Automotive, Inc. | 1.7 | % | ||||||||
5 | Alliance Data Systems Corp. | 1.6 | % |
6 | Cerner Corp. | 1.6 | % | ||||||||
7 | Acadia Healthcare Co., Inc. | 1.6 | % | ||||||||
8 | Stericycle, Inc. | 1.6 | % | ||||||||
9 | Affiliated Managers Group, Inc. | 1.6 | % | ||||||||
10 | Hanesbrands, Inc. | 1.6 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (94.3%) | |||||||||||
Airlines (1.4%) | |||||||||||
Alaska Air Group, Inc. | 235,000 | $ | 14,958 | ||||||||
Banks (1.0%) | |||||||||||
SVB Financial Group* | 92,500 | 11,368 | |||||||||
Biotechnology (4.8%) | |||||||||||
Alkermes PLC* | 160,000 | 11,240 | |||||||||
BioMarin Pharmaceutical, Inc.* | 160,000 | 17,131 | |||||||||
Incyte Corp.* | 120,000 | 10,302 | |||||||||
Puma Biotechnology, Inc.* | 25,000 | 5,325 | |||||||||
United Therapeutics Corp.* | 62,500 | 9,691 | |||||||||
53,689 | |||||||||||
Capital Markets (3.3%) | |||||||||||
Affiliated Managers Group, Inc.* | 81,000 | 17,530 | |||||||||
E*TRADE Financial Corp.* | 300,000 | 7,810 | |||||||||
Raymond James Financial, Inc. | 205,000 | 11,712 | |||||||||
37,052 | |||||||||||
Commercial Services & Supplies (1.6%) | |||||||||||
Stericycle, Inc.* | 130,000 | 17,546 | |||||||||
Communications Equipment (2.2%) | |||||||||||
F5 Networks, Inc.* | 80,000 | 9,449 | |||||||||
Palo Alto Networks, Inc.* | 102,500 | 14,578 | |||||||||
24,027 | |||||||||||
Containers & Packaging (1.4%) | |||||||||||
Packaging Corp. of America | 185,000 | 15,329 | |||||||||
Distributors (0.9%) | |||||||||||
LKQ Corp.* | 425,000 | 10,444 | |||||||||
Diversified Consumer Services (0.6%) | |||||||||||
Service Corp. International | 250,000 | 6,213 |
Number of Shares | Value† (000's)z | ||||||||||
Diversified Financial Services (0.9%) | |||||||||||
CBOE Holdings, Inc. | 170,000 | $ | 10,205 | ||||||||
Electrical Equipment (2.0%) | |||||||||||
Acuity Brands, Inc. | 52,500 | 8,320 | |||||||||
AMETEK, Inc. | 270,000 | 14,348 | |||||||||
22,668 | |||||||||||
Electronic Equipment, Instruments & Components (2.9%) | |||||||||||
Amphenol Corp. Class A | 200,000 | 11,292 | |||||||||
CDW Corp. | 300,000 | 11,289 | |||||||||
Zebra Technologies Corp. Class A* | 110,000 | 10,016 | |||||||||
32,597 | |||||||||||
Food & Staples Retailing (1.0%) | |||||||||||
PriceSmart, Inc. | 39,306 | 3,122 | |||||||||
Rite Aid Corp.* | 1,000,000 | 7,980 | |||||||||
11,102 | |||||||||||
Food Products (1.9%) | |||||||||||
Pinnacle Foods, Inc. | 200,000 | 7,260 | |||||||||
WhiteWave Foods Co.* | 325,000 | 13,309 | |||||||||
20,569 | |||||||||||
Health Care Equipment & Supplies (2.6%) | |||||||||||
Cooper Cos., Inc. | 52,000 | 8,526 | |||||||||
Teleflex, Inc. | 87,500 | 10,648 | |||||||||
Wright Medical Group, Inc.* | 376,700 | 9,278 | |||||||||
28,452 | |||||||||||
Health Care Providers & Services (5.2%) | |||||||||||
Acadia Healthcare Co., Inc.* | 277,500 | 17,546 | |||||||||
Envision Healthcare Holdings, Inc.* | 315,000 | 11,535 | |||||||||
Omnicare, Inc. | 120,000 | 9,209 | |||||||||
Quest Diagnostics, Inc. | 75,000 | 5,261 | |||||||||
Universal Health Services, Inc. Class B | 125,000 | 14,169 | |||||||||
57,720 |
Number of Shares | Value† (000's)z | ||||||||||
Health Care Technology (2.0%) | |||||||||||
Cerner Corp.* | 250,000 | $ | 18,015 | ||||||||
Inovalon Holdings, Inc. Class A* | 9,800 | 304 | |||||||||
Veeva Systems, Inc. Class A* | 115,000 | 3,550 | |||||||||
21,869 | |||||||||||
Hotels, Restaurants & Leisure (2.7%) | |||||||||||
Bloomin' Brands, Inc.* | 300,000 | 7,728 | |||||||||
Buffalo Wild Wings, Inc.* | 50,000 | 9,556 | |||||||||
MGM Resorts International* | 300,000 | 6,519 | |||||||||
Norwegian Cruise Line Holdings Ltd.* | 112,500 | 5,549 | |||||||||
29,352 | |||||||||||
Household Durables (0.8%) | |||||||||||
Jarden Corp.* | 175,000 | 9,287 | |||||||||
Industrial Conglomerates (1.5%) | |||||||||||
Roper Industries, Inc. | 100,000 | 16,757 | |||||||||
Internet & Catalog Retail (0.5%) | |||||||||||
Liberty Interactive Corp. Class A* | 180,000 | 5,315 | |||||||||
Internet Software & Services (3.0%) | |||||||||||
Akamai Technologies, Inc.* | 115,000 | 7,994 | |||||||||
CoStar Group, Inc.* | 55,000 | 10,954 | |||||||||
Demandware, Inc.* | 150,000 | 9,478 | |||||||||
HomeAway, Inc.* | 170,000 | 5,269 | |||||||||
33,695 | |||||||||||
IT Services (3.4%) | |||||||||||
Alliance Data Systems Corp.* | 65,000 | 18,103 | |||||||||
Fiserv, Inc.* | 107,500 | 8,393 | |||||||||
FleetCor Technologies, Inc.* | 70,000 | 10,740 | |||||||||
37,236 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Leisure Products (1.0%) | |||||||||||
Polaris Industries, Inc. | 75,000 | $ | 11,500 | ||||||||
Life Sciences Tools & Services (1.2%) | |||||||||||
Illumina, Inc.* | 70,000 | 13,682 | |||||||||
Machinery (2.6%) | |||||||||||
PACCAR, Inc. | 115,000 | 7,366 | |||||||||
Pall Corp. | 119,000 | 11,996 | |||||||||
Wabtec Corp. | 95,000 | 9,015 | |||||||||
28,377 | |||||||||||
Media (0.7%) | |||||||||||
Charter Communications, Inc. Class A* | 45,000 | 8,127 | |||||||||
Multiline Retail (2.4%) | |||||||||||
Burlington Stores, Inc.* | 150,000 | 8,335 | |||||||||
Dollar Tree, Inc.* | 172,000 | 13,705 | |||||||||
Tuesday Morning Corp.* | 250,000 | 4,745 | |||||||||
26,785 | |||||||||||
Oil, Gas & Consumable Fuels (1.8%) | |||||||||||
Antero Resources Corp.* | 155,000 | 6,115 | |||||||||
Cabot Oil & Gas Corp. | 170,000 | 4,930 | |||||||||
Concho Resources, Inc.* | 85,000 | 9,258 | |||||||||
20,303 | |||||||||||
Pharmaceuticals (3.5%) | |||||||||||
Akorn, Inc.* | 300,000 | 16,143 | |||||||||
Endo International PLC* | 145,000 | 12,412 | |||||||||
Mylan, Inc.* | 180,000 | 10,318 | |||||||||
38,873 | |||||||||||
Professional Services (1.4%) | |||||||||||
Nielsen NV | 110,000 | 4,973 | |||||||||
WageWorks, Inc.* | 177,500 | 10,197 | |||||||||
15,170 | |||||||||||
Real Estate Management & Development (1.2%) | |||||||||||
Jones Lang LaSalle, Inc. | 80,000 | 12,900 | |||||||||
Road & Rail (1.9%) | |||||||||||
J.B. Hunt Transport Services, Inc. | 110,000 | 9,405 | |||||||||
Old Dominion Freight Line, Inc.* | 150,000 | 11,718 | |||||||||
21,123 |
Number of Shares | Value† (000's)z | ||||||||||
Semiconductors & Semiconductor Equipment (7.3%) | |||||||||||
Avago Technologies Ltd. | 200,000 | $ | 25,524 | ||||||||
Cavium, Inc.* | 165,000 | 11,301 | |||||||||
Freescale Semiconductor Ltd.* | 200,000 | 7,222 | |||||||||
Lam Research Corp. | 130,000 | 10,720 | |||||||||
Monolithic Power Systems, Inc. | 175,000 | 9,228 | |||||||||
NXP Semiconductors NV* | 135,000 | 11,461 | |||||||||
SunEdison, Inc.* | 275,000 | 6,088 | |||||||||
81,544 | |||||||||||
Software (5.8%) | |||||||||||
Activision Blizzard, Inc. | 300,000 | 6,996 | |||||||||
Electronic Arts, Inc.* | 155,000 | 8,863 | |||||||||
Fortinet, Inc.* | 182,500 | 6,134 | |||||||||
ServiceNow, Inc.* | 150,000 | 11,439 | |||||||||
Splunk, Inc.* | 87,600 | 5,891 | |||||||||
Synchronoss Technologies, Inc.* | 250,000 | 11,065 | |||||||||
Ultimate Software Group, Inc.* | 42,500 | 6,997 | |||||||||
Workday, Inc. Class A* | 82,500 | 7,054 | |||||||||
64,439 | |||||||||||
Specialty Retail (7.9%) | |||||||||||
Advance Auto Parts, Inc. | 72,500 | 11,232 | |||||||||
Lithia Motors, Inc. Class A | 110,000 | 10,391 | |||||||||
O'Reilly Automotive, Inc.* | 89,500 | 18,628 | |||||||||
Ross Stores, Inc. | 129,000 | 13,650 | |||||||||
Signet Jewelers Ltd. | 60,000 | 7,193 | |||||||||
Tractor Supply Co. | 170,000 | 14,980 | |||||||||
Williams-Sonoma, Inc. | 149,500 | 12,027 | |||||||||
88,101 | |||||||||||
Textiles, Apparel & Luxury Goods (4.4%) | |||||||||||
Carter's, Inc. | 115,000 | 10,209 | |||||||||
Hanesbrands, Inc. | 135,000 | 17,218 |
Number of Shares | Value† (000's)z | ||||||||||
lululemon athletica, Inc.* | 85,000 | $ | 5,817 | ||||||||
Under Armour, Inc. Class A* | 200,000 | 15,402 | |||||||||
48,646 | |||||||||||
Trading Companies & Distributors (0.7%) | |||||||||||
United Rentals, Inc.* | 85,000 | 7,910 | |||||||||
Wireless Telecommunication Services (2.9%) | |||||||||||
SBA Communications Corp. Class A* | 172,500 | 21,513 | |||||||||
T-Mobile US, Inc.* | 335,000 | 11,065 | |||||||||
32,578 | |||||||||||
Total Common Stocks (Cost $713,064) | 1,047,508 | ||||||||||
Exchange Traded Funds (2.2%) | |||||||||||
iShares Russell Mid-Cap Growth ETF (Cost $22,240) | 250,000 | 24,490 | |||||||||
Short-Term Investments (3.6%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $40,022) | 40,021,783 | 40,022 | |||||||||
Total Investments## (100.1%) (Cost $775,326) | 1,112,020 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (1,338 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,110,682 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | ADT Corp. | 3.5 | % | ||||||||
2 | Nuance Communications, Inc. | 2.9 | % | ||||||||
3 | Ashland, Inc. | 2.9 | % | ||||||||
4 | Skyworks Solutions, Inc. | 2.9 | % | ||||||||
5 | Hertz Global Holdings, Inc. | 2.8 | % |
6 | Darden Restaurants, Inc. | 2.5 | % | ||||||||
7 | BankUnited, Inc. | 2.5 | % | ||||||||
8 | Teradata Corp. | 2.5 | % | ||||||||
9 | CVS Health Corp. | 2.4 | % | ||||||||
10 | Kohl's Corp. | 2.4 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (90.9%) | |||||||||||
Aerospace & Defense (4.4%) | |||||||||||
General Dynamics Corp. | 14,550 | $ | 2,019 | ||||||||
Spirit AeroSystems Holdings, Inc. Class A* | 47,500 | 2,338 | |||||||||
4,357 | |||||||||||
Auto Components (1.4%) | |||||||||||
Lear Corp. | 9,000 | 980 | |||||||||
TRW Automotive Holdings Corp.* | 3,900 | 407 | |||||||||
1,387 | |||||||||||
Banks (7.9%) | |||||||||||
BankUnited, Inc. | 75,100 | 2,434 | |||||||||
BB&T Corp. | 28,400 | 1,081 | |||||||||
Comerica, Inc. | 36,200 | 1,657 | |||||||||
Huntington Bancshares, Inc. | 121,500 | 1,329 | |||||||||
M&T Bank Corp. | 10,500 | 1,271 | |||||||||
7,772 | |||||||||||
Building Products (1.3%) | |||||||||||
Owens Corning | 32,500 | 1,289 | |||||||||
Capital Markets (1.8%) | |||||||||||
State Street Corp. | 24,500 | 1,824 | |||||||||
Chemicals (2.9%) | |||||||||||
Ashland, Inc. | 22,200 | 2,833 | |||||||||
Commercial Services & Supplies (7.2%) | |||||||||||
ADT Corp. | 88,800 | 3,483 | |||||||||
Covanta Holding Corp. | 108,100 | 2,343 | |||||||||
Tyco International PLC | 29,500 | 1,245 | |||||||||
7,071 | |||||||||||
Construction & Engineering (1.1%) | |||||||||||
KBR, Inc. | 65,700 | 1,070 | |||||||||
Containers & Packaging (1.4%) | |||||||||||
Avery Dennison Corp. | 26,700 | 1,430 | |||||||||
Electric Utilities (2.0%) | |||||||||||
Edison International | 31,500 | 2,024 |
Number of Shares | Value† (000's)z | ||||||||||
Electrical Equipment (0.9%) | |||||||||||
Regal-Beloit Corp. | 10,800 | $ | 842 | ||||||||
Electronic Equipment, Instruments & Components (2.8%) | |||||||||||
Flextronics International Ltd.* | 147,500 | 1,796 | |||||||||
Itron, Inc.* | 26,800 | 978 | |||||||||
2,774 | |||||||||||
Energy Equipment & Services (1.3%) | |||||||||||
Cameron International Corp.* | 26,800 | 1,262 | |||||||||
Food & Staples Retailing (2.4%) | |||||||||||
CVS Health Corp. | 22,900 | 2,379 | |||||||||
Health Care Equipment & Supplies (2.0%) | |||||||||||
Zimmer Holdings, Inc. | 16,200 | 1,950 | |||||||||
Health Care Providers & Services (2.4%) | |||||||||||
Cardinal Health, Inc. | 11,600 | 1,021 | |||||||||
Omnicare, Inc. | 18,100 | 1,389 | |||||||||
2,410 | |||||||||||
Hotels, Restaurants & Leisure (2.5%) | |||||||||||
Darden Restaurants, Inc. | 38,400 | 2,458 | |||||||||
Independent Power and Renewable Electricity Producers (1.8%) | |||||||||||
AES Corp. | 139,600 | 1,811 | |||||||||
IT Services (6.2%) | |||||||||||
Amdocs Ltd. | 40,200 | 2,110 | |||||||||
Teradata Corp.* | 54,400 | 2,422 | |||||||||
Western Union Co. | 84,100 | 1,642 | |||||||||
6,174 | |||||||||||
Machinery (4.4%) | |||||||||||
Harsco Corp. | 73,500 | 1,212 | |||||||||
Manitowoc Co., Inc. | 48,900 | 1,082 | |||||||||
Valmont Industries, Inc. | 16,800 | 2,094 | |||||||||
4,388 | |||||||||||
Multi-Utilities (1.7%) | |||||||||||
CenterPoint Energy, Inc. | 82,600 | 1,717 |
Number of Shares | Value† (000's)z | ||||||||||
Multiline Retail (2.4%) | |||||||||||
Kohl's Corp. | 32,200 | $ | 2,376 | ||||||||
Oil, Gas & Consumable Fuels (5.5%) | |||||||||||
Cabot Oil & Gas Corp. | 51,300 | 1,488 | |||||||||
Devon Energy Corp. | 33,600 | 2,070 | |||||||||
Energy Transfer Partners L.P. | 23,825 | 1,417 | |||||||||
Southwestern Energy Co.* | 16,800 | 421 | |||||||||
5,396 | |||||||||||
Real Estate Investment Trusts (4.8%) | |||||||||||
Corrections Corporation of America | 36,404 | 1,452 | |||||||||
Starwood Property Trust, Inc. | 79,700 | 1,945 | |||||||||
Starwood Waypoint Residential Trust | 53,360 | 1,343 | |||||||||
4,740 | |||||||||||
Road & Rail (2.8%) | |||||||||||
Hertz Global Holdings, Inc.* | 119,000 | 2,745 | |||||||||
Semiconductors & Semiconductor Equipment (2.9%) | |||||||||||
Skyworks Solutions, Inc. | 32,100 | 2,817 | |||||||||
Software (5.8%) | |||||||||||
Cadence Design Systems, Inc.* | 57,400 | 1,053 | |||||||||
Check Point Software Technologies Ltd.* | 22,000 | 1,837 | |||||||||
Nuance Communications, Inc.* | 201,100 | 2,876 | |||||||||
5,766 | |||||||||||
Specialty Retail (4.9%) | |||||||||||
Best Buy Co., Inc. | 47,900 | 1,825 | |||||||||
Express, Inc.* | 83,800 | 1,158 | |||||||||
Office Depot, Inc.* | 199,600 | 1,870 | |||||||||
4,853 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Trading Companies & Distributors (1.1%) | |||||||||||
AerCap Holdings NV* | 23,800 | $ | 1,059 | ||||||||
Wireless Telecommunication Services (0.9%) | |||||||||||
Telephone & Data Systems, Inc. | 33,900 | 862 | |||||||||
Total Common Stocks (Cost $70,106) | 89,836 | ||||||||||
Rights (0.0%) | |||||||||||
Food & Staples Retailing (0.0%) | |||||||||||
Safeway, Inc. (Casa Ley)ñf* | 21,100 | 6 | |||||||||
Safeway, Inc. (Property Development Centers)ñf* | 21,100 | 1 | |||||||||
Total Rights (Cost $22) | 7 | ||||||||||
Short-Term Investments (10.1%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $9,982) | 9,981,696 | 9,982 | |||||||||
Total Investments## (101.0%) (Cost $80,110) | 99,825 | ||||||||||
Liabilities, less cash, receivables and other assets [(1.0%)] | (1,016 | ) | |||||||||
Total Net Assets (100.0%) | $ | 98,809 |
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Intercontinental Exchange, Inc. | 4.1 | % | ||||||||
2 | eBay, Inc. | 4.0 | % | ||||||||
3 | Goldman Sachs Group, Inc. | 3.9 | % | ||||||||
4 | JPMorgan Chase & Co. | 3.8 | % | ||||||||
5 | Pfizer, Inc. | 3.7 | % |
6 | Cardinal Health, Inc. | 3.7 | % | ||||||||
7 | Berkshire Hathaway, Inc. Class B | 3.7 | % | ||||||||
8 | 3M Co. | 3.1 | % | ||||||||
9 | Stanley Black & Decker, Inc. | 3.0 | % | ||||||||
10 | Sealed Air Corp. | 3.0 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (99.9%) | |||||||||||
Aerospace & Defense (4.4%) | |||||||||||
Boeing Co. | 515,000 | $ | 77,688 | ||||||||
Raytheon Co. | 350,000 | 38,069 | |||||||||
115,757 | |||||||||||
Banks (6.7%) | |||||||||||
JPMorgan Chase & Co. | 1,645,000 | 100,806 | |||||||||
Wells Fargo & Co. | 1,345,000 | 73,692 | |||||||||
174,498 | |||||||||||
Capital Markets (3.9%) | |||||||||||
Goldman Sachs Group, Inc. | 535,000 | 101,538 | |||||||||
Chemicals (1.6%) | |||||||||||
Scotts Miracle-Gro Co. Class A | 655,000 | 42,909 | |||||||||
Commercial Services & Supplies (2.4%) | |||||||||||
Covanta Holding Corp. | 1,210,000 | 26,221 | |||||||||
Pitney Bowes, Inc. | 1,580,000 | 36,608 | |||||||||
62,829 | |||||||||||
Consumer Finance (1.5%) | |||||||||||
American Express Co. | 490,000 | 39,979 | |||||||||
Containers & Packaging (3.0%) | |||||||||||
Sealed Air Corp. | 1,665,000 | 78,471 | |||||||||
Diversified Financial Services (7.8%) | |||||||||||
Berkshire Hathaway, Inc. Class B* | 655,000 | 96,553 | |||||||||
Intercontinental Exchange, Inc. | 455,000 | 107,089 | |||||||||
203,642 | |||||||||||
Electrical Equipment (2.0%) | |||||||||||
ABB Ltd. ADR* | 1,475,000 | 31,550 | |||||||||
Rockwell Automation, Inc. | 180,000 | 21,067 | |||||||||
52,617 | |||||||||||
Energy Equipment & Services (2.8%) | |||||||||||
Schlumberger Ltd. | 880,000 | 74,061 | |||||||||
Food Products (1.4%) | |||||||||||
Mondelez International, Inc. Class A | 1,020,000 | 37,674 |
Number of Shares | Value† (000's)z | ||||||||||
Gas Utilities (1.5%) | |||||||||||
National Fuel Gas Co. | 615,000 | $ | 39,612 | ||||||||
Health Care Equipment & Supplies (1.8%) | |||||||||||
Hill-Rom Holdings, Inc. | 985,000 | 47,201 | |||||||||
Health Care Providers & Services (9.6%) | |||||||||||
Aetna, Inc. | 670,000 | 66,699 | |||||||||
Cardinal Health, Inc. | 1,105,000 | 97,229 | |||||||||
HCA Holdings, Inc.* | 730,000 | 52,224 | |||||||||
Henry Schein, Inc.* | 265,000 | 37,113 | |||||||||
253,265 | |||||||||||
Hotels, Restaurants & Leisure (2.3%) | |||||||||||
Hyatt Hotels Corp. Class A* | 990,000 | 59,935 | |||||||||
Household Products (2.0%) | |||||||||||
Procter & Gamble Co. | 600,000 | 51,078 | |||||||||
Industrial Conglomerates (3.1%) | |||||||||||
3M Co. | 475,000 | 80,109 | |||||||||
Internet Software & Services (6.6%) | |||||||||||
eBay, Inc.* | 1,815,000 | 105,107 | |||||||||
Google, Inc. Class C* | 123,000 | 68,683 | |||||||||
173,790 | |||||||||||
Machinery (3.0%) | |||||||||||
Stanley Black & Decker, Inc. | 805,000 | 79,164 | |||||||||
Media (5.5%) | |||||||||||
Omnicom Group, Inc. | 930,000 | 73,972 | |||||||||
Twenty-First Century Fox, Inc. Class A | 2,025,000 | 70,875 | |||||||||
144,847 | |||||||||||
Metals & Mining (2.6%) | |||||||||||
Carpenter Technology Corp. | 1,600,000 | 67,776 | |||||||||
Oil, Gas & Consumable Fuels (6.6%) | |||||||||||
Apache Corp. | 710,000 | 46,746 |
Number of Shares | Value† (000's)z | ||||||||||
Cabot Oil & Gas Corp. | 1,335,000 | $ | 38,715 | ||||||||
Pioneer Natural Resources Co. | 250,000 | 38,130 | |||||||||
Range Resources Corp. | 1,025,000 | 50,779 | |||||||||
174,370 | |||||||||||
Pharmaceuticals (3.7%) | |||||||||||
Pfizer, Inc. | 2,850,000 | 97,812 | |||||||||
Professional Services (2.3%) | |||||||||||
Nielsen NV | 1,320,000 | 59,677 | |||||||||
Road & Rail (4.6%) | |||||||||||
CSX Corp. | 2,100,000 | 72,051 | |||||||||
Hertz Global Holdings, Inc.* | 2,140,000 | 49,370 | |||||||||
121,421 | |||||||||||
Software (3.9%) | |||||||||||
Activision Blizzard, Inc. | 2,300,000 | 53,636 | |||||||||
Microsoft Corp. | 1,100,000 | 48,235 | |||||||||
101,871 | |||||||||||
Specialty Retail (0.2%) | |||||||||||
Bed Bath & Beyond, Inc.* | 60,000 | 4,480 | |||||||||
Technology Hardware, Storage & Peripherals (2.1%) | |||||||||||
Apple, Inc. | 438,000 | 56,266 | |||||||||
Textiles, Apparel & Luxury Goods (1.0%) | |||||||||||
Hanesbrands, Inc. | 210,000 | 26,783 | |||||||||
Total Common Stocks (Cost $2,132,190) | 2,623,432 | ||||||||||
Short-Term Investments (0.0%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $519) | 519,469 | 519 | |||||||||
Total Investments## (99.9%) (Cost $2,132,709) | 2,623,951 | ||||||||||
Cash, receivables and other assets, less liabilities (0.1%) | 2,706 | ||||||||||
Total Net Assets (100.0%) | $ | 2,626,657 |
See Notes to Schedule of Investments
Schedule of Investments Real Estate Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Simon Property Group, Inc. | 9.0 | % | ||||||||
2 | Equity Residential | 5.6 | % | ||||||||
3 | Boston Properties, Inc. | 5.5 | % | ||||||||
4 | American Tower Corp. | 5.3 | % | ||||||||
5 | AvalonBay Communities, Inc. | 4.5 | % |
6 | Ventas, Inc. | 4.2 | % | ||||||||
7 | Public Storage | 3.6 | % | ||||||||
8 | Prologis, Inc. | 3.6 | % | ||||||||
9 | SL Green Realty Corp. | 3.0 | % | ||||||||
10 | Crown Castle International Corp. | 3.0 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.8%) | |||||||||||
Apartments (11.8%) | |||||||||||
AvalonBay Communities, Inc. | 291,592 | $ | 49,087 | ||||||||
Equity Residential | 782,300 | 60,260 | |||||||||
Essex Property Trust, Inc. | 85,100 | 18,929 | |||||||||
128,276 | |||||||||||
Diversified (5.3%) | |||||||||||
American Homes 4 Rent Class A | 1,532,200 | 25,572 | |||||||||
CoreSite Realty Corp. | 135,683 | 6,437 | |||||||||
Vornado Realty Trust | 233,223 | 25,664 | |||||||||
57,673 | |||||||||||
Freestanding (2.8%) | |||||||||||
National Retail Properties, Inc. | 450,300 | 18,120 | |||||||||
Spirit Realty Capital, Inc. | 953,303 | 11,678 | |||||||||
29,798 | |||||||||||
Health Care (10.3%) | |||||||||||
HCP, Inc. | 395,700 | 16,762 | |||||||||
Health Care REIT, Inc. | 407,040 | 31,387 | |||||||||
OMEGA Healthcare Investors, Inc. | 436,175 | 17,473 | |||||||||
Ventas, Inc. | 615,030 | 45,801 | |||||||||
111,423 | |||||||||||
Homebuilder (1.1%) | |||||||||||
TRI Pointe Homes, Inc.* | 753,180 | 11,960 | |||||||||
Home Financing (0.6%) | |||||||||||
Altisource Residential Corp. | 306,449 | 6,328 | |||||||||
Hotels, Restaurants & Leisure (0.9%) | |||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 121,100 | 9,728 | |||||||||
Industrial (5.8%) | |||||||||||
DCT Industrial Trust, Inc. | 452,600 | 16,330 |
Number of Shares | Value† (000's)z | ||||||||||
EastGroup Properties, Inc. | 123,302 | $ | 7,768 | ||||||||
Prologis, Inc. | 906,038 | 38,697 | |||||||||
62,795 | |||||||||||
Infrastructure (8.3%) | |||||||||||
American Tower Corp. | 582,200 | 57,719 | |||||||||
Crown Castle International Corp. | 374,700 | 32,341 | |||||||||
90,060 | |||||||||||
Lodging/Resorts (5.5%) | |||||||||||
Host Hotels & Resorts, Inc. | 1,302,843 | 27,360 | |||||||||
LaSalle Hotel Properties | 409,900 | 15,953 | |||||||||
Sunstone Hotel Investors, Inc. | 943,428 | 16,463 | |||||||||
59,776 | |||||||||||
Office (12.6%) | |||||||||||
Alexandria Real Estate Equities, Inc. | 171,500 | 16,449 | |||||||||
Boston Properties, Inc. | 430,284 | 59,125 | |||||||||
Douglas Emmett, Inc. | 547,725 | 15,813 | |||||||||
Parkway Properties, Inc. | 707,900 | 12,466 | |||||||||
SL Green Realty Corp. | 258,015 | 32,750 | |||||||||
136,603 | |||||||||||
Real Estate Management & Development (4.3%) | |||||||||||
Brookfield Asset Management, Inc. Class A | 363,377 | 19,724 | |||||||||
Brookfield Property Partners LP | 412,000 | 10,234 | |||||||||
Forest City Enterprises, Inc. Class A* | 673,379 | 17,003 | |||||||||
46,961 | |||||||||||
Regional Malls (13.6%) | |||||||||||
CBL & Associates Properties, Inc. | 680,997 | 13,633 |
Number of Shares | Value† (000's)z | ||||||||||
General Growth Properties, Inc. | 683,132 | $ | 19,818 | ||||||||
Macerich Co. | 200,760 | 16,794 | |||||||||
Simon Property Group, Inc. | 513,248 | 97,702 | |||||||||
147,947 | |||||||||||
Self Storage (4.5%) | |||||||||||
Public Storage | 198,100 | 39,069 | |||||||||
Sovran Self Storage, Inc. | 107,100 | 9,856 | |||||||||
48,925 | |||||||||||
Shopping Centers (7.4%) | |||||||||||
DDR Corp. | 569,050 | 10,778 | |||||||||
Federal Realty Investment Trust | 164,200 | 23,321 | |||||||||
Kimco Realty Corp. | 790,700 | 20,779 | |||||||||
Regency Centers Corp. | 243,957 | 16,011 | |||||||||
Urstadt Biddle Properties, Inc. Class A | 417,369 | 9,483 | |||||||||
80,372 | |||||||||||
Timber (4.0%) | |||||||||||
Plum Creek Timber Co., Inc. | 319,900 | 13,896 | |||||||||
Weyerhaeuser Co. | 835,596 | 29,338 | |||||||||
43,234 | |||||||||||
Total Common Stocks (Cost $899,418) | 1,071,859 | ||||||||||
Short-Term Investments (1.2%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $12,846) | 12,845,998 | 12,846 | |||||||||
Total Investments## (100.0%) (Cost $912,264) | 1,084,705 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.0%)] | (87 | ) | |||||||||
Total Net Assets (100.0%) | $ | 1,084,618 |
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Cavium, Inc. | 2.4 | % | ||||||||
2 | Acadia Healthcare Co., Inc. | 2.0 | % | ||||||||
3 | Carriage Services, Inc. | 1.9 | % | ||||||||
4 | comScore, Inc. | 1.9 | % | ||||||||
5 | Akorn, Inc. | 1.8 | % |
6 | FCB Financial Holdings, Inc. Class A | 1.8 | % | ||||||||
7 | Paylocity Holding Corp. | 1.8 | % | ||||||||
8 | HEICO Corp. | 1.8 | % | ||||||||
9 | Graphic Packaging Holding Co. | 1.7 | % | ||||||||
10 | Microsemi Corp. | 1.7 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (98.0%) | |||||||||||
Aerospace & Defense (1.8%) | |||||||||||
HEICO Corp. | 27,437 | $ | 1,626 | ||||||||
Banks (3.3%) | |||||||||||
Bank of the Ozarks, Inc. | 35,700 | 1,307 | |||||||||
FCB Financial Holdings, Inc. Class A* | 64,900 | 1,648 | |||||||||
2,955 | |||||||||||
Beverages (0.8%) | |||||||||||
Boston Beer Co., Inc. Class A* | 2,700 | 723 | |||||||||
Biotechnology (12.2%) | |||||||||||
ACADIA Pharmaceuticals, Inc.* | 33,500 | 1,272 | |||||||||
Acorda Therapeutics, Inc.* | 12,000 | 406 | |||||||||
Alder Biopharmaceuticals, Inc.* | 20,000 | 538 | |||||||||
AMAG Pharmaceuticals, Inc.* | 20,100 | 990 | |||||||||
Bluebird Bio, Inc.* | 4,900 | 467 | |||||||||
Cepheid, Inc.* | 22,400 | 1,273 | |||||||||
Dyax Corp.* | 60,000 | 907 | |||||||||
Novavax, Inc.* | 93,100 | 852 | |||||||||
Portola Pharmaceuticals, Inc.* | 20,200 | 769 | |||||||||
PTC Therapeutics, Inc.* | 16,500 | 1,177 | |||||||||
Receptos, Inc.* | 10,000 | 1,266 | |||||||||
Sage Therapeutics, Inc.* | 23,500 | 1,021 | |||||||||
10,938 | |||||||||||
Building Products (1.1%) | |||||||||||
Norcraft Cos., Inc.* | 49,100 | 1,012 | |||||||||
Capital Markets (1.0%) | |||||||||||
WisdomTree Investments, Inc. | 47,900 | 895 | |||||||||
Commercial Services & Supplies (1.5%) | |||||||||||
Multi-Color Corp. | 19,200 | 1,311 | |||||||||
Communications Equipment (2.9%) | |||||||||||
Infinera Corp.* | 75,300 | 1,284 |
Number of Shares | Value† (000's)z | ||||||||||
Palo Alto Networks, Inc.* | 9,000 | $ | 1,280 | ||||||||
2,564 | |||||||||||
Containers & Packaging (1.7%) | |||||||||||
Graphic Packaging Holding Co.* | 101,700 | 1,535 | |||||||||
Diversified Consumer Services (2.9%) | |||||||||||
Bright Horizons Family Solutions, Inc.* | 17,900 | 907 | |||||||||
Carriage Services, Inc. | 74,800 | 1,720 | |||||||||
2,627 | |||||||||||
Food Products (2.0%) | |||||||||||
Diamond Foods, Inc.* | 25,100 | 676 | |||||||||
Hain Celestial Group, Inc.* | 18,200 | 1,138 | |||||||||
1,814 | |||||||||||
Health Care Equipment & Supplies (8.1%) | |||||||||||
DexCom, Inc.* | 14,300 | 868 | |||||||||
Globus Medical, Inc. Class A* | 55,800 | 1,355 | |||||||||
Insulet Corp.* | 20,600 | 654 | |||||||||
LDR Holding Corp.* | 23,000 | 899 | |||||||||
Neovasc, Inc.* | 41,600 | 412 | |||||||||
Novadaq Technologies, Inc.* | 47,000 | 778 | |||||||||
Spectranetics Corp.* | 34,100 | 1,153 | |||||||||
Tornier NV* | 46,600 | 1,139 | |||||||||
7,258 | |||||||||||
Health Care Providers & Services (2.0%) | |||||||||||
Acadia Healthcare Co., Inc.* | 28,795 | 1,821 | |||||||||
Health Care Technology (1.0%) | |||||||||||
Veeva Systems, Inc. Class A* | 29,600 | 914 | |||||||||
Hotels, Restaurants & Leisure (6.7%) | |||||||||||
Bloomin' Brands, Inc.* | 34,000 | 876 | |||||||||
Diamond Resorts International, Inc.* | 34,000 | 1,178 |
Number of Shares | Value† (000's)z | ||||||||||
Kona Grill, Inc.* | 44,800 | $ | 1,096 | ||||||||
La Quinta Holdings, Inc.* | 41,600 | 924 | |||||||||
Ruth's Hospitality Group, Inc. | 69,600 | 1,062 | |||||||||
Vail Resorts, Inc. | 9,600 | 843 | |||||||||
5,979 | |||||||||||
Internet Software & Services (8.6%) | |||||||||||
comScore, Inc.* | 33,200 | 1,713 | |||||||||
Constant Contact, Inc.* | 32,500 | 1,343 | |||||||||
Criteo SA ADR* | 25,500 | 1,157 | |||||||||
Envestnet, Inc.* | 22,400 | 1,207 | |||||||||
MercadoLibre, Inc. | 6,800 | 890 | |||||||||
Q2 Holdings, Inc.* | 69,500 | 1,377 | |||||||||
7,687 | |||||||||||
IT Services (1.5%) | |||||||||||
Blackhawk Network Holdings, Inc.* | 34,900 | 1,293 | |||||||||
Leisure Products (1.0%) | |||||||||||
Brunswick Corp. | 16,000 | 868 | |||||||||
Machinery (1.0%) | |||||||||||
NN, Inc. | 33,400 | 925 | |||||||||
Media (1.0%) | |||||||||||
MDC Partners, Inc. Class A | 35,100 | 913 | |||||||||
Multiline Retail (2.1%) | |||||||||||
Burlington Stores, Inc.* | 17,400 | 967 | |||||||||
Tuesday Morning Corp.* | 47,600 | 903 | |||||||||
1,870 | |||||||||||
Oil, Gas & Consumable Fuels (2.7%) | |||||||||||
Diamondback Energy, Inc.* | 19,800 | 1,410 | |||||||||
Synergy Resources Corp.* | 84,800 | 1,013 | |||||||||
2,423 | |||||||||||
Pharmaceuticals (4.5%) | |||||||||||
Akorn, Inc.* | 30,700 | 1,652 | |||||||||
Depomed, Inc.* | 45,300 | 994 | |||||||||
IGI Laboratories, Inc.* | 123,400 | 1,422 | |||||||||
4,068 |
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Professional Services (5.1%) | |||||||||||
Huron Consulting Group, Inc.* | 12,000 | $ | 800 | ||||||||
Paylocity Holding Corp.* | 54,900 | 1,641 | |||||||||
TriNet Group, Inc.* | 29,300 | 1,065 | |||||||||
WageWorks, Inc.* | 18,600 | 1,068 | |||||||||
4,574 | |||||||||||
Real Estate Investment Trusts (1.2%) | |||||||||||
Pebblebrook Hotel Trust | 22,300 | 1,083 | |||||||||
Road & Rail (1.3%) | |||||||||||
Old Dominion Freight Line, Inc.* | 14,571 | 1,138 | |||||||||
Semiconductors & Semiconductor Equipment (6.6%) | |||||||||||
Cavium, Inc.* | 32,000 | 2,192 | |||||||||
M/A-COM Technology Solutions Holdings, Inc.* | 27,900 | 941 | |||||||||
Microsemi Corp.* | 45,900 | 1,480 | |||||||||
Monolithic Power Systems, Inc. | 24,700 | 1,302 | |||||||||
5,915 | |||||||||||
Software (6.6%) | |||||||||||
Barracuda Networks, Inc.* | 29,600 | 1,127 | |||||||||
Fortinet, Inc.* | 34,000 | 1,143 | |||||||||
Proofpoint, Inc.* | 23,600 | 1,337 | |||||||||
SS&C Technologies Holdings, Inc. | 14,800 | 898 | |||||||||
Ultimate Software Group, Inc.* | 8,400 | 1,383 | |||||||||
5,888 | |||||||||||
Specialty Retail (3.0%) | |||||||||||
Lithia Motors, Inc. Class A | 9,700 | 916 | |||||||||
MarineMax, Inc.* | 32,700 | 829 | |||||||||
Restoration Hardware Holdings, Inc.* | 10,100 | 890 | |||||||||
2,635 | |||||||||||
Technology Hardware, Storage & Peripherals (0.7%) | |||||||||||
Nimble Storage, Inc.* | 24,900 | 629 | |||||||||
Textiles, Apparel & Luxury Goods (1.0%) | |||||||||||
G-III Apparel Group Ltd.* | 8,600 | 905 |
Number of Shares | Value† (000's)z | ||||||||||
Trading Companies & Distributors (1.1%) | |||||||||||
Watsco, Inc. | 8,700 | $ | 1,020 | ||||||||
Total Common Stocks (Cost $77,339) | 87,806 | ||||||||||
Short-Term Investments (2.1%) | |||||||||||
State Street Institutional Liquid Reserves Fund Premier Class (Cost $1,839) | 1,838,964 | 1,839 | |||||||||
Total Investments## (100.1%) (Cost $79,178) | 89,645 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (66 | ) | |||||||||
Total Net Assets (100.0%) | $ | 89,579 |
See Notes to Schedule of Investments
Schedule of Investments Socially Responsive Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Texas Instruments, Inc. | 5.3 | % | ||||||||
2 | Newell Rubbermaid, Inc. | 4.9 | % | ||||||||
3 | American Express Co. | 4.5 | % | ||||||||
4 | Danaher Corp. | 4.4 | % | ||||||||
5 | Progressive Corp. | 4.2 | % |
6 | eBay, Inc. | 3.7 | % | ||||||||
7 | U.S. Bancorp | 3.6 | % | ||||||||
8 | Unilever NV | 3.5 | % | ||||||||
9 | Intuit, Inc. | 3.4 | % | ||||||||
10 | Becton, Dickinson & Co. | 3.4 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (95.2%) | |||||||||||
Airlines (1.9%) | |||||||||||
Ryanair Holdings PLC ADR | 759,897 | $ | 48,139 | ||||||||
Auto Components (2.2%) | |||||||||||
BorgWarner, Inc. | 900,295 | 55,332 | |||||||||
Banks (3.6%) | |||||||||||
U.S. Bancorp | 2,007,845 | 89,570 | |||||||||
Commercial Services & Supplies (1.6%) | |||||||||||
Herman Miller, Inc. | 1,256,920 | 38,927 | |||||||||
Consumer Finance (4.5%) | |||||||||||
American Express Co. | 1,381,112 | 112,685 | |||||||||
Diversified Financial Services (3.0%) | |||||||||||
Intercontinental Exchange, Inc. | 318,594 | 74,984 | |||||||||
Diversified Telecommunication Services (1.4%) | |||||||||||
Level 3 Communications, Inc.* | 640,244 | 34,484 | |||||||||
Electric Utilities (3.0%) | |||||||||||
Eversource Energy | 1,459,757 | 75,542 | |||||||||
Energy Equipment & Services (3.3%) | |||||||||||
Schlumberger Ltd. | 976,813 | 82,209 | |||||||||
Food & Staples Retailing (2.3%) | |||||||||||
Costco Wholesale Corp. | 384,462 | 56,501 | |||||||||
Food Products (3.5%) | |||||||||||
Unilever NV | 2,016,590 | 87,661 | |||||||||
Health Care Equipment & Supplies (5.9%) | |||||||||||
Abbott Laboratories | 1,324,342 | 62,734 | |||||||||
Becton, Dickinson & Co. | 577,992 | 84,803 | |||||||||
147,537 | |||||||||||
Health Care Providers & Services (1.1%) | |||||||||||
Premier, Inc. Class A* | 758,747 | 27,816 |
Number of Shares | Value† (000's)z | ||||||||||
Household Durables (4.9%) | |||||||||||
Newell Rubbermaid, Inc. | 3,123,058 | $ | 122,705 | ||||||||
Industrial Conglomerates (7.5%) | |||||||||||
3M Co. | 447,532 | 75,476 | |||||||||
Danaher Corp. | 1,268,402 | 110,706 | |||||||||
186,182 | |||||||||||
Industrial Gases (1.9%) | |||||||||||
Praxair, Inc. | 371,102 | 47,464 | |||||||||
Insurance (4.2%) | |||||||||||
Progressive Corp. | 3,936,314 | 104,903 | |||||||||
Internet Software & Services (3.7%) | |||||||||||
eBay, Inc.* | 1,609,540 | 93,208 | |||||||||
IT Services (4.1%) | |||||||||||
Alliance Data Systems Corp.* | 229,488 | 63,915 | |||||||||
MasterCard, Inc. Class A | 419,289 | 37,790 | |||||||||
101,705 | |||||||||||
Oil, Gas & Consumable Fuels (3.0%) | |||||||||||
Cimarex Energy Co. | 186,045 | 20,406 | |||||||||
Noble Energy, Inc. | 1,125,243 | 53,145 | |||||||||
73,551 | |||||||||||
Pharmaceuticals (4.5%) | |||||||||||
Roche Holding AG | 228,062 | 61,911 | |||||||||
Sanofi ADR | 997,834 | 48,754 | |||||||||
110,665 | |||||||||||
Professional Services (4.3%) | |||||||||||
ManpowerGroup, Inc. | 369,348 | 29,718 | |||||||||
Robert Half International, Inc. | 1,240,405 | 76,855 | |||||||||
106,573 | |||||||||||
Semiconductors & Semiconductor Equipment (5.3%) | |||||||||||
Texas Instruments, Inc. | 2,246,971 | 132,122 |
Number of Shares | Value† (000's)z | ||||||||||
Software (3.4%) | |||||||||||
Intuit, Inc. | 868,935 | $ | 84,834 | ||||||||
Specialty Chemicals (0.9%) | |||||||||||
Novozymes A/S B Shares | 442,723 | 21,478 | |||||||||
Specialty Retail (5.0%) | |||||||||||
O'Reilly Automotive, Inc.* | 231,721 | 48,228 | |||||||||
TJX Cos., Inc. | 1,094,758 | 75,144 | |||||||||
123,372 | |||||||||||
Trading Companies & Distributors (5.2%) | |||||||||||
NOW, Inc.* | 2,574,155 | 54,701 | |||||||||
W.W. Grainger, Inc. | 314,209 | 74,439 | |||||||||
129,140 | |||||||||||
Total Common Stocks (Cost $1,740,038) | 2,369,289 | ||||||||||
Principal Amount | |||||||||||
Short-Term Investments (4.9%) | |||||||||||
Certificates of Deposit (0.0%) | |||||||||||
Carver Federal Savings Bank Self Help Credit Union, 0.25%, due 3/23/15 | $ | 100,000 | 100 | ||||||||
Self Help Credit Union, 0.25%, due 4/14/15 | 250,000 | 250 | |||||||||
Self Help Credit Union, 0.25%, due 5/18/15 | 250,000 | 250 | |||||||||
600 | # |
See Notes to Schedule of Investments
Schedule of Investments Socially Responsive Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Money Market Fund (4.9%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class | 120,927,071 | $ | 120,927 | ||||||||
Total Short-Term Investments (Cost $121,527) | 121,527 | ||||||||||
Total Investments## (100.1%) (Cost $1,861,565) | 2,490,816 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (2,698 | ) | |||||||||
Total Net Assets (100.0%) | $ | 2,488,118 |
See Notes to Schedule of Investments
Schedule of Investments Value Fund (Unaudited) 2/28/15
TOP TEN EQUITY HOLDINGS
1 | Exxon Mobil Corp. | 4.7 | % | ||||||||
2 | JPMorgan Chase & Co. | 4.4 | % | ||||||||
3 | Carnival Corp. | 3.9 | % | ||||||||
4 | Wal-Mart Stores, Inc. | 3.8 | % | ||||||||
5 | United Continental Holdings, Inc. | 3.7 | % |
6 | Cisco Systems, Inc. | 3.4 | % | ||||||||
7 | Ralph Lauren Corp. | 3.3 | % | ||||||||
8 | American Airlines Group, Inc. | 3.3 | % | ||||||||
9 | Target Corp. | 3.3 | % | ||||||||
10 | Delta Air Lines, Inc. | 3.0 | % |
Number of Shares | Value† (000's)z | ||||||||||
Common Stocks (92.3%) | |||||||||||
Air Freight & Logistics (1.2%) | |||||||||||
United Parcel Service, Inc. Class B | 3,252 | $ | 331 | ||||||||
Airlines (10.0%) | |||||||||||
American Airlines Group, Inc. | 19,173 | 919 | |||||||||
Delta Air Lines, Inc. | 18,830 | 838 | |||||||||
United Continental Holdings, Inc.* | 15,544 | 1,013 | |||||||||
2,770 | |||||||||||
Automobiles (1.6%) | |||||||||||
General Motors Co. | 11,923 | 445 | |||||||||
Banks (9.4%) | |||||||||||
Citigroup, Inc. | 8,028 | 421 | |||||||||
JPMorgan Chase & Co. | 19,601 | 1,201 | |||||||||
M&T Bank Corp. | 3,421 | 414 | |||||||||
Regions Financial Corp. | 27,239 | 262 | |||||||||
Wells Fargo & Co. | 5,379 | 294 | |||||||||
2,592 | |||||||||||
Capital Markets (4.2%) | |||||||||||
Bank of New York Mellon Corp. | 7,726 | 302 | |||||||||
Goldman Sachs Group, Inc. | 2,152 | 409 | |||||||||
Morgan Stanley | 12,376 | 443 | |||||||||
1,154 | |||||||||||
Communications Equipment (3.7%) | |||||||||||
Cisco Systems, Inc. | 31,878 | 941 | |||||||||
Juniper Networks, Inc. | 3,379 | 81 | |||||||||
1,022 | |||||||||||
Construction Materials (1.5%) | |||||||||||
Vulcan Materials Co. | 4,884 | 405 | |||||||||
Distributors (0.9%) | |||||||||||
LKQ Corp.* | 10,626 | 261 | |||||||||
Diversified Financial Services (4.0%) | |||||||||||
CME Group, Inc. | 7,549 | 724 | |||||||||
Intercontinental Exchange, Inc. | 1,600 | 377 | |||||||||
1,101 |
Number of Shares | Value† (000's)z | ||||||||||
Electric Utilities (1.4%) | |||||||||||
Exelon Corp. | 11,403 | $ | 387 | ||||||||
Electrical Equipment (1.9%) | |||||||||||
Eaton Corp. PLC | 7,362 | 523 | |||||||||
Energy Equipment & Services (0.6%) | |||||||||||
McDermott International, Inc.* | 27,893 | 70 | |||||||||
Schlumberger Ltd. | 1,252 | 105 | |||||||||
175 | |||||||||||
Food & Staples Retailing (3.8%) | |||||||||||
Wal-Mart Stores, Inc. | 12,415 | 1,042 | |||||||||
Health Care Equipment & Supplies (1.8%) | |||||||||||
Hologic, Inc.* | 9,980 | 323 | |||||||||
Medtronic PLC | 2,399 | 186 | |||||||||
509 | |||||||||||
Health Care Providers & Services (2.8%) | |||||||||||
Tenet Healthcare Corp.* | 7,685 | 356 | |||||||||
UnitedHealth Group, Inc. | 3,645 | 414 | |||||||||
770 | |||||||||||
Hotels, Restaurants & Leisure (3.9%) | |||||||||||
Carnival Corp. | 24,313 | 1,070 | |||||||||
Household Durables (0.7%) | |||||||||||
Lennar Corp. Class A | 4,060 | 204 | |||||||||
Insurance (3.4%) | |||||||||||
Lincoln National Corp. | 8,541 | 492 | |||||||||
MetLife, Inc. | 5,153 | 262 | |||||||||
Willis Group Holdings PLC | 3,549 | 170 | |||||||||
924 | |||||||||||
IT Services (1.0%) | |||||||||||
Teradata Corp.* | 6,221 | 277 | |||||||||
Machinery (1.6%) | |||||||||||
Caterpillar, Inc. | 1,824 | 151 | |||||||||
Illinois Tool Works, Inc. | 2,951 | 292 | |||||||||
443 | |||||||||||
Media (0.7%) | |||||||||||
Twenty-First Century Fox, Inc. Class A | 5,175 | 181 |
Number of Shares | Value† (000's)z | ||||||||||
Metals & Mining (3.5%) | |||||||||||
Newmont Mining Corp. | 16,590 | $ | 437 | ||||||||
United States Steel Corp. | 21,946 | 525 | |||||||||
962 | |||||||||||
Multiline Retail (6.9%) | |||||||||||
JC Penney Co., Inc.* | 64,767 | 550 | |||||||||
Kohl's Corp. | 5,971 | 441 | |||||||||
Target Corp. | 11,832 | 909 | |||||||||
1,900 | |||||||||||
Oil, Gas & Consumable Fuels (6.6%) | |||||||||||
Antero Resources Corp.* | 684 | 27 | |||||||||
Devon Energy Corp. | 3,743 | 231 | |||||||||
Exxon Mobil Corp. | 14,604 | 1,293 | |||||||||
Range Resources Corp. | 5,163 | 256 | |||||||||
Valero Energy Corp. | 170 | 10 | |||||||||
1,817 | |||||||||||
Pharmaceuticals (3.2%) | |||||||||||
Pfizer, Inc. | 14,248 | 489 | |||||||||
Teva Pharmaceutical Industries Ltd. ADR | 6,969 | 397 | |||||||||
886 | |||||||||||
Professional Services (0.5%) | |||||||||||
Towers Watson & Co. Class A | 1,120 | 147 | |||||||||
Semiconductors & Semiconductor Equipment (1.9%) | |||||||||||
Intel Corp. | 15,701 | 522 | |||||||||
Software (4.0%) | |||||||||||
CA, Inc. | 16,892 | 549 | |||||||||
FireEye, Inc.* | 5,919 | 262 | |||||||||
Microsoft Corp. | 6,434 | 282 | |||||||||
1,093 | |||||||||||
Specialty Retail (2.3%) | |||||||||||
American Eagle Outfitters, Inc. | 15,201 | 227 | |||||||||
DSW, Inc. Class A | 10,871 | 410 | |||||||||
637 | |||||||||||
Textiles, Apparel & Luxury Goods (3.3%) | |||||||||||
Ralph Lauren Corp. | 6,709 | 922 | |||||||||
Total Common Stocks (Cost $23,857) | 25,472 |
See Notes to Schedule of Investments
Schedule of Investments Value Fund (Unaudited) (cont'd)
Number of Shares | Value† (000's)z | ||||||||||
Short-Term Investments (7.8%) | |||||||||||
State Street Institutional Treasury Money Market Fund Premier Class (Cost $2,148) | 2,147,983 | $ | 2,148 | ||||||||
Total Investments## (100.1%) (Cost $26,005) | 27,620 | ||||||||||
Liabilities, less cash, receivables and other assets [(0.1%)] | (36 | ) | |||||||||
Total Net Assets (100.0%) | $ | 27,584 |
See Notes to Schedule of Investments
Notes to Schedule of Investments (Unaudited)
† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman All Cap Core Fund ("All Cap Core") (formerly, Neuberger Berman Select Equities Fund), Neuberger Berman Emerging Markets Equity Fund ("Emerging Markets Equity"), Neuberger Berman Equity Income Fund ("Equity Income"), Neuberger Berman Focus Fund ("Focus"), Neuberger Berman Genesis Fund ("Genesis"), Neuberger Berman Global Equity Fund ("Global Equity"), Neuberger Berman Global Real Estate Fund ("Global Real Estate"), Neuberger Berman Global Thematic Opportunities Fund ("Global Thematic Opportunities"), Neuberger Berman Greater China Equity Fund ("Greater China Equity"), Neuberger Berman Guardian Fund ("Guardian"), Neuberger Berman International Equity Fund ("International Equity"), Neuberger Berman International Select Fund ("International Select"), Neuberger Berman Intrinsic Value Fund ("Intrinsic Value"), Neuberger Berman Large Cap Disciplined Growth Fund ("Large Cap Disciplined Growth"), Neuberger Berman Large Cap Value Fund ("Large Cap Value"), Neuberger Berman Mid Cap Growth Fund ("Mid Cap Growth"), Neuberger Berman Mid Cap Intrinsic Value Fund ("Mid Cap Intrinsic Value"), Neuberger Berman Multi-Cap Opportunities Fund ("Multi-Cap Opportunities"), Neuberger Berman Real Estate Fund ("Real Estate"), Neuberger Berman Small Cap Growth Fund ("Small Cap Growth"), Neuberger Berman Socially Responsive Fund ("Socially Responsive") and Neuberger Berman Value Fund ("Value") (each individually a "Fund," and collectively, the "Funds") are carried at the value that Neuberger Berman Management LLC ("Management") believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Funds' investments in equity securities, exchange traded funds, preferred stocks, convertible preferred stocks, rights and written option contracts, for which market quotations are readily available, is generally determined by Management by obtaining valuations from an independent pricing service based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations.
The value of the Funds' investments in convertible bonds is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
quality, coupon, maturity and type, indications as to values from dealers, and general market conditions (generally Level 2 inputs).
Other Level 2 inputs used by an independent pricing service to value convertible bonds generally include underlying stock data, dealer quotes, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, and sensitivity analysis, when available.
The value of participatory notes is determined by Management by obtaining valuations from an independent pricing service based on the underlying equity security and applicable exchange rate.
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
Certificates of deposit are valued at amortized cost.
Investments in investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, 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 Neuberger Berman Equity Funds' Board of Trustees (the "Board") has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, trading in futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.
The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are translated from the local currency into U.S. dollars using the exchange rates as of the end of regular trading on the New York Stock Exchange ("NYSE") on business days, usually 4:00 p.m., Eastern time. The Board has approved the use of Interactive Data Pricing and Reference Data, Inc. ("Interactive") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, Interactive will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the close of the NYSE, the Board has determined on the basis of available data that prices adjusted in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of February 28, 2015:
Asset Valuation Inputs
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||||
All Cap Core | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | $ | 71,246 | $ | — | $ | — | $ | 71,246 | |||||||||||
Short-Term Investments | — | 3,843 | — | 3,843 | |||||||||||||||
Total Investments | 71,246 | 3,843 | — | 75,089 | |||||||||||||||
Emerging Markets Equity | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | |||||||||||||||||||
Qatar | — | 7,409 | — | 7,409 | |||||||||||||||
Russia | 10,566 | 10,503 | — | 21,069 | |||||||||||||||
Taiwan, Province of China | — | 33,073 | — | 33,073 | |||||||||||||||
Thailand | — | 7,195 | — | 7,195 | |||||||||||||||
Other Common Stocksß | 458,760 | — | — | 458,760 | |||||||||||||||
Total Common Stocks | 469,326 | 58,180 | — | 527,506 | |||||||||||||||
Short-Term Investments | — | 12,556 | — | 12,556 | |||||||||||||||
Total Investments | 469,326 | 70,736 | — | 540,062 | |||||||||||||||
Equity Income | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 2,304,970 | — | — | 2,304,970 | |||||||||||||||
Preferred Stocks | 11,148 | — | — | 11,148 | |||||||||||||||
Convertible Bonds | — | 76,739 | — | 76,739 | |||||||||||||||
Short-Term Investments | — | 26,876 | — | 26,876 | |||||||||||||||
Total Investments | 2,316,118 | 103,615 | — | 2,419,733 | |||||||||||||||
Focus | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 826,117 | — | — | 826,117 | |||||||||||||||
Short-Term Investments | — | 20,197 | — | 20,197 | |||||||||||||||
Total Investments | 826,117 | 20,197 | — | 846,314 | |||||||||||||||
Genesis | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 12,371,494 | — | — | 12,371,494 | |||||||||||||||
Short-Term Investments | — | 74,999 | — | 74,999 | |||||||||||||||
Total Investments | 12,371,494 | 74,999 | — | 12,446,493 |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||||
Global Equity | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | |||||||||||||||||||
Israel | $ | 72 | $ | 38 | $ | — | $ | 110 | |||||||||||
Other Common Stocksß | 3,611 | — | — | 3,611 | |||||||||||||||
Total Common Stocks | 3,683 | 38 | — | 3,721 | |||||||||||||||
Short-Term Investments | — | 269 | — | 269 | |||||||||||||||
Total Investments | 3,683 | 307 | — | 3,990 | |||||||||||||||
Global Real Estate | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 2,946 | — | — | 2,946 | |||||||||||||||
Short-Term Investments | — | 49 | — | 49 | |||||||||||||||
Total Investments | 2,946 | 49 | — | 2,995 | |||||||||||||||
Global Thematic Opportunities | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 73,914 | — | — | 73,914 | |||||||||||||||
Exchange Traded Funds | 1,884 | — | — | 1,884 | |||||||||||||||
Convertible Bonds | — | 775 | — | 775 | |||||||||||||||
Short-Term Investments | — | 1,687 | — | 1,687 | |||||||||||||||
Total Investments | 75,798 | 2,462 | — | 78,260 | |||||||||||||||
Greater China Equity | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 79,349 | — | — | 79,349 | |||||||||||||||
Participatory Notes§ | 28,533 | — | — | 28,533 | |||||||||||||||
Short-Term Investments | — | 14,624 | — | 14,624 | |||||||||||||||
Total Investments | 107,882 | 14,624 | — | 122,506 | |||||||||||||||
Guardian | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 1,484,145 | — | — | 1,484,145 | |||||||||||||||
Short-Term Investments | — | 47,403 | — | 47,403 | |||||||||||||||
Total Investments | 1,484,145 | 47,403 | — | 1,531,548 | |||||||||||||||
International Equity | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | |||||||||||||||||||
Israel | 26,391 | 12,412 | — | 38,803 | |||||||||||||||
Other Common Stocksß | 1,072,693 | — | — | 1,072,693 | |||||||||||||||
Total Common Stocks | 1,099,084 | 12,412 | — | 1,111,496 | |||||||||||||||
Short-Term Investments | — | 44,573 | — | 44,573 | |||||||||||||||
Total Investments | 1,099,084 | 56,985 | — | 1,156,069 |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||||
International Select | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | |||||||||||||||||||
Israel | $ | 6,612 | $ | 3,419 | $ | — | $ | 10,031 | |||||||||||
Other Common Stocksß | 233,816 | — | — | 233,816 | |||||||||||||||
Total Common Stocks | 240,428 | 3,419 | — | 243,847 | |||||||||||||||
Short-Term Investments | — | 4,610 | — | 4,610 | |||||||||||||||
Total Investments | 240,428 | 8,029 | — | 248,457 | |||||||||||||||
Intrinsic Value | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 339,602 | — | — | 339,602 | |||||||||||||||
Short-Term Investments | — | 19,194 | — | 19,194 | |||||||||||||||
Total Investments | 339,602 | 19,194 | — | 358,796 | |||||||||||||||
Large Cap Disciplined Growth | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 98,953 | — | — | 98,953 | |||||||||||||||
Short-Term Investments | — | 948 | — | 948 | |||||||||||||||
Total Investments | 98,953 | 948 | — | 99,901 | |||||||||||||||
Large Cap Value | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 1,564,218 | — | — | 1,564,218 | |||||||||||||||
Short-Term Investments | — | 75,069 | — | 75,069 | |||||||||||||||
Total Investments | 1,564,218 | 75,069 | — | 1,639,287 | |||||||||||||||
Mid Cap Growth | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 1,047,508 | — | — | 1,047,508 | |||||||||||||||
Exchange Traded Funds | 24,490 | — | — | 24,490 | |||||||||||||||
Short-Term Investments | — | 40,022 | — | 40,022 | |||||||||||||||
Total Investments | 1,071,998 | 40,022 | — | 1,112,020 | |||||||||||||||
Mid Cap Intrinsic Value | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 89,836 | — | — | 89,836 | |||||||||||||||
Rights§ | — | — | 7 | 7 | |||||||||||||||
Short-Term Investments | — | 9,982 | — | 9,982 | |||||||||||||||
Total Investments | 89,836 | 9,982 | 7 | 99,825 |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Level 1 | Level 2 | Level 3§§ | Total | |||||||||||||||
Multi-Cap Opportunities | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | $ | 2,623,432 | $ | — | $ | — | $ | 2,623,432 | |||||||||||
Short-Term Investments | — | 519 | — | 519 | |||||||||||||||
Total Investments | 2,623,432 | 519 | — | 2,623,951 | |||||||||||||||
Real Estate | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 1,071,859 | — | — | 1,071,859 | |||||||||||||||
Short-Term Investments | — | 12,846 | — | 12,846 | |||||||||||||||
Total Investments | 1,071,859 | 12,846 | — | 1,084,705 | |||||||||||||||
Small Cap Growth | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 87,806 | — | — | 87,806 | |||||||||||||||
Short-Term Investments | — | 1,839 | — | 1,839 | |||||||||||||||
Total Investments | 87,806 | 1,839 | — | 89,645 | |||||||||||||||
Socially Responsive | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 2,369,289 | — | — | 2,369,289 | |||||||||||||||
Short-Term Investments§ | — | 121,527 | — | 121,527 | |||||||||||||||
Total Investments | 2,369,289 | 121,527 | — | 2,490,816 | |||||||||||||||
Value | |||||||||||||||||||
Investments: | |||||||||||||||||||
Common Stocks§ | 25,472 | — | — | 25,472 | |||||||||||||||
Short-Term Investments | — | 2,148 | — | 2,148 | |||||||||||||||
Total Investments | 25,472 | 2,148 | — | 27,620 |
§ The Schedule of Investments (or Summary Schedule of Investments by Industry for the global/international funds) provides information on the industry categorization for the portfolio.
ß Represents a geographic location and/or industry where all securities were Level 1 securities. Please refer to the Schedule of Investments for additional information.
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
§§ The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
Mid Cap Intrinsic Value
Beginning balance, as of 9/1/14 | 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 2/28/15 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 2/28/15 | ||||||||||||||||||||||||||||||||||
Investments in Securities: | |||||||||||||||||||||||||||||||||||||||||||
Rights | |||||||||||||||||||||||||||||||||||||||||||
Food & Staples Retailing | $ | — | $ | — | $ | — | $ | (15 | ) | $ | 22 | $ | — | $ | — | $ | — | $ | 7 | $ | (15 | ) | |||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | (15 | ) | $ | 22 | $ | — | $ | — | $ | — | $ | 7 | $ | (15 | ) |
As of the period ended February 28, 2015, Mid Cap Intrinsic Value's Level 3 investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.
As of the period ended February 28, 2015, certain securities were transferred from one level (as of August 31, 2014) to another. Based on beginning of period market values as of August 31, 2014, approximately $34,649,000 was transferred from Level 1 to Level 2 for Emerging Markets Equity. Interactive provided adjusted prices for these securities as of February 28, 2015, as stated in the description of the valuation methods of foreign equity securities in footnote † above. In addition, approximately $43,499,000 was transferred from Level 2 to Level 1 for Emerging Markets Equity due to active market activity on recognized exchanges as of February 28, 2015. These securities had been categorized as Level 2 as of August 31, 2014, due to foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date.
The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of February 28, 2015:
Liability Valuation Inputs
(000's omitted) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Equity Income | |||||||||||||||||||
Option Contracts | $ | (1,301 | ) | $ | — | $ | — | $ | (1,301 | ) |
# At cost, which approximates market value.
## At February 28, 2015, selected fund information on a U.S. federal income tax basis was as follows:
(000's omitted) | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
All Cap Core | $ | 67,688 | $ | 8,821 | $ | 1,420 | $ | 7,401 | |||||||||||
Emerging Markets Equity | 506,387 | 76,617 | 42,942 | 33,675 | |||||||||||||||
Equity Income | 2,101,684 | 365,231 | 47,182 | 318,049 | |||||||||||||||
Focus | 684,089 | 175,016 | 12,791 | 162,225 | |||||||||||||||
Genesis | 6,527,465 | 6,088,077 | 169,049 | 5,919,028 |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
Global Equity | $ | 3,610 | $ | 530 | $ | 150 | $ | 380 | |||||||||||
Global Real Estate | 2,921 | 94 | 20 | 74 | |||||||||||||||
Global Thematic Opportunities | 68,145 | 12,358 | 2,243 | 10,115 | |||||||||||||||
Greater China Equity | 115,602 | 9,532 | 2,628 | 6,904 | |||||||||||||||
Guardian | 1,125,574 | 432,680 | 26,706 | 405,974 | |||||||||||||||
International Equity | 982,211 | 202,194 | 28,336 | 173,858 | |||||||||||||||
International Select | 202,560 | 50,345 | 4,448 | 45,897 | |||||||||||||||
Intrinsic Value | 280,660 | 94,172 | 16,036 | 78,136 | |||||||||||||||
Large Cap Disciplined Growth | 83,228 | 19,155 | 2,482 | 16,673 | |||||||||||||||
Large Cap Value | 1,478,284 | 199,805 | 38,802 | 161,003 | |||||||||||||||
Mid Cap Growth | 775,014 | 344,393 | 7,387 | 337,006 | |||||||||||||||
Mid Cap Intrinsic Value | 80,056 | 22,044 | 2,275 | 19,769 | |||||||||||||||
Multi-Cap Opportunities | 2,132,173 | 560,337 | 68,559 | 491,778 | |||||||||||||||
Real Estate | 912,843 | 181,074 | 9,212 | 171,862 | |||||||||||||||
Small Cap Growth | 79,447 | 10,781 | 583 | 10,198 | |||||||||||||||
Socially Responsive | 1,860,179 | 659,138 | 28,501 | 630,637 | |||||||||||||||
Value | 26,085 | 2,219 | 684 | 1,535 |
* Security did not produce income during the last twelve months.
‡‡ At February 28, 2015, Equity Income had outstanding call and put options written as follows:
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Optionsµ | |||||||||||
AvalonBay Communities, Inc., Call | 100 | 185 | July 2015 | $ | (9,000 | ) | |||||||||
BlackRock, Inc., Call | 99 | 410 | July 2015 | (37,000 | ) | ||||||||||
BlackRock, Inc., Call | 100 | 430 | July 2015 | (11,000 | ) | ||||||||||
Bristol-Myers Squibb Co., Call | 115 | 65 | June 2015 | (14,000 | ) | ||||||||||
Carlyle Group LP, Put | 390 | 25 | March 2015 | (14,000 | ) | ||||||||||
Carlyle Group LP, Put | 400 | 27.5 | March 2015 | (71,000 | ) | ||||||||||
CME Group, Inc., Call | 400 | 95 | June 2015 | (164,000 | ) | ||||||||||
CME Group, Inc., Call | 400 | 100 | June 2015 | (70,000 | ) | ||||||||||
CME Group, Inc., Call | 65 | 105 | September 2015 | (11,000 | ) | ||||||||||
E.I. du Pont de Nemours & Co., Call | 500 | 82.5 | July 2015 | (65,000 | ) | ||||||||||
Eli Lilly & Co., Call | 300 | 72.5 | April 2015 | (35,000 | ) | ||||||||||
Equity Residential, Call | 300 | 77.5 | July 2015 | (75,000 | ) | ||||||||||
Equity Residential, Call | 200 | 82.5 | July 2015 | (22,000 | ) | ||||||||||
Equity Residential, Call | 200 | 85 | July 2015 | (10,000 | ) | ||||||||||
Extra Space Storage, Inc., Call | 50 | 75 | September 2015 | (2,000 | ) | ||||||||||
Hasbro, Inc., Call | 300 | 62.5 | July 2015 | (86,000 | ) | ||||||||||
Hasbro, Inc., Call | 300 | 70 | January 2016 | (42,000 | ) | ||||||||||
Home Depot, Inc., Call | 250 | 110 | May 2015 | (156,000 | ) | ||||||||||
Honeywell International, Inc., Call | 61 | 110 | June 2015 | (5,000 | ) | ||||||||||
Honeywell International, Inc., Call | 200 | 105 | June 2015 | (49,000 | ) | ||||||||||
Norfolk Southern Corp., Call | 400 | 115 | June 2015 | (84,000 | ) |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
Name of Issuer | Contracts | Exercise Price | Expiration Date | Market Value of Optionsµ | |||||||||||
Norfolk Southern Corp., Call | 400 | 120 | June 2015 | $ | (36,000 | ) | |||||||||
Public Storage, Call | 150 | 220 | September 2015 | (21,000 | ) | ||||||||||
Simon Property Group, Inc., Call | 300 | 190 | April 2015 | (156,000 | ) | ||||||||||
Simon Property Group, Inc., Call | 100 | 200 | July 2015 | (40,000 | ) | ||||||||||
Simon Property Group, Inc., Call | 100 | 210 | July 2015 | (16,000 | ) | ||||||||||
Total | $ | (1,301,000 | ) |
µ Rounded to the nearest thousand.
At February 28, 2015, Equity Income had deposited $2,178,750 in a segregated account to cover requirements on put options written.
@ All or a portion of this security is pledged in connection with outstanding call options written.
Ø All or a portion of this security was purchased on a when-issued basis. At February 28, 2015, these securities amounted to $821,000 for Greater China Equity.
ØØ All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments.
ñ Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At February 28, 2015, these securities amounted to approximately $3,566,000 or 0.7% of net assets for Emerging Markets Equity, approximately $20,080,000 or 0.8% of net assets for Equity Income, approximately $5,348,000 or 4.5% of net assets for Greater China Equity and approximately $7,000 or 0.0% of net assets for Mid Cap Intrinsic Value.
a Effective September 2, 2014. Formerly, Neuberger Berman Select Equities Fund through September 1, 2014.
b These securities have been deemed by the investment manager to be illiquid. Restricted securities subject to restrictions on resale. Securities were purchased under Rule 144A of the 1933 Act or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors.
At February 28, 2015, these securities amounted to approximately $5,154,000 or 4.4% of net assets for Greater China Equity.
(000's omitted) | Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets as of Acquisition Date | Value as of February 28, 2015 | Fair Value Percentage of Net Assets as of February 28, 2015 | |||||||||||||||||||||
Greater China Equity | China Vanke Co. Ltd., Class A | 4/24/2014 | $ | 19 | 0.0 | % | $ | 29 | 0.0 | % | |||||||||||||||||
China Vanke Co. Ltd., Class A | 8/22/2014 | 32 | 0.0 | % | 43 | 0.0 | % | ||||||||||||||||||||
China Vanke Co. Ltd., Class A | 2/16/2015 | 853 | 0.9 | % | 848 | 0.7 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 11/25/2014 | 418 | 0.5 | % | 408 | 0.4 | % |
See Notes to Financial Statements
Notes to Schedule of Investments (Unaudited) (cont'd)
(000's omitted) | Restricted Security | Acquisition Date | Acquisition Cost | Acquisition Cost Percentage of Net Assets as of Acquisition Date | Value as of February 28, 2015 | Fair Value Percentage of Net Assets as of February 28, 2015 | |||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 11/26/2014 | $ | 216 | 0.2 | % | $ | 213 | 0.2 | % | ||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 12/8/2014 | 95 | 0.1 | % | 96 | 0.1 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 12/16/2014 | 335 | 0.4 | % | 323 | 0.3 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 12/18/2014 | 211 | 0.2 | % | 202 | 0.2 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 12/22/2014 | 118 | 0.1 | % | 122 | 0.1 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 12/24/2014 | 131 | 0.2 | % | 135 | 0.1 | % | ||||||||||||||||||||
Huadong Medicine Co. Ltd., Class A | 2/27/2015 | 187 | 0.2 | % | 188 | 0.2 | % | ||||||||||||||||||||
Tasly Pharmaceutical Group Co. Class A | 11/21/2014 | 273 | 0.3 | % | 291 | 0.2 | % | ||||||||||||||||||||
Tasly Pharmaceutical Group Co. Class A | 12/15/2014 | 421 | 0.5 | % | 434 | 0.4 | % | ||||||||||||||||||||
Tasly Pharmaceutical Group Co. Class A | 12/30/2014 | 72 | 0.1 | % | 77 | 0.1 | % | ||||||||||||||||||||
Tasly Pharmaceutical Group Co. Class A | 2/27/2015 | 101 | 0.1 | % | 100 | 0.1 | % | ||||||||||||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1/13/2015 | 472 | 0.5 | % | 494 | 0.4 | % | ||||||||||||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1/14/2015 | 472 | 0.5 | % | 504 | 0.4 | % | ||||||||||||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1/16/2015 | 485 | 0.5 | % | 523 | 0.4 | % | ||||||||||||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 2/27/2015 | 125 | 0.1 | % | 124 | 0.1 | % |
z A zero balance, if any, may reflect actual amounts rounding to less than $1,000.
^ Affiliated issuer (see Note F of Notes to Financial Statements).
f Value of the security was determined using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security.
k See Note A-11 in the Notes to Financial Statements for the Fund's open positions in derivatives at February 28, 2015.
See Notes to Financial Statements
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Statements of Assets and Liabilities (Unaudited)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||
February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 75,089 | $ | 540,062 | $ | 2,419,733 | $ | 846,314 | $ | 7,950,017 | $ | 3,990 | $ | 2,995 | $ | 78,260 | $ | 122,506 | $ | 1,531,548 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | 4,496,476 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
75,089 | 540,062 | 2,419,733 | 846,314 | 12,446,493 | 3,990 | 2,995 | 78,260 | 122,506 | 1,531,548 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | 180,499 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency* | — | — | 288 | — | — | — | 1 | — | 31 | — | |||||||||||||||||||||||||||||||||
Cash collateral segregated for open option contracts | — | — | 2,179 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 56 | 729 | 10,350 | 1,310 | 14,799 | 21 | 2 | 137 | — | 2,659 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | 1,487 | 587 | 11,121 | 409 | 59,088 | — | — | 36 | 516 | — | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 92 | 465 | 2,540 | 235 | 14,675 | 7 | — | 24 | 4,658 | 470 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | 6 | 67 | — | �� | — | — | 25 | 30 | 11 | — | — | ||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 29 | 47 | 47 | 58 | 242 | 13 | 49 | 14 | 15 | 111 | |||||||||||||||||||||||||||||||||
Total Assets | 76,759 | 541,957 | 2,446,258 | 848,326 | 12,715,796 | 4,056 | 3,077 | 78,482 | 127,726 | 1,534,788 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Option contracts written, at value** (Note A) | — | — | 1,301 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | 6,825 | — | — | — | — | 35 | — | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | — | 1,839 | 10,875 | — | 56,901 | 68 | — | 199 | 9,358 | 1,931 | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 353 | 1,022 | 2,508 | 795 | 17,779 | — | — | 55 | 6 | 839 | |||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 32 | 408 | 869 | 334 | 6,411 | 2 | 2 | 53 | 84 | 572 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | — | — | 760 | 192 | 2,155 | — | — | — | — | 335 | |||||||||||||||||||||||||||||||||
Payable to trustees | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||||||||||||||||||
Payable for organization costs | — | — | — | — | — | — | 41 | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 59 | 378 | 323 | 182 | 1,405 | 62 | 34 | 68 | 84 | 335 | |||||||||||||||||||||||||||||||||
Total Liabilities | 449 | 3,652 | 23,466 | 1,508 | 84,656 | 137 | 82 | 415 | 9,537 | 4,017 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 76,310 | $ | 538,305 | $ | 2,422,792 | $ | 846,818 | $ | 12,631,140 | $ | 3,919 | $ | 2,995 | $ | 78,067 | $ | 118,189 | $ | 1,530,771 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 66,685 | $ | 542,466 | $ | 2,029,721 | $ | 675,093 | $ | 6,320,661 | $ | 1,028 | $ | 2,907 | $ | 71,447 | $ | 103,183 | $ | 1,084,412 | |||||||||||||||||||||||
Undistributed net investment income (loss) | (71 | ) | — | — | 1,469 | 5,524 | — | — | — | — | 2,251 | ||||||||||||||||||||||||||||||||
Distributions in excess of net investment income | — | (605 | ) | (1,172 | ) | — | — | (23 | ) | — | (248 | ) | (582 | ) | — | ||||||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | 2,289 | (37,817 | ) | 72,279 | 7,384 | 369,582 | 2,503 | 14 | (3,055 | ) | 7,802 | 38,543 | |||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 7,407 | 34,261 | 321,964 | 162,872 | 5,935,373 | 411 | 74 | 9,923 | 7,786 | 405,565 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 76,310 | $ | 538,305 | $ | 2,422,792 | $ | 846,818 | $ | 12,631,140 | $ | 3,919 | $ | 2,995 | $ | 78,067 | $ | 118,189 | $ | 1,530,771 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 686,448 | $ | 2,269,142 | $ | — | $ | — | $ | — | $ | — | $ | 1,181,518 | |||||||||||||||||||||||
Trust Class | — | — | — | 120,650 | 2,521,195 | — | — | — | — | 129,791 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 6,670 | 528,419 | — | — | — | — | 370 | |||||||||||||||||||||||||||||||||
Institutional Class | 51,819 | 422,163 | 1,628,116 | 24,256 | 4,323,357 | 3,398 | 2,063 | 77,748 | 114,209 | 130,978 | |||||||||||||||||||||||||||||||||
Class A | 12,985 | 16,328 | 343,509 | 5,986 | — | 369 | 675 | 195 | 3,846 | 84,292 | |||||||||||||||||||||||||||||||||
Class C | 11,506 | 6,996 | 447,289 | 2,808 | — | 152 | 257 | 124 | 134 | 3,032 | |||||||||||||||||||||||||||||||||
Class R3 | — | 763 | 3,878 | — | — | — | — | — | — | 790 | |||||||||||||||||||||||||||||||||
Class R6 | — | 92,055 | — | — | 2,989,027 | — | — | — | — | — |
See Notes to Financial Statements
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||
February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 26,090 | 60,503 | — | — | — | — | 63,311 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 7,177 | 41,337 | — | — | — | — | 9,875 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 749 | 18,596 | — | — | — | — | 24 | |||||||||||||||||||||||||||||||||
Institutional Class | 5,618 | 25,729 | 127,745 | 921 | 74,160 | 505 | 200 | 7,536 | 9,027 | 7,007 | |||||||||||||||||||||||||||||||||
Class A | 1,436 | 999 | 27,050 | 359 | — | 55 | 65 | 19 | 305 | 6,484 | |||||||||||||||||||||||||||||||||
Class C | 1,367 | 441 | 35,450 | 328 | — | 24 | 25 | 12 | 11 | 198 | |||||||||||||||||||||||||||||||||
Class R3 | — | 48 | 306 | — | �� | — | — | — | — | — | 51 | ||||||||||||||||||||||||||||||||
Class R6 | — | 5,607 | — | — | 51,275 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | — | $ | — | $ | — | $ | 26.31 | $ | 37.50 | $ | — | $ | — | $ | — | $ | — | $ | 18.66 | |||||||||||||||||||||||
Trust Class | — | — | — | 16.81 | 60.99 | — | — | — | — | 13.14 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 8.91 | 28.42 | — | — | — | — | 15.68 | |||||||||||||||||||||||||||||||||
Institutional Class | 9.22 | 16.41 | 12.75 | 26.34 | 58.30 | 6.73 | 10.31 | 10.32 | 12.65 | 18.69 | |||||||||||||||||||||||||||||||||
Class R3 | — | 16.06 | 12.67 | — | — | — | — | — | — | 15.64 | |||||||||||||||||||||||||||||||||
Class R6 | — | 16.42 | — | — | 58.29 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 9.04 | $ | 16.34 | $ | 12.70 | $ | 16.66 | $ | — | $ | 6.67 | $ | 10.31 | $ | 10.26 | $ | 12.60 | $ | 13.00 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 9.59 | $ | 17.34 | $ | 13.47 | $ | 17.68 | $ | — | $ | 7.08 | $ | 10.94 | $ | 10.89 | $ | 13.37 | $ | 13.79 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 8.42 | $ | 15.87 | $ | 12.62 | $ | 8.56 | $ | — | $ | 6.46 | $ | 10.30 | $ | 10.06 | $ | 12.52 | $ | 15.30 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 67,682 | $ | 505,797 | $ | 2,097,384 | $ | 683,442 | $ | 4,073,583 | $ | 3,577 | $ | 2,921 | $ | 68,335 | $ | 114,719 | $ | 1,125,947 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | 2,437,538 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 67,682 | $ | 505,797 | $ | 2,097,384 | $ | 683,442 | $ | 6,511,121 | $ | 3,577 | $ | 2,921 | $ | 68,335 | $ | 114,719 | $ | 1,125,947 | |||||||||||||||||||||||
Total cost of foreign currency | $ | — | $ | — | $ | 289 | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 31 | $ | — | |||||||||||||||||||||||
**Premium received from option contracts written | $ | — | $ | — | $ | 913 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
‡ 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
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH 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 | ||||||||||||||||||||||||||||||||||
February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 1,156,069 | $ | 248,457 | $ | 358,796 | $ | 99,901 | $ | 1,639,287 | $ | 1,112,020 | $ | 99,825 | $ | 2,623,951 | $ | 1,084,705 | $ | 89,645 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
1,156,069 | 248,457 | 358,796 | 99,901 | 1,639,287 | 1,112,020 | 99,825 | 2,623,951 | 1,084,705 | 89,645 | ||||||||||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency* | 1,758 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Cash collateral segregated for open option contracts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Dividends and interest receivable | 2,861 | 588 | 61 | 111 | 3,750 | 341 | 46 | 4,753 | 661 | 17 | |||||||||||||||||||||||||||||||||
Receivable for securities sold | — | — | — | 2,478 | 6,130 | 2,574 | — | 9,274 | 14,236 | — | |||||||||||||||||||||||||||||||||
Receivable for Fund shares sold | 2,504 | 218 | 1,945 | 60 | 184 | 1,067 | 71 | 1,139 | 1,703 | 28 | |||||||||||||||||||||||||||||||||
Receivable from Management—net (Note B) | — | — | — | — | — | — | — | — | — | 16 | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 63 | 36 | 45 | 42 | 105 | 65 | 32 | 51 | 60 | 39 | |||||||||||||||||||||||||||||||||
Total Assets | 1,163,255 | 249,299 | 360,847 | 102,592 | 1,649,456 | 1,116,067 | 99,974 | 2,639,168 | 1,101,365 | 89,745 | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Option contracts written, at value** (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | 5 | — | — | — | |||||||||||||||||||||||||||||||||
Payable for securities purchased | 12,952 | — | 3,018 | — | 8,756 | 3,765 | 898 | 7,578 | 9,790 | — | |||||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 544 | 51 | 140 | 283 | 2,233 | 777 | 153 | 3,263 | 5,958 | 28 | |||||||||||||||||||||||||||||||||
Payable to investment manager—net (Note B) | 500 | 103 | 216 | 44 | 611 | 420 | 26 | 1,023 | 680 | 57 | |||||||||||||||||||||||||||||||||
Payable to administrator—net (Note B) | 378 | 27 | 14 | 45 | 406 | 211 | 19 | 377 | 119 | — | |||||||||||||||||||||||||||||||||
Payable to trustees | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||||||||||||||||||
Payable for organization costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued expenses and other payables | 269 | 108 | 58 | 72 | 279 | 207 | 59 | 265 | 195 | 76 | |||||||||||||||||||||||||||||||||
Total Liabilities | 14,648 | 294 | 3,451 | 449 | 12,290 | 5,385 | 1,165 | 12,511 | 16,747 | 166 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 1,148,607 | $ | 249,005 | $ | 357,396 | $ | 102,143 | $ | 1,637,166 | $ | 1,110,682 | $ | 98,809 | $ | 2,626,657 | $ | 1,084,618 | $ | 89,579 | |||||||||||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 1,231,006 | $ | 244,654 | $ | 271,594 | $ | 62,561 | $ | 1,383,100 | $ | 759,599 | $ | 75,059 | $ | 2,065,158 | $ | 884,085 | $ | 82,104 | |||||||||||||||||||||||
Undistributed net investment income (loss) | — | — | (846 | ) | 131 | 5,602 | (5,265 | ) | — | 3,323 | — | (847 | ) | ||||||||||||||||||||||||||||||
Distributions in excess of net investment income | (4,745 | ) | (1,180 | ) | — | — | — | — | (40 | ) | — | (843 | ) | — | |||||||||||||||||||||||||||||
Accumulated net realized gains (losses) on investments | (253,200 | ) | (40,412 | ) | 7,298 | 21,757 | 85,811 | 19,654 | 4,075 | 66,934 | 28,935 | (2,145 | ) | ||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) in value of investments | 175,546 | 45,943 | 79,350 | 17,694 | 162,653 | 336,694 | 19,715 | 491,242 | 172,441 | 10,467 | |||||||||||||||||||||||||||||||||
Net Assets | $ | 1,148,607 | $ | 249,005 | $ | 357,396 | $ | 102,143 | $ | 1,637,166 | $ | 1,110,682 | $ | 98,809 | $ | 2,626,657 | $ | 1,084,618 | $ | 89,579 | |||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | 123,442 | $ | — | $ | — | $ | 10,809 | $ | 1,194,163 | $ | 443,236 | $ | 46,221 | $ | — | $ | — | $ | 52,930 | |||||||||||||||||||||||
Trust Class | 61,591 | 12,687 | — | — | 132,777 | 77,709 | 14,199 | — | 319,712 | 5,553 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 200,651 | 11,899 | — | — | — | 2,988 | |||||||||||||||||||||||||||||||||
Institutional Class | 870,597 | 219,690 | 319,107 | 71,907 | 99,150 | 418,218 | 27,858 | 2,446,370 | 467,246 | 20,606 | |||||||||||||||||||||||||||||||||
Class A | 62,459 | 9,217 | 22,503 | 4,646 | 6,917 | 98,519 | 7,650 | 129,345 | 191,798 | 4,926 | |||||||||||||||||||||||||||||||||
Class C | 7,128 | 4,214 | 15,786 | 14,588 | 3,426 | 6,816 | 2,450 | 50,942 | 43,306 | 1,900 | |||||||||||||||||||||||||||||||||
Class R3 | — | 3,197 | — | 193 | 82 | 9,631 | 431 | — | 27,126 | 676 | |||||||||||||||||||||||||||||||||
Class R6 | 23,390 | — | — | — | — | 44,654 | — | — | 35,430 | — |
See Notes to Financial Statements
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH 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 | ||||||||||||||||||||||||||||||||||
February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | February 28, 2015 | ||||||||||||||||||||||||||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 5,862 | — | — | 2,644 | 39,753 | 31,098 | 2,049 | — | — | 1,729 | |||||||||||||||||||||||||||||||||
Trust Class | 2,621 | 1,115 | — | — | 6,469 | 3,260 | 745 | — | 21,107 | 168 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 12,511 | 490 | — | — | — | 137 | |||||||||||||||||||||||||||||||||
Institutional Class | 76,387 | 19,352 | 21,322 | 17,379 | 3,282 | 28,773 | 1,234 | 152,888 | 30,760 | 660 | |||||||||||||||||||||||||||||||||
Class A | 2,665 | 815 | 1,531 | 1,139 | 337 | 4,139 | 402 | 8,136 | 12,668 | 148 | |||||||||||||||||||||||||||||||||
Class C | 308 | 377 | 1,115 | 3,896 | 224 | 287 | 130 | 3,292 | 2,861 | 89 | |||||||||||||||||||||||||||||||||
Class R3 | — | 285 | — | 48 | 5 | 396 | 23 | — | 1,794 | 31 | |||||||||||||||||||||||||||||||||
Class R6 | 2,034 | — | — | — | — | 3,067 | — | — | 2,333 | — | |||||||||||||||||||||||||||||||||
Net Asset Value, offering and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | $ | 21.06 | $ | — | $ | — | $ | 4.09 | $ | 30.04 | $ | 14.25 | $ | 22.56 | $ | — | $ | — | $ | 30.61 | |||||||||||||||||||||||
Trust Class | 23.50 | 11.38 | — | — | 20.53 | 23.84 | 19.06 | — | 15.15 | 33.13 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 16.04 | 24.28 | — | — | — | 21.86 | |||||||||||||||||||||||||||||||||
Institutional Class | 11.40 | 11.35 | 14.97 | 4.14 | 30.21 | 14.54 | 22.58 | 16.00 | 15.19 | 31.20 | |||||||||||||||||||||||||||||||||
Class R3 | — | 11.22 | — | 4.01 | 16.25 | 24.30 | 19.06 | — | 15.12 | 21.92 | |||||||||||||||||||||||||||||||||
Class R6 | 11.50 | — | — | — | — | 14.56 | — | — | 15.19 | — | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A | $ | 23.44 | $ | 11.30 | $ | 14.70 | $ | 4.08 | $ | 20.53 | $ | 23.80 | $ | 19.04 | $ | 15.90 | $ | 15.14 | $ | 33.37 | |||||||||||||||||||||||
Offering Price per share | |||||||||||||||||||||||||||||||||||||||||||
Class A‡ | $ | 24.87 | $ | 11.99 | $ | 15.60 | $ | 4.33 | $ | 21.78 | $ | 25.25 | $ | 20.20 | $ | 16.87 | $ | 16.06 | $ | 35.41 | |||||||||||||||||||||||
Net Asset Value and offering price per share | |||||||||||||||||||||||||||||||||||||||||||
Class C^ | $ | 23.16 | $ | 11.18 | $ | 14.15 | $ | 3.74 | $ | 15.33 | $ | 23.75 | $ | 18.85 | $ | 15.48 | $ | 15.13 | $ | 21.29 | |||||||||||||||||||||||
*Cost of Investments: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 980,270 | $ | 202,478 | $ | 279,446 | $ | 82,207 | $ | 1,476,634 | $ | 775,326 | $ | 80,110 | $ | 2,132,709 | $ | 912,264 | $ | 79,178 | |||||||||||||||||||||||
Affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total cost of investments | $ | 980,270 | $ | 202,478 | $ | 279,446 | $ | 82,207 | $ | 1,476,634 | $ | 775,326 | $ | 80,110 | $ | 2,132,709 | $ | 912,264 | $ | 79,178 | |||||||||||||||||||||||
Total cost of foreign currency | $ | 1,756 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
**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
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted except per share amounts)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||
February 28, 2015 | February 28, 2015 | ||||||||
Assets | |||||||||
Investments in securities, at value* (Notes A & F)—see Schedule of Investments: | |||||||||
Unaffiliated issuers | $ | 2,490,816 | $ | 27,620 | |||||
Affiliated issuers | — | — | |||||||
2,490,816 | 27,620 | ||||||||
Cash | — | — | |||||||
Foreign currency* | — | — | |||||||
Cash collateral segregated for open option contracts | — | — | |||||||
Dividends and interest receivable | 6,865 | 61 | |||||||
Receivable for securities sold | — | 101 | |||||||
Receivable for Fund shares sold | 3,376 | 1 | |||||||
Receivable from Management—net (Note B) | — | 21 | |||||||
Prepaid expenses and other assets | 79 | 29 | |||||||
Total Assets | 2,501,136 | 27,833 | |||||||
Liabilities | |||||||||
Option contracts written, at value** (Note A) | — | — | |||||||
Due to custodian | — | — | |||||||
Payable for securities purchased | 3,347 | 163 | |||||||
Payable for Fund shares redeemed | 7,851 | 15 | |||||||
Payable to investment manager—net (Note B) | 881 | 12 | |||||||
Payable to administrator—net (Note B) | 542 | — | |||||||
Payable to trustees | 5 | 5 | |||||||
Payable for organization costs | — | — | |||||||
Accrued expenses and other payables | 392 | 54 | |||||||
Total Liabilities | 13,018 | 249 | |||||||
Net Assets | $ | 2,488,118 | $ | 27,584 | |||||
Net Assets consist of: | |||||||||
Paid-in capital | $ | 1,779,529 | $ | 25,655 | |||||
Undistributed net investment income (loss) | 8,821 | 53 | |||||||
Distributions in excess of net investment income | — | — | |||||||
Accumulated net realized gains (losses) on investments | 70,575 | 261 | |||||||
Net unrealized appreciation (depreciation) in value of investments | 629,193 | 1,615 | |||||||
Net Assets | $ | 2,488,118 | $ | 27,584 | |||||
Net Assets | |||||||||
Investor Class | $ | 833,103 | $ | — | |||||
Trust Class | 385,714 | — | |||||||
Advisor Class | — | — | |||||||
Institutional Class | 760,987 | 17,238 | |||||||
Class A | 148,220 | 9,673 | |||||||
Class C | 52,405 | 673 | |||||||
Class R3 | 32,820 | — | |||||||
Class R6 | 274,869 | — |
See Notes to Financial Statements
Statements of Assets and Liabilities (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted except per share amounts)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||||
February 28, 2015 | February 28, 2015 | ||||||||||
Shares Outstanding ($.001 par value; unlimited shares authorized) | |||||||||||
Investor Class | 23,566 | — | |||||||||
Trust Class | 17,694 | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 21,509 | 1,101 | |||||||||
Class A | 6,863 | 621 | |||||||||
Class C | 2,483 | 44 | |||||||||
Class R3 | 1,534 | — | |||||||||
Class R6 | 7,767 | — | |||||||||
Net Asset Value, offering and redemption price per share | |||||||||||
Investor Class | $ | 35.35 | $ | — | |||||||
Trust Class | 21.80 | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 35.38 | 15.66 | |||||||||
Class R3 | 21.40 | — | |||||||||
Class R6 | 35.39 | — | |||||||||
Net Asset Value and redemption price per share | |||||||||||
Class A | $ | 21.60 | $ | 15.57 | |||||||
Offering Price per share | |||||||||||
Class A‡ | $ | 22.92 | $ | 16.52 | |||||||
Net Asset Value and offering price per share | |||||||||||
Class C^ | $ | 21.10 | $ | 15.38 | |||||||
*Cost of Investments: | |||||||||||
Unaffiliated issuers | $ | 1,861,565 | $ | 26,005 | |||||||
Affiliated issuers | — | — | |||||||||
Total cost of investments | $ | 1,861,565 | $ | 26,005 | |||||||
Total cost of foreign currency | $ | — | $ | — | |||||||
**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
Statements of Operations (Unaudited)
Neuberger Berman Equity Funds
(000's omitted)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | Period from December 30, 2014 (Commencement of Operations) to February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 397 | $ | 4,427 | $ | 39,908 | $ | 6,790 | $ | 48,159 | $ | 82 | $ | 7 | $ | 726 | $ | 102 | $ | 11,699 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | 42,359 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | — | — | 1,055 | — | 3 | — | — | 12 | — | 1 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (6 | ) | (403 | ) | (175 | ) | (92 | ) | (873 | ) | (11 | ) | (1 | ) | (12 | ) | (7 | ) | (92 | ) | |||||||||||||||||||||||
Total income | $ | 391 | $ | 4,024 | $ | 40,788 | $ | 6,698 | $ | 89,648 | $ | 71 | $ | 6 | $ | 726 | $ | 95 | $ | 11,608 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 248 | 2,749 | 5,663 | 2,140 | 42,720 | 41 | 4 | 340 | 471 | 3,665 | |||||||||||||||||||||||||||||||||
Administration fees (Note B) | 27 | 168 | 729 | 247 | 3,886 | 3 | — | 24 | 26 | 448 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 673 | 2,285 | — | — | — | — | 1,152 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 212 | 4,505 | — | — | — | — | 221 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 11 | 922 | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Institutional Class | 28 | 204 | 723 | 5 | 2,117 | 5 | 1 | 36 | 37 | 58 | |||||||||||||||||||||||||||||||||
Class A | 15 | 18 | 383 | 5 | — | — | — | — | 3 | 78 | |||||||||||||||||||||||||||||||||
Class C | 13 | 6 | 439 | 2 | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||||||
Class R3 | — | 1 | 3 | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Class R6 | — | 8 | — | — | 277 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 62 | — | — | — | — | — | 65 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 8 | 678 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A | 19 | 22 | 478 | 6 | — | — | — | — | 3 | 97 | |||||||||||||||||||||||||||||||||
Class C | 68 | 33 | 2,194 | 9 | — | 1 | 1 | 1 | 1 | 15 | |||||||||||||||||||||||||||||||||
Class R3 | — | 2 | 9 | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | 173 | 716 | — | — | — | — | 385 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | 6 | 108 | — | — | — | — | 5 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | 1 | 109 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 3 | 46 | 66 | 1 | 164 | 1 | 1 | 3 | 7 | 5 | |||||||||||||||||||||||||||||||||
Class A | 2 | 3 | 44 | 1 | — | — | — | 1 | 1 | 5 | |||||||||||||||||||||||||||||||||
Class C | 1 | 1 | 28 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | 3 | — | — | 99 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Organization expense (Note A) | — | — | — | — | — | — | 87 | — | — | — | |||||||||||||||||||||||||||||||||
Audit fees | 30 | 29 | 31 | 31 | 31 | 28 | 6 | 28 | 28 | 31 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 27 | 615 | 253 | 107 | 838 | 30 | 12 | 41 | 25 | 166 | |||||||||||||||||||||||||||||||||
Insurance expense | 1 | 8 | 37 | 12 | 214 | 1 | — | 1 | 1 | 22 | |||||||||||||||||||||||||||||||||
Legal fees | 44 | 41 | 41 | 40 | 37 | 39 | 15 | 39 | 52 | 40 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 26 | 47 | 48 | 47 | 124 | 21 | 1 | 22 | 23 | 54 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | — | — | 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 5 | 14 | 92 | 28 | 555 | — | 5 | 2 | 1 | 54 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 20 | 19 | 20 | 20 | 19 | 20 | 5 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Miscellaneous | 5 | 77 | 87 | 24 | 352 | 4 | — | 6 | 5 | 42 | |||||||||||||||||||||||||||||||||
Total expenses | 582 | 4,114 | 11,368 | 3,871 | 60,765 | 194 | 138 | 564 | 704 | 6,635 |
See Notes to Financial Statements
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | Period from December 30, 2014 (Commencement of Operations) to February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | (128 | ) | (590 | ) | — | (2 | ) | (19 | ) | (131 | ) | (132 | ) | (63 | ) | (55 | ) | — | |||||||||||||||||||||||||
Investment management fees waived (Note B) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net expenses prior to reimbursement of insurance proceeds | 454 | 3,524 | 11,368 | 3,869 | 60,746 | 63 | 6 | 501 | 649 | 6,635 | |||||||||||||||||||||||||||||||||
Reimbursement from insurance proceeds (Note G for International Equity Fund) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total net expenses | 454 | 3,524 | 11,368 | 3,869 | 60,746 | 63 | 6 | 501 | 649 | 6,635 | |||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (63 | ) | $ | 500 | $ | 29,420 | $ | 2,829 | $ | 28,902 | $ | 8 | $ | — | $ | 225 | $ | (554 | ) | $ | 4,973 | |||||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | 4,817 | (11,849 | ) | 66,695 | 11,533 | 420,253 | 3,140 | 14 | 313 | 8,841 | * | 66,200 | |||||||||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | 166,167 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | — | (251 | ) | (260 | ) | — | (81 | ) | (12 | ) | — | (19 | ) | (3 | ) | (4 | ) | ||||||||||||||||||||||||||
Option contracts written | — | — | 1,001 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | (9,513 | ) | (33,994 | )** | (51,359 | ) | 17,166 | 54,588 | (4,364 | ) | 74 | (2,908 | ) | 981 | ** | 11,807 | |||||||||||||||||||||||||||
Affiliated investment securities | — | — | — | — | (69,299 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign currency | — | 7 | 2 | — | 1 | (2 | ) | — | (2 | ) | (1 | ) | (30 | ) | |||||||||||||||||||||||||||||
Option contracts written | — | — | 149 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net gain (loss) on investments | (4,696 | ) | (46,087 | ) | 16,228 | 28,699 | 571,629 | (1,238 | ) | 88 | (2,616 | ) | 9,818 | 77,973 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (4,759 | ) | $ | (45,587 | ) | $ | 45,648 | $ | 31,528 | $ | 600,531 | $ | (1,230 | ) | $ | 88 | $ | (2,391 | ) | $ | 9,264 | $ | 82,946 |
* Net of foreign capital gains tax $(4,450).
** Change in accrued foreign capital gains tax amounted to $92,069 for Emerging Markets Equity and $155,575 for Greater China Equity.
See Notes to Financial Statements
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH 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 | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||
Investment Income: | |||||||||||||||||||||||||||||||||||||||||||
Income (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Dividend income—unaffiliated issuers | $ | 5,611 | $ | 1,165 | $ | 846 | $ | 959 | $ | 15,175 | $ | 2,116 | $ | 721 | $ | 20,447 | $ | 17,395 | $ | 97 | |||||||||||||||||||||||
Dividend income—affiliated issuers (Note F) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest income—unaffiliated issuers | 7 | 2 | 2 | 1 | 27 | 16 | 3 | 19 | 4 | 1 | |||||||||||||||||||||||||||||||||
Foreign taxes withheld (Note A) | (644 | ) | (153 | ) | (1 | ) | (4 | ) | (93 | ) | — | — | (190 | ) | (18 | ) | — | ||||||||||||||||||||||||||
Total income | $ | 4,974 | $ | 1,014 | $ | 847 | $ | 956 | $ | 15,109 | $ | 2,132 | $ | 724 | $ | 20,276 | $ | 17,381 | $ | 98 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Investment management fees (Note B) | 4,318 | 650 | 1,236 | 396 | 4,036 | 2,595 | 239 | 6,773 | 4,167 | 358 | |||||||||||||||||||||||||||||||||
Administration fees (Note B) | 321 | 71 | 88 | 43 | 500 | 305 | 26 | 793 | 313 | 25 | |||||||||||||||||||||||||||||||||
Administration fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 119 | — | — | 11 | 1,188 | 412 | 43 | — | — | 50 | |||||||||||||||||||||||||||||||||
Trust Class | 104 | 21 | — | — | 227 | 119 | 23 | — | 534 | 9 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 347 | 18 | — | — | — | 5 | |||||||||||||||||||||||||||||||||
Institutional Class | 376 | 94 | 119 | 48 | 60 | 173 | 10 | 1,108 | 205 | 9 | |||||||||||||||||||||||||||||||||
Class A | 26 | 9 | 15 | 7 | 3 | 95 | 6 | 130 | 177 | 4 | |||||||||||||||||||||||||||||||||
Class C | 6 | 4 | 13 | 19 | 3 | 6 | 2 | 51 | 41 | 2 | |||||||||||||||||||||||||||||||||
Class R3 | — | 2 | — | — | — | 8 | 1 | — | 25 | 1 | |||||||||||||||||||||||||||||||||
Class R6 | 2 | — | — | — | — | 3 | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Distribution fees (Note B): | |||||||||||||||||||||||||||||||||||||||||||
Trust Class | — | 6 | — | — | 67 | — | 7 | — | 157 | 3 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 255 | 13 | — | — | — | 4 | |||||||||||||||||||||||||||||||||
Class A | 33 | 11 | 19 | 9 | 3 | 119 | 7 | 163 | 221 | 5 | |||||||||||||||||||||||||||||||||
Class C | 31 | 21 | 66 | 94 | 16 | 31 | 10 | 253 | 207 | 9 | |||||||||||||||||||||||||||||||||
Class R3 | — | 7 | — | — | — | 21 | 1 | — | 63 | 1 | |||||||||||||||||||||||||||||||||
Shareholder servicing agent fees: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 58 | — | — | 10 | 319 | 170 | 15 | — | — | 35 | |||||||||||||||||||||||||||||||||
Trust Class | 18 | 4 | — | — | 7 | 4 | 5 | — | 26 | 2 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | 10 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Institutional Class | 32 | 8 | 11 | 2 | 4 | 14 | 1 | 303 | 21 | 1 | |||||||||||||||||||||||||||||||||
Class A | 4 | 1 | 3 | 1 | — | 8 | 1 | 22 | 22 | 1 | |||||||||||||||||||||||||||||||||
Class C | 1 | — | 1 | 1 | — | 1 | — | 7 | 7 | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | 1 | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Class R6 | 1 | — | — | — | — | 1 | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Organization expense (Note A) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Audit fees | 32 | 31 | 13 | 13 | 31 | 13 | 13 | 13 | 32 | 13 | |||||||||||||||||||||||||||||||||
Custodian and accounting fees | 309 | 109 | 55 | 48 | 166 | 132 | 42 | 201 | 123 | 49 | |||||||||||||||||||||||||||||||||
Insurance expense | 17 | 4 | 4 | 4 | 26 | 14 | 1 | 36 | 15 | 1 | |||||||||||||||||||||||||||||||||
Legal fees | 43 | 42 | 42 | 41 | 42 | 40 | 39 | 40 | 39 | 40 | |||||||||||||||||||||||||||||||||
Registration and filing fees | 56 | 44 | 29 | 39 | 58 | 63 | 42 | 50 | 64 | 50 | |||||||||||||||||||||||||||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | 183 | — | — | — | 2 | 16 | — | — | — | — | |||||||||||||||||||||||||||||||||
Shareholder reports | 40 | 4 | 12 | — | 53 | 64 | 6 | 67 | 59 | 8 | |||||||||||||||||||||||||||||||||
Trustees' fees and expenses | 19 | 20 | 20 | 19 | 19 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Miscellaneous | 42 | 18 | 10 | 20 | 53 | 30 | 5 | 68 | 31 | 6 | |||||||||||||||||||||||||||||||||
Total expenses | 6,191 | 1,181 | 1,756 | 825 | 7,495 | 4,510 | 565 | 10,098 | 6,575 | 712 |
See Notes to Financial Statements
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH 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 | ||||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||
Expenses reimbursed by Management (Note B) | — | (48 | ) | (187 | ) | (132 | ) | — | (2 | ) | (7 | ) | — | (1,234 | ) | (212 | ) | ||||||||||||||||||||||||||
Investment management fees waived (Note B) | (1,122 | ) | — | — | — | — | — | (96 | ) | — | — | — | |||||||||||||||||||||||||||||||
Net expenses prior to reimbursement of insurance proceeds | 5,069 | 1,133 | 1,569 | 693 | 7,495 | 4,508 | 462 | 10,098 | 5,341 | 500 | |||||||||||||||||||||||||||||||||
Reimbursement from insurance proceeds (Note G for International Equity Fund) | (280 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total net expenses | 4,789 | 1,133 | 1,569 | 693 | 7,495 | 4,508 | 462 | 10,098 | 5,341 | 500 | |||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 185 | $ | (119 | ) | $ | (722 | ) | $ | 263 | $ | 7,614 | $ | (2,376 | ) | $ | 262 | $ | 10,178 | $ | 12,040 | $ | (402 | ) | |||||||||||||||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||||||||
Sales of investment securities of unaffiliated issuers | 23,866 | 2,534 | 9,754 | 27,579 | 117,067 | 41,458 | 4,587 | 77,016 | 40,558 | 5,415 | |||||||||||||||||||||||||||||||||
Sales of investment securities of affiliated issuers | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | (226 | ) | (47 | ) | — | — | — | — | — | (5 | ) | — | — | ||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities | 2,349 | 4,573 | 10,865 | (24,951 | ) | (102,014 | ) | 66,222 | 945 | (21,903 | ) | 32,197 | 4,416 | ||||||||||||||||||||||||||||||
Affiliated investment securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Foreign currency | (198 | ) | (29 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net gain (loss) on investments | 25,791 | 7,031 | 20,619 | 2,628 | 15,053 | 107,680 | 5,532 | 55,108 | 72,755 | 9,831 | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 25,976 | $ | 6,912 | $ | 19,897 | $ | 2,891 | $ | 22,667 | $ | 105,304 | $ | 5,794 | $ | 65,286 | $ | 84,795 | $ | 9,429 |
See Notes to Financial Statements
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||
Investment Income: | |||||||||||
Income (Note A): | |||||||||||
Dividend income—unaffiliated issuers | $ | 21,897 | $ | 215 | |||||||
Dividend income—affiliated issuers (Note F) | — | — | |||||||||
Interest income—unaffiliated issuers | 2 | — | |||||||||
Foreign taxes withheld (Note A) | (221 | ) | (1 | ) | |||||||
Total income | $ | 21,678 | $ | 214 | |||||||
Expenses: | |||||||||||
Investment management fees (Note B) | 5,600 | 65 | |||||||||
Administration fees (Note B) | 721 | 7 | |||||||||
Administration fees (Note B): | |||||||||||
Investor Class | 811 | — | |||||||||
Trust Class | 670 | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 325 | 7 | |||||||||
Class A | 138 | 8 | |||||||||
Class C | 47 | 1 | |||||||||
Class R3 | 32 | — | |||||||||
Class R6 | 26 | — | |||||||||
Distribution fees (Note B): | |||||||||||
Trust Class | 197 | — | |||||||||
Advisor Class | — | — | |||||||||
Class A | 173 | 11 | |||||||||
Class C | 236 | 3 | |||||||||
Class R3 | 80 | — | |||||||||
Shareholder servicing agent fees: | |||||||||||
Investor Class | 328 | — | |||||||||
Trust Class | 21 | — | |||||||||
Advisor Class | — | — | |||||||||
Institutional Class | 30 | 1 | |||||||||
Class A | 14 | 1 | |||||||||
Class C | 4 | — | |||||||||
Class R3 | 2 | — | |||||||||
Class R6 | 10 | — | |||||||||
Organization expense (Note A) | — | — | |||||||||
Audit fees | 13 | 31 | |||||||||
Custodian and accounting fees | 248 | 20 | |||||||||
Insurance expense | 35 | — | |||||||||
Legal fees | 43 | 39 | |||||||||
Registration and filing fees | 72 | 22 | |||||||||
Repayment to Management of expenses previously assumed by Management (Note B) | — | — | |||||||||
Shareholder reports | 114 | — | |||||||||
Trustees' fees and expenses | 20 | 20 | |||||||||
Miscellaneous | 67 | 3 | |||||||||
Total expenses | 10,077 | 239 |
See Notes to Financial Statements
Statements of Operations (Unaudited) (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||||
For the Six Months Ended February 28, 2015 | For the Six Months Ended February 28, 2015 | ||||||||||
Expenses reimbursed by Management (Note B) | — | (136 | ) | ||||||||
Investment management fees waived (Note B) | — | — | |||||||||
Net expenses prior to reimbursement of insurance proceeds | 10,077 | 103 | |||||||||
Reimbursement from insurance proceeds (Note G for International Equity Fund) | — | — | |||||||||
Total net expenses | 10,077 | 103 | |||||||||
Net investment income (loss) | $ | 11,601 | $ | 111 | |||||||
Realized and Unrealized Gain (Loss) on Investments (Note A): | |||||||||||
Net realized gain (loss) on: | |||||||||||
Sales of investment securities of unaffiliated issuers | 99,487 | 297 | |||||||||
Sales of investment securities of affiliated issuers | — | — | |||||||||
Foreign currency | — | — | |||||||||
Option contracts written | — | — | |||||||||
Change in net unrealized appreciation (depreciation) in value of: | |||||||||||
Unaffiliated investment securities | 47,134 | (17 | ) | ||||||||
Affiliated investment securities | — | — | |||||||||
Foreign currency | (48 | ) | — | ||||||||
Option contracts written | — | — | |||||||||
Net gain (loss) on investments | 146,573 | 280 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 158,174 | $ | 391 |
See Notes to Financial Statements
Statements of Changes in Net Assets
Neuberger Berman Equity Funds
(000's omitted)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | (63 | ) | $ | (218 | ) | $ | 500 | $ | 5,142 | $ | 29,420 | $ | 59,668 | $ | 2,829 | $ | 4,837 | $ | 28,902 | $ | 38,400 | |||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 4,817 | 15,486 | (12,100 | ) | (278 | ) | 67,436 | 168,735 | 11,533 | 139,112 | 586,339 | 1,370,465 | |||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | 12 | — | 8 | — | 72 | — | 15 | — | 619 | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (9,513 | ) | 4,262 | (33,987 | ) | 76,492 | (51,208 | ) | 245,013 | 17,166 | 14,347 | (14,710 | ) | 387,327 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (4,759 | ) | 19,542 | (45,587 | ) | 81,364 | 45,648 | 473,488 | 31,528 | 158,311 | 600,531 | 1,796,811 | |||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (3,688 | ) | (4,481 | ) | (7,717 | ) | (14,369 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (975 | ) | (788 | ) | (1,507 | ) | (9,946 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (81 | ) | (78 | ) | (694 | ) | (1,169 | ) | |||||||||||||||||||||||||||||
Institutional Class | — | (37 | ) | (4,661 | ) | (2,211 | ) | (20,547 | ) | (34,499 | ) | (75 | ) | (63 | ) | (14,769 | ) | (29,067 | ) | ||||||||||||||||||||||||
Class A | — | — | (148 | ) | (44 | ) | (4,067 | ) | (17,649 | ) | (30 | ) | (26 | ) | — | — | |||||||||||||||||||||||||||
Class C | — | — | (18 | ) | — | (3,100 | ) | (6,745 | ) | (15 | ) | (8 | ) | — | — | ||||||||||||||||||||||||||||
Class R3 | — | — | (4 | ) | (0 | ) | (34 | ) | (58 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Class R6 | — | — | (901 | ) | (322 | ) | — | — | — | — | (10,902 | ) | (11,801 | ) | |||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (97,071 | ) | (60,554 | ) | (276,734 | ) | (268,282 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (26,590 | ) | (10,218 | ) | (207,811 | ) | (230,081 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (2,190 | ) | (1,196 | ) | (82,457 | ) | (85,753 | ) | |||||||||||||||||||||||||||||
Institutional Class | (10,035 | ) | (4,589 | ) | — | — | (66,443 | ) | (54,106 | ) | (1,507 | ) | (687 | ) | (386,062 | ) | (405,133 | ) | |||||||||||||||||||||||||
Class A | (2,289 | ) | (2,810 | ) | — | — | (15,513 | ) | (32,919 | ) | (845 | ) | (346 | ) | — | — | |||||||||||||||||||||||||||
Class C | (2,258 | ) | (1,393 | ) | — | — | (17,805 | ) | (19,266 | ) | (532 | ) | (156 | ) | — | — | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | (152 | ) | (121 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | (224,407 | ) | (148,025 | ) | |||||||||||||||||||||||||||||||
Total distributions to shareholders | (14,582 | ) | (8,829 | ) | (5,732 | ) | (2,577 | ) | (127,661 | ) | (165,363 | ) | (133,599 | ) | (78,601 | ) | (1,213,060 | ) | (1,203,626 | ) | |||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 5,740 | 7,131 | 106,918 | 326,973 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 17,199 | 80,497 | 99,112 | 326,902 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 960 | 2,124 | 56,799 | 152,697 | |||||||||||||||||||||||||||||||||
Institutional Class | 18,784 | 24,829 | 51,894 | 187,999 | 261,826 | 532,610 | 14,849 | 2,677 | 348,817 | 1,138,280 | |||||||||||||||||||||||||||||||||
Class A | 1,585 | 5,449 | 3,775 | 16,283 | 36,343 | 124,552 | 4,965 | 2,686 | — | — | |||||||||||||||||||||||||||||||||
Class C | 669 | 2,667 | 1,599 | 3,307 | 35,879 | 44,793 | 1,797 | 699 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 443 | 591 | 891 | 1,334 | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | 15,476 | 45,242 | — | — | — | — | 484,632 | 1,881,331 | |||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | 90,410 | 57,841 | 276,966 | 273,964 | |||||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | 27,462 | 10,913 | 204,115 | 233,324 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | 2,257 | 1,253 | 67,182 | 75,501 | |||||||||||||||||||||||||||||||||
Institutional Class | 9,084 | 3,966 | 2,815 | 1,376 | 70,465 | 65,965 | 1,390 | 686 | 370,058 | 417,802 | |||||||||||||||||||||||||||||||||
Class A | 1,946 | 2,561 | 100 | 24 | 17,118 | 46,131 | 791 | 337 | — | — | |||||||||||||||||||||||||||||||||
Class C | 1,897 | 1,139 | 5 | — | 14,230 | 17,727 | 468 | 143 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 2 | — | 122 | 116 | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R6 | — | — | 901 | 322 | — | — | — | — | 235,309 | 159,826 |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
ALL CAP CORE FUND | EMERGING MARKETS EQUITY FUND | EQUITY INCOME FUND | FOCUS FUND | GENESIS FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (33,841 | ) | (74,233 | ) | (373,168 | ) | (671,817 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | (26,708 | ) | (28,246 | ) | (623,129 | ) | (997,456 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | (1,579 | ) | (2,419 | ) | (134,117 | ) | (251,670 | ) | |||||||||||||||||||||||||||||
Institutional Class | (22,190 | ) | (23,483 | ) | (105,421 | ) | (115,052 | ) | (228,030 | ) | (618,006 | ) | (645 | ) | (17,988 | ) | (1,264,481 | ) | (2,820,340 | ) | |||||||||||||||||||||||
Class A | (13,112 | ) | (16,557 | ) | (5,823 | ) | (6,143 | ) | (159,638 | ) | (840,833 | ) | (3,156 | ) | (1,132 | ) | — | — | |||||||||||||||||||||||||
Class C | (3,545 | ) | (3,385 | ) | (1,021 | ) | (1,261 | ) | (38,565 | ) | (131,062 | ) | (435 | ) | (6 | ) | — | — | |||||||||||||||||||||||||
Class R3 | — | — | (264 | ) | (197 | ) | (439 | ) | (969 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Class R6 | — | — | (1,073 | ) | (1,841 | ) | — | — | — | — | (335,151 | ) | (357,000 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | (4,882 | ) | (2,814 | ) | (36,592 | ) | 130,650 | 10,202 | (757,642 | ) | 101,924 | 42,963 | (480,138 | ) | (111,683 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (24,223 | ) | 7,899 | (87,911 | ) | 209,437 | (71,811 | ) | (449,517 | ) | (147 | ) | 122,673 | (1,092,667 | ) | 481,502 | |||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 100,533 | 92,634 | 626,216 | 416,779 | 2,494,603 | 2,944,120 | 846,965 | 724,292 | 13,723,807 | 13,242,305 | |||||||||||||||||||||||||||||||||
End of period | $ | 76,310 | $ | 100,533 | $ | 538,305 | $ | 626,216 | $ | 2,422,792 | $ | 2,494,603 | $ | 846,818 | $ | 846,965 | $ | 12,631,140 | $ | 13,723,807 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | (71 | ) | $ | — | $ | — | $ | 4,627 | $ | — | $ | — | $ | 1,469 | $ | 3,504 | $ | 5,524 | $ | 12,211 | ||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | (8 | ) | $ | (605 | ) | $ | — | $ | (1,172 | ) | $ | (2,844 | ) | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Period from December 30, 2014 (Commencement of Operations) to February 28, 2015 (Unaudited) | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 8 | $ | 201 | $ | — | $ | 225 | $ | 621 | $ | (554 | ) | $ | 534 | $ | 4,973 | $ | 11,713 | ||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 3,128 | 1,112 | 14 | 294 | 1,087 | 8,838 | 4,596 | 66,196 | 205,016 | ||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | — | — | — | 2 | — | — | — | 31 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | (4,366 | ) | 5,186 | 74 | (2,910 | ) | 7,572 | 980 | 6,762 | 11,777 | 61,936 | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,230 | ) | 6,499 | 88 | (2,391 | ) | 9,282 | 9,264 | 11,892 | 82,946 | 278,696 | ||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (8,227 | ) | (5,725 | ) | ||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (1,087 | ) | (769 | ) | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (1 | ) | (8 | ) | ||||||||||||||||||||||||||||
Institutional Class | (226 | ) | (124 | ) | — | (585 | ) | (374 | ) | (634 | ) | — | (1,124 | ) | (704 | ) | |||||||||||||||||||||||
Class A | (24 | ) | (0 | ) | — | (1 | ) | (1 | ) | (21 | ) | — | (736 | ) | (297 | ) | |||||||||||||||||||||||
Class C | (7 | ) | — | — | (0 | ) | — | — | — | — | (0 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | (4 | ) | (2 | ) | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (147,593 | ) | (104,953 | ) | ||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (22,147 | ) | (17,108 | ) | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (53 | ) | (197 | ) | ||||||||||||||||||||||||||||
Institutional Class | (1,193 | ) | (308 | ) | — | — | — | (4,747 | ) | (798 | ) | (16,293 | ) | (9,818 | ) | ||||||||||||||||||||||||
Class A | (130 | ) | (2 | ) | — | — | — | (165 | ) | (4 | ) | (13,688 | ) | (5,882 | ) | ||||||||||||||||||||||||
Class C | (41 | ) | (1 | ) | — | — | — | (7 | ) | (1 | ) | (454 | ) | (363 | ) | ||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | (110 | ) | (58 | ) | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total distributions to shareholders | (1,621 | ) | (435 | ) | — | (586 | ) | (375 | ) | (5,574 | ) | (803 | ) | (211,517 | ) | (145,884 | ) | ||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | 12,604 | 20,340 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | 5,818 | 11,693 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | 37 | 1,420 | ||||||||||||||||||||||||||||||
Institutional Class | 81 | 51 | 2,000 | 6,406 | 12,930 | 43,851 | 21,058 | 18,079 | 44,468 | ||||||||||||||||||||||||||||||
Class A | 71 | 281 | 657 | 48 | 34 | 2,431 | 1,495 | 16,860 | 40,412 | ||||||||||||||||||||||||||||||
Class C | 33 | 88 | 250 | 2 | 18 | — | — | 496 | 1,032 | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | 161 | 298 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL THEMATIC OPPORTUNITIES FUND | GREATER CHINA EQUITY FUND | GUARDIAN FUND | |||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Period from December 30, 2014 (Commencement of Operations) to February 28, 2015 (Unaudited) | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | 147,253 | 104,346 | ||||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | 22,602 | 17,409 | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | 45 | 195 | ||||||||||||||||||||||||||||||
Institutional Class | 1,419 | 431 | — | 584 | 372 | 1,518 | 70 | 15,531 | 9,698 | ||||||||||||||||||||||||||||||
Class A | 152 | 2 | — | 1 | 1 | 186 | 4 | 14,308 | 6,099 | ||||||||||||||||||||||||||||||
Class C | 48 | 1 | — | — | — | 7 | 1 | 290 | 219 | ||||||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | 73 | 37 | ||||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | — | (51,407 | ) | (109,604 | ) | ||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | (18,967 | ) | (30,736 | ) | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | (48 | ) | (1,803 | ) | ||||||||||||||||||||||||||||
Institutional Class | (34,374 | ) | (1,015 | ) | — | (9,077 | ) | (12,391 | ) | (6,891 | ) | (16,343 | ) | (22,170 | ) | (24,298 | ) | ||||||||||||||||||||||
Class A | (97 | ) | (89 | ) | — | (60 | ) | (500 | ) | (562 | ) | (21 | ) | (10,688 | ) | (10,790 | ) | ||||||||||||||||||||||
Class C | (47 | ) | (8 | ) | — | (4 | ) | (41 | ) | — | — | (349 | ) | (1,116 | ) | ||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | — | (66 | ) | (89 | ) | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | (32,714 | ) | (258 | ) | 2,907 | (2,100 | ) | 423 | 40,540 | 6,264 | 150,462 | 79,230 | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (35,565 | ) | 5,806 | 2,995 | (5,077 | ) | 9,330 | 44,230 | 17,353 | 21,891 | 212,042 | ||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||
Beginning of period | 39,484 | 33,678 | — | 83,144 | 73,814 | 73,959 | 56,606 | 1,508,880 | 1,296,838 | ||||||||||||||||||||||||||||||
End of period | $ | 3,919 | $ | 39,484 | $ | 2,995 | $ | 78,067 | $ | 83,144 | $ | 118,189 | $ | 73,959 | $ | 1,530,771 | $ | 1,508,880 | |||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | — | $ | 226 | $ | — | $ | — | $ | 113 | $ | — | $ | 627 | $ | 2,251 | $ | 8,457 | |||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | (23 | ) | $ | — | $ | — | $ | (248 | ) | $ | — | $ | (582 | ) | $ | — | $ | — | $ | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | 185 | $ | 16,304 | $ | (119 | ) | $ | 3,849 | $ | (722 | ) | $ | (1,235 | ) | $ | 263 | $ | 2,137 | $ | 7,614 | $ | 16,693 | ||||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 23,640 | 57,808 | 2,487 | 11,612 | 9,754 | 18,710 | 27,579 | 101,237 | 117,067 | 252,529 | |||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | 24 | — | 8 | — | 5 | — | 26 | — | 101 | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 2,151 | 53,082 | 4,544 | 12,587 | 10,865 | 29,545 | (24,951 | ) | (34,548 | ) | (102,014 | ) | 87,513 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 25,976 | 127,218 | 6,912 | 28,056 | 19,897 | 47,025 | 2,891 | 68,852 | 22,667 | 356,836 | |||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (885 | ) | (1,141 | ) | — | — | — | — | — | (27 | ) | (10,242 | ) | (14,083 | ) | ||||||||||||||||||||||||||||
Trust Class | (220 | ) | (881 | ) | (131 | ) | (129 | ) | — | — | — | — | (1,406 | ) | (2,047 | ) | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (2,555 | ) | (3,265 | ) | |||||||||||||||||||||||||||||||
Institutional Class | (15,333 | ) | (15,790 | ) | (3,070 | ) | (2,764 | ) | — | (425 | ) | (119 | ) | (2,087 | ) | (1,392 | ) | (1,523 | ) | ||||||||||||||||||||||||
Class A | (133 | ) | (155 | ) | (92 | ) | (101 | ) | — | (4 | ) | — | — | (28 | ) | (30 | ) | ||||||||||||||||||||||||||
Class C | (6 | ) | (8 | ) | (14 | ) | (13 | ) | — | — | — | — | (29 | ) | (22 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | (27 | ) | (23 | ) | — | — | — | — | (1 | ) | (2 | ) | |||||||||||||||||||||||||||||
Class R6 | (387 | ) | (1 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | (5,509 | ) | (2,434 | ) | (141,931 | ) | (168,785 | ) | |||||||||||||||||||||||||||||
Trust Class | — | — | — | — | — | — | — | — | (21,948 | ) | (27,921 | ) | |||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (41,086 | ) | (46,194 | ) | |||||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | (14,661 | ) | (8,209 | ) | (48,328 | ) | (60,585 | ) | (16,388 | ) | (16,225 | ) | |||||||||||||||||||||||||||
Class A | — | — | — | — | (923 | ) | (723 | ) | (3,492 | ) | (5,333 | ) | (433 | ) | (394 | ) | |||||||||||||||||||||||||||
Class C | — | — | — | — | (765 | ) | (448 | ) | (10,313 | ) | (3,776 | ) | (675 | ) | (350 | ) | |||||||||||||||||||||||||||
Class R3 | — | — | — | — | — | — | (96 | ) | (20 | ) | (26 | ) | (25 | ) | |||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total distributions to shareholders | (16,964 | ) | (17,976 | ) | (3,334 | ) | (3,030 | ) | (16,349 | ) | (9,809 | ) | (67,857 | ) | (74,262 | ) | (238,140 | ) | (280,866 | ) | |||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 4,867 | 6,504 | — | — | — | — | 723 | 1,319 | 7,694 | 15,524 | |||||||||||||||||||||||||||||||||
Trust Class | 3,354 | 15,396 | 242 | 797 | — | — | — | — | 4,470 | 7,321 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | 6,995 | 16,068 | |||||||||||||||||||||||||||||||||
Institutional Class | 81,369 | 283,123 | 11,227 | 26,904 | 69,314 | 60,529 | 25,784 | 71,898 | 8,620 | 28,473 | |||||||||||||||||||||||||||||||||
Class A | 41,301 | 23,348 | 896 | 2,698 | 12,617 | 10,596 | 1,744 | 4,517 | 4,773 | 2,414 | |||||||||||||||||||||||||||||||||
Class C | 2,096 | 4,449 | 157 | 1,133 | 3,632 | 3,170 | 6,685 | 3,648 | 867 | 2,187 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 1,335 | 814 | — | — | 82 | 21 | 84 | 20 | |||||||||||||||||||||||||||||||||
Class R6 | 2,429 | 21,390 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 848 | 1,057 | — | — | — | — | 5,470 | 2,438 | 144,740 | 174,745 | |||||||||||||||||||||||||||||||||
Trust Class | 210 | 851 | 127 | 124 | — | — | — | — | 23,101 | 29,591 | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | 42,453 | 48,458 | |||||||||||||||||||||||||||||||||
Institutional Class | 14,223 | 14,839 | 3,011 | 2,645 | 11,950 | 7,037 | 37,610 | 50,883 | 17,318 | 17,308 | |||||||||||||||||||||||||||||||||
Class A | 123 | 142 | 84 | 94 | 869 | 702 | 1,578 | 4,387 | 430 | 360 | |||||||||||||||||||||||||||||||||
Class C | 4 | 5 | 3 | 2 | 504 | 236 | 3,331 | 1,066 | 438 | 201 | |||||||||||||||||||||||||||||||||
Class R3 | — | — | 25 | 23 | — | — | 46 | 10 | 10 | 10 | |||||||||||||||||||||||||||||||||
Class R6 | 387 | 1 | — | — | — | — | — | — | — | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
INTERNATIONAL EQUITY FUND | INTERNATIONAL SELECT FUND | INTRINSIC VALUE FUND | LARGE CAP DISCIPLINED GROWTH FUND | LARGE CAP VALUE FUND | |||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (8,702 | ) | (22,722 | ) | — | — | — | — | (1,509 | ) | (8,922 | ) | (61,918 | ) | (172,279 | ) | |||||||||||||||||||||||||||
Trust Class | (10,773 | ) | (73,369 | ) | (816 | ) | (3,347 | ) | — | — | — | — | (14,194 | ) | (54,387 | ) | |||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | (23,818 | ) | (48,961 | ) | |||||||||||||||||||||||||||||||
Institutional Class | (117,059 | ) | (260,918 | ) | (9,372 | ) | (40,351 | ) | (17,305 | ) | (31,282 | ) | (129,811 | ) | (340,441 | ) | (53,307 | ) | (23,652 | ) | |||||||||||||||||||||||
Class A | (5,867 | ) | (11,803 | ) | (1,174 | ) | (3,809 | ) | (4,867 | ) | (14,163 | ) | (8,084 | ) | (34,983 | ) | (591 | ) | (1,706 | ) | |||||||||||||||||||||||
Class C | (1,217 | ) | (530 | ) | (628 | ) | (927 | ) | (1,080 | ) | (2,667 | ) | (8,556 | ) | (6,948 | ) | (182 | ) | (600 | ) | |||||||||||||||||||||||
Class R3 | — | — | (389 | ) | (1,555 | ) | — | — | (1 | ) | (269 | ) | (119 | ) | — | ||||||||||||||||||||||||||||
Class R6 | (1,521 | ) | (97 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 6,072 | 1,666 | 4,728 | (14,755 | ) | 75,634 | 34,158 | (64,908 | ) | (251,376 | ) | 107,864 | 41,095 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 15,084 | 110,908 | 8,306 | 10,271 | 79,182 | 71,374 | (129,874 | ) | (256,786 | ) | (107,609 | ) | 117,065 | ||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 1,133,523 | 1,022,615 | 240,699 | 230,428 | 278,214 | 206,840 | 232,017 | 488,803 | 1,744,775 | 1,627,710 | |||||||||||||||||||||||||||||||||
End of period | $ | 1,148,607 | $ | 1,133,523 | $ | 249,005 | $ | 240,699 | $ | 357,396 | $ | 278,214 | $ | 102,143 | $ | 232,017 | $ | 1,637,166 | $ | 1,744,775 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | — | $ | 12,034 | $ | — | $ | 2,273 | $ | (846 | ) | $ | — | $ | 131 | $ | — | $ | 5,602 | $ | 13,641 | ||||||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | (4,745 | ) | $ | — | $ | (1,180 | ) | $ | — | $ | — | $ | (124 | ) | $ | — | $ | (13 | ) | $ | — | $ | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
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, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
From Operations: | |||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (Note A) | $ | (2,376 | ) | $ | (4,179 | ) | $ | 262 | $ | 905 | $ | 10,178 | $ | 22,465 | $ | 12,040 | $ | 11,456 | $ | (402 | ) | $ | (731 | ) | |||||||||||||||||||
Net realized gain (loss) on investments (Note A) | 41,458 | 115,249 | 4,587 | 8,719 | 77,011 | 87,642 | 40,558 | 50,573 | 5,415 | 14,211 | |||||||||||||||||||||||||||||||||
Net increase from payments by affiliates (Note B) | — | 39 | — | 6 | — | 19 | — | 16 | — | 4 | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 66,222 | 35,520 | 945 | 5,887 | (21,903 | ) | 300,270 | 32,197 | 132,321 | 4,416 | (3,502 | ) | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 105,304 | 146,629 | 5,794 | 15,517 | 65,286 | 410,396 | 84,795 | 194,366 | 9,429 | 9,982 | |||||||||||||||||||||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | — | — | (424 | ) | (578 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Trust Class | — | — | (126 | ) | (208 | ) | — | — | (3,874 | ) | (3,764 | ) | — | — | |||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | — | — | (281 | ) | (266 | ) | (22,989 | ) | (12,809 | ) | (6,052 | ) | (5,763 | ) | — | — | |||||||||||||||||||||||||||
Class A | — | — | (53 | ) | (67 | ) | (681 | ) | (571 | ) | (1,991 | ) | (1,768 | ) | — | — | |||||||||||||||||||||||||||
Class C | — | — | (8 | ) | (16 | ) | (62 | ) | (80 | ) | (321 | ) | (117 | ) | — | — | |||||||||||||||||||||||||||
Class R3 | — | — | (3 | ) | (5 | ) | — | — | (266 | ) | (153 | ) | — | — | |||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | (379 | ) | (194 | ) | — | — | |||||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (49,241 | ) | (27,005 | ) | (3,821 | ) | (1,556 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Trust Class | (5,201 | ) | (2,672 | ) | (1,407 | ) | (618 | ) | — | — | (12,076 | ) | (18,399 | ) | — | — | |||||||||||||||||||||||||||
Advisor Class | (701 | ) | (469 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Institutional Class | (45,198 | ) | (23,431 | ) | (2,148 | ) | (633 | ) | (80,477 | ) | (26,066 | ) | (17,254 | ) | (23,729 | ) | — | — | |||||||||||||||||||||||||
Class A | (7,034 | ) | (3,978 | ) | (539 | ) | (195 | ) | (4,188 | ) | (1,431 | ) | (6,718 | ) | (9,795 | ) | — | — | |||||||||||||||||||||||||
Class C | (470 | ) | (195 | ) | (212 | ) | (69 | ) | (1,736 | ) | (322 | ) | (1,606 | ) | (2,421 | ) | — | — | |||||||||||||||||||||||||
Class R3 | (602 | ) | (289 | ) | (39 | ) | (18 | ) | — | — | (1,014 | ) | (1,051 | ) | — | — | |||||||||||||||||||||||||||
Class R6 | (3,588 | ) | (391 | ) | — | — | — | — | (1,095 | ) | (564 | ) | — | — | |||||||||||||||||||||||||||||
Total distributions to shareholders | (112,035 | ) | (58,430 | ) | (9,061 | ) | (4,229 | ) | (110,133 | ) | (41,279 | ) | (52,646 | ) | (67,718 | ) | — | — | |||||||||||||||||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 7,379 | 7,315 | 2,502 | 3,859 | — | — | — | — | 597 | 2,997 | |||||||||||||||||||||||||||||||||
Trust Class | 6,922 | 17,099 | 567 | 1,326 | — | — | 33,352 | 71,310 | 151 | 542 | |||||||||||||||||||||||||||||||||
Advisor Class | 3,057 | 3,095 | — | — | — | — | — | — | 425 | 914 | |||||||||||||||||||||||||||||||||
Institutional Class | 43,242 | 156,573 | 10,003 | 14,710 | 140,716 | 1,018,161 | 78,182 | 181,199 | 1,453 | 4,881 | |||||||||||||||||||||||||||||||||
Class A | 5,723 | 27,567 | 3,696 | 3,992 | 22,455 | 129,361 | 42,063 | 72,692 | 1,308 | 7,810 | |||||||||||||||||||||||||||||||||
Class C | 816 | 1,931 | 658 | 449 | 10,193 | 40,707 | 3,785 | 5,321 | 102 | 1,059 | |||||||||||||||||||||||||||||||||
Class R3 | 1,889 | 3,691 | 137 | 50 | — | — | 8,371 | 11,166 | 148 | 261 | |||||||||||||||||||||||||||||||||
Class R6 | 21,885 | 23,439 | — | — | — | — | 8,342 | 17,458 | — | — | |||||||||||||||||||||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | 46,576 | 25,390 | 4,040 | 2,010 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Trust Class | 5,194 | 2,663 | 1,451 | 780 | — | — | 15,839 | 21,915 | — | — | |||||||||||||||||||||||||||||||||
Advisor Class | 638 | 419 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Institutional Class | 45,062 | 23,283 | 2,366 | 872 | 14,388 | 3,824 | 18,420 | 21,360 | — | — | |||||||||||||||||||||||||||||||||
Class A | 6,930 | 3,886 | 576 | 236 | 4,327 | 1,823 | 8,102 | 10,171 | — | — | |||||||||||||||||||||||||||||||||
Class C | 448 | 182 | 55 | 15 | 1,493 | 344 | 1,637 | 2,086 | — | — | |||||||||||||||||||||||||||||||||
Class R3 | 551 | 276 | 42 | 23 | — | — | 1,176 | 1,041 | — | — | |||||||||||||||||||||||||||||||||
Class R6 | 3,408 | 291 | — | — | — | — | 1,474 | 758 | — | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
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, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||||||||||||||||||||||||||
Investor Class | (19,203 | ) | (32,660 | ) | (2,187 | ) | (15,323 | ) | — | — | — | — | (3,953 | ) | (7,503 | ) | |||||||||||||||||||||||||||
Trust Class | (6,079 | ) | (12,340 | ) | (1,489 | ) | (2,676 | ) | — | — | (53,817 | ) | (138,623 | ) | (652 | ) | (3,068 | ) | |||||||||||||||||||||||||
Advisor Class | (2,466 | ) | (6,226 | ) | — | — | — | — | — | — | (1,246 | ) | (1,497 | ) | |||||||||||||||||||||||||||||
Institutional Class | (47,295 | ) | (84,259 | ) | (1,697 | ) | (3,821 | ) | (232,962 | ) | (233,691 | ) | (106,670 | ) | (160,265 | ) | (2,010 | ) | (2,873 | ) | |||||||||||||||||||||||
Class A | (17,143 | ) | (30,915 | ) | (1,653 | ) | (2,174 | ) | (38,546 | ) | (57,088 | ) | (35,681 | ) | (97,375 | ) | (1,259 | ) | (5,795 | ) | |||||||||||||||||||||||
Class C | (657 | ) | (1,026 | ) | (48 | ) | (132 | ) | (10,544 | ) | (3,127 | ) | (3,812 | ) | (11,829 | ) | (217 | ) | (482 | ) | |||||||||||||||||||||||
Class R3 | (1,380 | ) | (2,052 | ) | (101 | ) | (567 | ) | — | — | (6,576 | ) | (6,639 | ) | (34 | ) | (223 | ) | |||||||||||||||||||||||||
Class R6 | (3,618 | ) | (2,288 | ) | — | — | — | — | (1,593 | ) | (2,582 | ) | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) from Fund share transactions | 101,879 | 125,334 | 18,918 | 3,629 | (88,480 | ) | 900,314 | 12,594 | (836 | ) | (5,187 | ) | (2,977 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 95,148 | 213,533 | 15,651 | 14,917 | (133,327 | ) | 1,269,431 | 44,743 | 125,812 | 4,242 | 7,005 | ||||||||||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 1,015,534 | 802,001 | 83,158 | 68,241 | 2,759,984 | 1,490,553 | 1,039,875 | 914,063 | 85,337 | 78,332 | |||||||||||||||||||||||||||||||||
End of period | $ | 1,110,682 | $ | 1,015,534 | $ | 98,809 | $ | 83,158 | $ | 2,626,657 | $ | 2,759,984 | $ | 1,084,618 | $ | 1,039,875 | $ | 89,579 | $ | 85,337 | |||||||||||||||||||||||
Undistributed net investment income (loss) at end of period | $ | (5,265 | ) | $ | (2,889 | ) | $ | — | $ | 593 | $ | 3,323 | $ | 16,877 | $ | — | $ | — | $ | (847 | ) | $ | (445 | ) | |||||||||||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | (40 | ) | $ | — | $ | — | $ | — | $ | (843 | ) | $ | — | $ | — | $ | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||
Increase (Decrease) in Net Assets: | |||||||||||||||||||
From Operations: | |||||||||||||||||||
Net investment income (loss) (Note A) | $ | 11,601 | $ | 20,990 | $ | 111 | $ | 147 | |||||||||||
Net realized gain (loss) on investments (Note A) | 99,487 | 339,559 | 297 | 1,387 | |||||||||||||||
Net increase from payments by affiliates (Note B) | — | 52 | — | — | |||||||||||||||
Change in net unrealized appreciation (depreciation) of investments (Note A) | 47,086 | 95,312 | (17 | ) | 1,452 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 158,174 | 455,913 | 391 | 2,986 | |||||||||||||||
Distributions to Shareholders From (Note A): | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Investor Class | (5,556 | ) | (6,812 | ) | — | — | |||||||||||||
Trust Class | (3,953 | ) | (4,600 | ) | — | — | |||||||||||||
Advisor Class | — | — | — | — | |||||||||||||||
Institutional Class | (6,267 | ) | (6,382 | ) | (130 | ) | (57 | ) | |||||||||||
Class A | (1,493 | ) | (1,231 | ) | (49 | ) | (17 | ) | |||||||||||
Class C | (271 | ) | (86 | ) | (0 | ) | — | ||||||||||||
Class R3 | (272 | ) | (204 | ) | — | — | |||||||||||||
Class R6 | (2,421 | ) | (2,006 | ) | — | — | |||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Investor Class | (78,302 | ) | (50,122 | ) | — | — | |||||||||||||
Trust Class | (58,788 | ) | (40,943 | ) | — | — | |||||||||||||
Advisor Class | — | — | — | — | |||||||||||||||
Institutional Class | (69,181 | ) | (40,032 | ) | (748 | ) | — | ||||||||||||
Class A | (21,497 | ) | (11,439 | ) | (433 | ) | — | ||||||||||||
Class C | (7,205 | ) | (3,098 | ) | (32 | ) | — | ||||||||||||
Class R3 | (4,908 | ) | (2,602 | ) | — | — | |||||||||||||
Class R6 | (24,850 | ) | (11,964 | ) | — | — | |||||||||||||
Total distributions to shareholders | (284,964 | ) | (181,521 | ) | (1,392 | ) | (74 | ) | |||||||||||
From Fund Share Transactions (Note D): | |||||||||||||||||||
Proceeds from shares sold: | |||||||||||||||||||
Investor Class | 34,220 | 71,171 | — | — | |||||||||||||||
Trust Class | 29,482 | 71,994 | — | — | |||||||||||||||
Advisor Class | — | — | — | — | |||||||||||||||
Institutional Class | 115,811 | 224,677 | 6,397 | 8,780 | |||||||||||||||
Class A | 29,638 | 52,427 | 2,893 | 4,764 | |||||||||||||||
Class C | 9,200 | 15,201 | 206 | 230 | |||||||||||||||
Class R3 | 4,529 | 8,898 | — | — | |||||||||||||||
Class R6 | 46,153 | 193,825 | — | — | |||||||||||||||
Proceeds from reinvestment of dividends and distributions: | |||||||||||||||||||
Investor Class | 80,661 | 54,086 | — | — | |||||||||||||||
Trust Class | 62,288 | 45,143 | — | — | |||||||||||||||
Advisor Class | — | — | — | — | |||||||||||||||
Institutional Class | 68,496 | 42,684 | 878 | 29 | |||||||||||||||
Class A | 21,325 | 11,025 | 435 | 15 | |||||||||||||||
Class C | 6,180 | 2,585 | 31 | — | |||||||||||||||
Class R3 | 5,038 | 2,739 | — | — | |||||||||||||||
Class R6 | 27,271 | 13,970 | — | — |
See Notes to Financial Statements
Statements of Changes in Net Assets (cont'd)
Neuberger Berman Equity Funds (cont'd)
(000's omitted)
SOCIALLY RESPONSIVE FUND | VALUE FUND | ||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | ||||||||||||||||
Payments for shares redeemed: | |||||||||||||||||||
Investor Class | (72,005 | ) | (231,387 | ) | — | — | |||||||||||||
Trust Class | (87,222 | ) | (170,160 | ) | — | — | |||||||||||||
Advisor Class | — | — | — | — | |||||||||||||||
Institutional Class | (102,283 | ) | (196,402 | ) | (2,015 | ) | (4,951 | ) | |||||||||||
Class A | (22,888 | ) | (50,967 | ) | (1,299 | ) | (1,463 | ) | |||||||||||
Class C | (2,950 | ) | (3,965 | ) | (100 | ) | (55 | ) | |||||||||||
Class R3 | (5,823 | ) | (7,268 | ) | — | — | |||||||||||||
Class R6 | (68,381 | ) | (214,722 | ) | — | — | |||||||||||||
Net increase (decrease) from Fund share transactions | 178,740 | (64,446 | ) | 7,426 | 7,349 | ||||||||||||||
Net Increase (Decrease) in Net Assets | 51,950 | 209,946 | 6,425 | 10,261 | |||||||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 2,436,168 | 2,226,222 | 21,159 | 10,898 | |||||||||||||||
End of period | $ | 2,488,118 | $ | 2,436,168 | $ | 27,584 | $ | 21,159 | |||||||||||
Undistributed net investment income (loss) at end of period | $ | 8,821 | $ | 17,453 | $ | 53 | $ | 121 | |||||||||||
Distributions in excess of net investment income at end of period | $ | — | $ | — | $ | — | $ | — |
See Notes to Financial Statements
Notes to Financial Statements Equity Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1 General: Neuberger Berman Equity Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the 1933 Act. The Funds are separate operating series of the Trust, each of which (except All Cap Core, Global Real Estate, 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 (Multi-Cap Opportunities became diversified in December 2012). Ten Funds offer Investor Class shares, eleven offer Trust Class shares, six offer Advisor Class shares, twenty-two offer Institutional Class shares, twenty-one offer Class A shares, twenty-one offer Class C shares, eleven offer Class R3 shares and six offer Class R6 shares. Global Real Estate had no operations until December 30, 2014, other than matters relating to its organization and registration of shares under the 1933 Act. The Board may establish additional series or classes of shares without the approval of shareholders. Effective September 2, 2014, Neuberger Berman Select Equities Fund changed its name to Neuberger Berman All Cap Core Fund.
A zero balance, if any, reflects an actual amount rounding to less than $1,000.
The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies."
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.
3 Foreign currency translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars using the exchange rate as of the end of regular trading on the NYSE on business days, usually 4:00 p.m., Eastern time, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.
4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities for Equity Income, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain (loss) on investments are proceeds from the settlements of class action litigation in which the Funds participated as class members. The amounts of such proceeds for the six months ended February 28, 2015 were $187,802, $13,815, $4,637, $2,975, $394,669, $16,263, $434 and $149,248, for
Guardian, International Equity, International Select, Large Cap Disciplined Growth, Large Cap Value, Mid Cap Intrinsic Value, Multi-Cap Opportunities and Socially Responsive, respectively.
5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund, except Global Real Estate, to continue to, and the intention of Global Real Estate to, qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.
The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of February 28, 2015, the Funds did not have any unrecognized tax positions.
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.
As determined on August 31, 2014, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: net operating losses, foreign currency gains/losses, amortization of premium on debt instruments, partnership and grantor trust adjustments, passive foreign investment company ("PFIC") adjustments, non-taxable distributions from real estate investment trusts ("REITs") and other underlying investments, capital gain distributions from REITs and deemed distributions on shareholder redemptions. For the year ended August 31, 2014, the Funds recorded the following permanent reclassifications:
Paid-in Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gains (Losses) on Investments | |||||||||||||
All Cap Core | $ | 1 | $ | 212,637 | $ | (212,638 | ) | ||||||||
Emerging Markets Equity | (1 | ) | (464,383 | ) | 464,384 | ||||||||||
Equity Income | 19,762,630 | 6,099,968 | (25,862,598 | ) | |||||||||||
Focus | — | (497,159 | ) | 497,159 | |||||||||||
Genesis | 275,992,022 | (251,189 | ) | (275,740,833 | ) | ||||||||||
Global Equity | 1 | 164,131 | (164,132 | ) | |||||||||||
Global Thematic Opportunities | (2 | ) | (213,195 | ) | 213,197 | ||||||||||
Greater China Equity | 1 | 121,665 | (121,666 | ) | |||||||||||
Guardian | — | 195,639 | (195,639 | ) | |||||||||||
International Equity | 11,063 | 8,370,939 | (8,382,002 | ) | |||||||||||
International Select | 1 | (80,941 | ) | 80,940 | |||||||||||
Intrinsic Value | 1 | 1,265,093 | (1,265,094 | ) | |||||||||||
Large Cap Disciplined Growth | 28,024,262 | (21,688 | ) | (28,002,574 | ) | ||||||||||
Large Cap Value | 1 | (114,364 | ) | 114,363 |
Paid-in Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gains (Losses) on Investments | |||||||||||||
Mid Cap Growth | $ | (3,684,683 | ) | $ | 3,487,938 | $ | 196,745 | ||||||||
Mid Cap Intrinsic Value | (1 | ) | (54,377 | ) | 54,378 | ||||||||||
Multi-Cap Opportunities | 1 | (77,193 | ) | 77,192 | |||||||||||
Real Estate | (1 | ) | 303,074 | (303,073 | ) | ||||||||||
Small Cap Growth | (961,131 | ) | 956,741 | 4,390 | |||||||||||
Socially Responsive | 59,773,446 | 416,901 | (60,190,347 | ) | |||||||||||
Value | — | (787 | ) | 787 |
The tax character of distributions paid during the years ended August 31, 2014 and August 31, 2013 were as follows:
Distributions Paid From: | |||||||||||||||||||||||||||||||||||
Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
All Cap Core | $ | 392,027 | $ | 543,533 | $ | 8,437,994 | $ | 4,605,363 | $ | — | $ | — | $ | 8,830,021 | $ | 5,148,896 | |||||||||||||||||||
Emerging Markets Equity | 2,577,895 | 884,719 | — | — | — | — | 2,577,895 | 884,719 | |||||||||||||||||||||||||||
Equity Income | 62,522,140 | 90,941,035 | 102,840,935 | 26,180,631 | — | — | 165,363,075 | 117,121,666 | |||||||||||||||||||||||||||
Focus | 14,850,876 | 3,819,785 | 63,750,537 | — | — | — | 78,601,413 | 3,819,785 | |||||||||||||||||||||||||||
Genesis | 66,351,341 | 50,429,244 | 1,137,274,077 | 529,696,292 | — | — | 1,203,625,418 | 580,125,536 | |||||||||||||||||||||||||||
Global Equity | 191,068 | — | 243,211 | — | — | — | 434,279 | — | |||||||||||||||||||||||||||
Global Thematic Opportunities | 375,166 | 280,038 | — | — | — | — | 375,166 | 280,038 | |||||||||||||||||||||||||||
Greater China Equity | 803,283 | — | (1) | — | — | (1) | — | — | (1) | 803,283 | — | (1) | |||||||||||||||||||||||
Guardian | 33,366,130 | 15,542,473 | 112,517,878 | 30,564,740 | — | — | 145,884,008 | 46,107,213 | |||||||||||||||||||||||||||
International Equity | 17,975,975 | 7,600,707 | — | — | — | — | 17,975,975 | 7,600,707 | |||||||||||||||||||||||||||
International Select | 3,029,765 | 2,907,325 | — | — | — | — | 3,029,765 | 2,907,325 | |||||||||||||||||||||||||||
Intrinsic Value | 1,071,106 | — | 8,738,393 | 2,542,565 | — | — | 9,809,499 | 2,542,565 | |||||||||||||||||||||||||||
Large Cap Disciplined Growth | 21,926,193 | 6,805,182 | 52,335,028 | 30,418,426 | — | — | 74,261,221 | 37,223,608 | |||||||||||||||||||||||||||
Large Cap Value | 145,323,607 | 20,876,494 | 135,542,504 | — | — | — | 280,866,111 | 20,876,494 | |||||||||||||||||||||||||||
Mid Cap Growth | — | — | 58,429,501 | 33,916,496 | — | — | 58,429,501 | 33,916,496 | |||||||||||||||||||||||||||
Mid Cap Intrinsic Value | 1,173,749 | 464,057 | 3,055,247 | — | — | — | 4,228,996 | 464,057 | |||||||||||||||||||||||||||
Multi-Cap Opportunities | 13,459,794 | 9,989,299 | 27,819,682 | 2,536,247 | — | — | 41,279,476 | 12,525,546 | |||||||||||||||||||||||||||
Real Estate | 16,336,584 | 12,032,586 | 51,381,659 | 16,029,835 | — | — | 67,718,243 | 28,062,421 | |||||||||||||||||||||||||||
Small Cap Growth | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Socially Responsive | 31,881,495 | 14,233,383 | 149,639,493 | — | — | — | 181,520,988 | 14,233,383 | |||||||||||||||||||||||||||
Value | 73,519 | 47,274 | — | — | — | — | 73,519 | 47,274 |
(1) Period from July 17, 2013 (Commencement of Operations) to August 31, 2013.
As of August 31, 2014, 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 | ||||||||||||||||||||||
All Cap Core | $ | 2,189,581 | $ | 9,870,268 | $ | 16,913,948 | $ | — | $ | (8,583 | ) | $ | 28,965,214 | ||||||||||||||
Emerging Markets Equity | 4,670,278 | — | 66,790,316 | (24,259,481 | ) | (43,592 | ) | 47,157,521 | |||||||||||||||||||
Equity Income | 19,196,347 | 87,682,028 | 368,205,976 | — | — | 475,084,351 | |||||||||||||||||||||
Focus | 18,257,040 | 111,133,381 | 144,405,582 | — | — | 273,796,003 | |||||||||||||||||||||
Genesis | 17,101,275 | 970,748,570 | 5,935,157,949 | — | — | 6,923,007,794 | |||||||||||||||||||||
Global Equity | 827,681 | 169,801 | 4,744,184 | — | — | 5,741,666 | |||||||||||||||||||||
Global Thematic Opportunities | 118,524 | — | 13,035,326 | (3,551,376 | ) | (5,980 | ) | 9,596,494 | |||||||||||||||||||
Greater China Equity | 4,722,446 | 418,107 | 6,290,292 | — | (114,781 | ) | 11,316,064 | ||||||||||||||||||||
Guardian | 15,565,003 | 165,791,615 | 393,573,387 | — | — | 574,930,005 | |||||||||||||||||||||
International Equity | 13,221,714 | — | 171,141,496 | (275,771,861 | ) | (2,536 | ) | (91,411,187 | ) | ||||||||||||||||||
International Select | 2,316,566 | — | 41,315,639 | (42,816,601 | ) | (43,145 | ) | 772,459 | |||||||||||||||||||
Intrinsic Value | 3,270,946 | 11,979,614 | 67,142,155 | — | (139,668 | ) | 82,253,047 | ||||||||||||||||||||
Large Cap Disciplined Growth | 8,818,352 | 53,975,269 | 41,766,697 | — | (12,997 | ) | 104,547,321 | ||||||||||||||||||||
Large Cap Value | 104,653,272 | 101,432,852 | 263,453,185 | — | — | 469,539,309 | |||||||||||||||||||||
Mid Cap Growth | — | 90,177,231 | 270,525,945 | (2,888,953 | ) | — | 357,814,223 | ||||||||||||||||||||
Mid Cap Intrinsic Value | 1,250,016 | 6,914,691 | 18,851,957 | — | — | 27,016,664 | |||||||||||||||||||||
Multi-Cap Opportunities | 16,876,331 | 77,889,794 | 511,579,310 | — | — | 606,345,435 | |||||||||||||||||||||
Real Estate | — | 28,538,542 | 139,845,380 | — | — | 168,383,922 | |||||||||||||||||||||
Small Cap Growth | — | — | 5,523,509 | (7,476,974 | ) | — | (1,953,465 | ) | |||||||||||||||||||
Socially Responsive | 26,367,377 | 226,669,999 | 582,340,745 | — | — | 835,378,121 | |||||||||||||||||||||
Value | 1,174,201 | 160,006 | 1,595,786 | — | — | 2,929,993 |
The differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales, capital loss carryforwards, post-October capital loss and late-year ordinary loss deferrals, unamortized organization expenses, foreign capital gain taxes on unrealized gains, amortization of premium on debt instruments and basis adjustments related to REITs, PFICs, partnerships, grantor trusts 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. The Regulated Investment Company ("RIC") Modernization Act of 2010 (the "Act") became effective for the Funds on September 1, 2011 (July 17, 2013 (Commencement of Operations) for Greater China Equity). The Act modernizes several of the federal income and excise tax provisions related to RICs. Among the changes made are changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term ("Post-Enactment"). Rules in effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character ("Pre-Enactment"). As determined at August 31, 2014, the following
Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:
Pre-Enactment | |||||||||||||||
Expiring in: | |||||||||||||||
2016 | 2017 | 2018 | |||||||||||||
International Equity(1) | $ | 17,546,220 | $ | 180,082,720 | $ | 78,142,921 | |||||||||
International Select | — | 6,656,149 | 36,160,452 | ||||||||||||
Small Cap Growth | — | — | 7,031,490 |
Post-Enactment (No Expiration Date) | |||||||||
Long-Term | Short-Term | ||||||||
Emerging Markets Equity | $ | — | $ | 24,259,481 | |||||
Global Thematic Opportunities | — | 3,551,376 |
(1) The capital loss carryforwards shown above for International Equity include $17,546,220 expiring in 2016 and $114,232,268 expiring in 2017, which were acquired on January 25, 2013 in the merger with Neuberger Berman International Fund. Future utilization of these losses may be limited under current tax rules.
Post-Enactment capital loss carryforwards must be fully used before Pre-Enactment capital loss carryforwards; therefore, under certain circumstances, Pre-Enactment capital loss carryforwards available as of the report date may expire unused.
During the year ended August 31, 2014, International Equity, International Select, Small Cap Growth and Value utilized capital loss carryforwards of $48,469,014, $11,609,019, $14,613,672 and $200,078, 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 the Act, 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 net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended August 31, 2014, the Funds elected to defer the following late-year ordinary losses and post October capital losses:
Late-Year Ordinary Loss | Post October Capital Loss Deferral | ||||||||||||||
Deferral | Long-Term | Short-Term | |||||||||||||
Mid Cap Growth | $ | 2,888,953 | $ | — | $ | — | |||||||||
Small Cap Growth | 445,484 | — | — |
6 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.
Emerging Markets Equity accrues deferred capital gains tax on unrealized gains for certain securities of issuers domiciled in India. At February 28, 2015, there were no outstanding balances of accrued deferred capital gains tax for Emerging Markets Equity.
A change in the capital gains tax provision for Greater China Equity for the period ended February 28, 2015 arose due to changes in the tax rules in the People's Republic of China ("PRC") effective November 17, 2014 (the "effective date"). Capital gains derived from the trading of PRC equity investments after the effective date are temporarily exempt from PRC withholding tax. Greater China Equity had accrued deferred capital gains tax on unrealized gains on participatory notes on such investments. Accordingly, a reversal of capital gains tax provisions
from prior periods attributable to unrealized appreciation in those participatory notes as of the effective date which amounted to $316,202, is included as part of the change in unrealized appreciation/depreciation in the Statement of Operations. At February 28, 2015, $34,648 of tax attributable to gains realized through the effective date remained payable and is included as part of the accrued expenses and other payables in the Statement of Assets and Liabilities. The tax laws and regulations in the PRC are subject to change, possibly with retroactive effect.
7 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments.
Distributions from net investment income and net realized capital gains, if any, generally are 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 substantially all of their net investment income, if any, at the end of each calendar quarter.
It is the policy of each of Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs held by Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate until the following calendar year. At August 31, 2014, Equity Income, Mid Cap Intrinsic Value and Real Estate estimated these amounts within the financial statements since the information is not available from the REITs until after each Fund's fiscal year-end. At February 28, 2015, Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate estimated these amounts for the period January 1, 2015 to February 28, 2015 within the financial statements since the 2015 information is not available from the REITs until after each Fund's fiscal period. For the year ended August 31, 2014, the character of distributions paid to shareholders of Equity Income, Mid Cap Intrinsic Value and Real Estate disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. All estimates are based upon REIT information sources available to Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate together with actual IRS Forms 1099-DIV received to date. Based on past experience it is possible that a portion of Equity Income's, Global Real Estate's, Mid Cap Intrinsic Value's and Real Estate's distributions during the current fiscal year 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 Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often re-characterized as return of capital and/or capital gain. After all applicable REITs have informed Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate of the actual breakdown of distributions paid to Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate during its fiscal year, estimates previously recorded are adjusted on the books of Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate to reflect actual results. As a result, the composition of Equity Income's, Global Real Estate's, Mid Cap Intrinsic Value's and Real Estate's distributions as reported herein may differ from the final composition determined after calendar year-end and reported to Equity Income, Global Real Estate, Mid Cap Intrinsic Value and Real Estate shareholders on IRS Form 1099-DIV.
8 Organization expenses: Costs incurred by Global Real Estate in connection with its organization, which amounted to $87,044 and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.
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 otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies or series thereof in the complex on the basis of relative net assets,
except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.
10 Investments in foreign securities: Investing in foreign securities may involve certain 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 Derivative instruments: During the six months ended February 28, 2015, certain of the Funds' use of derivatives, as described below, was limited to written option transactions. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.
Options: Premiums received by a Fund upon writing a covered 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, the 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, the 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 covered call or a put option that the Fund has written expires unexercised, the Fund will realize a gain in the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.
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, the Fund realizes a gain or loss and the asset is eliminated.
Written option transactions were used in an attempt to generate incremental returns for Equity Income for the six months ended February 28, 2015. Written option transactions for Equity Income for the six months ended February 28, 2015 were:
Equity Income
Number of Contracts | Premium Received | ||||||||||
Outstanding 8/31/2014 | 11,767 | $ | 1,527,000 | ||||||||
Options written | 14,484 | 2,187,000 | |||||||||
Options expired | (900 | ) | (129,000 | ) | |||||||
Options exercised | (2,477 | ) | (281,000 | ) | |||||||
Options closed | (16,694 | ) | (2,391,000 | ) | |||||||
Outstanding 2/28/2015 | 6,180 | $ | 913,000 |
At February 28, 2015, Equity Income had the following derivatives (which did not qualify for hedge accounting under ASC 815), grouped by primary risk exposure:
Liability Derivatives
Equity Risk | Statements of Assets and Liabilities Location | ||||||||||
Option contracts written | $ | (1,301,000 | ) | Option contracts | |||||||
Total Value | $ | (1,301,000 | ) | written, at value |
The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 28, 2015 was as follows:
Realized Gain (Loss)
Equity Income | Equity Risk | Statements of Operations Location | |||||||||
Option contracts written | $ | 1,001,000 | Net realized gain | ||||||||
Total Realized Gain (Loss) | $ | 1,001,000 | (loss) on: option contracts written |
Change in Appreciation (Depreciation)
Equity Income | Equity Risk | Statements of Operations Location | |||||||||
Option contracts written | $ | 149,000 | Change in net unrealized appreciation | ||||||||
Total Change in Appreciation (Depreciation) | $ | 149,000 | (depreciation) in value of: option contracts written |
For the six months ended February 28, 2015, Equity Income had an average market value of $(2,385,000) in written options.
While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815. Management has concluded that the Funds, except Equity Income, did not hold any derivative instruments during the six months ended February 28, 2015 that require additional disclosures pursuant to ASC 815.
12 In-kind subscriptions: Under certain circumstances, and when considered to be in the best interest of a Fund, the Fund may accept portfolio securities rather than cash as payment for the purchase of Fund shares (in-kind subscription). For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities, less any applicable foreign security taxes, on the date of contribution. In-kind subscriptions result in no gain or loss and no tax consequences for a Fund. During the year ended August 31, 2014, Socially Responsive accepted $8,240,922 of in-kind subscriptions.
13 In-kind redemptions: In accordance with guidelines described in a Fund's prospectus, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (in-kind redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended August 31, 2014, Socially Responsive realized $22,727,127 of net gain on $68,411,909 of in-kind redemptions.
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 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.
Note B—Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:
Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:
Investment Management Fee as a Percentage of Average Daily Net Assets:
First $250 million | Next $250 million | Next $250 million | Next $250 million | Next $500 million | Next $500 million | Next $500 million | Next $1.5 billion | Thereafter | |||||||||||||||||||||||||||||||
For Genesis, Intrinsic Value, and Small Cap Growth: | |||||||||||||||||||||||||||||||||||||||
0.85 | % | 0.80 | % | 0.75 | % | 0.70 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||
For Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||||||
1.00 | % | 0.975 | % | 0.95 | % | 0.925 | % | 0.90 | % | 0.875 | % | 0.875 | % | 0.875 | % | 0.85 | % | ||||||||||||||||||||||
For Global Real Estate and Real Estate: | |||||||||||||||||||||||||||||||||||||||
0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||||
For International Equity(1): | |||||||||||||||||||||||||||||||||||||||
0.85 | % | 0.825 | % | 0.80 | % | 0.775 | % | 0.75 | % | 0.725 | % | 0.725 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||||||
For All Cap Core, Equity Income, Focus, Guardian, International Select, Large Cap Disciplined Growth, Large Cap Value, Mid Cap Growth, Mid Cap Intrinsic Value(1), Socially Responsive and Value: | |||||||||||||||||||||||||||||||||||||||
0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.45 | % | 0.425 | % | 0.425 | % | 0.425 | % | 0.40 | % | ||||||||||||||||||||||
For Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||||||
0.60 | % | 0.575 | % | 0.55 | % | 0.525 | % | 0.50 | % | 0.475 | % | 0.475 | % | 0.475 | % | 0.45 | % | ||||||||||||||||||||||
For Global Equity: | |||||||||||||||||||||||||||||||||||||||
0.75 | % | 0.725 | % | 0.70 | % | 0.675 | % | 0.65 | % | 0.625 | % | 0.625 | % | 0.625 | % | 0.60 | % | ||||||||||||||||||||||
For Global Thematic Opportunities: | |||||||||||||||||||||||||||||||||||||||
0.85 | % | 0.825 | % | 0.80 | % | 0.775 | % | 0.75 | % | 0.725 | % | 0.725 | % | 0.725 | % | 0.70 | % | ||||||||||||||||||||||
For Greater China Equity: | |||||||||||||||||||||||||||||||||||||||
1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % |
(1) Effective February 1, 2014, Management has voluntarily agreed to waive its management fee in the amount of 0.21% of the average daily net assets of International Equity (0.18% effective January 28, 2013). Effective March 1, 2015, Management has voluntarily agreed to waive its management fee in the amount of 0.16% of the average daily net assets of Mid Cap Intrinsic Value (0.20% effective October 13, 2014, 0.30% effective February 1, 2014, 0.36% effective May 1, 2013, 0.33% effective February 1, 2013, 0.28% effective December 1, 2012 and 0.25% effective February 1, 2012). Management may, at its sole discretion, modify or terminate these voluntary waivers without notice to International Equity or Mid Cap Intrinsic Value. For the six months ended February 28, 2015, such waived fees amounted to $1,122,153 and $96,254 for International Equity and Mid Cap Intrinsic Value, respectively. These amounts are not subject to recovery by Management.
Accordingly, for the six months ended February 28, 2015, the 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 | ||||||||||||||
All Cap Core | 0.55 | % | International Select | 0.55 | % | ||||||||||
Emerging Markets Equity | 0.98 | % | Intrinsic Value | 0.84 | % | ||||||||||
Equity Income | 0.47 | % | Large Cap Disciplined Growth | 0.55 | % | ||||||||||
Focus | 0.52 | % | Large Cap Value | 0.48 | % | ||||||||||
Genesis | 0.66 | % | Mid Cap Growth | 0.51 | % | ||||||||||
Global Equity | 0.75 | % | Mid Cap Intrinsic Value | 0.55 | %(2) | ||||||||||
Global Real Estate | 0.80 | % | Multi-Cap Opportunities | 0.51 | % | ||||||||||
Global Thematic Opportunities | 0.85 | % | Real Estate | 0.80 | % | ||||||||||
Greater China Equity | 1.10 | % | Small Cap Growth | 0.85 | % | ||||||||||
Guardian | 0.49 | % | Socially Responsive | 0.47 | % | ||||||||||
International Equity | 0.81 | %(1) | Value | 0.55 | % |
(1) 0.60% annual effective net rate of the Fund's average daily net assets.
(2) 0.33% annual effective net rate of the Fund's average daily net assets.
Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Investor Class, Class A, Class C and Class R3 of each Fund that offers those classes pays Management an administration fee at the annual rate of 0.20% of its average daily net assets, Trust Class and Advisor Class of each Fund that offers those classes pays Management an administration fee at the annual rate of 0.34% of its average daily net assets, Institutional Class of each Fund pays Management an administration fee at the annual rate of 0.09% of its average daily net assets, and Class R6 of each Fund that offers that class pays Management an administration fee of 0.02% of its average daily net assets, under this agreement. Additionally, Management retains State Street Bank and Trust Company ("State Street") as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.
For the Trust Class of Focus, Guardian, International Select, Large Cap Value, Mid Cap Intrinsic Value, Real Estate, Small Cap Growth and Socially Responsive, the Advisor Class of each Fund that offers that class, and Class A, Class C and Class R3 of each Fund that offers those classes, Management acts as agent in arranging for the sale of class shares without commission and bears advertising and promotion expenses. The Board has adopted distribution plans (each a "Plan", collectively, the "Plans") with respect to these classes, pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, Management's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, Management receives from each of these 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. Management receives this amount to provide distribution and shareholder servicing for those 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 could have been 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.
Management has contractually agreed to waive current payment of fees and/or reimburse certain expenses of the Investor Class of each of International Equity, Large Cap Disciplined Growth, 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 on short sales, if any; consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense. During the six months ended February 28, 2015, the following classes repaid Management under their contractual expense limitation agreements as follows:
Class | Expenses Repaid to Management | ||||||
Genesis Fund Institutional Class | $ | 8,658 | |||||
International Equity Fund Institutional Class | 170,483 | ||||||
International Equity Fund Class A | 9,932 | ||||||
International Equity Fund Class C | 758 | ||||||
International Equity Fund Class R6 | 1,490 | ||||||
Large Cap Value Fund Institutional Class | 1,631 | ||||||
Large Cap Value Fund Class C | 168 | ||||||
Mid Cap Growth Fund Institutional Class | 15,597 | ||||||
Mid Cap Growth Fund Class R6 | 438 |
At February 28, 2015, contingent liabilities to Management under the agreements were as follows:
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
All Cap Core Fund Institutional Class | 0.75 | % | 8/31/18 | $ | 109,640 | $ | 125,967 | $ | 142,102 | $ | 94,782 | ||||||||||||||||
All Cap Core Fund Class A | 1.20 | % | 8/31/18 | 98,482 | 84,083 | 64,707 | 18,099 | ||||||||||||||||||||
All Cap Core Fund Class C | 1.95 | % | 8/31/18 | 39,600 | 33,146 | 30,603 | 15,179 | ||||||||||||||||||||
Emerging Markets Equity Fund Institutional Class | 1.25 | % | 8/31/18 | 680,473 | 993,712 | 883,793 | 469,802 | ||||||||||||||||||||
Emerging Markets Equity Fund Class A | 1.50 | % | 8/31/18 | 30,719 | 30,312 | 50,749 | 28,849 | ||||||||||||||||||||
Emerging Markets Equity Fund Class C | 2.25 | % | 8/31/18 | 8,678 | 13,600 | 17,601 | 10,597 | ||||||||||||||||||||
Emerging Markets Equity Fund Class R3 | 1.91 | % | 8/31/18 | 470 | 689 | 937 | 778 | ||||||||||||||||||||
Emerging Markets Equity Fund Class R6 | 1.18 | % | 8/31/18 | — | 38,968 | (4) | 122,359 | 80,419 | |||||||||||||||||||
Equity Income Fund Institutional Class | 0.80 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class A | 1.16 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class C | 1.91 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Equity Income Fund Class R3 | 1.41 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Focus Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Focus Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Focus Fund Institutional Class | 0.75 | % | 8/31/18 | 2,815 | 4,649 | 521 | 873 |
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Focus Fund Class A | 1.11 | % | 8/31/18 | $ | 570 | $ | 977 | $ | 726 | $ | 508 | ||||||||||||||||
Focus Fund Class C | 1.86 | % | 8/31/18 | 322 | 342 | 435 | 301 | ||||||||||||||||||||
Genesis Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Genesis Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Genesis Fund Institutional Class | 0.85 | % | 8/31/22 | 518,291 | 117,849 | — | — | ||||||||||||||||||||
Genesis Fund Class R6 | 0.78 | % | 8/31/18 | — | — | (4) | — | 18,973 | |||||||||||||||||||
Global Equity Fund Institutional Class | 1.15 | % | 8/31/18 | 268,266 | 261,844 | 210,511 | 123,285 | ||||||||||||||||||||
Global Equity Fund Class A | 1.51 | % | 8/31/18 | 7,900 | 6,060 | 2,179 | 5,599 | ||||||||||||||||||||
Global Equity Fund Class C | 2.26 | % | 8/31/18 | 4,712 | 2,623 | 967 | 2,096 | ||||||||||||||||||||
Global Real Estate Fund Institutional Class | 1.00 | % | 8/31/18 | — | — | — | 94,581 | (8) | |||||||||||||||||||
Global Real Estate Fund Class A | 1.36 | % | 8/31/18 | — | — | — | 25,618 | (8) | |||||||||||||||||||
Global Real Estate Fund Class C | 2.11 | % | 8/31/18 | — | — | — | 12,160 | (8) | |||||||||||||||||||
Global Thematic Opportunities Fund Institutional Class | 1.25 | % | 8/31/18 | 229,703 | 188,890 | 111,225 | 62,034 | ||||||||||||||||||||
Global Thematic Opportunities Fund Class A | 1.61 | % | 8/31/18 | 3,105 | 4,219 | 1,094 | 988 | ||||||||||||||||||||
Global Thematic Opportunities Fund Class C | 2.36 | % | 8/31/18 | 885 | 695 | 379 | 191 | ||||||||||||||||||||
Greater China Equity Fund Institutional Class | 1.50 | % | 8/31/18 | — | 160,702 | (5) | 193,960 | 52,939 | |||||||||||||||||||
Greater China Equity Fund Class A | 1.86 | % | 8/31/18 | — | 2,385 | (5) | 1,756 | 2,096 | |||||||||||||||||||
Greater China Equity Fund Class C | 2.61 | % | 8/31/18 | — | 2,350 | (5) | 264 | 125 | |||||||||||||||||||
Guardian Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Institutional Class | 0.75 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class A | 1.11 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class C | 1.86 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Guardian Fund Class R3 | 1.36 | % | 8/31/18 | 146 | 134 | 114 | 54 | ||||||||||||||||||||
International Equity Fund Investor Class | 1.40 | % | 8/31/18 | — | — | (3) | — | — | |||||||||||||||||||
International Equity Fund Trust Class | 2.00 | % | 8/31/22 | — | — | (3) | — | — | |||||||||||||||||||
International Equity Fund Institutional Class | 0.85 | % | 8/31/22 | 1,041,206 | 784,945 | 213,333 | — | ||||||||||||||||||||
International Equity Fund Class A | 1.21 | %(6) | 8/31/18 | — | — | (3) | 2,888 | — | |||||||||||||||||||
International Equity Fund Class C | 1.96 | %(6) | 8/31/18 | — | 651 | (3) | 1,864 | — | |||||||||||||||||||
International Equity Fund Class R6 | 0.78 | % | 8/31/18 | — | — | — | (7) | — | |||||||||||||||||||
International Select Fund Trust Class | 1.25 | % | 8/31/18 | 23,177 | 17,980 | 10,697 | 5,433 | ||||||||||||||||||||
International Select Fund Institutional Class | 0.90 | % | 8/31/18 | 151,893 | 126,756 | 58,414 | 37,225 | ||||||||||||||||||||
International Select Fund Class A | 1.30 | %(2) | 8/31/18 | 6,199 | 6,163 | 430 | 654 | ||||||||||||||||||||
International Select Fund Class C | 2.00 | % | 8/31/18 | 3,016 | 3,613 | 2,151 | 1,098 | ||||||||||||||||||||
International Select Fund Class R3 | 1.51 | % | 8/31/18 | 438 | 1,103 | 1,076 | 754 | ||||||||||||||||||||
Intrinsic Value Fund Institutional Class | 1.00 | % | 8/31/18 | 271,075 | 289,297 | 302,070 | 166,056 |
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Intrinsic Value Fund Class A | 1.36 | % | 8/31/18 | $ | 22,387 | $ | 20,599 | $ | 28,539 | $ | 11,926 | ||||||||||||||||
Intrinsic Value Fund Class C | 2.11 | % | 8/31/18 | 16,110 | 16,477 | 17,391 | 8,844 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Investor Class | 1.11 | % | 8/31/18 | — | — | — | 6,260 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Institutional Class | 0.75 | % | 8/31/18 | 162,865 | 219,810 | 239,882 | 99,488 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class A | 1.11 | % | 8/31/18 | 28,718 | 29,500 | 32,217 | 7,561 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class C | 1.86 | % | 8/31/18 | 14,075 | 15,074 | 23,600 | 18,637 | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Class R3 | 1.36 | % | 8/31/18 | 260 | 327 | 375 | 293 | ||||||||||||||||||||
Large Cap Value Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Institutional Class | 0.70 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Class A | 1.11 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Class C | 1.86 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Large Cap Value Fund Class R3 | 1.36 | % | 8/31/18 | 67 | 83 | 82 | 38 | ||||||||||||||||||||
Mid Cap Growth Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Advisor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Institutional Class | 0.75 | % | 8/31/18 | 42,181 | 74,654 | 6,497 | — | ||||||||||||||||||||
Mid Cap Growth Fund Class A | 1.11 | % | 8/31/18 | 32,163 | 51,584 | 19,819 | 537 | ||||||||||||||||||||
Mid Cap Growth Fund Class C | 1.86 | % | 8/31/18 | 1,973 | 2,985 | 2,522 | 835 | ||||||||||||||||||||
Mid Cap Growth Fund Class R3 | 1.36 | % | 8/31/18 | 1,733 | 3,079 | 1,821 | 756 | ||||||||||||||||||||
Mid Cap Growth Fund Class R6 | 0.68 | % | 8/31/18 | — | 1,127 | (4) | 250 | — | |||||||||||||||||||
Mid Cap Intrinsic Value Fund Investor Class | 1.50 | % | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Trust Class | 1.25 | % | 8/31/22 | 29,878 | 13,066 | — | 1,833 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Institutional Class | 0.85 | % | 8/31/18 | 5,012 | 3,203 | — | 3,187 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class A | 1.21 | % | 8/31/18 | 5,552 | 5,190 | — | 1,903 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class C | 1.96 | % | 8/31/18 | 524 | 494 | — | 410 | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class R3 | 1.46 | % | 8/31/18 | 383 | 203 | 60 | 153 | ||||||||||||||||||||
Multi-Cap Opportunities Fund Institutional Class | 1.00 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Fund Class A | 1.36 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Fund Class C | 2.11 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Real Estate Fund Trust Class | 1.50 | %(2) | 8/31/22 | — | — | — | — | ||||||||||||||||||||
Real Estate Fund Institutional Class | 0.85 | % | 8/31/22 | 401,382 | 707,517 | 817,481 | 414,453 | ||||||||||||||||||||
Real Estate Fund Class A | 1.21 | % | 8/31/18 | 160,543 | 336,286 | 372,528 | 175,292 | ||||||||||||||||||||
Real Estate Fund Class C | 1.96 | % | 8/31/18 | 40,775 | 90,654 | 95,712 | 43,026 | ||||||||||||||||||||
Real Estate Fund Class R3 | 1.46 | % | 8/31/18 | 6,246 | 24,426 | 40,953 | 24,405 |
Expenses Reimbursed in Fiscal Period Ending August 31, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||||
Subject to Repayment until August 31, | |||||||||||||||||||||||||||
Class | Contractual Expense Limitation(1) | Expiration | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Real Estate Fund Class R6 | 0.78 | % | 8/31/18 | $ | — | $ | 5,033 | (4) | $ | 29,668 | $ | 26,907 | |||||||||||||||
Small Cap Growth Fund Investor Class | 1.30 | %(2) | 8/31/22 | 169,034 | 177,688 | 192,480 | 97,762 | ||||||||||||||||||||
Small Cap Growth Fund Trust Class | 1.40 | % | 8/31/22 | 63,093 | 60,615 | 34,116 | 12,066 | ||||||||||||||||||||
Small Cap Growth Fund Advisor Class | 1.60 | %(2) | 8/31/22 | 17,513 | 14,942 | 14,620 | 6,106 | ||||||||||||||||||||
Small Cap Growth Fund Institutional Class | 0.90 | % | 8/31/18 | 203,174 | 147,976 | 95,710 | 52,587 | ||||||||||||||||||||
Small Cap Growth Fund Class A | 1.26 | % | 8/31/18 | 5,555 | 9,439 | 28,007 | 12,538 | ||||||||||||||||||||
Small Cap Growth Fund Class C | 2.01 | % | 8/31/18 | 2,744 | 4,742 | 9,549 | 5,133 | ||||||||||||||||||||
Small Cap Growth Fund Class R3 | 1.51 | % | 8/31/18 | 1,022 | 1,908 | 3,116 | 1,839 | ||||||||||||||||||||
Socially Responsive Fund Trust Class | 1.50 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Institutional Class | 0.75 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class A | 1.11 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class C | 1.86 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class R3 | 1.36 | % | 8/31/18 | — | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class R6 | 0.68 | % | 8/31/18 | — | — | (4) | — | — | |||||||||||||||||||
Value Fund Institutional Class | 0.75 | %(2) | 8/31/18 | 217,250 | 122,469 | 156,332 | 79,995 | ||||||||||||||||||||
Value Fund Class A | 1.11 | %(2) | 8/31/18 | 81,085 | 141,386 | 94,806 | 47,382 | ||||||||||||||||||||
Value Fund Class C | 1.86 | %(2) | 8/31/18 | 3,750 | 8,538 | 7,238 | 3,508 |
(1) Expense limitation per annum of the respective class's average daily net assets.
(2) In addition, Management has voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses of Class A of International Select, the Trust Class of Real Estate, the Investor Class of Small Cap Growth, the Advisor Class of Small Cap Growth, the Institutional Class of Value, Class A of Value and Class C of Value, so that their Operating Expenses are limited to 1.24%, 1.04%, 1.21% (1.25% prior to December 1, 2012), 1.51% (1.55% prior to December 1, 2012), 0.70%, 1.08% (effective December 12, 2014; 1.06% from September 12, 2014 to December 11, 2014; 1.08% from June 13, 2014 to September 11, 2014; 1.09% from March 14, 2014 to June 12, 2014; and 1.04% prior to October 12, 2012), and 1.83% (effective December 12, 2014), respectively, per annum of their average daily net assets. For the six months ended February 28, 2015, voluntary reimbursements for Class A of International Select, the Trust Class of Real Estate, the Investor Class of Small Cap Growth, the Advisor Class of Small Cap Growth, the Institutional Class of Value, Class A of Value and Class C of Value amounted to $2,674, $549,854, $22,488, $1,455, $3,668, $1,680 and $43, respectively. These amounts are not subject to recovery by Management. These undertakings, which are terminable by Management upon notice to International Select, Real Estate, Small Cap Growth and Value, are in addition to the contractual undertakings as stated above.
(3) Period from January 28, 2013 (Commencement of Operations) to August 31, 2013.
(4) Period from March 15, 2013 (Commencement of Operations) to August 31, 2013.
(5) Period from July 17, 2013 (Commencement of Operations) to August 31, 2013.
(6) From January 28, 2013 to June 27, 2013, the contractual expense limitation was 1.51% for Class A and 2.26% for Class C.
(7) Period from September 3, 2013 (Commencement of Operations) to August 31, 2014.
(8) Period from December 30, 2014 (Commencement of Operations) to February 28, 2015.
Neuberger Berman LLC ("Neuberger"), as the sub-adviser to each Fund (except Greater China Equity), is retained by Management to furnish it with investment recommendations, research information and related services without added cost to the Funds. Neuberger Berman Asia Limited ("Neuberger Asia"), as the sub-adviser to Greater China Equity, is retained by Management to choose the Fund's investments and handle its day-to-day business. Several individuals who are Officers and/or Trustees of the Trust are also employees of Neuberger and/or Management.
Each class of shares has a distribution agreement with Management. Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.
For the six months ended February 28, 2015, Management, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemptions of Class A and Class C shares as follows:
Underwriter | Broker-Dealer | ||||||||||||||||||
Net Initial Sales Charge | CDSC | Net Initial Sales Charge | CDSC | ||||||||||||||||
All Cap Core Fund Class A | $ | 1,740 | $ | — | $ | — | $ | — | |||||||||||
All Cap Core Fund Class C | — | 622 | — | — | |||||||||||||||
Emerging Markets Equity Fund Class A | 1,533 | — | — | — | |||||||||||||||
Emerging Markets Equity Fund Class C | — | 3,774 | — | — | |||||||||||||||
Equity Income Fund Class A | 45,864 | — | — | — | |||||||||||||||
Equity Income Fund Class C | — | 8,591 | — | — | |||||||||||||||
Focus Fund Class A | 698 | — | — | — | |||||||||||||||
Focus Fund Class C | — | 4,902 | — | — | |||||||||||||||
Global Equity Fund Class A | 137 | — | — | — | |||||||||||||||
Global Equity Fund Class C | — | — | — | — | |||||||||||||||
Global Real Estate Fund Class A(1) | — | — | — | — | |||||||||||||||
Global Real Estate Fund Class C(1) | — | — | — | — | |||||||||||||||
Global Thematic Opportunities Fund Class A | 42 | — | — | — | |||||||||||||||
Global Thematic Opportunities Fund Class C | — | — | — | — | |||||||||||||||
Greater China Equity Fund Class A | 8 | — | — | — | |||||||||||||||
Greater China Equity Fund Class C | — | — | — | — | |||||||||||||||
Guardian Fund Class A | 1,745 | — | — | — | |||||||||||||||
Guardian Fund Class C | — | 174 | — | — | |||||||||||||||
International Equity Fund Class A | 1,283 | — | — | — | |||||||||||||||
International Equity Fund Class C | — | 3,190 | — | — | |||||||||||||||
International Select Fund Class A | 520 | — | — | — | |||||||||||||||
International Select Fund Class C | — | — | — | — | |||||||||||||||
Intrinsic Value Fund Class A | 8,478 | — | — | — | |||||||||||||||
Intrinsic Value Fund Class C | — | 1,697 | — | — | |||||||||||||||
Large Cap Disciplined Growth Fund Class A | 1,118 | — | — | — | |||||||||||||||
Large Cap Disciplined Growth Fund Class C | — | 1,701 | — | — | |||||||||||||||
Large Cap Value Fund Class A | 2,175 | — | — | — | |||||||||||||||
Large Cap Value Fund Class C | — | 167 | — | — | |||||||||||||||
Mid Cap Growth Fund Class A | 4,584 | — | — | — |
Underwriter | Broker-Dealer | ||||||||||||||||||
Net Initial Sales Charge | CDSC | Net Initial Sales Charge | CDSC | ||||||||||||||||
Mid Cap Growth Fund Class C | $ | — | $ | 1,007 | $ | — | $ | — | |||||||||||
Mid Cap Intrinsic Value Fund Class A | 1,462 | — | — | — | |||||||||||||||
Mid Cap Intrinsic Value Fund Class C | — | 105 | — | — | |||||||||||||||
Multi-Cap Opportunities Fund Class A | 41,318 | — | — | — | |||||||||||||||
Multi-Cap Opportunities Fund Class C | — | 13,461 | — | — | |||||||||||||||
Real Estate Fund Class A | 6,982 | — | — | — | |||||||||||||||
Real Estate Fund Class C | — | 1,408 | — | — | |||||||||||||||
Small Cap Growth Fund Class A | 3,054 | — | — | — | |||||||||||||||
Small Cap Growth Fund Class C | — | 1,962 | — | — | |||||||||||||||
Socially Responsive Fund Class A | 34,764 | — | — | — | |||||||||||||||
Socially Responsive Fund Class C | — | 2,679 | — | — | |||||||||||||||
Value Fund Class A | 692 | — | — | — | |||||||||||||||
Value Fund Class C | — | 372 | — | — |
(1) Period from December 30, 2014 (Commencement of Operations) to February 28, 2015.
On June 3, 2014, Management made a voluntary contribution to certain of the Funds in connection with a payment matter related to the Funds' investment in a State Street money market fund as follows:
Contribution Amount | Contribution Amount | ||||||||||||||
All Cap Core | $ | 11,607 | Intrinsic Value | $ | 4,946 | ||||||||||
Emerging Markets Equity | 8,197 | Large Cap Disciplined Growth | 25,583 | ||||||||||||
Equity Income | 72,008 | Large Cap Value | 101,072 | ||||||||||||
Focus | 14,932 | Mid Cap Growth | 39,098 | ||||||||||||
Genesis | 619,373 | Mid Cap Intrinsic Value | 5,917 | ||||||||||||
Global Thematic Opportunities | 1,536 | Multi-Cap Opportunities | 18,804 | ||||||||||||
Guardian | 30,585 | Real Estate | 15,705 | ||||||||||||
International Equity | 24,281 | Small Cap Growth | 3,827 | ||||||||||||
International Select | 8,356 | Socially Responsive | 52,169 |
Note C—Securities Transactions:
During the six months ended February 28, 2015, there were purchase and sale transactions of long-term securities (excluding option contracts) as follows:
(000's omitted) | Purchases | Sales | (000's omitted) | Purchases | Sales | ||||||||||||||||||
All Cap Core | $ | 44,854 | $ | 59,096 | International Select | $ | 23,129 | $ | 22,525 | ||||||||||||||
Emerging Markets Equity | 91,415 | 125,061 | Intrinsic Value | 83,125 | 30,314 | ||||||||||||||||||
Equity Income | 571,368 | 634,626 | Large Cap Disciplined Growth | 59,781 | 189,146 | ||||||||||||||||||
Focus | 175,253 | 199,064 | Large Cap Value | 1,263,809 | 1,345,711 | ||||||||||||||||||
Genesis | 735,308 | 1,915,865 | Mid Cap Growth | 273,541 | 283,091 | ||||||||||||||||||
Global Equity | 968 | 33,679 | Mid Cap Intrinsic Value | 19,467 | 14,586 | ||||||||||||||||||
Global Real Estate(1) | 3,108 | 249 | Multi-Cap Opportunities | 327,242 | 454,852 |
(000's omitted) | Purchases | Sales | (000's omitted) | Purchases | Sales | ||||||||||||||||||
Global Thematic Opportunities | $ | 31,734 | $ | 29,051 | Real Estate | $ | 198,192 | $ | 233,655 | ||||||||||||||
Greater China Equity | 92,227 | 65,758 | Small Cap Growth | 134,288 | 140,819 | ||||||||||||||||||
Guardian | 240,297 | 308,356 | Socially Responsive | 347,867 | 489,658 | ||||||||||||||||||
International Equity | 123,485 | 139,151 | Value | 22,839 | 17,203 |
(1) Period from December 30, 2014 (Commencement of Operations) to February 28, 2015.
During the six months ended February 28, 2015, 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, 2015 and for the year ended August 31, 2014 was as follows:
For the Six Months Ended February 28, 2015 | For the Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
All Cap Core: | |||||||||||||||||||||||||||||||||||
Institutional Class | 1,745 | 1,031 | (2,350 | ) | 426 | 2,268 | 385 | (2,201 | ) | 452 | |||||||||||||||||||||||||
Class A | 159 | 225 | (1,229 | ) | (845 | ) | 514 | 252 | (1,533 | ) | (767 | ) | |||||||||||||||||||||||
Class C | 76 | 235 | (407 | ) | (96 | ) | 264 | 118 | (332 | ) | 50 | ||||||||||||||||||||||||
Emerging Markets Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 3,179 | 180 | (6,404 | ) | (3,045 | ) | 11,289 | 84 | (6,980 | ) | 4,393 | ||||||||||||||||||||||||
Class A | 232 | 6 | (360 | ) | (122 | ) | 1,008 | 1 | (366 | ) | 643 | ||||||||||||||||||||||||
Class C | 101 | 0 | z | (64 | ) | 37 | 205 | — | (79 | ) | 126 | ||||||||||||||||||||||||
Class R3 | 27 | 0 | z | (16 | ) | 11 | 36 | 0 | z | (11 | ) | 25 | |||||||||||||||||||||||
Class R6 | 933 | 58 | (65 | ) | 926 | 2,745 | 20 | (108 | ) | 2,657 | |||||||||||||||||||||||||
Equity Income: | |||||||||||||||||||||||||||||||||||
Institutional Class | 20,332 | 5,778 | (18,037 | ) | 8,073 | 42,043 | 5,515 | (50,330 | ) | (2,772 | ) | ||||||||||||||||||||||||
Class A | 2,855 | 1,408 | (12,421 | ) | (8,158 | ) | 10,109 | 3,876 | (67,276 | ) | (53,291 | ) | |||||||||||||||||||||||
Class C | 2,853 | 1,178 | (3,042 | ) | 989 | 3,640 | 1,500 | (10,670 | ) | (5,530 | ) | ||||||||||||||||||||||||
Class R3 | 70 | 10 | (34 | ) | 46 | 107 | 10 | (78 | ) | 39 | |||||||||||||||||||||||||
Focus: | |||||||||||||||||||||||||||||||||||
Investor Class | 204 | 3,621 | (1,226 | ) | 2,599 | 252 | 2,175 | (2,610 | ) | (183 | ) | ||||||||||||||||||||||||
Trust Class | 878 | 1,721 | (1,510 | ) | 1,089 | 4,036 | 591 | (1,426 | ) | 3,201 | |||||||||||||||||||||||||
Advisor Class | 84 | 267 | (144 | ) | 207 | 165 | 107 | (188 | ) | 84 | |||||||||||||||||||||||||
Institutional Class | 573 | 56 | (24 | ) | 605 | 94 | 26 | (641 | ) | (521 | ) | ||||||||||||||||||||||||
Class A | 287 | 50 | (169 | ) | 168 | 135 | 18 | (58 | ) | 95 | |||||||||||||||||||||||||
Class C | 200 | 58 | (46 | ) | 212 | 56 | 13 | (1 | ) | 68 |
For the Six Months Ended February 28, 2015 | For the Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Genesis: | |||||||||||||||||||||||||||||||||||
Investor Class | 2,766 | 7,864 | (9,743 | ) | 887 | 7,896 | 6,750 | (16,221 | ) | (1,575 | ) | ||||||||||||||||||||||||
Trust Class | 1,627 | 3,563 | (10,292 | ) | (5,102 | ) | 5,132 | 3,716 | (15,767 | ) | (6,919 | ) | |||||||||||||||||||||||
Advisor Class | 1,942 | 2,515 | (4,474 | ) | (17 | ) | 4,636 | 2,357 | (7,666 | ) | (673 | ) | |||||||||||||||||||||||
Institutional Class | 5,978 | 6,762 | (21,936 | ) | (9,196 | ) | 18,630 | 6,939 | (46,165 | ) | (20,596 | ) | |||||||||||||||||||||||
Class R6 | 8,433 | 4,300 | (5,751 | ) | 6,982 | 30,589 | 2,654 | (5,884 | ) | 27,359 | |||||||||||||||||||||||||
Global Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 10 | 225 | (3,201 | ) | (2,966 | ) | 5 | 42 | (103 | ) | (56 | ) | |||||||||||||||||||||||
Class A | 9 | 24 | (13 | ) | 20 | 27 | 0 | z | (8 | ) | 19 | ||||||||||||||||||||||||
Class C | 5 | 8 | (4 | ) | 9 | 9 | 0 | z | (1 | ) | 8 | ||||||||||||||||||||||||
Global Real Estate: | |||||||||||||||||||||||||||||||||||
Institutional Class(2) | 200 | — | — | 200 | — | — | — | — | |||||||||||||||||||||||||||
Class A(2) | 65 | — | — | 65 | — | — | — | — | |||||||||||||||||||||||||||
Class C(2) | 25 | — | — | 25 | — | — | — | — | |||||||||||||||||||||||||||
Global Thematic Opportunities: | |||||||||||||||||||||||||||||||||||
Institutional Class | 623 | 59 | (886 | ) | (204 | ) | 1,211 | 35 | (1,179 | ) | 67 | ||||||||||||||||||||||||
Class A | 5 | 0 | z | (6 | ) | (1 | ) | 3 | 0 | z | (47 | ) | (44 | ) | |||||||||||||||||||||
Class C | 0 | z | 0 | z | (0 | )z | (0 | )z | 1 | — | (4 | ) | (3 | ) | |||||||||||||||||||||
Greater China Equity: | |||||||||||||||||||||||||||||||||||
Institutional Class | 3,522 | 129 | (550 | ) | 3,101 | 1,890 | 6 | (1,521 | ) | 375 | |||||||||||||||||||||||||
Class A | 195 | 16 | (45 | ) | 166 | 129 | 0 | z | (2 | ) | 127 | ||||||||||||||||||||||||
Class C | — | 1 | — | 1 | — | 0 | z | — | 0 | z | |||||||||||||||||||||||||
Guardian: | |||||||||||||||||||||||||||||||||||
Investor Class | 645 | 8,305 | (2,672 | ) | 6,278 | 1,051 | 5,601 | (5,605 | ) | 1,047 | |||||||||||||||||||||||||
Trust Class | 418 | 1,810 | (1,340 | ) | 888 | 794 | 1,254 | (2,110 | ) | (62 | ) | ||||||||||||||||||||||||
Advisor Class | 3 | 3 | (3 | ) | 3 | 81 | 12 | (110 | ) | (17 | ) | ||||||||||||||||||||||||
Institutional Class | 944 | 875 | (1,131 | ) | 688 | 2,275 | 520 | (1,251 | ) | 1,544 | |||||||||||||||||||||||||
Class A | 1,217 | 1,159 | (789 | ) | 1,587 | 2,764 | 443 | (743 | ) | 2,464 | |||||||||||||||||||||||||
Class C | 31 | 20 | (22 | ) | 29 | 62 | 14 | (68 | ) | 8 | |||||||||||||||||||||||||
Class R3 | 10 | 5 | (4 | ) | 11 | 18 | 2 | (5 | ) | 15 | |||||||||||||||||||||||||
International Equity: | |||||||||||||||||||||||||||||||||||
Investor Class | 243 | 43 | (433 | ) | (147 | ) | 316 | 54 | (1,112 | ) | (742 | ) | |||||||||||||||||||||||
Trust Class | 150 | 10 | (481 | ) | (321 | ) | 688 | 39 | (3,189 | ) | (2,462 | ) | |||||||||||||||||||||||
Institutional Class | 7,450 | 1,346 | (10,793 | ) | (1,997 | ) | 25,238 | 1,373 | (23,305 | ) | 3,306 | ||||||||||||||||||||||||
Class A | 1,780 | 6 | (259 | ) | 1,527 | 1,030 | 7 | (518 | ) | 519 | |||||||||||||||||||||||||
Class C | 95 | 0 | z | (55 | ) | 40 | 198 | 0 | z | (23 | ) | 175 | |||||||||||||||||||||||
Class R6 | 222 | 36 | (138 | ) | 120 | 1,922 | 0 | z | (8 | ) | 1,914 | (1) |
For the Six Months Ended February 28, 2015 | For the Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
International Select: | |||||||||||||||||||||||||||||||||||
Trust Class | 22 | 12 | (75 | ) | (41 | ) | 72 | 11 | (298 | ) | (215 | ) | |||||||||||||||||||||||
Institutional Class | 1,042 | 287 | (857 | ) | 472 | 2,428 | 245 | (3,581 | ) | (908 | ) | ||||||||||||||||||||||||
Class A | 81 | 8 | (109 | ) | (20 | ) | 246 | 8 | (341 | ) | (87 | ) | |||||||||||||||||||||||
Class C | 15 | 0 | z | (59 | ) | (44 | ) | 105 | 0 | z | (86 | ) | 19 | ||||||||||||||||||||||
Class R3 | 122 | 2 | (36 | ) | 88 | 74 | 2 | (138 | ) | (62 | ) | ||||||||||||||||||||||||
Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 4,831 | 887 | (1,215 | ) | 4,503 | 4,235 | 510 | (2,180 | ) | 2,565 | |||||||||||||||||||||||||
Class A | 886 | 66 | (339 | ) | 613 | 750 | 52 | (984 | ) | (182 | ) | ||||||||||||||||||||||||
Class C | 268 | 39 | (79 | ) | 228 | 229 | 17 | (192 | ) | 54 | |||||||||||||||||||||||||
Large Cap Disciplined Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 144 | 1,421 | (265 | ) | 1,300 | 161 | 317 | (1,100 | ) | (622 | ) | ||||||||||||||||||||||||
Institutional Class | 5,532 | 9,668 | (19,895 | ) | (4,695 | ) | 8,757 | 6,591 | (43,021 | ) | (27,673 | ) | |||||||||||||||||||||||
Class A | 408 | 411 | (1,207 | ) | (388 | ) | 561 | 570 | (4,306 | ) | (3,175 | ) | |||||||||||||||||||||||
Class C | 1,841 | 943 | (1,741 | ) | 1,043 | 480 | 143 | (893 | ) | (270 | ) | ||||||||||||||||||||||||
Class R3 | 17 | 12 | (0 | )z | 29 | 3 | 1 | (31 | ) | (27 | ) | ||||||||||||||||||||||||
Large Cap Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 249 | 4,959 | (1,964 | ) | 3,244 | 479 | 5,792 | (5,253 | ) | 1,018 | |||||||||||||||||||||||||
Trust Class | 202 | 1,157 | (639 | ) | 720 | 306 | 1,354 | (2,224 | ) | (564 | ) | ||||||||||||||||||||||||
Advisor Class | 404 | 2,721 | (1,356 | ) | 1,769 | 821 | 2,701 | (2,451 | ) | 1,071 | |||||||||||||||||||||||||
Institutional Class | 270 | 590 | (1,783 | ) | (923 | ) | 872 | 571 | (715 | ) | 728 | ||||||||||||||||||||||||
Class A | 231 | 21 | (26 | ) | 226 | 102 | 16 | (71 | ) | 47 | |||||||||||||||||||||||||
Class C | 53 | 29 | (11 | ) | 71 | 114 | 11 | (28 | ) | 97 | |||||||||||||||||||||||||
Class R3 | 5 | 1 | (8 | ) | (2 | ) | 2 | 0 | z | — | 2 | ||||||||||||||||||||||||
Mid Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 524 | 3,591 | (1,387 | ) | 2,728 | 515 | 1,861 | (2,307 | ) | 69 | |||||||||||||||||||||||||
Trust Class | 305 | 239 | (265 | ) | 279 | 766 | 122 | (552 | ) | 336 | |||||||||||||||||||||||||
Advisor Class | 132 | 29 | (105 | ) | 56 | 135 | 19 | (274 | ) | (120 | ) | ||||||||||||||||||||||||
Institutional Class | 3,018 | 3,406 | (3,339 | ) | 3,085 | 10,799 | 1,681 | (5,863 | ) | 6,617 | |||||||||||||||||||||||||
Class A | 250 | 320 | (752 | ) | (182 | ) | 1,231 | 179 | (1,382 | ) | 28 | ||||||||||||||||||||||||
Class C | 36 | 21 | (29 | ) | 28 | 86 | 8 | (45 | ) | 49 | |||||||||||||||||||||||||
Class R3 | 82 | 25 | (59 | ) | 48 | 163 | 12 | (89 | ) | 86 | |||||||||||||||||||||||||
Class R6 | 1,558 | 257 | (255 | ) | 1,560 | 1,642 | 21 | (160 | ) | 1,503 |
For the Six Months Ended February 28, 2015 | For the Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Mid Cap Intrinsic Value: | |||||||||||||||||||||||||||||||||||
Investor Class | 112 | 194 | (97 | ) | 209 | 176 | 97 | (696 | ) | (423 | ) | ||||||||||||||||||||||||
Trust Class | 30 | 82 | (78 | ) | 34 | 70 | 44 | (142 | ) | (28 | ) | ||||||||||||||||||||||||
Institutional Class | 435 | 114 | (76 | ) | 473 | 667 | 42 | (172 | ) | 537 | |||||||||||||||||||||||||
Class A | 195 | 33 | (83 | ) | 145 | 210 | 13 | (117 | ) | 106 | |||||||||||||||||||||||||
Class C | 36 | 3 | (3 | ) | 36 | 24 | 1 | (7 | ) | 18 | |||||||||||||||||||||||||
Class R3 | 8 | 2 | (5 | ) | 5 | 3 | 1 | (31 | ) | (27 | ) | ||||||||||||||||||||||||
Multi-Cap Opportunities: | |||||||||||||||||||||||||||||||||||
Institutional Class | 8,948 | 947 | (14,787 | ) | (4,892 | ) | 67,275 | 258 | (15,271 | ) | 52,262 | ||||||||||||||||||||||||
Class A | 1,430 | 286 | (2,452 | ) | (736 | ) | 8,625 | 124 | (3,704 | ) | 5,045 | ||||||||||||||||||||||||
Class C | 668 | 101 | (693 | ) | 76 | 2,771 | 24 | (207 | ) | 2,588 | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||
Trust Class | 2,237 | 1,109 | (3,619 | ) | (273 | ) | 5,241 | 1,742 | (10,294 | ) | (3,311 | ) | |||||||||||||||||||||||
Institutional Class | 5,200 | 1,286 | (7,172 | ) | (686 | ) | 13,294 | 1,691 | (11,747 | ) | 3,238 | ||||||||||||||||||||||||
Class A | 2,808 | 567 | (2,408 | ) | 967 | 5,346 | 809 | (7,154 | ) | (999 | ) | ||||||||||||||||||||||||
Class C | 252 | 114 | (256 | ) | 110 | 395 | 167 | (878 | ) | (316 | ) | ||||||||||||||||||||||||
Class R3 | 559 | 82 | (446 | ) | 195 | 830 | 83 | (492 | ) | 421 | |||||||||||||||||||||||||
Class R6 | 550 | 103 | (108 | ) | 545 | 1,282 | 59 | (189 | ) | 1,152 | |||||||||||||||||||||||||
Small Cap Growth: | |||||||||||||||||||||||||||||||||||
Investor Class | 22 | — | (141 | ) | (119 | ) | 108 | — | (279 | ) | (171 | ) | |||||||||||||||||||||||
Trust Class | 5 | — | (21 | ) | (16 | ) | 18 | — | (107 | ) | (89 | ) | |||||||||||||||||||||||
Advisor Class | 22 | — | (62 | ) | (40 | ) | 48 | — | (78 | ) | (30 | ) | |||||||||||||||||||||||
Institutional Class | 51 | — | (71 | ) | (20 | ) | 178 | — | (106 | ) | 72 | ||||||||||||||||||||||||
Class A | 42 | — | (41 | ) | 1 | 256 | — | (199 | ) | 57 | |||||||||||||||||||||||||
Class C | 6 | — | (12 | ) | (6 | ) | 55 | — | (25 | ) | 30 | ||||||||||||||||||||||||
Class R3 | 7 | — | (1 | ) | 6 | 13 | — | (12 | ) | 1 | |||||||||||||||||||||||||
Socially Responsive: | |||||||||||||||||||||||||||||||||||
Investor Class | 952 | 2,406 | (2,018 | ) | 1,340 | 2,027 | 1,608 | (6,674 | ) | (3,039 | ) | ||||||||||||||||||||||||
Trust Class | 1,311 | 3,011 | (3,885 | ) | 437 | 3,087 | 2,042 | (7,296 | ) | (2,167 | ) | ||||||||||||||||||||||||
Institutional Class | 3,252 | 2,041 | (2,875 | ) | 2,418 | 6,348 | 1,268 | (5,577 | ) | 2,039 | |||||||||||||||||||||||||
Class A | 1,286 | 1,040 | (1,031 | ) | 1,295 | 2,274 | 502 | (2,180 | ) | 596 | |||||||||||||||||||||||||
Class C | 424 | 308 | (136 | ) | 596 | 671 | 119 | (174 | ) | 616 | |||||||||||||||||||||||||
Class R3 | 204 | 248 | (268 | ) | 184 | 387 | 126 | (320 | ) | 193 | |||||||||||||||||||||||||
Class R6 | 1,298 | 813 | (1,895 | ) | 216 | 5,548 | 415 | (6,043 | ) | (80 | ) |
For the Six Months Ended February 28, 2015 | For the Year Ended August 31, 2014 | ||||||||||||||||||||||||||||||||||
(000's omitted) | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | Shares Sold | Shares Issued on Reinvestment of Dividends and Distributions | Shares Redeemed | Total | |||||||||||||||||||||||||||
Value: | |||||||||||||||||||||||||||||||||||
Institutional Class | 410 | 58 | (130 | ) | 338 | 560 | 2 | (310 | ) | 252 | |||||||||||||||||||||||||
Class A | 186 | 28 | (81 | ) | 133 | 308 | 1 | (95 | ) | 214 | |||||||||||||||||||||||||
Class C | 13 | 2 | (6 | ) | 9 | 15 | — | (3 | ) | 12 |
(1) Period from September 3, 2013 (Commencement of Operations) to August 31, 2014.
(2) Period from December 30, 2014 (Commencement of Operations) to February 28, 2015.
z A zero balance, if any, may reflect actual amounts rounding to less than 1,000.
Note E—Lines of Credit:
At February 28, 2015, 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. Other investment companies managed by Management also participate in this line of credit on the same terms. Under the terms of the Credit Facility, each Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at February 28, 2015. During the period from January 9, 2015 (the date of the Credit Facility) through February 28, 2015, none of the Funds utilized this line of credit. The Credit Facility replaced the State Street lines of credit referred to below.
During the reporting period, prior to the commencement of the Credit Facility, and on January 9, 2015, each Fund was a participant in a committed, unsecured $300,000,000 line of credit with State Street and an uncommitted, unsecured $100,000,000 line of credit with State Street, both to be used only for temporary or emergency purposes. During the period ended February 28, 2015, none of the Funds utilized either line of credit with State Street.
Note F—Investments In Affiliates(1):
Balance of Shares Held August 31, 2014 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2015 | Value February 28, 2015 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Genesis | |||||||||||||||||||||||||||||||
Abaxis, Inc. | 1,162,400 | 227,631 | — | 1,390,031 | $ | 84,680,689 | $ | 265,970 | $ | — | |||||||||||||||||||||
Altisource Asset Management Corp. | 155,717 | — | 19,300 | 136,417 | 24,152,630 | — | * | 2,470,288 |
Balance of Shares Held August 31, 2014 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2015 | Value February 28, 2015 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Altisource Portfolio Solutions SA(2) | 1,595,670 | 122,900 | 1,059,100 | 659,470 | $ | 13,281,726 | $ | — | * | $ | (75,110,047 | ) | |||||||||||||||||||
Applied Industrial Technologies, Inc. | 2,403,244 | — | 241,600 | 2,161,644 | 94,701,624 | 1,169,905 | 163,756 | ||||||||||||||||||||||||
AptarGroup, Inc. | 3,977,400 | — | 436,300 | 3,541,100 | 233,252,257 | 2,105,824 | 21,511,555 | ||||||||||||||||||||||||
Badger Meter, Inc.(2) | 727,301 | — | 68,200 | 659,101 | 38,491,498 | 258,552 | 773,535 | ||||||||||||||||||||||||
Balchem Corp. | 1,643,735 | 167,400 | 85,426 | 1,725,709 | 101,678,774 | 495,009 | 376,075 | ||||||||||||||||||||||||
Bank of Hawaii Corp. | 2,393,212 | 3,100 | 162,600 | 2,233,712 | 134,603,485 | 2,043,956 | 1,399,923 | ||||||||||||||||||||||||
CARBO Ceramics, Inc.(2) | 1,362,257 | — | 334,100 | 1,028,157 | 37,466,041 | 783,425 | (4,400,327 | ) | |||||||||||||||||||||||
CLARCOR, Inc. | 3,492,088 | — | 393,029 | 3,099,059 | 203,949,073 | 1,340,135 | 14,833,113 | ||||||||||||||||||||||||
Compass Minerals International, Inc. | 2,697,873 | — | 423,200 | 2,274,673 | 206,244,601 | 3,013,382 | 28,768,603 | ||||||||||||||||||||||||
Computer Modelling Group Ltd. | 5,948,400 | 34,700 | — | 5,983,100 | 60,848,127 | 1,071,726 | — | ||||||||||||||||||||||||
Exponent, Inc. | 1,122,035 | 3,400 | 2,700 | 1,122,735 | 97,150,260 | 560,343 | 71,074 | ||||||||||||||||||||||||
First Financial Bankshares, Inc. | 3,628,036 | — | 341,400 | 3,286,636 | 86,339,928 | 991,686 | 451,741 | ||||||||||||||||||||||||
Forward Air Corp. | 1,737,200 | 214,900 | 15,132 | 1,936,968 | 103,627,788 | 215,748 | 60,075 | ||||||||||||||||||||||||
Haemonetics Corp. | 4,260,500 | — | 469,400 | 3,791,100 | 168,552,306 | — | * | 4,930,914 | |||||||||||||||||||||||
Healthcare Services Group, Inc. | 4,687,081 | — | 506,800 | 4,180,281 | 140,332,033 | 1,531,406 | 8,496,599 | ||||||||||||||||||||||||
Hibbett Sports, Inc. | 1,778,969 | 40,000 | 109,900 | 1,709,069 | 83,590,565 | — | * | 2,771,826 | |||||||||||||||||||||||
Home Loan Servicing Solutions Ltd.(2) | 5,407,600 | 117,900 | 5,525,500 | — | — | 3,851,172 | (47,004,453 | ) | |||||||||||||||||||||||
ICON PLC | 4,109,500 | — | 387,000 | 3,722,500 | 256,889,725 | — | * | 7,709,356 | |||||||||||||||||||||||
Innophos Holdings, Inc. | 1,586,542 | — | 170,300 | 1,416,242 | 79,493,663 | 1,407,160 | 1,254,795 | ||||||||||||||||||||||||
J & J Snack Foods Corp. | 997,646 | 60,600 | 72,800 | 985,446 | 99,717,281 | 658,015 | 5,460,083 | ||||||||||||||||||||||||
Lindsay Corp. | 872,250 | — | 80,400 | 791,850 | 69,350,223 | 442,044 | (785,884 | ) | |||||||||||||||||||||||
Manhattan Associates, Inc. | 5,217,228 | 153,500 | 480,900 | 4,889,828 | 243,757,926 | — | * | 8,447,754 | |||||||||||||||||||||||
Media General, Inc. | 1,626,509 | 4,301,960 | 90,500 | 5,837,969 | 87,044,118 | — | * | (662,496 | ) | ||||||||||||||||||||||
Meridian Bioscience, Inc. | 2,537,797 | — | 223,800 | 2,313,997 | 45,817,141 | 962,579 | (614,504 | ) | |||||||||||||||||||||||
Monotype Imaging Holdings, Inc. | 2,986,745 | 317,261 | 73,900 | 3,230,106 | 103,395,693 | 488,780 | 34,899 | ||||||||||||||||||||||||
MWI Veterinary Supply, Inc.(2) | 1,213,705 | — | 1,213,705 | — | — | — | * | 166,527,336 |
Balance of Shares Held August 31, 2014 | Gross Purchases and Additions | Gross Sales and Reductions | Balance of Shares Held February 28, 2015 | Value February 28, 2015 | Distributions from Investments in Affiliated Issuers | Net Realized Gain (Loss) from Investments in Affiliated Issuers | |||||||||||||||||||||||||
Natural Gas Services Group, Inc. | 713,700 | — | 66,600 | 647,100 | $ | 12,476,088 | $ | — | * | $ | 325,225 | ||||||||||||||||||||
NETGEAR, Inc. | 2,893,300 | 152,600 | 253,600 | 2,792,300 | 90,023,752 | — | * | (766,824 | ) | ||||||||||||||||||||||
NetScout Systems, Inc. | 766,884 | 1,479,200 | — | 2,246,084 | 90,562,107 | — | * | — | |||||||||||||||||||||||
Nexstar Broadcasting Group, Inc. Class A | 2,748,021 | 80,100 | 219,400 | 2,608,721 | 142,253,556 | 907,545 | 215,373 | ||||||||||||||||||||||||
Pason Systems, Inc. | 4,710,557 | 47,800 | 283,000 | 4,475,357 | 65,621,385 | 1,402,235 | (320,783 | ) | |||||||||||||||||||||||
Pool Corp. | 3,049,798 | 103,400 | 277,500 | 2,875,698 | 198,912,031 | 686,840 | 1,989,579 | ||||||||||||||||||||||||
Power Integrations, Inc. | 2,530,900 | 216,200 | 70,000 | 2,677,100 | 146,865,706 | 637,296 | (172,872 | ) | |||||||||||||||||||||||
Raven Industries, Inc. | 3,087,352 | — | 290,400 | 2,796,952 | 58,288,480 | 771,863 | 1,285,494 | ||||||||||||||||||||||||
RLI Corp. | 2,522,414 | — | 237,500 | 2,284,914 | 110,566,988 | 8,148,269 | 4,210,644 | ||||||||||||||||||||||||
Rogers Corp. | 856,551 | 368,455 | 12,300 | 1,212,706 | 94,930,626 | — | * | (20,302 | ) | ||||||||||||||||||||||
Safety Insurance Group, Inc. | 950,949 | — | 89,500 | 861,449 | 50,394,767 | 1,243,829 | 1,121,686 | ||||||||||||||||||||||||
Sensient Technologies Corp. | 3,975,245 | — | 373,900 | 3,601,345 | 229,081,555 | 1,876,448 | 5,467,881 | ||||||||||||||||||||||||
State Street Institutional Treasury Plus Fund Premier Class(2) | 255,161,152 | 905,557,219 | 1,160,718,370 | 1 | 1 | — | * | — | |||||||||||||||||||||||
Tennant Co. | 948,802 | 8,600 | 29,000 | 928,402 | 60,689,639 | 374,041 | (3,167 | ) | |||||||||||||||||||||||
Tyler Technologies, Inc.(2) | 1,718,232 | — | 161,400 | 1,556,832 | 185,839,036 | — | * | 1,985,582 | |||||||||||||||||||||||
United Stationers, Inc. | 2,780,741 | — | 261,800 | 2,518,941 | 101,740,027 | 760,057 | 2,390,014 | ||||||||||||||||||||||||
West Pharmaceutical Services, Inc. | 4,051,158 | 251,500 | 9,900 | 4,292,758 | 234,899,718 | 944,407 | 168,485 | ||||||||||||||||||||||||
Westamerica Bancorporation(2) | 1,566,743 | — | 505,540 | 1,061,203 | 45,706,013 | 949,660 | 355,183 | ||||||||||||||||||||||||
Total | $ | 4,817,260,650 | $ | 42,359,307 | $ | 166,166,787 |
(1) Affiliated issuers, as defined in the 1940 Act.
(2) At February 28, 2015, the issuers of these securities were no longer affiliated with Genesis.
* Security did not produce income during the last twelve months.
Note G—Legal Matters:
Beginning in July 2010, shareholder Benjamin J. Gamoran filed a series of lawsuits naming, along with other defendants, the Trust as a nominal defendant. The suits included derivative claims purportedly on behalf of the Trust alleging that the defendants were liable for losses related to the predecessor to International Equity's investments in shares of certain companies that were alleged to have illegally offered or facilitated online gambling by individuals located in the United States. Gamoran also eventually made a demand on the Trust's board seeking to have the board authorize the Trust to pursue such claims. The board refused Gamoran's demand, and all of Gamoran's lawsuits were dismissed for reasons including Gamoran's initial failure to make demand on the board and his failure to show that the Trust's board improperly refused the demand he eventually made.
On October 28, 2013, the United States Court of Appeals for the Second Circuit entered a summary order affirming the dismissal of plaintiff's most recent derivative complaint (which alleged that the board had wrongfully refused Gamoran's demand that the board bring a lawsuit) and directing the District Court to enter a judgment of dismissal with prejudice, which the District Court did on or about November 28, 2013. There has been no further action with respect to any of the Gamoran lawsuits.
For the period ended February 28, 2015, the litigation, demand investigation and related fees recorded in the Statements of Operations were $0. The Trust has filed a claim under its insurance policy for reimbursement of certain litigation expenses. During the period ended February 28, 2015, the Trust received $279,908 in insurance proceeds. The Trust does not anticipate additional payments from its insurance carrier.
Note H—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.
Financial Highlights
The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Per share amounts that round to less than $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that round to less than 0.00% or (0.00)% per share are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.
Net Asset Value, Beginning of Period | Net Investment Income (Loss)@ | Net Gains or Losses on Securities (both realized and unrealized) | Total From Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Tax Return of Capital | Total Distributions | Voluntary Contribution from Management | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Cap Core Fund§§ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.42 | $ | 0.01 | $ | (0.57 | ) | $ | (0.56 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | — | $ | 9.22 | (4.24 | %)** | $ | 51.8 | 1.06 | %* | .75 | %* | .12 | %* | 54 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.18 | $ | 0.01 | $ | 2.18 | $ | 2.19 | $ | (0.01 | ) | $ | (0.94 | ) | $ | — | $ | (0.95 | ) | $ | 0.00 | $ | — | $ | 11.42 | 22.55 | % | $ | 59.3 | 1.03 | % | .75 | % | .12 | % | 62 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.34 | $ | 0.04 | $ | 1.54 | $ | 1.58 | $ | — | $ | (0.74 | ) | $ | — | $ | (0.74 | ) | $ | — | $ | — | $ | 10.18 | 17.97 | % | $ | 48.3 | 1.10 | % | .75 | % | .40 | % | 70 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.05 | $ | 0.02 | $ | 0.98 | $ | 1.00 | $ | (0.02 | ) | $ | (0.69 | ) | $ | — | $ | (0.71 | ) | $ | — | $ | — | $ | 9.34 | 12.21 | % | $ | 27.1 | 1.15 | % | .75 | % | .26 | % | 93 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 7.91 | $ | 0.06 | $ | 1.41 | $ | 1.47 | $ | (0.07 | ) | $ | (0.26 | ) | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 9.05 | 18.62 | % | $ | 27.3 | 1.17 | % | .75 | % | .67 | % | 150 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.06 | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | $ | (0.05 | ) | $ | (0.15 | ) | $ | — | $ | (0.20 | ) | $ | — | $ | — | $ | 7.91 | .44 | % | $ | 17.6 | 1.22 | % | .75 | % | .78 | % | 129 | % | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.25 | $ | (0.02 | ) | $ | (0.55 | ) | $ | (0.57 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | — | $ | 9.04 | (4.40 | %)** | $ | 13.0 | 1.44 | %* | 1.20 | %* | (.34 | %)* | 54 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.08 | $ | (0.04 | ) | $ | 2.15 | $ | 2.11 | $ | — | $ | (0.94 | ) | $ | — | $ | (0.94 | ) | $ | 0.00 | $ | — | $ | 11.25 | 21.95 | % | $ | 25.7 | 1.40 | % | 1.20 | % | (.34 | %) | 62 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.29 | $ | (0.00 | ) | $ | 1.53 | $ | 1.53 | $ | — | $ | (0.74 | ) | $ | — | $ | (0.74 | ) | $ | — | $ | — | $ | 10.08 | 17.50 | % | $ | 30.7 | 1.48 | % | 1.20 | % | (.02 | %) | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.03 | $ | (0.02 | ) | $ | 0.97 | $ | 0.95 | $ | — | $ | (0.69 | ) | $ | — | $ | (0.69 | ) | $ | — | $ | — | $ | 9.29 | 11.62 | % | $ | 29.2 | 1.53 | % | 1.20 | % | (.20 | %) | 93 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 7.88 | $ | 0.02 | $ | 1.41 | $ | 1.43 | $ | (0.02 | ) | $ | (0.26 | ) | $ | — | $ | (0.28 | ) | $ | — | $ | — | $ | 9.03 | 18.15 | % | $ | 30.9 | 1.58 | % | 1.20 | % | .23 | % | 150 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.05 | $ | 0.03 | $ | (0.03 | ) | $ | 0.00 | $ | (0.02 | ) | $ | (0.15 | ) | $ | — | $ | (0.17 | ) | $ | — | $ | — | $ | 7.88 | (.11 | %) | $ | 38.0 | 1.60 | % | 1.20 | % | .36 | % | 129 | % | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.64 | $ | (0.05 | ) | $ | (0.53 | ) | $ | (0.58 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | (1.64 | ) | $ | — | $ | — | $ | 8.42 | (4.77 | %)** | $ | 11.5 | 2.18 | %* | 1.95 | %* | (1.09 | %)* | 54 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.64 | $ | (0.11 | ) | $ | 2.05 | $ | 1.94 | $ | — | $ | (0.94 | ) | $ | — | $ | (0.94 | ) | $ | 0.00 | $ | — | $ | 10.64 | 21.13 | % | $ | 15.6 | 2.15 | % | 1.95 | % | (1.08 | %) | 62 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.98 | $ | (0.07 | ) | $ | 1.47 | $ | 1.40 | $ | — | $ | (0.74 | ) | $ | — | $ | (0.74 | ) | $ | — | $ | — | $ | 9.64 | 16.60 | % | $ | 13.6 | 2.23 | % | 1.95 | % | (.78 | %) | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 8.82 | $ | (0.08 | ) | $ | 0.93 | $ | 0.85 | $ | — | $ | (0.69 | ) | $ | — | $ | (0.69 | ) | $ | — | $ | — | $ | 8.98 | 10.71 | % | $ | 11.7 | 2.28 | % | 1.95 | % | (.96 | %) | 93 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 7.74 | $ | (0.05 | ) | $ | 1.39 | $ | 1.34 | $ | — | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | — | $ | — | $ | 8.82 | 17.29 | % | $ | 13.2 | 2.30 | % | 1.95 | % | (.53 | %) | 150 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.94 | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 7.74 | (.75 | %) | $ | 11.6 | 2.35 | % | 1.95 | % | (.41 | %) | 129 | % | ||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.89 | $ | 0.02 | $ | (1.33 | ) | $ | (1.31 | ) | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | — | $ | — | $ | 16.41 | (7.26 | %)** | $ | 422.2 | 1.46 | %* | 1.25 | %* | .19 | %* | 17 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 15.34 | $ | 0.16 | $ | 2.48 | $ | 2.64 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | 0.00 | $ | — | $ | 17.89 | 17.24 | % | $ | 514.8 | 1.45 | % | 1.25 | % | .96 | % | 36 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.99 | $ | 0.18 | $ | 0.24 | $ | 0.42 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 15.34 | 2.77 | % | $ | 374.1 | 1.60 | % | 1.25 | % | 1.10 | % | 36 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 15.80 | $ | 0.13 | $ | (0.86 | ) | $ | (0.73 | ) | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 14.99 | (4.53 | %) | $ | 161.7 | 1.77 | % | 1.25 | % | .89 | % | 78 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 15.61 | $ | 0.18 | $ | 0.40 | $ | 0.58 | $ | (0.03 | ) | $ | (0.36 | ) | $ | — | $ | (0.39 | ) | $ | — | $ | 0.00 | $ | 15.80 | 3.44 | % | $ | 107.7 | 2.56 | % | 1.26 | % | 1.05 | % | 71 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 14.05 | $ | 0.11 | $ | 2.51 | $ | 2.62 | $ | (0.06 | ) | $ | (1.00 | ) | $ | — | $ | (1.06 | ) | $ | — | $ | 0.00 | $ | 15.61 | 18.76 | % | $ | 9.0 | 6.65 | % | 1.26 | % | .72 | % | 81 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.80 | $ | (0.01 | ) | $ | (1.32 | ) | $ | (1.33 | ) | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 16.34 | (7.43 | %)** | $ | 16.3 | 1.82 | %* | 1.50 | %* | (.07 | %)* | 17 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 15.27 | $ | 0.15 | $ | 2.44 | $ | 2.59 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | 0.00 | $ | — | $ | 17.80 | 16.99 | % | $ | 19.9 | 1.82 | % | 1.50 | % | .88 | % | 36 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.92 | $ | 0.11 | $ | 0.27 | $ | 0.38 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 15.27 | 2.54 | % | $ | 7.3 | 2.00 | % | 1.50 | % | .69 | % | 36 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 15.74 | $ | 0.08 | $ | (0.85 | ) | $ | (0.77 | ) | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 14.92 | (4.84 | %) | $ | 4.1 | 2.23 | % | 1.50 | % | .53 | % | 78 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 15.57 | $ | 0.03 | $ | 0.50 | $ | 0.53 | $ | — | $ | (0.36 | ) | $ | — | $ | (0.36 | ) | $ | — | $ | 0.00 | $ | 15.74 | 3.16 | % | $ | 4.9 | 3.22 | % | 1.50 | % | .19 | % | 71 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 14.02 | $ | 0.09 | $ | 2.50 | $ | 2.59 | $ | (0.04 | ) | $ | (1.00 | ) | $ | — | $ | (1.04 | ) | $ | — | $ | 0.00 | $ | 15.57 | 18.58 | % | $ | 5.5 | 6.71 | % | 1.51 | % | .61 | % | 81 | % | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.26 | $ | (0.07 | ) | $ | (1.28 | ) | $ | (1.35 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 15.87 | (7.79 | %)** | $ | 7.0 | 2.57 | %* | 2.25 | %* | (.82 | %)* | 17 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 14.87 | $ | 0.00 | $ | 2.39 | $ | 2.39 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 17.26 | 16.07 | % | $ | 7.0 | 2.56 | % | 2.25 | % | .01 | % | 36 | % | |||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.61 | $ | 0.02 | $ | 0.24 | $ | 0.26 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.87 | 1.78 | % | $ | 4.1 | 2.73 | % | 2.25 | % | .13 | % | 36 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 15.46 | $ | (0.02 | ) | $ | (0.83 | ) | $ | (0.85 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.61 | (5.50 | %) | $ | 1.4 | 2.93 | % | 2.25 | % | (.17 | %) | 78 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 15.41 | $ | (0.02 | ) | $ | 0.43 | $ | 0.41 | $ | — | $ | (0.36 | ) | $ | — | $ | (0.36 | ) | $ | — | $ | 0.00 | $ | 15.46 | 2.41 | % | $ | 1.1 | 3.80 | % | 2.26 | % | (.12 | %) | 71 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 13.96 | $ | (0.10 | ) | $ | 2.55 | $ | 2.45 | $ | — | $ | (1.00 | ) | $ | — | $ | (1.00 | ) | $ | — | $ | 0.00 | $ | 15.41 | 17.62 | % | $ | 0.2 | 7.05 | % | 2.26 | % | (.63 | %) | 81 | % | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.47 | $ | (0.04 | ) | $ | (1.28 | ) | $ | (1.32 | ) | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 16.06 | (7.53 | %)** | $ | 0.8 | 2.13 | %* | 1.91 | %* | (.50 | %)* | 17 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 15.02 | $ | 0.07 | $ | 2.39 | $ | 2.46 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | 0.00 | $ | — | $ | 17.47 | 16.42 | % | $ | 0.6 | 2.13 | % | 1.91 | % | .45 | % | 36 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.71 | $ | 0.03 | $ | 0.28 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15.02 | 2.11 | % | $ | 0.2 | 2.31 | % | 1.91 | % | .22 | % | 36 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 15.52 | $ | 0.04 | $ | (0.85 | ) | $ | (0.81 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.71 | (5.22 | %) | $ | 0.3 | 2.49 | % | 1.92 | % | .28 | % | 78 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 15.42 | $ | (0.01 | ) | $ | 0.47 | $ | 0.46 | $ | — | $ | (0.36 | ) | $ | — | $ | (0.36 | ) | $ | — | $ | 0.00 | $ | 15.52 | 2.73 | % | $ | 0.0 | 8.02 | % | 1.91 | % | (.04 | %) | 71 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 15.10 | $ | (0.00 | ) | $ | 0.32 | $ | 0.32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | 15.42 | 2.12 | %** | $ | 0.0 | 39.77 | %* | 1.93 | %* | (.09 | %)* | 81 | %Ø | ||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.91 | $ | 0.02 | $ | (1.33 | ) | $ | (1.31 | ) | $ | (0.18 | ) | $ | — | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 16.42 | (7.24 | %)** | $ | 92.1 | 1.38 | %* | 1.18 | %* | .24 | %* | 17 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 15.35 | $ | 0.18 | $ | 2.47 | $ | 2.65 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | 0.00 | $ | — | $ | 17.91 | 17.35 | % | $ | 83.8 | 1.37 | % | 1.18 | % | 1.08 | % | 36 | % | |||||||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013 | $ | 16.85 | $ | 0.13 | $ | (1.63 | ) | $ | (1.50 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15.35 | (8.90 | %)** | $ | 31.1 | 1.57 | %* | 1.18 | %* | 1.80 | %* | 36 | %Ø | |||||||||||||||||||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 13.19 | $ | 0.17 | $ | 0.07 | $ | 0.24 | $ | (0.16 | ) | $ | (0.52 | ) | $ | — | $ | (0.68 | ) | $ | — | $ | — | $ | 12.75 | 2.05 | %** | $ | 1,628.1 | .67 | %* | .67 | %* | 2.69 | %* | 24 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 11.76 | $ | 0.33 | $ | 1.94 | $ | 2.27 | $ | (0.33 | ) | $ | (0.51 | ) | $ | — | $ | (0.84 | ) | $ | 0.00 | $ | — | $ | 13.19 | 20.11 | % | $ | 1,578.5 | .68 | % | .68 | % | 2.66 | % | 41 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.74 | $ | 0.30 | $ | 0.25 | $ | 0.55 | $ | (0.42 | ) | $ | (0.11 | ) | $ | — | $ | (0.53 | ) | $ | — | $ | — | $ | 11.76 | 4.79 | % | $ | 1,439.4 | .68 | % | .68 | % | 2.45 | % | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.28 | $ | 0.35 | $ | 0.57 | $ | 0.92 | $ | (0.38 | ) | $ | (0.08 | ) | $ | — | $ | (0.46 | ) | $ | — | $ | — | $ | 11.74 | 8.49 | % | $ | 1,213.6 | .71 | % | .71 | %§ | 3.10 | % | 42 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.02 | $ | 0.33 | $ | 1.41 | $ | 1.74 | $ | (0.48 | ) | $ | — | $ | — | $ | (0.48 | ) | $ | — | $ | — | $ | 11.28 | 17.70 | % | $ | 701.7 | .80 | % | .80 | %§ | 2.93 | % | 22 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.74 | $ | 0.40 | $ | 1.22 | $ | 1.62 | $ | (0.34 | ) | $ | — | $ | — | $ | (0.34 | ) | $ | — | $ | — | $ | 10.02 | 18.81 | % | $ | 100.9 | 1.01 | % | .80 | % | 4.09 | % | 29 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 13.14 | $ | 0.14 | $ | 0.08 | $ | 0.22 | $ | (0.14 | ) | $ | (0.52 | ) | $ | — | $ | (0.66 | ) | $ | — | $ | — | $ | 12.70 | 1.91 | %** | $ | 343.5 | 1.05 | %* | 1.05 | %* | 2.27 | %* | 24 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 11.71 | $ | 0.27 | $ | 1.95 | $ | 2.22 | $ | (0.28 | ) | $ | (0.51 | ) | $ | — | $ | (0.79 | ) | $ | 0.00 | $ | — | $ | 13.14 | 19.72 | % | $ | 462.6 | 1.05 | % | 1.05 | % | 2.21 | % | 41 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.70 | $ | 0.25 | $ | 0.25 | $ | 0.50 | $ | (0.38 | ) | $ | (0.11 | ) | $ | — | $ | (0.49 | ) | $ | — | $ | — | $ | 11.71 | 4.32 | % | $ | 1,036.4 | 1.05 | % | 1.05 | % | 2.09 | % | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.24 | $ | 0.30 | $ | 0.57 | $ | 0.87 | $ | (0.33 | ) | $ | (0.08 | ) | $ | — | $ | (0.41 | ) | $ | — | $ | — | $ | 11.70 | 8.09 | % | $ | 1,012.3 | 1.13 | % | 1.13 | %§ | 2.70 | % | 42 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.99 | $ | 0.28 | $ | 1.41 | $ | 1.69 | $ | (0.44 | ) | $ | — | $ | — | $ | (0.44 | ) | $ | — | $ | — | $ | 11.24 | 17.27 | % | $ | 567.0 | 1.16 | % | 1.16 | %§ | 2.50 | % | 22 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.72 | $ | 0.36 | $ | 1.22 | $ | 1.58 | $ | (0.31 | ) | $ | — | $ | — | $ | (0.31 | ) | $ | — | $ | — | $ | 9.99 | 18.36 | % | $ | 176.6 | 1.36 | % | 1.16 | % | 3.70 | % | 29 | % | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 13.06 | $ | 0.10 | $ | 0.07 | $ | 0.17 | $ | (0.09 | ) | $ | (0.52 | ) | $ | — | $ | (0.61 | ) | $ | — | $ | — | $ | 12.62 | 1.56 | %** | $ | 447.3 | 1.79 | %* | 1.79 | %* | 1.58 | %* | 24 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 11.65 | $ | 0.19 | $ | 1.92 | $ | 2.11 | $ | (0.19 | ) | $ | (0.51 | ) | $ | — | $ | (0.70 | ) | $ | 0.00 | $ | — | $ | 13.06 | 18.77 | % | $ | 450.1 | 1.79 | % | 1.79 | % | 1.54 | % | 41 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.64 | $ | 0.16 | $ | 0.25 | $ | 0.41 | $ | (0.29 | ) | $ | (0.11 | ) | $ | — | $ | (0.40 | ) | $ | — | $ | — | $ | 11.65 | 3.58 | % | $ | 465.7 | 1.80 | % | 1.80 | % | 1.34 | % | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.18 | $ | 0.22 | $ | 0.58 | $ | 0.80 | $ | (0.26 | ) | $ | (0.08 | ) | $ | — | $ | (0.34 | ) | $ | — | $ | — | $ | 11.64 | 7.40 | % | $ | 380.4 | 1.84 | % | 1.84 | %§ | 1.98 | % | 42 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.96 | $ | 0.20 | $ | 1.40 | $ | 1.60 | $ | (0.38 | ) | $ | — | $ | — | $ | (0.38 | ) | $ | — | $ | — | $ | 11.18 | 16.31 | % | $ | 233.2 | 1.91 | % | 1.91 | %§ | 1.81 | % | 22 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.70 | $ | 0.31 | $ | 1.20 | $ | 1.51 | $ | (0.25 | ) | $ | — | $ | — | $ | (0.25 | ) | $ | — | $ | — | $ | 9.96 | 17.59 | % | $ | 44.0 | 2.12 | % | 1.91 | % | 3.15 | % | 29 | % | |||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 13.12 | $ | 0.13 | $ | 0.06 | $ | 0.19 | $ | (0.12 | ) | $ | (0.52 | ) | $ | — | $ | (0.64 | ) | $ | — | $ | — | $ | 12.67 | 1.74 | %** | $ | 3.9 | 1.30 | %* | 1.30 | %* | 2.07 | %* | 24 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 11.69 | $ | 0.25 | $ | 1.93 | $ | 2.18 | $ | (0.24 | ) | $ | (0.51 | ) | $ | — | $ | (0.75 | ) | $ | 0.00 | $ | — | $ | 13.12 | 19.42 | % | $ | 3.4 | 1.34 | % | 1.34 | %§ | 2.04 | % | 41 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.69 | $ | 0.22 | $ | 0.23 | $ | 0.45 | $ | (0.34 | ) | $ | (0.11 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 11.69 | 3.94 | % | $ | 2.6 | 1.41 | % | 1.41 | %§ | 1.78 | % | 70 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.24 | $ | 0.29 | $ | 0.55 | $ | 0.84 | $ | (0.31 | ) | $ | (0.08 | ) | $ | — | $ | (0.39 | ) | $ | — | $ | — | $ | 11.69 | 7.78 | % | $ | 1.1 | 1.41 | % | 1.41 | %§ | 2.59 | % | 42 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.99 | $ | 0.27 | $ | 1.39 | $ | 1.66 | $ | (0.41 | ) | $ | — | $ | — | $ | (0.41 | ) | $ | — | $ | — | $ | 11.24 | 16.92 | % | $ | 0.2 | 4.32 | % | 1.41 | % | 2.44 | % | 22 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 10.06 | $ | 0.11 | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 9.99 | (.04 | %)** | $ | 0.0 | 36.17 | %* | 1.41 | %* | 5.53 | %* | 29 | %Ø | |||||||||||||||||||||||||||||||||
Focus Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 29.77 | $ | 0.10 | $ | 0.82 | $ | 0.92 | $ | (0.16 | ) | $ | (4.22 | ) | $ | — | $ | (4.38 | ) | $ | — | $ | — | $ | 26.31 | 3.89 | %** | $ | 686.4 | .91 | %* | .91 | %* | .72 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 26.90 | $ | 0.18 | $ | 5.57 | $ | 5.75 | $ | (0.20 | ) | $ | (2.68 | ) | $ | — | $ | (2.88 | ) | $ | 0.00 | $ | — | $ | 29.77 | 22.65 | % | $ | 699.4 | .91 | % | .91 | % | .64 | % | 84 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 21.71 | $ | 0.18 | $ | 5.15 | $ | 5.33 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 26.90 | 24.69 | % | $ | 636.9 | .94 | % | .94 | % | .72 | % | 79 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 18.80 | $ | 0.14 | $ | 2.87 | $ | 3.01 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 21.71 | 16.10 | % | $ | 534.3 | .97 | % | .97 | % | .72 | % | 96 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 16.07 | $ | 0.13 | $ | 2.70 | $ | 2.83 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 18.80 | 17.61 | % | $ | 503.8 | .97 | % | .97 | % | .65 | % | 113 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 16.59 | $ | 0.11 | $ | (0.50 | ) | $ | (0.39 | ) | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 16.07 | (2.39 | %) | $ | 478.8 | .97 | % | .97 | % | .61 | % | 89 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.64 | $ | 0.05 | $ | 0.49 | $ | 0.54 | $ | (0.15 | ) | $ | (4.22 | ) | $ | — | $ | (4.37 | ) | $ | — | $ | — | $ | 16.81 | 3.78 | %** | $ | 120.7 | 1.10 | %* | 1.10 | %* | .52 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 19.50 | $ | 0.09 | $ | 3.94 | $ | 4.03 | $ | (0.21 | ) | $ | (2.68 | ) | $ | — | $ | (2.89 | ) | $ | 0.00 | $ | — | $ | 20.64 | 22.40 | % | $ | 125.7 | 1.11 | % | 1.11 | % | .47 | % | 84 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.78 | $ | 0.10 | $ | 3.74 | $ | 3.84 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 19.50 | 24.48 | % | $ | 56.3 | 1.14 | % | 1.14 | % | .53 | % | 79 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 13.70 | $ | 0.07 | $ | 2.08 | $ | 2.15 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 15.78 | 15.82 | % | $ | 15.0 | 1.16 | % | 1.16 | % | .52 | % | 96 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 11.73 | $ | 0.06 | $ | 1.98 | $ | 2.04 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 13.70 | 17.39 | % | $ | 17.9 | 1.16 | % | 1.16 | % | .45 | % | 113 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 12.14 | $ | 0.05 | $ | (0.36 | ) | $ | (0.31 | ) | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 11.73 | (2.61 | %) | $ | 18.9 | 1.19 | % | 1.19 | % | .38 | % | 89 | % | |||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 13.03 | $ | 0.02 | $ | 0.24 | $ | 0.26 | $ | (0.16 | ) | $ | (4.22 | ) | $ | — | $ | (4.38 | ) | $ | — | $ | — | $ | 8.91 | 3.76 | %** | $ | 6.7 | 1.26 | %* | 1.26 | %* | .37 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.27 | $ | 0.04 | $ | 2.57 | $ | 2.61 | $ | (0.17 | ) | $ | (2.68 | ) | $ | — | $ | (2.85 | ) | $ | 0.00 | $ | — | $ | 13.03 | 22.21 | % | $ | 7.1 | 1.27 | % | 1.27 | % | .28 | % | 84 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.79 | $ | 0.04 | $ | 2.55 | $ | 2.59 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 13.27 | 24.22 | % | $ | 6.1 | 1.29 | % | 1.29 | % | .37 | % | 79 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.41 | $ | 0.04 | $ | 1.42 | $ | 1.46 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 10.79 | 15.68 | % | $ | 5.8 | 1.31 | % | 1.31 | % | .37 | % | 96 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.08 | $ | 0.03 | $ | 1.36 | $ | 1.39 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 9.41 | 17.20 | % | $ | 7.8 | 1.32 | % | 1.32 | % | .30 | % | 113 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.40 | $ | 0.01 | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 8.08 | (2.83 | %) | $ | 7.7 | 1.42 | % | 1.42 | %§ | .15 | % | 89 | % | |||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 29.83 | $ | 0.13 | $ | 0.81 | $ | 0.94 | $ | (0.21 | ) | $ | (4.22 | ) | $ | — | $ | (4.43 | ) | $ | — | $ | — | $ | 26.34 | 3.96 | %** | $ | 24.3 | .76 | %* | .75 | %* | .94 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 26.95 | $ | 0.21 | $ | 5.60 | $ | 5.81 | $ | (0.25 | ) | $ | (2.68 | ) | $ | — | $ | (2.93 | ) | $ | 0.00 | $ | — | $ | 29.83 | 22.86 | % | $ | 9.4 | .76 | % | .75 | % | .72 | % | 84 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 21.76 | $ | 0.24 | $ | 5.14 | $ | 5.38 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | — | $ | — | $ | 26.95 | 24.89 | % | $ | 22.6 | .77 | % | .75 | % | .96 | % | 79 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 18.84 | $ | 0.19 | $ | 2.87 | $ | 3.06 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 21.76 | 16.39 | % | $ | 6.9 | .80 | % | .75 | % | .97 | % | 96 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 16.08 | $ | 0.21 | $ | 2.66 | $ | 2.87 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 18.84 | 17.85 | % | $ | 4.9 | .85 | % | .75 | % | 1.03 | % | 113 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 17.77 | $ | 0.06 | $ | (1.75 | ) | $ | (1.69 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.08 | (9.51 | %)** | $ | 0.0 | 36.90 | %* | .75 | %* | 1.80 | %* | 89 | %Ø | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.50 | $ | 0.05 | $ | 0.48 | $ | 0.53 | $ | (0.15 | ) | $ | (4.22 | ) | $ | — | $ | (4.37 | ) | $ | — | $ | — | $ | 16.66 | 3.73 | %** | $ | 6.0 | 1.13 | %* | 1.11 | %* | .51 | %* | 21 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 19.38 | $ | 0.09 | $ | 3.91 | $ | 4.00 | $ | (0.20 | ) | $ | (2.68 | ) | $ | — | $ | (2.88 | ) | $ | 0.00 | $ | — | $ | 20.50 | 22.40 | % | $ | 3.9 | 1.13 | % | 1.11 | % | .47 | % | 84 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.71 | $ | 0.10 | $ | 3.71 | $ | 3.81 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 19.38 | 24.47 | % | $ | 1.9 | 1.19 | % | 1.11 | % | .56 | % | 79 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 13.67 | $ | 0.09 | $ | 2.07 | $ | 2.16 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 15.71 | 15.96 | % | $ | 0.7 | 1.22 | % | 1.11 | % | .61 | % | 96 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 11.73 | $ | 0.10 | $ | 1.95 | $ | 2.05 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 13.67 | 17.43 | % | $ | 0.4 | 2.20 | % | 1.11 | % | .66 | % | 113 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 12.97 | $ | 0.03 | $ | (1.27 | ) | $ | (1.24 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11.73 | (9.56 | %)** | $ | 0.0 | 37.28 | %* | 1.11 | %* | 1.44 | %* | 89 | %Ø |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 12.70 | $ | (0.01 | ) | $ | 0.21 | $ | 0.20 | $ | (0.12 | ) | $ | (4.22 | ) | $ | — | $ | (4.34 | ) | $ | — | $ | — | $ | 8.56 | 3.37 | %** | $ | 2.8 | 1.89 | %* | 1.86 | %* | (.22 | %)* | 21 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.03 | $ | (0.03 | ) | $ | 2.52 | $ | 2.49 | $ | (0.14 | ) | $ | (2.68 | ) | $ | — | $ | (2.82 | ) | $ | 0.00 | $ | — | $ | 12.70 | 21.52 | % | $ | 1.5 | 1.91 | % | 1.86 | % | (.27 | %) | 84 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.62 | $ | (0.02 | ) | $ | 2.51 | $ | 2.49 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 13.03 | 23.61 | % | $ | 0.6 | 1.94 | % | 1.86 | % | (.20 | %) | 79 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.32 | $ | (0.02 | ) | $ | 1.41 | $ | 1.39 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 10.62 | 15.04 | % | $ | 0.3 | 1.97 | % | 1.86 | % | (.17 | %) | 96 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.07 | $ | (0.02 | ) | $ | 1.36 | $ | 1.34 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 9.32 | 16.62 | % | $ | 0.3 | 2.92 | % | 1.86 | % | (.16 | %) | 113 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 8.94 | $ | 0.01 | $ | (0.88 | ) | $ | (0.87 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.07 | (9.73 | %)** | $ | 0.0 | 38.06 | %* | 1.86 | %* | .69 | %* | 89 | %Ø | |||||||||||||||||||||||||||||||||||
Genesis Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 40.89 | $ | 0.07 | $ | 1.59 | $ | 1.66 | $ | (0.14 | ) | $ | (4.91 | ) | $ | — | $ | (5.05 | ) | $ | — | $ | — | $ | 37.50 | 4.85 | %** | $ | 2,269.1 | 1.02 | %* | 1.02 | %* | .37 | %* | 6 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 40.18 | $ | 0.08 | $ | 5.37 | $ | 5.45 | $ | (0.24 | ) | $ | (4.50 | ) | $ | — | $ | (4.74 | ) | $ | 0.00 | $ | — | $ | 40.89 | 13.65 | %@@ | $ | 2,437.6 | 1.01 | % | 1.01 | % | .20 | % | 14 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 34.65 | $ | 0.26 | $ | 7.57 | $ | 7.83 | $ | (0.19 | ) | $ | (2.11 | ) | $ | — | $ | (2.30 | ) | $ | — | $ | — | $ | 40.18 | 23.91 | % | $ | 2,458.7 | 1.02 | % | 1.02 | % | .71 | % | 20 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 34.28 | $ | 0.11 | $ | 1.94 | $ | 2.05 | $ | (0.53 | ) | $ | (1.15 | ) | $ | — | $ | (1.68 | ) | $ | — | $ | — | $ | 34.65 | 6.31 | % | $ | 2,256.0 | 1.03 | % | 1.03 | % | .31 | % | 15 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 26.44 | $ | 0.27 | $ | 7.57 | $ | 7.84 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 34.28 | 29.65 | % | $ | 2,157.7 | 1.05 | % | 1.05 | % | .81 | % | 18 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 24.39 | $ | (0.03 | ) | $ | 2.08 | $ | 2.05 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26.44 | 8.41 | % | $ | 1,773.6 | 1.06 | % | 1.06 | % | (.11 | %) | 16 | % | ||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 63.21 | $ | 0.09 | $ | 2.64 | $ | 2.73 | $ | (0.04 | ) | $ | (4.91 | ) | $ | — | $ | (4.95 | ) | $ | — | $ | — | $ | 60.99 | 4.82 | %** | $ | 2,521.2 | 1.10 | %* | 1.10 | %* | .28 | %* | 6 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 59.83 | $ | 0.07 | $ | 8.00 | $ | 8.07 | $ | (0.19 | ) | $ | (4.50 | ) | $ | — | $ | (4.69 | ) | $ | 0.00 | $ | — | $ | 63.21 | 13.55 | %@@ | $ | 2,935.3 | 1.10 | % | 1.10 | % | .11 | % | 14 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 50.47 | $ | 0.35 | $ | 11.23 | $ | 11.58 | $ | (0.11 | ) | $ | (2.11 | ) | $ | — | $ | (2.22 | ) | $ | — | $ | — | $ | 59.83 | 23.81 | % | $ | 3,192.4 | 1.10 | % | 1.10 | % | .63 | % | 20 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 49.13 | $ | 0.11 | $ | 2.83 | $ | 2.94 | $ | (0.45 | ) | $ | (1.15 | ) | $ | — | $ | (1.60 | ) | $ | — | $ | — | $ | 50.47 | 6.21 | % | $ | 3,037.6 | 1.11 | % | 1.11 | % | .23 | % | 15 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 37.92 | $ | 0.35 | $ | 10.86 | $ | 11.21 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 49.13 | 29.56 | % | $ | 3,436.5 | 1.13 | % | 1.13 | % | .74 | % | 18 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 35.00 | $ | (0.07 | ) | $ | 2.99 | $ | 2.92 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 37.92 | 8.34 | % | $ | 3,057.6 | 1.12 | % | 1.12 | % | (.17 | %) | 16 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 32.18 | $ | (0.00 | ) | $ | 1.19 | $ | 1.19 | $ | (0.04 | ) | $ | (4.91 | ) | $ | — | $ | (4.95 | ) | $ | — | $ | — | $ | 28.42 | 4.68 | %** | $ | 528.4 | 1.38 | %* | 1.38 | %* | (.00 | %)* | 6 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.46 | $ | (0.05 | ) | $ | 4.32 | $ | 4.27 | $ | (0.05 | ) | $ | (4.50 | ) | $ | — | $ | (4.55 | ) | $ | 0.00 | $ | — | $ | 32.18 | 13.24 | %@@ | $ | 598.9 | 1.37 | % | 1.37 | % | (.16 | %) | 14 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 28.42 | $ | 0.11 | $ | 6.13 | $ | 6.24 | $ | (0.09 | ) | $ | (2.11 | ) | $ | — | $ | (2.20 | ) | $ | — | $ | — | $ | 32.46 | 23.46 | % | $ | 626.0 | 1.38 | % | 1.38 | % | .35 | % | 20 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 28.43 | $ | (0.01 | ) | $ | 1.58 | $ | 1.57 | $ | (0.43 | ) | $ | (1.15 | ) | $ | — | $ | (1.58 | ) | $ | — | $ | — | $ | 28.42 | 5.91 | % | $ | 579.8 | 1.38 | % | 1.38 | % | (.04 | %) | 15 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 22.00 | $ | 0.12 | $ | 6.31 | $ | 6.43 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28.43 | 29.23 | % | $ | 601.3 | 1.40 | % | 1.40 | % | .43 | % | 18 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 20.35 | $ | (0.10 | ) | $ | 1.75 | $ | 1.65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 22.00 | 8.11 | % | $ | 440.2 | 1.38 | % | 1.38 | % | (.42 | %) | 16 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 60.72 | $ | 0.15 | $ | 2.53 | $ | 2.68 | $ | (0.19 | ) | $ | (4.91 | ) | $ | — | $ | (5.10 | ) | $ | — | $ | — | $ | 58.30 | 4.96 | %** | $ | 4,323.4 | .85 | %* | .85 | %§* | .53 | %* | 6 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 57.62 | $ | 0.22 | $ | 7.70 | $ | 7.92 | $ | (0.32 | ) | $ | (4.50 | ) | $ | — | $ | (4.82 | ) | $ | 0.00 | $ | — | $ | 60.72 | 13.82 | %@@ | $ | 5,061.4 | .85 | % | .85 | %§ | .36 | % | 14 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 48.71 | $ | 0.46 | $ | 10.81 | $ | 11.27 | $ | (0.25 | ) | $ | (2.11 | ) | $ | — | $ | (2.36 | ) | $ | — | $ | — | $ | 57.62 | 24.12 | % | $ | 5,989.3 | .85 | % | .85 | % | .87 | % | 20 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 47.48 | $ | 0.24 | $ | 2.73 | $ | 2.97 | $ | (0.59 | ) | $ | (1.15 | ) | $ | — | $ | (1.74 | ) | $ | — | $ | — | $ | 48.71 | 6.51 | % | $ | 5,707.1 | .86 | % | .85 | % | .49 | % | 15 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 36.56 | $ | 0.45 | $ | 10.47 | $ | 10.92 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 47.48 | 29.87 | % | $ | 4,975.0 | .89 | % | .87 | % | .97 | % | 18 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 33.64 | $ | 0.04 | $ | 2.88 | $ | 2.92 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 36.56 | 8.68 | % | $ | 3,571.8 | .87 | % | .85 | % | .11 | % | 16 | % | |||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 60.75 | $ | 0.18 | $ | 2.51 | $ | 2.69 | $ | (0.24 | ) | $ | (4.91 | ) | $ | — | $ | (5.15 | ) | $ | — | $ | — | $ | 58.29 | 4.98 | %** | $ | 2,989.0 | .78 | %* | .78 | %* | .61 | %* | 6 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 57.63 | $ | 0.28 | $ | 7.70 | $ | 7.98 | $ | (0.36 | ) | $ | (4.50 | ) | $ | — | $ | (4.86 | ) | $ | 0.00 | $ | — | $ | 60.75 | 13.92 | %@@ | $ | 2,690.7 | .78 | % | .78 | %§ | .45 | % | 14 | % | ||||||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013 | $ | 53.91 | $ | 0.18 | $ | 3.54 | $ | 3.72 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 57.63 | 6.90 | %** | $ | 975.9 | .80 | %* | .78 | %* | .67 | %* | 20 | %Ø | |||||||||||||||||||||||||||||||||||||
Global Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.22 | $ | 0.01 | $ | 0.07 | $ | 0.08 | $ | (0.73 | ) | $ | (3.84 | ) | $ | — | $ | (4.57 | ) | $ | — | $ | — | $ | 6.73 | 3.44 | %** | $ | 3.4 | 3.52 | %* | 1.15 | %* | .16 | %* | 7 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.49 | $ | 0.06 | $ | 1.80 | $ | 1.86 | $ | (0.04 | ) | $ | (0.09 | ) | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 11.22 | 19.67 | % | $ | 38.9 | 1.72 | % | 1.15 | % | .54 | % | 39 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.50 | $ | 0.06 | $ | 0.93 | $ | 0.99 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.49 | 11.65 | % | $ | 33.5 | 5.16 | % | 1.15 | % | .63 | % | 43 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.10 | $ | 0.09 | $ | 0.09 | $ | 0.18 | $ | (0.32 | ) | $ | — | $ | (0.46 | ) | $ | (0.78 | ) | $ | — | $ | — | $ | 8.50 | 2.82 | % | $ | 4.3 | 10.85 | % | 1.15 | % | 1.12 | % | 62 | % | ||||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.00 | ) | $ | (0.90 | ) | $ | (0.90 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.10 | (9.00 | %)** | $ | 0.8 | 55.68 | %* | 1.15 | %* | (.20 | %)* | 8 | %** | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.14 | $ | (0.02 | ) | $ | 0.09 | $ | 0.07 | $ | (0.70 | ) | $ | (3.84 | ) | $ | — | $ | (4.54 | ) | $ | — | $ | — | $ | 6.67 | 3.35 | %** | $ | 0.4 | 4.66 | %* | 1.51 | %* | (.40 | %)* | 7 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.43 | $ | 0.03 | $ | 1.77 | $ | 1.80 | $ | (0.00 | ) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 11.14 | 19.18 | % | $ | 0.4 | 2.18 | % | 1.51 | % | .28 | % | 39 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.48 | $ | 0.03 | $ | 0.92 | $ | 0.95 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.43 | 11.20 | % | $ | 0.1 | 5.67 | % | 1.51 | % | .34 | % | 43 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.09 | $ | 0.04 | $ | 0.11 | $ | 0.15 | $ | (0.30 | ) | $ | — | $ | (0.46 | ) | $ | (0.76 | ) | $ | — | $ | — | $ | 8.48 | 2.51 | % | $ | 0.1 | 11.83 | % | 1.51 | % | .54 | % | 62 | % | ||||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.01 | ) | $ | (0.90 | ) | $ | (0.91 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.09 | (9.10 | %)** | $ | 0.1 | 69.65 | %* | 1.51 | %* | (.53 | %)* | 8 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.89 | $ | (0.05 | ) | $ | 0.08 | $ | 0.03 | $ | (0.62 | ) | $ | (3.84 | ) | $ | — | $ | (4.46 | ) | $ | — | $ | — | $ | 6.46 | 2.96 | %** | $ | 0.2 | 5.55 | %* | 2.26 | %* | (1.16 | %)* | 7 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.28 | $ | (0.06 | ) | $ | 1.76 | $ | 1.70 | $ | — | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 10.89 | 18.39 | % | $ | 0.2 | 2.96 | % | 2.26 | % | (.54 | %) | 39 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.41 | $ | (0.03 | ) | $ | 0.90 | $ | 0.87 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.28 | 10.34 | % | $ | 0.1 | 6.50 | % | 2.26 | % | (.36 | %) | 43 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.08 | $ | (0.02 | ) | $ | 0.11 | $ | 0.09 | $ | (0.30 | ) | $ | — | $ | (0.46 | ) | $ | (0.76 | ) | $ | — | $ | — | $ | 8.41 | 1.77 | % | $ | 0.0 | 12.88 | % | 2.26 | % | (.30 | %) | 62 | % | |||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.02 | ) | $ | (0.90 | ) | $ | (0.92 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.08 | (9.20 | %)** | $ | 0.0 | 74.49 | %* | 2.26 | %* | (1.31 | %)* | 8 | %** |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/30/2014^ to 2/28/2015 (Unaudited) | $ | 10.00 | $ | 0.00 | $ | 0.31 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.31 | 3.10 | %** | $ | 2.1 | 13.30 | %b* | 1.00 | %b* | .15 | %b* | 9 | %** | |||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/30/2014^ to 2/28/2015 (Unaudited) | $ | 10.00 | $ | (0.00 | ) | $ | 0.31 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.31 | 3.10 | %** | $ | 0.7 | 13.61 | %b* | 1.36 | %b* | (.05 | %)b* | 9 | %** | ||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 12/30/2014^ to 2/28/2015 (Unaudited) | $ | 10.00 | $ | (0.02 | ) | $ | 0.32 | $ | 0.30 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.30 | 3.00 | %** | $ | 0.3 | 15.21 | %b* | 2.11 | %b* | (.96 | %)b* | 9 | %** | ||||||||||||||||||||||||||||||||||||
Global Thematic Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.70 | $ | 0.03 | $ | (0.34 | ) | $ | (0.31 | ) | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 10.32 | (2.83 | %)** | $ | 77.7 | 1.41 | %* | 1.25 | %* | .56 | %* | 38 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.52 | $ | 0.08 | $ | 1.15 | $ | 1.23 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | 0.00 | $ | — | $ | 10.70 | 12.92 | % | $ | 82.8 | 1.39 | % | 1.25 | % | .75 | % | 80 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.74 | $ | 0.05 | $ | 0.78 | $ | 0.83 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 9.52 | 9.53 | % | $ | 73.1 | 1.59 | % | 1.25 | % | .53 | % | 98 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.44 | $ | 0.05 | $ | (0.73 | ) | $ | (0.68 | ) | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 8.74 | (7.22 | %) | $ | 49.8 | 1.84 | % | 1.25 | % | .56 | % | 57 | % | |||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.00 | ) | $ | (0.56 | ) | $ | (0.56 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.44 | (5.60 | %)** | $ | 27.4 | 4.83 | %* | 1.25 | %* | (.14 | %)* | 11 | %** | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.62 | $ | 0.01 | $ | (0.32 | ) | $ | (0.31 | ) | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 10.26 | (2.94 | %)** | $ | 0.2 | 2.81 | %* | 1.61 | %* | .22 | %* | 38 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.47 | $ | 0.04 | $ | 1.13 | $ | 1.17 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | 0.00 | $ | — | $ | 10.62 | 12.40 | % | $ | 0.2 | 1.85 | % | 1.61 | % | .36 | % | 80 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.70 | $ | 0.02 | $ | 0.78 | $ | 0.80 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 9.47 | 9.20 | % | $ | 0.6 | 2.00 | % | 1.61 | % | .23 | % | 98 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.44 | $ | 0.02 | $ | (0.75 | ) | $ | (0.73 | ) | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 8.70 | (7.68 | %) | $ | 0.6 | 2.25 | % | 1.61 | % | .27 | % | 57 | % | |||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.01 | ) | $ | (0.55 | ) | $ | (0.56 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.44 | (5.60 | %)** | $ | 0.2 | 13.72 | %* | 1.61 | %* | (.50 | %)* | 11 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.44 | $ | (0.03 | ) | $ | (0.33 | ) | $ | (0.36 | ) | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 10.06 | (3.42 | %)** | $ | 0.1 | 2.67 | %* | 2.36 | %* | (.55 | %)* | 38 | %** | ||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.35 | $ | (0.04 | ) | $ | 1.13 | $ | 1.09 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 10.44 | 11.66 | % | $ | 0.1 | 2.64 | % | 2.36 | % | (.37 | %) | 80 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.63 | $ | (0.05 | ) | $ | 0.77 | $ | 0.72 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.35 | 8.34 | % | $ | 0.1 | 2.84 | % | 2.36 | % | (.59 | %) | 98 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.42 | $ | (0.05 | ) | $ | (0.73 | ) | $ | (0.78 | ) | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 8.63 | (8.25 | %) | $ | 0.1 | 3.11 | % | 2.36 | % | (.57 | %) | 57 | % | ||||||||||||||||||||||||||||||||
Period from 6/30/2011^ to 8/31/2011 | $ | 10.00 | $ | (0.02 | ) | $ | (0.56 | ) | $ | (0.58 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.42 | (5.80 | %)** | $ | 0.1 | 21.31 | %* | 2.36 | %* | (1.32 | %)* | 11 | %** |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 12.17 | $ | (0.08 | ) | $ | 1.36 | $ | 1.28 | $ | (0.09 | ) | $ | (0.71 | ) | $ | — | $ | (0.80 | ) | $ | — | $ | — | $ | 12.65 | 11.10 | %** | $ | 114.2 | 1.63 | %* | 1.50 | %* | (1.28 | %)* | 77 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.16 | $ | 0.10 | $ | 2.06 | $ | 2.16 | $ | — | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 12.17 | 21.37 | % | $ | 72.1 | 1.83 | % | 1.50 | % | .90 | % | 171 | % | |||||||||||||||||||||||||||||||||||
Period from 7/17/2013^ to 8/31/2013 | $ | 10.00 | $ | (0.02 | ) | $ | 0.18 | $ | 0.16 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.16 | 1.60 | %** | $ | 56.4 | 2.80 | %b* | 1.50 | %b* | (1.25 | %)b* | 20 | %** | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 12.14 | $ | (0.10 | ) | $ | 1.36 | $ | 1.26 | $ | (0.09 | ) | $ | (0.71 | ) | $ | — | $ | (0.80 | ) | $ | — | $ | — | $ | 12.60 | 10.83 | %** | $ | 3.8 | 2.00 | %* | 1.86 | %* | (1.70 | %)* | 77 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.16 | $ | 0.13 | $ | 2.00 | $ | 2.13 | $ | — | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 12.14 | 21.07 | % | $ | 1.7 | 2.30 | % | 1.86 | % | 1.19 | % | 171 | % | |||||||||||||||||||||||||||||||||||
Period from 7/17/2013^ to 8/31/2013 | $ | 10.00 | $ | (0.02 | ) | $ | 0.18 | $ | 0.16 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.16 | 1.60 | %** | $ | 0.1 | 17.58 | %b* | 1.86 | %b* | (1.65 | %)b* | 20 | %** | ||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 12.03 | $ | (0.14 | ) | $ | 1.34 | $ | 1.20 | $ | — | $ | (0.71 | ) | $ | — | $ | (0.71 | ) | $ | — | $ | — | $ | 12.52 | 10.45 | %** | $ | 0.1 | 2.81 | %* | 2.61 | %* | (2.37 | %)* | 77 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.15 | $ | (0.02 | ) | $ | 2.05 | $ | 2.03 | $ | — | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 12.03 | 20.09 | % | $ | 0.1 | 2.85 | % | 2.61 | % | (.20 | %) | 171 | % | ||||||||||||||||||||||||||||||||||
Period from 7/17/2013^ to 8/31/2013 | $ | 10.00 | $ | (0.03 | ) | $ | 0.18 | $ | 0.15 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.15 | 1.50 | %** | $ | 0.1 | 19.16 | %b* | 2.61 | %b* | (2.41 | %)b* | 20 | %** | ||||||||||||||||||||||||||||||||||||
Guardian Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.43 | $ | 0.07 | $ | 0.94 | $ | 1.01 | $ | (0.15 | ) | $ | (2.63 | ) | $ | — | $ | (2.78 | ) | $ | — | $ | — | $ | 18.66 | 5.63 | %@@** | $ | 1,181.5 | .88 | %* | .88 | %* | .68 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 18.58 | $ | 0.16 | $ | 3.70 | $ | 3.86 | $ | (0.10 | ) | $ | (1.91 | ) | $ | — | $ | (2.01 | ) | $ | 0.00 | $ | — | $ | 20.43 | 21.87 | % | $ | 1,165.1 | .88 | % | .88 | % | .83 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.80 | $ | 0.14 | $ | 3.28 | $ | 3.42 | $ | (0.20 | ) | $ | (0.44 | ) | $ | — | $ | (0.64 | ) | $ | — | $ | — | $ | 18.58 | 22.54 | % | $ | 1,040.3 | .90 | % | .90 | % | .85 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 14.49 | $ | 0.12 | $ | 1.29 | $ | 1.41 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 15.80 | 9.84 | % | $ | 939.6 | .92 | % | .92 | % | .79 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 11.98 | $ | 0.11 | $ | 2.45 | $ | 2.56 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 14.49 | 21.35 | % | $ | 962.6 | .92 | % | .92 | % | .74 | % | 32 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.15 | $ | 0.05 | $ | 0.84 | $ | 0.89 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 11.98 | 7.99 | % | $ | 869.2 | .95 | % | .95 | % | .40 | % | 36 | % | |||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 15.20 | $ | 0.03 | $ | 0.67 | $ | 0.70 | $ | (0.13 | ) | $ | (2.63 | ) | $ | — | $ | (2.76 | ) | $ | — | $ | — | $ | 13.14 | 5.53 | %@@** | $ | 129.8 | 1.06 | %* | 1.06 | %* | .48 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 14.30 | $ | 0.09 | $ | 2.81 | $ | 2.90 | $ | (0.09 | ) | $ | (1.91 | ) | $ | — | $ | (2.00 | ) | $ | 0.00 | $ | — | $ | 15.20 | 21.61 | % | $ | 136.6 | 1.06 | % | 1.06 | % | .64 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 12.31 | $ | 0.09 | $ | 2.53 | $ | 2.62 | $ | (0.19 | ) | $ | (0.44 | ) | $ | — | $ | (0.63 | ) | $ | — | $ | — | $ | 14.30 | 22.36 | % | $ | 129.4 | 1.08 | % | 1.08 | % | .66 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.32 | $ | 0.07 | $ | 1.01 | $ | 1.08 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 12.31 | 9.68 | % | $ | 113.5 | 1.09 | % | 1.09 | % | .64 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.38 | $ | 0.06 | $ | 1.92 | $ | 1.98 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 11.32 | 21.08 | % | $ | 102.6 | 1.09 | % | 1.09 | % | .55 | % | 32 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.75 | $ | 0.02 | $ | 0.66 | $ | 0.68 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 9.38 | 7.75 | % | $ | 79.0 | 1.12 | % | 1.12 | % | .23 | % | 36 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.55 | $ | 0.02 | $ | 0.79 | $ | 0.81 | $ | (0.05 | ) | $ | (2.63 | ) | $ | — | $ | (2.68 | ) | $ | — | $ | — | $ | 15.68 | 5.42 | %@@** | $ | 0.4 | 1.34 | %* | 1.34 | %* | .22 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 16.27 | $ | 0.04 | $ | 3.24 | $ | 3.28 | $ | (0.09 | ) | $ | (1.91 | ) | $ | — | $ | (2.00 | ) | $ | 0.00 | $ | — | $ | 17.55 | 21.27 | % | $ | 0.4 | 1.28 | % | 1.28 | % | .25 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.91 | $ | 0.04 | $ | 2.87 | $ | 2.91 | $ | (0.11 | ) | $ | (0.44 | ) | $ | — | $ | (0.55 | ) | $ | — | $ | — | $ | 16.27 | 21.81 | % | $ | 0.6 | 1.50 | % | 1.50 | %§ | .23 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.77 | $ | 0.02 | $ | 1.16 | $ | 1.18 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 13.91 | 9.27 | % | $ | 0.6 | 1.50 | % | 1.50 | %§ | .19 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.59 | $ | 0.02 | $ | 2.16 | $ | 2.18 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.77 | 20.59 | % | $ | 0.6 | 1.50 | % | 1.50 | %§ | .15 | % | 32 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.87 | $ | (0.02 | ) | $ | 0.75 | $ | 0.73 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 10.59 | 7.38 | % | $ | 0.5 | 2.59 | % | 1.50 | % | (.16 | %) | 36 | % | ||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.47 | $ | 0.08 | $ | 0.95 | $ | 1.03 | $ | (0.18 | ) | $ | (2.63 | ) | $ | — | $ | (2.81 | ) | $ | — | $ | — | $ | 18.69 | 5.76 | %@@** | $ | 131.0 | .71 | %* | .71 | %* | .85 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 18.62 | $ | 0.20 | $ | 3.70 | $ | 3.90 | $ | (0.14 | ) | $ | (1.91 | ) | $ | — | $ | (2.05 | ) | $ | 0.00 | $ | — | $ | 20.47 | 22.03 | % | $ | 129.4 | .71 | % | .71 | % | 1.01 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.83 | $ | 0.17 | $ | 3.29 | $ | 3.46 | $ | (0.23 | ) | $ | (0.44 | ) | $ | — | $ | (0.67 | ) | $ | — | $ | — | $ | 18.62 | 22.80 | % | $ | 88.9 | .73 | % | .73 | % | 1.00 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 14.52 | $ | 0.15 | $ | 1.29 | $ | 1.44 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 15.83 | 10.03 | % | $ | 60.0 | .74 | % | .74 | %§ | 1.01 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 12.01 | $ | 0.12 | $ | 2.47 | $ | 2.59 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 14.52 | 21.51 | % | $ | 33.5 | .75 | % | .75 | %§ | .77 | % | 32 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.16 | $ | 0.08 | $ | 0.84 | $ | 0.92 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 12.01 | 8.22 | % | $ | 4.3 | .81 | % | .75 | % | .65 | % | 36 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 15.08 | $ | 0.04 | $ | 0.65 | $ | 0.69 | $ | (0.14 | ) | $ | (2.63 | ) | $ | — | $ | (2.77 | ) | $ | — | $ | — | $ | 13.00 | 5.54 | %@@** | $ | 84.3 | 1.07 | %* | 1.07 | %* | .51 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 14.21 | $ | 0.09 | $ | 2.79 | $ | 2.88 | $ | (0.10 | ) | $ | (1.91 | ) | $ | — | $ | (2.01 | ) | $ | 0.00 | $ | — | $ | 15.08 | 21.62 | % | $ | 73.8 | 1.09 | % | 1.09 | %§ | .64 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 12.24 | $ | 0.08 | $ | 2.52 | $ | 2.60 | $ | (0.19 | ) | $ | (0.44 | ) | $ | — | $ | (0.63 | ) | $ | — | $ | — | $ | 14.21 | 22.38 | % | $ | 34.6 | 1.11 | % | 1.11 | %§ | .62 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.28 | $ | 0.07 | $ | 1.00 | $ | 1.07 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 12.24 | 9.63 | % | $ | 17.6 | 1.12 | % | 1.11 | % | .64 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.36 | $ | 0.06 | $ | 1.91 | $ | 1.97 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 11.28 | 21.06 | % | $ | 10.8 | 1.15 | % | 1.11 | % | .51 | % | 32 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 8.75 | $ | 0.02 | $ | 0.66 | $ | 0.68 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 9.36 | 7.72 | % | $ | 3.5 | 1.22 | % | 1.11 | % | .23 | % | 36 | % | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.18 | $ | (0.02 | ) | $ | 0.77 | $ | 0.75 | $ | — | $ | (2.63 | ) | $ | — | $ | (2.63 | ) | $ | — | $ | — | $ | 15.30 | 5.13 | %@@** | $ | 3.0 | 1.83 | %* | 1.83 | %* | (.27 | %)* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 15.96 | $ | (0.03 | ) | $ | 3.16 | $ | 3.13 | $ | (0.00 | ) | $ | (1.91 | ) | $ | — | $ | (1.91 | ) | $ | 0.00 | $ | — | $ | 17.18 | 20.71 | % | $ | 2.9 | 1.86 | % | 1.86 | %§ | (.15 | %) | 37 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.66 | $ | (0.02 | ) | $ | 2.84 | $ | 2.82 | $ | (0.08 | ) | $ | (0.44 | ) | $ | — | $ | (0.52 | ) | $ | — | $ | — | $ | 15.96 | 21.43 | % | $ | 2.6 | 1.86 | % | 1.86 | % | (.15 | %) | 36 | % | |||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.60 | $ | (0.02 | ) | $ | 1.13 | $ | 1.11 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 13.66 | 8.83 | % | $ | 1.3 | 1.88 | % | 1.86 | % | (.13 | %) | 26 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.51 | $ | (0.04 | ) | $ | 2.15 | $ | 2.11 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 12.60 | 20.11 | % | $ | 1.1 | 1.90 | % | 1.86 | % | (.28 | %) | 32 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.86 | $ | (0.06 | ) | $ | 0.76 | $ | 0.70 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 10.51 | 7.08 | % | $ | 0.4 | 2.46 | % | 1.86 | % | (.51 | %) | 36 | % | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 17.54 | $ | 0.02 | $ | 0.79 | $ | 0.81 | $ | (0.08 | ) | $ | (2.63 | ) | $ | — | $ | (2.71 | ) | $ | — | $ | — | $ | 15.64 | 5.43 | %@@** | $ | 0.8 | 1.37 | %* | 1.36 | %* | .22 | %* | 16 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 16.25 | $ | 0.06 | $ | 3.21 | $ | 3.27 | $ | (0.07 | ) | $ | (1.91 | ) | $ | — | $ | (1.98 | ) | $ | 0.00 | $ | — | $ | 17.54 | 21.29 | % | $ | 0.7 | 1.38 | % | 1.36 | % | .37 | % | 37 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.79 | $ | 0.04 | $ | 2.89 | $ | 2.93 | $ | (0.03 | ) | $ | (0.44 | ) | $ | — | $ | (0.47 | ) | $ | — | $ | — | $ | 16.25 | 22.03 | % | $ | 0.4 | 1.41 | % | 1.36 | % | .24 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.72 | $ | 0.05 | $ | 1.13 | $ | 1.18 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 13.79 | 9.40 | % | $ | 0.5 | 1.39 | % | 1.36 | % | .36 | % | 26 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.57 | $ | 0.04 | $ | 2.16 | $ | 2.20 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 12.72 | 20.79 | % | $ | 0.4 | 1.44 | % | 1.36 | % | .28 | % | 32 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.88 | $ | (0.00 | ) | $ | 0.74 | $ | 0.74 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 10.57 | 7.51 | % | $ | 0.1 | 3.12 | % | 1.36 | % | (.02 | %) | 36 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.70 | $ | (0.01 | ) | $ | 0.52 | $ | 0.51 | $ | (0.15 | ) | $ | — | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 21.06 | 2.52 | %@@** | $ | 123.4 | 1.27 | %* | 1.01 | %* | (.08 | %)* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 18.62 | $ | 0.26 | $ | 1.99 | $ | 2.25 | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | 0.00 | $ | — | $ | 20.70 | 12.14 | % | $ | 124.4 | 1.26 | % | 1.07 | % | 1.29 | % | 34 | % | |||||||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013 | $ | 18.03 | $ | 0.21 | $ | 0.38 | $ | 0.59 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18.62 | 3.27 | %** | $ | 125.7 | 1.32 | %* | 1.09 | %* | 1.87 | %* | 44 | %Øa | |||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.02 | $ | (0.02 | ) | $ | 0.58 | $ | 0.56 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 23.50 | 2.46 | %@@** | $ | 61.6 | 1.37 | %* | 1.11 | %* | (.17 | %)* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.70 | $ | 0.28 | $ | 2.20 | $ | 2.48 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | 0.00 | $ | — | $ | 23.02 | 12.02 | % | $ | 67.7 | 1.36 | % | 1.16 | % | 1.23 | % | 34 | % | |||||||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013 | $ | 20.05 | $ | 0.21 | $ | 0.44 | $ | 0.65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.70 | 3.24 | %** | $ | 111.9 | 1.42 | %* | 1.19 | %* | 1.73 | %* | 44 | %Øa | |||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.32 | $ | 0.00 | $ | 0.28 | $ | 0.28 | $ | (0.20 | ) | $ | — | $ | — | $ | (0.20 | ) | $ | — | $ | — | $ | 11.40 | 2.62 | %@@** | $ | 870.6 | 1.11 | %* | .85 | %§* | .08 | %* | 12 | %** | |||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.26 | $ | 0.17 | $ | 1.09 | $ | 1.26 | $ | (0.20 | ) | $ | — | $ | — | $ | (0.20 | ) | $ | 0.00 | $ | — | $ | 11.32 | 12.38 | % | $ | 887.3 | 1.07 | % | .85 | % | 1.49 | % | 34 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.15 | $ | 0.15 | $ | 1.10 | $ | 1.25 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 10.26 | 13.82 | % | $ | 770.3 | 1.14 | % | .85 | % | 1.54 | % | 44 | %a | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.20 | $ | 0.16 | $ | (0.10 | ) | $ | 0.06 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 9.15 | .78 | % | $ | 491.6 | 1.16 | % | .84 | % | 1.88 | % | 33 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.10 | $ | 0.16 | $ | 1.11 | $ | 1.27 | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | — | $ | — | $ | 9.20 | 15.62 | % | $ | 342.6 | 1.23 | % | .80 | % | 1.67 | % | 46 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.53 | $ | 0.12 | $ | 0.56 | $ | 0.68 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | 0.00 | $ | 8.10 | 9.05 | % | $ | 168.1 | 1.24 | % | .80 | % | �� | 1.53 | % | 50 | % | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.01 | $ | (0.04 | ) | $ | 0.58 | $ | 0.54 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 23.44 | 2.39 | %@@** | $ | 62.5 | 1.54 | %* | 1.21 | %§* | (.34 | %)* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.69 | $ | 0.28 | $ | 2.19 | $ | 2.47 | $ | (0.15 | ) | $ | — | $ | — | $ | (0.15 | ) | $ | 0.00 | $ | — | $ | 23.01 | 11.98 | % | $ | 26.2 | 1.45 | % | 1.21 | % | 1.23 | % | 34 | % | |||||||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013 | $ | 20.05 | $ | 0.19 | $ | 0.45 | $ | 0.64 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.69 | 3.19 | %** | $ | 12.8 | 1.55 | %* | 1.28 | %* | 1.57 | %* | 44 | %Øa | |||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 22.72 | $ | (0.11 | ) | $ | 0.57 | $ | 0.46 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 23.16 | 2.04 | %@@** | $ | 7.1 | 2.23 | %* | 1.96 | %§* | (1.05 | %)* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.50 | $ | 0.13 | $ | 2.15 | $ | 2.28 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | 0.00 | $ | — | $ | 22.72 | 11.16 | % | $ | 6.1 | 2.21 | % | 1.96 | % | .59 | % | 34 | % | |||||||||||||||||||||||||||||||||||
Period from 1/28/2013^ to 8/31/2013 | $ | 19.97 | $ | 0.09 | $ | 0.44 | $ | 0.53 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20.50 | 2.65 | %** | $ | 1.9 | 2.51 | %* | 2.08 | %* | .74 | %* | 44 | %Øa | |||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.42 | $ | 0.01 | $ | 0.28 | $ | 0.29 | $ | (0.21 | ) | $ | — | $ | — | $ | (0.21 | ) | $ | — | $ | — | $ | 11.50 | 2.67 | %@@** | $ | 23.4 | 1.01 | %* | .75 | %§* | .17 | %* | 12 | %** | |||||||||||||||||||||||||||||||||||
Period from 9/3/2013^ to 8/31/2014 | $ | 10.26 | $ | 0.08 | $ | 1.19 | $ | 1.27 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | 0.00 | $ | — | $ | 11.42 | 12.46 | %** | $ | 21.9 | 1.12 | %* | .79 | %* | .73 | %* | 34 | %Ø |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.21 | $ | (0.02 | ) | $ | 0.31 | $ | 0.29 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 11.38 | 2.66 | %@@** | $ | 12.7 | 1.34 | %* | 1.25 | %* | (.39 | %)* | 10 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.14 | $ | 0.13 | $ | 1.04 | $ | 1.17 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | 0.00 | $ | — | $ | 11.21 | 11.56 | % | $ | 13.0 | 1.33 | % | 1.25 | % | 1.19 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.14 | $ | 0.10 | $ | 1.01 | $ | 1.11 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 10.14 | 12.17 | % | $ | 13.9 | 1.37 | % | 1.25 | % | 1.05 | % | 50 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.35 | $ | 0.13 | $ | (0.24 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 9.14 | (1.05 | %) | $ | 14.2 | 1.40 | % | 1.25 | % | 1.47 | % | 29 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.31 | $ | 0.09 | $ | 1.00 | $ | 1.09 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | 0.00 | $ | 9.35 | 13.09 | % | $ | 18.6 | 1.39 | % | 1.25 | % | .97 | % | 54 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.93 | $ | 0.09 | $ | 0.38 | $ | 0.47 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | 0.00 | $ | 8.31 | 5.87 | % | $ | 27.7 | 1.53 | % | 1.25 | % | 1.10 | % | 45 | % | |||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.21 | $ | (0.00 | ) | $ | 0.30 | $ | 0.30 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 11.35 | 2.80 | %@@** | $ | 219.7 | .94 | %* | .90 | %* | (.05 | %)* | 10 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.14 | $ | 0.18 | $ | 1.03 | $ | 1.21 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | 0.00 | $ | — | $ | 11.21 | 11.98 | % | $ | 211.6 | .93 | % | .90 | % | 1.58 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.14 | $ | 0.14 | $ | 1.00 | $ | 1.14 | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 10.14 | 12.56 | % | $ | 200.6 | .97 | % | .90 | % | 1.44 | % | 50 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.36 | $ | 0.15 | $ | (0.23 | ) | $ | (0.08 | ) | $ | (0.14 | ) | $ | — | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 9.14 | (.65 | %) | $ | 172.0 | .99 | % | .90 | % | 1.76 | % | 29 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.32 | $ | 0.16 | $ | 0.96 | $ | 1.12 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | 0.00 | $ | 9.36 | 13.39 | % | $ | 161.5 | 1.01 | % | .90 | % | 1.60 | % | 54 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.93 | $ | 0.12 | $ | 0.38 | $ | 0.50 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | 0.00 | $ | 8.32 | 6.29 | % | $ | 129.5 | 1.12 | % | .90 | % | 1.45 | % | 45 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.14 | $ | (0.02 | ) | $ | 0.30 | $ | 0.28 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 11.30 | 2.55 | %@@** | $ | 9.2 | 1.32 | %* | 1.24 | %* | (.34 | %)* | 10 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.07 | $ | 0.14 | $ | 1.03 | $ | 1.17 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | 0.00 | $ | — | $ | 11.14 | 11.69 | % | $ | 9.3 | 1.30 | % | 1.24 | % | 1.25 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.09 | $ | 0.11 | $ | 0.98 | $ | 1.09 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 10.07 | 12.08 | % | $ | 9.3 | 1.36 | % | 1.24 | % | 1.16 | % | 50 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.30 | $ | 0.14 | $ | (0.24 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 9.09 | (.96 | %) | $ | 8.3 | 1.39 | % | 1.24 | % | 1.56 | % | 29 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.27 | $ | 0.08 | $ | 1.00 | $ | 1.08 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | 0.00 | $ | 9.30 | 13.06 | % | $ | 5.2 | 1.39 | % | 1.24 | % | .81 | % | 54 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.90 | $ | 0.10 | $ | 0.37 | $ | 0.47 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | 0.00 | $ | 8.27 | 5.87 | % | $ | 9.3 | 1.52 | % | 1.24 | % | 1.24 | % | 45 | % | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 10.97 | $ | (0.06 | ) | $ | 0.31 | $ | 0.25 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 11.18 | 2.27 | %@@** | $ | 4.2 | 2.05 | %* | 2.00 | %* | (1.12 | %)* | 10 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 9.93 | $ | 0.05 | $ | 1.02 | $ | 1.07 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | 0.00 | $ | — | $ | 10.97 | 10.79 | % | $ | 4.6 | 2.05 | % | 2.00 | % | .42 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 8.98 | $ | 0.04 | $ | 0.97 | $ | 1.01 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 9.93 | 11.23 | % | $ | 4.0 | 2.09 | % | 2.00 | % | .36 | % | 50 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.17 | $ | 0.06 | $ | (0.21 | ) | $ | (0.15 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 8.98 | (1.64 | %) | $ | 3.7 | 2.13 | % | 2.00 | % | .65 | % | 29 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.20 | $ | 0.05 | $ | 0.95 | $ | 1.00 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | 0.00 | $ | 9.17 | 12.19 | % | $ | 2.1 | 2.14 | % | 2.00 | % | .57 | % | 54 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.87 | $ | 0.04 | $ | 0.36 | $ | 0.40 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | 0.00 | $ | 8.20 | 5.02 | % | $ | 1.5 | 2.29 | % | 2.01 | % | .45 | % | 45 | % | |||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 11.05 | $ | (0.04 | ) | $ | 0.31 | $ | 0.27 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 11.22 | 2.51 | %@@** | $ | 3.2 | 1.56 | %* | 1.51 | %* | (.71 | %)* | 10 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 10.01 | $ | 0.11 | $ | 1.02 | $ | 1.13 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | 0.00 | $ | — | $ | 11.05 | 11.35 | % | $ | 2.2 | 1.55 | % | 1.51 | % | 1.03 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 9.04 | $ | 0.07 | $ | 0.99 | $ | 1.06 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 10.01 | 11.83 | % | $ | 2.6 | 1.60 | % | 1.51 | % | .74 | % | 50 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.27 | $ | 0.12 | $ | (0.25 | ) | $ | (0.13 | ) | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 9.04 | (1.24 | %) | $ | 0.4 | 1.67 | % | 1.51 | % | 1.35 | % | 29 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.26 | $ | 0.11 | $ | 0.94 | $ | 1.05 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | 0.00 | $ | 9.27 | 12.71 | % | $ | 0.1 | 1.87 | % | 1.51 | % | 1.15 | % | 54 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.90 | $ | 0.07 | $ | 0.37 | $ | 0.44 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | 0.00 | $ | 8.26 | 5.57 | % | $ | 0.1 | 3.50 | % | 1.51 | % | .87 | % | 45 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.98 | $ | (0.03 | ) | $ | 0.81 | $ | 0.78 | $ | — | $ | (0.79 | ) | $ | — | $ | (0.79 | ) | $ | — | $ | — | $ | 14.97 | 5.82 | %** | $ | 319.1 | 1.13 | %* | 1.00 | %* | (.42 | %)* | 11 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.81 | $ | (0.06 | ) | $ | 2.80 | $ | 2.74 | $ | (0.03 | ) | $ | (0.54 | ) | $ | — | $ | (0.57 | ) | $ | 0.00 | $ | — | $ | 14.98 | 21.74 | % | $ | 252.0 | 1.13 | % | 1.00 | % | (.40 | %) | 24 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.26 | $ | 0.05 | $ | 2.68 | $ | 2.73 | $ | — | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 12.81 | 26.94 | % | $ | 182.6 | 1.18 | % | 1.00 | % | .42 | % | 25 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 10.26 | $ | (0.01 | ) | $ | 1.09 | $ | 1.08 | $ | — | $ | (1.08 | ) | $ | — | $ | (1.08 | ) | $ | — | $ | — | $ | 10.26 | 12.21 | % | $ | 134.2 | 1.22 | % | 1.00 | % | (.14 | %) | 30 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.41 | $ | (0.04 | ) | $ | 1.32 | $ | 1.28 | $ | (0.03 | ) | $ | (0.40 | ) | $ | — | $ | (0.43 | ) | $ | — | $ | — | $ | 10.26 | 13.08 | % | $ | 114.7 | 1.26 | % | 1.00 | % | (.35 | %) | 44 | % | |||||||||||||||||||||||||||||||||
Period from 5/10/2010^ to 8/31/2010 | $ | 10.00 | $ | 0.01 | $ | (0.60 | ) | $ | (0.59 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.41 | (5.90 | %)** | $ | 80.9 | 1.70 | %* | 1.00 | %* | .33 | %* | 19 | %** | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.76 | $ | (0.06 | ) | $ | 0.79 | $ | 0.73 | $ | — | $ | (0.79 | ) | $ | — | $ | (0.79 | ) | $ | — | $ | — | $ | 14.70 | 5.55 | %** | $ | 22.5 | 1.52 | %* | 1.36 | %* | (.80 | %)* | 11 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.65 | $ | (0.11 | ) | $ | 2.76 | $ | 2.65 | $ | (0.00 | ) | $ | (0.54 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | — | $ | 14.76 | 21.31 | % | $ | 13.5 | 1.51 | % | 1.36 | % | (.77 | %) | 24 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.16 | $ | 0.00 | $ | 2.67 | $ | 2.67 | $ | — | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 12.65 | 26.61 | % | $ | 13.9 | 1.58 | % | 1.36 | % | .01 | % | 25 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 10.22 | $ | (0.05 | ) | $ | 1.07 | $ | 1.02 | $ | — | $ | (1.08 | ) | $ | — | $ | (1.08 | ) | $ | — | $ | — | $ | 10.16 | 11.62 | % | $ | 8.4 | 1.61 | % | 1.36 | % | (.51 | %) | 30 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.40 | $ | (0.09 | ) | $ | 1.34 | $ | 1.25 | $ | (0.03 | ) | $ | (0.40 | ) | $ | — | $ | (0.43 | ) | $ | — | $ | — | $ | 10.22 | 12.74 | % | $ | 8.6 | 1.65 | % | 1.36 | % | (.73 | %) | 44 | % | |||||||||||||||||||||||||||||||||
Period from 5/10/2010^ to 8/31/2010 | $ | 10.00 | $ | (0.00 | ) | $ | (0.60 | ) | $ | (0.60 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.40 | (6.00 | %)** | $ | 0.6 | 2.11 | %* | 1.36 | %* | (.02 | %)* | 19 | %** | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.29 | $ | (0.10 | ) | $ | 0.75 | $ | 0.65 | $ | — | $ | (0.79 | ) | $ | — | $ | (0.79 | ) | $ | — | $ | — | $ | 14.15 | 5.17 | %** | $ | 15.8 | 2.24 | %* | 2.11 | %* | (1.53 | %)* | 11 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.35 | $ | (0.21 | ) | $ | 2.69 | $ | 2.48 | $ | — | $ | (0.54 | ) | $ | — | $ | (0.54 | ) | $ | 0.00 | $ | — | $ | 14.29 | 20.40 | % | $ | 12.7 | 2.26 | % | 2.11 | % | (1.51 | %) | 24 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.00 | $ | (0.08 | ) | $ | 2.61 | $ | 2.53 | $ | — | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 12.35 | 25.62 | % | $ | 10.3 | 2.31 | % | 2.11 | % | (.70 | %) | 25 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 10.14 | $ | (0.12 | ) | $ | 1.06 | $ | 0.94 | $ | — | $ | (1.08 | ) | $ | — | $ | (1.08 | ) | $ | — | $ | — | $ | 10.00 | 10.87 | % | $ | 6.9 | 2.35 | % | 2.11 | % | (1.25 | %) | 30 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.38 | $ | (0.17 | ) | $ | 1.34 | $ | 1.17 | $ | (0.01 | ) | $ | (0.40 | ) | $ | — | $ | (0.41 | ) | $ | — | $ | — | $ | 10.14 | 11.91 | % | $ | 5.5 | 2.34 | % | 2.11 | % | (1.48 | %) | 44 | % | |||||||||||||||||||||||||||||||||
Period from 5/10/2010^ to 8/31/2010 | $ | 10.00 | $ | (0.02 | ) | $ | (0.60 | ) | $ | (0.62 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.38 | (6.20 | %)** | $ | 0.0 | 3.09 | %* | 2.11 | %* | (.79 | %)* | 19 | %** | ||||||||||||||||||||||||||||||||||
Large Cap Disciplined Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 8.33 | $ | 0.01 | $ | 0.07 | $ | 0.08 | $ | — | $ | (4.32 | ) | $ | — | $ | (4.32 | ) | $ | — | $ | — | $ | 4.09 | 4.20 | %@@** | $ | 10.8 | 1.26 | %* | 1.14 | %* | .26 | %* | 41 | %** | |||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 8.18 | $ | 0.04 | $ | 1.41 | $ | 1.45 | $ | (0.01 | ) | $ | (1.29 | ) | $ | — | $ | (1.30 | ) | $ | 0.00 | $ | — | $ | 8.33 | 19.09 | % | $ | 11.2 | 1.07 | % | 1.07 | % | .44 | % | 61 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 7.68 | $ | 0.03 | $ | 0.89 | $ | 0.92 | $ | (0.05 | ) | $ | (0.37 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | — | $ | 8.18 | 12.76 | % | $ | 16.1 | 1.11 | % | 1.11 | %§ | .42 | % | 66 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 7.38 | $ | 0.01 | $ | 0.62 | $ | 0.63 | $ | — | $ | (0.33 | ) | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 7.68 | 9.12 | % | $ | 17.8 | 1.11 | % | 1.11 | %§ | .08 | % | 116 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 6.18 | $ | (0.01 | ) | $ | 1.21 | $ | 1.20 | $ | (0.00 | ) | $ | — | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 7.38 | 19.44 | % | $ | 15.5 | 1.11 | % | 1.11 | %§ | (.08 | %) | 101 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 6.04 | $ | 0.02 | $ | 0.12 | $ | 0.14 | $ | (0.00 | ) | $ | — | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 6.18 | 2.37 | % | $ | 11.4 | 1.23 | % | 1.11 | % | .29 | % | 104 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 Disciplined Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 8.38 | $ | 0.02 | $ | 0.07 | $ | 0.09 | $ | (0.01 | ) | $ | (4.32 | ) | $ | — | $ | (4.33 | ) | $ | — | $ | — | $ | 4.14 | 4.41 | %@@** | $ | 71.9 | .96 | %* | .77 | %* | .54 | %* | 41 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 8.23 | $ | 0.06 | $ | 1.42 | $ | 1.48 | $ | (0.04 | ) | $ | (1.29 | ) | $ | — | $ | (1.33 | ) | $ | 0.00 | $ | — | $ | 8.38 | 19.41 | % | $ | 185.0 | .83 | % | .75 | % | .71 | % | 61 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 7.72 | $ | 0.06 | $ | 0.90 | $ | 0.96 | $ | (0.08 | ) | $ | (0.37 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 8.23 | 13.28 | % | $ | 409.2 | .79 | % | .75 | % | .77 | % | 66 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 7.41 | $ | 0.03 | $ | 0.62 | $ | 0.65 | $ | (0.01 | ) | $ | (0.33 | ) | $ | — | $ | (0.34 | ) | $ | — | $ | — | $ | 7.72 | 9.43 | % | $ | 601.6 | .78 | % | .75 | % | .44 | % | 116 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 6.20 | $ | 0.02 | $ | 1.21 | $ | 1.23 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 7.41 | 19.79 | % | $ | 565.4 | .80 | % | .75 | % | .29 | % | 101 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 6.05 | $ | 0.04 | $ | 0.13 | $ | 0.17 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 6.20 | 2.76 | % | $ | 346.6 | .87 | % | .75 | % | .61 | % | 104 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 8.33 | $ | 0.01 | $ | 0.06 | $ | 0.07 | $ | — | $ | (4.32 | ) | $ | — | $ | (4.32 | ) | $ | — | $ | — | $ | 4.08 | 4.09 | %@@** | $ | 4.6 | 1.36 | %* | 1.13 | %* | .22 | %* | 41 | %** | |||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 8.17 | $ | 0.03 | $ | 1.42 | $ | 1.45 | $ | — | $ | (1.29 | ) | $ | — | $ | (1.29 | ) | $ | 0.00 | $ | — | $ | 8.33 | 19.05 | % | $ | 12.7 | 1.21 | % | 1.11 | % | .38 | % | 61 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 7.67 | $ | 0.03 | $ | 0.89 | $ | 0.92 | $ | (0.05 | ) | $ | (0.37 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | — | $ | 8.17 | 12.80 | % | $ | 38.4 | 1.16 | % | 1.11 | % | .42 | % | 66 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 7.37 | $ | 0.00 | $ | 0.63 | $ | 0.63 | $ | — | $ | (0.33 | ) | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 7.67 | 9.13 | % | $ | 67.1 | 1.16 | % | 1.11 | % | .06 | % | 116 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 6.18 | $ | (0.01 | ) | $ | 1.20 | $ | 1.19 | $ | (0.00 | ) | $ | — | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 7.37 | 19.30 | % | $ | 40.2 | 1.19 | % | 1.11 | % | (.09 | %) | 101 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 6.04 | $ | 0.02 | $ | 0.12 | $ | 0.14 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6.18 | 2.32 | % | $ | 33.0 | 1.30 | % | 1.11 | % | .35 | % | 104 | % | |||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 8.03 | $ | (0.01 | ) | $ | 0.04 | $ | 0.03 | $ | — | $ | (4.32 | ) | $ | — | $ | (4.32 | ) | $ | — | $ | — | $ | 3.74 | 3.58 | %@@** | $ | 14.6 | 2.08 | %* | 1.89 | %* | (.53 | %)* | 41 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 7.93 | $ | (0.03 | ) | $ | 1.38 | $ | 1.35 | $ | — | $ | (1.25 | ) | $ | — | $ | (1.25 | ) | $ | 0.00 | $ | — | $ | 8.03 | 18.29 | % | $ | 22.9 | 1.96 | % | 1.86 | % | (.34 | %) | 61 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 7.48 | $ | (0.03 | ) | $ | 0.87 | $ | 0.84 | $ | (0.02 | ) | $ | (0.37 | ) | $ | — | $ | (0.39 | ) | $ | — | $ | — | $ | 7.93 | 11.93 | % | $ | 24.8 | 1.91 | % | 1.86 | % | (.34 | %) | 66 | % | |||||||||||||||||||||||||||||||||
8/31/2012 | $ | 7.26 | $ | (0.05 | ) | $ | 0.60 | $ | 0.55 | $ | — | $ | (0.33 | ) | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 7.48 | 8.14 | % | $ | 33.4 | 1.90 | % | 1.86 | % | (.67 | %) | 116 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 6.12 | $ | (0.06 | ) | $ | 1.20 | $ | 1.14 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7.26 | 18.63 | % | $ | 37.0 | 1.92 | % | 1.86 | % | (.83 | %) | 101 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 6.02 | $ | (0.03 | ) | $ | 0.13 | $ | 0.10 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6.12 | 1.66 | % | $ | 31.0 | 2.01 | % | 1.86 | % | (.46 | %) | 104 | % | ||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 8.27 | $ | 0.00 | $ | 0.06 | $ | 0.06 | $ | — | $ | (4.32 | ) | $ | — | $ | (4.32 | ) | $ | — | $ | — | $ | 4.01 | 3.91 | %@@** | $ | 0.2 | 1.73 | %* | 1.39 | %* | .05 | %* | 41 | %** | |||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 8.10 | $ | 0.01 | $ | 1.41 | $ | 1.42 | $ | — | $ | (1.25 | ) | $ | — | $ | (1.25 | ) | $ | 0.00 | $ | — | $ | 8.27 | 18.82 | % | $ | 0.2 | 1.60 | % | 1.36 | % | .12 | % | 61 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 7.61 | $ | 0.01 | $ | 0.88 | $ | 0.89 | $ | (0.03 | ) | $ | (0.37 | ) | $ | — | $ | (0.40 | ) | $ | — | $ | — | $ | 8.10 | 12.48 | % | $ | 0.4 | 1.45 | % | 1.36 | % | .17 | % | 66 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 7.34 | $ | (0.01 | ) | $ | 0.61 | $ | 0.60 | $ | — | $ | (0.33 | ) | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 7.61 | 8.75 | % | $ | 0.3 | 1.44 | % | 1.36 | % | (.18 | %) | 116 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 6.16 | $ | (0.02 | ) | $ | 1.20 | $ | 1.18 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7.34 | 19.16 | % | $ | 0.3 | 1.48 | % | 1.36 | % | (.29 | %) | 101 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 6.03 | $ | 0.00 | $ | 0.13 | $ | 0.13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6.16 | 2.16 | % | $ | 0.1 | 3.23 | % | 1.36 | % | .04 | % | 104 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 33.92 | $ | 0.15 | $ | 0.25 | $ | 0.40 | $ | (0.29 | ) | $ | (3.99 | ) | $ | — | $ | (4.28 | ) | $ | — | $ | — | $ | 30.04 | 1.53 | %@@** | $ | 1,194.2 | .85 | %* | .85 | %* | .97 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.40 | $ | 0.34 | $ | 6.62 | $ | 6.96 | $ | (0.42 | ) | $ | (5.02 | ) | $ | — | $ | (5.44 | ) | $ | 0.00 | $ | — | $ | 33.92 | 23.57 | % | $ | 1,238.3 | .85 | % | .85 | % | 1.04 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 26.46 | $ | 0.36 | $ | 5.94 | $ | 6.30 | $ | (0.36 | ) | $ | — | $ | — | $ | (0.36 | ) | $ | — | $ | — | $ | 32.40 | 24.05 | %@@ | $ | 1,149.7 | .86 | % | .86 | % | 1.19 | % | 159 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 24.97 | $ | 0.30 | $ | 1.30 | $ | 1.60 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 26.46 | 6.47 | % | $ | 1,057.1 | .87 | % | .87 | % | 1.20 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 22.03 | $ | 0.11 | $ | 2.86 | $ | 2.97 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 24.97 | 13.48 | % | $ | 1,171.4 | .85 | % | .85 | % | .42 | % | 41 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 21.67 | $ | 0.04 | $ | 0.45 | $ | 0.49 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 22.03 | 2.21 | % | $ | 1,189.1 | .85 | % | .85 | % | .19 | % | 42 | % | |||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 24.54 | $ | 0.09 | $ | 0.15 | $ | 0.24 | $ | (0.26 | ) | $ | (3.99 | ) | $ | — | $ | (4.25 | ) | $ | — | $ | — | $ | 20.53 | 1.44 | %@@** | $ | 132.8 | 1.05 | %* | 1.05 | %* | .77 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 24.80 | $ | 0.20 | $ | 4.93 | $ | 5.13 | $ | (0.37 | ) | $ | (5.02 | ) | $ | — | $ | (5.39 | ) | $ | 0.00 | $ | — | $ | 24.54 | 23.36 | % | $ | 141.1 | 1.05 | % | 1.05 | % | .83 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 20.30 | $ | 0.23 | $ | 4.54 | $ | 4.77 | $ | (0.27 | ) | $ | — | $ | — | $ | (0.27 | ) | $ | — | $ | — | $ | 24.80 | 23.76 | %@@ | $ | 156.6 | 1.06 | % | 1.06 | % | 1.01 | % | 159 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 19.15 | $ | 0.19 | $ | 1.00 | $ | 1.19 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 20.30 | 6.26 | % | $ | 209.6 | 1.05 | % | 1.05 | % | .97 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 16.90 | $ | 0.04 | $ | 2.21 | $ | 2.25 | $ | (0.00 | ) | $ | — | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 19.15 | 13.32 | % | $ | 424.9 | 1.04 | % | 1.04 | % | .22 | % | 41 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 16.67 | $ | 0.00 | $ | 0.34 | $ | 0.34 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 16.90 | 2.01 | % | $ | 547.6 | 1.03 | % | 1.03 | % | .01 | % | 42 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.12 | $ | 0.06 | $ | 0.10 | $ | 0.16 | $ | (0.25 | ) | $ | (3.99 | ) | $ | — | $ | (4.24 | ) | $ | — | $ | — | $ | 16.04 | 1.36 | %@@** | $ | 200.7 | 1.20 | %* | 1.20 | %* | .62 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.23 | $ | 0.14 | $ | 4.12 | $ | 4.26 | $ | (0.35 | ) | $ | (5.02 | ) | $ | — | $ | (5.37 | ) | $ | 0.00 | $ | — | $ | 20.12 | 23.17 | % | $ | 216.1 | 1.20 | % | 1.20 | % | .69 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.46 | $ | 0.17 | $ | 3.89 | $ | 4.06 | $ | (0.29 | ) | $ | — | $ | — | $ | (0.29 | ) | $ | — | $ | — | $ | 21.23 | 23.58 | %@@ | $ | 205.3 | 1.21 | % | 1.21 | % | .86 | % | 159 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.50 | $ | 0.14 | $ | 0.87 | $ | 1.01 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 17.46 | 6.13 | % | $ | 220.0 | 1.20 | % | 1.20 | % | .84 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.59 | $ | 0.01 | $ | 1.90 | $ | 1.91 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.50 | 13.09 | % | $ | 308.9 | 1.19 | % | 1.19 | % | .07 | % | 41 | % | |||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 14.42 | $ | (0.02 | ) | $ | 0.29 | $ | 0.27 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 14.59 | 1.83 | % | $ | 341.5 | 1.18 | % | 1.18 | % | (.14 | %) | 42 | % | ||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 34.11 | $ | 0.17 | $ | 0.26 | $ | 0.43 | $ | (0.34 | ) | $ | (3.99 | ) | $ | — | $ | (4.33 | ) | $ | — | $ | — | $ | 30.21 | 1.62 | %@@** | $ | 99.2 | .70 | %* | .70 | %§* | 1.07 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.56 | $ | 0.39 | $ | 6.65 | $ | 7.04 | $ | (0.47 | ) | $ | (5.02 | ) | $ | — | $ | (5.49 | ) | $ | 0.00 | $ | — | $ | 34.11 | 23.74 | % | $ | 143.5 | .70 | % | .70 | %§ | 1.18 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 26.59 | $ | 0.41 | $ | 5.97 | $ | 6.38 | $ | (0.41 | ) | $ | — | $ | — | $ | (0.41 | ) | $ | — | $ | — | $ | 32.56 | 24.26 | %@@ | $ | 113.2 | .70 | % | .70 | % | 1.36 | % | 159 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 25.11 | $ | 0.34 | $ | 1.30 | $ | 1.64 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 26.59 | 6.61 | % | $ | 103.0 | .70 | % | .70 | % | 1.35 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 22.15 | $ | 0.17 | $ | 2.87 | $ | 3.04 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 25.11 | 13.69 | % | $ | 200.6 | .69 | % | .69 | % | .61 | % | 41 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 21.79 | $ | 0.08 | $ | 0.45 | $ | 0.53 | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | — | $ | — | $ | 22.15 | 2.35 | % | $ | 148.7 | .69 | % | .69 | %§ | .35 | % | 42 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 24.55 | $ | 0.10 | $ | 0.13 | $ | 0.23 | $ | (0.26 | ) | $ | (3.99 | ) | $ | — | $ | (4.25 | ) | $ | — | $ | — | $ | 20.53 | 1.40 | %@@** | $ | 6.9 | 1.09 | %* | 1.09 | %* | .89 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 24.83 | $ | 0.19 | $ | 4.94 | $ | 5.13 | $ | (0.39 | ) | $ | (5.02 | ) | $ | — | $ | (5.41 | ) | $ | 0.00 | $ | — | $ | 24.55 | 23.31 | % | $ | 2.7 | 1.08 | % | 1.08 | %§ | .78 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 20.07 | $ | 0.22 | $ | 4.54 | $ | 4.76 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 24.83 | 23.72 | %@@ | $ | 1.6 | 1.11 | % | 1.11 | % | .97 | % | 159 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 19.06 | $ | 0.20 | $ | 0.97 | $ | 1.17 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 20.07 | 6.24 | % | $ | 2.0 | 1.07 | % | 1.07 | %§ | 1.03 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 16.90 | $ | 0.06 | $ | 2.18 | $ | 2.24 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 19.06 | 13.20 | % | $ | 1.4 | 1.29 | % | 1.11 | % | .30 | % | 41 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 18.36 | $ | 0.01 | $ | (1.47 | ) | $ | (1.46 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.90 | (7.95 | %)** | $ | 0.0 | 35.72 | %* | 1.11 | %* | .16 | %* | 42 | %Ø | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 19.40 | $ | 0.00 | $ | 0.09 | $ | 0.09 | $ | (0.17 | ) | $ | (3.99 | ) | $ | — | $ | (4.16 | ) | $ | — | $ | — | $ | 15.33 | .99 | %@@** | $ | 3.4 | 1.83 | %* | 1.83 | %§* | .01 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.73 | $ | 0.00 | $ | 4.01 | $ | 4.01 | $ | (0.32 | ) | $ | (5.02 | ) | $ | — | $ | (5.34 | ) | $ | 0.00 | $ | — | $ | 19.40 | 22.37 | % | $ | 3.0 | 1.86 | % | 1.86 | %§ | .03 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.19 | $ | 0.02 | $ | 3.85 | $ | 3.87 | $ | (0.33 | ) | $ | — | $ | — | $ | (0.33 | ) | $ | — | $ | — | $ | 20.73 | 22.87 | % | $ | 1.2 | 1.86 | % | 1.86 | %§ | .10 | % | 159 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.31 | $ | 0.05 | $ | 0.83 | $ | 0.88 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.19 | 5.40 | % | $ | 0.2 | 2.04 | % | 1.86 | % | .27 | % | 171 | % | |||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.57 | $ | (0.10 | ) | $ | 1.90 | $ | 1.80 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 16.31 | 12.32 | % | $ | 0.1 | 4.61 | % | 1.86 | % | (.56 | %) | 41 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 15.85 | $ | (0.02 | ) | $ | (1.26 | ) | $ | (1.28 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.57 | (8.08 | %)** | $ | 0.0 | 37.45 | %* | 1.86 | %* | (.60 | %)* | 42 | %Ø | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.32 | $ | 0.04 | $ | 0.10 | $ | 0.14 | $ | (0.22 | ) | $ | (3.99 | ) | $ | — | $ | (4.21 | ) | $ | — | $ | — | $ | 16.25 | 1.27 | %@@** | $ | 0.1 | 1.42 | %* | 1.36 | %* | .42 | %* | 78 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.41 | $ | 0.11 | $ | 4.16 | $ | 4.27 | $ | (0.34 | ) | $ | (5.02 | ) | $ | — | $ | (5.36 | ) | $ | 0.00 | $ | — | $ | 20.32 | 22.94 | % | $ | 0.1 | 1.43 | % | 1.36 | % | .53 | % | 104 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.34 | $ | 0.09 | $ | 3.98 | $ | 4.07 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.41 | 23.47 | %@@ | $ | 0.1 | 1.42 | % | 1.36 | % | .46 | % | 159 | % | |||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.41 | $ | 0.15 | $ | 0.82 | $ | 0.97 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | — | $ | — | $ | 17.34 | 5.95 | % | $ | 0.6 | 1.39 | % | 1.36 | % | .93 | % | 171 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.58 | $ | (0.01 | ) | $ | 1.90 | $ | 1.89 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 16.41 | 12.93 | % | $ | 0.0 | 6.07 | % | 1.36 | % | (.08 | %) | 41 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 15.85 | $ | (0.00 | ) | $ | (1.27 | ) | $ | (1.27 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.58 | (8.01 | %)** | $ | 0.0 | 36.96 | %* | 1.36 | %* | (.09 | %)* | 42 | %Ø | ||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.65 | $ | (0.04 | ) | $ | 1.40 | $ | 1.36 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 14.25 | 10.43 | %** | $ | 443.2 | .93 | %* | .93 | %* | (.51 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.35 | $ | (0.07 | ) | $ | 2.34 | $ | 2.27 | $ | — | $ | (0.97 | ) | $ | — | $ | (0.97 | ) | $ | 0.00 | $ | — | $ | 14.65 | 17.54 | % | $ | 415.6 | .93 | % | .93 | % | (.47 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.98 | $ | (0.04 | ) | $ | 2.08 | $ | 2.04 | $ | — | $ | (0.67 | ) | $ | — | $ | (0.67 | ) | $ | — | $ | — | $ | 13.35 | 18.03 | % | $ | 377.8 | .98 | % | .98 | % | (.30 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 10.84 | $ | (0.06 | ) | $ | 1.22 | $ | 1.16 | $ | — | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 11.98 | 10.73 | % | $ | 347.9 | 1.01 | % | 1.01 | % | (.51 | %) | 40 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.43 | $ | (0.05 | ) | $ | 2.46 | $ | 2.41 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.84 | 28.59 | % | $ | 335.5 | 1.02 | % | 1.02 | % | (.45 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.43 | $ | (0.05 | ) | $ | 1.05 | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.43 | 13.46 | % | $ | 288.0 | 1.07 | % | 1.07 | % | (.55 | %) | 70 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.33 | $ | (0.07 | ) | $ | 2.34 | $ | 2.27 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 23.84 | 10.45 | %** | $ | 77.7 | 1.00 | %* | 1.00 | %* | (.58 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.75 | $ | (0.12 | ) | $ | 3.66 | $ | 3.54 | $ | — | $ | (0.96 | ) | $ | — | $ | (0.96 | ) | $ | 0.00 | $ | — | $ | 23.33 | 17.40 | % | $ | 69.6 | 1.00 | % | 1.00 | % | (.54 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.23 | $ | (0.07 | ) | $ | 3.24 | $ | 3.17 | $ | — | $ | (0.65 | ) | $ | — | $ | (0.65 | ) | $ | — | $ | — | $ | 20.75 | 18.02 | % | $ | 54.9 | 1.04 | % | 1.04 | % | (.38 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.48 | $ | (0.10 | ) | $ | 1.85 | $ | 1.75 | $ | — | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | — | $ | — | $ | 18.23 | 10.65 | % | $ | 39.9 | 1.05 | % | 1.05 | % | �� | (.55 | %) | 40 | % | |||||||||||||||||||||||||||||||||
8/31/2011 | $ | 12.83 | $ | (0.08 | ) | $ | 3.73 | $ | 3.65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.48 | 28.45 | % | $ | 28.1 | 1.07 | % | 1.07 | % | (.52 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.31 | $ | (0.08 | ) | $ | 1.60 | $ | 1.52 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.83 | 13.44 | % | $ | 21.8 | 1.14 | % | 1.14 | % | (.61 | %) | 70 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.77 | $ | (0.10 | ) | $ | 2.37 | $ | 2.27 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 24.28 | 10.25 | %** | $ | 11.9 | 1.26 | %* | 1.26 | %* | (.84 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.13 | $ | (0.18 | ) | $ | 3.74 | $ | 3.56 | $ | — | $ | (0.92 | ) | $ | — | $ | (0.92 | ) | $ | 0.00 | $ | — | $ | 23.77 | 17.16 | % | $ | 10.3 | 1.26 | % | 1.26 | % | (.81 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.54 | $ | (0.12 | ) | $ | 3.29 | $ | 3.17 | $ | — | $ | (0.58 | ) | $ | — | $ | (0.58 | ) | $ | — | $ | — | $ | 21.13 | 17.64 | % | $ | 11.7 | 1.30 | % | 1.30 | % | (.62 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.82 | $ | (0.17 | ) | $ | 1.89 | $ | 1.72 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18.54 | 10.23 | % | $ | 10.2 | 1.44 | % | 1.44 | %§ | (.95 | %) | 40 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.14 | $ | (0.16 | ) | $ | 3.84 | $ | 3.68 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.82 | 28.01 | % | $ | 9.0 | 1.50 | % | 1.50 | %§ | (.95 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.63 | $ | (0.13 | ) | $ | 1.64 | $ | 1.51 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.14 | 12.98 | % | $ | 5.4 | 1.50 | % | 1.50 | %§ | (.98 | %) | 70 | % | ||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.89 | $ | (0.02 | ) | $ | 1.43 | $ | 1.41 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 14.54 | 10.60 | %** | $ | 418.2 | .75 | %* | .75 | %§* | (.33 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.56 | $ | (0.04 | ) | $ | 2.37 | $ | 2.33 | $ | — | $ | (1.00 | ) | $ | — | $ | (1.00 | ) | $ | 0.00 | $ | — | $ | 14.89 | 17.74 | % | $ | 382.5 | .75 | % | .75 | % | (.29 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 12.16 | $ | (0.01 | ) | $ | 2.11 | $ | 2.10 | $ | — | $ | (0.70 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | — | $ | 13.56 | 18.32 | % | $ | 258.6 | .79 | % | .75 | % | (.07 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.01 | $ | (0.03 | ) | $ | 1.23 | $ | 1.20 | $ | — | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 12.16 | 10.96 | % | $ | 174.2 | .79 | % | .75 | % | (.26 | %) | 40 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.54 | $ | (0.02 | ) | $ | 2.49 | $ | 2.47 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11.01 | 28.92 | % | $ | 113.8 | .81 | % | .75 | % | (.21 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.50 | $ | (0.02 | ) | $ | 1.06 | $ | 1.04 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.54 | 13.87 | % | $ | 121.1 | .83 | % | .75 | % | (.22 | %) | 70 | % | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.32 | $ | (0.08 | ) | $ | 2.32 | $ | 2.24 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 23.80 | 10.32 | %** | $ | 98.5 | 1.11 | %* | 1.11 | %* | (.69 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.74 | $ | (0.15 | ) | $ | 3.67 | $ | 3.52 | $ | — | $ | (0.94 | ) | $ | — | $ | (0.94 | ) | $ | 0.00 | $ | — | $ | 23.32 | 17.33 | % | $ | 100.7 | 1.13 | % | 1.11 | % | (.65 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.23 | $ | (0.08 | ) | $ | 3.23 | $ | 3.15 | $ | — | $ | (0.64 | ) | $ | — | $ | (0.64 | ) | $ | — | $ | — | $ | 20.74 | 17.91 | % | $ | 89.0 | 1.18 | % | 1.11 | % | (.44 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.49 | $ | (0.11 | ) | $ | 1.86 | $ | 1.75 | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 18.23 | 10.61 | % | $ | 63.2 | 1.17 | % | 1.11 | % | (.62 | %) | 40 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 12.84 | $ | (0.09 | ) | $ | 3.74 | $ | 3.65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.49 | 28.43 | % | $ | 25.2 | 1.19 | % | 1.11 | % | (.56 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.31 | $ | (0.07 | ) | $ | 1.60 | $ | 1.53 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.84 | 13.53 | % | $ | 13.6 | 1.28 | % | 1.11 | % | (.51 | %) | 70 | % | ||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.35 | $ | (0.16 | ) | $ | 2.32 | $ | 2.16 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 23.75 | 9.95 | %** | $ | 6.8 | 1.89 | %* | 1.86 | %* | (1.44 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.81 | $ | (0.31 | ) | $ | 3.68 | $ | 3.37 | $ | — | $ | (0.83 | ) | $ | — | $ | (0.83 | ) | $ | 0.00 | $ | — | $ | 23.35 | 16.46 | % | $ | 6.0 | 1.91 | % | 1.86 | % | (1.40 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.31 | $ | (0.23 | ) | $ | 3.26 | $ | 3.03 | $ | — | $ | (0.53 | ) | $ | — | $ | (0.53 | ) | $ | — | $ | — | $ | 20.81 | 17.05 | % | $ | 4.4 | 1.95 | % | 1.86 | % | (1.20 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.68 | $ | (0.24 | ) | $ | 1.87 | $ | 1.63 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18.31 | 9.77 | % | $ | 2.4 | 1.98 | % | 1.86 | % | (1.36 | %) | 40 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.09 | $ | (0.23 | ) | $ | 3.82 | $ | 3.59 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.68 | 27.43 | % | $ | 0.6 | 2.04 | % | 1.86 | % | (1.36 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.62 | $ | (0.18 | ) | $ | 1.65 | $ | 1.47 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.09 | 12.65 | % | $ | 0.2 | 2.64 | % | 1.86 | % | (1.32 | %) | 70 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.79 | $ | (0.11 | ) | $ | 2.38 | $ | 2.27 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 24.30 | 10.24 | %** | $ | 9.6 | 1.38 | %* | 1.36 | %* | (.94 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.16 | $ | (0.21 | ) | $ | 3.75 | $ | 3.54 | $ | — | $ | (0.91 | ) | $ | — | $ | (0.91 | ) | $ | 0.00 | $ | — | $ | 23.79 | 17.02 | % | $ | 8.3 | 1.38 | % | 1.36 | % | (.90 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.61 | $ | (0.13 | ) | $ | 3.30 | $ | 3.17 | $ | — | $ | (0.62 | ) | $ | — | $ | (0.62 | ) | $ | — | $ | — | $ | 21.16 | 17.63 | % | $ | 5.6 | 1.43 | % | 1.36 | % | (.68 | %) | 46 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.87 | $ | (0.16 | ) | $ | 1.90 | $ | 1.74 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18.61 | 10.31 | % | $ | 3.0 | 1.45 | % | 1.36 | % | (.89 | %) | 40 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.17 | $ | (0.16 | ) | $ | 3.86 | $ | 3.70 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.87 | 28.09 | % | $ | 0.5 | 1.50 | % | 1.36 | % | (.91 | %) | 49 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.63 | $ | (0.11 | ) | $ | 1.65 | $ | 1.54 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.17 | 13.24 | % | $ | 0.1 | 3.15 | % | 1.36 | % | (.84 | %) | 70 | % | ||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.91 | $ | (0.02 | ) | $ | 1.43 | $ | 1.41 | $ | — | $ | (1.76 | ) | $ | — | $ | (1.76 | ) | $ | — | $ | — | $ | 14.56 | 10.59 | %** | $ | 44.7 | .68 | %* | .68 | %§* | (.26 | %)* | 27 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.57 | $ | (0.03 | ) | $ | 2.38 | $ | 2.35 | $ | — | $ | (1.01 | ) | $ | — | $ | (1.01 | ) | $ | 0.00 | $ | — | $ | 14.91 | 17.89 | % | $ | 22.5 | .68 | % | .68 | % | (.21 | %) | 63 | % | ||||||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013 | $ | 12.77 | $ | (0.01 | ) | $ | 0.81 | $ | 0.80 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.57 | 6.26 | %** | $ | 0.1 | 7.22 | %* | .68 | %* | (.13 | %)* | 46 | %Ø | ||||||||||||||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.56 | $ | 0.07 | $ | 1.22 | $ | 1.29 | $ | (0.23 | ) | $ | (2.06 | ) | $ | — | $ | (2.29 | ) | $ | — | $ | — | $ | 22.56 | 6.31 | %@@** | $ | 46.2 | 1.27 | %* | 1.04 | %* | .63 | %* | 18 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.29 | $ | 0.26 | $ | 4.20 | $ | 4.46 | $ | (0.32 | ) | $ | (0.87 | ) | $ | — | $ | (1.19 | ) | $ | 0.00 | $ | — | $ | 23.56 | 22.84 | %@@ | $ | 43.4 | 1.31 | % | .98 | % | 1.21 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.90 | $ | 0.26 | $ | 4.25 | $ | 4.51 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 20.29 | 28.58 | % | $ | 45.9 | 1.40 | % | 1.09 | % | 1.45 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 14.18 | $ | 0.10 | $ | 1.68 | $ | 1.78 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 15.90 | 12.62 | %@@ | $ | 46.0 | 1.39 | % | 1.18 | % | .69 | % | 118 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 12.26 | $ | 0.06 | $ | 1.88 | $ | 1.94 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 14.18 | 15.79 | % | $ | 46.5 | 1.33 | % | 1.22 | % | .38 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 11.07 | $ | 0.01 | $ | 1.26 | $ | 1.27 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 12.26 | 11.51 | % | $ | 55.9 | 1.24 | % | 1.22 | % | .10 | % | 51 | % | |||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.24 | $ | 0.04 | $ | 1.02 | $ | 1.06 | $ | (0.18 | ) | $ | (2.06 | ) | $ | — | $ | (2.24 | ) | $ | — | $ | — | $ | 19.06 | 6.21 | %@@** | $ | 14.2 | 1.50 | %* | 1.25 | %* | .43 | %* | 18 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.61 | $ | 0.18 | $ | 3.61 | $ | 3.79 | $ | (0.29 | ) | $ | (0.87 | ) | $ | — | $ | (1.16 | ) | $ | 0.00 | $ | — | $ | 20.24 | 22.47 | %@@ | $ | 14.4 | 1.57 | % | 1.25 | %§ | .97 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.82 | $ | 0.20 | $ | 3.70 | $ | 3.90 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 17.61 | 28.45 | % | $ | 13.0 | 1.66 | % | 1.25 | % | 1.26 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.34 | $ | 0.08 | $ | 1.46 | $ | 1.54 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 13.82 | 12.51 | %@@ | $ | 18.4 | 1.60 | % | 1.25 | % | .61 | % | 118 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.68 | $ | 0.04 | $ | 1.63 | $ | 1.67 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 12.34 | 15.66 | % | $ | 24.1 | 1.54 | % | 1.26 | % | .33 | % | 27 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.66 | $ | 0.01 | $ | 1.11 | $ | 1.12 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 10.68 | 11.55 | % | $ | 80.5 | 1.42 | % | 1.25 | % | .07 | % | 51 | % | |||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.59 | $ | 0.09 | $ | 1.23 | $ | 1.32 | $ | (0.27 | ) | $ | (2.06 | ) | $ | — | $ | (2.33 | ) | $ | — | $ | — | $ | 22.58 | 6.45 | %@@** | $ | 27.9 | 1.10 | %* | .85 | %* | .83 | %* | 18 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 20.33 | $ | 0.33 | $ | 4.17 | $ | 4.50 | $ | (0.37 | ) | $ | (0.87 | ) | $ | — | $ | (1.24 | ) | $ | 0.00 | $ | — | $ | 23.59 | 22.99 | % | $ | 18.0 | 1.17 | % | .85 | %§ | 1.48 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 15.93 | $ | 0.31 | $ | 4.26 | $ | 4.57 | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | — | $ | — | $ | 20.33 | 28.96 | % | $ | 4.6 | 1.23 | % | .85 | % | 1.73 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 14.22 | $ | 0.15 | $ | 1.67 | $ | 1.82 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | — | $ | — | $ | 15.93 | 12.94 | %@@ | $ | 4.4 | 1.19 | % | .85 | % | 1.01 | % | 118 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 12.28 | $ | 0.11 | $ | 1.89 | $ | 2.00 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 14.22 | 16.26 | % | $ | 3.5 | 1.16 | % | .86 | % | .67 | % | 27 | % | |||||||||||||||||||||||||||||||||||
Period from 3/8/2010^ to 8/31/2010 | $ | 13.12 | $ | 0.03 | $ | (0.87 | ) | $ | (0.84 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.28 | (6.40 | %)** | $ | 0.7 | 1.03 | %* | .85 | %* | .48 | %* | 51 | %Ø |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.24 | $ | 0.04 | $ | 1.02 | $ | 1.06 | $ | (0.20 | ) | $ | (2.06 | ) | $ | — | $ | (2.26 | ) | $ | — | $ | — | $ | 19.04 | 6.22 | %@@** | $ | 7.7 | 1.49 | %* | 1.21 | %* | .39 | %* | 18 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.60 | $ | 0.18 | $ | 3.63 | $ | 3.81 | $ | (0.30 | ) | $ | (0.87 | ) | $ | — | $ | (1.17 | ) | $ | 0.00 | $ | — | $ | 20.24 | 22.60 | % | $ | 5.2 | 1.53 | % | 1.21 | %§ | .96 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.82 | $ | 0.23 | $ | 3.67 | $ | 3.90 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 17.60 | 28.43 | % | $ | 2.7 | 1.65 | % | 1.21 | % | 1.45 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.34 | $ | 0.08 | $ | 1.46 | $ | 1.54 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 13.82 | 12.56 | % | $ | 3.8 | 1.61 | % | 1.21 | % | .63 | % | 118 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.68 | $ | 0.05 | $ | 1.63 | $ | 1.68 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 12.34 | 15.70 | % | $ | 1.2 | 1.91 | % | 1.22 | % | .37 | % | 27 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 11.41 | $ | 0.00 | $ | (0.73 | ) | $ | (0.73 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.68 | (6.40 | %)** | $ | 0.0 | 37.23 | %* | 1.21 | %* | .04 | %* | 51 | %Ø | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.00 | $ | (0.03 | ) | $ | 1.02 | $ | 0.99 | $ | (0.08 | ) | $ | (2.06 | ) | $ | — | $ | (2.14 | ) | $ | — | $ | — | $ | 18.85 | 5.84 | %@@** | $ | 2.5 | 2.22 | %* | 1.96 | %* | (.30 | %)* | 18 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.44 | $ | 0.05 | $ | 3.58 | $ | 3.63 | $ | (0.20 | ) | $ | (0.87 | ) | $ | — | $ | (1.07 | ) | $ | 0.00 | $ | — | $ | 20.00 | 21.64 | % | $ | 1.9 | 2.28 | % | 1.96 | %§ | .24 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.69 | $ | 0.09 | $ | 3.67 | $ | 3.76 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | $ | — | $ | — | $ | 17.44 | 27.51 | % | $ | 1.3 | 2.35 | % | 1.96 | % | .54 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.25 | $ | (0.01 | ) | $ | 1.45 | $ | 1.44 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.69 | 11.76 | % | $ | 0.4 | 2.43 | % | 1.96 | % | (.09 | %) | 118 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.66 | $ | (0.04 | ) | $ | 1.63 | $ | 1.59 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.25 | 14.92 | % | $ | 0.1 | 3.97 | % | 1.97 | % | (.31 | %) | 27 | % | ||||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 11.41 | $ | (0.01 | ) | $ | (0.74 | ) | $ | (0.75 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.66 | (6.57 | %)** | $ | 0.0 | 35.88 | %* | 1.96 | %* | (.64 | %)* | 51 | %Ø | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 20.23 | $ | 0.02 | $ | 1.02 | $ | 1.04 | $ | (0.15 | ) | $ | (2.06 | ) | $ | — | $ | (2.21 | ) | $ | — | $ | — | $ | 19.06 | 6.08 | %@@** | $ | 0.4 | 1.76 | %* | 1.46 | %* | .20 | %* | 18 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.59 | $ | 0.15 | $ | 3.61 | $ | 3.76 | $ | (0.25 | ) | $ | (0.87 | ) | $ | — | $ | (1.12 | ) | $ | 0.00 | $ | — | $ | 20.23 | 22.23 | %@@ | $ | 0.4 | 1.80 | % | 1.46 | % | .80 | % | 34 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.80 | $ | 0.14 | $ | 3.73 | $ | 3.87 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 17.59 | 28.22 | % | $ | 0.8 | 1.86 | % | 1.46 | % | .85 | % | 33 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.32 | $ | 0.05 | $ | 1.46 | $ | 1.51 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 13.80 | 12.25 | %@@ | $ | 0.2 | 1.88 | % | 1.46 | % | .41 | % | 118 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.67 | $ | 0.04 | $ | 1.61 | $ | 1.65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.32 | 15.46 | % | $ | 0.2 | 6.06 | % | 1.47 | % | .32 | % | 27 | % | |||||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 11.41 | $ | (0.00 | ) | $ | (0.74 | ) | $ | (0.74 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10.67 | (6.49 | %)** | $ | 0.0 | 37.59 | %* | 1.46 | %* | (.22 | %)* | 51 | %Ø | ||||||||||||||||||||||||||||||||||
Multi-Cap Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 16.27 | $ | 0.06 | $ | 0.33 | $ | 0.39 | $ | (0.15 | ) | $ | (0.51 | ) | $ | — | $ | (0.66 | ) | $ | — | $ | — | $ | 16.00 | 2.62 | %@@** | $ | 2,446.4 | .72 | %* | .72 | %* | .81 | %* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.56 | $ | 0.16 | $ | 2.88 | $ | 3.04 | $ | (0.11 | ) | $ | (0.22 | ) | $ | — | $ | (0.33 | ) | $ | 0.00 | $ | — | $ | 16.27 | 22.65 | % | $ | 2,566.4 | .74 | % | .74 | % | 1.06 | % | 17 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.76 | $ | 0.17 | $ | 2.86 | $ | 3.03 | $ | (0.14 | ) | $ | (0.09 | ) | $ | — | $ | (0.23 | ) | $ | — | $ | — | $ | 13.56 | 28.57 | % | $ | 1,430.7 | .85 | % | .85 | %§ | 1.38 | % | 11 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.59 | $ | 0.17 | $ | 1.27 | $ | 1.44 | $ | (0.02 | ) | $ | (0.25 | ) | $ | — | $ | (0.27 | ) | $ | — | $ | — | $ | 10.76 | 15.56 | % | $ | 465.5 | 1.00 | % | 1.00 | %§ | 1.70 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.03 | $ | 0.06 | $ | 1.55 | $ | 1.61 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 9.59 | 20.09 | % | $ | 91.0 | 1.21 | % | 1.01 | %^^ | .64 | % | 105 | % | |||||||||||||||||||||||||||||||||||
8/31/2010‡‡ | $ | 7.93 | $ | 0.09 | $ | 0.16 | $ | 0.25 | $ | (0.15 | ) | $ | — | $ | — | $ | (0.15 | ) | $ | — | $ | — | $ | 8.03 | 3.02 | %††† | $ | 47.2 | 1.95 | % | 1.00 | % | 1.10 | % | 62 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 16.13 | $ | 0.03 | $ | 0.33 | $ | 0.36 | $ | (0.08 | ) | $ | (0.51 | ) | $ | — | $ | (0.59 | ) | $ | — | $ | — | $ | 15.90 | 2.48 | %@@** | $ | 129.3 | 1.09 | %* | 1.09 | %* | .44 | %* | 12 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.48 | $ | 0.11 | $ | 2.85 | $ | 2.96 | $ | (0.09 | ) | $ | (0.22 | ) | $ | — | $ | (0.31 | ) | $ | 0.00 | $ | — | $ | 16.13 | 22.17 | % | $ | 143.1 | 1.10 | % | 1.10 | % | .71 | % | 17 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.70 | $ | 0.12 | $ | 2.86 | $ | 2.98 | $ | (0.11 | ) | $ | (0.09 | ) | $ | — | $ | (0.20 | ) | $ | — | $ | — | $ | 13.48 | 28.22 | % | $ | 51.6 | 1.18 | % | 1.18 | %§ | .91 | % | 11 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.56 | $ | 0.13 | $ | 1.27 | $ | 1.40 | $ | (0.01 | ) | $ | (0.25 | ) | $ | — | $ | (0.26 | ) | $ | — | $ | — | $ | 10.70 | 15.13 | % | $ | 2.8 | 1.36 | % | 1.36 | %§ | 1.29 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.02 | $ | 0.03 | $ | 1.53 | $ | 1.56 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 9.56 | 19.48 | % | $ | 0.2 | 1.69 | % | 1.37 | %^^ | .28 | % | 105 | % | |||||||||||||||||||||||||||||||||||
Period from 12/21/2009^ to 8/31/2010 | $ | 8.38 | $ | 0.03 | $ | (0.39 | ) | $ | (0.36 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8.02 | (4.30 | %)** | $ | 0.3 | 3.18 | %* | 1.36 | %* | .58 | %* | 62 | %Ø | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 15.71 | $ | (0.02 | ) | $ | 0.32 | $ | 0.30 | $ | (0.02 | ) | $ | (0.51 | ) | $ | — | $ | (0.53 | ) | $ | — | $ | — | $ | 15.48 | 2.10 | %@@** | $ | 50.9 | 1.84 | %* | 1.84 | %* | (.30 | %)* | 12 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.20 | $ | (0.00 | ) | $ | 2.79 | $ | 2.79 | $ | (0.06 | ) | $ | (0.22 | ) | $ | — | $ | (0.28 | ) | $ | 0.00 | $ | — | $ | 15.71 | 21.30 | % | $ | 50.5 | 1.85 | % | 1.85 | % | (.01 | %) | 17 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 10.52 | $ | 0.01 | $ | 2.81 | $ | 2.82 | $ | (0.05 | ) | $ | (0.09 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 13.20 | 27.10 | % | $ | 8.3 | 2.05 | % | 2.05 | %§ | .04 | % | 11 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.47 | $ | 0.07 | $ | 1.23 | $ | 1.30 | $ | — | $ | (0.25 | ) | $ | — | $ | (0.25 | ) | $ | — | $ | — | $ | 10.52 | 14.22 | % | $ | 0.4 | 2.14 | % | 2.11 | % | .70 | % | 29 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 7.97 | $ | (0.05 | ) | $ | 1.55 | $ | 1.50 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.47 | 18.82 | % | $ | 0.2 | 2.43 | % | 2.12 | %^^ | (.50 | %) | 105 | % | ||||||||||||||||||||||||||||||||||||
Period from 12/21/2009^ to 8/31/2010 | $ | 8.38 | $ | (0.01 | ) | $ | (0.40 | ) | $ | (0.41 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7.97 | (4.89 | %)** | $ | 0.1 | 6.43 | %* | 2.12 | %* | (.18 | %)* | 62 | %Ø | ||||||||||||||||||||||||||||||||||
Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.70 | $ | 0.17 | $ | 1.04 | $ | 1.21 | $ | (0.18 | ) | $ | (0.58 | ) | $ | — | $ | (0.76 | ) | $ | — | $ | — | $ | 15.15 | 8.57 | %** | $ | 319.7 | 1.39 | %* | 1.04 | %* | 2.30 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.96 | $ | 0.16 | $ | 2.56 | $ | 2.72 | $ | (0.17 | ) | $ | (0.81 | ) | $ | — | $ | (0.98 | ) | $ | 0.00 | $ | — | $ | 14.70 | 22.36 | % | $ | 314.3 | 1.41 | % | 1.04 | % | 1.19 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.82 | $ | 0.15 | $ | (0.50 | ) | $ | (0.35 | ) | $ | (0.15 | ) | $ | (0.36 | ) | $ | — | $ | (0.51 | ) | $ | — | $ | — | $ | 12.96 | (2.60 | %) | $ | 319.9 | 1.43 | % | 1.04 | % | 1.09 | % | 33 | % | ||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.80 | $ | 0.14 | $ | 2.12 | $ | 2.26 | $ | (0.19 | ) | $ | (0.05 | ) | $ | — | $ | (0.24 | ) | $ | — | $ | — | $ | 13.82 | 19.53 | % | $ | 288.9 | 1.47 | % | 1.03 | % | 1.10 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.23 | $ | 0.09 | $ | 1.68 | $ | 1.77 | $ | (0.21 | ) | $ | — | $ | — | $ | (0.21 | ) | $ | — | $ | 0.01 | $ | 11.80 | 17.53 | % | $ | 216.3 | 1.55 | % | .99 | % | .75 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.74 | $ | 0.16 | $ | 2.53 | $ | 2.69 | $ | (0.16 | ) | $ | — | $ | (0.04 | ) | $ | (0.20 | ) | $ | — | $ | 0.00 | $ | 10.23 | 35.09 | % | $ | 126.7 | 1.75 | % | .99 | % | 1.73 | % | 70 | % | ||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.74 | $ | 0.18 | $ | 1.05 | $ | 1.23 | $ | (0.20 | ) | $ | (0.58 | ) | $ | — | $ | (0.78 | ) | $ | — | $ | — | $ | 15.19 | 8.66 | %** | $ | 467.2 | 1.03 | %* | .85 | %* | 2.49 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.99 | $ | 0.18 | $ | 2.57 | $ | 2.75 | $ | (0.19 | ) | $ | (0.81 | ) | $ | — | $ | (1.00 | ) | $ | 0.00 | $ | — | $ | 14.74 | 22.63 | % | $ | 463.5 | 1.05 | % | .85 | % | 1.35 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.86 | $ | 0.17 | $ | (0.51 | ) | $ | (0.34 | ) | $ | (0.17 | ) | $ | (0.36 | ) | $ | — | $ | (0.53 | ) | $ | — | $ | — | $ | 12.99 | (2.48 | %) | $ | 366.4 | 1.07 | % | .85 | % | 1.23 | % | 33 | % | ||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.83 | $ | 0.15 | $ | 2.14 | $ | 2.29 | $ | (0.21 | ) | $ | (0.05 | ) | $ | — | $ | (0.26 | ) | $ | — | $ | — | $ | 13.86 | 19.77 | % | $ | 228.6 | 1.10 | % | .85 | % | 1.21 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.25 | $ | 0.10 | $ | 1.71 | $ | 1.81 | $ | (0.23 | ) | $ | — | $ | — | $ | (0.23 | ) | $ | — | $ | 0.00 | $ | 11.83 | 17.77 | % | $ | 117.1 | 1.16 | % | .85 | % | .81 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 7.76 | $ | 0.17 | $ | 2.53 | $ | 2.70 | $ | (0.16 | ) | $ | — | $ | (0.05 | ) | $ | (0.21 | ) | $ | — | $ | 0.00 | $ | 10.25 | 35.18 | % | $ | 22.6 | 1.39 | % | .85 | % | 1.77 | % | 70 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.69 | $ | 0.16 | $ | 1.04 | $ | 1.20 | $ | (0.17 | ) | $ | (0.58 | ) | $ | — | $ | (0.75 | ) | $ | — | $ | — | $ | 15.14 | 8.48 | %** | $ | 191.8 | 1.41 | %* | 1.21 | %* | 2.12 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.95 | $ | 0.14 | $ | 2.55 | $ | 2.69 | $ | (0.14 | ) | $ | (0.81 | ) | $ | — | $ | (0.95 | ) | $ | 0.00 | $ | — | $ | 14.69 | 22.17 | % | $ | 171.9 | 1.43 | % | 1.21 | % | 1.02 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.82 | $ | 0.12 | $ | (0.51 | ) | $ | (0.39 | ) | $ | (0.12 | ) | $ | (0.36 | ) | $ | — | $ | (0.48 | ) | $ | — | $ | — | $ | 12.95 | (2.82 | %) | $ | 164.5 | 1.47 | % | 1.21 | % | .84 | % | 33 | % | ||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.80 | $ | 0.11 | $ | 2.13 | $ | 2.24 | $ | (0.17 | ) | $ | (0.05 | ) | $ | — | $ | (0.22 | ) | $ | — | $ | — | $ | 13.82 | 19.33 | % | $ | 78.3 | 1.51 | % | 1.21 | % | .86 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.23 | $ | 0.04 | $ | 1.72 | $ | 1.76 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | — | $ | 0.00 | $ | 11.80 | 17.33 | % | $ | 36.3 | 1.60 | % | 1.21 | % | .33 | % | 28 | % | |||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 10.38 | $ | 0.01 | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.02 | ) | $ | — | $ | (0.03 | ) | $ | (0.05 | ) | $ | — | $ | 0.00 | $ | 10.23 | (.98 | %)** | $ | 0.5 | 12.56 | %* | 1.21 | %* | .68 | %* | 70 | %Ø | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.68 | $ | 0.10 | $ | 1.05 | $ | 1.15 | $ | (0.12 | ) | $ | (0.58 | ) | $ | — | $ | (0.70 | ) | $ | — | $ | — | $ | 15.13 | 8.06 | %** | $ | 43.3 | 2.17 | %* | 1.96 | %* | 1.38 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.94 | $ | 0.04 | $ | 2.55 | $ | 2.59 | $ | (0.04 | ) | $ | (0.81 | ) | $ | — | $ | (0.85 | ) | $ | 0.00 | $ | — | $ | 14.68 | 21.24 | % | $ | 40.4 | 2.20 | % | 1.96 | % | .26 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.81 | $ | 0.02 | $ | (0.50 | ) | $ | (0.48 | ) | $ | (0.03 | ) | $ | (0.36 | ) | $ | — | $ | (0.39 | ) | $ | — | $ | — | $ | 12.94 | (3.52 | %) | $ | 39.7 | 2.24 | % | 1.96 | % | .11 | % | 33 | % | ||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.80 | $ | 0.01 | $ | 2.14 | $ | 2.15 | $ | (0.09 | ) | $ | (0.05 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 13.81 | 18.40 | % | $ | 20.7 | 2.28 | % | 1.96 | % | .09 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.24 | $ | (0.05 | ) | $ | 1.73 | $ | 1.68 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | 0.00 | $ | 11.80 | 16.44 | % | $ | 8.3 | 2.37 | % | 1.96 | % | (.46 | %) | 28 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 10.38 | $ | 0.01 | $ | (0.12 | ) | $ | (0.11 | ) | $ | (0.01 | ) | $ | — | $ | (0.02 | ) | $ | (0.03 | ) | $ | — | $ | 0.00 | $ | 10.24 | (1.08 | %)** | $ | 0.1 | 20.75 | %* | 1.96 | %* | .66 | %* | 70 | %Ø | ||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.68 | $ | 0.14 | $ | 1.04 | $ | 1.18 | $ | (0.16 | ) | $ | (0.58 | ) | $ | — | $ | (0.74 | ) | $ | — | $ | — | $ | 15.12 | 8.30 | %** | $ | 27.1 | 1.65 | %* | 1.46 | %* | 1.93 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.94 | $ | 0.10 | $ | 2.56 | $ | 2.66 | $ | (0.11 | ) | $ | (0.81 | ) | $ | — | $ | (0.92 | ) | $ | 0.00 | $ | — | $ | 14.68 | 21.89 | % | $ | 23.5 | 1.67 | % | 1.46 | % | .71 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.81 | $ | 0.08 | $ | (0.50 | ) | $ | (0.42 | ) | $ | (0.09 | ) | $ | (0.36 | ) | $ | — | $ | (0.45 | ) | $ | — | $ | — | $ | 12.94 | (3.04 | %) | $ | 15.2 | 1.70 | % | 1.46 | % | .56 | % | 33 | % | ||||||||||||||||||||||||||||||||
8/31/2012 | $ | 11.80 | $ | 0.05 | $ | 2.17 | $ | 2.22 | $ | (0.16 | ) | $ | (0.05 | ) | $ | — | $ | (0.21 | ) | $ | — | $ | — | $ | 13.81 | 19.07 | % | $ | 4.8 | 1.74 | % | 1.46 | % | .41 | % | 29 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 10.23 | $ | (0.01 | ) | $ | 1.74 | $ | 1.73 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | 0.00 | $ | 11.80 | 17.00 | % | $ | 0.3 | 2.81 | % | 1.46 | % | (.06 | %) | 28 | % | ||||||||||||||||||||||||||||||||||
Period from 6/21/2010^ to 8/31/2010 | $ | 10.38 | $ | 0.02 | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.03 | ) | $ | — | $ | (0.01 | ) | $ | (0.04 | ) | $ | — | $ | 0.00 | $ | 10.23 | (1.04 | %)** | $ | 0.0 | 37.36 | %* | 1.46 | %* | .93 | %* | 70 | %Ø | ||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 14.74 | $ | 0.19 | $ | 1.04 | $ | 1.23 | $ | (0.20 | ) | $ | (0.58 | ) | $ | — | $ | (0.78 | ) | $ | — | $ | — | $ | 15.19 | 8.70 | %** | $ | 35.4 | .96 | %* | .78 | %* | 2.53 | %* | 19 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 12.99 | $ | 0.18 | $ | 2.59 | $ | 2.77 | $ | (0.21 | ) | $ | (0.81 | ) | $ | — | $ | (1.02 | ) | $ | 0.00 | $ | — | $ | 14.74 | 22.72 | % | $ | 26.3 | .98 | % | .78 | % | 1.33 | % | 36 | % | ||||||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013 | $ | 14.11 | $ | 0.06 | $ | (1.04 | ) | $ | (0.98 | ) | $ | (0.02 | ) | $ | (0.12 | ) | $ | — | $ | (0.14 | ) | $ | — | $ | — | $ | 12.99 | (6.96 | %)** | $ | 8.3 | 1.11 | %* | .78 | %* | .95 | %* | 33 | %Ø |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 27.44 | $ | (0.14 | ) | $ | 3.31 | $ | 3.17 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 30.61 | 11.55 | %** | $ | 52.9 | 1.69 | %* | 1.21 | %* | (.98 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 24.16 | $ | (0.23 | ) | $ | 3.51 | $ | 3.28 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 27.44 | 13.58 | % | $ | 50.7 | 1.67 | % | 1.21 | % | (.85 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 19.49 | $ | (0.15 | ) | $ | 4.82 | $ | 4.67 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 24.16 | 23.96 | %@@ | $ | 48.8 | 1.64 | % | 1.22 | % | (.72 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 17.74 | $ | (0.17 | ) | $ | 1.92 | $ | 1.75 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19.49 | 9.86 | % | $ | 60.1 | 1.58 | % | 1.21 | % | (.92 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.68 | $ | (0.16 | ) | $ | 4.22 | $ | 4.06 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.74 | 29.68 | % | $ | 63.6 | 1.49 | % | 1.15 | % | (.88 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 13.15 | $ | (0.13 | ) | $ | 0.66 | $ | 0.53 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.68 | 4.03 | % | $ | 75.4 | 1.50 | % | 1.15 | % | (.89 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 29.72 | $ | (0.18 | ) | $ | 3.59 | $ | 3.41 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33.13 | 11.47 | %** | $ | 5.6 | 1.85 | %* | 1.40 | %* | (1.17 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 26.22 | $ | (0.30 | ) | $ | 3.80 | $ | 3.50 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 29.72 | 13.35 | % | $ | 5.5 | 1.95 | % | 1.40 | % | (1.02 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 21.19 | $ | (0.20 | ) | $ | 5.23 | $ | 5.03 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26.22 | 23.74 | %@@ | $ | 7.2 | 1.83 | % | 1.40 | % | (.91 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 19.32 | $ | (0.22 | ) | $ | 2.09 | $ | 1.87 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.19 | 9.68 | % | $ | 15.8 | 1.77 | % | 1.39 | % | (1.10 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.93 | $ | (0.21 | ) | $ | 4.60 | $ | 4.39 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19.32 | 29.40 | % | $ | 19.3 | 1.67 | % | 1.37 | % | (1.10 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 14.43 | $ | (0.18 | ) | $ | 0.68 | $ | 0.50 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.93 | 3.47 | % | $ | 22.0 | 1.70 | % | 1.37 | % | (1.11 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 19.63 | $ | (0.13 | ) | $ | 2.36 | $ | 2.23 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.86 | 11.36 | %** | $ | 3.0 | 1.98 | %* | 1.51 | %* | (1.28 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.33 | $ | (0.22 | ) | $ | 2.52 | $ | 2.30 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 19.63 | 13.27 | % | $ | 3.5 | 1.96 | % | 1.51 | % | (1.15 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.03 | $ | (0.15 | ) | $ | 3.45 | $ | 3.30 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.33 | 23.52 | %@@ | $ | 3.6 | 1.93 | % | 1.52 | % | (1.00 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.81 | $ | (0.17 | ) | $ | 1.39 | $ | 1.22 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.03 | 9.52 | % | $ | 5.9 | 1.87 | % | 1.58 | % | (1.28 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.92 | $ | (0.17 | ) | $ | 3.06 | $ | 2.89 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.81 | 29.13 | % | $ | 7.9 | 1.80 | % | 1.60 | % | (1.33 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.61 | $ | (0.14 | ) | $ | 0.45 | $ | 0.31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.92 | 3.23 | % | $ | 9.7 | 1.90 | % | 1.60 | % | (1.34 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 27.92 | $ | (0.09 | ) | $ | 3.37 | $ | 3.28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31.20 | 11.75 | %** | $ | 20.6 | 1.45 | %* | .90 | %* | (.67 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 24.51 | $ | (0.15 | ) | $ | 3.56 | $ | 3.41 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 27.92 | 13.91 | % | $ | 19.0 | 1.48 | % | .90 | % | (.54 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 19.71 | $ | (0.09 | ) | $ | 4.89 | $ | 4.80 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 24.51 | 24.35 | %@@ | $ | 14.9 | 1.41 | % | .90 | % | (.41 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 17.88 | $ | (0.11 | ) | $ | 1.94 | $ | 1.83 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19.71 | 10.23 | % | $ | 33.3 | 1.33 | % | .90 | % | (.58 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.75 | $ | (0.11 | ) | $ | 4.24 | $ | 4.13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.88 | 30.04 | % | $ | 103.0 | 1.26 | % | .90 | % | (.63 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 13.23 | $ | (0.09 | ) | $ | 0.61 | $ | 0.52 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.75 | 3.93 | % | $ | 82.6 | 1.28 | % | .91 | % | (.63 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 29.92 | $ | (0.16 | ) | $ | 3.61 | $ | 3.45 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33.37 | 11.53 | %** | $ | 4.9 | 1.84 | %* | 1.26 | %* | (1.03 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 26.36 | $ | (0.28 | ) | $ | 3.84 | $ | 3.56 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 29.92 | 13.51 | % | $ | 4.4 | 1.81 | % | 1.26 | % | (.96 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 21.27 | $ | (0.19 | ) | $ | 5.28 | $ | 5.09 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26.36 | 23.93 | %@@ | $ | 2.4 | 1.83 | % | 1.26 | % | (.81 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 19.36 | $ | (0.19 | ) | $ | 2.10 | $ | 1.91 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.27 | 9.87 | % | $ | 1.1 | 1.79 | % | 1.26 | % | (.98 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.95 | $ | (0.20 | ) | $ | 4.61 | $ | 4.41 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19.36 | 29.50 | % | $ | 1.2 | 1.78 | % | 1.26 | % | (1.01 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 14.43 | $ | (0.16 | ) | $ | 0.68 | $ | 0.52 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.95 | 3.60 | % | $ | 0.5 | 2.05 | % | 1.26 | % | (1.01 | %) | 235 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | Net Assets, End of Period (in millions) | Ratio of Gross Expenses to Average Net Assets# | Ratio of Net Expenses to Average Net Assets‡ | Ratio of Net Investment Income/ (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Growth Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 19.16 | $ | (0.17 | ) | $ | 2.30 | $ | 2.13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.29 | 11.12 | %** | $ | 1.9 | 2.59 | %* | 2.01 | %* | (1.78 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.01 | $ | (0.32 | ) | $ | 2.47 | $ | 2.15 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 19.16 | 12.64 | % | $ | 1.8 | 2.57 | % | 2.01 | % | (1.68 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 13.83 | $ | (0.24 | ) | $ | 3.42 | $ | 3.18 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.01 | 22.99 | %@@ | $ | 1.1 | 2.56 | % | 2.01 | % | (1.58 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.69 | $ | (0.23 | ) | $ | 1.37 | $ | 1.14 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.83 | 8.98 | % | $ | 0.7 | 2.57 | % | 2.01 | % | (1.73 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.87 | $ | (0.22 | ) | $ | 3.04 | $ | 2.82 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.69 | 28.57 | % | $ | 0.3 | 2.52 | % | 2.01 | % | (1.72 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.60 | $ | (0.19 | ) | $ | 0.46 | $ | 0.27 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.87 | 2.81 | % | $ | 0.1 | 3.43 | % | 2.01 | % | (1.76 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 19.67 | $ | (0.13 | ) | $ | 2.38 | $ | 2.25 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21.92 | 11.44 | %** | $ | 0.7 | 2.20 | %* | 1.51 | %* | (1.28 | %)* | 160 | %** | ||||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 17.37 | $ | (0.22 | ) | $ | 2.52 | $ | 2.30 | $ | — | $ | — | $ | — | $ | — | $ | 0.00 | $ | — | $ | 19.67 | 13.24 | % | $ | 0.5 | 2.16 | % | 1.51 | % | (1.15 | %) | 284 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 14.06 | $ | (0.16 | ) | $ | 3.47 | $ | 3.31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.37 | 23.54 | %@@ | $ | 0.4 | 2.15 | % | 1.51 | % | (1.08 | %) | 249 | % | ||||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 12.83 | $ | (0.17 | ) | $ | 1.40 | $ | 1.23 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14.06 | 9.59 | % | $ | 0.2 | 2.12 | % | 1.51 | % | (1.23 | %) | 294 | % | ||||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 9.93 | $ | (0.16 | ) | $ | 3.06 | $ | 2.90 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12.83 | 29.20 | % | $ | 0.1 | 2.05 | % | 1.51 | % | (1.24 | %) | 185 | % | ||||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 9.61 | $ | (0.13 | ) | $ | 0.45 | $ | 0.32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.93 | 3.33 | % | $ | 0.1 | 4.16 | % | 1.51 | % | (1.25 | %) | 235 | % | ||||||||||||||||||||||||||||||||||||
Socially Responsive Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 36.94 | $ | 0.17 | $ | 2.10 | $ | 2.27 | $ | (0.26 | ) | $ | (3.60 | ) | $ | — | $ | (3.86 | ) | $ | — | $ | — | $ | 35.35 | 6.69 | %@@** | $ | 833.1 | .86 | %* | .86 | %* | .94 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.66 | $ | 0.31 | $ | 6.48 | $ | 6.79 | $ | (0.30 | ) | $ | (2.21 | ) | $ | — | $ | (2.51 | ) | $ | 0.00 | $ | — | $ | 36.94 | 21.54 | % | $ | 821.1 | .86 | % | .86 | % | .87 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 26.48 | $ | 0.27 | $ | 6.09 | $ | 6.36 | $ | (0.18 | ) | $ | — | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 32.66 | 24.18 | % | $ | 825.2 | .87 | % | .87 | % | .91 | % | 35 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 24.61 | $ | 0.22 | $ | 1.77 | $ | 1.99 | $ | (0.12 | ) | $ | — | $ | — | $ | (0.12 | ) | $ | — | $ | — | $ | 26.48 | 8.13 | % | $ | 724.3 | .89 | % | .89 | % | .86 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 20.58 | $ | 0.18 | $ | 3.88 | $ | 4.06 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 24.61 | 19.74 | % | $ | 648.1 | .90 | % | .90 | % | .69 | % | 20 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 18.74 | $ | 0.06 | $ | 1.84 | $ | 1.90 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 20.58 | 10.14 | % | $ | 582.5 | .94 | % | .94 | % | .27 | % | 41 | % | |||||||||||||||||||||||||||||||||||
Trust Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 24.24 | $ | 0.09 | $ | 1.31 | $ | 1.40 | $ | (0.24 | ) | $ | (3.60 | ) | $ | — | $ | (3.84 | ) | $ | — | $ | — | $ | 21.80 | 6.62 | %@@** | $ | 385.7 | 1.03 | %* | 1.03 | %* | .75 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 22.20 | $ | 0.16 | $ | 4.34 | $ | 4.50 | $ | (0.25 | ) | $ | (2.21 | ) | $ | — | $ | (2.46 | ) | $ | 0.00 | $ | — | $ | 24.24 | 21.32 | % | $ | 418.4 | 1.03 | % | 1.03 | % | .70 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 18.07 | $ | 0.15 | $ | 4.14 | $ | 4.29 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 22.20 | 23.95 | % | $ | 431.3 | 1.04 | % | 1.04 | % | .76 | % | 35 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.85 | $ | 0.11 | $ | 1.21 | $ | 1.32 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 18.07 | 7.93 | % | $ | 488.5 | 1.06 | % | 1.06 | % | .66 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.11 | $ | 0.09 | $ | 2.68 | $ | 2.77 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 16.85 | 19.60 | % | $ | 484.7 | 1.08 | % | 1.08 | % | .50 | % | 20 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 12.88 | $ | 0.01 | $ | 1.27 | $ | 1.28 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 14.11 | 9.94 | % | $ | 356.1 | 1.12 | % | 1.12 | % | .10 | % | 41 | % |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Socially Responsive Fund (cont'd) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 37.00 | $ | 0.20 | $ | 2.11 | $ | 2.31 | $ | (0.33 | ) | $ | (3.60 | ) | $ | — | $ | (3.93 | ) | $ | — | $ | — | $ | 35.38 | 6.80 | %@@** | $ | 761.0 | .68 | %* | .68 | %* | 1.14 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.70 | $ | 0.37 | $ | 6.49 | $ | 6.86 | $ | (0.35 | ) | $ | (2.21 | ) | $ | — | $ | (2.56 | ) | $ | 0.00 | $ | — | $ | 37.00 | 21.76 | % | $ | 706.5 | .68 | % | .68 | % | 1.06 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 26.51 | $ | 0.33 | $ | 6.09 | $ | 6.42 | $ | (0.23 | ) | $ | — | $ | — | $ | (0.23 | ) | $ | — | $ | — | $ | 32.70 | 24.41 | % | $ | 557.7 | .69 | % | .69 | % | 1.10 | % | 35 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 24.64 | $ | 0.26 | $ | 1.77 | $ | 2.03 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 26.51 | 8.32 | % | $ | 512.4 | .71 | % | .71 | % | 1.02 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 20.60 | $ | 0.21 | $ | 3.91 | $ | 4.12 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 24.64 | 19.98 | % | $ | 417.7 | .74 | % | .74 | %§ | .82 | % | 20 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 18.75 | $ | 0.10 | $ | 1.84 | $ | 1.94 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 20.60 | 10.36 | % | $ | 166.9 | .77 | % | .75 | % | .49 | % | 41 | % | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 24.06 | $ | 0.09 | $ | 1.30 | $ | 1.39 | $ | (0.25 | ) | $ | (3.60 | ) | $ | — | $ | (3.85 | ) | $ | — | $ | — | $ | 21.60 | 6.62 | %@@** | $ | 148.2 | 1.05 | %* | 1.05 | %* | .78 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 22.05 | $ | 0.16 | $ | 4.30 | $ | 4.46 | $ | (0.24 | ) | $ | (2.21 | ) | $ | — | $ | (2.45 | ) | $ | 0.00 | $ | — | $ | 24.06 | 21.28 | % | $ | 134.0 | 1.05 | % | 1.05 | % | .68 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.95 | $ | 0.14 | $ | 4.12 | $ | 4.26 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | — | $ | — | $ | 22.05 | 23.89 | % | $ | 109.6 | 1.09 | % | 1.09 | %§ | .67 | % | 35 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.77 | $ | 0.10 | $ | 1.21 | $ | 1.31 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 17.95 | 7.89 | % | $ | 83.1 | 1.11 | % | 1.11 | %§ | .61 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.08 | $ | 0.07 | $ | 2.68 | $ | 2.75 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | — | $ | — | $ | 16.77 | 19.54 | % | $ | 75.9 | 1.14 | % | 1.11 | % | .42 | % | 20 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 12.88 | $ | 0.03 | $ | 1.26 | $ | 1.29 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 14.08 | 10.03 | % | $ | 12.4 | 1.21 | % | 1.11 | % | .18 | % | 41 | % | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.57 | $ | 0.01 | $ | 1.26 | $ | 1.27 | $ | (0.14 | ) | $ | (3.60 | ) | $ | — | $ | (3.74 | ) | $ | — | $ | — | $ | 21.10 | 6.18 | %@@** | $ | 52.4 | 1.80 | %* | 1.80 | %* | .05 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.63 | $ | (0.01 | ) | $ | 4.22 | $ | 4.21 | $ | (0.06 | ) | $ | (2.21 | ) | $ | — | $ | (2.27 | ) | $ | 0.00 | $ | — | $ | 23.57 | 20.42 | % | $ | 44.5 | 1.80 | % | 1.80 | % | (.05 | %) | 36 | % | |||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.64 | $ | (0.02 | ) | $ | 4.06 | $ | 4.04 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 21.63 | 22.98 | % | $ | 27.5 | 1.86 | % | 1.86 | %§ | (.10 | %) | 35 | % | ||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.52 | $ | (0.02 | ) | $ | 1.19 | $ | 1.17 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 17.64 | 7.08 | % | $ | 16.7 | 1.87 | % | 1.86 | % | (.12 | %) | 28 | % | ||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 13.94 | $ | (0.06 | ) | $ | 2.66 | $ | 2.60 | $ | (0.02 | ) | $ | — | $ | — | $ | (0.02 | ) | $ | — | $ | — | $ | 16.52 | 18.63 | % | $ | 12.9 | 1.89 | % | 1.86 | % | (.35 | %) | 20 | % | ||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 12.86 | $ | (0.08 | ) | $ | 1.25 | $ | 1.17 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | — | $ | — | $ | 13.94 | 9.10 | % | $ | 3.3 | 1.99 | % | 1.86 | % | (.57 | %) | 41 | % | ||||||||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 23.85 | $ | 0.06 | $ | 1.29 | $ | 1.35 | $ | (0.20 | ) | $ | (3.60 | ) | $ | — | $ | (3.80 | ) | $ | — | $ | — | $ | 21.40 | 6.49 | %@@** | $ | 32.8 | 1.29 | %* | 1.29 | %* | .50 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 21.86 | $ | 0.10 | $ | 4.27 | $ | 4.37 | $ | (0.17 | ) | $ | (2.21 | ) | $ | — | $ | (2.38 | ) | $ | 0.00 | $ | — | $ | 23.85 | 21.02 | % | $ | 32.2 | 1.29 | % | 1.29 | % | .45 | % | 36 | % | ||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 17.81 | $ | 0.09 | $ | 4.09 | $ | 4.18 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 21.86 | 23.64 | % | $ | 25.3 | 1.30 | % | 1.30 | % | .46 | % | 35 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 16.68 | $ | 0.07 | $ | 1.19 | $ | 1.26 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 17.81 | 7.65 | % | $ | 17.9 | 1.33 | % | 1.33 | %§ | .43 | % | 28 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 14.05 | $ | 0.01 | $ | 2.69 | $ | 2.70 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 16.68 | 19.20 | % | $ | 9.7 | 1.36 | % | 1.36 | %§ | .08 | % | 20 | % | |||||||||||||||||||||||||||||||||||
8/31/2010 | $ | 12.87 | $ | (0.02 | ) | $ | 1.27 | $ | 1.25 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 14.05 | 9.74 | % | $ | 0.2 | 2.95 | % | 1.36 | % | (.11 | %) | 41 | % | ||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 37.03 | $ | 0.22 | $ | 2.09 | $ | 2.31 | $ | (0.35 | ) | $ | (3.60 | ) | $ | — | $ | (3.95 | ) | $ | — | $ | — | $ | 35.39 | 6.81 | %@@** | $ | 274.9 | .60 | %* | .60 | %* | 1.21 | %* | 15 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 32.71 | $ | 0.39 | $ | 6.51 | $ | 6.90 | $ | (0.37 | ) | $ | (2.21 | ) | $ | — | $ | (2.58 | ) | $ | 0.00 | $ | — | $ | 37.03 | 21.88 | % | $ | 279.6 | .60 | % | .60 | % | 1.11 | % | 36 | % | ||||||||||||||||||||||||||||||||||
Period from 3/15/2013^ to 8/31/2013 | $ | 31.16 | $ | 0.14 | $ | 1.41 | $ | 1.55 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32.71 | 4.97 | %** | $ | 249.6 | .62 | %* | .62 | %* | .94 | %* | 35 | %Ø |
See Notes to Financial Highlights
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 | Redemption Feesøø | Net Asset Value, End of Period | Total Return†† | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 16.51 | $ | 0.09 | $ | 0.06 | $ | 0.15 | $ | (0.15 | ) | $ | (0.85 | ) | $ | — | $ | (1.00 | ) | $ | — | $ | — | $ | 15.66 | 1.03 | %** | $ | 17.2 | 1.84 | %* | .70 | %* | 1.10 | %* | 76 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.52 | $ | 0.17 | $ | 2.92 | $ | 3.09 | $ | (0.10 | ) | $ | — | $ | — | $ | (0.10 | ) | $ | — | $ | — | $ | 16.51 | 22.98 | % | $ | 12.6 | 2.41 | % | .70 | % | 1.12 | % | 129 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.18 | $ | 0.16 | $ | 2.40 | $ | 2.56 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.22 | ) | $ | — | $ | — | $ | 13.52 | 23.23 | % | $ | 6.9 | 5.93 | % | .71 | % | 1.25 | % | 250 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.95 | $ | 0.15 | $ | 1.16 | $ | 1.31 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 11.18 | 13.25 | % | $ | 2.7 | 9.42 | % | .73 | % | 1.46 | % | 200 | % | |||||||||||||||||||||||||||||||||||
8/31/2011 | $ | 8.30 | $ | 0.13 | $ | 1.60 | $ | 1.73 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | $ | — | $ | — | $ | 9.95 | 20.87 | % | $ | 2.6 | 18.35 | % | .75 | %c | 1.28 | % | 191 | % | |||||||||||||||||||||||||||||||||||
8/31/2010‡‡‡ | $ | 8.57 | $ | 0.08 | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.22 | ) | $ | — | $ | — | $ | (0.22 | ) | $ | — | $ | — | $ | 8.30 | (.71 | %)†††† | $ | 1.2 | 15.47 | % | .92 | %c | .93 | % | 52 | % | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 16.40 | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | (0.10 | ) | $ | (0.85 | ) | $ | — | $ | (0.95 | ) | $ | — | $ | — | $ | 15.57 | .84 | %** | $ | 9.7 | 2.23 | %* | 1.07 | %* | .72 | %* | 76 | %** | ||||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.44 | $ | 0.11 | $ | 2.90 | $ | 3.01 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | — | $ | — | $ | 16.40 | 22.43 | % | $ | 8.0 | 2.80 | % | 1.10 | % | .74 | % | 129 | % | |||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.13 | $ | 0.10 | $ | 2.40 | $ | 2.50 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | — | $ | — | $ | 13.44 | 22.72 | % | $ | 3.7 | 6.81 | % | 1.11 | % | .82 | % | 250 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.93 | $ | 0.12 | $ | 1.15 | $ | 1.27 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | — | $ | — | $ | 11.13 | 12.89 | % | $ | 1.6 | 9.88 | % | 1.08 | % | 1.08 | % | 200 | % | |||||||||||||||||||||||||||||||||||
Period from 3/2/2011^ to 8/31/2011 | $ | 10.28 | $ | 0.06 | $ | (0.41 | ) | $ | (0.35 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.93 | (3.40 | %)** | $ | 0.3 | 17.08 | %* | 1.12 | %* | 1.22 | %* | 191 | %Ø | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2015 (Unaudited) | $ | 16.18 | $ | (0.00 | ) | $ | 0.05 | $ | 0.05 | $ | (0.00 | ) | $ | (0.85 | ) | $ | — | $ | (0.85 | ) | $ | — | $ | — | $ | 15.38 | .44 | %** | $ | 0.7 | 2.99 | %* | 1.85 | %* | (.06 | %)* | 76 | %** | |||||||||||||||||||||||||||||||||
8/31/2014 | $ | 13.31 | $ | (0.01 | ) | $ | 2.88 | $ | 2.87 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16.18 | 21.56 | % | $ | 0.6 | 3.57 | % | 1.86 | % | (.05 | %) | 129 | % | ||||||||||||||||||||||||||||||||||||
8/31/2013 | $ | 11.05 | $ | 0.00 | $ | 2.39 | $ | 2.39 | $ | (0.13 | ) | $ | — | $ | — | $ | (0.13 | ) | $ | — | $ | — | $ | 13.31 | 21.82 | % | $ | 0.3 | 7.31 | % | 1.87 | % | .01 | % | 250 | % | |||||||||||||||||||||||||||||||||||
8/31/2012 | $ | 9.89 | $ | 0.03 | $ | 1.16 | $ | 1.19 | $ | (0.03 | ) | $ | — | $ | — | $ | (0.03 | ) | $ | — | $ | — | $ | 11.05 | 12.07 | % | $ | 0.1 | 10.74 | % | 1.87 | % | .30 | % | 200 | % | |||||||||||||||||||||||||||||||||||
Period from 3/2/2011^ to 8/31/2011 | $ | 10.28 | $ | 0.01 | $ | (0.40 | ) | $ | (0.39 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.89 | (3.79 | %)** | $ | 0.0 | 26.31 | %* | 1.86 | %* | .26 | %* | 191 | %Ø |
See Notes to Financial Highlights
Notes to Financial Highlights Equity Funds (Unaudited)
†† 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 may 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. The voluntary contribution listed in Note B of the Notes to Financial Statements had no impact on the Funds' total returns for the year ended August 31, 2014.
@@ The class action proceeds listed in Note A-4 of the Notes to Financial Statements had no impact on the Funds' total returns for the six months ended February 28, 2015. Had Genesis not received class action proceeds in 2014, total return based on per share NAV for the year ended August 31, 2014 would have been 13.62%, 13.51%, 13.21%, 13.78% and 13.90% for Investor Class, Trust Class, Advisor Class, Institutional Class and Class R6, respectively. Had Mid Cap Intrinsic Value not received class action proceeds in 2014, total return based on per share NAV for the year ended August 31, 2014 would have been 22.79%, 22.41% and 22.17% for Investor Class, Trust Class and Class R3, respectively. Had Large Cap Value not received class action proceeds in 2013, total return based on per share NAV for the year ended August 31, 2013 would have been 23.93%, 23.61%, 23.46%, 24.11%, 23.57% and 23.41% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A and Class R3, respectively. Had Small Cap Growth not received class action proceeds in 2013, total return based on per share NAV for the year ended August 31, 2013 would have been 23.81%, 23.45%, 23.31%, 24.05%, 23.84%, 22.92% and 23.47% for Investor Class, Trust Class, Advisor Class, Institutional Class, Class A, Class C and Class R3, respectively. Had Mid Cap Intrinsic Value not received class action proceeds in 2012, total return based on per share NAV for the year ended August 31, 2012 would have been 12.48%, 12.34%, 12.86% and 12.16% for Investor Class, Trust Class, Institutional Class and Class R3, respectively.
‡‡ On December 21, 2009, Multi-Cap Opportunities' Trust Class was converted into the Fund's Institutional Class. The financial information of the Fund's Institutional Class includes the financial information of Trust Class shares. The Trust Class had equivalent capped expenses and, therefore, typically similar returns to the Institutional Class.
‡‡‡ On April 19, 2010, Value's Trust Class was converted into the Fund's Institutional Class. The financial information of the Fund's Institutional Class includes the financial information of Trust Class shares. Because the Trust Class had moderately higher expenses, its performance typically would have been slightly lower than the Institutional Class.
††† During the period from November 2, 2006 through December 21, 2009, Multi-Cap Opportunities' Trust Class had only one investor, which could have impacted Fund performance. On December 21, 2009, the Fund's Trust Class was converted into the Fund's Institutional Class and the Institutional Class was opened to the public. The total return of the Fund's Institutional Class includes the performance of the former Trust Class.
†††† During the period from November 2, 2006 through April 19, 2010, Value's Trust Class had only one investor, which could have impacted Fund performance. On April 19, 2010, the Fund's Trust Class was converted into the Fund's Institutional Class and the Fund had only one Institutional Class investor, which could have impacted performance. The total return of the Fund's Institutional Class includes the performance of the former Trust Class.
# 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.
‡ Prior to January 1, 2013, each Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than 0.01%.
^^ After utilization of the Line of Credit by Multi-Cap Opportunities (2011) and/or reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Fund is required to calculate
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had the Fund not received expense reductions related to expense offset arrangements, and had the Fund not utilized the Line of Credit or had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets would have been:
Year Ended August 31, | |||||||
2011 | |||||||
Multi-Cap Opportunities Fund Institutional Class | 1.01 | % | |||||
Multi-Cap Opportunities Fund Class A | 1.37 | % | |||||
Multi-Cap Opportunities Fund Class C | 2.12 | % |
§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Equity Income Fund Institutional Class | — | — | — | .70 | % | .76 | % | — | |||||||||||||||||||
Equity Income Fund Class A | — | — | — | 1.07 | % | 1.16 | % | — | |||||||||||||||||||
Equity Income Fund Class C | — | — | — | 1.82 | % | 1.90 | % | — | |||||||||||||||||||
Equity Income Fund Class R3 | — | 1.32 | % | 1.31 | % | 1.35 | % | — | — | ||||||||||||||||||
Focus Fund Advisor Class | — | — | — | — | — | 1.39 | % | ||||||||||||||||||||
Genesis Fund Institutional Class | .85 | % | .85 | % | — | — | — | — | |||||||||||||||||||
Genesis Fund Class R6 | — | .78 | % | — | — | — | — | ||||||||||||||||||||
Guardian Fund Advisor Class | — | — | 1.30 | % | 1.33 | % | 1.35 | % | — | ||||||||||||||||||
Guardian Fund Institutional Class | — | — | — | .74 | % | .74 | % | — | |||||||||||||||||||
Guardian Fund Class A | — | 1.08 | % | 1.10 | % | — | — | — | |||||||||||||||||||
Guardian Fund Class C | — | 1.84 | % | — | — | — | — | ||||||||||||||||||||
International Equity Fund Institutional Class | .81 | % | — | — | — | — | — | ||||||||||||||||||||
International Equity Fund Class A | 1.14 | % | — | — | — | — | — | ||||||||||||||||||||
International Equity Fund Class C | 1.94 | % | — | — | — | — | — | ||||||||||||||||||||
International Equity Fund Class R6 | .74 | % | — | — | — | — | — | ||||||||||||||||||||
Large Cap Disciplined Growth Fund Investor Class | — | — | 1.05 | % | 1.03 | % | 1.08 | % | — | ||||||||||||||||||
Large Cap Value Fund Institutional Class | .69 | % | .70 | % | — | — | — | .68 | % | ||||||||||||||||||
Large Cap Value Fund Class A | — | 1.08 | % | — | 1.05 | % | — | — | |||||||||||||||||||
Large Cap Value Fund Class C | 1.82 | % | 1.82 | % | 1.86 | % | — | — | — | ||||||||||||||||||
Mid Cap Growth Fund Advisor Class | — | — | — | 1.31 | % | 1.34 | % | 1.48 | % | ||||||||||||||||||
Mid Cap Growth Fund Institutional Class | .74 | % | — | — | — | — | — | ||||||||||||||||||||
Mid Cap Growth Fund Class R6 | .68 | % | |||||||||||||||||||||||||
Mid Cap Intrinsic Value Fund Trust Class | — | 1.23 | % | — | — | — | — |
Notes to Financial Highlights Equity Funds (Unaudited) (cont'd)
Six Months Ended February 28, | Year Ended August 31, | ||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Mid Cap Intrinsic Value Fund Institutional Class | — | .82 | % | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class A | — | 1.21 | % | — | — | — | — | ||||||||||||||||||||
Mid Cap Intrinsic Value Fund Class C | — | 1.94 | % | — | — | — | — | ||||||||||||||||||||
Multi-Cap Opportunities Fund Institutional Class | — | — | .82 | % | .93 | % | — | — | |||||||||||||||||||
Multi-Cap Opportunities Fund Class A | — | — | 1.16 | % | 1.30 | % | — | — | |||||||||||||||||||
Multi-Cap Opportunities Fund Class C | — | — | 1.92 | % | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Institutional Class | — | — | — | — | .72 | % | — | ||||||||||||||||||||
Socially Responsive Fund Class A | — | — | 1.08 | % | 1.11 | % | — | — | |||||||||||||||||||
Socially Responsive Fund Class C | — | — | 1.83 | % | — | — | — | ||||||||||||||||||||
Socially Responsive Fund Class R3 | — | — | — | 1.32 | % | 1.35 | % | — |
^ The date investment operations commenced.
@ Calculated based on the average number of shares outstanding during each fiscal period.
ØØ Prior to June 1, 2011, redemption fees were charged on Emerging Markets Equity, International Equity, International Select, and Real Estate. Calculated based on the average number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
Ø Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended August 31, 2010 for Emerging Markets Equity, Equity Income, Focus, Large Cap Value, Mid Cap Intrinsic Value, Multi-Cap Opportunities and Real Estate, for the year ended August 31, 2011 for Value, for the year ended August 31, 2013 for Emerging Markets Equity, Genesis, International Equity, Mid Cap Growth, Real Estate and Socially Responsive, and for the year ended August 31, 2014 for International Equity.
a On January 25, 2013, International Equity acquired all of the net assets of Neuberger Berman International Fund pursuant to a Plan of Reorganization and Dissolution. Portfolio turnover excludes purchases and sales of securities by International (acquired fund) prior to the merger date.
b Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.
c These ratios reflect a reduced fee schedule for certain expenses. If these ratios had not been reduced, the ratios would have been higher.
§§ Effective September 2, 2014, Neuberger Berman Select Equities Fund changed its name to Neuberger Berman All Cap Core Fund.
Directory
Investment Manager, Administrator and Distributor
Neuberger Berman Management LLC
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800.877.9700 or 212.476.8800
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State Street Bank and Trust Company
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For Investor Class Shareholders
Address correspondence to:
Neuberger Berman Funds
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P.O. Box 8403
Boston, MA 02266-8403
800.877.9700 or 212.476.8800
For Class A, Class C, Class R3 and Class R6 Shareholders:
Please contact your investment provider
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Address correspondence to:
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Attn: Intermediary Client Services
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Legal Counsel
K&L Gates LLP
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Independent Registered Public Accounting Firms
Ernst & Young LLP
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Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission's website, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available upon request, without charge, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission's website at www.sec.gov, and on Management's website at www.nb.com.
Quarterly Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).
Board Consideration of the Management and Sub-Advisory Agreements
On an annual basis, the Board of Trustees ("Board") of Neuberger Berman Equity Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Management LLC ("Management") or the Trust ("Independent Fund Trustees"), considers whether to continue the Management and Sub-Advisory Agreements ("Agreements") with respect to each series of the Trust (each a "Fund"). Throughout the process, the Independent Fund Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 6-7, 2014, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund and approved Management and Sub-Advisory Agreements for Neuberger Berman Global Real Estate Fund, a new series, which is discussed separately below.
In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Board and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management, Neuberger Berman LLC ("Neuberger") and Neuberger Berman Asia Limited ("NB Asia") have time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses. Neuberger is the subadviser to each of the Funds except for Neuberger Berman Greater China Equity Fund, which is subadvised by NB Asia.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including investment performance reports and related portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; and compliance, shareholder and other services provided by Management and its affiliates. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees, as well as other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance and compliance matters.
The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management, Neuberger and NB Asia.
In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund and whether the Agreements were in the best interests of each Fund and its shareholders. The Board considered all factors it deemed relevant with respect to each Fund, including the following factors: (1) the nature, extent, and quality of the services provided by Management and either Neuberger or NB Asia; (2) the investment performance of each Fund compared to an appropriate market index and a peer group of investment companies; (3) the costs of the services provided as compared to a peer group of investment companies and the profit or loss realized by Management and its affiliates from their relationship with each Fund; (4) the extent to which economies of scale have been or might be realized as each Fund grows; and (5) whether fee levels reflect any such potential economies of scale for the benefit of each Fund's shareholders. While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board members did not identify any particular information or factor that was all-important or controlling. The Board focused on the overall costs and benefits of the Agreements relating to each Fund and, through the Funds, their shareholders.
With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of Management, Neuberger and NB Asia, and the qualifications, experience, capabilities of and resources available to the portfolio management personnel of Management, Neuberger and NB Asia who perform
services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance oversight. The Board also considered Management's, Neuberger's and NB Asia's policies and practices regarding brokerage and allocation of portfolio transactions and reviewed the quality of the execution services that Management and Neuberger had provided. The Board also reviewed whether Management or Neuberger used brokers to execute Fund transactions that provide research and other services to Management, or Neuberger and the types of benefits potentially derived from such services by Management, Neuberger, the Fund and other clients of Management and Neuberger. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and considered information regarding Management's processes for managing risk. As applicable, the Board considered the nature of the markets in which the Funds invest and the geographic location of the adviser, and whether these factors suggested the need for special research, trading, valuation and/or compliance elements. In addition, the Board noted the positive compliance history of Management, Neuberger, and NB Asia as no significant compliance problems were reported to the Board with respect to any of them. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Funds. As in past years, the Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management, Neuberger and NB Asia in response to recent market conditions and considered the overall performance of Management, Neuberger and NB Asia in this context.
With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, both on an absolute basis and relative to an appropriate market index (or benchmark) and the average performance of a composite peer group (as constructed by an independent organization) of investment companies pursuing broadly similar strategies. For most of the Funds, the Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. The Board factored into its evaluation of the Funds' performance the limitations inherent in the methodology for constructing peer groups and determining which investment companies should be included in which peer groups. In the case of those Funds that had significantly underperformed their appropriate market indices and/or peer groups, the Board discussed with Management each Fund's performance and steps that Management had taken, or intended to take, to improve performance. The Board also considered Management's responsiveness with respect to the Funds that experienced lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund's Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Fund's underperformance.
With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management, Neuberger or NB Asia or their affiliates from their relationship with each Fund. The Board also considered the profitability of Management and its affiliates from their association with the Funds, and profitability broken out between the investment management and administrative portions of the services provided, and year-over-year changes in each of Management's reported expense categories. The Board reviewed a comparison of each Fund's management fee and overall expense ratio to a peer group of comparable funds. The Board noted that the comparative management fee analysis includes, in each Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group. The Board considered the mean and median of the management fees and expense ratios of each peer group. Where a Fund's management fee was higher than the peer group mean and/or median, the Board considered whether specific portfolio management or administration needs contributed to the size of the management fee. In addition, the Board considered the contractual limit on expenses of certain classes of each Fund. The Board noted that Management incurred a loss on certain of the Funds during the review period. The Board noted that for two Funds, Neuberger Berman Global Equity Fund and Neuberger Berman Value Fund, because of small asset levels, the overall expense ratio of each Fund is maintained through expense reimbursements by Management that exceed the fees that Management receives from the Funds.
With regard to the investment performance of each Fund and the costs of the services provided to each Fund, the Board considered the following information. Where a Fund has more than one class of shares outstanding, information for a single class has been provided as identified below:
• Neuberger Berman All Cap Core Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, and 5-year periods and the same as the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3, and 5-year periods.
• Neuberger Berman Emerging Markets Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 3-year period and higher than the median for the 1 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 3-year period and higher for the 1 and 5-year periods.
• Neuberger Berman Equity Income Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median, but net of fees waived by Management, the actual management fee was the same as the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmarks, the Fund's performance was lower for the 1, 3 and 5-year periods.
• Neuberger Berman Focus Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1 and 3-year periods, the same as the median for the 5-year period and lower than the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 3-year periods, the same for the 5-year period and lower for the 10-year period.
• Neuberger Berman Genesis Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and actual management fee net of fees waived by Management were both higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 3 and 5-year periods and higher than the median for the 1 and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 5-year periods and higher for the 3 and 10-year periods.
• Neuberger Berman Global Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was the same as the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period and lower than the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period.
• Neuberger Berman Global Thematic Opportunities Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was the same as the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period.
• Neuberger Berman Greater China Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was the same as the median, but net of fees waived by Management, the actual management fee was higher than the median. The Board considered that, as compared to
its peer group, the Fund's performance was higher than the median for the 1-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1-year period.
• Neuberger Berman Guardian Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3, 5 and 10-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 5 and 10-year periods and lower for the 3-year period.
• Neuberger Berman International Equity Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 3-year periods and higher for the 5-year period.
• Neuberger Berman International Select (formerly Neuberger Berman International Large Cap) (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 3-year periods and higher for the 5-year period.
• Neuberger Berman Intrinsic Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1-year period and lower for the 3-year period. The Board also considered that, as compared to its benchmarks, the Fund's performance was higher for the 1-year period and lower for the 3-year period.
• Neuberger Berman Large Cap Disciplined Growth Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods. The Board also considered that, as compared to its benchmarks, the Fund's performance was lower for the 1 and 3-year periods.
• Neuberger Berman Large Cap Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1 and 5-year periods, lower than the median for the 3-year period and the same as the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 10-year periods and higher for the 5-year period.
• Neuberger Berman Mid Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was the same as the median, but net of fees waived by Management, the actual management fee was higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1, 3 and 5-year periods and higher than the median for the 10-year period. The Board also considered that, as compared to its benchmarks, the Fund's performance was lower for the 1, 3, and 5-year periods and higher for the 10-year period.
• Neuberger Berman Mid Cap Intrinsic Value Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 3-year period and higher than the median for the 1, 5 and 10-year periods. The Board also considered that, as compared to its benchmarks, the Fund's performance was higher for the 1 and 5-year periods and lower for the 3 and 10-year periods.
• Neuberger Berman Multi-Cap Opportunities Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median, but net of fees waived by Management, the actual management fee was higher than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 5-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1 and 3-year periods.
• Neuberger Berman Real Estate Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods and higher than the median for the 5-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1, 3 and 5-year periods.
• Neuberger Berman Small Cap Growth Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was higher than the median, but net of fees waived by Management, the actual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1, 3 and 10-year periods and lower than the median for the 5-year period. The Board also considered that, as compared to both of its benchmarks, the Fund's performance was higher for the 1 and 10-year periods, lower for the 5-year period, and higher than one and lower than the other for the 3-year period.
• Neuberger Berman Socially Responsive Fund (Investor Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the 1 and 5-year periods, lower than the median for the 3-year period and the same as the median for the 10-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 1, 5 and 10-year periods and lower for the 3-year period.
• Neuberger Berman Value Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was lower than the median. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1-year period and the same as the median for the 3-year period. The Board also considered that, as compared to its benchmark, the Fund's performance was higher for the 3-year period and lower for the 1 and 5-year periods.
The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the comparable Fund to the fees charged to any such funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a comparable Fund and any such funds and/or separate accounts, including any breakpoints, and determined that differences in fees and fee structures were consistent with the management and other services provided. The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether any such breakpoints are set at appropriate asset levels. In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund, the Board reviewed specific data as to Management's profit or loss on each Fund for a recent period. The Board also considered Management's cost allocation methodology. The Board recognized that Management should be entitled to earn a reasonable level of profits for services it provides to the Funds and, based on its review, concluded that Management's reported level of profitability was reasonable.
Conclusions
In approving the continuation of the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management, Neuberger and NB Asia could be expected to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of significantly underperforming Funds, that it retained confidence in Management's, Neuberger's and NB Asia's capabilities to manage the Funds; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Funds were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.
Neuberger Berman Global Real Estate Fund: Initial Consideration of the Management and Subadvisory Agreements
At a meeting held on October 6-7, 2014, the Board of the Trust, including the Independent Fund Trustees, evaluated and approved the management agreement with Management (the "Management Agreement") and the sub-advisory agreement between Management and Neuberger (the "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements") with respect to Neuberger Berman Global Real Estate Fund (the "Fund"). The Independent Fund Trustees were advised by Independent Counsel.
In evaluating the Agreements, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Fund.
In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year and for the annual consideration of continuance of contracts for other series of the Trust that were approved at the same meeting. To assist the Board in its deliberations regarding the contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees, as well as other committees that focus throughout the year on specific areas relevant to the contract review, such as compliance matters.
The Independent Trustees receive from Independent Counsel a memorandum, at least annually, discussing the legal standards for their consideration of the Agreements. During the course of their deliberations regarding the contract review, the Independent Fund Trustees met with Independent Counsel together with and separately from representatives of Management and Neuberger.
In connection with its approval of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to the Fund and whether the Agreements were in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and quality of the services to be provided by Management and Neuberger; (2) the expected costs of the services to be provided; (3) the extent to which economies of scale might be realized as the Fund grows; and (4) whether proposed fee levels reflect any such potential economies of scale for the benefit of investors in the Fund. While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the Agreements was based on a comprehensive consideration of all information provided to the Board, and the Board members did not identify any particular information or factor that was all-important or controlling. The Board focused on the overall costs and benefits of the Agreements relating to the Fund and, through the Fund, its shareholders.
With respect to the nature, extent and quality of the services to be provided, the Board considered the investment philosophy and decision-making processes of Management and Neuberger and the qualifications, experience and capabilities of and the resources available to the portfolio management personnel of Management and Neuberger who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance oversight. The Board also considered Management's and Neuberger's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and considered information regarding Management's processes for managing risk. In addition, the Board considered the scope and depth of the compliance programs of Management and Neuberger.
With respect to the overall fairness of the Agreements, the Board considered the fee structure proposed for the Fund under the Agreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management and Neuberger or their affiliates from their relationship with the Fund. The Board reviewed a comparison of the Fund's proposed management fee and overall expense ratio to a peer group of broadly comparable funds and determined that, for all but one class, the total expense ratio, net of the contractual limit, was below the median total expense ratio of the peer group. In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. Noting that the management fee being proposed was a flat fee, the Board considered that the fee structures for similar funds also did not include breakpoints. The Board also considered whether it would be appropriate to evaluate any anticipated economies of scale in relation to the services Management would provide to the Fund, noting that it may be too soon to anticipate the economies at the start-up phase of a fund. The Board concluded that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
Conclusions
In approving the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to the Fund and that approval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management and Neuberger could be expected to provide a high level of service to the Fund; that the Fund's proposed fee structure appeared to the Board to be reasonable given the nature, extent and quality of services expected to be provided; and that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.
Neuberger Berman Management LLC
605 Third Avenue 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Intermediary Client Services
800.366.6264
www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.
I0134 04/15
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have |
concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure. | |
(b) | There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits. | |
(a)(1) | Not applicable for the period covered by this Form N-CSR. |
(a)(2) | The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith. |
(a)(3) | Not applicable to the Registrant. |
(b) | The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act are furnished herewith. |
By: | /s/ Robert Conti |
Robert Conti | |
Chief Executive Officer and President |
By: | /s/ Robert Conti |
Robert Conti | |
Chief Executive Officer and President |
By: | /s/ John M. McGovern |
John M. McGovern | |
Treasurer and Principal Financial | |
and Accounting Officer |